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Ittehad Chemicals Limited Income Sta

2007

2006

Sales
Cost of sales
Gross profit
Selling and distribution expenses
General and administrative expenses
Other operating expenses
Other operating income

Operating Profit
Financial charges
Fair value loss/gain on investment property
Profit before Taxation
Taxation
Profit after Taxation
Earning per share - basic and diluted

2,157,767
-1,692,386
465,381
-102,217
-56,422
-9,326
11,355
-156,610

2008

2,533,603 2,685,176
-1,911,635 -2,137,311
621,968
547,865
-118,521
-139,213
-60,134
-72,261
-12,547
-10,246
6,879
16,308
-184,323
-205,412

308,771
-142,055
0
166,716
-47,202
119,514

437,645
-207,791
4,941
234,795
-97,482
137,313

342,453
-212,824
-390
129,239
-63,631
65,608

3.98

3.81

1.82

Chemicals Limited Income Statements CC 2


2009

2010

3,568,352 3,081,288
-2,747,957 -2,469,963
820,395
611,325
-204,213 -179,504
-100,292 -106,351
-20,620
-12,899
13,223
20,141
-311,902 -278,613
508,493
-239,586
7,750
276,657
-107,481
169,176

332,712
-204,179
3,550
132,083
8,723
140,806

4.7

3.91

Ittehad Chemicals Limited Balance Sheets CC 3

2006

ASSETS
NON CURRENT ASSETS
Operating fixed assets
Capital work in progress
Intangible Assets
Investment Properties
Long term investments
Deferred cost
Long term deposits

CURRENT ASSETS
Stores, spares and loose tools
Stock in trade
Trade debts
Loans and advances
Trade deposits and short term prepayments
Other receivables
Tax refunds due from Government
Taxation - net
Cash and bank balances
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital 75,000,000 (2005: 75,000,000) shares of Rs. 10/- each
Issued, subscribed and paid up capital
Reserves

SURPLUS ON REVALUATION OF FIXED ASSETS


NON CURRENT LIABILITIES
Redeemable capital
Long term financing
Long term diminishing musharaka
Long term murabaha
Liabilities against assets sunject to finance lease
Deferred liabilities

2510171
24156
2534327
0
0
1817
1751
14658
2552553

301796
144617
201342
21572
5205
2177
5974
67550
257713
1007946
3560499

750000
300000
326839
626839
638574

83266
739251
0
261187
0
169921
1253625

CURRENT LIABILITIES
Trade and other payables
Mark up accrued
Short term borrowings
Current portion of long term liabilities
Provision for taxation - net
CONTINGENCIES AND COMMITMENTS

21094
28520
431977
359870
0
1041461
0

TOTAL EQUITY AND LIABILITIES

3560499

alance Sheets CC 3

2007

2,359,749
47679
2407428
1538
82140
65542
901
14205
2571754

2008

2316478
104377
2420855
4141
70950
65105
0
11475
2572528

2009

2422693
32919
2455612
3310
78700
87786
0
11321
2636729

2010

2299211
54380
2353591
1462
0
82250
87400
21449
2546152
inv

290006

315257

341790

437333

102285
444614
26163
8195
307
439
60563
29130
961702
3533456

144335
297437
34984
22790
836
439
61446
40859
918383
3490911

105732
573001
61151
14120
1404
45723
0
26037
1168958
3805687

750000
360000
404477
764477

750000
360000
415650
775650

750000
360000
530505
890505

750000
360000
616933
976933

643372

643372

749059

749059

0
584158
0
217438
913
246640
1049149

0
50000
750000
350000
491
294525
1445016

0
18750
583333
272222
0
357528
1231833

0
172222
416666
194444
0
316806
1100138

161585
473583
48916
4612
16540
43570 net sales
7007
15132
1208278
3754430

144617

6
144617
123451

7
8
102285
144335
123310 125033.5

2,157,767
5993.797
0.363209
0.363209

2,533,603
7037.786
0.043622
0.043622

2,685,176
7458.822
0.112082
0.112082

431977
739251
0

442930
584158
0

294969
50000
750000

190038
51006
442930
392484
0
1076458
0

221291
60191
294969
50422
0
626873
0

445311
72387
130143
276193
10256
934290
0

3533456

3490911

3805687

321693
58724
262466 long term debt
285417
0
928300
0
3754430

261187
1432415

217438
1244526

350000
1444969

2432853

2046122

2594969

9
105732
133658.5

10
161585

3,568,352
9912.089
0.141645
0.141645

3,081,288
8559.133
1.932439
1.932439

130143
18750
583333

262466
172222
416666

658554

272222
1004448

194444
1045798

1878753

1829130

Ittehad Chemicals Limited Statement of Cash flows CC 4

Cash flow from operating activities


Profit before tax
Adjustments for items not involving movement of funds:
Depreciation
Ammortization of intangible assets
Provision for gratuity
Gain/ loss on sale of fixed assets
Gain on sale of investment
Gain/Loss on foreign exchange
Gain/Loss on sale of Shares
Amortization of deferred cost
Provision for diminution in value of investment
Provision for doubtful advances and deposits
Provision for doubtful debts
Advances and deposits written off
Bad debts written off
Financial charges
Net cash flow before working capital changes
Decrease / (Increase) in current assets
Stores, spares and loose tools
Stock in trade
Trade debts
Loans and advances
Trade deposits and short term prepayments
Other recievables
Tax refunds due from Government

