Fsav - Final

Malek Spinning Mills Ltd.
Particulars
2008
2009
2010
2011
2012
2013
(In Million)
A) APPLICATION OF FUNDS
1 Non Current Assets(Net Block)
798.27972
a)
b)
c)
d)
e)
392.031973 3240.255 4670.958 8505.011 8630.383 8398.49404

117.668504 18.02698 14.42159 11.53727
0
0
274.363469 12.3151 21.71907 25.55125
0
0.0000
14.215773
0
0
0
0
0
0
0 52.4452 177.0725
0
0
Property Plant & Equipment

Profit and loss account
Pre operating Expenses
Other non-current assets
Capital Work in Progress
2 Current Assets :
a)
b)
c)
d)
Inventory
Trade & other receivables
Advance and deposits
Cash & cash equivalents
Total Assets
3 Current Liabilities :
Trade & other payables
Current portion of interest bearing borrowings
Sundry Creditors
Liabilities for other finance
Long term loans payable within one year
Dividends payable
Provision for taxes
Amount receivable from related parties
Short term loans
3270.6 4759.54 8719.17 8630.38
8398.494
2445.159 19088.1 5891.23 5259.75 6847.02 7008.2358

968.564 1274.585 3197.765 2425.403 2997.282 3,375.4789
1254.8 1140.28 1934.102 2450.942 3273.46 2,804.0271
125.15
0
0
0 265.8949
293.6221
96.645 16673.24 759.3665 383.4011 310.3795 535.10770
3243.4387 22358.7 10650.8 13978.9 15477.4
15406.73
398.92774 895.535 1735.21 1355.65 4850.13 2994.1606

66.152124 250.6439 813.5189
0
0
0.0000
0 250.6011 249.3849 887.0187
0
0.0000
63.999762
0
0
0 954.0792
958.1756
10.341811
0
0
0 2265.137
0.0000
1.648044 16.1731 2.52295
0 896.7997
991.5447
8.256
0 10.96874
0
0
0.00000
0 14.97146
0
0
0.00000
2.73 10.31587
0
0
0
0.0000
245.8 367.8012 643.8416 468.6298 734.1101 1,044.4403
4 Net Working Capital: (2-3)
2046.2313 18192.6 4156.02
3904.1 1996.89 4014.0752
629.32133 1244.838 1717.942

500
1200
1600
0
0
0
129.32133 44.8377 117.9422
1760 2350.713 2714.86587

1760
1936 1,936.0000
0 414.713
778.8659
0
0
0.0000
0
0
B) SOURCES OF FUNDS
1)
a)
b)
c)
d)
Shareholder's Fund:
Share Capital
Retained Earnings
Reserve for Revaluation of fixed assets
Proposed Bonus Share Dividend
2) Loan Funds
a) Secured:
Long Term Loan From Bank
b) Un-Secured
Loan from Directors
Loan from Knit Asia Ltd
Loan from Others
Total Unsecured Loan
Total Liabilities & Equity
27.693221
0 1847.962 1,471.6252
27.693221
0 730.8216
0
52.9193
0
0
27.693221
1892.8 1502.7882
44.84
44.84
31.1630
31.162969
1055.9423 2140.37 3453.15 3115.65 9093.64 7211.8146
Net Asset Value(NAV) Per Share
15.25
30.37
46.87
43.99
45.33
Metro Spinning Mills Ltd.

Particulars
Net-current Assets
2008
2009
482.665 876.239
2010
2011
2012
2013
(In Million)
942.17 985.124 990.047 1002.4647
Property, Plant & Equipement(Net of Accumulated

Depreciation)
Investments in Associates
452.264997 845.8388 911.7696 804.7238 809.6474

30.4
30.4
30.4
180.4
180.4
Current Assets
Inventories
Trade Debtors
Advance, Deposit & Prepayments
Cash & Bank Balances
463.70347
183.184292
228.287704
51.102231
1.12924
TOTAL ASSETS
EQUITY & LIABILITIES
Shareholder's Equity
Share Capital
Reserve & Surplus
946.36846 1570.16 1758.88 2059.31 2104.02 2055.3222

107.39057 549.009 991.884
1078.8
1026 1020.3053
Non-Current Liabilities
Long Term Loan
693.921
494.6698
113.8636
67.94541
17.44224
816.714
460.477
272.5469
80.96147
2.728948
60
69
345
47.390574 480.0092 646.8841
6.725727
6.725727
1074.18
437.2469
577.0296
50.76771
9.137747
822.0647
180.4000
1113.98 1052.8575
494.8629
522.1931
488.5198
422.4206
126.0668
101.7342
4.525647
6.5097
414
476.1
664.804 549.8991
523.7100
496.5953
0 12.1026 16.7586 7.48135

0 12.10259 16.7586 7.481353
0
0
Current Liabilities
Trade and Other Payables
Deferred Liability
WPPF
Current Portion of Long Term Loan
Short Term Loan
Liabilities for Expenses
Provision for Tax
832.25216 1021.15 754.897 963.743 1070.54 1035.0169

22.918758 71.16088 49.86213 2.545966 8.218215
23.2081
38.4256
4.919289 6.249106 13.49402 12.88422 12.88422
10.5375
53.306989 42.91903
11.6
5.1135
10.01
10.7105
722.270684 887.5657 654.2888 915.0316 1011.748
891.7542
25.500782 10.04451 10.49807 14.43672 22.40837
54.1301
3.335661 3.211431 15.15426 13.73117 5.273781
6.2508
Total Equity and Liabilities
946.36846 1570.16 1758.88 2059.31 2104.02 2055.3222

Income statement
As of December 31
Categories of Income
& Expense
Particulars
2008
2009
2010
2011
(In M
OR1
OE1
FE1
OE2
OE3
OI
OE4
TE1
Turnover
Cost of Goods Sold
Gross Profit/(loss)
Operating Expenses:
Administrative & Selling Expenses
Financial Epenses
Legal & Audit Fees
Depreciation
2466.2119
987.55627
1478.6556
154.33487
31.708813
122.62606
0
0
Operating Profit
Other Income
Net Profit before WPPF & WF
Contribution to WPPF & WF
Net Profit/ (Loss) for the year
Income Tax Provision
1324.3207
63.25
1387.5707
0.521315
1387.0494
10.256
314.840981 264.793701
83.278349 83.369833
398.11933 348.163534
0.631895
0.123104
397.487435 348.04043
66.083868 105.165852
301.665304
8.533005
310.198309
0.45066
309.747649
27.181662
1376.7934
331.403567 242.874578
282.565987
Net Profit/ (Loss) for the year after tax

