Chenab Limited

Income Statement
(Rupees in thousand)
2017 2016 2015
Sale 34744589 19274793 18524930
cost of sale 18838816 16052482 15552188
Gross Profit 3905773 3222311 2972742

1270852 910442 828796

Distribution cost
Admin exp 385512 310523 283558
Other exp 59613 65641 53016
1715977 1286606 1165370
Profit before interest & tax 2189796 1935705 1807372

Other income 45486 62863 60649

Profit from operation 2235282 1998568 1868021
Finance cost 1105926 999338 923074
Share of loss from associates 160 0
Profit before taxation 1129196 999230 944947
Taxation 222838 163864 214,978
Profit after taxation 906358 835366 729969
EPS(Basic)
EPS(Diluted) 15.11 13.92 12.17
11.62 9.83 8.03
 Chenab Limited

Balance Sheet
(Rupees in
Thousand)
2017 2016 2015
EQUITY & LIABILITIES
Authorized share capital
65,000,000 ordinary shares 650,000 650,000 650,000
60,000,000 Preference shares of 10 each 600,000 600,000 600,000
1,250,000 1,250,000 1,250,000
Issued, subscribed & paid up share capital 995,000 1,008,333 1075000
Reserves 4,111,967 3,372,221 2713378
Total Equity 5,106,967 4,380,554 3788378
Surplus on revaluation of freehold land 606,262 379,332 379420
Differed income on sale and lease back of operating fixed assets
Non-Current Liabilities
Long term financing 2,182,436 2,487,997 1254840
Liabilities against assets subject to finance
lease 115,227 108,710 110683
Differed liability for gratuity 314,360 257,072 223885
2,612,023 2,853,779 1589408
Current Liabilities
Trade and other payables 2,278,636 2,111,193 2012273
Accrued make up 184,305 173,918 183842
short term borrowing 7,590,117 5,088,907 6096208
Current portion of non-current liabilities 729,873 748,767 705285
Provision for taxation 222,712 181,762 214978
11,005,643 8,304,547 9212586
Total liabilities 13,617,666 11,158,326 10801994

Total Equity & Liabilities 193,308,955 15,918,212 14969792

(Rupees in thousand)
 2017 2016 2015
Assets

Property, plant & equipment 5,522,095 4,749,775 4,669,160

Long term advances 6,054 5,008 3,738
Long term security deposits 35,104 26,259 17481
5,563,253 4,781,042 4,690,379

CURRENT ASSESTS

Stores, spare parts,& loose tools 906,634 853,101 631018

Stock in trade 6,501,520 4,646,583 4895990
Trade Debts 3,832,218 3,550,116 2964896
Loans and advances 719,235 284,891 185345
Short term deposits & payments 410,969 335,800 291671
Other receivables 871,434 541,295 609077
Cash and bank balances 525,632 925,384 701416
13767642 11137170 10279413

TOTAL ASSESTS 193,308,955 15,918,212 14,969,792

 i) Ratio Analysis:

Current Ratio = Current assets/Current liabilities 125%

Quick Ratio or Acid Test Ratio = Current assets-inventory/Current liabilities 66%

