Accounting Project Final

INTERNATIONAL ISLAMIC UNIVERSITY
Financial Accounting
FINAL PROJECT
Course: BS accounting and finance -12F
COURSE Instructor: Rifaat sultana
SECTOR: CEMENT
GROUP MEMBERS:
MANAHIL KHAN-652/FMS/BSAF/S21
LAIBA ASHFAQ- 640/FMS/BSAF/S21
SHAZMEENA BAIG-650/FMS/BSAF/S21
MANAHIL TARIQ-644/FRMS/BSAF/S21
AYESHA FAROOQ-634/FMS/BSAF/S21
SHERBANO-641/FMS/BSAF/S21
Contents:
• About us
•Introduction to cement industry
•Attock cement report
•Bestway cement report
•Power cement
•kohat cement
•Safe mix concrete
•Thatta cement
•Dewan cement
•D.G khan cement
•Maple leaf cement
•Gharibwal cement
•Lucky cement
•Pioneer cement
About us:
This is a group project on cement industry done by all
members of the group. There are 6 members in
group and each one is assigned to prepare a report
on two industries of cement in Pakistan.
Group members:
• Manahil Khan- 652/FMS/BSAF/S21
• Sherbano-641/FMS/BSAF/S21
• Ayesha Farooq-634/FMS/BSAF/S21
• Shazmeena beig-650/FMS/BSAF/S21
• Laiba Ashfaq-640/FMS/BSAF/S21
• Manahil Tariq –644/FMS/BSAF/S21
Introduction to Cement Industry
c ement is the prime ingredient used in the construction industry.

Cement consumption has a direct correlation to economic growth
and improvement in the living standards of society. Historically,
growth in global cement trade has been lower than increase in world trade
on account of high freight cost and availability of raw material.
Pakistan has a well-developed cement industry with abundant raw material
availability in the country. The country ranks amongst the top 5 exporters
and 14th largest cement producer in the world. However, per capita cement
consumption at 140kg is on the lower side as compared to most regional
peers and global average of 400kg. Lower per capita consumption in the
country is reflective of significant room for future growth.
Cement Industry’s contribution to the Economy

The cement industry contributes billions to Pakistan’s economy. In 2016, it
contributed approximately Rs. 20 billion to the national exchequer alone,
over Rs. 40 billion is added to country’s GDP annually.
The Karachi Stock Exchange lists 21 companies in the cement sector with
the net worth of these companies around Rs. 25 billion. Some of the
companies operate multiple plants in various cities. As per APCMA, there are
currently 24 cement plants in Pakistan.
According to Pakistan stock exchange there are 23 industries registered.
In this report we will take a deeper look into 12 main industries of cement
sector.
Presented by:
Manahil khan-
652/FMS/BSAF/S
21
1:
Attock Cement Pakistan Limited, branded as Falcon Cement, was

incorporated in Pakistan on October 14, 1981 as a Public Limited
Company. The company is a subsidiary of Pharaon Investment
Group Limited Holding S.A.L, Lebanon. Its main business activity is
manufacturing and sale of cement.
Founder: Ghaith Pharaon
Founded: 1981
Headquarters: Karachi
Parent organizations: Attock Oil Company, Pharaon Investment
Group Limited Holding S.A.L.
Key people :
•Laith Pharaon (chairman)
• Babar Bashir Nawaz (chief executive officer)
Products:
• OPC Ordinary Portland Cement
•SRC Suplhate Resistant Cement
•FBC Falcon Block Cement
Parent:
Pharaon Investment Group Limited Holding S.A
Financial Analysis (2016-2020)
Ratio Analysis
Ratio analysis of Attock cement has been done from year 2016 to
2020. All the data is collected from annual reports of the
company.
Interpretation:
Current ratio
years current assets current liabilities current ratio
2016 7196874 2740679 2.625945614
2017 3171362 5953512 0.532687597
2018 6728950 7898033 0.851977955
2019 7646946 8403569 0.909964088
2020 10059777 9336931 1.077417944
Generally, your current ratio shows the ability of your business to generate
cash to meet its short-term obligations. A decline in this ratio can be
attributable to an increase in short-term debt, a decrease in current assets,
or a combination of both. As we can see in above table that the company
current ratio drops from 2.6 to 0.9 from year 2019 to 2019 and then
increases from 0.9 to 1.07 in year 2020.
Working capital management
working capital
management
years current assets current liabilities
4456195
2016 7196874 2740679
-2782150
2017 3171362 5953512
-1169083
2018 6728950 7898033
-756623
2019 7646946 8403569
722846
2020 10059777 9336931
The working capital decreases in 2016 to 2019 and is temporarily negative,

it typically indicates that the company may have incurred a large cash outlay
or a substantial increase in its accounts payable as a result of a large
purchase of products and services from its vendors. It then again has a
positive value in 2020. Positive working capital shows that your business
has sufficient liquid assets to pay off immediate debts.
Quick ratio:
current liabilities Quick assets Quick ratio
years
2740679 4969544 1.813252847
2016
5953512 227634 0.038235247
2017
7898033 548899 0.06949819
2018
8403569 583605 0.069447279
2019
9336931 1581577 0.169389385
2020
There is decline in quick ratio in year 2019 to 2018 and then it again
started going upwards which indicates that Attock Company suffered from
financial crisis for a short period of time.
Debt ratio:
Total
liabilities total Assets Debt ratio
years
3979557 14426400 0.275852396
2016
8761745 20709380 0.42308099
2017
11533419 26406054 0.436771772
2018
11217145 27316604 0.410634682
2019
11060412 32081619 0.344758536
2020
In general, many investors look for a company to have a debt ratio between
0.3 and 0.6. From a pure risk perspective, debt ratios of 0.4 or lower are
considered better, while a debt ratio of 0.6 or higher makes it more difficult
to borrow money.
Times interest earned ratio:
times interest earned
operating income interest expense ratio
years
4257015 78275 54.38537209
2016
4472290 88489 50.54063217
2017
3380551 44766 75.51603896
2018
3026980 38019 79.61755964
2019
3512536 17149 204.8245379
2020
Times interest earned ratio measures a company's ability to continue to

service its debt. It is an indicator to tell if a company is running into financial
trouble. A high ratio means that a company is able to meet its interest
obligations because earnings are significantly greater than annual interest
obligations.
Inventory management ratio:
years COGS Average inventory inventory management ratio
2016 8331840 7196874 1.157702636

2017 8842960 3171362 2.788379252
2018 11697583 3649066 3.205637552
2019 15978032 3395522 4.705618753
2020 18107543 4096871 4.419847
Inventory management ratio is increasing gradually over the years The

higher the inventory turnover, the better, since high inventory turnover
typically means a company is selling goods quickly, and there is
considerable demand for their products
Accounts receivable turnover ratio:
net sales Avg receivable Accounts receivable turnover

13918340 114864 121.1723429
14735172 105787 139.2909526
16495659 201370 81.91716244
20780934 235807 88.12687494
23948118 43003 556.8941237
For accounts receivable turnover a higher number is better. It means that

your customers are paying on time and your company is good at collecting
debts. Attock Company is however seen with increase of accounts
receivable turnover ratio from year 2016 to 2017 after which the ratio
declines to 88.12 in year 2019 and then a sudden increase of ratio is
shown in 2020.
Profitability ratio
Return on sales:
net sales Net income Return on sales
years
13918340 2890023 0.207641357
2016
14735172 3034057 0.205905774
2017
16495659 4399784 0.266723748
2018
20780934 2073201 0.099764573
2019
23948118 2567101 0.107194296
2020
Return on sales are almost constant for first three years and then are
slightly decreased which signals a very small impending financial troubles.
Return on Assets:
Net income total assets Return on total Assets
years
2890023 14426400 0.200328772
2016
3034057 20709380 0.146506414
2017
4399784 26406054 0.166620276
2018
2073201 27316604 0.075895269
2019
2567101 32081619 0.080017813
2020
An ROA that rises over time indicates the company is doing a good job of
increasing its profits with each investment dollar it spends. A falling ROA
indicates the company might have over-invested in assets that have failed
to produce revenue growth, a sign the company may be trouble. Attock
Company has relative small changes in ROA. There is no drastic change so
we can say that the company is doing just fine.
EPS ratio:
preferred
Net income dividend no of shares EPS
years
2890023 12016831 114501.7036 25.24
2016
3034057 1430045 114535.9381 26.49
2017
4399784 1544647 137407.3704 32.02
2018
2073201 914996 137389.0656 15.09
2019
2567101 916180 318498.8834 8.06
2020
EPS indicates how much money a company makes for each share of its
stock and is a widely used metric for estimating corporate value. A higher
EPS indicates greater value because investors will pay more for a company's
shares if they think the company has higher profits relative to its share
price. Attock Company has increased EPS from 25.24 to 32.3 in year 2016-
18, and then the EPS is declined to 8.06 in year 2020.
Price to earnings ratio:
Market price per
EPS share Price to earnings ratio
years
25.24 239 9.469096672
2016
26.49 303 11.4382786
2017
32.02 135 4.216114928
2018
15.09 71 4.705102717
2019
8.06 125 15.50868486
2020
Price to earnings ratio is increased from 9.4 to 11.4 in year 2017 and then
it is decreased to 4.7 in year 2019 and in year 2020 it is again increased to
15.5.The P/E shows what the market is willing to pay today for a stock
based on its past or future earnings. A high P/E could mean that a stock's
price is high relative to earnings and possibly overvalued. Conversely, a low
P/E might indicate that the current stock price is low relative to earnings.
Book value per share
Book value per
no of shares preferred equity Total equity share
years
114501.7036 1145225 10446843 10442051.26
2016
114535.9381 1145225 11947635 11943855.38
2017
137407.3704 11455225 14872635 14787781.48
2018
137389.0656 1347279 16099459 16080483.24
2019
318498.8834 1374270 21021207 21010212.84
2020
The book value per share is increased gradually in the years 2016 to 2020
the higher the book value, the more the share is worth.
Vertical Analysis and its interpretation
2016 2017 2018 2019 2020

