Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock

Exchange 2010-2015

Contents

I. Sectors
(a) All Sector-overall
(b) Private-overall
(c) Public-overall
II. Economic Groups
1. Textile
(i) Spinning, Weaving, Finishing of Textile
(ii) Made-up Textile Articles
(iii) Other Textiles n.e.s.
2. Sugar
3. Food Products
4. Chemicals, Chemical Products & Pharmaceuticals
5. Manufacturing
6. Mineral Products
7. Cement
8. Motor Vehicles, Trailers and Autoparts
9. Fuel & Energy
10. Information, Comm. and Transport Services
11.Coke & Refined Petroleum Products
12. Paper, Paperboard and Products
13. Electrical Machinery and Apparatus
14. Other Services Activities

Notes:
1. Data and Ratios at Revamped format is prepared only for the last two years, for rest of the four year data and
2. Definations of veriables, their coverage and formulae used for calculation of ratios are given in PDF format of t
3. Users can calculate previous year ratios by theirself if needed.

The Contect Persons in this regards are:

Team Leader
Muhammad Jaweed Akhtar
muhammad.jaweed@sbp.org.pk

Team Members

Faisal Altaf
faisal.altaf@sbp.org.pk
Uzma Maqsood
uzma.maqsood@sbp.org.pk
Muhammad Tariq Azeem
tariq.azeem@sbp.org.pk
Sadaf Yaqoob
sadaf.yaqoob@sbp.org.pk
ncial) Listed at Karachi Stock

Starting From Row No.

5
140
275

545
680
19958
20840
22604
27284
29795
36005
40676
41891
44798
47840
51017
52907
54392
55742
56894

years, for rest of the four year data and ratios are mapped from previous publication.
tion of ratios are given in PDF format of the publication, Users may read it incase of any confusion.

Sr. Joint Director

021-32453639

Assistant Director
021-32455601
Assistant Director
021-32453672
Assistant Director
021-32455623
Assistant Director
021-32455668

22,716,017
777,369,991
2.92%

729,197,957 795,588,544
Avg Assests 762,393,251
22,716,017 0/
2.98%
 Firms 2010 2011 2012 2013
1- Adam Sugar Sales 2,440,692,655 1,535,411,250 2,069,448,065
Mills Ltd Total Assets 1,178,781,325 1,365,136,957 2,613,934,727 3,577,389,528
Short-term Debt 100,000,000 515,251,863 1,094,508,667
Long-term Debt 253,991,102 3,129,186,590 557,486,537
Total Debt 353,991,102 3,644,438,453 1,651,995,204
Net profit - 46,927,846 42,710,537 84,284,533
Shareholders Equity 285,674,486 330,174,761 369,822,294 450,433,795
Capital Structure Ratios
SDR 0.0786 0.2590 0.3536
LDR 0.1997 1.5728 0.1801
TDR 0.2783 1.8318 0.5336
Performance Indicators
NPM 0.0192 0.0278 0.0407
ROA 0.0369 0.0215 0.0272
ROE 0.1524 0.1220 0.2055
Control Variables
Size 21.6155 21.1521 21.4505

2- Al-Abbas Sales 6,217,989 5,950,464 5,823,931

Sugar Mill Ltd Total Assets 4,038,884 5,329,055 4,752,689 4,210,282
Short-term Debt 1,548,977 1,508,015 1,443,444
Long-term Debt 433,791 214,094 36,363
Total Debt 1,982,768 1,722,109 1,479,807
Net profit 252,806 490,546 287,545
Shareholders Equity 1,246,901 1,381,564 1,727,714 1,962,017
Capital Structure Ratios
SDR 0.3307 0.2992 0.3221
LDR 0.0926 0.0425 0.0081
TDR 0.4233 0.3416 0.3302
Performance Indicators
NPM 0.0407 0.0824 0.0494
ROA 0.0540 0.0973 0.0642
ROE 0.1924 0.3155 0.1559
Control Variables
Size 15.6430 15.5990 15.5775

3 - Al Noor Sugar
Mill Ltd Sales 5,983,046 6,129,081 7,594,313
Total Assets 4,224,700 5,887,617 5,978,385 6,109,747
Short-term Debt 1,839,204 1,394,401 670,243
Long-term Debt 299,166 591,250 957,792
Total Debt 2,138,370 1,985,651 1,628,035
Net profit 104,465 -43,099 24,074
Shareholders Equity 1,114,551 1,173,302 1,124,244 1,151,380
Capital Structure Ratios
SDR 0.3638 0.2350 0.1109
 LDR 0.0592 0.0997 0.1585
TDR 0.4229 0.3347 0.2694
Performance Indicators
NPM 0.017 (0.007) 0.003
ROA 0.021 (0.007) 0.004
ROE 0.091 (0.038) 0.021
Control Variables
Size 15.6044 15.6286 15.8429