Days Sales in Inventory = ending inventory/CGS/365 (Days) 125.96624
Inventory Turnover Ratio = Sale/Average inventory Times 4.0804411
Inventory Turnover in Days = 365/Inventory turnover ratio (%) 89.451113
Days Sales in Receivables = Gross receivable/(Net sale/365) (Days) 13.984575
Account Receivable in Turnover= Net sale/ average receivable Times 32.199507
Average Collection Period = 365/account receivable turnover Days 11.335577
Account receivable turnover in days+ inventory
Operating Cycle = turnover in days 103.43569
Debt Ratio = Total liability/Total assets 70%
Debt Equity Ratio = Total liabilities/Stock holder equity 2.666488
Time Interest Earned Ratio = Earning before interest & Tax/Interest 2.0211859
Gross profit Ratio = Gross profit/Net sale 17%
Operating Profit Ratio = Operating profit/Net sale 10%
Net Profit Ratio = Net profit/net sale 4%
Earning available for common stock holders/Number
Earning Per Share = of shares of common stock outstanding (Rs) 15.11
Return on Total Assets (ROA) = Net profit after tax/Total assets 47%
Return on Common Equity (ROE) = Net profit after tax/Shareholder's equity 18%
Total Assets Turnover = Annual sale/ Total assets 1.1765927
Fixed Assets Turnover = Annual sale/Fixed asset 4.0883614
Return On Investment (ROI) = Net income/Total assets 46%
 Chenab Limited
Income Statement
Common Analysis
2017 2016 2015
Description Rs. in Common Rs. in Common Rs. in Common
('000) Analysis ('000) Analysis ('000) Analysis
Sale 22,744,589 100% 19,274,793 100% 18,524,930 100%
cost of sale 18,838,816 83% 16,052,482 83% 15,552,188 84%
Gross Profit 3,905,773 17% 3,222,311 17% 2,972,742 16%

Distribution cost 1,270,852 6% 910,442 5% 828,796 4%

Admin exp 385,512 2% 310,523 2% 283,558 2%
Other exp 59,613 0% 65,641 0% 53,016 0%
1,715,977 8% 1,286,606 7% 1,165,370 6%
Profit before interest & tax 2,189,796 10% 1,935,705 10% 1,807,372 10%
Other income 45,486 0% 62,863 0% 60,649 0%
Profit from operation 2,235,282 10% 1,998,568 10% 1,868,021 10%
Finance cost 1,105,926 5% 999,338 5% 923,074 5%
Share of loss from associates 160 0% - 0%
Profit before taxation 1,129,196 5% 999,230 5% 944,947 5%
Taxation 222,838 1% 163,864 1% 214,978 1%
Profit after taxation 906,358 4% 835,366 4% 729,969 4%

EPS(Basic) 15.11 0% 13.92 0% 12.17 0%

EPS(Diluted) 11.62 0% 9.83 0% 8.03 0%
 Chenab Limited
Balance Sheet-Liabilities Side
Common Analysis
2017 2016 2015
Description Rs. In Common Rs. In Common Rs. In Common
('000) Analysis ('000) Analysis ('000) Analysis
EQUITY & LIABILITIES
Authorized share capital
65,000,000 ordinary shares 650,000 650,000 650,000
60,000,000 Preference shares
of 10 each 600,000 600,000 600,000
1,250,000 1,250,000 1,250,000
Issued, subscribed & paid up
share capital 995,000 5% 1,008,333 6% 1075000 7%
Reserves 4,111,967 21% 3,372,221 21% 2713378 18%
Total Equity 5,106,967 26% 4,380,554 28% 3788378 25%
Surplus on revaluation of
freehold land 606,262 3% 379,332 2% 379420 3%
Differed income
Non-Current Liabilities
Long term financing 2,182,436 11% 2,487,997 16% 1254840 8%
Liabilities against assets 115,227 1% 108,710 1% 110683 1%
Differed liability for gratuity 314,360 2% 257,072 2% 223885 1%
2,612,023 14% 2,853,779 18% 1589408 11%
Current Liabilities
Trade and other payables 2,278,636 12% 2,111,193 13% 2012273 13%
 Accrued make up 184,305 1% 173,918 1% 183842 1%
short term borrowing 7,590,117 39% 5,088,907 32% 6096208 41%
Current portion of non-current
liabilities 729,873 4% 748,767 5% 705285 5%
Provision for taxation 222,712 1% 181,762 1% 214978 1%
11,005,643 57% 8,304,547 52% 9212586 62%
Total liabilities 13,617,666 70% 11,158,326 70% 10801994 72%

