Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Bhanero Textile Mills Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,111,056 2,854,859 3,221,942 3,055,109 3,121,046 6,818,696
1.Capital work in progress 54,912 31,455 24,923 21,893 180,526 2,169,614
2.Operating fixed assets at cost 4,418,737 5,357,465 5,942,093 6,010,930 6,176,243 7,900,985
3.Operating fixed assets after deducting accumulated depreciation 2,029,939 2,794,871 3,168,486 3,004,663 2,911,960 4,607,486
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 26,205 28,533 28,533 28,553 28,560 41,596
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,784,089 3,790,733 5,183,986 5,733,760 6,372,300 8,726,407
1.Cash & bank balance 39,786 68,266 143,722 114,394 1,739,116 640,838
2.Inventories; of which 2,713,409 2,347,206 3,569,019 3,956,410 2,659,409 5,101,913
i)Raw material 2,184,923 1,984,424 2,993,789 2,940,887 2,018,860 3,579,609
ii)Work in progress 121,133 137,316 167,176 158,886 185,829 259,005
iii)Finished goods 406,754 223,726 406,737 855,256 414,295 813,408
3.Trade Debt / accounts receivables 544,451 841,493 758,161 957,494 1,628,120 1,883,524
4.Short term loans and advances 31,621 28,700 68,359 16,294 25,876 65,701
5.Short term investments 0 0 0 0 0 0
6.Other current assets 454,822 505,068 644,725 689,168 319,779 1,034,431
Total Assets (A+B) / Equity & Liabilities (C+D+E) 5,895,145 6,645,592 8,405,928 8,788,869 9,493,346 15,545,103
C.Shareholders' Equity (C1+C2+C3) 3,886,302 4,262,737 4,913,117 4,919,120 6,763,064 9,305,894
1.Issued, Subscribed & Paid up capital 30,000 30,000 30,000 30,000 30,000 30,000
i)Ordinary shares 30,000 30,000 30,000 30,000 30,000 30,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves 3,856,302 4,232,737 4,883,117 4,889,120 6,733,064 9,275,894
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 3,856,302 4,232,737 4,883,117 4,889,120 6,733,064 9,275,894
of which: un-appropriated profit(loss) / retained earnings 156,302 232,737 183,117 89,120 433,064 1,275,894
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 752,188 1,293,400 1,595,287 1,612,845 1,647,684 4,216,267
1.Long term borrowings 428,762 885,234 1,121,716 1,090,593 1,077,029 2,816,944
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 131,861 149,567 148,845 167,244 181,861 208,934
5.Other non-current liabilities 191,565 258,599 324,726 355,008 388,794 1,190,389
E.Current Liabilities (E1+E2+E3+E4) 1,256,655 1,089,455 1,897,524 2,256,904 1,082,598 2,022,942
1.Trade credit & other accounts payables 487,765 771,695 725,977 631,608 861,950 1,579,461
of which: i) Trade credits 169,267 224,379 264,744 333,163 377,216 884,166
2.Short term borrowings 676,558 220,458 992,657 1,570,614 0 0
3.Current portion of non-current liabilities 77,464 81,367 140,183 21,514 212,470 336,848
4.Other current liabilities 14,868 15,935 38,707 33,168 8,178 106,633
F.Operations:
1.Sales 6,837,255 8,073,845 9,347,773 8,923,611 12,158,113 17,252,509
i)Local sales (Net) 4,185,231 5,192,819 6,180,685 6,138,188 9,112,894 9,885,187
ii)Export sales (Net) 2,652,024 2,881,026 3,167,088 2,785,423 3,045,219 7,367,322
2.Cost of sales 6,082,971 7,205,449 8,054,101 8,100,059 9,426,416 13,178,129
i)Cost of material 4,147,178 4,736,346 5,853,409 5,997,747 6,301,667 10,600,582
3.Gross profit / (loss) (F1-F2) 754,284 868,396 1,293,672 823,552 2,731,697 4,074,380
4.General, administrative and other expenses 303,758 344,252 398,293 346,156 570,967 996,080
i)Selling & distribution expenses 155,460 184,655 178,151 162,909 243,335 461,356
ii)Administrative and other expenses 148,298 159,597 220,142 183,247 327,632 534,724
5.Other income / (loss) 5,783 111,987 227,826 159,680 94,330 242,797
6.EBIT (F3-F4+F5) 456,309 636,131 1,123,205 637,076 2,255,060 3,321,097
7.Financial expenses 87,064 93,971 166,322 181,440 94,080 137,883
of which: (i) Interest expenses 71,761 75,769 139,318 159,573 64,375 70,715
8.Profit / (loss) before taxation (F6-F7) 369,245 542,160 956,883 455,636 2,160,980 3,183,214
9.Tax expenses 93,508 60,123 124,473 126,237 310,273 425,060
10.Profit / (loss) after tax (F8-F9) 275,737 482,037 832,410 329,399 1,850,707 2,758,154
11.Cash dividends 110,400 192,900 167,400 150,000 214,500 214,500
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (441,552) 991,787 (402,274) (169,771) 3,274,465 434,210
2.Net cash flows from investing activities (310,716) (857,331) (397,213) 27,578 (279,066) (3,831,170)
3.Net cash flows from financing activities 726,768 (105,976) 874,944 112,865 (1,370,677) 2,298,682
H.Miscellaneous
1.Total capital employed (C+D) 4,638,490 5,556,137 6,508,404 6,531,965 8,410,748 13,522,161
2.Retention in business (F10-F11-F12) 165,337 289,137 665,010 179,399 1,636,207 2,543,654
3.Depreciation for the year 185,752 223,452 250,171 284,655 263,364 340,144
4.Salaries, wages and employee benefits 728,286 825,344 820,839 857,454 1,028,907 1,211,518
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 4.03 5.97 8.90 3.69 15.22 15.99
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.29 1.29 1.24 1.04 1.33 1.38
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 5.20 7.69 11.06 3.83 20.25 22.03
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.41 1.54 1.64 1.75 1.56 1.56
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 7.33 11.83 18.14 6.70 31.68 34.33
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 91.91 160.68 277.47 109.80 616.90 919.38

82
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Bilal Fibres Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 976,706 933,787 1,015,562 991,770 982,757 978,012
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,088,346 1,088,007 424,533 424,533 424,533 473,820
3.Operating fixed assets after deducting accumulated depreciation 973,317 930,431 471,666 447,874 373,411 354,571
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 542,740 542,740 556,308 572,998
6.Other non-current assets 3,389 3,356 1,156 1,156 53,038 50,443
B.Current Assets (B1+B2+B3+B4+B5+B6) 91,438 102,463 102,185 92,542 83,773 82,699
1.Cash & bank balance 728 369 134 591 623 445
2.Inventories; of which 57,873 57,873 57,873 57,873 57,873 57,872
i)Raw material 57,529 57,529 57,873 57,873 57,529 57,529
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 32,837 44,221 44,178 34,078 25,277 24,382
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,068,144 1,036,250 1,117,747 1,084,312 1,066,530 1,060,711
C.Shareholders' Equity (C1+C2+C3) 91,094 12,713 137,767 107,813 102,517 46,959
1.Issued, Subscribed & Paid up capital 141,000 141,000 141,000 141,000 141,000 141,000
i)Ordinary shares 141,000 141,000 141,000 141,000 141,000 141,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (350,202) (421,303) (422,136) (448,101) (449,607) (501,565)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (350,202) (421,303) (422,136) (448,101) (449,607) (501,565)
of which: un-appropriated profit(loss) / retained earnings (350,202) (421,303) (422,136) (448,101) (449,607) (501,565)
3.Surplus on revaluation of fixed assets 300,296 293,016 418,903 414,914 411,124 407,524
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 114,629 170,855 124,243 117,957 103,337 7,561
1.Long term borrowings 92,372 110,459 117,307 111,021 95,917 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 7,420 7,561
5.Other non-current liabilities 22,257 60,396 6,936 6,936 0 0
E.Current Liabilities (E1+E2+E3+E4) 862,421 852,682 855,737 858,542 860,676 1,006,191
1.Trade credit & other accounts payables 58,770 30,467 32,482 34,162 34,484 42,495
of which: i) Trade credits 28,761 16,474 16,421 16,170 13,349 18,935
2.Short term borrowings 143,855 143,856 143,856 143,465 143,466 264,489
3.Current portion of non-current liabilities 562,040 580,603 581,643 583,158 584,970 601,451
4.Other current liabilities 97,756 97,756 97,756 97,757 97,756 97,756
F.Operations:
1.Sales 95,048 0 0 0 0 0
i)Local sales (Net) 95,048 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 135,866 0 0 0 0 0
i)Cost of material 6 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (40,818) 0 0 0 0 0
4.General, administrative and other expenses 11,079 48,009 55,649 33,724 33,995 28,395
i)Selling & distribution expenses 448 0 0 0 0 0
ii)Administrative and other expenses 10,631 48,009 55,649 33,724 33,995 28,395
5.Other income / (loss) 95,673 14,520 10,648 6,000 30,523 22,689
6.EBIT (F3-F4+F5) 43,776 (33,489) (45,001) (27,724) (3,472) (5,706)
7.Financial expenses 21,307 17,373 13,091 2,230 1,824 49,852
of which: (i) Interest expenses 20,815 17,132 13,087 2,228 0 0
8.Profit / (loss) before taxation (F6-F7) 22,469 (50,862) (58,092) (29,954) (5,296) (55,558)
9.Tax expenses 9,105 27,519 (49,410) 0 0 0
10.Profit / (loss) after tax (F8-F9) 13,364 (78,381) (8,682) (29,954) (5,296) (55,558)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 5,892 (22,109) 3,925 7,847 4,180 7,713
2.Net cash flows from investing activities 6,775 453 0 0 0 0
3.Net cash flows from financing activities (12,350) 21,297 (4,160) (7,390) (4,149) (7,890)
H.Miscellaneous
1.Total capital employed (C+D) 205,723 183,568 262,010 225,770 205,854 54,520
2.Retention in business (F10-F11-F12) 13,364 (78,381) (8,682) (29,954) (5,296) (55,558)
3.Depreciation for the year 42,335 42,747 40,581 21,764 22,582 21,433
4.Salaries, wages and employee benefits 6,646 176,845 1,994 1,994 1,104 1,958
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 14.06 - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.08 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.15 -7.45 -0.81 -2.72 -0.49 -5.22
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 13.35 20.27 14.31 8.97 10.23 14.23
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 15.39 -151.01 -11.54 -24.39 -5.04 -74.34
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.95 -5.56 -0.62 -2.12 - -