Increase/Decrease in current liabilities


Trade and other liabilities
Cash generated from operations
Taxes paid
Gratuity paid
Financial Charges paid
Net cash inflow from operating activities

CASH FLOW FROM INVESTING ACTIVITIES

2006

2007

2008

166,716

234795

129239

151,281
0
451
-49
0
0
0
850
0
326
3108
0
0
142055
464738

194701
167
523
-361
-4941
-47
0
850
0
0
757
0
0
207791
634235

181901
655
1600
53
390
-156
0
901
0
0
1261
0
0
212824
528668

-27003
-51858
-32399
97194
-1299
6787
53471
44893

11790
42332
-239244
-2962
-2990
1870
0
-189204

-25251
-42050
146026
-8821
-14595
-529
0
54780

34782
544413
-1696
-421
0
542296

-38979
406052
-665
-232
0
405155

29766
613214
-17085
0
0
596129

Additions to operating fixed assets


Transfer from leased to owned assets
Additions to intangible asstes
transfer from capital work in progress
transfer from investment properties
Additions to capital work in progress
Additions to investment properties
Proceeds from sale of fixed assets
Long term investments
Long term deposits
Net cash outflow from investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of redeemable capital
Proceeds from long term financing
Repayments of long term financing
Repayment of long term diminishing musharaka
Proceeds from long term murabaha
Repayments of long term murabaha
Liabilities against assets subject to finance lease
Dividends paid
Financial charges paid
Short term borrowings
Net cash inflow/outflow from financing activities
Net increase/decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year

-1,336,357
0
0
-1,278,189
0
-495,011
0
90
-1,000
0
-554,089

-39690
0
-1705
36414
0
-59937
-82140
570
-63400
453
-209435

-138911
0
-3258
24421
11190
-81120
0
228
0
2730
-184720

-83,267
360,000
-166,649
0
150,000
-12,500
0
0
-131,489
72,580
188,675
176,882

-83266
350000
-490288
0
50000
-76312
-85
0
-185305
10953
-424303
-228583

-83266
750000
-699253
0
350000
-311188
-373
-54000
-203639
-147961
-399680
11729

80,831
257,713

257713
29130

29130
40859

CC 4

2009

2010

276657

132083

188094
1823
1962
-394
-7750
-253
0
0
0
0
2955
0
646
239586
703326

178682
1998
5307
1792
-3550
190
-469
0
0
0
3155
0
0
204179
532367

-26533
38603
-278912
-25815
8318
-568
0
-284907

-95543
-55853
96073
12235
9508
-15136
0
-48716

226927
645346
-22422
-507
-227390
395027

-138870
344781
-36556
-608
-217842
89775

-60167
0
-992
0
0
-57313
0
710
-23000
154
-140608

-48828
0
-150
0
0
-140410
0
101785
477
-10128
-97254

0
0
-50000
0
0
0
-415
-54000
0
-164826
-269241
-14822

0
194444
-31250
-166667
0
-77778
-498
-54000
0
132323
-3426
-10905

40859
26037

26037
15132

Ittehad Chemicals Limited 5 year growth rates CC 5

Per share
Sales
Net Income
Dividends
Equity

Years 6-10
4.44%
-0.45%
6.75

Ittehad Chemicals Limited Common Siz


2010

Sales
Cost of sales
Gross profit
Selling and distribution expenses
General and administrative expenses
Other operating expenses
Other operating income

Operating Profit
Financial charges
Fair value loss/gain on investment property
Profit before Taxation
Taxation
Profit after Taxation

As % of Sales

2009

3,081,288
2,469,963
611,325
179,504
106,351
12,899
20,141
278,613

100
80
20
6
3
0
1
9

3,568,352
2,747,957
820,395
204,213
100,292
20,620
13,223
311,902

332,712
204,179
3,550
132,083
8,723
140,806

11
7
0
4
0
5

508,493
239,586
7,750
276,657
107,481
169,176

ls Limited Common Size Income Staments CC 6


As % of Sales

2008

As % of Sales

2007

As % of Sales

2006

As % of Sales

100
77
23
6
3
1
0
9

2,685,176
2,137,311
547,865
139,213
72,261
10,246
16,308
205,412

100
80
20
5
3
0
1
8

2,533,603
1,911,635
621,968
118,521
60,134
12,547
6,879
184,323

100
75
25
5
2
0
0
7

2,157,767
1,692,386
465,381
102,217
56,422
9,326
11,355
156,610

100
78.43228671
21.56771329
4.737165783
2.614832834
0.432206072
0.526238468
7.257966222

14
7
0
8
3
5

342,453
212,824
390
129,239
63,631
65,608

13
8
0
5
2
2

437,645
207,791
4,941
234,795
97,482
137,313

17
8
0
9
4
5

308,771
142,055
0
166,716
47,202
119,514

14.30974707
6.583426292
0
7.726320775
2.187539248
5.538781527

Ittehad Chemicals Limited Common-Size Balance Sheets


2006

ASSETS
NON CURRENT ASSETS
Operating fixed assets
Capital work in progress
Intangible Assets
Investment Properties
Long term investments
Deferred cost
Long term deposits

CURRENT ASSETS
Stores, spares and loose tools
Stock in trade
Trade debts
Loans and advances
Trade deposits and short term prepayments
Other receivables
Tax refunds due from Government
Taxation - net
Cash and bank balances
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital 75,000,000 (2005: 75,000,000) shares of Rs. 10/- each
Issued, subscribed and paid up capital
Reserves