19
Total Equity & Liabilities ,330,895 100% 15,918,212 100% 14969792 100%
 Chenab Limited

Balance Sheet-Assets side

Common Analysis
2015 2016 2015
Description Rs. In Common Common Rs. In Common
Rs. In ('000)
('000) Analysis Analysis ('000) Analysis

Assets

Property, plant &

equipment 5,522,095 3% 4,749,775 30% 4,669,160 31%

Long term advances 6,054 .0031% 5,008 .031% 3,738 .025%

Long term security deposits 35,104 .01815% 26,259 .1649% 17481 .1168%
5,563,253 3% 4,781,042 30% 4,690,379 31%

CURRENT ASSESTS

Stores, spare parts,& loose

tools 906,634 .4690% 853,101 5% 631018 4%

Stock in trade 6,501,520 3.3% 4,646,583 29% 4895990 33%

Trade Debts 3,832,218 2% 3,550,116 22% 2964896 20%

Loans and advances 719,235 .3720% 284,891 2% 185345 1%

Short term deposits &

payments 410,969 .2125% 335,800 2% 291671 2%

Other receivables 871,434 .4507% 541,295 3% 609077 4%

Cash and bank balances 525,632 .2719% 925,384 6% 701416 5%

13767642 7% 11137170 70% 10279413 67%

TOTAL ASSESTS 19,330,895 100% 15,918,212 100% 14,969,792 100%

 Chenab Limited
Income Statement
Index Analysis (2015&2016)

Index
analysis
Particulars 2015 2016 2017 (In %)
Sale 22744589 19274793 18524930 3.890381598
Cost of sale 18838816 16052482 15552188 3.116614614
Gross profit 3905773 3222311 2972742 7.745031439

Distribution cost 1270852 910442 828796 8.967732156

admin exp 385512 310523 283558 8.683736792
other exp 59613 65641 53016 19.23340595
1715977 1286606 1165370 9.42293134
profit before interest and tax 2189796 1935705 1807372 6.629780881
other income 45486 62863 60649 3.521944546
profit from operation 2235282 1998568 1868021 6.532026931
finance cost 1105926 999338 923074 7.631452021
share of loss from associates 160 0 0 0
profit befor taxation 1129196 999230 944947 5.432483012
-
Taxation 222838 163864 214978 31.19294049
profit after taxation 906358 835366 729969 12.61686494
EPR(BASIC) 15.11 13.92 12.17 12.57183908
EPR(DILUTED) 11.62 9.83 8.03 18.31129196
 Chenab Limited
Income Statement
Index analysis (2016&2017)

Particulars 2017 2016 2015 Index analysis

(in %)
Sale 22744589 19274793 18524930 15.25547901
Cost of sale 18838816 16052482 15552188 14.7903881
Gross profit 3905773 3222311 2972742 17.49876401

Distribution cost 1270852 910442 828796 28.35971459

admin exp 385512 310523 283558 19.45179398
other exp 59613 65641 53016 -10.11188835
1715977 1286606 1165370 25.02195542
profit before interest and
tax 2189796 1935705 1807372 11.60340963
other income 45486 62863 60649 -38.20296355
profit from operation 2235282 1998568 1868021 10.58989425
finance cost 1105926 999338 923074 9.637896206
share of loss from
associates 160 0 0 100
profit before taxation 1129196 999230 944947 11.50960506
Taxation 222838 163864 214978 26.46496558
profit after taxation 906358 835366 729969 7.832666562
EPR(BASIC) 15.11 13.92 12.17 7.875579087
EPR(DILUTED) 11.62 9.83 8.03 15.40447504
 Chenab Limited
Balance Sheet
Index Analysis (2015&2016)