Income
statement
analysis values % values % values % Values % values %
Revenue 1391834 100.00% 1473517 100 16495659 100.00% 20780934 100.00% 37128726 100.00%
cost of sales 833184 59.86% 884296 60.01% 11697583 70.91% 15978032 76.89% 18107543 48.77%
gross profit 558650 40.14% -884296 -60.01% 4798076 29.09% 4802902 23.11% 5840575 15.73%
distribution
costs 95475 6.86% 90353 6.13% 782218 4.74% 1414820 6.81% 1840494 4.96%
Administrative
expenses 40179 2.89% 41938 2.85% 533111 3.23% 505149 2.43% 542149 1.46%
other
expenses 31405 2.26% 33365 2.26% 163000 0.99% 149756 0.72% 92274 0.25%
net income -
before tax 391591 28.13% 1049952 -71.25% 3129379 18.97% 2403201 11.56% 2992101 8.06%
income tax
expense 134568 9.67% 140986 9.57% 1270405 7.70% 330000 1.59% 425000 1.14%
net income 289002 20.76% 303406 20.59% 4399784 26.67% 2073201 9.98% 2567101 6.91%
Balance sheet
Analysis
Assets
total current
assets 719687 49.89% 317136 15.31% 6728950 25.48% 7646946 27.99% 10059777 31.36%
total non-
current assets 722953 50.11% 1753802 84.69% 19677104 74.52% 19669658 72.01% 22021842 68.64%
Total Assets 1442640 100.00% 2070938 100.00% 26406054 100.00% 27316604 100.00% 32081619 100.00%
Total equity 1044684 72.41% 1194764 57.69% 14872635 56.32% 16099459 58.94% 21021270 65.52%
non-current
liabilities 123887 31.13% 280823 32.05% 3835386 33.25% 2813576 25.08% 1723481 15.58%
current
liabilities 274068 68.87% 595351 67.95% 7698003 66.75% 8403569 74.92% 9336931 84.42%
total liabilities 397956 27.59% 876174 42.31% 11533419 43.68% 11217145 41.06% 11060412 34.48%
total equity
and liabilities 1442640 100.00% 2070938 100.00% 26406054 100.00% 27316604 100.00% 32081619 100.00%
Interpretation
The above vertical analysis of income statement is done by taking revenue
as a reference point and all other particulars are divided by revenue of
certain year to calculate ratios. As we can see that in year 2016 revenue is
100% as it is a reference point. COGS is calculated by dividing value of
COGS by revenue which is 59.86%. Gross profit is 40.14% calculated by
dividing its value by revenue and so on. The vertical analysis of balance
sheet is done by taking total assets as reference point and then the % of
current and noncurrent assets are calculated with this reference point.
Similarly, the total equity and total liabilities are calculated by using total
equity and liabilities as a reference point.
Horizontal analysis and its interpretation
(base
year) years
Income statement
analysis 2016 2017 2018 2019 2020
values values % values % values % values %
Revenue 1391834 1473517 5.87% 16495659 1085.17% 20780934 1393.06% 23948118 1620.62%
cost of sales 833184 884296 6.13% 11697583 1303.96% 15978032 1817.71% 18107543 2073.29%
-
gross profit 558650 -884296 258.29% 4798076 758.87% 4802902 759.73% 5840575 945.48%
distribution costs 95475 90353 -5.36% 782218 719.29% 1414820 1381.87% 1840494 1827.72%
Administrative
expenses 40179 41938 4.38% 533111 1226.84% 505149 1157.25% 542149 1249.33%
other expenses 31405 33365 6.24% 163000 419.03% 149756 376.85% 92274 193.82%
net income before - -
tax 391591 1049952 368.12% 3129379 699.14% 2403201 513.70% 2992101 664.09%
income tax
expense 134568 140986 4.77% 1270405 844.06% 330000 145.23% 425000 215.83%
net income 289002 303406 4.98% 4399784 1422.41% 2073201 617.37% 2567101 788.26%
Balance sheet
Analysis
Assets
total current
assets 719687 317136 -55.93% 6728950 834.98% 7646946 962.54% 10059777 1297.80%
total noncurrent
assets 722953 1753802 142.59% 19677104 2621.77% 19669658 2620.74% 22021842 2946.10%
Total Assets 1442640 2070938 43.55% 26406054 1730.40% 27316604 1793.51% 32081619 2123.81%
Total equity 1044684 1194764 14.37% 14872635 1323.65% 16099459 1441.08% 21021270 1912.21%
noncurrent
liabilities 123887 280823 126.68% 3835386 2995.87% 2813576 2171.08% 1723481 1291.17%
current liabilities 274068 595351 117.23% 7698003 2708.79% 8403569 2966.24% 9336931 3306.79%
total liabilities 397956 876174 120.17% 11533419 2798.16% 11217145 2718.69% 11060412 2679.31%
total equity and

liabilities 1442640 2070938 43.55% 26406054 1730.40% 27316604 1793.51% 32081619 2123.81%
Interpretation:
In this horizontal analysis we have taken 2016 as a base year. All the
analysis is done by applying the
Horizontal trend analysis formula = (value of current year-value of base
year)/base year.
The trend that we get from the analysis is shown in the graphs below:
REVENUE TREND:
As the trend shows that the revenue of the company is increasing from year
2017 to 2020.
NET INCOME:
The net income shows the mixed trend as it is increased from 4.98 to 1422.41
from year 2017 to 2018 and from year 2018 to 2019 it started decreasing from
1422 to 617 and in 2020 it was again increased to 788.26.
TOTAL ASSETS:
The total assets of Attock company ltd are increasing in the years 2017 to
2020.the increase from year 2017 to 2018 is the highest and after 2018
there are slight increasing in assets of the company.
Equity and liabilities:
The equity and liabilities of the Attock company are showing an increased
trend from year 2017 to 2020.
2)
Bestway cement ltd
Bestway Cement Limited is a Pakistani building materials company which is a subsidiary of

British company Bestway Group. The company is based in Islamabad, Pakistan.
It was founded in 1993 and is listed on the Pakistan Stock Exchange.
Type: Public
Traded as: PSX: BWCL
Industry: Cement
Founded: 1993; 28 years ago
Headquarters: Islamabad, Pakistan
Parent: Bestway Group
Website: www.bestway.com.pk
Background:
In the early 1990’s Bestway Group decided to diversify into other sectors and identified the
Pakistani cement sector under Sir Anwar’s and Lord Choudhry’s stewardship.
Although the Group had no prior experience in the cement sector, they were buoyed at the
prospect of entering a new territory and a new sector. The Group was unable to acquire an
existing cement manufacturer and made the decision to venture into the sector from a
standing start.
Lord Zameer Choudhry was given responsibility of the cement venture and remains Chief
Executive of the business. From a barren piece of land acquired in Hattar, Pakistan in 1994,
Bestway Cement has grown to become Pakistan’s 2nd largest cement manufacturer with an
annual capacity of 12.9 million tonnes and employing over 2,500 individuals.
Investment History
Bestway Group has invested more than $1 billion into the Pakistani cement sector.
Bestway Cement is Pakistan’s 2nd largest cement manufacturer with an annual production
capacity of 10.7 million tonnes per annum and is listed on the Pakistan Stock Exchange in
Karachi.
Bestway Cement employs over 2,500 individuals who are all aligned with the company’s
vision “to produce high quality cement at the lowest cost”. It supplies cement to the local
market and also exports. Bestway Cement is the market leader in the North of Pakistan and is
also the largest exporter to Afghanistan and India.
FINANACIAL ANALYSIS ( 2016-2020)
RATIO ANALYSIS:
Ratio analysis of Bestway cement has been done from year 2016
to 2020. All the data is collected from annual reports of the
company.
Interpretation:
Current ratio

11764621 9734424 1.208558514
2016
15533975 13525729 1.14847599
2017
19302686 26552069 0.726974836
2018
15053645 24734012 0.608621238
2019
17234410 18675251 0.92284757
2020
current ratio drops from 1.2 to 0.9 from year 2016 to 2020.
working capital
management
years current assets current liabilities
11764621 9734424 2030197
2016
15533975 13525729 2008246
2017
19302686 26552069 -7249383
2018
15053645 24734012 -9680367
2019
17234410 18675251 -1440841
2020
The working capital decreases in 2016 to 2020 and is temporarily negative,
it typically indicates that the company may have incurred a large cash outlay
or a substantial increase in its accounts payable as a result of a large
purchase of products and services from its vendors.
Quick ratio:
years
9734424 1206357 0.123926901
2016
13525729 1610096 0.119039499
2017
26552069 2108522 0.079410836
2018
24734012 1130864 0.04572101
2019
18675251 1213848 0.064997681
2020
There is a slight decline in quick ratio in year 2016 to 2020 and which
indicates that Bestway Company suffered from little financial crisis for a
period of time.
Debt ratio:
Total
years
35836779 77820154 0.460507685
2016
33995867 81765122 0.415774675
2017
41660768 94970640 0.438669972
2018
35376393 92982311 0.380463688
2019
40153295 94806495 0.423528947
2020
to borrow money.