83
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Blessed Textiles Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 3,912,045 3,609,696 3,795,454 3,825,736 3,903,270 6,151,810
1.Capital work in progress 29,139 2,967 36,964 18,080 217,101 2,273,955
2.Operating fixed assets at cost 6,386,597 6,472,591 6,924,434 7,363,678 7,594,395 8,130,663
3.Operating fixed assets after deducting accumulated depreciation 3,868,752 3,592,585 3,744,096 3,793,262 3,661,241 3,830,370
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 14,154 14,144 14,394 14,394 24,928 47,485
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,169,630 5,695,622 5,333,098 6,936,293 6,117,459 11,173,716
1.Cash & bank balance 35,442 139,828 302,172 202,878 493,118 2,578,010
2.Inventories; of which 1,821,520 3,893,103 3,245,348 5,021,697 4,005,037 5,537,503
i)Raw material 1,317,563 3,368,820 2,749,054 4,049,594 3,180,025 4,621,549
ii)Work in progress 93,615 109,149 123,825 112,159 158,047 194,441
iii)Finished goods 410,342 415,134 372,469 859,944 666,965 721,513
3.Trade Debt / accounts receivables 523,159 926,183 971,215 816,682 1,135,427 1,758,705
4.Short term loans and advances 31,343 48,729 19,553 29,201 14,679 95,192
5.Short term investments 0 0 0 0 0 0
6.Other current assets 758,166 687,779 794,810 865,835 469,198 1,204,306
Total Assets (A+B) / Equity & Liabilities (C+D+E) 7,081,675 9,305,318 9,128,552 10,762,029 10,020,729 17,325,526
C.Shareholders' Equity (C1+C2+C3) 2,973,279 3,251,805 3,755,089 3,889,547 6,024,705 9,016,551
1.Issued, Subscribed & Paid up capital 64,320 64,320 64,320 64,320 64,320 64,320
i)Ordinary shares 64,320 64,320 64,320 64,320 64,320 64,320
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,908,959 3,187,485 3,690,769 3,825,227 5,960,385 8,952,231
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve 2,908,959 3,187,485 3,690,769 3,825,227 5,960,385 8,952,231
of which: un-appropriated profit(loss) / retained earnings 108,959 187,485 190,769 25,227 460,385 1,952,231
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 2,262,122 2,072,968 2,188,053 2,601,056 2,668,902 3,972,244
1.Long term borrowings 1,817,591 1,543,020 1,600,162 1,959,433 1,893,206 3,061,921
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 108,130 126,057 118,104 150,095 170,827 185,493
5.Other non-current liabilities 336,401 403,891 469,787 491,528 604,869 724,830
E.Current Liabilities (E1+E2+E3+E4) 1,846,274 3,980,545 3,185,410 4,271,426 1,327,122 4,336,731
1.Trade credit & other accounts payables 347,609 487,985 544,233 642,118 841,752 1,230,673
of which: i) Trade credits 199,316 225,896 172,483 278,901 296,293 490,914
2.Short term borrowings 1,242,801 3,146,462 2,190,947 3,480,258 0 2,559,054
3.Current portion of non-current liabilities 221,742 303,439 369,637 59,567 461,487 364,484
4.Other current liabilities 34,122 42,659 80,593 89,483 23,883 182,520
F.Operations:
1.Sales 8,064,239 10,257,434 12,346,175 12,359,646 15,430,567 22,030,768
i)Local sales (Net) 4,959,826 6,424,370 7,551,141 6,101,813 8,915,572 11,466,233
ii)Export sales (Net) 3,104,413 3,833,064 4,795,034 6,257,833 6,514,995 10,564,535
2.Cost of sales 7,268,795 9,185,919 10,733,443 11,111,878 12,120,590 16,976,189
i)Cost of material 5,266,528 6,753,923 8,237,382 9,049,485 9,094,968 13,546,742
3.Gross profit / (loss) (F1-F2) 795,444 1,071,515 1,612,732 1,247,768 3,309,977 5,054,579
4.General, administrative and other expenses 287,635 384,620 459,708 424,281 676,772 991,432
i)Selling & distribution expenses 150,628 227,393 223,401 233,025 316,315 511,138
ii)Administrative and other expenses 137,007 157,227 236,307 191,256 360,457 480,294
5.Other income / (loss) 35,742 3,830 6,805 32,501 33,291 (52,366)
6.EBIT (F3-F4+F5) 543,551 690,725 1,159,829 855,988 2,666,496 4,010,781
7.Financial expenses 166,058 186,788 371,504 306,630 224,785 221,279
of which: (i) Interest expenses 150,033 167,188 347,154 276,337 183,056 60,571
8.Profit / (loss) before taxation (F6-F7) 377,493 503,937 788,325 549,358 2,441,711 3,789,502
9.Tax expenses 131,696 135,461 152,900 124,080 296,409 582,803
10.Profit / (loss) after tax (F8-F9) 245,797 368,476 635,425 425,278 2,145,302 3,206,699
11.Cash dividends 98,410 147,936 127,354 0 2,141,856 2,141,856
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 216,385 (1,424,920) 1,701,178 (742,220) 3,805,833 1,279,304
2.Net cash flows from investing activities (712,626) (83,692) (560,103) (422,527) (453,068) (2,616,224)
3.Net cash flows from financing activities 466,439 1,612,997 (978,936) 1,064,872 (3,062,002) 3,419,767
H.Miscellaneous
1.Total capital employed (C+D) 5,235,401 5,324,773 5,943,142 6,490,603 8,693,607 12,988,795
2.Retention in business (F10-F11-F12) 147,387 220,540 508,071 425,278 3,446 1,064,843
3.Depreciation for the year 360,926 386,665 374,687 392,546 378,429 392,466
4.Salaries, wages and employee benefits 616,508 578,538 693,529 793,812 981,080 1,207,623
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 3.05 3.59 5.15 3.44 13.90 14.56
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.22 1.25 1.34 1.24 1.48 1.61
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 3.72 4.50 6.89 4.28 20.65 23.45
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.30 2.63 2.63 2.60 2.10 1.82
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 8.58 11.84 18.14 11.13 43.28 42.64
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 38.21 57.29 98.79 66.12 333.54 498.55