As % of TA

2510171
24156
2534327
0
0
1817
1751
14658
2552553

70.50053939
0.678444229
71.17898362
0
0
0.051032173
0.0491785
0.411683868
71.69087816

301796
144617
201342
21572
5205
2177
5974
67550
257713
1007946
3560499

8.47622763
4.061705958
5.654881521
0.605870132
0.146187374
0.061143115
0.167785471
1.897205982
7.238114658
28.30912184
100

750000
300000
326839
626839

21.06446316
8.425785262
9.179584098
17.60536936

SURPLUS ON REVALUATION OF FIXED ASSETS

638574 17.93495799

NON CURRENT LIABILITIES


Redeemable capital
Long term financing
Long term diminishing musharaka

83266 2.338604785
739251 20.76256727
0
0

Long term murabaha


Liabilities against assets sunject to finance lease
Deferred liabilities
CURRENT LIABILITIES
Trade and other payables
Mark up accrued
Short term borrowings
Current portion of long term liabilities
Provision for taxation - net

261187 7.335685251
0
0
169921 4.772392858
1253625 35.20925016

CONTINGENCIES AND COMMITMENTS

21094
28520
431977
359870
0
1041461
0

0.592445048
0.801011319
12.1324848
10.10729114
0
29.25042248
0

TOTAL EQUITY AND LIABILITIES

3560499

100

ize Balance Sheets CC7


2007

As % of TA

2008

As % of TA

2009

As % of TA

2010

As % of TA

2,359,749
47679
2407428
1538
82140
65542
901
14205
2571754

66.7830306
1.34935881
68.1323894
0.04352679
2.32463628
1.85489787
0.02549911
0.40201435
72.7829638

2316478
104377
2420855
4141
70950
65105
0
11475
2572528

66.357406 2422693
2.9899645
32919
69.347371 2455612
0.1186223
3310
2.0324208
78700
1.864986
87786
0
0
0.3287108
11321
73.692168 2636729

63.659807
0.86499494
64.524802
0.0869751
2.06795777
2.30670573
0
0.29747586
69.2839164

2299211
54380
2353591
1462
0
82250
87400
21449
2546152

61.2399485
1.44842226
62.6883708
0.03894066
0
2.19074533
2.32791662
0.57129844
67.8172719

290006
102285
444614
26163
8195
307
439
60563
29130
961702
3533456

8.20743204
2.89475799
12.5829783
0.74043656
0.23192591
0.00868838
0.0124241
1.71398767
0.82440534
27.2170362
100

315257
144335
297437
34984
22790
836
439
61446
40859
918383
3490911

9.0307945 341790
4.1345941 105732
8.5203261 573001
1.0021453
61151
0.6528382
14120
0.0239479
1404
0.0125755
45723
1.7601709
0
1.1704395
26037
26.307832 1168958
100 3805687

8.98103286
2.77826316
15.0564405
1.60683209
0.37102368
0.03689216
1.20143879
0
0.68416031
30.7160836
100

437333
161585
473583
48916
4612
16540
43570
7007
15132
1208278
3754430

11.6484526
4.30384905
12.6139787
1.30288752
0.12284155
0.44054623
1.16049573
0.18663286
0.40304387
32.1827281
100

750000
360000
404477
764477

21.2256782
10.1883255
11.4470649
21.6353904

750000
360000
415650
775650

21.484363
10.312494
11.906634
22.219128

750000
360000
530505
890505

19.7073485
9.45952728
13.9397959
23.3993232

750000
360000
616933
976933

19.9764012
9.58867258
16.4321348
26.0208074

643372 18.2080094

643372

18.429917

749059

19.6826223

749059 19.9513375

0
0
584158 16.5321996
0
0

0
50000
750000

0
1.4322909
21.484363

0
18750
583333

0
0.49268371
15.327929

0
0
172222 4.58716769
416666 11.0979829

217438
913
246640
1049149

6.15369202
0.02583873
6.98013503
29.6918654

350000
491
294525
1445016

190038
51006
442930
392484
0
1076458
0

5.37824725
1.44351592
12.5353195
11.1076521
0
30.4647348
0

221291
60191
294969
50422
0
626873
0

3533456

100

3490911

10.026036 272222
0.0140651
0
8.4369094 357528
41.393665 1231833

7.15303177
0
9.39457186
32.3682163

194444 5.17905514
0
0
316806 8.43819168
1100138 29.3023974

6.3390616
1.7242204
8.4496282
1.4443794
0
17.95729
0

445311
72387
130143
276193
10256
934290
0

11.7011988
1.90207445
3.41969794
7.25737561
0.26949142
24.5498382
0

321693
58724
262466
285417
0
928300
0

8.56835791
1.56412558
6.99083483
7.60213934
0
24.7254577
0

100 3805687

100

3754430

100

Ittehad Chemicals Limited Trend Index Of Selected Accounts (Y

Cash and bank balances


Other receivables
Stores, spares and loose tools
Totall Current Assets
Total Current Liabilities
Operating fixed assets
Long-term debt (total non-current liabilities)
Total Liabilities
Shareholder's Equity
Sales
Cost of sales
Selling and distribution expenses
General and administrative expenses
Total costs & expenses
Earnigs Before Taxes
Net Income