4 - Baba Farid
Sugar Mill Ltd Sales 950,031,059 1,839,791,110 1,955,014,141
Total Assets 1168021453 2,946,328,577 2,652,069,343 2,543,734,938
Short-term Debt 1,698,059 475,809,350 241,314,905
Long-term Debt 45,000,000 - 72,222,222
Total Debt 46,698,059 475,809,350 313,537,127
Net profit -224,089,157 -255,874,196 (132,315,538)
Shareholders Equity -521,617,410 -722,520,347 -946,322,593 (1,048,061,857)
Capital Structure Ratios
SDR 0.0008 0.1700 0.0929
LDR 0.0219 - 0.0278
TDR 0.0227 0.1700 0.1207
Performance Indicators
NPM (0.2359) (0.1391) (0.0677)
ROA (0.1089) (0.0914) (0.0509)
ROE 0.3602 0.3066 0.1327
Control Variables
Size 20.6720 21.3329 21.3937

5 - Chashma
Sugar Mill Ltd Sales 5,882,738 5,848,891 6,673,731
Total Assets 2,975,098 5,647,181 5,835,443 7,485,951
Short-term Debt 1,905,100 1,710,005 1,999,468
Long-term Debt 340,000 544,578 911,845
Total Debt 2,245,100 2,254,583 2,911,313
Net profit 140,610 -218,971 32,972
Shareholders Equity 423,572 1,645,127 1,397,464 2,524,899
Capital Structure Ratios
SDR 0.4419 0.2978 0.3002
LDR 0.0789 0.0949 0.1369
TDR 0.5208 0.3927 0.4371
Performance Indicators
NPM 0.0239 (0.0374) 0.0049
ROA 0.0326 (0.0381) 0.0050
ROE 0.1359 (0.1439) 0.0168
Control Variables
Size 15.5875 15.5818 15.7137
 6 - Dewaan
Sugar Mill Ltd Sales 3,417,072,437 4,109,864,597 4,558,489,018
Total Assets 6,389,066,287 5,253,376,523 5,583,109,745 6,040,744,785
Short-term Debt 224,864,132 370,379,746 492,950,751
Long-term Debt 3,540,883,942 3,170,504,196 2,831,335,135
Total Debt 3,765,748,074 3,540,883,942 3,324,285,886
Net profit -432,374,087 -60,110,703 86,572,448
Shareholders Equity -74,476,209 -278,063,157 -270,454,580 96,493,173
Capital Structure Ratios
SDR 0.0386 0.0684 0.0848
LDR 0.6083 0.5852 0.4872
TDR 0.6469 0.6535 0.5720
Performance Indicators
NPM (0.1265) (0.0146) 0.0190
ROA (0.0743) (0.0111) 0.0149
ROE 2.4529 0.2192 (0.9953)
Control Variables
Size 21.9521 22.1367 22.2403

7 - Haseeb
Waqas Sugar Sales 3,087,852,644 1,917,276,929 2,571,910,262
Mill Ltd
Total Assets 1,558,263,600 3,497,475,488 4,533,971,825 4,061,698,127
Short-term Debt 292,303 1,401,743,859 1,604,792,162
Long-term Debt 118,746,305 360,864,594 236,995,324
Total Debt 119,038,608 1,762,608,453 1,841,787,486
Net profit 18,324,407 -201,066,482 (460,475,650)
Shareholders Equity 334,983,762 333,779,482 200,885,996 (193,158,014)
Capital Structure Ratios
SDR 0.0001 0.3491 0.3734
LDR 0.0470 0.0899 0.0551
TDR 0.0471 0.4389 0.4285
Performance Indicators
NPM 0.0059 (0.1049) (0.1790)
ROA 0.0072 (0.0501) (0.1071)
ROE 0.0548 (0.7521) (119.1710)
Control Variables
Size 21.8507 21.3742 21.6679

8 - Husein Sugar
Mill Ltd Sales 3,477,698,909 3,010,669,362 2,234,951,394
Total Assets 1 , 281,548,638 1,397,393,111 1,450,996,264 2,183,839,756
Short-term Debt 178,010,632 121,800,033 907,317,840
Long-term Debt 279,341,467 99,933,332 49,966,664
Total Debt 457,352,099 221,733,365 957,284,504
Net profit 69,892,233 6,921,177 (190,804,855)
Shareholders Equity 1 2 6,146,759 246,727,817 252,900,419 77,395,319
Capital Structure Ratios
 SDR 0.12739 0.08552 0.49923
LDR 0.19990 0.07017 0.02749
TDR 0.32729 0.15569 0.52673
Performance Indicators
NPM 0.0201 0.0023 (0.0854)
ROA 0.0500 0.0049 (0.1050)
ROE 0.2833 0.0277 (1.1554)
Control Variables
Size 21.9696 21.8254 21.5275