84
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Chakwal Spinning Mills Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 997,426 919,077 885,005 830,340 784,072 741,177
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,849,678 1,853,020 1,853,020 1,828,686 1,828,668 24,352
3.Operating fixed assets after deducting accumulated depreciation 984,231 905,708 851,736 801,787 755,519 712,624
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 13,195 13,369 33,269 28,553 28,553 28,553
B.Current Assets (B1+B2+B3+B4+B5+B6) 90,273 109,185 110,086 38,560 37,923 42,523
1.Cash & bank balance 552 1,004 377 42 48 48
2.Inventories; of which 965 20,500 7,008 0 0 0
i)Raw material 965 6,650 6,985 0 0 0
ii)Work in progress 0 9,620 0 0 0 0
iii)Finished goods 0 4,230 23 0 0 0
3.Trade Debt / accounts receivables 11,561 16,374 43,726 933 325 325
4.Short term loans and advances 24,683 12,313 3,597 4,346 4,346 8,994
5.Short term investments 0 0 0 0 0 0
6.Other current assets 52,512 58,994 55,378 33,239 33,204 33,156
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,087,699 1,028,262 995,091 868,900 821,995 783,700
C.Shareholders' Equity (C1+C2+C3) 218,959 101,405 47,780 (2,694) (51,268) (94,523)
1.Issued, Subscribed & Paid up capital 200,000 200,000 607,881 607,881 607,881 607,881
i)Ordinary shares 200,000 200,000 607,881 607,881 607,881 607,881
ii)Preference shares 0 0 0 0 0 0
2.Reserves (149,115) (239,393) (696,797) (741,885) (785,587) (824,474)
i)Capital Reserve 450,256 450,256 42,375 42,375 42,375 42,375
ii)Revenue Reserve (599,371) (689,649) (739,172) (784,260) (827,962) (866,849)
of which: un-appropriated profit(loss) / retained earnings (599,371) (689,649) (739,172) (784,260) (827,962) (866,849)
3.Surplus on revaluation of fixed assets 168,074 140,798 136,696 131,310 126,438 122,070
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 35,835 31,143 37,076 0 0 0
1.Long term borrowings 0 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 6,842 2,150 8,082 0 0 0
5.Other non-current liabilities 28,993 28,993 28,994 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 832,905 895,714 910,235 871,594 873,263 878,223
1.Trade credit & other accounts payables 427,517 429,879 388,365 329,413 279,487 281,997
of which: i) Trade credits 241,178 237,840 194,709 168,460 119,007 120,843
2.Short term borrowings 366,318 390,594 429,898 426,043 477,638 480,087
3.Current portion of non-current liabilities 2,366 2,366 2,366 37,743 37,743 37,743
4.Other current liabilities 36,704 72,875 89,606 78,395 78,395 78,396
F.Operations:
1.Sales 536,175 201,245 1,072,563 146,549 0 0
i)Local sales (Net) 536,175 201,245 1,072,563 146,549 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 827,156 239,769 1,065,623 178,974 45,784 42,496
i)Cost of material 405,175 144,062 755,506 90,750 0 0
3.Gross profit / (loss) (F1-F2) (290,981) (38,524) 6,940 (32,425) (45,784) (42,496)
4.General, administrative and other expenses 38,254 26,461 45,260 15,821 2,779 758
i)Selling & distribution expenses 281 887 5,716 949 0 0
ii)Administrative and other expenses 37,973 25,574 39,544 14,872 2,779 758
5.Other income / (loss) 2,413 7,926 1,783 0 0 0
6.EBIT (F3-F4+F5) (326,822) (57,059) (36,537) (48,246) (48,563) (43,254)
7.Financial expenses 30,283 33,686 3,585 28 11 0
of which: (i) Interest expenses 0 33,655 3,322 0 0 0
8.Profit / (loss) before taxation (F6-F7) (357,105) (90,745) (40,122) (48,274) (48,574) (43,254)
9.Tax expenses (1,199) 2,516 13,409 2,198 0 0
10.Profit / (loss) after tax (F8-F9) (355,906) (93,261) (53,531) (50,472) (48,574) (43,254)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (82,070) (20,014) (20,032) (1,196) (51,589) (2,450)
2.Net cash flows from investing activities (357) (3,810) (19,899) 4,716 0 0
3.Net cash flows from financing activities 79,202 24,276 39,304 (3,855) 51,596 2,449
H.Miscellaneous
1.Total capital employed (C+D) 254,794 132,548 84,856 (2,694) (51,268) (94,523)
2.Retention in business (F10-F11-F12) (355,906) (93,261) (53,531) (50,472) (48,574) (43,254)
3.Depreciation for the year 64,457 58,292 53,972 49,949 46,268 42,896
4.Salaries, wages and employee benefits 139,104 44,446 122,037 50,662 650 600
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -66.38 -46.34 -4.99 -34.44 - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.42 0.19 1.06 0.16 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -27.70 -8.82 -5.29 -5.42 -5.75 -5.39
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 4.17 6.60 13.56 41.34 -31.33 -11.01
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -115.42 -58.22 -71.76 -223.89 180.03 59.34
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -8.90 -2.33 -0.44 -0.42 -0.40 -0.36

85
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Colony Textile Mills Limited (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 19,836,028 19,470,693 19,334,318 19,297,777 20,109,007 20,604,390
1.Capital work in progress 453,483 96,428 131,659 132,452 527,287 589,050
2.Operating fixed assets at cost 25,154,099 26,113,032 26,849,347 27,304,164 28,190,595 29,559,417
3.Operating fixed assets after deducting accumulated depreciation 19,157,470 18,398,892 18,330,300 18,013,019 18,121,144 18,779,629
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 175,425 924,403 821,227 995,614 1,318,859 1,098,523
6.Other non-current assets 49,650 50,970 51,132 156,692 141,717 137,188
B.Current Assets (B1+B2+B3+B4+B5+B6) 6,884,101 7,850,804 7,838,945 8,103,837 8,127,216 9,494,732
1.Cash & bank balance 56,885 38,412 37,287 47,952 54,796 21,053
2.Inventories; of which 5,184,692 5,415,334 4,705,937 4,608,933 4,798,585 4,736,428
i)Raw material 442,997 649,392 2,000,067 1,288,638 1,573,387 1,702,808
ii)Work in progress 436,792 453,260 450,135 467,431 499,580 392,980
iii)Finished goods 3,808,156 3,815,935 2,090,735 2,687,864 2,560,618 2,475,640
3.Trade Debt / accounts receivables 462,075 694,187 997,955 1,266,046 1,121,943 1,580,033
4.Short term loans and advances 113,912 281,823 502,000 716,430 873,565 1,512,360
5.Short term investments 0 0 0 0 0 0
6.Other current assets 1,066,537 1,421,048 1,595,766 1,464,476 1,278,327 1,644,858
Total Assets (A+B) / Equity & Liabilities (C+D+E) 26,720,129 27,321,497 27,173,263 27,401,614 28,236,223 30,099,122
C.Shareholders' Equity (C1+C2+C3) 7,776,690 7,926,614 9,359,739 9,013,493 9,754,147 10,031,208
1.Issued, Subscribed & Paid up capital 4,980,100 4,980,100 4,980,100 4,980,100 4,980,100 4,980,100
i)Ordinary shares 4,980,100 4,980,100 4,980,100 4,980,100 4,980,100 4,980,100
ii)Preference shares 0 0 0 0 0 0
2.Reserves 2,796,116 2,932,790 4,359,059 4,013,799 4,754,453 5,031,514
i)Capital Reserve 3,156,388 3,156,388 3,156,388 3,157,880 3,159,339 3,157,428
ii)Revenue Reserve (360,272) (223,598) 1,202,671 855,919 1,595,114 1,874,086
of which: un-appropriated profit(loss) / retained earnings (364,974) (228,300) 1,197,969 851,217 1,590,412 1,869,384
3.Surplus on revaluation of fixed assets 474 13,724 20,580 19,594 19,594 19,594
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 9,823,549 10,154,382 12,338,680 12,869,160 12,284,767 12,187,169
1.Long term borrowings 7,255,578 6,943,550 7,682,168 7,620,563 6,907,611 6,155,238
2.Subordinated loans / Sponsor's loans 120,000 120,000 385,187 385,187 120,000 120,000
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 48,250 81,757 109,972 133,696 224,492 305,919
5.Other non-current liabilities 2,399,721 3,009,075 4,161,353 4,729,714 5,032,664 5,606,012
E.Current Liabilities (E1+E2+E3+E4) 9,119,890 9,240,501 5,474,844 5,518,961 6,197,309 7,880,745
1.Trade credit & other accounts payables 1,993,536 1,326,693 1,058,672 1,289,910 1,857,242 2,688,356
of which: i) Trade credits 997,544 244,650 312,250 266,609 466,277 983,092
2.Short term borrowings 4,302,009 3,890,441 3,188,296 3,328,787 2,993,518 3,597,762
3.Current portion of non-current liabilities 1,456,685 1,970,534 640,975 430,598 830,584 969,475
4.Other current liabilities 1,367,660 2,052,833 586,901 469,666 515,965 625,152
F.Operations:
1.Sales 11,719,850 16,595,202 23,123,399 17,700,292 25,468,528 30,817,244
i)Local sales (Net) 9,594,616 14,505,765 20,776,638 15,120,432 22,700,247 28,510,148
ii)Export sales (Net) 2,125,234 2,089,437 2,346,761 2,579,860 2,768,281 2,307,096
2.Cost of sales 11,472,197 15,336,601 21,395,836 16,754,434 23,239,505 27,933,246
i)Cost of material 7,094,906 10,351,828 13,209,994 10,927,775 15,547,060 18,383,868
3.Gross profit / (loss) (F1-F2) 247,653 1,258,601 1,727,563 945,858 2,229,023 2,883,998
4.General, administrative and other expenses 550,748 497,108 1,131,171 565,104 831,754 1,294,344
i)Selling & distribution expenses 162,648 202,682 257,876 217,400 302,884 367,348
ii)Administrative and other expenses 388,100 294,426 873,295 347,704 528,870 926,996
5.Other income / (loss) 242,654 231,031 2,134,109 417,818 438,917 92,432
6.EBIT (F3-F4+F5) (60,441) 992,524 2,730,501 798,572 1,836,186 1,682,086
7.Financial expenses 835,141 703,830 506,075 968,611 714,861 720,052
of which: (i) Interest expenses 803,290 689,335 487,783 955,578 691,208 695,883
8.Profit / (loss) before taxation (F6-F7) (895,582) 288,694 2,224,426 (170,039) 1,121,325 962,034
9.Tax expenses (5,771) 248,500 788,641 205,023 373,069 675,723
10.Profit / (loss) after tax (F8-F9) (889,811) 40,194 1,435,785 (375,062) 748,256 286,311
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 491,205 691,974 1,434,120 801,925 2,100,274 1,628,758
2.Net cash flows from investing activities (374,342) (446,639) (938,515) (645,654) (1,442,249) (1,636,601)
3.Net cash flows from financing activities (118,249) (247,206) (496,730) (145,606) (651,182) (25,900)
H.Miscellaneous
1.Total capital employed (C+D) 17,600,239 18,080,996 21,698,419 21,882,653 22,038,914 22,218,377
2.Retention in business (F10-F11-F12) (889,811) 40,194 1,435,785 (375,062) 748,256 286,311
3.Depreciation for the year 867,225 854,798 849,470 863,427 852,953 872,743
4.Salaries, wages and employee benefits 1,387,665 1,458,584 2,002,521 2,264,162 2,975,939 3,252,540
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -7.59 0.24 6.21 -2.12 2.94 0.93
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.44 0.61 0.85 0.65 0.92 1.06
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -3.33 0.15 5.27 -1.37 2.69 0.98
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.44 3.44 3.15 2.97 2.96 2.95
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -11.44 0.51 16.61 -4.08 7.97 2.89
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -1.79 0.08 2.88 -0.75 1.50 0.57