2010

As % of 06

257713
2177
301796
1007946
1041461
2510171
1253625
2933660
626839
3,081,288
-2,469,963
-179,504
-106,351
-258,472
132,083
140,806

1703.0994
13.162031
69.008284
83.420041
112.19013
109.17532
113.95161
105.62244
64.16397
142.79985
145.94561
175.61071
188.49208
177.94362
79.226349
117.81549

2009

29130
307
290006
961702
1076458
2,359,749
1049149
2768979
764477
3,568,352
-2,747,957
-204,213
-100,292
-298,679
276,657
169,176

As % of 06

192.5059477
1.856106409
66.3123981
79.59277583
115.9601422
102.6329902
95.36521782
99.693321
78.25275633
165.3724429
162.3717639
199.7837933
177.7533586
205.6239028
165.9450803
141.5532908

Of Selected Accounts (Year 2006 = 100%) CC 8


2008

40859
836
315257
918383
626873
2316478
1445016
2715261
775650
2,685,176
-2,137,311
-139,213
-72,261
-189,104
129,239
65,608

As % of 06

270.017182
5.05441354
72.0862592
76.007591
67.5291393
100.750997
131.348613
97.7592775
79.3964376
124.442352
126.289806
136.193588
128.072383
130.187601
77.5204539
54.8956608

2007

26037
1404
341790
1168958
934290
2422693
1231833
2915182
890505
2,533,603
-1,911,635
-118,521
-60,134
-177,444
234,795
137,313

As % of 06

172.0658208
8.488512696
78.15326079
96.74578201
100.6452655
105.370625
111.9707709
104.9571611
91.15312923
117.4178213
112.9550233
115.9503801
106.578994
122.1603387
140.8353127
114.8928159

2006 = 100%

15132
16540
437333
1208278
928300
2299211
1100138
2777497
976933
2,157,767
-1,692,386
-102,217
-56,422
-145,255
166,716
119,514

Ittehad Chemical limited Per Share R


2006

Sales
Net Income
Dividends
Book Value per share
Average Shares outstanding

2007

2008

7.192557 7.037786 7.458822


0.39838 0.381425 0.182244
0
0
0
2.089463 2.123547 2.154583
300000
360000
360000

tehad Chemical limited Per Share Results CC 9


2009

2010

9.912089 8.559133
0.469933 0.391128
0
0
2.473625 2.713703
360000
360000

Ittehad Chem

2006

CASH FLOW FROM OPERATING ACTIVITIES


Profit before tax
Adjustments for items not involving movement of funds:
Depreciation
Ammortization of intangible assets
Provision for gratuity
Gain/ loss on sale of fixed assets
Gain on sale of investment
Gain/Loss on foreign exchange
Gain/Loss on sale of Shares
Amortization of deferred cost
Provision for diminution in value of investment
Provision for doubtful advances and deposits
Provision for doubtful debts
Advances and deposits written off
Bad debts written off
Financial charges
Net cash flow before working capital changes
Decrease / (Increase) in current assets
Stores, spares and loose tools
Stock in trade
Trade debts
Loans and advances
Trade deposits and short term prepayments
Other recievables
Tax refunds due from Government

Increase/Decrease in current liabilities


Trade and other liabilities
Cash generated from operations
Taxes paid
Gratuity paid
Financial Charges paid
Net cash inflow from operating activities

CASH FLOW FROM INVESTING ACTIVITIES


Additions to operating fixed assets
Transfer from leased to owned assets
Additions to intangible asstes
transfer from capital work in progress

As % of Inflows

166,716

9.34

151,281
0
451
-49
0
0
0
850
0
326
3108
0
0
142055
464738

8.48
0.00
0.03
0.00
0.00
0.00
0.00
0.05
0.00
0.02
0.17
0.00
0.00
7.96
26.05

-27003
-51858
-32399
97194
-1299
6787
53471
44893

-1.51
-2.91
-1.82
5.45
-0.07
0.38
3.00
2.52

34782
544413
-1696
-421
0
542296

1.95
30.51
-0.10
-0.02
0.00
30.40

-1,336,357
0
0
-1,278,189

-74.90
0.00
0.00
-71.64

transfer from investment properties


Additions to capital work in progress
Additions to investment properties
Proceeds from sale of fixed assets
Long term investments
Long term deposits
Net cash outflow from investing activities

0
-495,011
0
90
-1,000
0
-554,089

0.00
-27.75
0.00
0.01
-0.06
0.00
-31.06

CASH FLOW FROM FINANCING ACTIVITIES


Repayment of redeemable capital
Proceeds from long term financing
Repayments of long term financing
Repayment of long term diminishing musharaka
Proceeds from long term murabaha
Repayments of long term murabaha
Liabilities against assets subject to finance lease
Dividends paid
Financial charges paid
Short term borrowings
Net cash inflow/outflow from financing activities
Net increase/decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year

-83,267
360,000
-166,649
0
150,000
-12,500
0
0
-131,489
72,580
188,675
176,882
80,831
257,713

-4.67
20.18
-9.34
0.00
8.41
-0.70
0.00
0.00
-7.37
4.07
10.58
9.91
4.53
14.44

Ittehad Chemicals Limited Common-Size Statement of Cash flows CC 10

2007

As % of Inflows

2008

As % of Inflows

2009

As % of Inflows

2010

234795

15.148

129239

5.2613

276657

16.954

132083

194701
167
523
-361
-4941
-47
0
850
0
0
757
0
0
207791
634235

12.561
0.011
0.034
-0.023
-0.319
-0.003
0.000
0.055
0.000
0.000
0.049
0.000
0.000
13.406
40.918