45721040 449043 101.8188459
51623476 1040015 49.63724177
52883667 1546944 34.18589619
53601512 1208589 44.35048805
37128726 741395 50.07954734

debts. Bestway Company is however seen with decrease of accounts
receivable turnover ratio from year 2016 to 2018 after which the ratio
moves upward to 44.35 in year 2019 and then a sudden increase of ratio is
shown in 2020 which is 50.07.
Profitability ratio
Return on sales:
years
45721040 11880417 0.25984573
2016
51623476 13292642 0.257492192
2017
52883667 13157706 0.248804721
2018
53601512 10097285 0.188376869
2019
37128726 49252 0.00132652
2020
Return on sales are almost constant for first three years and then are
slightly decreased which signals a very small impending financial troubles.
Return on Assets:
years
11880417 77820154 0.152665041
2016
13292642 81765122 0.162571053
2017
13157706 94970640 0.138544986
2018
10097285 92982311 0.108593612
2019
49252 94806495 0.0005195
2020
to produce revenue growth, a sign the company may be trouble. Bestway
Company has relative small changes in ROA. There is no drastic change so
we can say that the company is doing just fine.
EPS ratio:
preferred
years
11880417 27496 579532.5366 20.5
2016
13292642 102332 596350.0224 22.29
2017
13157706 1216999 596180.6072 22.07
2018
10097285 1022361 596413.7626 16.93
2019
49252 231089 615650 0.08
2020
price. Bestway Company has increased EPS from 20.5 to 22.07 in year
2016-18, and then the EPS is declined to 0.08 in year 2020.
Market price per
years
20.5 215.045 10.49
2016
22.29 254.5518 11.42
2017
22.07 158.0212 7.16
2018
16.93 118.0021 6.97
2019
0.08 99.5536 1244.42
2020
Price to earnings ratio is increased from 10.49 to 11.4 in year 2017 and
then it is decreased to 7.16 in year 2019 and in year 2020 it is again
increased to
1244.42.The P/E shows what the market is willing to pay today for a stock
based on its past or future earnings. A high P/E could mean that a stock's
price is high relative to earnings and possibly overvalued. Conversely, a low
P/E might indicate that the current stock price is low relative to earnings.
Book value per
Years
579532.5366 5793849 41983375 168288.1536
2016
596350.0224 5962528 47769255 164236.619
2017
596180.6072 5962528 53309872 299626.5311
2018
596413.7626 5962528 57605918 437648.0588
2019
615650 5962528 54653200 489090.0178
2020
the higher the book value, the more the share is worth
2016 2017 2018 2019 2020

Income
statement
analysis values % values % values % values % values %
457210 100.00% 516234 100.00% 528837 100.00% 536015 100.00% 371287 100.00%
Revenue
245733 53.75% 290907 56.35% 332981 62.96% 375565 70.07% 360119 96.99%
cost of sales
211476 46.25% 225237 43.63% 189554 35.84% 160449 29.93% 11167 3.01%
gross profit
distribution 11768 2.57% 15589 3.02% 16271 3.08% 13390 2.50% 7943 2.14%
costs
Administrative 24639 5.39% 24046 4.66% 20632 3.90% 7114 1.33% 5793 1.56%
expenses
other 89069 1.95% 12297 2.38% 12177 2.30% 8267 1.54% 167 0.05%
expenses
net income 170779 37.35% 186641 36.15% 149644 28.30% 132455 24.71% 5064 1.36%
before tax
income tax 51975 11.37% 53715 10.41% 18067 3.42% 31482 5.87% 5557 1.50%
expense
118804 25.98% 132926 25.75% 131577 24.88% 100972 18.84% 492 0.13%
net income
Balance sheet
Analysis
total current 11764621 15.12% 15533975 19.00% 19302686 20.32% 15053645 16.19% 77572085 81.82%
assets
total non- 66055533 84.88% 6623147 8.10% 75667954 79.68% 77928666 83.81% 17234410 18.18%
current assets
77820154 100.00% 81765122 100.00% 94970640 100.00% 92982311 100.00% 94806495 100.00%
Total Assets
41983375 53.95% 47769255 58.42% 53309872 56.13% 57605918 61.95% 54653200 57.65%
Total equity
non-current 26102355 72.84% 20470138 60.21% 15108699 36.27% 10642381 30.08% 21478044 53.49%
liabilities
current 9734424 27.16% 13525729 39.79% 26552069 63.73% 24734012 69.92% 18675251 46.51%
liabilities
35836779 46.05% 33995867 41.58% 41660768 43.87% 35376393 38.05% 40153295 42.35%
total liabilities
total equity 77820154 100.00% 81765122 100.00% 94970640 100.00% 92982311 100.00% 94806495 100.00%
and liabilities
Interpretation
COGS by revenue which is 53.75%. Gross profit is 46.25% calculated by
dividing its value by revenue and so on. The vertical analysis of balance
(base year) years

Income statement
analysis 2016 2017 2018 2019 2020
45721040 51623476 12.91% 52883667 15.67% 53601512 17.24% 37128726 -18.79%
Revenue
24573384 29090753 18.38% 33298169 35.51% 37556552 52.83% 36011992 46.55%
cost of sales
21147656 22523723 6.51% 18955498 -10.37% 16044960 -24.13% 1116734 -94.72%
gross profit
1176860 1558903 32.46% 1627168 38.26% 1339086 13.78% 794312 -32.51%
distribution costs
Administrative 2463969 2404652 -2.41% 2063232 -16.26% 711411 -71.13% 579308 -76.49%
expenses
890693 1229785 38.07% 1217711 36.72% 826752 -7.18% 16743 -98.12%
other expenses
net income before 17077994 18664166 9.29% 14964464 -12.38% 13245550 -22.44% 506480 -97.03%
tax
income tax 5197577 5371526 3.35% 1806758 -65.24% 3148265 -39.43% 555732 -89.31%
expense
11880417 13292640 11.89% 13157706 10.75% 10097285 -15.01% 49252 -99.59%
net income
Balance sheet
Analysis
Assets
total current 11764621 15533975 32.04% 19302686 64.07% 15053645 27.96% 77572085 559.37%
assets
total noncurrent 66055533 6623147 -89.97% 75667954 14.55% 77928666 17.97% 17234410 -73.91%
assets
77820154 81765122 5.07% 94970640 22.04% 92982311 19.48% 94806495 21.83%
Total Assets
41983375 47769255 13.78% 53309872 26.98% 57605918 37.21% 54653200 30.18%

Total equity
noncurrent 26102355 20470138 -21.58% 15108699 -42.12% 10642381 -59.23% 21478044 -17.72%
liabilities
9734424 13525729 38.95% 26552069 172.76% 24734012 154.09% 18675251 91.85%
current liabilities
35836779 33995867 -5.14% 41660768 16.25% 35376393 -1.28% 40153295 12.04%
total liabilities
total equity and 77820154 81765122 5.07% 94970640 22.04% 92982311 19.48% 94806495 21.83%
liabilities
Interpretation:
year)/base year.
REVENUE TREND:
As the trend shows that the revenue of the company is decreasing from year
2017 to 2020.
NET INCOME:
The net income is decreased in negative from year 2016 to 2020.
TOTAL ASSETS:
The total assets of Bestway company ltd are increasing in the year 2018
and ten is constant in 2019 and is again slightly increased to 2020.
The equity and liabilities of the Bestway company are showing an increased
trend from year 2017 to 2018 and then is decreased in 2019 and again
increases in 2020.
Presented by:
Laiba Ashfaq-
640/FMS/BSAF/S
21
1:
Power Cement Limited was established as Private Limited Company