Prior Year adjustment of Income tax
Net Profit after adjustment
Appropriations :
Retained Earnings
3439.5068730
1415.232155
2024.274718
538.959169
40.847539
213.717629
0
284.394001
6648.7092 6084.165241
5652.6502 5339.175527
996.058999 744.989714
731.265299 986.252713
80.685577
76.434535
297.231447 542.928303
0
0
353.348275 366.889875
0
1376.7934
331.403567 242.874578
282.565987
Adjustment of Revaluation Reserve

Against Depreciation
Earning per share
1.63
2.73
1.72
-1.44

(In Million)
Categories of Income
& Expense
OR1
OE1
OE2
Particulars
Sales (Net)
Less: Cost of Goods sold
Gross Profit
Less: Operating Expenses
Administrative Expenses
Selling & Distribution Expenses
Operating Profit
Add: Non-operating Income
2008
2009
682.62645
528.52825
154.0982
29.76136
17.538781
12.222582
124.33684
509.514318
340.968928
168.54539
24.323289
17.407279
6.91601
144.222101
5.538849
25.100353
FE1
Profit before financial expenses & 129.8757

WPFF
Financial Expenses
110.67124
OE3
Net Profit before WPFF

Provision for WPFF
19.20445
0.914497
169.32245
141.396304
27.92615
1.329817
2010
2011
633.98351 1088.08526
405.16833 890.303465
228.81518 197.781795
31.947885 31.235927
23.146002
22.279413
8.801883
8.956514
196.867292 166.545868
65.732434
262.59973
110.45645
152.14328
7.2449180
32.535278
199.08115
95.780167
103.30098
4.919094
TE1
TE2
Net Profit before Income Tax

Tax on Sale of Share
Provision for Tax
Net Profit after Income Tax
Profit available for Appropriation
Basic Earning per share(EPS)
18.289952
26.596333
2.743493
15.546459
15.54646
3.05
0.565238
26.031095
26.031095
3.77
144.898357
98.381885
1.6125
12.523432 9.849517
132.374925 86.919868
132.37493 86.919868
3.84
2.1

Reformulated Income Statement
As of December 31
2012
2013
7737.869878
6566.163598
1171.70628
565.25088
122.516957
442.733923
0
0
(In Million)
8239.372911
7227.818707
1011.554204
363.696687
0
363.696687
0
0
1049.189323
5.057668
1054.246991
0.261245
1053.985746
33.101937
868.005661
41.302851
909.308512
0.781141
908.527371
65.392536
1020.883809
843.134835
0
1020.883809
Categories of
Income & Expense
OR1
OE1
OE2
OE3
OE4
TE1
OI
Particulars
Gross Profit/(loss)
Administrative & Selling Expenses
Legal & Audit Fees
Depreciation
Contribution to WPPF & WF
Operating Income before tax
Tax
Income Tax Provision
Tax Effect
Total Tax
Core Operating Income after Tax
Other Income
Operating Income
2008
1478.656
31.70881
0
0
0.521315
1446.43
10.256
10.256
1436.17
63.25
1499.42
Net Financial Expense

FE1
Financial Epenses
122.6261
Tax Effect
843.134835
122.626
Comprehensive Income
1376.79
Tax Amount =Income Tax Provision/Net

Profit for the year
Note :
--
2.35
Reformulated Income statement of Metro Spinning

(In Million)
2012
2013
766.316774 849.573092
645.8598 616.373268
120.456974 233.199824
31.619675
39.36075
23.722046
29.051313
7.897629
10.309437
88.837299
193.839074
0.006167
88.84347
137.817758
-48.97429
0.0057
OR1
OE1
OE2
OE3
Gross Profit
Administrative Expenses
Selling & Distribution Expenses
Provision for WPFF
Operating Income before tax
2008
154.0982
17.53878
12.22258
0.914497
123.4223
Tax
TE1
Tax on Sale of Share
TE2
Provision for Tax
2.743493
Tax on Finacial expense
16.60069
Total Tax
Core Operating Income after Tax
other non-operating Income
Operating Income
Financial Expenses
19.34418
104.078
5.53885
109.617
193.84477
153.410403
40.43437
1.925446
Particulars
Categories of
Income & Expense
FE1
110.6712
-48.974292
38.508925
3.831615
-52.805907
-52.805907
-1.11
6.16785
32.341075
32.341075
0.62
Note :
Tax benefit
16.60069
94.0706
15.54646
0.15
Tax Amount =Income Tax Provision/Net
Profit before Income Tax
ing Mills Ltd.

come Statement
ember 31
2009
2010
2011
2012
2024.275
40.84754
0
284.394
0.631895
1698.4
996.059
80.68558
0
353.3483
0.123104
561.902
744.9897 1171.706 1011.554

76.43454 122.517
0
0
0
0
366.8899
0
0
0.45066 0.261245 0.781141
301.215 1048.93 1010.77
66.08387
35.53141
101.615
1596.79
83.27835
1680.06
105.1659
89.81312
194.979
366.923
83.36983
450.293
27.18166
47.64425
74.8259
226.389
8.533005
234.922
33.10194
13.9047
47.0066
1001.92
5.057668
1006.98
2013
65.39254
26.17758
91.5701
919.203
41.30285
960.506
213.7176 297.2314 542.9283 442.7339 363.6967

35.53141 89.81312 47.64425 13.9047
26.17758
178.186 207.418 495.284 428.829 337.519

1501.88 242.875 -260.362
578.15 622.987
0.166254 0.302166 0.087754 0.031406 0.071976
nt of Metro Spinning Mills Ltd.