181901
655
1600
53
390
-156
0
901
0
0
1261
0
0
212824
528668

7.4052
0.0267
0.0651
0.0022
0.0159
-0.0064
0.0000
0.0367
0.0000
0.0000
0.0513
0.0000
0.0000
8.6641
21.5221

188094
1823
1962
-394
-7750
-253
0
0
0
0
2955
0
646
239586
703326

11.527
0.112
0.120
-0.024
-0.475
-0.016
0.000
0.000
0.000
0.000
0.181
0.000
0.040
14.682
43.102

178682
1998
5307
1792
-3550
190
-469
0
0
0
3155
0
0
204179
532367

11790
42332
-239244
-2962
-2990
1870
0
-189204

0.761
2.731
-15.435
-0.191
-0.193
0.121
0.000
-12.207

-25251
-42050
146026
-8821
-14595
-529
0
54780

-1.0280
-1.7119
5.9447
-0.3591
-0.5942
-0.0215
0.0000
2.2301

-26533
38603
-278912
-25815
8318
-568
0
-284907

-1.626
2.366
-17.092
-1.582
0.510
-0.035
0.000
-17.460

-95543
-55853
96073
12235
9508
-15136
0
-48716

-38979
406052
-665
-232
0
405155

-2.515
26.197
-0.043
-0.015
0.000
26.139

29766
613214
-17085
0
0
596129

1.2118
24.9639
-0.6955
0.0000
0.0000
24.2684

226927
645346
-22422
-507
-227390
395027

13.907
39.549
-1.374
-0.031
-13.935
24.208

-138870
344781
-36556
-608
-217842
89775

-39690
0
-1705
36414

-2.561
0.000
-0.110
2.349

-138911
0
-3258
24421

-5.6551
0.0000
-0.1326
0.9942

-60167
0
-992
0

-3.687
0.000
-0.061
0.000

-48828
0
-150
0

0
-59937
-82140
570
-63400
453
-209435

0.000
-3.867
-5.299
0.037
-4.090
0.029
-13.512

11190
-81120
0
228
0
2730
-184720

0.4555
-3.3024
0.0000
0.0093
0.0000
0.1111
-7.5200

0
-57313
0
710
-23000
154
-140608

0.000
-3.512
0.000
0.044
-1.410
0.009
-8.617

0
-140410
0
101785
477
-10128
-97254

-83266
350000
-490288
0
50000
-76312
-85
0
-185305
10953
-424303
-228583
257713
29130

-5.372
22.580
-31.631
0.000
3.226
-4.923
-0.005
0.000
-11.955
0.707
-27.374
-14.747
16.626
1.879

-83266
750000
-699253
0
350000
-311188
-373
-54000
-203639
-147961
-399680
11729
29130
40859

-3.3898
30.5325
-28.4666
0.0000
14.2485
-12.6685
-0.0152
-2.1983
-8.2901
-6.0235
-16.2710
0.4775
1.1859
1.6634

0
0
-50000
0
0
0
-415
-54000
0
-164826
-269241
-14822
40859
26037

0.000
0.000
-3.064
0.000
0.000
0.000
-0.025
-3.309
0.000
-10.101
-16.500
-0.908
2.504
1.596

0
194444
-31250
-166667
0
-77778
-498
-54000
0
132323
-3426
-10905
26037
15132

of Cash flows CC 10

As % of Inflows

9.308
12.592
0.141
0.374
0.126
-0.250
0.013
-0.033
0.000
0.000
0.000
0.222
0.000
0.000
14.389
37.517

-6.733
-3.936
6.770
0.862
0.670
-1.067
0.000
-3.433

-9.786
24.297
-2.576
-0.043
-15.352
6.327

-3.441
0.000
-0.011
0.000

0.000
-9.895
0.000
7.173
0.034
-0.714
-6.854

0.000
13.703
-2.202
-11.745
0.000
-5.481
-0.035
-3.805
0.000
9.325
-0.241
-0.768
1.835
1.066

Ittehad Chemicals Limited Analysis of Cash Flow Ratios CC 11

cash flow adequacy ratio = 6 year sum of sources from casf operations / 6 year sum of capital expenditures, inventor

2028382 / (1623953 + 833791 ) + (54000 + 54000 + 54000) + (-658554)


2028382 / 1961190 = 1.034
Cash flow adequacy ratio provides insight into whether Ittehad Chemicals generates sufficient cash from operations to
Ittehad Chemicals cash flow adequacy ratio for the five years, starting from 2006 to 2010, is 1.034. It implies that funds

cash reinvestment ratio = (Cash provided by operations - Dividends) / (Total Assets + Accumulated Depriciation - Cur

Year 10

(89775 - 54000) / (3754430 + 178682 - 928300)

= 1.19%

Year 9

(395027 - 54000) / (3805687 + 188094 - 1231833)

= 12.347%

Year 8

(596129 - 54000 ) / (3490911 + 181901 - 626873)

= 17.79%

Year 7

405155 / (3533456 + 194701 - 1076458)

= 15.27%

Year 6

542296 / (3560499 + 151281 - 1041461)

= 20.30%

Year 2006 to 2010 Average

= 13.379%

Cash reinvestment ratio provides insight into the amount of cash retained and reinvested into the company for both as
Ittehad Chemicals recent five year average is 13.379% which is a satisfactory reinvestment rate. Year 2010 is an except
This is mainly due to the decrease in cash provided by the operations in year 2010

low Ratios CC 11

r sum of capital expenditures, inventory additions & cash dividends

0 + 54000) + (-658554)

rates sufficient cash from operations to cover the capital expenditures, investment in inventories and cash dividends.
06 to 2010, is 1.034. It implies that funds generated from operations are sufficent to cover these items.