on 01st December, 1981 and was converted into Public Limited
Company on 09 July 1987 and is listed on Karachi and Lahore Stock
Exchanges. The Company’s principal activity is manufacturing, sell
and marketing of cement. The registered office of the Company is
situated at 23, Arif Habib Center, M. T. Khan Road, Karachi and its
undertaking is situated at DehKaloKohar, Nooriabad Industrial Estate,
District Dadu (Sindh).
Ratio Analysis
Ratio analysis of power cement has been done from year 2016 to 2020.
All the data is collected from annual reports of the company.
Interpretation:
Current ratio
2016 1769369 1945128 0.909641422
2017 6096806 2381223 2.560367509
2018 4640126 3238059 1.432996125
2019 6619082 9769846 0.67750116
2020 7126065 19507355 0.365301447
Generally, your current ratio shows the ability of your business to generate cash
to meet its short-term obligations. A decline in this ratio can be attributable to an
increase in short-term debt, a decrease in current assets, or a combination of both.
As we can see in above table that the company current ratio drops from 0.9to 0.6
from year 2016 to 2019 and then increases from 0.6 to 0.36 in year 2020.
working
capital
current current management
years assets liabilities
-175759
2016 1769369 1945128
3715583
2017 6096806 2381223
1402067
2018 4640126 3238059
-3150764
2019 6619082 9769846
-12381290
2020 7126065 19507355
The working capital decreases in 2016 to 2019 and is temporarily negative, it

typically indicates that the company may have incurred a large cash outlay or a
substantial increase in its accounts payable as a result of a large purchase of
products and services from its vendors. It then again has a positive value in 2020.
Positive working capital shows that your business has sufficient liquid assets to
pay off immediate debts.
Quick ratio:
years
1945128 6253627 3.215020811
2016
2381223 22387487 9.401675946
2017
3238059 73788874 22.78799552
2018
9769846 73247837 7.497337931
2019
19507355 874363784 44.82226237
2020
There is rise in quick ratio in year 2018 to 2020 and then it again started going
upwards which indicates that power Company donot suffer from any financial
crisis .
Debt ratio:
Total
years
635462377 62347783 10.1922209
2016
239821449 23778346 10.08570777
2017
874647875 873489934 1.001325649
2018
278364837 447877558 0.621519949
2019
872367578 389348984 2.240580081
2020
In general, many investors look for a company to have a debt ratio between 1 and
0.6. From a pure risk perspective, debt ratios of 0.6 or lower are considered better,
while a debt ratio of 0.6 or higher makes it more difficult to borrow money.
years
764772 28288078 0.027035135
2016
8743584 78478458 0.11141381
2017
3747458 364765487 0.010273609
2018
8374584 734657467 0.011399304
2019
45784789 83478758 0.548460352
2020
Times interest earned ratio measures a company's ability to continue to service

its debt. It is an indicator to tell if a company is running into financial trouble. A
high ratio means that a company is able to meet its interest obligations because
earnings are significantly greater than annual interest obligations.
345262738 635476742 0.543312942
2016
734748459 735782683 0.998594389
2017
84748489 736476572 0.115072892
2018
64526738 423882755 0.152227797
2019
536474889 89374593 6.002543575
2020
Inventory management ratio is increasing gradually over the years The higher the
inventory turnover, the better, since high inventory turnover typically means a
company is selling goods quickly, and there is considerable demand for their
products

56738577 54556 104.006177
83736567 756785 110.6477626
34566757 87547 394.8365678
755322465 45675 16.89031
455346764 456877 990.6506609
For accounts receivable turnover a higher number is better. It means that your
customers are paying on time and your company is good at collecting debts.
Power Company is however seen with increase of accounts receivable turnover
ratio from year 2016 to 2017 after which the ratio declines to 16.8 in year 2019
and then a sudden increase of ratio is shown in 2020.
Profitability ratio
Return on sales:
Years
56738577 5262788 0.092755023
2016
83736567 8273280 0.09880128
2017
34566757 62576356 1.810304507
2018
755322465 89373877 0.118325459
2019
455346764 562356237 1.235006552
2020
Return on sales are almost constant for first three years and then are slightly
decreased which signals a very small impending financial troubles.
Return on Assets:
Years
5262788 764536746 0.00688363
2016
8273280 564378638 0.014659095
2017
62576356 123896549 0.505069403
2018
89373877 645646679 0.138425365
2019
562356237 565643350 0.994188718
2020
indicates the company might have over-invested in assets that have failed to
produce revenue growth, a sign the company may be trouble. power Company
has relative small changes in ROA. There is no drastic change so we can say that
the company is doing just fine.
EPS ratio:
preferred
years
5262788 56454567 2024149.231 2.6
2016
8273280 89675478 16546560 0.5
2017
62576356 89753560 4927272.126 12.7
2018
89373877 24657689 3803143.702 23.5
2019
562356237 54546678 8033660529 0.07
2020
EPS indicates how much money a company makes for each share of its stock and
is a widely used metric for estimating corporate value. A higher EPS indicates
greater value because investors will pay more for a company's shares if they think
the company has higher profits relative to its share price. Power Company has
increased EPS from 2.6 to 12.7 in year 2016-18, and then the EPS is declined to
0.07 in year 2020.
Price to earning ratio:
Market price per
years
2.6 71 27.30769231
2016
0.5 121 242
2017
12.7 112 8.818897638
2018
23.5 124 5.276595745
2019
0.07 76 10.314286
2020
Price to earnings ratio is increased from 27.3 to 242 in year 2017 and then it is
decreased to 5.2 in year 2019 and in year 2020 it is again increased to 10.3The
P/E shows what the market is willing to pay today for a stock based on its past or
future earnings. A high P/E could mean that a stock's price is high relative to
earnings and possibly overvalued. Conversely, a low P/E might indicate that the
current stock price is low relative to earnings.
Book value per
years
2024149.231 3564634676 56565674 6359551.803
2016
16546560 8455422567 21345689 -48533836.35
2017
4927272.126 854545426 67775587 60145717.13
2018
3803143.702 545465746 45467748 41068830.69
2019
8033660529 675654549 65768977 56878785.57
2020
The book value per share is increased gradually in the years 2016 to 2020 the
higher the book value, the more the share is worth.
2016 2017 2018 2019 2020

ncome
atement
nalysis values % values % values % Values % Values %
62723726 100% 37326473 100.00% 273874674 100.00% 834787554 100% 73288448 100%
evenue
93849438 66.83% 73647344 50.68% 348748543 78.53% 28732455 3.44% 83284587 113.64%
ost of sales
87382472 48.5% 27367442 100.00% 823487523 100.00% 823744742 98.68% 84578574 115.41%
ross profit
stribution 72845849 93.11% 27636446 37.16% 837834782 236.13% 823744409 98.68% 89347845 121.91%
osts
dministrative 73463747 77.62% 72373644 37.53% 847324874 240.24% 384758455 46.09% 98435456 134.31%
xpenses
72637647 78.28% 82738332 98.27% 726377433 242.96% 43878475 5.26% 98342748 134.19%
her expenses
et income 72134448 77.40% 43875847 112.34% 837847742 208.28% 32747858 3.92% 73483475 100.27%
efore tax
come tax 87587866 76.86% 82378237 59.58% 782367824 240.24% 83782458 10.04% 983454 1.34%
xpense
78238347 93.33% 87234556 111.86% 298373847 224.34% 78234643 9.37% 34745755 47.41%
et income
alance sheet
nalysis
ssets
tal current 7673636 177.90% 21536725 2813.65% 8732647 11.42% 3764744 3.85% 2736743 35.28%
ssets
tal non- 6236363 144.58% 62356533 8146.54% 8732464 11.42% 7236473 7.40% 2763344 35.62%
urrent assets
4313456 100% 765436 100% 76453235 100% 97765455 100% 7756788 100%
otal Assets
723874 16.78% 5456764 712.90% 77654366 101.57% 67098656 68.63% 43213445 557.10%
otal equity
on-current 2364673 16.78% 7876756 119.97% 66543567 118.10% 65409778 203.55% 76543576 97.32%
abilities
urrent 2737633 44.04% 5667879 86.33% 67756658 120.25% 66786550 207.83% 67543550 85.87%
abilities
6215636 144.10% 6565547 857.75% 56345453 73.70% 32134565 32.87% 78654566 1014.01%
tal liabilities
Interpretation
The above vertical analysis of income statement is done by taking revenue as a
reference point and all other particulars are divided by revenue of certain year to
calculate ratios. As we can see that in year 2016 revenue is 100% as it is a
reference point. COGS is calculated by dividing value of COGS by revenue
which is 66.83%. Gross profit is48.5 % calculated by dividing its value by
revenue and so on.The vertical analysis of balance sheet is done by taking total
assets as reference point and then the % of current and noncurrent assets are
calculated with this reference point.Similarly, the total equity and total liabilities
are calculated by using total equity and liabilities as a reference point.
(base
year) Years
Income statement
analysis 2016 2017 2018 2019 2020
values values % values % Values % values %
7263728 73463878 911.38% 54545676 650.93% 87236476 1100.99% 6776563
Revenue
7126372 73264745 928.08% 76765798 977.21% 37478458 425.91% 5456767
cost of sales
6235628 76777688 1131.27% 56454469 805.35% 38748443 521.40% 8786775
gross profit
2613526 65656549 2412.18% 66767786 2454.70% 2736473 4.70% 8987786
distribution costs
Administrative 1725362 56556485 3177.95% 76676546 4344.08% 34783488 1916.01% 6567767
expenses
6356237 65657458 932.96% 54655765 759.88% 3748458 -41.03% 6778899
other expenses
net income berfore 3746743 45543545 1115.55% 56579893 1410.11% 8347837 122.80% 5565657
tax
income tax 7438947 54554443 633.36% 65646546 782.47% 8327484 11.94% 6556454
expense
3758475 34445567 816.48% 5456677 45.18% 48758667 1197.30% 9894544
net income
Balance sheet
Analysis
Assets
829877 762672 -8.10% 622762 -24.96% 8726726 951.57% 8378478
total current assets
total non-current 997574 599766 -39.88% 625672 -37.28% 7239844 625.75% 7843488
assets
3483747 6723633 93.00% 73678447 2014.92% 27367364 685.57% 7834644
Total Assets
6723276 78364873 1065.58% 73227473 989.16% 84758484 1160.67% 8743753