(In Million)
2009
2010
2011
168.5454
17.40728
6.91601
1.329817
142.8923
228.8152
23.146
8.801883
7.244918
189.6224
2012
2013
197.7818 120.457 233.1998

22.27941 23.72205 29.05131
8.956514 7.897629 10.30944
4.919094
0 1.925446
161.6268 88.8373 191.9136
0.565238 12.52343 9.849517 3.831615
6.16785
3.005022
3.57026
139.322
25.1004
164.422
1.6125
9.54665 9.589046 -10.78249 24.57125

22.07008
167.552
65.7324
233.285
21.05106
140.576
32.5353
173.111
-6.95087 30.7391
95.7882 161.175
0.00617
0.0057
95.7943
161.18
141.3963 110.4565 95.78017 137.8178 153.4104
3.005022
138.391
9.54665 9.589046 -10.78249 24.57125

100.91 86.1911
148.6 128.839
26.0311 132.3749 86.91987 -52.80591 32.34107
0.021252 0.086429 0.100115 -0.078237 0.160167
0.089449

Categories of Assets
& Liabilities
Particulars
2008
2009
OA1
OA2
OA3
APPLICATION OF FUNDS
Property plant & Equipement
Capital work in progress
274.3635
0
14.21577
OA4
OA5
OA6
S
Current Assets :
Inventories
Trade Debtors
Advance, Deposit & Pre-payments
Cash& Bank Balance
2445.16 19088.1
968.564 1274.585
1254.8 1140.28
125.15
0
96.645 16673.24
Total Assets
3243.44 22358.7
OL1
FL1
OL2
OL3
OL4
OL5
OL6
OL7
OL8
Current Liabilities :
398.928
66.15212
Current portion of interest bearing bor
0
Sundry Creditors
63.99976
10.34181
Long term loans payable within one ye 1.648044
Dividends payable
8.256
Provision for taxes
0
2.73
Short term loans
245.8
SOURCES OF FUNDS
Shareholder's Fund:
Share Capital
Retained Earnings
Reserve for Revaluation of fixed
assets
Proposed Bonus Share Dividend
FL2
OL9
OL10
Loan Funds
Secured:
Un-Secured
Loan from Directors
12.3151
0
0
895.535
250.6439
250.6011
0
0
16.1731
0
0
10.31587
367.8012
629.321 1244.84
500
1200
0
0
129.3213
44.8377
27.6932
27.69322
OL11
Loan from Others

Total Unsecured Loan
27.69322
Total Liabilities & Equity
1055.94 2140.37
BALANCE SHEET OF
METRO SPINNING MILLS LTD
& Liabilities
Particulars
Net-current Assets
OA1
OA2
OA3
OA4
OA5
S
Property, Plant & Equipement(Net of

Accumulated Depreciation)
Investments in Associates
2008
2009
482.665 876.239
452.265 845.8388
30.4
30.4
Current Assets
463.703 693.921
Inventories
Trade Debtors
Advance, Deposit & Prepayments
183.1843 494.6698
228.2877 113.8636
51.10223 67.94541
Cash & Bank Balances
1.12924 17.44224
TOTAL ASSETS
EQUITY & LIABILITIES
Shareholder's Equity
Share Capital
Reserve & Surplus
946.368 1570.16
107.391 549.009
60
69
47.39057 480.0092
FL1
Non-Current Liabilities
Long Term Loan
6.72573
6.725727
OL1
OL2
OL3
OL4
FL2
OL5
OL6
Current Liabilities
Trade and Other Payables
Deferred Liability
WPPF
Current Portion of Long Term Loan
Short Term Loan
Liabilities for Expenses
Provision for Tax
832.252 1021.15
22.91876 71.16088
Total Equity and Liabilities
946.368 1570.16
4.919289
53.30699
722.2707
25.50078
3.335661
0
0
6.249106
42.91903
887.5657
10.04451
3.211431
Mills Ltd.
2010
2011
2012
2013
(In Million)
21.719065
52.445198
0
25.551245
177.072526
0
0
0
0
0
0
0
5891.232797 5259.74588 6847.01609 7008.23582

3197.764748 2425.403143 2997.282138 3375.478913
1934.101539 2450.941611 3273.459578 2804.027102
0
0
265.89492 293.622098
759.36651 383.401123 310.379453 535.107702
10650.77701 13978.9183 15477.3991 15406.7299
1735.208558 1355.64844 4850.12592 2994.16058
813.518856
0
0
0
249.384915 887.018688
0
0
0
0 954.079154 958.175613
0
0 2265.137023
0
2.52295
0
896.79965
991.54466
10.96874
0
0
0
14.971455
0
0
0
0
0
0
0
643.841642 468.629755 734.110097 1044.440303
1717.942221
1600
0
117.942221
1760 2350.71296 2714.86587

1760
1936
1936
0 414.712962 778.865865
0
0 1892.80205
1502.7882
0 1847.962051 1471.625227
0
5
730.821596
52.9193
0
44.84
44.84
31.162969
31.162969
3453.150779 3115.64844 9093.64094 7211.81464
ET OF
MILLS LTD
2010
2011
2012
2013
(In Million)
942.16959 985.123833 990.047389 1002.46471
911.76959
30.4
804.723833
180.4
809.647389
180.4
822.0647
180.4000
816.714373 1074.18196 1113.97515 1052.85753

460.477009
272.546947
80.961469
437.246882
577.029624
50.767711
494.862885
488.519817
126.066802
522.1931
422.4206
101.7342
2.728948
9.137747
4.525647
6.5097
1758.883963 2059.3058 2104.02254 2055.32224

991.884106 1078.80397 1025.99907 1020.30533
345
646.884106
414
664.803974
476.1
549.899067
523.7100
496.5953
12.102588
12.102588
16.758603
16.758603
7.481353
7.481353
0
0
754.89727 963.743221 1070.54212

49.862126
2.545966
8.218215
1035.0169
23.2081
38.4256
10.5375
10.7105
891.7542
54.1301
6.2508
13.494024
11.6
654.288796
10.498067
15.154257
1758.883964
12.884218
12.884218
5.1135
10.01
915.031646 1011.747541
14.436722
22.408366
13.731169
5.273781
2059.3058 2104.02254 2055.32224

