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Balance sheet

as at June 30,2009
Notes
NON- CURRENT ASSETS
Property plant and equipment
intangibal assets
investment in associate
long term deposits
CURRENT ASSETS
Stores, spare parts and loose tools
stock in trade
trade debts
loans and advances
prepayments
other recievables
cash and bank balnaces
CURRENT LIABILITIES
trade and other payables
Markup/interest payable
short term bank borrowings
current portion of :
Long term financing
Long term murabaha
Provision for texation-income tax
Working capital
Total capital employeed
NON- CURRENT LIABILITIES
Long term financing
Long term murabaha
Deffered liabilities:
Deffered taxation
Staff retirement gratuity
CONTENGENCES AND COMMITMENTS
Net Worth
Represented by:
SHARE CAPITAL AND RESERVES
Share capital
capital reserves
Revenue reserves

2009
Rupees

2008
Rupees

2007
Rupees

3
4
5

7817013285
14005376
13572873559
3735923
21407628143

7501107266
14558117
9326015595
3485600
16845166578

7494543268
17763548
8535576315
3270100
16051153231

6
7
8
9

696901126
2909687606
162983366
692073405
6835414
433033358
169514922
5071029197

739326932
4173311287
129138714
911417993
4838149
808832524
244559829
7011425428

492927990
2495261283
119187620
675992269
5763626
530018970
297479839
4616631597

2765133372
253542922
1497561488

3310171136
151581167
2302165939

1962366263
194407205
1800909997

14
15

1481916666
300000000
94430371
6392584819
1321555622
20086072521

1240250000
300000000
267323789
7571492031
560066603
16285099975

977750000
300000000
132484377
5367917842
751286245
15299866986

14
15

6011208334
150000000

3343125000
450000000

3933375000
750000000

16
17

1741441544
312579574
8215229452
11870843069

1535453137
252263753
5580841890
10704258085

1272554972
228174174
6184104146
9115762840

3105069950
1150373350
7615399769
11870843069

3105069950
1143406450
6455781685
10704258085

3105069950
1137615450
4873077440
9115762840

10
11

12
13

18

19
20
21

21407628143
5071029197
26478657340

Average Total assets

16845166578
7011425428
23856592006

50335249346
/2
25167624673

16051153231
4616631597
20667784828

44524376834
/2
22262188417

Profit And Loss Account


For the year ended June 30,2009

Note

2009
Rupees

2008
Rupees

2007
Rupees

Sales- net
Cost of Goods sold
Gross Profit

22
23

22059606789
19748550789
2311056000

21549911937
19363204183
2186707754

16322916242
14692404768
1630511474

Selling and distribution expenses


Administrative expenses
Other operating Expenses
Finance Cost

24
25
26
27

Other operating income

28

share of profit of associate-Net


Profit before taxation
Provision for taxation
Profit for the year
Earning per share- Basic and Diluted

29
30

126674952
423594936
24977054
1387287978
1962534920
348521080
77089140
425610220
1500542000
1926152220
300773643
1625378577
5.23

144357038
350467938
58775438
870922610
1424523024
762184730
56012842
818197572
1291307000
2109504572
526800327
1582704245
5.1

115794913
294520539
35351327
925670501
1371337280
259174194
29309620
288483814
1480152000
1768635814
253669148
1514966666
4.88

page # 30

723283512

743027491

767223034

126674952
423594936
24977054
575246942
2311056000
1735809058

144357038
350467938
58775438
553600414
2186707754
1633107340

Depriciation

EBIT

Dividends

1.12
Page #25 520,022,641.35

No. of shares
Dividend per share

Page #40

310506995
1.50

465760493
310506995

Balance sheet
NON- CURRENT ASSETS
Property plant and equipment
intangibal assets
investment in associate
long term deposits
CURRENT ASSETS
Stores, spare parts and tools
stock in trade
trade debts
loans and advances
prepayments
other recievables
cash and bank balnaces
Total Assets
CURRENT LIABILITIES
trade and other payables
Markup/interest payable
short term bank borrowings
current portion of :
Long term financing
Long term murabaha
Provision for texation-income tax
Working capital
Total capital employeed
NON- CURRENT LIABILITIES
Long term financing
Long term murabaha
Deffered liabilities:
Deffered taxation
Staff retirement gratuity
Total Liabilities
CONTENGENCES AND
COMMITMENTS
Net Worth
Represented by:
SHARE CAPITAL AND
RESERVES
Share capital
capital reserves
Revenue reserves