Total equity
non-current 8378374 73463764 776.83% 36473673 335.33% 83498439 896.59% 8347847
liabilities
3847673 76477332 1887.63% 23767463 517.71% 82374342 2040.89% 3847744
current liabilities
2736374 72356331 2544.24% 63287484 2212.82% 23784995 769.22% 8237844
total liabilities
total equity and 3483747 6723633 93.00% 73678447 2014.92% 27367364 685.57% 7834644
libilities
Interpretation:
In this horizontal analysis we have taken 2016 as a base year. All the analysis is
done by applying the
year)/base year.
State Cement Corporation of Pakistan (SCCP) established a 1000 TPD
Romanian cement line at Kohat in 1984. The Government of Pakistan
in open bidding in 1992 privatized the Company.
Parent organization: ANS Capital (Pvt) Limited
Subsidiary: Kohat Cement Educational Trust
Founded: 1980
Head Office Details
LAHORE 37-P, Gulberg II,

Lahore. Pakistan.
Company Executives Kohat Cement Co. Ltd.

 Aizaz Mansoor Sheikh Chairman.
 Nadeem Atta Sheikh Chief Executive Officer & Executive Director.
 Khurram Shahzad Chief Financial Officer.
 Hijab Tariq Non-Executive Director.
 Muhammad Rehman Sheikh Non-Executive Director.
 Hafsa Nadeem Non-Executive Director.

Ratio Analysis
Ratio analysis of Kohat cement has been done from year 2016 to
2020. All the data is collected from annual reports of the
company.
Interpretation:
Current ratio
2016 9218376 3261783 2.826176971
2017 8928774 2783703 3.20751675
2018 10407062 3679030 2.8287516
2019 5606262 5523905 1.014909199
2020 5237624 6279548 0.834076593
current ratio drops from 2.8 to 0.8 from year 2018 to 2020.
working capital
management
Years current assets current liabilities
5956593
2016 9218376 3261783
6145071
2017 8928774 2783703
6728032
2018 10407062 3679030
82357
2019 5606262 5523905
-1041924
2020 5237624 6279548
The working capital increases in 2016 to 2018. In 2019 decreases and

in2020 it is temporarily negative, it typically indicates that the company may
have incurred a large cash outlay or a substantial increase in its accounts
payable as a result of a large purchase of products and services from its
vendors.
Quick ratio:
Years
3261783 5362719 1.644106613
2016
2783703 5178398 1.860255207
2017
3679030 4145617 1.126823375
2018
5523905 7267128 1.31557802
2019
6279548 1562728 0.24885995
2020
Quick ratio decreases from 2018 to 2020. the lower the ratio, the more
likely the company will struggle with paying debts.
Debt ratio:
Total
years
22456778 264628788 0.084861432
2016
45828289 734742387 0.062373275
2017
78262897 82864327 0.944470315
2018
112287672 72824324 1.541897897
2019
115245878 473844897 0.243214349
2020
to borrow money.
Years
7343828 188237 39.01373269
2016
8389845 237892 35.2674533
2017
2821378 812783 3.471256166
2018
3265267 387743 8.421214567
2019
23984 455646 0.052637354
2020
Times interest earned ratio measures a company's ability to continue to

service its debt. It is an indicator to tell if a company is running into financial
trouble. A high ratio means that a company is able to meet its interest
obligations because earnings are significantly greater than annual interest
obligations.

2016 48965432 24677356 1.984225214

2017 35678467 94298376 0.378357173
2018 4567757 56786557 0.080437294
2019 5823478 43467467 0.133973254
2020 4567884 57476745 0.079473603
Inventory management ratio is decreasing gradually over the years. A lower

ratio can point to weak sales and/or decreasing market demand for the
goods.

236794535 3424657 69.14401501
34455678 5674536 6.071981568
346557865 234556 1477.505862
56327689 346423 162.5980059
345436884 346435 997.1188939

debts. Kohat cement Company is however seen with increase of accounts
receivable turnover ratio from year 2018 to 2020 .
Profitability ratio
Return on sales:
Years
236794535 3425675 0.014466867
2016
34455678 35454345 1.028984105
2017
346557865 6467437 0.018661925
2018
56327689 6435467 0.114250507
2019
345436884 76543433 0.221584424
2020
In Return on sales there are small changes each year from 2016 to 2020
Return on Assets:
Years
0.014466867 45356778 0.0755273
2016
1.028984105 45637869 0.776862412
2017
0.018661925 4536799 1.425550702
2018
0.114250507 567578867 0.011338454
2019
0.221584424 45346788 1.687957105
2020
to produce revenue growth, a sign the company may be trouble .kohat
cement Company has relative small changes in ROA. There is no drastic
change so we can say that the company is doing just fine.
EPS ratio:
preferred
years
3425675 53537628 158596.0648 21.6
2016
35454345 73536738 1087556.595 32.6
2017
6467437 6363478 313953.2524 20.6
2018
6435467 367348 292521.2273 22
2019
76543433 5363738 127572388.3 0.6
2020
price. Kohat cement Company has decreased EPS from year 2017-19, and
then the EPS is declined to 0.6 in year 2020.

Market price per
years
21.6 135 6.25
2016
32.6 124 3.803680982
2017
20.6 103 5
2018
22 64 2.909090909
2019
0.6 352 586.6666667
2020
Price to earnings ratio is decreased in year 2019 and then it is increased to

in year 2020.The P/E shows what the market is willing to pay today for a
stock based on its past or future earnings. A high P/E could mean that a
stock's price is high relative to earnings and possibly overvalued.
Conversely, a low P/E might indicate that the current stock price is low
relative to earnings.

Book value per
Years
158596.0648 45355646 63647489 135495.1333
2016
1087556.595 34564678 74747589 324055.7339
2017
313953.2524 76468895 84757859 80475.37864
2018
292521.2273 56764689 74748489 280996.875
2019
127572388.3 456774689 84849498 -1056605.656
2020
and then decreases from year 2019 to 2020.
2016 2017 2018 2019 2020