86
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Crescent Cotton Mills Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 4,138,297 4,220,623 5,317,375 5,333,927 5,266,050 5,701,152
1.Capital work in progress 477,128 4,716 390 270 65,064 641
2.Operating fixed assets at cost 4,114,496 4,721,797 5,796,324 5,909,685 5,702,397 5,980,396
3.Operating fixed assets after deducting accumulated depreciation 3,300,037 3,881,267 4,892,134 4,927,364 4,873,696 5,071,133
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 326,413 310,991 373,786 342,586 276,167 584,702
6.Other non-current assets 34,719 23,649 51,065 63,707 51,123 44,676
B.Current Assets (B1+B2+B3+B4+B5+B6) 838,797 1,114,145 1,249,573 1,522,195 1,927,858 2,206,254
1.Cash & bank balance 44,907 109,367 53,676 45,069 639,180 162,724
2.Inventories; of which 269,885 378,794 474,606 540,181 488,087 695,647
i)Raw material 99,505 211,920 357,022 292,986 295,438 354,526
ii)Work in progress 21,293 29,916 37,241 26,831 30,777 77,012
iii)Finished goods 147,640 134,097 77,546 215,800 160,066 263,192
3.Trade Debt / accounts receivables 63,873 127,024 200,334 280,321 194,519 513,765
4.Short term loans and advances 51,911 43,735 66,420 57,847 16,131 50,060
5.Short term investments 183,329 131,323 110,242 110,918 181,458 165,444
6.Other current assets 224,892 323,902 344,295 487,859 408,483 618,614
Total Assets (A+B) / Equity & Liabilities (C+D+E) 4,977,094 5,334,768 6,566,948 6,856,122 7,193,908 7,907,406
C.Shareholders' Equity (C1+C2+C3) 3,763,093 3,703,807 4,693,110 4,707,303 5,504,611 5,869,302
1.Issued, Subscribed & Paid up capital 213,775 226,601 226,601 226,601 226,601 226,601
i)Ordinary shares 213,775 226,601 226,601 226,601 226,601 226,601
ii)Preference shares 0 0 0 0 0 0
2.Reserves 469,328 397,216 329,798 343,991 1,141,299 1,359,393
i)Capital Reserve 124,710 73,050 35,867 36,192 236,672 207,224
ii)Revenue Reserve 344,618 324,166 293,931 307,799 904,627 1,152,169
of which: un-appropriated profit(loss) / retained earnings 295,643 275,191 191,936 205,382 855,652 1,103,194
3.Surplus on revaluation of fixed assets 3,079,990 3,079,990 4,136,711 4,136,711 4,136,711 4,283,308
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 300,584 258,844 231,860 322,474 352,945 273,308
1.Long term borrowings 225,787 178,252 130,719 195,399 203,744 110,989
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 74,797 80,592 101,141 127,075 141,054 162,319
5.Other non-current liabilities 0 0 0 0 8,147 0
E.Current Liabilities (E1+E2+E3+E4) 913,417 1,372,117 1,641,978 1,826,345 1,336,352 1,764,796
1.Trade credit & other accounts payables 393,741 724,879 785,815 736,577 679,964 804,733
of which: i) Trade credits 170,947 394,440 395,007 295,822 313,642 283,637
2.Short term borrowings 444,919 533,780 665,837 846,269 373,704 679,053
3.Current portion of non-current liabilities 11,883 47,534 59,417 30,140 175,510 153,927
4.Other current liabilities 62,874 65,924 130,909 213,359 107,174 127,083
F.Operations:
1.Sales 3,984,008 6,094,091 7,393,034 5,517,184 5,405,943 7,467,842
i)Local sales (Net) 3,719,661 5,539,017 7,124,774 5,151,792 4,771,520 5,819,354
ii)Export sales (Net) 264,347 555,074 268,260 365,392 634,423 1,648,488
2.Cost of sales 3,856,798 5,850,287 7,104,456 5,151,826 4,680,320 6,713,864
i)Cost of material 2,710,218 4,395,854 5,492,072 3,871,272 3,062,348 4,239,733
3.Gross profit / (loss) (F1-F2) 127,210 243,804 288,578 365,358 725,623 753,978
4.General, administrative and other expenses 186,794 219,294 242,543 251,541 331,518 387,133
i)Selling & distribution expenses 32,397 57,848 60,031 54,693 74,235 130,128
ii)Administrative and other expenses 154,397 161,446 182,512 196,848 257,283 257,005
5.Other income / (loss) 146,479 61,379 47,402 37,838 599,542 90,837
6.EBIT (F3-F4+F5) 86,895 85,889 93,437 151,655 993,647 457,682
7.Financial expenses 29,864 55,962 84,271 104,270 86,998 99,511
of which: (i) Interest expenses 26,625 51,074 80,378 101,096 75,190 89,252
8.Profit / (loss) before taxation (F6-F7) 57,031 29,927 9,166 47,385 906,649 358,171
9.Tax expenses 51,791 44,611 65,430 28,336 83,391 92,406
10.Profit / (loss) after tax (F8-F9) 5,240 (14,684) (56,264) 19,049 823,258 265,765
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 12,827 13,596 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 18,526 115,489 (124,957) (121,447) 543,295 (283,943)
2.Net cash flows from investing activities (240,063) (128,004) (24,963) (102,947) 438,723 (390,624)
3.Net cash flows from financing activities 230,775 76,975 94,229 215,787 (387,907) 198,111
H.Miscellaneous
1.Total capital employed (C+D) 4,063,677 3,962,651 4,924,970 5,029,777 5,857,556 6,142,610
2.Retention in business (F10-F11-F12) (7,587) (28,280) (56,264) 19,049 823,258 265,765
3.Depreciation for the year 33,516 82,658 86,163 81,807 79,086 86,151
4.Salaries, wages and employee benefits 428,076 580,379 653,673 507,277 498,146 586,803
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.13 -0.24 -0.76 0.35 15.23 3.56
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.83 1.18 1.24 0.82 0.77 0.99
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 0.11 -0.28 -0.95 0.28 11.72 3.52
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.29 1.38 1.42 1.43 1.38 1.33
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 0.14 -0.39 -1.34 0.41 16.12 4.67
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.25 -0.65 -2.48 0.84 36.33 11.73