as at June 30,2009
2010
Rupees

2009
Rupees

2008
Rupees

2007
Rupees

###
14005376
13572873559
3735923
###

7817013285
14005376
13572873559
3735923
21407628143

7501107266
14558117
9326015595
3485600
16845166578

7494543268
17763548
8535576315
3270100
16051153231

###
###
###
###
7584500.67
###
188091904.9
###
###

696901126
739326932
492927990
2909687606
4173311287
2495261283
162983366
129138714
119187620
692073405
911417993
675992269
6835414
4838149
5763626
433033358
808832524
530018970
169514922
244559829
297479839
5071029197
7011425428
4616631597
26478657340###
###
###23856592006###
###
###20667784828

###
###
1497561488

2765133372
253542922
1497561488

3310171136
151581167
2302165939

1962366263
194407205
1800909997

###
300000000
###
###
###
###

1481916666
300000000
94430371
6392584819
1321555622
20086072521

1240250000
300000000
267323789
7571492031
560066603
16285099975

977750000
300000000
132484377
5367917842
751286245
15299866986

6011208334
150000000

6011208334
150000000

3343125000
450000000

3933375000
750000000

1741441544
312579574
8215229452
###

1741441544
312579574
8215229452
14607814271

1535453137
252263753
5580841890
13152333921

1272554972
228174174
6184104146
11552021988

###

11870843069

10704258085

9115762840

3105069950
1150373350
###
###

3105069950
1150373350
7615399769
11870843069

3105069950
1143406450
6455781685
10704258085

3105069950
1137615450
4873077440
9115762840

Total Equity and liabilities


EFN

###
###

26478657340

23856592006

20667784828

Profit And Loss Account


Note
Sales- net
Cost of Goods sold
Gross Profit

22
23

Selling and distribution expenses


Administrative expenses
Other operating Expenses
Finance Cost

24
25
26
27

Other operating income

28

share of profit of associate-Net


Profit before taxation
Provision for taxation
Profit for the year
Dividends
Additionn to Retained earnings
Earning per share- Basic and Diluted

Do= Dividends / No. of shares


D1= Do(1+g)=

29

30

1.50
1.66

2010
Rupees

2009
Rupees

### 22059606789
### 19748550789
###
2311056000
###
###
27714266.16
###
###
330653586
85537267
###
1500542000
###
###
###

126674952
423594936
24977054
1387287978
1962534920
348521080
77089140
425610220
1500542000
1926152220
300773643
1625378577

###
729073601.8
4.01

465760493
1159618084
5.23

2008
Rupees

2007
Rupees

21549911937
19363204183
2186707754

16322916242
14692404768
1630511474

144357038
350467938
58775438
870922610
1424523024
762184730
56012842
818197572
1291307000
2109504572
526800327
1582704245

115794913
294520539
35351327
925670501
1371337280
259174194
29309620
288483814
1480152000
1768635814
253669148
1514966666

5.1

4.88

Ratio's
Liquidity ratio
Ratio's

2009

2008

Current assets/Current liabilities

0.79

0.93

Current assets - Inventories/Current liabilities

0.34

0.37

2009

2008

Sales / Average Inventory

6.23

6.46

Recevables / Average daily sales

7.17

13.70

Fixed asset turnover Ratio=

Sales / Average Fixed Assets

1.15

1.31

Total asset turnover Ratio=

Sales / Total Assets

0.83

0.90

Current Ratio=

Quick Ratio=

Asset Management ratio

Inventory turnover Ratio=

Daily Sales outstandin=

Debt ratio
2009

2008

Debt Ratio=

total debts/ total assts

0.45

0.45

Time interest earned Ratio=

EBIT/ interest expense

1.25

1.88

2009

2008

6.90

7.34

Profitability ratio

Basic Earning power ratio=

EBIT/ Average total assets *100

Return on total Assets=


Return on Assets=
Return on Common equity=

Profit margin on sales=

Earning per share=

Net Income /avg. total assets

0.06

0.07

Net Income / total assets

0.06

0.07

Net Income / common equity

0.14

0.15

Net Income/ sales

0.07

0.07

Net income/ No. of shares outstanding

5.23

5.10

Market Value ratio's


2009

2008

Price Earning ratio=

Price per share/Earning per share

7.10

7.28

Market book ratio=

Market price per share/ book value per share

0.96

1.06

Total equity / no of shares

38.23

34.47

2009

2008

Book value per share=

Dividend Policy ratio's


Dividend yield=
Dividend Payout ratio=
b=

Dividends per share/ share price

0.04

Cash Dividends/ net income

0.32

0.29

1-Dividend payout ratio

0.68

0.71

Leaverages
% change in EBIT
Degree of Operating Leverage=
% change in Sales

(3.67)