9 - Mehran
Sugar Mill Ltd Sales 4,603,482,822 4,419,274,817 5,797,469,558
Total Assets 1,735,391,149 3,119,512,975 3,537,618,162 3,316,035,780
Short-term Debt - 325,428,839 397,176,948
Long-term Debt 175,000,000 380,312,500 454,241,072
Total Debt 175,000,000 705,741,339 851,418,020
Net profit 322,856,599 272,556,148 397,499,054
Shareholders Equity 522,414,359 792,838,577 1,038,302,678 1,385,548,825
Capital Structure Ratios
SDR - 0.09777 0.11590
LDR 0.07209 0.11426 0.13255
TDR 0.07209 0.21203 0.24846
Performance Indicators
NPM 0.0701 0.0617 0.0686
ROA 0.1330 0.0819 0.1160
ROE 0.4909 0.2977 0.3280
Control Variables
Size 22.2501 22.2092 22.4807

10 - Mirpurkhas
Sugar Mill Ltd Sales 2,739,671 2,541,537 3,454,478
Total Assets 1,487,440 2,454,667 2,741,482 2,518,383
Short-term Debt 519,476 291,050 341,446
Long-term Debt 344,445 439,999 490,000
Total Debt 863,921 731,049 831,446
Net profit 137,714 101,128 139,528
Shareholders Equity 381,595 495,699 713,537 902,951
Capital Structure Ratios
SDR 0.2636 0.1120 0.1298
LDR 0.1748 0.1694 0.1863
TDR 0.4383 0.2814 0.3161
Performance Indicators
NPM 0.0503 0.0398 0.0404
ROA 0.0699 0.0389 0.0531
ROE 0.3140 0.1673 0.1726
Control Variables
Size 14.8233 14.7483 15.0552
 11 - Sakrand
Sugar Mills Ltd Sales 3,125,044 2,463,907 2,560,803
Total Assets 1,790,856 1,941,799 2,451,238 2,236,364
Short-term Debt 365,567 533,199 499,163
Long-term Debt 383,291 353,255 316,625
Total Debt 748,858 886,454 815,788
Net profit -148,545 -134,858 (332,288)
Shareholders Equity 146,756 30,729 -64,324 (346,383)
Capital Structure Ratios
SDR 0.1959 0.2427 0.2130
LDR 0.2054 0.1608 0.1351
TDR 0.4012 0.4036 0.3481
Performance Indicators
NPM (0.0475) (0.0547) (0.1298)
ROA (0.0796) (0.0614) (0.1418)
ROE (1.6739) 8.0285 1.6181
Control Variables
Size 14.9550 14.7173 14.7558

12 - Shahmurad
Sugar Mills Ltd Sales 4,392,083 5,362,004 5,642,437
Total Assets 3,310,722 4,880,683 4,309,668 3,802,063
Short-term Debt 1,247,197 1,038,771 1,121,105
Long-term Debt 893,212 817,157 726,251
Total Debt 2,140,409 1,855,928 1,847,356
Net profit 89,717 145,344 91,611
Shareholders Equity 419,773 2,230,126 653,375 732,956
Capital Structure Ratios
SDR 0.3045 0.2261 0.2764
LDR 0.2181 0.1778 0.1791
TDR 0.5226 0.4039 0.4555
Performance Indicators
NPM 0.0204 0.0271 0.0162
ROA 0.0219 0.0316 0.0226
ROE 0.0677 0.1008 0.1322
Control Variables
Size 15.2953 15.4948 15.5458

13 - Shahtaj
Sugar Mills Ltd Sales 4,459,414 5,119,499 4,649,244
Total Assets 933,734 1,345,834 1,545,852 1,439,036
Short-term Debt - - -
Long-term Debt - - 175,000
Total Debt - - 175,000
Net profit 358,747 210,465 (812)
Shareholders Equity 747,599 1,107,030 1,167,790 1,084,398
 Capital Structure Ratios
SDR - - -
LDR - - 0.1173
TDR - - 0.1173
Performance Indicators
NPM 0.0804 0.0411 (0.0002)
ROA 0.3147 0.1456 (0.0005)
ROE 0.3869 0.1850 (0.0007)
Control Variables
Size 15.3105 15.4486 15.3522

14 - Shakarganj
Sugar Mills Ltd Sales 13,354,705 14,762,318 13,507,225
Total Assets 8,271,886 7,982,265 9,739,337 8,815,303
Short-term Debt 5,002,221 4,466,752 3,273,090
Long-term Debt 363,205 459,964 26,003
Total Debt 5,365,426 4,926,716 3,299,093
Net profit -81,523 498,476 267,012
Shareholders Equity -1,206,392 -1,178,945 -603,224 21,110
Capital Structure Ratios
SDR 0.6155 0.5041 0.3528
LDR 0.0447 0.0519 0.0028
TDR 0.6602 0.5560 0.3556
Performance Indicators
NPM (0.0061) 0.0338 0.0198
ROA (0.0100) 0.0563 0.0288
ROE 0.0684 (0.5594) (0.9174)
Control Variables
Size 16.4074 16.5076 16.4187