& Liabilities
Particulars
s
OA1
OA2
OA3
OA4
OA5
OA6
Cash& Bank Balance

Inventories
Trade Debtors
Advance, Deposit & Pre-payments
Total Operating Assets
OL1
OL2
OL3
OL4
OL5
OL6
OL7
OL8
OL9
OL10
OL11

Sundry Creditors
Dividends payable
Provision for taxes
Short term loans
Loan from Directors
Loan from Others
Total Operating Liabilities
FL1
FL2
Net Operating Asset

Cash& Bank Balance
Total Financial Assets
Current portion of interest bearing borrowi
Total Finacial Liability
Net Financial Obligation
Common stockholders Equity
Reformulated Balance sheet of Metro Spinning Mills

& Liabilities
S
Particulars
Cash& Bank Balance
OA1
OA2
OA3
OA4

Inventories
OA5
Trade Debtors
Total Operating Assets
OL1
OL2
Sundry Creditors
OL3

Dividends payable
Provision for taxes
OL4
OL5
OL6
S
FL1
FL2
Total Operating Liabilities

Net Operating Asset
Cash& Bank Balance
Total Financial Assets
Long Term Loan
Short Term Loan
Total Finacial Liability
Common stockholders Equity
lek Spinning Mills Ltd.
2008
2009
2011
2012
2013
(In Million)
30.4208262
25.551245
177.072526
0
2425.40314
2450.94161
0
5109.3894
38.68935
0
0
0
2997.282
3273.46
265.8949
6575.33
41.19686
0
0
0
3375.479
2804.027
293.6221
6514.32
66.152124 250.643934 813.518856

0
0
63.999762
0
0
0 954.0792
10.341811
0
0
0 2265.137
1.648044
16.1731
2.52295
0 896.7997
8.256
0
10.96874
0
0
0
0 14.971455
0
0
2.73 10.315871
0
0
0
245.8 367.801166 643.841642 468.629755 734.1101
27.693221
0
0 730.821596
0
0
0
5
0
0
0
0
0
52.9193
44.84
426.620962 644.93407 1490.8236 1252.3707 4894.97
0
958.1756
0
991.5447
0
0
0
1044.44
0
0
31.16297
3025.32
12.33105935
274.363469
0
14.215773
968.564
1254.8
125.15
2649.4243
2010
17.1975344 33.243546
12.315103 21.719065
0 52.445198
0
0
1274.58522 3197.76475
1140.28045 1934.10154
0
0
2444.3783 5239.2741
2222.80334 1799.4442 3748.4505 3857.0187 1680.36

3489
84.31394066 16656.0444 726.122964 352.980297 271.6901 493.9108
84.3139407 16656.044 726.12296 352.9803
271.69 493.911
0 250.601086 249.384915 887.018688
0
0
0
0
0
0 1847.962 1471.625
0
250.60109 249.38492 887.01869 1847.96 1471.63
-84.313941 -16405.443 -476.738 534.03839 1576.27 977.714

2307.11728 18204.888 4225.1885 3322.9803 104.088 2511.29
t of Metro Spinning Mills Ltd.

2008
2009
2010
3.41313225 2.54757159 3.16991754
2011
2012
2013
5.4404263
452.264997 845.838765 911.76959 804.723833 809.6474 822.0647

30.4
30.4
30.4
180.4
180.4
180.4
183.184292 494.669811 460.477009 437.246882 494.8629 522.1931
228.287704 113.863631 272.546947 577.029624 488.5198 422.4206
51.102231
67.945409
80.961469
50.767711 126.0668 101.7342
945.239224 1552.7176 1756.155 2050.1681
2099.5
2048.81
22.918758
71.160883
49.862126
2.545966
4.919289
6.249106
13.494024
12.884218 12.88422 10.53748
53.306989
25.500782
3.335661
42.919025
10.044514
3.211431
11.6
10.498067
15.154257
5.1135
10.01
10.7105
14.436722 22.40837 54.13013
13.731169 5.273781 6.250832
109.981479
835.257745
-2.28389225
-2.2838923
6.725727
722.270684
728.996411
731.280303
213.958921
133.58496 100.60847
1419.1327 1655.5465
14.8946684 -0.4409695
14.894668 -0.44097
0
12.102588
887.565716 654.288796
887.56572 666.39138
872.67105 666.83235
680.04657 1089.3227
48.711575
2001.4565
3.6973207
3.6973207
16.758603
915.031646
931.79025
928.09293
1122.0751
8.218215 23.20813
0
58.7946
2040.7
4.525647
4.52565
7.481353
1011.748
1019.23
1014.7
1084.79
38.42561
143.263
1905.55
6.509681
6.50968
0
891.7542
891.754
885.245
1163.57
Reformulated Income Statement of Malek Spinning mills ltd.

Particulars
Operating Income
2008
2009
2010
2011
1499.419 1680.064 450.2929 234.9217
122.6261 178.1862 207.4183 495.2841
1376.793 1501.878 242.8746 -260.3623
2000
1500
1000
Operating Income
500

0
2008
2009
2010
2011
2012
2013
-500
Comparison of Operating Income

1800
1600
1400
1200
Malek Operating Income
1000
Metro Operating Income
800
600
400
200
0
2008
2009
2010
2011
2012
2013
Comparison of Comprehen
2000
1500
Comparison of Comprehen
2000
1500
1000
500
0
2008
-500
2009
2010
2011
2012
Spinning mills ltd.

2012
2013
1006.979 960.5058
428.8292 337.5191
578.1499 622.9867
Reformulated Income Statement of Metro Spinni

Particulars
Operating Income
2008
2009
109.617 164.4224
94.07055 138.3913
15.54646 26.0311
250
200
150
Operating Income
Operatin
100
Compre
50
0
2008
-50
Net Fina
2009
2010
2011
2012
2013
-100
me
700
Comparison of NFO
600
500
Malek Operating Income
Metro Operating Income
rison of Comprehensive Income
400
Metro Net Fina
300
Malek Net Fina
200
100
0
2008
2009
2010
2011
2012
2013
rison of Comprehensive Income
10
Metro Comprehensive
Income
Malek Comprehensive
Income
2011
2012
2013
tement of Metro Spinning mills ltd.