Income
statement
analysis values % values % values % values % values %
Revenue 543424 100.00% 796747 100% 4556645 100% 6215317 100% 7846467 100.00%
cost of sales 344535 63.40% 753455 94.57% 664578 14.58% 2563723 41.25% 847877 10.81%
gross profit 76565 14.09% 456676 57.32% 543456 11.93% 635462 10.22% 7346746 93.63%
distribution
costs 454453 83.63% 67765 8.51% 656456 14.41% 652367 10.50% 5478586 69.82%
Administrative
expenses 44345 8.16% 56654 7.11% 677545 14.87% 716237 11.52% 456466 5.82%
other
expenses 23134 4.26% 65667 8.24% 902939 19.82% 652671 10.50% 3427371 43.68%
net income
before tax 45456 8.36% 56563 7.10% 726372 15.94% 615265 9.90% 65678 0.84%
income tax
expense 76655 14.11% 76478 9.60% 372647 8.18% 565266 9.09% 744841 9.49%
net income 65567 12.07% 63256 7.94% 89754 1.97% 459489 7.39% 378643 4.83%
Balance sheet
Analysis
Assets
total current
assets 5444335 11.99% 787564 1.81% 726736 1.00% 723763 1.48% 625365 0.11%
total non-
current assets 7757755 17.08% 4556456 10.49% 675245 0.93% 372734 0.76% 84874 0.02%
Total Assets 45424552 100.00% 43455436 100.00% 72364736 100.00% 48738489 100.00% 548908590 100.00%
Total equity 8755466 19.27% 9089876 20.92% 6325636 8.74% 7327430 15.03% 34878378 6.35%
non-current
liabilities 3445424 7.58% 6545566 15.06% 5252520 7.26% 3278374 6.73% 87234834 15.89%
current
liabilities 9786454 21.54% 4344555 10.00% 736783 1.02% 6253667 12.83% 73298833 13.35%
total liabilities 3223455 7.10% 566767 1.30% 761276 1.05% 763453 1.57% 34383838 6.26%
total equity
and liabilities 45424552 100% 43455436 100.00% 72364736 100% 48738489 548908590 100%
(base
year) years
Income statement
analysis 2016 2017 2018 2019 2020
Revenue 545346 854678 56.72% 3467838 37.37% 4763782 -88.99% 524263 -3.8
cost of sales 25364 41635 64.15% 94854 9120.33% 8745856 -96.98% 263762 939.9
gross profit 5567763 432421 -92.23% 58498 1227.83% 776756 6.04% 823677 -85.2
distribution costs 53465 73647 37.75% 465483 18969.75% 88766456 -60.87% 34736767 64871.0
Administrative
expenses 763437 743673 -2.59% 475683 9858.03% 47368659 -94.01% 2837997 271.7
other expenses 398473 75844 -80.97% 348754 13487.71% 47387676 -99.16% 398376 -0.0
net income
berfore tax 173435 47861 -72.40% 784634 9630.44% 76348367 -95.46% 3467568 1899.3
income tax
expense 535941 437584 -18.35% 38748 203234.02% 78787867 -99.28% 565667 5.5
net income 837598 348383 -58.41% 48736 566930.08% 276347778 -99.88% 343743 -58.9
Balance sheet
Analysis
Assets
total current
assets 523636 536322 61.91% 847837 -8.94% 476834 40.33% 734827 0.59031
total non current
assets 235367 377738 107.26% 487830 232.88% 783487 253.81% 832748 1972.75
Total Assets 3573273 3673726 22.53% 4378327 -2.65% 3478748 36.53% 4878574 -100.00
Total equity 8347939 4859830 77.67% 8634476 -71.93% 2343675 234.81% 7846874 -6.00
non current
liabilities 9348738 4895948 100.65% 9823478 -37.43% 5849598 -43.77% 3289437 -64.81
current liabilities 3847383 9384589 -6.80% 8746377 29.53% 4983484 20.09% 5984894 55.56
total liabilities 8374383 9835897 -75.93% 2367673 -94.29% 478479 1150.84% 5984985 -28.53
total equity and

libilities 3573273 3673726 22.53% 4378327 -2.65% 3478748 36.53% 4878574 36.53
Interpretation:
year)/base year.
REVENUE TREND:
2017 to 2019 and then increases in 2020.
NET INCOME:
The net income shows the mixed trend as it is increased from year 2017 to 2018
and decreases from year 2018 to 2019 till 2020.
TOTAL ASSETS:
The total assets of kohat company ltd are decreasing in the years 2017 to
2018. Then increase from year 2018 to 2019 and then decreases in 2020
The equity and liabilities of the kohat company are decreased from year
2017 to 2018 and then increases from year 2019 to 2020.
Presented by: shazmeena beig
Safe Mix Concrete Products Limited. (“SMCPL” or “the Company”), an Arif Habib
Group Company, is one of the pioneer companies providing ready mix concrete for
construction projects in Pakistan. The Company was incorporated on 04 April 2005
as a private limited company.
Address: S, Sector 7C, Nusrat Bhutto Status of Company Listed Company

Colony Sector 7 C North Karachi
Twp, Karachi, Karachi City, Sindh
Associated Companies
Arif Habib Limited | http://arifhabibltd.com/
Power Cement Limited | http://powercement.com.pk/
Javedan Corporation Limited | http://jcl.com.pk/
Ratio Analysis:
Ratio analysis of Safe mix concrete limited has been done from year
2016 to 2020. All the data is collected from annual reports of the
company.
Interpretation:
Liquidity Ratios:
Working capital Current Quick /Acid

Years management Ratio test Ratio
ratio
2016 97,516,666 1.8 0.48
2017 100249083 1.6 0.48
2018 29499237 1.075 0.22
2019 -98876276 0.72 0.129
2020 -121373108 0.62 0.14
Current ratio:
increase in short-term debt, a decrease in current assets, or a combination of
both. As we can see in above table that the company current ratio drops from 1.8
to 0.62 from year 2016 to 2020
Working capital management:
The working capital decreases 2016 to 2020. In 2019 and 2020 working capital
is negative. If a company's working capital ratio falls below one, it has a
negative cash flow, meaning its current assets are less than its liabilities.
The company cannot cover its debts with its current working capital. In this
situation, a company is likely to have difficulty paying back its creditors.
Quick ratio:
Quick ratio of safe mix company slightly decreases every year from 2016 to 2020.
As a general rule, a quick ratio greater than 1.0 indicates that a business or
individual is able to meet their short-term obligations. A low or decreasing ratio
generally indicates that: The company has taken on too much debt; ... The
company is paying its bills too quickly
Long term debt management ratios:
Year Debt Ratio Time interest

earned ratio
2016 0.29 2.31
2017 0.42 1.29
2018 0.59 1.029
2019 6.42 0.79
2020 0.62 0.9
Debt ratio:
In general, many investors look for a company to have a debt ratio between 0.3
and 0.6. From a pure risk perspective, debt ratios of 0.4 or lower are considered
better, while a debt ratio of 0.6 or higher makes it more difficult to borrow money.
As we can see in above table debt ratio increases from 0.29 to 0.62 in year from
2016 to 2020

earnings are significantly greater than annual interest obligations. In above table
time interest ratio decreases from year 2016 to 2019.
Turnover ratios:
Year Inventory management Account receivables

ratio turnover ratio
2016 11.26 8.37
2017 7.16 3.27
2018 14.38 6.9
2019 16.93 13.21
2020 9.06 10.58

Inventory management ratio is increasing and decreasing each year. The higher
the inventory turnover, the better, since high inventory turnover typically means a
products.

Maple leaf cement company is however seen with decrease of accounts
receivable turnover ratio from year 2016 to 2017. An accounts receivable
turnover increases in year from 2018 to 2020
Profitability ratio:
Year Return on sales Return on total assets Earnings per

share
2016 0.14 0.096 1.49
2017 0.09 0.54 0.67
2018 0.0047 0.047 0.1
2019 0.034 0.12 1.19
2020 0.24 0.203 3.95
Return on sales:
Return on sales (ROS) is a ratio used to evaluate a company's operational
efficiency. This measure provides insight into how much profit is being produced
per dollar of sales. An increasing ROS indicates that a company is improving
efficiency, while a decreasing ROS could signal impending financial troubles.
Return on Assets:
increasing its profits with each investment dollar it spends. A falling ROA indicates
the company might have over-invested in assets that have failed to produce
revenue growth, a sign the company may be trouble. Safemix concrete Company
has relatively small changes in ROA. There is no drastic change so we can say
that the company is doing just fine.
Earnings Per Share ratio:

Earnings per share (EPS) is a company's net profit divided by the number of
common shares it has outstanding. A higher ratio indicates that the company's
profitability has increased and it is running its business efficiently. On the other
hand, lower ratio indicates that the company's profit has reduced and is not
utilizing the funds efficiently. Safemix concrete company EPS decreases from year
2016 to 2018. Which shows that company health is poor and in year 2019 and
2020 it increases.
Investment:
Year Price to earnings Book value per share
Ratio
2016 177.18 0.59
2017 844.776 0.49
2018 2570 1.32
2019 189.915 1.13
2020 115.696 0.502
Price to earnings Ratio:

The price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that
measures its current share price relative to its earnings per share (EPS). A high
P/E could mean that a stock's price is high relative to earnings and possibly
overvalued. Conversely, a low P/E might indicate that the current stock price is
low relative to earnings. Safemix concrete P/E ratio increases from year 2016 to
2018 and then decreases in 2019 and 2020.
Book value per share:

The book value per share in Safemix concrete decreases from year 2016 to 2017
and then increases in 2018. Again decreases in year from 2019 to 2020.
2016 2017 2018 2019 2020