Assets + Accumulated Depriciation - Current Liabilities)

= 15.27%
= 20.30%
= 13.379%

reinvested into the company for both asset replacement & growth.
investment rate. Year 2010 is an exception beacause there is considerable decrease in the reinvestment ratio of this year.

Ittehad Chemicals Limited Short Term Liquidity Analysis CC 12


Measures
Current ratio
Acid test ratio
Accounts Receivable turnover
Inventory turnover
Days' sales in receivables
Days' sales in inventory
Approximate conversion period
Cash to current assets
Cash to current liabilties
Working capital
Days' purchases in accounts payable
Average net trade cycle
Cash provided by operations to average currrent liabilities

Years

2006
0.967819
0.249544
991.1654
11.702
0.363209
30.76
31.1232
0.072381
0.112289
-33515
4.487
26.63621
0.520707

2007
0.893395
0.027346
2039.938
15.4847
0.043622
19.26
19.3036
0.008244
0.013704
-114756
35.788
16.4844
0.382597

CC 12
2008
1.465022
0.066513
4698.471
17.3328
0.112082
24.311
24.42308
0.011704
0.019721
291510
37.27336
12.8503
0.699957

2009
1.251173
0.029371
3186.029
21.977
0.141645
13.8515
13.99315
0.006842
0.01202
234668
58.3386
44.3455
0.506068

2010
1.301603
0.034118
343.4338
18.479
1.932439
23.55
25.48244
0.00403
0.00746
279978
46.88713
21.4047
0.096398

Ittehad Chemicals Limited Common-Size Analysis of Current Assets and Current Liabiliti
2006

As % of TCA

CURRENT ASSETS
Stores, spares and loose tools
Stock in trade
Trade debts
Loans and advances
Trade deposits and short term prepayments
Other receivables
Tax refunds due from Government
Taxation - net
Cash and bank balances
Total Current assets

301796
144617
201342
21572
5205
2177
5974
67550
257713
1007946

CURRENT LIABILITIES
Trade and other payables
Mark up accrued
Short term borrowings
Current portion of long term liabilities
Provision for taxation - net
Total Current Liabilities

2006 As % of TCL
21094
2.0254239
28520
2.738460682
431977
41.47798141
359870
34.55434241
0
0
1041461
100

29.94168338
14.34769323
19.97547488
2.140194018
0.516396712
0.215983793
0.592690481
6.701747911
25.56813559
100

2007
290006
102285
444614
26163
8195
307
439
60563
29130
961702

As % of TCA
30.15549515
10.63583106
46.23199286
2.720489299
0.852135069
0.031922571
0.045648236
6.297480924
3.029004827
100

2007 As % of TCL
190038
17.65400972
51006
4.738317705
442930
41.1469839
392484
36.46068867
0
0
1076458
100

and Current Liabilities CC 13


2008

As % of TCA

2009

As % of TCA

2010

As % of TCA

315257
144335
297437
34984
22790
836
439
61446
40859
918383

34.32739935
15.7162099
32.38703243
3.809303961
2.481535481
0.09102956
0.047801407
6.690672628
4.44901528
100

341790
105732
573001
61151
14120
1404
45723
0
26037
1168958

29.23886059
9.044978519
49.01809988
5.23124013
1.207913372
0.120106967
3.911432233
0
2.227368306
100

437333
161585
473583
48916
4612
16540
43570
7007
15132
1208278

36.1947333
13.3731641
39.1948707
4.04840608
0.38170024
1.36889027
3.60595823
0.57991621
1.2523608
100

2008 As % of TCL
221291 35.30077065
60191
9.60178537
294969 47.05402849
50422 8.043415492
0
0
626873
100

2009
445311
72387
130143
276193
10256
934290

As % of TCL
47.66303824
7.747808496
13.929615
29.56180629
1.097731968
100

2010
321693
58724
262466
285417
0
928300

As % of TCL
34.6539912
6.32597221
28.2738339
30.7462027
0
100

Ittehad Chemicals Limited Analysis of Capital Structure CC 16

2006

2007

2008

2009

Redeemable capital
Long term financing
Long term diminishing musharaka
Long term murabaha
Liabilities against assets sunject to finance lease
Deferred liabilities
Total Long term Liabilities
Current Liabilities
Total liabilities

83266
739251
0
261187
0
169921
1253625
1041461
2295086

0
584158
0
217438
913
246640
1049149
1076458
2125607

0
50000
750000
350000
491
294525
1445016
626873
2071889

0
18750
583333
272222
0
357528
1231833
934290
2166123

Total Equity Capital


Total Liabilities & Equity Capital

1265413
3560499

1407849
3533456

1419022
3490911

1639564
3805687

2010
0
172222
416666
194444
0
316806
1100138
928300
2028438
1725992
3754430

Ittehad Chemicals Limited Short Term


2006

2007

2008

2009

2010

Measures
Total debt to equity
Total debt ratio
Long term Debt to equity
Equity to total debt
Fixed assets to equity
Current Liabilities to total liabilities
Earnings to fixed charges
Cash flow to fixed charges