2010
2011
2012
2013
233.2847 173.111 95.79434 161.1802
100.9098 86.19112 148.6002 128.8392
132.3749 86.91987 -52.80591 32.34107
Operating Income
2012
2013
Metro Net Financial Expense

Malek Net Financial Expense
2012
2013
Reformulated Balance sheet of Malek Spinning mills ltd.

Particulars
Net Operating Asset
Common stockholder's Equity
2008
2223
-84
2307
2009
1799
-16405
18205
2010
3748
-477
4225
2011
3857
534
3323
25000
20000
15000
10000
5000
0
2008
-5000
-10000
-15000
-20000
NOA
NFO
2009
2010
2011
2012
2013
CSE
Comparison of NOA
4500
4000
3500
3000
NOA
2500
NOA
2000
1500
1000
500
0
2008
2009
2010
2011
2012
2013
Comparison of CSE
20000
15000
10000
5000
20000
15000
10000
5000
0
2008
2009
2010
2011
2012
2013
ing mills ltd.
Reformulated Balance sheet of Met
2012
1680
1576
104
2013
3489
978
2511
Particulars
Net Operating Asset
CSE of Malek
NFO
2013
CSE
Metro Spin
2500
20000
NOA
2008
835.2577
731.2803
103.9774
2000
15000
CSE of Malek
1500
10000
1000
5000
500
0
200820092010201120122013
0
2008
2009
Comparison of NFO
5000
0
2008
-5000
NOA of Metro
NOA of Malek
-10000
-15000
-20000
2013
CSE
CSE of Metro
CSE of Malek
2009
2010
2011
2012
2013
2010
012
CSE of Metro
CSE of Malek
2013
lance sheet of Metro Spinning mills ltd.

2009
2010
2011
2012
2013
1419.133 1655.547 2001.456 2040.702 1905.55
872.671 666.8324 928.0929 1014.703 885.2446
546.4616 988.7142 1073.364 1025.999 1020.305
00
00
00
Net Operating Asset

00
00
0
2008
2009
2010
2011
2012
FO
2012
2013
NFO of Malek
NFO of Metro
2013

Free Cash Flow
Particulars
Operating Income
Net Operating Assets
Change in Net Operating Assets
FCF
2008
1,499.42
2,222.80
2009
1,680.06
1,799.44
(423.36)
2,103.42
2010
450.29
3,748.45
1,949.01
(1,498.71)
4,000.00
3,000.00
2,000.00
1,000.00
2009
(1,000.00)
2010
2011
(2,000.00)
Free Cash flow
2012
Ltd.
11
ow
METRO SPINN
Free Ca
2011
234.92
3,857.02
108.57
126.35
2012
1,006.98
1,680.36
(2,176.66)
3,183.64
2013
960.51
3,489.00
1,808.64
(848.14)
Particulars
Operating Income
Net Operating Assets
Change in Net Operating Assets
FCF
400.00
300.00
200.00
100.00
2009
(100.00)
2012
2013
2010
201
(200.00)
(300.00)
(400.00)
(500.00)
Free Cash fl
METRO SPINNING MILLS Ltd.

Free Cash Flow
2008
2009
2010
2011
2012
2013
109.617 164.4224 233.2847 173.111 95.79434 161.1802
835.2577 1419.133 1655.547 2001.456 2040.702 1905.55
583.87
236.41
345.91
39.25 (135.15)
(419.45)
(3.13) (172.80)
56.55
296.33
2010
2011
Free Cash flow
2012
2013
Data From reformulated Balance Sheet & Income stateme

Spinning Mills Ltd
NOA
Average NOA
NFO
Average NFO
CSE
Average CSE
Operating Income
Net Finacial Expenses
Operating Liability
Average Operating Liabiltiy
Operating Asset
Average Operating Asset
Sales
2008
2009
2222.803 1799.44
2011.12
-84.31394 -16405
-8244.9
2307.117 18204.9
10256
1499.42 1680.06
122.626 178.186
1376.79 1501.88
426.621 644.934
535.778
2649.42 2444.38
2546.9
2466.21 3439.51
2010
3748.45
2773.95
-476.738
-8441.09
4225.189
11215
450.293
207.418
242.875
1490.82
1067.88
5239.27
3841.83
6648.71
First Level Breakdown
Particulars
ROCE
MALEK SPINNING MILLS LTD.

Analysis of Financial Liability Leverage
ROCE=Comprehensive Income/ Avg CSE
2009
2010
2011
0.146439 0.02166 -0.068987
MALEK SPINNING MILLS LTD.

ROCE=RNOA+(FLEV*SPREAD)
Particulars
RNOA=OI/AVG NOA
FLEV= AVG NFO/AVG CSE
NBC= NFE/AVG NFO
SPREAD= RNOA-NBC
2009
2010
2011
0.835386
-0.803908
-0.021612
0.856998
0.14644
0.16233
-0.75266
-0.02457
0.1869
0.02166
0.061777
0.007591
17.2873
-17.22552
-0.06899
Analysis of operating liability leverage
RONA=OI+Implicit Cost/OA+(OLLEV*OLSPREAD)
Particulars
Implicit Cost= OL* TAX
ROOA= OI+IMPLCT COST/AOA
OLLEV=AOL/AVG NOA
OLSPREAD= ROOA-TAX
OLEV*OLSPREAD
RNOA=ROOA+(OLLEV*OLSPREAD)
2009
2010
2011
20.63789
0.667753
0.266407
0.635753
0.169369
0.837123
47.7064
0.12963
0.38497
0.09763
0.03758
0.16721
40.07586
0.053146
0.360687
0.021146
0.007627
0.060774
Second Level Breakdown