87
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Crescent Fibers Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 1,255,123 3,160,885 3,144,386 3,179,858 3,145,122 3,168,378
1.Capital work in progress 23,765 13,698 0 0 8,872 103,988
2.Operating fixed assets at cost 2,264,707 2,540,750 2,627,056 2,755,381 2,802,277 2,806,319
3.Operating fixed assets after deducting accumulated depreciation 1,217,342 1,401,920 1,392,445 1,420,943 1,349,149 1,267,632
4.Intangible assets 0 0 0 0 0 8,778
5.Long term investments 918 1,728,568 1,733,464 1,736,356 1,752,934 1,756,578
6.Other non-current assets 13,098 16,699 18,477 22,559 34,167 31,402
B.Current Assets (B1+B2+B3+B4+B5+B6) 1,423,214 1,712,462 2,006,090 2,474,674 2,307,889 3,490,642
1.Cash & bank balance 69,421 104,476 132,762 152,371 221,423 247,810
2.Inventories; of which 382,609 563,099 651,679 780,384 349,328 742,731
i)Raw material 251,628 430,337 537,034 595,938 194,939 418,646
ii)Work in progress 62,051 73,418 83,313 78,313 72,962 120,810
iii)Finished goods 68,930 59,344 31,332 106,132 81,427 203,275
3.Trade Debt / accounts receivables 551,088 686,410 878,577 1,312,378 1,514,689 2,185,089
4.Short term loans and advances 8,255 6,081 11,744 12,458 17,082 97,521
5.Short term investments 262,211 155,987 110,601 121,383 94,939 74,252
6.Other current assets 149,630 196,409 220,727 95,700 110,428 143,239
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,678,337 4,873,347 5,150,476 5,654,532 5,453,011 6,659,020
C.Shareholders' Equity (C1+C2+C3) 1,055,100 3,068,060 3,150,481 3,262,031 3,723,849 4,339,257
1.Issued, Subscribed & Paid up capital 124,179 124,179 124,179 124,179 124,179 124,179
i)Ordinary shares 124,179 124,179 124,179 124,179 124,179 124,179
ii)Preference shares 0 0 0 0 0 0
2.Reserves 930,921 950,055 1,032,476 1,144,026 1,603,389 2,218,797
i)Capital Reserve 129,865 81,070 50,296 53,077 58,201 37,513
ii)Revenue Reserve 801,056 868,985 982,180 1,090,949 1,545,188 2,181,284
of which: un-appropriated profit(loss) / retained earnings 801,056 868,985 982,180 1,090,949 1,545,188 2,181,284
3.Surplus on revaluation of fixed assets 0 1,993,826 1,993,826 1,993,826 1,996,281 1,996,281
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 526,814 389,639 337,777 348,142 430,086 306,592
1.Long term borrowings 377,300 263,503 232,505 274,486 196,987 136,737
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 149,514 126,136 105,272 73,656 233,099 169,855
E.Current Liabilities (E1+E2+E3+E4) 1,096,423 1,415,648 1,662,218 2,044,359 1,299,076 2,013,171
1.Trade credit & other accounts payables 527,340 702,325 949,902 1,185,456 885,225 1,212,793
of which: i) Trade credits 127,905 159,983 264,299 0 235,112 418,245
2.Short term borrowings 407,234 544,093 543,072 769,463 206,910 595,571
3.Current portion of non-current liabilities 126,057 127,633 112,983 54,130 196,303 100,901
4.Other current liabilities 35,792 41,597 56,261 35,310 10,638 103,906
F.Operations:
1.Sales 3,887,437 4,439,239 5,289,441 5,023,570 6,091,013 8,098,145
i)Local sales (Net) 3,887,437 4,439,239 5,289,441 5,023,570 6,091,013 8,098,145
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 3,711,107 4,155,531 4,879,000 4,624,193 5,246,901 6,886,499
i)Cost of material 2,604,538 2,845,247 3,533,517 3,336,026 3,720,868 5,443,183
3.Gross profit / (loss) (F1-F2) 176,330 283,708 410,441 399,377 844,112 1,211,646
4.General, administrative and other expenses 117,903 143,081 160,978 163,226 203,172 247,585
i)Selling & distribution expenses 16,851 17,833 18,647 18,442 20,679 19,716
ii)Administrative and other expenses 101,052 125,248 142,331 144,784 182,493 227,869
5.Other income / (loss) 63,230 33,139 37,625 58,754 67,122 48,417
6.EBIT (F3-F4+F5) 121,657 173,766 287,088 294,905 708,062 1,012,478
7.Financial expenses 83,429 80,954 124,520 144,539 116,909 140,149
of which: (i) Interest expenses 71,253 67,668 96,427 116,219 80,733 94,530
8.Profit / (loss) before taxation (F6-F7) 38,228 92,812 162,568 150,366 591,153 872,329
9.Tax expenses 13,158 24,882 49,374 41,596 136,914 217,606
10.Profit / (loss) after tax (F8-F9) 25,070 67,930 113,194 108,770 454,239 654,723
11.Cash dividends 0 0 0 0 18,627 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (94,495) (26,791) 148,978 (48,841) 574,512 (75,695)
2.Net cash flows from investing activities (180,475) 54,323 (73,837) (140,772) (12,335) (106,975)
3.Net cash flows from financing activities 160,402 7,522 (46,854) 209,222 (493,125) 209,057
H.Miscellaneous
1.Total capital employed (C+D) 1,581,914 3,457,699 3,488,258 3,610,173 4,153,935 4,645,849
2.Retention in business (F10-F11-F12) 25,070 67,930 113,194 108,770 435,612 654,723
3.Depreciation for the year 117,930 115,651 108,049 112,094 106,770 103,885
4.Salaries, wages and employee benefits 392,268 405,818 478,088 486,843 561,136 582,551
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 0.64 1.53 2.14 2.17 7.46 8.08
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.55 1.18 1.06 0.93 1.10 1.34
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 1.00 1.80 2.26 2.01 8.18 10.81
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.52 1.83 1.61 1.68 1.59 1.50
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 2.52 3.30 3.64 3.39 13.00 16.24
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 2.02 5.47 9.12 8.76 36.58 52.72

88
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

D.M. Textile Mills Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 631,830 605,583 595,776 594,378 591,432 761,597
1.Capital work in progress 0 0 0 0 4,000 0
2.Operating fixed assets at cost 940,439 901,794 470,584 303,060 304,407 362,610
3.Operating fixed assets after deducting accumulated depreciation 601,280 574,652 230,301 224,568 224,980 296,783
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 6,136 6,517 341,061 360,659 353,301 449,425
6.Other non-current assets 24,414 24,414 24,414 9,151 9,151 15,389
B.Current Assets (B1+B2+B3+B4+B5+B6) 62,146 59,942 60,897 84,013 48,904 29,457
1.Cash & bank balance 90 51 823 18,382 11,921 4,253
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 183 51 15 1,285 4,580 3,233
5.Short term investments 1,142 1,180 1,195 1,201 9,101 1,285
6.Other current assets 60,731 58,660 58,864 63,145 23,302 20,686
Total Assets (A+B) / Equity & Liabilities (C+D+E) 693,976 665,525 656,673 678,391 640,336 791,054
C.Shareholders' Equity (C1+C2+C3) 543,717 526,202 519,028 538,363 524,844 662,501
1.Issued, Subscribed & Paid up capital 30,524 30,524 30,524 30,524 30,524 30,524
i)Ordinary shares 30,524 30,524 30,524 30,524 30,524 30,524
ii)Preference shares 0 0 0 0 0 0
2.Reserves (61,826) (75,583) (80,858) (67,036) (17,829) 54,267
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (61,826) (75,583) (80,858) (67,036) (17,829) 54,267
of which: un-appropriated profit(loss) / retained earnings (61,826) (75,583) (80,858) (67,036) (17,829) 54,267
3.Surplus on revaluation of fixed assets 575,019 571,261 569,362 574,875 512,149 577,710
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 30,050 19,618 8,753 8,334 6,906 3,588
1.Long term borrowings 5,131 1,766 0 0 0 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 10,063 10,612 3,356 3,817 3,999 3,588
5.Other non-current liabilities 14,856 7,240 5,397 4,517 2,907 0
E.Current Liabilities (E1+E2+E3+E4) 120,209 119,705 128,892 131,694 108,586 124,965
1.Trade credit & other accounts payables 81,038 82,580 97,200 122,069 96,059 100,975
of which: i) Trade credits 48,120 46,914 46,584 46,432 46,538 45,235
2.Short term borrowings 14,594 11,890 4,804 765 0 0
3.Current portion of non-current liabilities 3,664 4,023 2,425 659 0 0
4.Other current liabilities 20,913 21,212 24,463 8,201 12,527 23,990
F.Operations:
1.Sales 0 0 0 0 1,698 0
i)Local sales (Net) 0 0 0 0 1,698 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 1,726 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 (28) 0
4.General, administrative and other expenses 24,245 38,126 28,129 49,614 38,326 47,633
i)Selling & distribution expenses 0 0 0 0 0 142
ii)Administrative and other expenses 24,245 38,126 28,129 49,614 38,326 47,491
5.Other income / (loss) 15,557 20,630 24,871 68,674 29,537 128,925
6.EBIT (F3-F4+F5) (8,688) (17,496) (3,258) 19,060 (8,817) 81,292
7.Financial expenses 894 675 418 213 175 186
of which: (i) Interest expenses 700 444 235 34 0 0
8.Profit / (loss) before taxation (F6-F7) (9,582) (18,171) (3,676) 18,847 (8,992) 81,106
9.Tax expenses (6,807) (2,308) 3,665 5,339 4,674 9,913
10.Profit / (loss) after tax (F8-F9) (2,775) (15,863) (7,341) 13,508 (13,666) 71,193
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (7,252) (1,438) 5,736 22,814 (42,458) (6,759)
2.Net cash flows from investing activities 5,904 7,110 5,487 550 37,420 (908)
3.Net cash flows from financing activities 1,307 (5,710) (10,451) (5,805) (1,424) 0
H.Miscellaneous
1.Total capital employed (C+D) 573,767 545,820 527,781 546,697 531,750 666,089
2.Retention in business (F10-F11-F12) (2,775) (15,863) (7,341) 13,508 (13,666) 71,193
3.Depreciation for the year 6,960 5,871 4,493 1,489 1,559 2,867
4.Salaries, wages and employee benefits 9,201 9,202 8,777 11,806 14,017 13,931
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - -804.83 -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -0.39 -2.33 -1.11 2.02 -2.07 9.95
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 1.28 1.27 1.26 1.26 1.24 1.21
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -0.50 -2.97 -1.40 2.55 -2.57 11.99
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.91 -5.20 -2.40 4.43 -4.48 23.32