15 - Sanghar
Sugar Mills Ltd Sales 1,498,297 3,005,261 2,771,454
Total Assets 720,097 2,261,919 1,718,593 1,236,578
Short-term Debt 393,801 450,038 32,254
Long-term Debt 85,089 64,908 75,242
Total Debt 478,890 514,946 107,496
Net profit 37,759 -6,554 6,901
Shareholders Equity 305,462 327,682 329,931 354,765
Capital Structure Ratios
SDR 0.2641 0.2261 0.0218
LDR 0.0571 0.0326 0.0509
TDR 0.3212 0.2587 0.0728
Performance Indicators
NPM 0.0252 (0.0022) 0.0025
ROA 0.0253 (0.0033) 0.0047
ROE 0.1193 (0.0199) 0.0202
Control Variables
Size 14.2198 14.9159 14.8349
 2014 2015 2016
3,174,410,211 2,589,796,557 3,261,246,962
3,457,298,947 2,551,804,950 2,287,716,741
1,304,001,480 753,188,844 479,479,428
272,084,012 174,906,301 79,217,033
1,576,085,492 928,095,145 558,696,461
30,377,420 (70,500,029) 124,459,437
755,910,050 696,881,408 822,420,157

0.3707 0.2507 0.1982

0.0774 0.0582 0.0327
0.4481 0.3089 0.2309

0.0096 (0.0272) 0.0382

0.0086 (0.0235) 0.0514
0.0504 (0.0971) 0.1638

21.8784 21.6748 21.9054

5,520,740 5,867,298 5,793,851

4,389,110 3,526,403 3,312,931
1,143,227 456,601 15,637
- - -
1,143,227 456,601 15,637
298,153 494,935 457,883
2,226,238 2,228,048 2,335,108

0.2659 0.1154 0.0046

- - -
0.2659 0.1154 0.0046

0.0540 0.0844 0.0790

0.0693 0.1251 0.1339
0.1424 0.2222 0.2007

15.5240 15.5849 15.5723

7,699,097 6,966,274 8,103,145

6,565,114 7,149,369 7,002,829
1,306,299 1,173,087 691,100
1,111,433 1,120,111 1,607,704
2,417,732 2,293,198 2,298,804
31,333 166,319 170,080
1,233,546 1,437,464 1,595,770

0.2061 0.1711 0.0977

 0.1754 0.1633 0.2272
0.3815 0.3344 0.3249

0.004 0.024 0.021

0.005 0.024 0.024
0.026 0.125 0.112

15.8566 15.7566 15.9078

1,754,597,141 1,638,078,692 1,264,121,314

3,000,757,459 2,634,735,008 3,284,923,768
527,797,959 247,126,965 101,799,132
41,666,667 8,333,334 -
569,464,626 255,460,299 101,799,132
8,716,880 (198,714,171) 12,485,081
(1,007,236,762) (1,171,587,217) (1,123,459,120)

0.1904 0.0877 0.0344

0.0150 0.0030 -
0.2054 0.0907 0.0344

0.0050 (0.1213) 0.0099

0.0031 (0.0705) 0.0042
(0.0085) 0.1824 (0.0109)

21.2855 21.2168 20.9576

5,831,752 7,559,896 11,206,209

9,303,424 10,265,039 10,072,321
2,930,723 3,816,799 1,037,045
2,027,408 1,765,383 2,237,608
4,958,131 5,582,182 3,274,653
(128,619) 174,097 297,450
2,423,137 2,621,405 4,075,359

0.3491 0.3901 0.1020

0.2415 0.1804 0.2200
0.5906 0.5705 0.3220

(0.0221) 0.0230 0.0265

(0.0153) 0.0178 0.0293
(0.0520) 0.0690 0.0888

15.5788 15.8384 16.2320

5,575,225,261 4,442,366,162 2,567,628,356
5,878,394,892 5,267,983,271 5,723,908,077
423,682,834 220,759,836 206,559,964
2,470,449,464 1,942,185,903 1,723,029,682
2,894,132,298 2,162,945,739 1,929,589,646
(109,768,348) (454,130,884) (695,892,768)
103,631,171 73,414,726 (115,970,694)

0.0711 0.0396 0.0376

0.4145 0.3485 0.3135
0.4856 0.3881 0.3511

(0.0197) (0.1022) (0.2710)

(0.0184) (0.0815) (0.1266)
(1.0970) (5.1301) 32.7048

22.4416 22.2145 21.6662

2,173,224,775 1,380,222,141 879,366,541

4,718,863,082 4,232,219,038 4,212,031,686
1,610,578,931 710,820,105 312,262,432
207,371,944 1,149,905,751 1,370,430,334
1,817,950,875 1,860,725,856 1,682,692,766
(625,106,084) (779,823,652) (685,290,085)
(759,736,506) (1,037,007,617) (1,434,210,208)

0.3669 0.1588 0.0740

0.0472 0.2569 0.3246
0.4141 0.4158 0.3985

(0.2876) (0.5650) (0.7793)

(0.1424) (0.1742) (0.1623)
1.3120 0.8680 0.5546

21.4995 21.0455 20.5947

2,694,800,903 1,995,710,327 3,144,146,871

3,149,633,137 3,337,782,650 3,139,120,766
316,430,454 417,404,411 438,946,777
- - -
316,430,454 417,404,411 438,946,777
(294,645,485) (418,341,521) 115,664,829
(220,734,171) (573,752,314) (410,245,660)
 0.11866 0.12868 0.13554
- - -
0.11866 0.12868 0.13554