ROCE= RNOA+[FLEV*(RNOA-NBC)] or PM*ATO+[FLEV*(RNOA-NBC)]
Particulars
2009
2010
2011
RNOA
Operating profit margin=OI/SALES
Asset Turnover=SALES/AVG NOA
Total RNOA=PM*ATO
FLEV
NBC
RNOA-NBC
ROCE=RNOA+[FLEV*(RNOA-NBC)]
0.488461
1.911427
0.93366
-0.803908
-0.021612
0.955269
0.16571
0.06773
1.77372
0.12013
-0.75266
-0.02457
0.1447
0.01122
0.038612
1.577427
0.06091
0.007591
17.2873
-17.22639
-0.06986
Third Level Breakown

Particulars
2009
2010
2011
Profit Margin Drivers

SALES PM
Gross Margin Ratio
Expense Ratio
0.54712 0.10835 0.09759

0.588536 0.14981 0.122447
Administrative & Selling Expense Ratio

Operating Tax Ratio
Total Expense Ratio
OTHER ITEMS PM
other Income Ratio
Financial Expenses Ratio
Legal & Audit Fees Ratio
0.011876
0.029544
0.04142
-0.11046
0.024212
0.051806
0
0.01214
0.02933
0.04146
-0.0718
0.01254
0.0312
0
0.012563
0.012298
0.024861
-0.14038
0.001402
0.081405
0
Depreciation Ratio
Contribution to WPPF & WF Ratio
0.082685 0.05315 0.060302

0.000184 2E-005 7.41E-005
Total Profit Margin
0.43666 0.0365 -0.0428
Asset Turnover Drivers(Inverse)

Cash turnover
PPE turnover
0.028099 2.50774
0.00358 0.00327
Capital work in progress turover
0.12481
0.0042
0 0.00789 0.029104
Machine in Transit turnover

Inventories turnover
0
0
0
0.370572 0.48096 0.398642
Trade debtors turnover
0.331524
Advance, Deposit & Pre-payments turnover

Operating Asset Turnover
0.2909 0.402839
0
0.733775 3.29075 0.959595
Liabilities turnover Drivers (Inverse)

Dividends payable
Provision for taxes
Short term loans
Loan from Directors
Loan from Others
Operating Liabilities turnover
0.020689
0.004702
0
0
0.106934
0
0
0
0.132326
0.0075
0.00038
0.00165
0.00225
0.09684
0
0.00075
0
0.10937
0.000418
0
0
0
0.077024
0.120119
0
0.008698
0.206259
Average Turnover (Inverse)

Average Turnover
0.60145 3.18139 0.753336

1.662649 0.31433 1.32743
come statement of Malek

2011
3857.019
3802.73
534.0384
28.6502
3322.98
3774.08
234.922
495.284
-260.362
1252.37
1371.6
5109.39
5174.33
6084.17
2012
1680.36
2768.69
1576.272
1055.16
104.0881
1713.53
1006.98
428.829
578.15
4894.97
3073.67
6575.33
5842.36
7737.87
2013
3489.001
2584.68
977.7144
1276.99
2511.287
1307.69
960.506
337.519
622.987
3025.32
3960.14
6514.32
6544.83
8239.37
METRO SPINNING M
Analysis of Financial Liabi
ROCE=Comprehensive Inc
SE
2012
2013
0.337402 0.476403
METRO SPINNING M
Analysis of Financial Liabil
ROCE=RNOA+(FLEV*
2012
2013
0.363702
0.615777
0.406413
-0.042711
0.3374
0.371615
0.976528
0.264308
0.107307
0.4764
Analysis of operating liabi
D)
RONA=OI+Implicit Cost/OA+(O
2012
2013
156.6389 96.81035
0.199169 0.16155
1.110153 1.53216
0.167169 0.12955
0.185583 0.198491
0.384753 0.360041
EV*(RNOA-NBC)]
2012
2013
0.130136
4.604888
0.59926
0.615777
0.406413
0.19285
0.71802
0.116575
2.361528
0.2753
0.976528
0.264308
0.010988
0.28603
2012
2013
0.12952 0.11166
0.151425 0.122771
0.015833
0.006075
0.021908
-0.0548
0.000654
0.05542
0
0
0.011114
0.011114
-0.03605
0.005013
0.040964
0
0
0
3.38E-005 9.48E-005
0.07472 0.07561
0.049549
0
0.03767
0
0
0
0.387352 0.409677
0.423044
0.34032
0.034363 0.035636
0.894308 0.823304
0.001062
0.115897
0
0
0.094872
0
0
0.005795
0.217627
0.002817
0.120342
0
0
0.126762
0
0
0.003782
0.253703
0.676681 0.569601
1.477801 1.755616
Data From reformulated Balance Sheet & Income statement of Met

spinning Mills Ltd
NOA
Average NOA
NFO
Average NFO
CSE
Average CSE
Operating Income
Operating Liability
Average Operating Liabiltiy
Operating Asset
Average Operating Asset
Sales
Particulars
ROCE
2008
2009
835.2577 1419.133
1127.2
731.2803 872.671
801.976
213.9589 680.0466
447.003
109.617 164.422
94.07055 138.391
15.54646 26.0311
109.9815 133.585
121.783
945.2392 1552.72
1248.98
682.6265 509.514
2010
1655.547
1537.34
666.8324
769.752
1089.323
884.685
233.285
100.91
132.375
100.608
117.097
1756.16
1654.44
633.984
2011
2001.456
1828.5
928.0929
797.463
1122.075
1105.7
173.111
86.1911
86.9199
48.7116
74.66
2050.17
1903.16
1088.09
METRO SPINNING MILLS LTD.

ROCE=Comprehensive Income/ Avg CSE
2009
2010
2011
2012
0.058235 0.14963 0.078611 -0.047856
METRO SPINNING MILLS LTD.