89
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

D.S. Industries Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 627,488 583,457 476,903 442,353 460,295 189,164
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 664,328 664,419 561,174 525,631 524,951 26,037
3.Operating fixed assets after deducting accumulated depreciation 510,776 478,922 371,830 343,662 331,969 21,793
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 96,706 85,463 72,078 70,279 76,667 69,784
6.Other non-current assets 20,006 19,072 32,995 28,412 51,659 97,587
B.Current Assets (B1+B2+B3+B4+B5+B6) 71,519 104,293 36,944 20,625 18,498 166,871
1.Cash & bank balance 1,099 2,339 1,805 734 802 130,381
2.Inventories; of which 35,216 54,110 9,316 13,093 10,344 2,867
i)Raw material 19,672 40,251 4,560 5,742 4,139 2,477
ii)Work in progress 12,869 10,000 2,790 3,214 2,256 0
iii)Finished goods 1,971 2,157 1,966 3,906 3,840 358
3.Trade Debt / accounts receivables 14,474 30,810 12,942 0 0 0
4.Short term loans and advances 8,599 6,103 2,486 2,178 2,507 31,092
5.Short term investments 0 0 0 0 0 0
6.Other current assets 12,131 10,931 10,395 4,620 4,845 2,531
Total Assets (A+B) / Equity & Liabilities (C+D+E) 699,007 687,750 513,847 462,978 478,793 356,035
C.Shareholders' Equity (C1+C2+C3) 271,011 197,548 216,453 183,002 173,244 201,678
1.Issued, Subscribed & Paid up capital 836,856 836,856 836,856 836,856 836,856 836,856
i)Ordinary shares 836,856 836,856 836,856 836,856 836,856 836,856
ii)Preference shares 0 0 0 0 0 0
2.Reserves (780,092) (843,218) (869,224) (889,170) (892,048) (652,519)
i)Capital Reserve (82,900) (82,900) (82,900) (82,900) (82,900) (82,900)
ii)Revenue Reserve (697,192) (760,318) (786,324) (806,270) (809,148) (569,619)
of which: un-appropriated profit(loss) / retained earnings (697,192) (760,318) (786,324) (806,270) (809,148) (569,619)
3.Surplus on revaluation of fixed assets 214,247 203,910 248,821 235,316 228,436 17,341
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 18,826 117,359 5,246 113,527 116,360 589
1.Long term borrowings 0 82,745 0 103,976 96,776 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 18,826 14,835 5,246 1,435 2,520 589
5.Other non-current liabilities 0 19,779 0 8,116 17,064 0
E.Current Liabilities (E1+E2+E3+E4) 409,170 372,843 292,148 166,449 189,189 153,768
1.Trade credit & other accounts payables 180,164 188,264 89,335 96,534 113,314 79,913
of which: i) Trade credits 64,146 76,295 8,117 23,370 37,516 20,183
2.Short term borrowings 90,855 159,405 186,940 61,811 61,165 73,318
3.Current portion of non-current liabilities 128,140 13,000 0 6,000 14,372 0
4.Other current liabilities 10,011 12,174 15,873 2,104 338 537
F.Operations:
1.Sales 823,970 717,846 581,735 117,733 133,970 15,941
i)Local sales (Net) 823,970 717,846 581,735 117,733 133,970 15,941
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 879,569 733,451 612,634 115,417 128,717 34,459
i)Cost of material 542,606 424,816 343,161 43,775 57,659 4,113
3.Gross profit / (loss) (F1-F2) (55,599) (15,605) (30,899) 2,316 5,253 (18,518)
4.General, administrative and other expenses 47,076 48,295 151,794 41,347 48,830 9,637
i)Selling & distribution expenses 2,474 1,852 2,442 24,633 27,107 1,667
ii)Administrative and other expenses 44,602 46,443 149,352 16,714 21,723 7,970
5.Other income / (loss) 187,725 29,739 65,588 28,959 23,544 7,839
6.EBIT (F3-F4+F5) 85,050 (34,161) (117,105) (10,072) (20,033) (20,316)
7.Financial expenses 3,934 9,677 17,441 16,474 11,451 11,326
of which: (i) Interest expenses 3,531 9,081 16,574 16,370 10,896 11,085
8.Profit / (loss) before taxation (F6-F7) 81,116 (43,838) (134,546) (26,546) (31,484) (31,642)
9.Tax expenses 4,023 31,945 (53,015) 6,936 (21,804) (60,246)
10.Profit / (loss) after tax (F8-F9) 77,093 (75,783) (81,531) (33,482) (9,680) 28,604
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (47,763) (62,718) (111,729) (1,988) 3,919 (79,479)
2.Net cash flows from investing activities 48 (91) 109,904 16,071 1,294 198,906
3.Net cash flows from financing activities 47,831 64,050 1,290 (15,154) (5,145) 10,152
H.Miscellaneous
1.Total capital employed (C+D) 289,837 314,907 221,699 296,529 289,604 202,267
2.Retention in business (F10-F11-F12) 77,093 (75,783) (81,531) (33,482) (9,680) 28,604
3.Depreciation for the year 34,637 31,946 27,242 13,404 13,072 10,614
4.Salaries, wages and employee benefits 129,947 108,754 85,266 50,107 41,368 9,973
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) 9.36 -10.56 -14.02 -28.44 -7.23 179.44
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 1.15 1.04 0.97 0.24 0.28 0.04
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} 10.77 -10.93 -13.57 -6.86 -2.06 6.85
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 3.85 2.96 2.90 2.45 2.64 2.23
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 41.50 -32.35 -39.39 -16.76 -5.43 15.26
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) 0.92 -0.91 -0.97 -0.40 -0.12 0.34

90
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Dar Es Salaam Textile Mills Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 613,566 1,723 1,426 323,557 343,317 156
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,492,411 0 0 0 0 0
3.Operating fixed assets after deducting accumulated depreciation 611,549 0 0 0 0 129
4.Intangible assets 367 297 0 0 0 0
5.Long term investments 0 0 0 322,131 341,891 0
6.Other non-current assets 1,650 1,426 1,426 1,426 1,426 27
B.Current Assets (B1+B2+B3+B4+B5+B6) 55,623 458,176 396,754 39,315 28,235 131,317
1.Cash & bank balance 301 18,874 283 296 1,693 143
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 806 128 1,382 592 687 572
5.Short term investments 0 0 0 0 0 10,000
6.Other current assets 54,516 439,174 395,089 38,427 25,855 120,602
Total Assets (A+B) / Equity & Liabilities (C+D+E) 669,189 459,899 398,180 362,872 371,552 131,473
C.Shareholders' Equity (C1+C2+C3) 75,430 (100,035) (118,264) (155,992) (137,570) 97,376
1.Issued, Subscribed & Paid up capital 80,000 80,000 80,000 80,000 80,000 80,000
i)Ordinary shares 80,000 80,000 80,000 80,000 80,000 80,000
ii)Preference shares 0 0 0 0 0 0
2.Reserves (373,948) (180,035) (198,264) (242,655) (224,233) 17,376
i)Capital Reserve 47,540 75,882 95,522 100,869 98,179 104,165
ii)Revenue Reserve (421,488) (255,917) (293,786) (343,524) (322,412) (86,789)
of which: un-appropriated profit(loss) / retained earnings (421,488) (255,917) (293,786) (343,524) (322,412) (86,789)
3.Surplus on revaluation of fixed assets 369,378 0 0 6,663 6,663 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 6,863 0 0 0 14,310 0
1.Long term borrowings 0 0 0 0 14,310 0
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 6,863 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 586,896 559,934 516,444 518,864 494,812 34,097
1.Trade credit & other accounts payables 179,362 149,843 133,990 135,364 124,830 31,271
of which: i) Trade credits 136,433 121,218 103,284 100,043 90,783 0
2.Short term borrowings 148,775 140,869 116,220 116,220 116,220 0
3.Current portion of non-current liabilities 149,133 158,613 156,645 156,645 146,558 0
4.Other current liabilities 109,626 110,609 109,589 110,635 107,204 2,826
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 51,717 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) (51,717) 0 0 0 0 0
4.General, administrative and other expenses 8,583 173,949 25,289 52,529 17,433 143,239
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 8,583 173,949 25,289 52,529 17,433 143,239
5.Other income / (loss) 3,690 10,445 20,380 5,439 43,713 374,234
6.EBIT (F3-F4+F5) (56,610) (163,504) (4,909) (47,090) 26,280 230,995
7.Financial expenses 23,733 264 25 6 788 369
of which: (i) Interest expenses 23,474 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (80,343) (163,768) (4,934) (47,096) 25,492 230,626
9.Tax expenses 723 13,379 0 2,641 4,380 1,666
10.Profit / (loss) after tax (F8-F9) (81,066) (177,147) (4,934) (49,737) 21,112 228,960
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (14,973) (35,866) (13,768) (4,908) (5,190) (154,127)
2.Net cash flows from investing activities 450 34,523 638 0 9,777 463,718
3.Net cash flows from financing activities 14,235 19,931 (5,460) 4,920 (3,190) (311,141)
H.Miscellaneous
1.Total capital employed (C+D) 82,293 (100,035) (118,264) (155,992) (123,260) 97,376
2.Retention in business (F10-F11-F12) (81,066) (177,147) (4,934) (49,737) 21,112 228,960
3.Depreciation for the year 52,772 41,671 0 0 0 0
4.Salaries, wages and employee benefits 1,923 5,130 5,744 6,370 6,859 8,104
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -11.45 -31.38 -1.15 -13.07 5.75 91.03
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 7.68 -45.89 -3.93 -2.77 -2.50 -12.51
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -87.93 1,439.93 4.52 36.27 -14.38 -1,139.27
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -10.13 -22.14 -0.62 -6.22 2.64 28.62