(0.1093) (0.2096) 0.0368

(0.1105) (0.1290) 0.0357
4.1112 1.0531 (0.2351)

21.7146 21.4143 21.8688

6,498,217,061 4,361,359,652 7,113,225,987

3,414,282,396 4,886,914,633 4,516,738,096
457,972,745 190,888,771 -
318,348,217 273,232,712 304,848,460
776,320,962 464,121,483 304,848,460
269,106,909 430,034,273 541,806,954
1,652,247,450 1,861,765,338 2,323,415,455

0.13609 0.04599 -
0.09460 0.06583 0.06484
0.23069 0.11182 0.06484

0.0414 0.0986 0.0762

0.0800 0.1036 0.1152
0.1772 0.2448 0.2589

22.5948 22.1960 22.6852

3,330,536 3,061,737 3,762,892

3,234,651 4,236,508 5,262,464
424,606 597,690 723,843
340,000 540,000 590,000
764,606 1,137,690 1,313,843
82,184 103,940 150,069
1,079,395 1,689,581 2,384,904

0.1476 0.1600 0.1524

0.1182 0.1446 0.1242
0.2658 0.3046 0.2766

0.0247 0.0339 0.0399

0.0286 0.0278 0.0316
0.0829 0.0751 0.0737

15.0186 14.9345 15.1407

 3,486,661 2,613,738 1,528,012
3,261,843 2,888,178 2,612,115
323,907 124,997 124,997
329,316 311,331 299,928
653,223 436,328 424,925
(186,426) (228,161) (226,544)
(495,719) (658,634) (822,546)

0.1178 0.0406 0.0455

0.1198 0.1012 0.1091
0.2376 0.1419 0.1545

(0.0535) (0.0873) (0.1483)

(0.0678) (0.0742) (0.0824)
0.4428 0.3953 0.3059

15.0645 14.7763 14.2395

5,353,972 5,199,162 5,909,743

4,667,796 5,130,385 3,956,713
1,662,755 1,558,857 332,295
530,833 673,839 756,942
2,193,588 2,232,696 1,089,237
226,741 184,723 125,148
947,301 1,069,212 1,148,400

0.3926 0.3182 0.0731

0.1253 0.1375 0.1666
0.5180 0.4557 0.2397

0.0424 0.0355 0.0212

0.0535 0.0377 0.0275
0.2699 0.1832 0.1129

15.4933 15.4640 15.5921

4,411,837 3,860,292 4,707,035

1,436,891 1,826,575 1,621,003
- 547,402 224,666
125,000 75,000 25,000
125,000 622,402 249,666
36,140 (91,479) 179,456
1,119,878 1,003,090 1,182,175
 - 0.3355 0.1303
0.0869 0.0460 0.0145
0.0869 0.3814 0.1448

0.0082 (0.0237) 0.0381

0.0251 (0.0561) 0.1041
0.0328 (0.0862) 0.1642

15.2998 15.1663 15.3646

11,356,340 6,578,986 4,373,219

12,411,426 13,328,591 10,839,796
1,861,493 2,584,737 969,199
- - 491,213
1,861,493 2,584,737 1,460,412
(638,809) (142,756) (17,893)
(654,867) (711,810) 28,458

0.1754 0.2008 0.0802

- - 0.0406
0.1754 0.2008 0.1209

(0.0563) (0.0217) (0.0041)

(0.0602) (0.0111) (0.0015)
2.0159 0.2089 0.0524

16.2453 15.6994 15.2910

3,196,951 2,869,164 2,832,657

1,826,456 1,900,503 2,424,907
470,058 317,304 644,680
23,174 103,640 262,532
493,232 420,944 907,212
8,732 57,400 13,953
370,861 451,265 467,266