% change in EPS
Degree of Financial leverage= % change in EBIT
(0.31)

Degree of Total Leverage=

DOL * DFL
1.14

change in EBIT
change in sales

(0.09)
0.02

DOL

(3.67)

change in net income


change in EBIT

0.03
(0.09)

DFL

(0.31)

Breakeven
Formula

Accounting Break Even=(FC/1-CGS/sales)


Cash Break Even=

2010
###

FC/(P-V)

Financial break even = (FC + OCF)/ P - V) Err:508

Depriciation

page # 30

Net Working Capital


For 3 year

Years
2010

Change in NWC

2009

2008

###

-1321555622

-560066603

52165040.86

-761489019

191219642

2007
-751286245

CAPM
Year

NI

Depriciation

2007 1514966666 767223034


2008 1582704245 743027491
2009 1625378577 723283512
2010
###

OCF

Change in NWC

2282189700
2325731736
2348662089

191219642
-761489019

WIP

Cash Flow Discount Rate

385397004 1896792696 1728595215.15


212376775 1922135319 1751690589.23
132295223 2977855885 2713795474.37
NPV

6194081278.75

Optimal Capital Structure


Debt

DEBT/ EQUITY

Kdt

Estimated Beta

Ks

WACC

0%
10%
20%
30%
40%
50%
60%

0.00
0.11
0.25
0.43
0.67
1.00
1.50

0.04
0.04
0.04
0.04
0.01
0.06
0.08

0.0282
0.0303
0.0328
0.0361
0.0405
0.0466
0.0557

0.1218
0.1219
0.1221
0.1224
0.1227
0.1232
0.1240

0.122
0.114
0.106
0.099
0.076
0.093
0.098

WACC
Formula:

For year 2009


WACC=

WdKdtWsKs

Wd=

Total liabilities/ Total assets

55%

Kd=

Finance cost/ Total debts

12%

Tax rate=

WACC=

35%

Kdt=

kd(1-T)

Ws=

Total equity/ Total Assets

Ks=

Required rate of return

WdKdt+WsKs

8%

45%

12.36%

9.73%

0.35

CAPM
YEAR
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2009
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2008
2007
2007

MONTH
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February

Calculation of Beta ()
Coverience =
Standered Deviation=
Varience=
Beta ()=
Unleavered beta()
T-Bill rate
Market Risk Primium

STOCK PRICE
31.29
21.39
23.21
26.05
27.26
29.81
27.04
35.15
35
31
35.2
36.62
56
54.5
65.35
60.2
45.99
52.5
47
42
39.89
36.48
36
35

INDEX
4016.84
4221.57
4931.51
5168.77
5216.66
5121.73
5515.95
6154.81
6651.16
6513.12
6529.44
6665.55
9935.08
10635.69
10750.22
10777.4
8699.61
8834.24
7636.25
6655.99
6640.66
4400.76
7521.22
7457.45

2,182.19
207.26
42,956.70
0.05
total debt / equity=
0.03
11.95%
0.12
8%
0.08

Required Rate of Return (K)=

Required Rate of Return (K)= Krf + (Rm - Rf)


k=
Calculation:
178981
48343

12.36%

208600
41696

Avg INDEX
401.68
422.16
493.15
516.88
521.67
512.17
551.6
615.48
665.12
651.31
652.94
666.56
993.51
1063.57
1075.02
1077.74
869.96
883.42
763.63
665.6
664.07
440.08
752.12
745.75