91
 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Data Textiles Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 295 254 219 190 164 143
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 4,179 4,179 4,179 4,179 4,179 4,179
3.Operating fixed assets after deducting accumulated depreciation 295 254 219 190 164 143
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 0 0 0 0 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 3,336 3,336 3,336 3,336 3,336 3,111
1.Cash & bank balance 225 225 225 225 225 0
2.Inventories; of which 0 0 0 0 0 0
i)Raw material 0 0 0 0 0 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 0 0 0 0 0 0
3.Trade Debt / accounts receivables 0 0 0 0 0 0
4.Short term loans and advances 0 0 0 0 0 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 3,111 3,111 3,111 3,111 3,111 3,111
Total Assets (A+B) / Equity & Liabilities (C+D+E) 3,631 3,590 3,555 3,526 3,500 3,254
C.Shareholders' Equity (C1+C2+C3) (44,808) (49,741) (52,271) (54,812) (56,656) (57,802)
1.Issued, Subscribed & Paid up capital 99,096 99,096 99,096 99,096 99,096 99,096
i)Ordinary shares 99,096 99,096 99,096 99,096 99,096 99,096
ii)Preference shares 0 0 0 0 0 0
2.Reserves (143,904) (148,837) (151,367) (153,908) (155,752) (156,898)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (143,904) (148,837) (151,367) (153,908) (155,752) (156,898)
of which: un-appropriated profit(loss) / retained earnings (143,904) (148,837) (151,367) (153,908) (155,752) (156,898)
3.Surplus on revaluation of fixed assets 0 0 0 0 0 0
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 39,222 39,222 39,222 39,222 39,222 39,222
1.Long term borrowings 39,222 39,222 39,222 39,222 39,222 39,222
2.Subordinated loans / Sponsor's loans 0 0 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 0 0 0 0 0
5.Other non-current liabilities 0 0 0 0 0 0
E.Current Liabilities (E1+E2+E3+E4) 9,217 14,109 16,604 19,116 20,934 21,834
1.Trade credit & other accounts payables 7,827 12,719 15,214 17,726 19,544 20,444
of which: i) Trade credits 0 0 0 0 0 0
2.Short term borrowings 0 0 0 0 0 0
3.Current portion of non-current liabilities 0 0 0 0 0 0
4.Other current liabilities 1,390 1,390 1,390 1,390 1,390 1,390
F.Operations:
1.Sales 0 0 0 0 0 0
i)Local sales (Net) 0 0 0 0 0 0
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 0 0 0 0 0 0
i)Cost of material 0 0 0 0 0 0
3.Gross profit / (loss) (F1-F2) 0 0 0 0 0 0
4.General, administrative and other expenses 507 4,935 2,530 2,541 1,843 1,146
i)Selling & distribution expenses 0 0 0 0 0 0
ii)Administrative and other expenses 507 4,935 2,530 2,541 1,843 1,146
5.Other income / (loss) 0 0 0 0 0 0
6.EBIT (F3-F4+F5) (507) (4,935) (2,530) (2,541) (1,843) (1,146)
7.Financial expenses 0 0 0 0 0 0
of which: (i) Interest expenses 0 0 0 0 0 0
8.Profit / (loss) before taxation (F6-F7) (507) (4,935) (2,530) (2,541) (1,843) (1,146)
9.Tax expenses 0 0 0 0 0 0
10.Profit / (loss) after tax (F8-F9) (507) (4,935) (2,530) (2,541) (1,843) (1,146)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities 0 0 0 0 0 (225)
2.Net cash flows from investing activities 0 0 0 0 0 0
3.Net cash flows from financing activities 0 0 0 0 0 0
H.Miscellaneous
1.Total capital employed (C+D) (5,586) (10,519) (13,049) (15,590) (17,434) (18,580)
2.Retention in business (F10-F11-F12) (507) (4,935) (2,530) (2,541) (1,843) (1,146)
3.Depreciation for the year 49 41 35 29 25 21
4.Salaries, wages and employee benefits 0 1,847 1,725 1,455 928 65
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) - - - - - -
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.00 0.00 0.00 0.00 0.00 0.00
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -13.87 -136.68 -70.41 -71.01 -52.46 -33.94
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current -0.08 -0.08 -0.07 -0.07 -0.06 -0.06
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} 1.14 10.44 5.21 5.10 3.31 2.00
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -0.05 -0.50 -0.26 -0.26 -0.19 -0.12

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Dewan Farooque Spinning Mills Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 2,158,693 2,113,111 2,014,686 1,915,117 3,357,542 3,235,138
1.Capital work in progress 0 20,478 0 0 3,000 0
2.Operating fixed assets at cost 3,540,991 3,612,920 3,664,046 3,681,929 5,237,059 5,278,339
3.Operating fixed assets after deducting accumulated depreciation 2,136,982 2,068,556 1,984,915 1,876,890 3,316,315 3,196,911
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 21,711 24,077 29,771 38,227 38,227 38,227
B.Current Assets (B1+B2+B3+B4+B5+B6) 825,028 432,652 297,930 267,439 252,908 202,744
1.Cash & bank balance 17,280 7,910 3,483 3,682 44,049 10,238
2.Inventories; of which 185,838 28,189 361 361 361 0
i)Raw material 31,701 27,742 0 0 0 0
ii)Work in progress 19,235 0 0 0 0 0
iii)Finished goods 134,902 447 361 361 361 0
3.Trade Debt / accounts receivables 354,129 168,476 97,566 86,019 83,624 69,983
4.Short term loans and advances 71,953 64,609 32,463 22,311 18,154 19,716
5.Short term investments 0 0 0 0 0 0
6.Other current assets 195,828 163,468 164,057 155,066 106,720 102,807
Total Assets (A+B) / Equity & Liabilities (C+D+E) 2,983,721 2,545,763 2,312,616 2,182,556 3,610,450 3,437,882
C.Shareholders' Equity (C1+C2+C3) 1,508,725 1,139,734 936,849 739,921 2,002,677 1,808,851
1.Issued, Subscribed & Paid up capital 977,507 977,507 977,507 977,507 977,507 977,507
i)Ordinary shares 977,507 977,507 977,507 977,507 977,507 977,507
ii)Preference shares 0 0 0 0 0 0
2.Reserves (643,645) (964,608) (1,123,518) (1,274,238) (1,345,217) (1,463,021)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (643,645) (964,608) (1,123,518) (1,274,238) (1,345,217) (1,463,021)
of which: un-appropriated profit(loss) / retained earnings (643,645) (964,608) (1,123,518) (1,274,238) (1,345,217) (1,463,021)
3.Surplus on revaluation of fixed assets 1,174,863 1,126,835 1,082,860 1,036,652 2,370,387 2,294,365
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 420,283 405,825 396,890 183,179 332,801 323,568
1.Long term borrowings 0 0 197,378 0 0 16,406
2.Subordinated loans / Sponsor's loans 168,250 182,233 0 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 0 3,756 7,959 10,499 15,641 21,054
5.Other non-current liabilities 252,033 219,836 191,553 172,680 317,160 286,108
E.Current Liabilities (E1+E2+E3+E4) 1,054,713 1,000,204 978,877 1,259,456 1,274,972 1,305,463
1.Trade credit & other accounts payables 151,102 105,911 112,213 139,513 114,568 117,892
of which: i) Trade credits 116,008 70,926 57,077 57,279 52,775 60,970
2.Short term borrowings 304,509 274,478 214,083 412,864 412,864 412,864
3.Current portion of non-current liabilities 463,897 463,897 463,897 463,897 463,897 446,553
4.Other current liabilities 135,205 155,918 188,684 243,182 283,643 328,154
F.Operations:
1.Sales 952,278 769,189 482,918 431,984 602,428 694,230
i)Local sales (Net) 952,278 769,189 482,918 431,984 602,428 694,230
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 1,072,353 1,016,272 593,035 502,402 627,214 811,333
i)Cost of material 686,625 332,454 31,865 0 0 0
3.Gross profit / (loss) (F1-F2) (120,075) (247,083) (110,117) (70,418) (24,786) (117,103)
4.General, administrative and other expenses 55,520 87,012 49,080 31,373 57,556 53,213
i)Selling & distribution expenses 18,059 18,065 9,891 8,180 7,133 8,156
ii)Administrative and other expenses 37,461 68,947 39,189 23,193 50,423 45,057
5.Other income / (loss) 1,869 2,642 238 0 0 0
6.EBIT (F3-F4+F5) (173,726) (331,453) (158,959) (101,791) (82,342) (170,316)
7.Financial expenses 64,970 60,354 66,172 79,678 36,687 46,584
of which: (i) Interest expenses 64,532 59,916 65,789 63,018 36,432 46,405
8.Profit / (loss) before taxation (F6-F7) (238,696) (391,807) (225,131) (181,469) (119,029) (216,900)
9.Tax expenses 12,317 (14,687) (14,918) (12,394) (6,427) (23,909)
10.Profit / (loss) after tax (F8-F9) (251,013) (377,120) (210,213) (169,075) (112,602) (192,991)
11.Cash dividends 0 0 0 0 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (27,261) 116,594 92,659 41,537 61,661 5,406
2.Net cash flows from investing activities (5,163) (95,932) (36,691) (26,338) (21,294) (38,280)
3.Net cash flows from financing activities 0 0 0 (15,000) 0 (938)
H.Miscellaneous
1.Total capital employed (C+D) 1,929,008 1,545,559 1,333,739 923,100 2,335,478 2,132,419
2.Retention in business (F10-F11-F12) (251,013) (377,120) (210,213) (169,075) (112,602) (192,991)
3.Depreciation for the year 103,300 142,526 135,347 125,907 115,706 160,683
4.Salaries, wages and employee benefits 137,576 148,577 158,557 156,669 208,460 228,138
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -26.36 -49.03 -43.53 -39.14 -18.69 -27.80
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.36 0.28 0.20 0.19 0.21 0.20
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -9.55 -13.64 -8.65 -7.52 -3.89 -5.48
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 2.03 2.09 2.34 2.68 2.11 1.85
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -19.36 -28.48 -20.25 -20.17 -8.21 -10.13
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -2.57 -3.86 -2.15 -1.73 -1.15 -1.97