Particulars
RNOA=OI/AVG NOA
FLEV= AVG NFO/AVG CSE
NBC= NFE/AVG NFO
SPREAD= RNOA-NBC
2009
2010
2011
2012
0.145869
1.794118
0.172563
-0.026694
0.097976
0.151746
0.870086
0.131094
0.020652
0.169715
0.094674
0.721229
0.108082
-0.013408
0.085003
0.047398
0.880341
0.152976
-0.105578
-0.045547
Analysis of operating liability leverage
RONA=OI+Implicit Cost/OA+(OLLEV*OLSPREAD)
Particulars
Implicit Cost= OL* TAX
ROOA= OI+IMPLCT COST/AOA
OLLEV=AOL/AVG NOA
OLSPREAD= ROOA-TAX
OLEV*OLSPREAD
RNOA=ROOA+(OLLEV*OLSPREAD)
Particulars
2009
2010
2011
2012
4.274719
0.135068
0.108041
0.103068
0.011136
0.146204
3.219471
0.142952
0.076168
0.110952
0.008451
0.151403
1.55877
0.091779
0.040831
0.059779
0.002441
0.09422
1.881427
0.047076
0.026596
0.015076
0.000401
0.047477
ROCE= RNOA+[FLEV*(RNOA-NBC) or PM*ATO

2009
2010
2011
2012
RNOA
Operating profit margin=OI/SALES
Asset Turnover=SALES/AVG NOA
Total RNOA=PM*ATO
FLEV
NBC
RNOA-NBC
ROCE=RNOA+[FLEV*(RNOA-NBC)]
Particulars
0.322704
0.359032
0.115861
1.794118
0.172563
-0.056702
0.014132
0.367967
0.382945
0.14091
0.870086
0.131094
0.009817
0.14945
0.159097
0.543647
0.08649
0.721229
0.108082
-0.021589
0.07092
0.125006
0.375516
0.04694
0.880341
0.152976
-0.106034
-0.0464
2009
2010
2011
2012
Profit Margin Drivers

SALES PM
Gross Margin Ratio
Expense Ratio
0.276051 0.27571 0.13372

0.125
0.330796 0.360917 0.18177 0.15719
0.054745
0.0852 0.04805 0.03219
Administrative Expense Ratio

Selling Expense Ratio
Operating Tax Ratio
OTHER ITEMS PM
Non Operating Income
Financial Expenses Ratio
Provision for WPFF
0.034164
0.013574
0.007007
-0.22496
0.049263
0.271614
0.00261
0.036509
0.013883
0.034812
-0.06691
0.103682
0.159168
0.011428
0.020476
0.008231
0.019347
-0.05383
0.029901
0.079214
0.004521
0.030956
0.010306
-0.00907
-0.06892
0.124998
0.193915
0
Total Profit Margin

Asset Turnover Drivers(Inverse)
Cash Turnover
0.05109
0.2088 0.07988 0.05608
PPE Turnover
0.034233 0.004304 0.008398 0.005906

1.660088 1.43816 0.739578 1.056544
Investment in Associates turnover
0.059665 0.047951 0.165796 0.235412
Inventories turnover
Trade debtors turnover
0.970865 0.726323 0.40185 0.645768

0.223475 0.429896 0.530317 0.637491
Advance, Deposit & Pre-payments turnover
Operating Asset Turnover
0.133353 0.127703 0.046658
3.08168 2.774337 1.892596
0.16451
2.74563
Liabilities turnover Drivers (Inverse)

Sundry Creditors
Dividends payable
Provision for taxes
0.139664
0
0.012265
0.084235
0.019714
0.006303
0.078649 0.00234 0.010724

0
0
0
0.021285 0.011841 0.016813
0.018297
0.0047 0.013062
0.016559 0.013268 0.029242
0.023903 0.01262 0.006882
Operating Liabilities turnover
0.262181 0.15869 0.04477 0.07672
Average Turnover(Inverse)
Average Turnover
2.819499 2.61564 1.84783 2.66891

0.354673 0.382315 0.541176 0.374685
atement of Metro
2012
2040.702
2021.08
1014.703
971.398
1084.794
1103.43
95.7943
148.6
-52.8059
58.7946
53.7531
2099.5
2074.83
766.317
2013
0.028769
2013
0.081688
0.845037
0.135624
-0.053936
0.03611
2013
1905.55
1973.13
885.2446
949.974
1163.568
1124.18
161.18
128.839
32.3411
143.263
101.029
2048.81
2074.15
849.573
2013
4.584405
0.079919
0.051202
0.047919
0.002454
0.082373
2013
0.189719
0.445841
0.08458
0.845037
0.135624
-0.051039
0.04145
2013
0.19198
0.274491
0.08251
0.034195
0.012135
0.036182
0.03579
0.189712
0.151652
0.002266
0.22777
0.007662
0.967621
0.212342
0.614654
0.497215
0.119747
2.419241
0.027317
0.045229
0.012403
0.012607
0.063715
0.007358
0.16863
2.25061
0.444324
Malek Spinning mills ltd.

Particulars
FLEV
SPREAD(RNOA-NBC)
OLLEV
OLSPREAD(ROOA-SBR)
ROCE
RNOA
2009
-0.803908
0.856998
0.266407
0.635753
0.146439
0.835386
2010
-0.752658
0.186902
0.384967
0.097626
0.021656
0.162329
2011
0.007591
-17.22552
0.360687
0.021146
-0.068987
0.061777
2012
0.615777
-0.042711
1.110153
0.167169
0.337402
0.363702
Comparison of ROCE using Financial Leverage

0.2
0.15
ROCE of Metro
0.1
ROCE of Malek
0.05
0
2009
-0.05
2010
2011
2012
2013
-0.1
Comparison of OLEV
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2009
OLEV of Malek
OLEV of Metro
2010
2011
2012
2013
0.2
0.1
0
2009
2010
2011
2012
2013
0.2
0.15
0.1
0.05
0
2009
-0.05
Comparison of Spread
2010
2011
2012
-0.1
Rahim Textile Mills Ltd.