1.23

227324
0.91

250296

Growth Rate
2009

2008

Internal Growth rate

ROA*b/1-ROA*b

4%

5%

sustainable growth rate

ROE*b/1-ROE*b

0.10

0.12

G=

0.11

11%

Avg. Growth rate=

Yeild
Yeild=

Dividend yeild=
Capital Gain yeild=

Capital gain yeild + Dividend yeld

0.04
Current price (P1) - Previous price (Po) / Previous price (Po)

2008 share price=


2009 share price=

36.48
36.62

Capital Gain yeild=

0.004

yeild=

4%

Operating cycle
Inventory Turnover =Cost of good sold/Average inventory

5.58

Inventory period

65.46

Receivable Turnover=Credit Sales/Average account receivable

35.53

Receiable period

10.27

Payable Turnover=Cost of good sold/Average Payables


Payable period

Operating Cycle
Cash cycle
2/10 n/30
2/3.42 n/10.27
365/6.85

discount rate (Simple interest rate)

3.42

129.11
2.83

75.73
72.90
6.85
53.29
2.04%
1.09

Effective annual return


2.87

2009
Creditors

2008

187092062 118823153

Liquidity Ratio
1.00
0.90
0.80

0.93
Column C

0.79

Column D

0.70
0.60
0.50
0.40

0.37

0.34

0.30
0.20
0.10
0.00
1

years

Asset Management Ratio


14.00
12.00
10.00
8.00
Column C
Column D

6.00
4.00
2.00
0.00
1

years

Debt Ratio
2.00
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40

Column C
Column D

2.00
1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00

Column C
Column D

years

Profitability Ratio
Row
Row
Row
Row
Row
Row
Row
Row
Row
Row
Row
Row
Row

37
38
39
40
41
42
43
44
45
46
47
48
49

Market Value Ratio

40.00
35.00
30.00

Row
Row
Row
Row
Row

25.00
20.00
15.00
10.00
5.00
0.00
1

2
years

54
55
56
57
58

Row 57
Row 58

15.00
10.00
5.00
0.00
1

2
years

Dividend ratio
0.80
0.70
0.60
0.50
Column C
Column D

0.40
0.30
0.20
0.10
0.00
1

3
year

Stock exchancge Data


Symbol:
Bid Volume:
Ask Volume:
High Rate:
Current Rate:
Price Change:
Outstanding
Shares

Ibrahim
IBFL
799
380
38.25
38.25

Fibres
Open Rate:
Bid Price:
Ask Price:
Low Rate:
Turnover:
Percent
1.13 Change:
Market
310506995 Capitalization:

Symbol:
For:
SYMBOL
IBFL

37.12
37.05
38.49
37.25
9574
3.04
11876892558.
75

Ibrahim Fibres
January 05, 2010
OPEN RATE HIGH RATE LOW RATE
36.47
37.39
36.5

CLOSING
RATE
37.12

TURN
OVER
5,327

Symbol: Ibrahim Fibres


For: December, 2009
CLOSING TURN
DATE
OPEN RATE HIGH RATE LOW RATE
RATE
OVER
1-Dec-09
35.2
35.8
33.44
35.49
50,840
2-Dec-09
35.49
35.5
34.5
34.52
629
3-Dec-09
34.52
36.24
35.01
36.24
117,175
4-Dec-09
36.24
37.85
35.1
35.67
18,501
7-Dec-09
35.67
35
35
35
100
8-Dec-09
35
34.8
33.76
34.53
7,604
9-Dec-09
34.53
36.25
34.9
35.9
29,601
10-Dec-09
35.9
35.75
35
35.01
16,500
11-Dec-09
35.01
35.35
34.4
35.35
2,118
14-Dec-09
35.35
36.8
35
36.49
41,100
15-Dec-09
36.49
36.99
35.5
36.69
8,511
16-Dec-09
36.69
37.2
36
36.7
12,101
17-Dec-09
36.7
36.5
35
35.97
21,398
18-Dec-09
35.97
35.9
34.25
35.35
11,228
21-Dec-09
35.35
35.79
34.6
35.61
2,661
22-Dec-09
35.61
36.5
35.25
36.24
6,700
23-Dec-09
36.24
36
34.85
35.78
750
24-Dec-09
35.78
35.99
35.99
35.99
100
29-Dec-09
35.99
36
34.5
35.5
4,157
30-Dec-09
35.5
36
34.56
35.98
8,735
31-Dec-09
35.98
37.77
35
36.62
23,083
Total Turnover 383,592
Symbol: Ibrahim Fibres
For: December, 2008
CLOSING
DATE
OPEN RATE HIGH RATE LOW RATE
RATE
30-Dec-08
38.39
36.48
36.48
36.48
Total Turnover

TURN
OVER
500
500

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