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 Financial Statements Analysis of Companies (Non-Financial) Listed at Pakistan Stock Exchange 2022

Dewan Khalid Textile Mills Ltd. (Thousand Rupees)

Items 2017 2018 2019 2020 2021 2022
A.Non-Current Assets (A1+A3+A4+A5+A6) 842,699 760,709 688,305 624,308 566,049 797,784
1.Capital work in progress 0 0 0 0 0 0
2.Operating fixed assets at cost 1,633,229 1,633,494 1,633,494 1,633,494 1,627,669 1,906,233
3.Operating fixed assets after deducting accumulated depreciation 839,808 757,818 685,414 621,468 566,049 797,784
4.Intangible assets 0 0 0 0 0 0
5.Long term investments 0 0 0 0 0 0
6.Other non-current assets 2,891 2,891 2,891 2,840 0 0
B.Current Assets (B1+B2+B3+B4+B5+B6) 244,400 124,729 116,174 114,246 86,705 36,208
1.Cash & bank balance 1,817 1,525 2,031 933 995 6,199
2.Inventories; of which 136,346 69,530 69,530 69,530 49,078 0
i)Raw material 32,431 32,431 32,431 32,431 14,977 0
ii)Work in progress 0 0 0 0 0 0
iii)Finished goods 103,915 37,099 37,099 37,099 34,100 0
3.Trade Debt / accounts receivables 52,729 8,467 2,173 2,135 2,117 2,104
4.Short term loans and advances 1,816 428 424 413 70 0
5.Short term investments 0 0 0 0 0 0
6.Other current assets 51,692 44,779 42,016 41,235 34,445 27,905
Total Assets (A+B) / Equity & Liabilities (C+D+E) 1,087,099 885,438 804,479 738,554 652,754 833,992
C.Shareholders' Equity (C1+C2+C3) 193,894 14,452 (56,729) (131,018) (176,893) 95,187
1.Issued, Subscribed & Paid up capital 96,108 96,108 96,107 96,107 96,107 96,108
i)Ordinary shares 96,108 96,108 96,107 96,107 96,107 96,108
ii)Preference shares 0 0 0 0 0 0
2.Reserves (421,465) (561,845) (598,597) (638,468) (654,144) (687,543)
i)Capital Reserve 0 0 0 0 0 0
ii)Revenue Reserve (421,465) (561,845) (598,597) (638,468) (654,144) (687,543)
of which: un-appropriated profit(loss) / retained earnings (421,465) (561,845) (598,597) (638,468) (654,144) (687,543)
3.Surplus on revaluation of fixed assets 519,251 480,189 445,761 411,343 381,144 686,622
D.Non-Current Liabilities (D1+D2+D3+D4+D5) 242,059 213,511 196,385 131,130 118,795 59,232
1.Long term borrowings 7,429 0 0 0 0 0
2.Subordinated loans / Sponsor's loans 43,642 47,268 51,197 0 0 0
3.Debentures/TFCs (bonds payable) 0 0 0 0 0 0
4.Employees benefit obligations 17,295 17,295 17,295 17,295 17,295 17,287
5.Other non-current liabilities 173,693 148,948 127,893 113,835 101,500 41,945
E.Current Liabilities (E1+E2+E3+E4) 651,146 657,475 664,823 738,442 710,852 679,573
1.Trade credit & other accounts payables 185,994 184,061 180,545 182,841 151,501 145,700
of which: i) Trade credits 130,625 128,985 125,206 125,306 121,839 121,700
2.Short term borrowings 300,131 300,131 300,131 355,583 355,583 320,100
3.Current portion of non-current liabilities 96,579 104,008 104,008 104,008 104,007 104,008
4.Other current liabilities 68,442 69,275 80,139 96,010 99,761 109,765
F.Operations:
1.Sales 36,120 0 0 0 0 65,281
i)Local sales (Net) 36,120 0 0 0 0 65,281
ii)Export sales (Net) 0 0 0 0 0 0
2.Cost of sales 134,872 93,676 81,501 69,680 61,214 107,871
i)Cost of material 11,903 0 0 0 0 17,416
3.Gross profit / (loss) (F1-F2) (98,752) (93,676) (81,501) (69,680) (61,214) (42,590)
4.General, administrative and other expenses 24,215 103,466 10,451 10,476 31,960 11,591
i)Selling & distribution expenses 1,989 0 0 0 0 125
ii)Administrative and other expenses 22,226 103,466 10,451 10,476 31,960 11,466
5.Other income / (loss) 221 0 17,074 14,475 45,490 0
6.EBIT (F3-F4+F5) (122,746) (197,142) (74,878) (65,681) (47,684) (54,181)
7.Financial expenses 15,449 14,211 17,357 22,665 10,527 11,042
of which: (i) Interest expenses 15,063 10,272 17,177 18,009 10,266 10,749
8.Profit / (loss) before taxation (F6-F7) (138,195) (211,353) (92,235) (88,346) (58,211) (65,223)
9.Tax expenses (14,809) (26,308) (16,090) (14,057) (12,335) (8,649)
10.Profit / (loss) after tax (F8-F9) (123,386) (185,045) (76,145) (74,289) (45,876) (56,574)
11.Cash dividends 0 0 0 67,275 0 0
12.Bonus shares / stock dividends 0 0 0 0 0 0
G.Statement of Cash Flows
1.Net cash flows from operating activities (28,921) 2,557 3,071 1,441 832 6,241
2.Net cash flows from investing activities 23,865 (265) 0 0 0 0
3.Net cash flows from financing activities (2,748) (2,585) (2,564) (2,539) (770) (1,037)
H.Miscellaneous
1.Total capital employed (C+D) 435,953 227,963 139,656 112 (58,098) 154,419
2.Retention in business (F10-F11-F12) (123,386) (185,045) (76,145) (141,564) (45,876) (56,574)
3.Depreciation for the year 69,040 82,255 72,405 63,945 55,420 46,828
4.Salaries, wages and employee benefits 33,789 17,863 14,265 11,190 9,475 11,276
I.Key Performance Indicators
P1. Net Profit margin / Net profit to sales (F10 as % of F1) -341.60 - - - - -86.66
P2. Asset turnover (F1 to Avg {Current year(A+B),previous year (A+B)}) 0.04 0.00 0.00 0.00 0.00 0.09
P3. Return on Assets (F10 as a % of Avg {Current year(A+B),previous year (A+B)} -13.08 -18.76 -9.01 -9.63 -6.59 -7.61
P4. Financial leverage (Avg. {Current year(A+B),previous year (A+B) to Avg. Current 9.81 9.47 -39.97 -8.22 -4.52 -18.20
year(C),previous year (C))})
P5. Return on equity (F10 as % of Avg {Current year(C),previous year (C)} -128.28 -177.63 360.22 79.14 29.80 138.48
V3. Basic earnings per share (Rs./share) ( F10 to No. of shares) -12.84 -19.25 -7.92 -7.73 -4.77 -5.89

94