Two Drivers of RNOA
Particulars
Operating profit margin
Asset Turnover
2009
2010
2011
2012
0.488461 0.067726 0.038612 0.130136
1.911427 1.773722 1.577427 4.604888
Malek Spinning Mills Ltd

2.5
2
1.5

Asset Turnover
1
0.5
0
2009
2010
2011
2012
2013

Particulars
Total Profit Margin
Average Asset Turnover
2009
2010
2011
2012
0.436655 0.03653 -0.042793 0.074717
1.662649 0.314328 1.32743 1.477801
Comparison of Profit Margin

0.25
0.2
0.15
Metro Profit Margin
2013
Comparison of Profit Margin

0.25
0.2
Metro Profit Margin
0.15
Profit Margin of Rahim

0.1
0.05
0
2009
2010
2011
2012
2013

2013
0.976528
0.107307
1.53216
0.12955
0.476403
0.371615
Particulars
2009
1.794118012
-0.02669435
0.108040931
0.103068063
0.097975778
0.145868592
FLEV
SPREAD(RNOA-NBC)
OLLEV
OLSPREAD(ROOA-SBR)
ROCE
RNOA
2010
0.870086
0.020652
0.076168
0.110952
0.169715
0.151746
al Leverage
Comparison of
2.5
ROCE of Metro
ROCE of Malek
1.5
1
2013
V of Malek
V of Metro
0.5
0
2009
Comparison of RNOA
2010
2011
201
0.16
0.14
0.12
RNOA of Malek
0.1
RNOA of Metro
0.08
0.06
0.04
0.02
0
2009
2010
2011
2012
2013
Comparis
0.12
0.1
0.08
0.06
Comparis
0.12
0.1
0.08
arison of Spread
011
2012
0.06
Spread of Malek
0.04
Spread of Metro
0.02
0
2009
2013
2010
2011

Two Drivers of RNOA
2013
0.116575
2.361528
Particulars
Asset Turnover
2009
2010
0.322704135 0.367967
0.359032199 0.382945

0.6
0.5
Asset Turnover
0.4
Operatin
0.3
Asset Tur
0.2
0.1
0
2009
2010
2011
2012
2013

2013
0.075611
1.755616
Particulars
Total Profit Margin
Average Asset Turnover
in
2009
2010
0.051090017 0.208799
0.354672993 0.382315
Comparison of Asset Turnover

1.2
1
Metro Profit Margin
0.8
Avg Asset tu
in
Comparison of Asset Turnover

1.2
1
Metro Profit Margin
Profit Margin of Rahim
0.8
Avg Asset tu
Avg Asset tu
0.6
0.4
0.2
0
2009
2010
2011
2012
2013
g Mills Ltd.
2011
0.721229
-0.013408
0.040831
0.059779
0.085003
0.094674
2012
0.880341
-0.105578
0.026596
0.015076
-0.045547
0.047398
2013
0.845037
-0.053936
0.051202
0.047919
0.03611
0.081688
Comparison of FLEV
FLEV of Malek
FLEV of Metro
2011
2012
2013
Comparison of OLSPREAD
OLSPREAD of Malek
OLSPREAD of Metro
Comparison of OLSPREAD
OLSPREAD of Malek
OLSPREAD of Metro
009
2010
2011
2012
2013
g Mills Ltd.
of RNOA
2011
2012
2013
0.159097 0.125006 0.189719
0.543647 0.375516 0.445841
ning Mills Ltd.
Operating Profit Margin

Asset Turnover
2013
g Mills Ltd.
2011
2012
2013
0.079883 0.056081 0.227773
0.541176 0.374685 0.444324
Asset Turnover
Avg Asset turnover of Metro
Asset Turnover
Avg Asset turnover of Metro

Avg Asset turnover of Rahim
2013

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Malek Spinning Mills Ltd.

392.031973 3240.255 4670.958 8505.011 8630.383 8398.49404

Property Plant & Equipment

3270.6 4759.54 8719.17 8630.38

2445.159 19088.1 5891.23 5259.75 6847.02 7008.2358

398.92774 895.535 1735.21 1355.65 4850.13 2994.1606

4 Net Working Capital: (2-3)

2046.2313 18192.6 4156.02

3904.1 1996.89 4014.0752

629.32133 1244.838 1717.942

1760 2350.713 2714.86587

1055.9423 2140.37 3453.15 3115.65 9093.64 7211.8146

Net Asset Value(NAV) Per Share

Metro Spinning Mills Ltd.

Property, Plant & Equipement(Net of Accumulated

452.264997 845.8388 911.7696 804.7238 809.6474

946.36846 1570.16 1758.88 2059.31 2104.02 2055.3222

0 12.1026 16.7586 7.48135

832.25216 1021.15 754.897 963.743 1070.54 1035.0169

Total Equity and Liabilities

946.36846 1570.16 1758.88 2059.31 2104.02 2055.3222

Malek Spinning Mills Ltd.

Net Profit/ (Loss) for the year after tax

Adjustment of Revaluation Reserve

Metro Spinning Mills Ltd.

Profit before financial expenses & 129.8757

Net Profit before WPFF

Net Profit before Income Tax

Malek Spinning Mills Ltd.

Net Financial Expense

Net Financial Expense

Tax Amount =Income Tax Provision/Net

Reformulated Income statement of Metro Spinning

Tax on Sale of Share

Provision for Tax

Tax on Finacial expense

ing Mills Ltd.

744.9897 1171.706 1011.554

213.7176 297.2314 542.9283 442.7339 363.6967

178.186 207.418 495.284 428.829 337.519

0.166254 0.302166 0.087754 0.031406 0.071976

nt of Metro Spinning Mills Ltd.

197.7818 120.457 233.1998

0.565238 12.52343 9.849517 3.831615

9.54665 9.589046 -10.78249 24.57125

141.3963 110.4565 95.78017 137.8178 153.4104

9.54665 9.589046 -10.78249 24.57125

26.0311 132.3749 86.91987 -52.80591 32.34107

0.021252 0.086429 0.100115 -0.078237 0.160167

Malek Spinning Mills Ltd.

Loan from Others

Total Liabilities & Equity

Property, Plant & Equipement(Net of

Cash & Bank Balances

Total Equity and Liabilities

5891.232797 5259.74588 6847.01609 7008.23582

1760 2350.71296 2714.86587

3453.150779 3115.64844 9093.64094 7211.81464

816.714373 1074.18196 1113.97515 1052.85753

1758.883963 2059.3058 2104.02254 2055.32224

754.89727 963.743221 1070.54212

2059.3058 2104.02254 2055.32224

Malek Spinning Mills Ltd.