Income
statement value % value % value % value % value %
analysis
Revenue 304,467,342 100.00% 197,858,437 100.00% 590,070,371 100.00%879,312,072 100.00% 409,447,827 100.0
cost of sales 28187468 9.26% 19096939 9.65% 551690674 93.50% 865539147 98.43% 422447307 103.1
gross profit 22779874 7.48% 6888798 3.48% 38379697 6.50% 13772925 1.57% 12999480 3.17%
Distribution
cost 1,121,429 0.37% 1,784,788 0.90% 1,595,843 0.27% 1,784,788 0.20% 1,617,445 0.40%
Administrative
expenses 25056498 8.23% 28467849 14.39% 29037543 4.92% 24942008 2.84% 20884239 5.10%
other
expenses 872,804 0.29% 724,937 0.37% 60,000 0.01% 45,000 0.01% 600,000 0.15%
net income
before tax 54,897,677 18.03% 29,020,218 14.67% 1,126,046 0.19% 3,647,752 0.41% 4,576,821 1.12%
income tax
expense 639,191 0.21% 6,999,583 3.54% 9,923,084 1.68% 916,133 0.10% 987,378 0.24%
net income 279,410,844 91.77% 169,390,588 85.61% 561,032,828 95.08% 854,370,064 97.16% 388,563,588 94.90
Balance sheet
Analysis
ASSETS
total current
assets 218948735 48.23% 265505918 91.98% 417765164 33.00% 263226440 43.26% 202861674 41.40
total non-
current assets 235038531 51.77% 238396531 82.58% 335743285 26.52% 345247969 56.74% 287201113 58.60
Total Assets 453987266 100.00% 288669912 100.00% 1265960504 100.00% 608474409 100.00% 490062787 100.0
Total equity 256441019 56.49% 238694210 82.69% 591056394 46.69% 538148433 88.44% 177356035 36.19
non-current
liabilities 649141780 34.84% 49975702 100.00% 62093064 12.12% 29101630 6.92% 4235985 1.35%
current
liabilities 1214320690 65.16% 215232537 430.67% 450358991 87.88% 391224346 93.08% 308470767 98.65
total liabilities 1863462470 410.47% 49975702 17.31% 512452055 40.48% 420325976 69.08% 312706752 63.81
total equity
and liabilities 453987266 100.00% 288669912 100.00% 1265960504 100.00% 608474409 100.00% 490062787 100.0
reference point. COGS is calculated by dividing value of COGS by revenue which is
9.26% . Gross profit is 7.48%. calculated by dividing its value by revenue and so on.
The vertical analysis of balance sheet is done by taking total assets as reference
point and then the % of current and noncurrent assets are calculated with this
reference point. Similarly, the total equity and total liabilities are calculated by
using total equity and liabilities as a reference point
2016 Base
year
2017 2018 2019 2020
Income Value % Value % Value % Value % value %
statement
analysis
Revenue 304,467,342 197,858,437 -35.01% 590,070,371 198.23% 879,312,072 49.02% 409,447,827 -53.44
cost of sales 28187468 19096939 -32.25% 551690674 2788.90% 865539147 56.89% 422447307 -51.19
gross profit 22779874 6888798 -69.76% 38379697 457.13% 13772925 -64.11% 12999480 -5.62%
Distribution
cost 1,121,429 1,784,788 59.15% 1,595,843 -10.59% 1,784,788 11.84% 1,617,445 -9.38%
Administrative
expenses 25056498 28467849 13.61% 29037543 2.00% 24942008 -14.10% 20884239 -16.27
1233.3
other expenses 872,804 724,937 -16.94% 60,000 -91.72% 45,000 -25.00% 600,000 %
net income
before tax 54,897,677 29,020,218 -47.14% 1,126,046 -96.12% 3,647,752 223.94% 4,576,821 25.47%
income tax
expense 639,191 699,958 9.51% 9,923,084 1317.67% 916,133 -90.77% 987,378 7.78%
net income 279,410,844 226,326,286 -19.00% 561,032,828 147.89% 854,370,064 52.29% 388,563,588 -54.52
Balance sheet
Analysis
ASSETS
total current assets218948735 265505918 21.26% 417765164 57.35% 263226440 -36.99% -22.93
total non-current
assets 235038531 238396531 0.74% 335743285 40.83% 345247969 2.83% 287201113 -16.81
Total Assets 453987266 503902449 10.99% 1265960504 151.23% 608474409 -51.94% 490062787 -19.46
Total equity 256441019 238694210 -6.92% 591056394 147.62% 538148433 -8.95% 177356035 -67.04
non current
liabilities 649141780 49975702 -92.30% 62093064 24.25% 29101630 -53.13% 4235985 -85.44
current liabilities 1214320690 215232537 -82.28% 450358991 109.24% 391224346 -13.13% 308470767 -21.15
total liabilities 1863462470 265208239 -85.77% 512452055 93.23% 420325976 -17.98% 312706752 -25.60
total equity and
liabilities 453987266 503902449 10.99% 1265960504 151.23% 608474409 -51.94% 490062787 -19.46
Interpretation:
Horizontal trend analysis formula = (value of current year-value of base year)/base
year.
REVENUE TREND:
As the trend shows that the revenue of the company is increasing from year 2017 to
2018 and then decreases from year 2019 to 2020
NET INCOME:
Net income increases in 2018 and then decreases from year 2019 to 2020.which
means company is in loss.
TOTAL ASSETS:
Total assets of company increase from year 2017 to 2018 and then decreases in year
2019. In 2020 total assets increases slightly.
Equity and liabilities of company shows the mix trend from year 2017 to 2020
Thatta Cement Company Limited was incorporated in 1980 as a public limited
company. It was a wholly owned subsidiary of the State Cement Corporation of
Pakistan (Pvt.) Limited. The manufacturing facility was commissioned in 1982. The
plant is based on dry process technology, had a total installed capacity of 1,000 tons
per day of clinker. The plant was supplied by M/s. Mitsubishi Corporation, Japan. In the
year 2004, Government of Pakistan divested its shareholding from the company
through Privatization Commission.
Address: Office no: 606-608A Ctc building, Founder: Shahid Aziz Siddiqui
Block 8 Clifton, Karachi, Karachi City,
Sindh 75600
Website:
http://www.thattacement.com/
Products:
Ordinary Portland Cement
Sulphate Resistant Cement
Portland Blast Furnace Slag Cement
Ground Granulated Blast Furnace Slag
Ratio Analysis:
Ratio analysis of Thatta cement factory has been done from year 2016
to 2020. All the data is collected from annual reports of the company.
Interpretation:
Liquidity Ratios:

ratio
2016 1007268 2.28 0.75
2017 1090702 2.07 0.62
2018 1148362 1.82 0.39
2019 1350012 2.25 0.46
2020 1501282 2.65 0.42

Current ratio:
both. As we can see in above table that the company current ratio drops from
2.28 to 1.82 from year 2016 to 2018 and then increases from year 2019 to
2020

The working capital increases from year 2016 to 2020 due to better working
capital management policies.
Quick ratio:
Quick ratio from year 2016 to 2020 increases of safe mix company .

earned ratio
2016 0.436995441 138.3336565
2017 0.418739042 205.166288
2018 0.323356232 159.0170679
2019 0.356736964 479.9161721
2020 0.335512061 29.84330745
Debt ratio:
As we can see in above table debt ratio decreases from year 2016 to 2020.

time interest ratio decreases and increases from year 2016 to 2020
Turnover ratios:

2016 18.71599129 18.40771318
2017 40.08069038 16.11672291
2018 19.63428352 15.48680491
2019 21.64085176 42.38775684
2020 26.48076935 50.27763039

products.

Thatta company is however seen with decreasing and increasing each year.

share
2016 0.644017481 0.135729073 6.46
2017 0.896457171 0.185695031 6.69
2018 0.62259227 0.157212133 5.99
2019 0.324629244 0.101439216 4.31
2020 0.032065085 0.009950763 0.35
Return on sales:
Return on Assets:
revenue growth, a sign the company may be trouble. Thatta cement Company has
relatively small changes in ROA. There is no drastic change so we can say that the
company is doing just fine.
utilizing the funds efficiently. Thatta cement company EPS decreases from year
2016 to 2020. Which shows that company health is poor.
Investment:
Ratio
2016 15.94427245 -0.02341153
2017 14.20029895 -0.003045875
2018 10.68447412 0.00830629
2019 22.73781903 -0.013601485
2020 351.4285714 -0.02390657

low relative to earnings. Thatta cement company P/E ratio decreases from year
2016 to 2018 and then increases in 2019 and 2020.

The book value per share is negative of this company If book value is negative,
where a company's liabilities exceed its assets, this is known as a balance sheet
insolvency
2016 2017 2018 2019 2020