0.3069 0.1703 0.2981

0.0151 0.0556 0.1214
0.3221 0.2259 0.4195

0.0027 0.0200 0.0049

0.0057 0.0308 0.0065
0.0241 0.1396 0.0304
14.9777 14.8695 14.8567
 Dependant Variables Indepemdant Variables Control Variable
Industry Year NPM ROA ROE SDR LDR TDR SIZE
1 2010 6 5 15 0.29 0.183 0.477 20.04
2 3 5 17 0.24 0.20 0.44 18.67
3 11 26 74 0.15 0.12 0.26 18.76
4 15 12 34 0.10 0.33 0.42 19.88
5 8 10 22 0.21 0.10 0.32 18.61
6 6 5 15 0.09 0.27 0.36 16.57
7 (6) (2) (5) 0.19 0.25 0.44 18.56
8 6 13 26 0.14 0.03 0.17 19.24
9 14 11 37 0.07 0.15 0.22 20.43
10 6 3 11 0.12 0.13 0.25 19.35
11 5 13 41 0.05 0.02 0.07 21.07
12 2 1 2 0.01 0.21 0.23 17.37
13 4 3 10 0.17 0.10 0.27 17.74
14 21 5 7 0.04 0.09 0.13 16.09
2011
 Firms 2010 2011 2012 2013
1- Adam Sugar Sales 2,440,692,655 1,535,411,250 2,069,448,065
Mills Ltd Total Assets 1,178,781,325 1,365,136,957 2,613,934,727 3,577,389,528
Short-term Debt 100,000,000 515,251,863 1,094,508,667
Long-term Debt 253,991,102 3,129,186,590 557,486,537
Total Debt 353,991,102 3,644,438,453 1,651,995,204
Net profit - 46,927,846 42,710,537 84,284,533
Shareholders Equity 285,674,486 330,174,761 369,822,294 450,433,795
Capital Structure Ratios
SDR 0.0786 0.2590 0.3536
LDR 0.1997 1.5728 0.1801
TDR 0.2783 1.8318 0.5336
Performance Indicators
NPM 0.0192 0.0278 0.0407
ROA 0.0369 0.0215 0.0272
ROE 0.1524 0.1220 0.2055
Control Variables
Size 21.6155 21.1521 21.4505

3 - Al Noor Sugar
Mill Ltd Sales 5,983,046 6,129,081 7,594,313
Total Assets 4,224,700 5,887,617 5,978,385 6,109,747
Short-term Debt 1,839,204 1,394,401 670,243
Long-term Debt 299,166 591,250 957,792
Total Debt 2,138,370 1,985,651 1,628,035
Net profit 104,465 -43,099 24,074
Shareholders Equity 1,114,551 1,173,302 1,124,244 1,151,380
Capital Structure Ratios
SDR 0.3638 0.2350 0.1109
LDR 0.0592 0.0997 0.1585
TDR 0.4229 0.3347 0.2694
Performance Indicators
NPM 0.017 (0.007) 0.003
ROA 0.021 (0.007) 0.004
ROE 0.091 (0.038) 0.021
Control Variables
Size 15.6044 15.6286 15.8429

4 - Baba Farid
Sugar Mill Ltd Sales 950,031,059 1,839,791,110 1,955,014,141
Total Assets 1168021453 2,946,328,577 2,652,069,343 2,543,734,938
Short-term Debt 1,698,059 475,809,350 241,314,905
Long-term Debt 45,000,000 58,611,111 72,222,222
Total Debt 46,698,059 534,420,461 313,537,127
Net profit -224,089,157 -255,874,196 (132,315,538)
Shareholders Equity -521,617,410 -722,520,347 -946,322,593 (1,048,061,857)
Capital Structure Ratios
 SDR 0.0008 0.1700 0.0929
LDR 0.0219 0.0209 0.0278
TDR 0.0227 0.1909 0.1207
Performance Indicators
NPM (0.2359) (0.1391) (0.0677)
ROA (0.1089) (0.0914) (0.0509)
ROE 0.3602 0.3066 0.1327
Control Variables
Size 20.6720 21.3329 21.3937

5 - Chashma
Sugar Mill Ltd Sales 5,882,738 5,848,891 6,673,731
Total Assets 2,975,098 5,647,181 5,835,443 7,485,951
Short-term Debt 1,905,100 1,710,005 1,999,468
Long-term Debt 340,000 544,578 911,845
Total Debt 2,245,100 2,254,583 2,911,313
Net profit 140,610 -218,971 32,972
Shareholders Equity 423,572 1,645,127 1,397,464 2,524,899
Capital Structure Ratios
SDR 0.4419 0.2978 0.3002
LDR 0.0789 0.0949 0.1369
TDR 0.5208 0.3927 0.4371
Performance Indicators
NPM 0.0239 (0.0374) 0.0049
ROA 0.0326 (0.0381) 0.0050
ROE 0.1359 (0.1439) 0.0168
Control Variables
Size 15.5875 15.5818 15.7137

6 - Dewaan
Sugar Mill Ltd Sales 3,417,072,437 4,109,864,597 4,558,489,018
Total Assets 6,389,066,287 5,253,376,523 5,583,109,745 6,040,744,785
Short-term Debt 224,864,132 370,379,746 492,950,751
Long-term Debt 3,540,883,942 3,170,504,196 2,831,335,135
Total Debt 3,765,748,074 3,540,883,942 3,324,285,886
Net profit -432,374,087 -60,110,703 86,572,448
Shareholders Equity -74,476,209 -278,063,157 -270,454,580 96,493,173
Capital Structure Ratios
SDR 0.0386 0.0684 0.0848
LDR 0.6083 0.5852 0.4872
TDR 0.6469 0.6535 0.5720
Performance Indicators
NPM (0.1265) (0.0146) 0.0190
ROA (0.0743) (0.0111) 0.0149
ROE 2.4529 0.2192 (0.9953)
Control Variables
Size 21.9521 22.1367 22.2403
 7 - Haseeb
Waqas Sugar Sales 3,087,852,644 1,917,276,929 2,571,910,262
Mill Ltd
Total Assets 1,558,263,600 3,497,475,488 4,533,971,825 4,061,698,127
Short-term Debt 292,303 1,401,743,859 1,604,792,162
Long-term Debt 118,746,305 360,864,594 236,995,324
Total Debt 119,038,608 1,762,608,453 1,841,787,486
Net profit 18,324,407 -201,066,482 (460,475,650)
Shareholders Equity 334,983,762 333,779,482 200,885,996 193,158,014
Capital Structure Ratios
SDR 0.0001 0.3491 0.3734
LDR 0.0470 0.0899 0.0551
TDR 0.0471 0.4389 0.4285
Performance Indicators
NPM 0.59% -10.49% -17.90%
ROA 0.72% -5.01% -10.71%
ROE 5.48% -0.75 -2.34
Control Variables
Size 21.8507 21.3742 21.6679