1.131974
0.530951
3698266
0.883412
1.9836
0.453779
2.17360

0.883991 1.018285 0.612631 0.605911


0.469212 0.50453 0.379895 0.377301
3454884 4014482 3518317 3555122
1.131233 0.982043 1.632304 1.650407
1.6761 1.63244 1.477645 1.33211
0.506424 0.302561 0.431319 0.457643
2.10618 1.60909 2.12238 1.62951

micals Limited Short Term Liquidity Analysis CC 18

Ittehad Chemicals Return on Invested Capital Ratios CC 19


2006

2007

2008

Return on net operating assets - (RNOA)


Return on common equity - (ROCE)
Return on long term debt & equity
Equity growth rate

7.545
19.066
0.403
19.066

10.528
19.738
0.561
19.738

7.511
8.519
0.438
1.507

Disaggregation of ROCE
RNOA
LEV
Spread ( (ROCE - RNOA) / LEV))
ROE {RNOA + (LEV * SPREAD)}

7.545
5.68
2.028
19.066

10.528
5.098
1.807
19.738

7.511
4.56
0.221
8.519

Disaggreagation of RNOA
NOPAT margin
NOA turnover
RNOA (margin * turnover)

8.585
0.8788
7.544

10.364
1.015
10.519

7.65
0.9816
7.509

2009

2010

10.042
20.307
0.86
13.825

6.515
15.08
0.583
9.296

10.042
4.379
2.344
20.307

6.515
4.048
2.116
15.08

8.55
1.174
10.038

6.47
1.005
6.502

Ittehad Chemicals Asset Utilization Ratios CC 20

Based on year end amounts


Sales to Cash and equivalents
Sales to receivables
Sales to inventories
Sales to working capital
Sales to fixed asstes
Sales to other assets
Sales to short-term liabilities

2006
8.373
991.165
14.924
-64.382
0.86
89.326
4.995

2007
2008
2009
86.976
65.718 137.049
8252.8 3211.933 2541.561
24.77
18.604
33.749
-22.08
9.211
15.206
1.074
1.159
1.473
19.288
14.962
31.048
5.72
9.103
27.419

2010
203.627
186.293
19.069
11.005
1.34
55.179
11.74

Ittehad Chemicals Analysis of Profir Margin Ratios CC 21


Profit Margins
Gross Profit margin
Operating profit margin
Net profit margin

2006
21.567
14.309
5.538

2007
24.548
17.273
5.419

2008
20.4
12.753
2.443

2009
22.99
14.25
4.741

2010
19.839
10.797
4.569

cc11 formulae
6

10

cgs
avg inv
4th

1,692,386 1,911,635 2,137,311 2,747,957 2,469,963


144617
123451
123310 125033.5 133658.5
11.70254 15.48497 17.33283 21.97777 18.47966

sales

2,157,767 2,533,603 2,685,176 3,568,352 3,081,288

cgs/360

4701.072 5310.097 5936.975 7633.214 6861.008

6th

30.76

19.26

24.311

13.8515

23.55

257713

29130

40859

26037

15132

ar

2177

307

836

1404

16540

ta

3560499

3533456

3490911

3805687

3754430

8th

0.072381 0.008244 0.011704 0.006842

0.00403

Liabilities

2295086

2071889

2166123

2028438

9th

0.112289 0.013704 0.019721

0.01202

0.00746

ca
cl

1007946
1041461

961702
1076458

918383
626873

1168958
934290

1208278
928300

-33515

-114756

291510

234668

279978

ap

21094

190038

221291

445311

321693

11th

4.487

35.788 37.27336

58.3386 46.88713

12th

125700

-87446

-76120

-338175

-143568

542296

405155

596129

395027

89775

1058960 851665.5 780581.5

931295

cash

working capital

2125607

13th
cash frm oprts

avg lib

1041461

13th

0.520707 0.382597 0.699957 0.506068 0.096398

CC20

sales
cash & equivalents
receivables
inventories
working capital
fixed asstes

2,157,767 2,533,603 2,685,176 3,568,352 3,081,288


257713
29130
40859
26037
15132
2177
307
836
1404
16540
144617
102285
144335
105732
161585
-33515 -114756
291510
234668
279978
2510171 2,359,749 2316478 2422693 2299211
other asstes (intangible asstes + invest propts + capital work in24156
prog)
131357
179468
114929
55842
short term liabilities
431977
442930
294969
130143
262466
cash & equivalents
receivables
inventories
working capital
fixed asstes
other asstes
short term liabilities

8.373
86.976
65.718 137.049
991.165 8252.779 3211.933 2541.561
14.921
24.770
18.604
33.749
-64.382
-22.078
9.211
15.206
0.860
1.074
1.159
1.473
89.326
19.288
14.962
31.048
4.995
5.720
9.103
27.419

203.627
186.293
19.069
11.005
1.340
55.179
11.740

cash & equivalents


receivables
inventories
working capital
fixed asstes
other asstes
short term liabilities

8.373
86.976
65.718 137.049
991.165 8252.779 3211.933 2541.561
14.924
24.77
18.604
33.749
-64.382
-22.078
9.211
15.206
0.86
1.074
1.159
1.473
89.326
19.288
14.962
31.048
4.995
5.72
9.103
27.419