2016 2015 %
EQUITY & LIABILITIES
Authorized share capital
65,000,000 ordinary shares 650,000 650,000 0
60,000,000 Preference shares of 10 each 600,000 600,000 0
1,250,000 1,250,000 0
Issued, subscribed & paid up share capital 1,008,333 1075000 -6.6116
Reserves 3,372,221 2713378 19.5374
Total Equity 4,380,554 3788378 13.5183
Surplus on revaluation of freehold land 379,332 379420 -0.0232
Differed income on sale and lease back of operating fixed
assets
Non-Current Liabilities
Long term financing 2,487,997 1254840 49.5642
Liabilities against assests subject to finance lease 108,710 110683 -1.8149
Differed liability for gratuity 257,072 223885 12.9096
2,853,779 1589408 44.3051
Current Liabilities
Trade and other payables 2,111,193 2012273 4.6855
Accrued make up 173,918 183842 -5.7061
short term borrowing 5,088,907 6096208 -19.794
Current portion of non-current liabilities 748,767 705285 5.80715
Provision for taxation 181,762 214978 -18.274
8,304,547 9212586 -10.934
Total liabilities 11,158,326 10801994 3.19342

Total Equity & Liabilities 15,918,212 14969792 5.95808

]
 Assets

Property, plant & equipment 4,749,775 4,669,160 1.69724

Long term advances 5,008 3,738 25.3594
Long term security deposits 26,259 17481 33.4285
4,781,042 4,690,379 1.8963

CURRENT ASSESTS

Stores, spare parts,& loose

tools 853,101 631018 26.0324
Stock in trade 4,646,583 4895990 -5.3675
Trade Debts 3,550,116 2964896 16.4845
Loans and advances 284,891 185345 34.9418
Short term deposits &
payments 335,800 291671 13.1415
Other receivables 541,295 609077 -12.522
Cash and bank balances 925,384 701416 24.2027
11137170 10279413 7.70175

TOTAL ASSESTS 15,918,212 14,969,792 5.95808

\
Chenab Limited
Balance sheet
Index Analysis (2016&2017)
 Analysis
2017 2016 in %
EQUITY & LIABILITIES
Authorized share capital
65,000,000 ordinary shares 650,000 650,000 0
60,000,000 Preference shares of 10 each 600,000 600,000 0
1,250,000 1,250,000 0
Issued, subscribed & paid up share capital 995,000 1,008,333 -1.34
Reserves 4,111,967 3,372,221 17.9901
Total Equity 5,106,967 4,380,554 0
Surplus on revaluation of freehold land 606,262 379,332 37.431
Differed income on sale and lease back of operating fixed
assets
Non-Current Liabilities
Long term financing 2,182,436 2,487,997 -14.001
Liabilities against Assets finance lease 115,227 108,710 5.6558
Differed liability for gratuity 314,360 257,072 18.2237
2,612,023 2,853,779 -9.256
Current Liabilities
Trade and other payables 2,278,636 2,111,193 7.3487
Accrued make up 184,305 173,918 5.6358
short term borrowing 7,590,117 5,088,907 32.9535
Current portion of non-current liabilities 729,873 748,767 -2.589
Provision for taxation 222,712 181,762 18.387
11,005,643 8,304,547 24.5428
Total liabilities 13,617,666 11,158,326 17.654

Total Equity & Liabilities 19,330,895 15,918,212 0.17654

Assets

Property, plant & equipment 5,522,095 4,749,775 5.90459

Long term advances 6,054 5,008 28.53082
Long term security deposits 35,104 26,259 25.19656
5,563,253 4,781,042 14.06002

CURRENT ASSESTS

Stores, spare parts,& loose

tools 906,634 853,101 5.90459
Stock in trade 6,501,520 4,646,583 28.53082
Trade Debts 3,832,218 3,550,116 7.36132
Loans and advances 719,235 284,891 60.38972
Short term deposits &
payments 410,969 335,800 18.29067
Other receivables 871,434 541,295 37.88457
Cash and bank balances 525,632 925,384 -76.0517
13767642 11137170 19.10619

TOTAL ASSESTS 19,330,895 15,918,212 17.65404