10 - Mirpurkhas
Sugar Mill Ltd Sales 2,739,671 2,541,537 3,454,478
Total Assets 1,487,440 2,454,667 2,741,482 2,518,383
Short-term Debt 519,476 291,050 341,446
Long-term Debt 344,445 439,999 490,000
Total Debt 863,921 731,049 831,446
Net profit 137,714 101,128 139,528
Shareholders Equity 381,595 495,699 713,537 902,951
Capital Structure Ratios
SDR 0.2636 0.1120 0.1298
LDR 0.1748 0.1694 0.1863
TDR 0.4383 0.2814 0.3161
Performance Indicators
NPM 0.0503 0.0398 0.0404
ROA 0.0699 0.0389 0.0531
ROE 0.3140 0.1673 0.1726
Control Variables
Size 14.8233 14.7483 15.0552

11 - Sakrand
Sugar Mills Ltd Sales 3,125,044 2,463,907 2,560,803
Total Assets 1,790,856 1,941,799 2,451,238 2,236,364
Short-term Debt 365,567 533,199 499,163
Long-term Debt 383,291 353,255 316,625
Total Debt 748,858 886,454 815,788
Net profit -148,545 -134,858 (332,288)
Shareholders Equity 146,756 30,729 -64,324 (346,383)
 Capital Structure Ratios
SDR 0.1959 0.2427 0.2130
LDR 0.2054 0.1608 0.1351
TDR 0.4012 0.4036 0.3481
Performance Indicators
NPM (0.0475) (0.0547) (0.1298)
ROA (0.0796) (0.0614) (0.1418)
ROE (1.6739) 8.0285 1.6181
Control Variables
Size 14.9550 14.7173 14.7558

12 - Shahmurad
Sugar Mills Ltd Sales 4,392,083 5,362,004 5,642,437
Total Assets 3,310,722 4,880,683 4,309,668 3,802,063
Short-term Debt 1,247,197 1,038,771 1,121,105
Long-term Debt 893,212 817,157 726,251
Total Debt 2,140,409 1,855,928 1,847,356
Net profit 89,717 145,344 91,611
Shareholders Equity 419,773 2,230,126 653,375 732,956
Capital Structure Ratios
SDR 0.3045 0.2261 0.2764
LDR 0.2181 0.1778 0.1791
TDR 0.5226 0.4039 0.4555
Performance Indicators
NPM 0.0204 0.0271 0.0162
ROA 0.0219 0.0316 0.0226
ROE 0.0677 0.1008 0.1322
Control Variables
Size 15.2953 15.4948 15.5458

15 - Sanghar
Sugar Mills Ltd Sales 1,498,297 3,005,261 2,771,454
Total Assets 720,097 2,261,919 1,718,593 1,236,578
Short-term Debt 393,801 450,038 32,254
Long-term Debt 85,089 64,908 75,242
Total Debt 478,890 514,946 107,496
Net profit 37,759 -6,554 6,901
Shareholders Equity 305,462 327,682 329,931 354,765
Capital Structure Ratios
SDR 0.2641 0.2261 0.0218
LDR 0.0571 0.0326 0.0509
TDR 0.3212 0.2587 0.0728
Performance Indicators
NPM 0.0252 (0.0022) 0.0025
ROA 0.0253 (0.0033) 0.0047
ROE 0.1193 (0.0199) 0.0202
Control Variables
Size 14.2198 14.9159 14.8349
 2014 2015 2016
3,174,410,211 2,589,796,557 3,261,246,962
3,457,298,947 2,551,804,950 2,287,716,741
1,304,001,480 753,188,844 479,479,428
272,084,012 174,906,301 79,217,033
1,576,085,492 928,095,145 558,696,461
30,377,420 (70,500,029) 124,459,437
755,910,050 696,881,408 822,420,157

0.3707 0.2507 0.1982

0.0774 0.0582 0.0327
0.4481 0.3089 0.2309

0.0096 (0.0272) 0.0382

0.0086 (0.0235) 0.0514
0.0504 (0.0971) 0.1638

21.8784 21.6748 21.9054

7,699,097 6,966,274 8,103,145

6,565,114 7,149,369 7,002,829
1,306,299 1,173,087 691,100
1,111,433 1,120,111 1,607,704
2,417,732 2,293,198 2,298,804
31,333 166,319 170,080
1,233,546 1,437,464 1,595,770