203.627
186.293
19.069
11.005
1.34
55.179
11.74

intangilble assets
Investment Properties
Capital work in progress

0
0
24156
24156
24156

1538
82140
47679
131357
131357

CC21

4141
70950
104377
179468
179468

3310
78700
32919
114929
114929

1462
0
54380
55842
55842

Net sales
Cost of goods sold
EBIT
NI

2,157,767 2,533,603 2,685,176 3,568,352 3,081,288


1,692,386 1,911,635 2,137,311 2,747,957 2,469,963
308,771 437,645 342,453 508,493 332,712
119,514 137,313
65,608 169,176 140,806

GPm = ( (Sales-CGS) / Sales)


Opm = (EBIT/sales)

14.30975 17.27362 12.75347 14.25008 10.79782

NPM = (NI / SAles)

5.538782 5.419673 2.443341 4.741012 4.569712

CC 18
total debt
equity cap

1432415
1265413

total debt & equity

1.131974 0.883991 1.018285 0.612631 0.605911


2697828 2652375 2863991 2644012 2771790

2nd

0.530951 0.469212

0.50453 0.379895 0.377301

long term debt

2432853

2047035

2595460

1878753

1829130

3rd

3698266

3454884

4014482

3518317

3555122

4th

0.883412 1.131233 0.982043 1.632304 1.650407

operating fixd assets

2510171 2,359,749

5th

6th
7th

1244526
1407849

1.9836

1.6761

1444969
1419022

2316478

1004448
1639564

1045798
1725992

2422693

2299211

1.63244 1.477645

1.33211

0.453779 0.506424 0.302561 0.431319 0.457643


EBIT/ int exp

CC19
6
TA
3560499
CL
1041461
PAYBLES
21094
1/2 Deferred Income
84960.5
CL-PAYBLES
1020367
CL-PAYBLES + 1/2 Deferred Income
1105328
TA - (CL-PAYBLES + 1/2 Deferred
2455172
Income)
NOA
2455172

NOPAT = EBIT (1 - TAX)

7
8
3533456 3490911
1076458
626873
190038
221291
123320 147262.5
886420
405582
1009740 552844.5
2523716 2938067
2532716 2938067

9
3805687
934290
445311
178764
488979
667743
3137944
3137944

10
3754430
928300
321693
158403
606607
765010
2989420
2989420

ebit
ebit (.6)
NOPAT = EBIT (1 - TAX)

308,771
185262.6
185262.6

437,645 342,453 508,493 332,712


262587 205471.8 305095.8 199627.2
262587 205471.8 305095.8 199627.2

Average NOA

2455172

2493944

2735392

3038006

3063682

RNOA = (nopat / avg noa)*1007.545809 10.52899 7.511605 10.04263 6.515924


7.545
10.528
7.511
10.042
6.515
NFE (nopat - Ni)

65749

125274

139864

135920

58821

SE (TA - TL)

1265413

1407849

1419022

1639564

1725992

equity
Avg common equity

626839
764477
775650
890505
976933
626839
695658 770063.5 833077.5
933719
626839
695658 770063.5 833077.5
933719
119,514 137,313
65,608 169,176 140,806
19.06614 19.73858 8.519817 20.30735 15.08013
19.066
19.738
8.519
20.307
15.08
19.066
19.738
8.519
20.307
15.08

NI
ROCE = (NI - P DIV) / avg CE

Interest expense (other expenses)-9,326


9326
int exp (.6)
5595.6
5595.6
NI + int exp
14921.6

-12,547
12547
7528.2
7528.2
20075.2

-10,246
10246
6147.6
6147.6
16393.6

-20,620
20260
12156
12156
32416

-12,899
12899
7739.4
7739.4
20638.4

long term lib


avg long term lib

2047035
2239944
2239944
3576575
3576575

2595460
2321248
2321248
3734683
3734683

1878753
2237107
2237107
3766400
3766400

1829130
1853942
1853942
3536720
3536720

2432853
2432853
2432853
avg long term lib + avg equity 3698266
3698266
equity
avg equity
return on ltd and equity
return on ltd and equity

div paid
NI - Div paid
Equity grwth rate

1265413 1407849 1419022 1639564 1725992


1265413 1336631 1413436 1529293 1682778
1265413 1336631 1413436 1529293 1682778
0.403476 0.561297 0.438956 0.860663 0.583546
0.403
0.561
0.438
0.86
0.583

0
0
54000
54000
54000
119,514 137,313
11,608 115,176
86,806
19.06614 19.73858 1.507408 13.82536 9.296801
19.066
19.738
1.507
13.825
9.296

TA
3560499 3533456 3490911 3805687
avg TA
3560499 3546978 3512184 3648299
LEV = (avg assets / avg common
5.680085
equity) 5.098737 4.560901 4.379303
5.68
5.098
4.56
4.379

3754430
3780059
4.04839
4.048

sales
2,157,767 2,533,603 2,685,176 3,568,352 3,081,288
NOPAT MARGIN (nopat / sales8.585848
)
10.36417 7.652079 8.550048 6.478693
8.585
10.364
7.65
8.55
6.47
NOA turnover (sales / avg noa)0.878866 1.015902 0.981642 1.174571 1.005747
0.8788
1.015
0.9816
1.174
1.005