0.2061 0.1711 0.0977

0.1754 0.1633 0.2272
0.3815 0.3344 0.3249

0.004 0.024 0.021

0.005 0.024 0.024
0.026 0.125 0.112

15.8566 15.7566 15.9078

1,754,597,141 1,638,078,692 1,264,121,314

3,000,757,459 2,634,735,008 3,284,923,768
527,797,959 247,126,965 101,799,132
41,666,667 8,333,334 10,511,756
569,464,626 255,460,299 112,310,888
8,716,880 (198,714,171) 12,485,081
(1,007,236,762) (1,171,587,217) (1,123,459,120)
 0.1904 0.0877 0.0344
0.0150 0.0030 0.0036
0.2054 0.0907 0.0379

0.0050 (0.1213) 0.0099

0.0031 (0.0705) 0.0042
(0.0085) 0.1824 (0.0109)

21.2855 21.2168 20.9576

5,831,752 7,559,896 11,206,209

9,303,424 10,265,039 10,072,321
2,930,723 3,816,799 1,037,045
2,027,408 1,765,383 2,237,608
4,958,131 5,582,182 3,274,653
(128,619) 174,097 297,450
2,423,137 2,621,405 4,075,359

0.3491 0.3901 0.1020

0.2415 0.1804 0.2200
0.5906 0.5705 0.3220

(0.0221) 0.0230 0.0265

(0.0153) 0.0178 0.0293
(0.0520) 0.0690 0.0888

15.5788 15.8384 16.2320

5,575,225,261 4,442,366,162 2,567,628,356

5,878,394,892 5,267,983,271 5,723,908,077
423,682,834 220,759,836 206,559,964
2,470,449,464 1,942,185,903 1,723,029,682
2,894,132,298 2,162,945,739 1,929,589,646
(109,768,348) (454,130,884) (695,892,768)
103,631,171 73,414,726 (115,970,694)

0.0711 0.0396 0.0376

0.4145 0.3485 0.3135
0.4856 0.3881 0.3511

(0.0197) (0.1022) (0.2710)

(0.0184) (0.0815) (0.1266)
(1.0970) (5.1301) 32.7048

22.4416 22.2145 21.6662

2,173,224,775 1,380,222,141 879,366,541
4,718,863,082 4,232,219,038 4,212,031,686
1,610,578,931 710,820,105 312,262,432
207,371,944 1,149,905,751 1,370,430,334
1,817,950,875 1,860,725,856 1,682,692,766
(625,106,084) (779,823,652) (685,290,085)
(759,736,506) (1,037,007,617) (1,434,210,208)

0.3669 0.1588 0.0740

0.0472 0.2569 0.3246
0.4141 0.4158 0.3985

-28.76% -56.50% -77.93%

-14.24% -17.42% -16.23%
2.21 86.80% 55.46%

21.4995 21.0455 20.5947

3,330,536 3,061,737 3,762,892

3,234,651 4,236,508 5,262,464
424,606 597,690 723,843
340,000 540,000 590,000
764,606 1,137,690 1,313,843
82,184 103,940 150,069
1,079,395 1,689,581 2,384,904

0.1476 0.1600 0.1524

0.1182 0.1446 0.1242
0.2658 0.3046 0.2766

0.0247 0.0339 0.0399

0.0286 0.0278 0.0316
0.0829 0.0751 0.0737

15.0186 14.9345 15.1407

3,486,661 2,613,738 1,528,012

3,261,843 2,888,178 2,612,115
323,907 124,997 124,997
329,316 311,331 299,928
653,223 436,328 424,925
(186,426) (228,161) (226,544)
(495,719) (658,634) (822,546)
 0.1178 0.0406 0.0455
0.1198 0.1012 0.1091
0.2376 0.1419 0.1545

(0.0535) (0.0873) (0.1483)

(0.0678) (0.0742) (0.0824)
0.4428 0.3953 0.3059

15.0645 14.7763 14.2395

5,353,972 5,199,162 5,909,743

4,667,796 5,130,385 3,956,713
1,662,755 1,558,857 332,295
530,833 673,839 756,942
2,193,588 2,232,696 1,089,237
226,741 184,723 125,148
947,301 1,069,212 1,148,400

0.3926 0.3182 0.0731

0.1253 0.1375 0.1666
0.5180 0.4557 0.2397

0.0424 0.0355 0.0212

0.0535 0.0377 0.0275
0.2699 0.1832 0.1129

15.4933 15.4640 15.5921

3,196,951 2,869,164 2,832,657

1,826,456 1,900,503 2,424,907
470,058 317,304 644,680
23,174 103,640 262,532
493,232 420,944 907,212
8,732 57,400 13,953
370,861 451,265 467,266

0.3069 0.1703 0.2981

0.0151 0.0556 0.1214
0.3221 0.2259 0.4195

0.0027 0.0200 0.0049

0.0057 0.0308 0.0065
0.0241 0.1396 0.0304
14.9777 14.8695 14.8567