Income
analysis
Revenue 2,856,103 100.00% 3,824,522 100.00% 3,824,522 100.00%4,134,378 100.00% 2,435,037 100.0
cost of sales 1821590 63.78% 2466225 64.48% 2466225 64.48% 3063598 74.10% 2073431 85.15
gross profit 1034513 36.22% 1358297 35.52% 1358297 35.52% 1070780 25.90% 361606 14.85
Distribution
cost 71,522 2.50% 101,031 2.64% 101,031 2.64% 220,258 5.33% 89,760 3.69%
Administrative
expenses 124819 4.37% 152922 4.00% 152922 4.00% 338721 8.19% 180277 7.40%
other
expenses 55629 1.95% 54786 1.43% 54786 1.43% 45079 1.09% 19107 0.78%
net income
before tax 713,525 24.98% 993,210 25.97% 885,089 23.14% 646,927 15.65% 65,327 2.68%
income tax
expense 32,847 1.15% 201,605 5.27% 198,783 5.20% 110,616 2.68% 32,891 1.35%
net income 2,731,284 95.63% 3,671,600 96.00% 3,595,374 94.01% 3,795,657 91.81% 2,254,760 92.60
Balance sheet
Analysis
ASSETS
total current
assets 1793216 33.39% 2105582 39.15% 2552960 32.41% 2424765 35.50% 2413863 21.51
total non-
current assets 3577689 66.61% 3272868 60.85% 3399203 43.15% 4404617 64.50% 4326766 38.56
Total Assets 5370905 100.00% 5378450 100.00% 7876824 100.00% 6829382 100.00% 11219697 100.0
Total equity 3023844 56.30% 3526283 65.56% 4027404 41.09% 4435890 64.95% 4479066 39.92
non-current
liabilities 1561110 66.51% 837287 45.21% 520071 27.02% 1318931 55.10% 1348982 20.01
current
liabilities 785951 33.49% 1014880 54.79% 1404590 72.98% 1074753 44.90% 912581 13.54
total liabilities 2347061 43.70% 1852167 34.44% 1924661 19.64% 2393684 35.05% 6740631 60.08
total equity
and liabilities 5370905 100.00% 5378450 100.00% 9801485 100.00% 6829382 100.00% 11219697 100.0
63.78%. Gross profit is 36.22%. calculated by dividing its value by revenue and so on.
The vertical analysis of balance sheet is done by taking total assets as reference
point and then the % of current and noncurrent assets are calculated with this
reference point. Similarly, the total equity and total liabilities are calculated by
using total equity and liabilities as a reference point
2016 Base
year
2017 2018 2019 2020
statement
analysis
32.83%
Revenue 2,856,103 3,824,522 33.91% 3,793,875 4,134,378 8.98% 2,435,037 -41.10%
cost of sales 1821590 2466225 35.39% 2607747 5.74% 3063598 17.48% 2073431 -32.32%
gross profit 1034513 1358297 31.30% 1186128 -12.68% 1070780 -9.72% 361606 -66.23%
Distribution
cost 71,522 101,031 41.26% 70,256 -30.46% 220,258 213.51% 89,760 -59.25%
Administrative
expenses 124819 152922 22.52% 198501 29.81% 338721 70.64% 180277 -46.78%
other expenses 55629 54786 -1.52% 52335 -4.47% 45079 -13.86% 19107 -57.61%
net income
before tax 713,525 993,210 39.20% 885,089 -10.89% 646,927 -26.91% 65,327 -89.90%
income tax
expense 32,847 201,605 513.77% 198,783 -1.40% 110,616 -44.35% 32,891 -70.27%
net income 2,731,284 3,671,600 34.43% 3,595,374 -2.08% 3,795,657 5.57% 2,254,760 -40.60%
Balance sheet
Analysis
ASSETS

1793216 2105582 17.42% 2552960 21.25% 2424765 -5.02% 2413863 -0.45%
total non current3577689

assets 3272868 -8.52% 3399203 3.86% 4404617 29.58% 4326766 -1.77%
Total Assets 5370905 5378450 0.14% 9801485 82.24% 6829382 -30.32% 11219697 64.29%
Total equity 3023844 3526283 16.62% 4027404 14.21% 4435890 10.14% 4479066 0.97%
non current liabilities

1561110 837287 -46.37% 520071 -37.89% 1318931 153.61% 1348982 2.28%
current liabilities 785951 1014880 29.13% 1404590 38.40% -23.48% 912581 -15.09%
total liabilities 2347061 1852167 -21.09% 1924662 3.91% 2393684 24.37% 6740631 181.60%
total equity and libilities

5370905 5378450 0.14% 9801485 82.24% 6829382 -30.32% 64.29%
Interpretation:
year.
REVENUE TREND:
As the trend shows that the revenue of the company is decreasing from year 2017 to
2020
NET INCOME:
Net income decreases from 2017 to 2020.it is negative. The net income becomes
negative, meaning it is a loss.
TOTAL ASSETS:
Total assets of company increase from year 2017 to 2018 and decreases in
2019.in 2020 it increases again.
Equity and liabilities show the increase and decrease mix trend from
year 2017 to 20
Presented By: Sherbano
Maple Leaf Cement Factory Limited was incorporated in Pakistan on 13 April

1960 under the Companies Act, 1913 (now the Companies Ordinance, 1984) as
a public company limited by shares. The principal activity of the Company is
production and sale of cement. The Company is a subsidiary of Kohinoor Textile
Mills Limited (“the Holding Company”)
ADDRESS: 42-Lawrence Road, Lahore. Fiscal Year End: June

WEBSITE: www.kmlg.com AUDITOR: KPMG Taseer Hadi
&
Co. Chartered
accounted
REGISTRAR: Vision Consulting Ltd., Head Office:
3-C, LDA Flats, First Floor, Lawrence
Road, Lahore
KEY PEOPLE:
Mr. Sayeed Tariq Saigol CEO
Mr. Tariq Sayeed Saigol Chairman
Mr. Muhammad Ashraf Company Secretary

Ratio Analysis:
Ratio analysis of Maple leaf cement factory has been done from year
company.
Interpretation:
Liquidity Ratios:

ratio
2016 3,450,642 1.69 0.44
2017 2,647,600 1.34 0.30
2018 777,757 1.07 0.42
2019 42,360 1.00 0.37
2020 1,293,416 1.08 0.42
Current ratio:
both. As we can see in above table that the company current ratio drops from
1.69 to 1.00 from year 2016 to 2019 and then increases from 1.00 to 1.08 in
year 2020

The working capital decreases from 3,450,642 to 42,360 from year 2016 to 2019
and then increases from 42,360 to 1,293,416 in year 2020 due to better working
Quick ratio:
There is decline in quick ratio in year 2017 and 2019 and then it again started
going upwards which indicates that Maple leaf cement company suffers from

earned ratio
2016 1.28 17.34
2017 1.41 22.58
2018 0.31 7.82
2019 0.52 2.42
2020 0.51 -0.77
Debt ratio:
As we can see in above table debt ratio decreases from 1.28 to 0.51 in year from
2016 to 2020

time interest ratio decreases from year 2016 to 2019. While in 2020 it is
negative which indicates that the company is having a loss instead of a profit. So, it
means that the company is having a serious financial problem.
Turnover ratios:
2016 12.90 40.84
2017 13.35 38.13
2018 14.97 28.33
2019 14.38 13.63
2020 16.97 10.15

products.

turnover decrease means a company is seeing more delinquent clients.

share
2016 0.2 0.42 9
2017 0.95 0.32 8.81
2018 0.17 0.06 6.29
2019 0.09 0.02 2.31
2020 0.12 0.035 -5.3
Return on sales:
efficiency, while a decreasing ROS could signal impending financial troubles
Return on Assets:
revenue growth, a sign the company may be trouble. Maple leaf cement Company
has relatively small changes in ROA. There is no drastic change so we can say
that the company is doing just fine.
utilizing the funds efficiently. Maple leaf company EPS decreases from year 2016
to 2020. Which shows that company health is poor.
Investment:
Ratio
2016 11.7 16749839.57
2017 12.64 19384108.29
2018 8.07 29911087.2
2019 10.34 30514541.7
2020 -4.9 31320796.74

low relative to earnings. Maple leaf company P/E ratio increases from year 2016
to 2017 and then decreases in 2018. Again increases in 2019. While in 2020 it
is negative.

2016 2017 2018 2019 2020

Income
analysis
Revenue 23,432,696 100% 23,992,079 100 25,699,113 100.00%26,005,944 1 29,117,734 100%
cost of sales -13,410,564 -57.23 -14,509,777 -60.47 -18,676,562 -72.67% -21,088,864-81.09% -29,845,269 -102.5
gross profit 10,022,132 42.76 9,482,302 39.52 7,022,551 27.33% 4,917,080 18.91% -727,535 -2.50%
Distribution
cost -1,359,896 -5.8 -1,275,182 -5.31 -736,142 -2.86% -933,244 -3.59% -817,057 -2.81%
Administrative
expenses -485,959 -2.07 -621,076 -2.58 -730,551 -2.84% -733,607 -2.82% -784,706 -2.69%
other
expenses -659,631 -2.81 -536,369 -2.23 -572,436 -2.23% -456,493 -1.76% -89,999 -0.31%
net income
before tax 7,117,538 30.37 6,870,356 28.63 4,395,236 17.10% 1,664,176 6.40% 5,269,041 18.10
income tax
expense -2,232,953 -9.52 -2,093,275 -8.72 -763,035 -2.97% -198,877 -0.76% 425,776 1.46%
net income 4,842,799 20.66 4,777,081 19.91 3,632,201 14.13% 1,465,299 5.63% -4,843,265 -16.63
Balance sheet
Analysis
ASSETS
total current
assets 8,477,707 26.47% 10,411,631 26.82% 12,731,681 21.68% 14,206,878 21.54% 16,607,191 25.16
total non-
current assets 23,543,989 73.53% 28,405,142 73.18% 45,996,847 78.32% 51,750,897 78.46% 49,402,580 74.84
Total Assets 32,021,696 100% 38,816,773 100% 58,728,528 100% 65,957,775 100% 66,009,771 100%
Total equity 21,337,135 47.45% 23,708,061 61.08% 29,911,139 50.93% 30,514,586 46.26% 31,320,831 47.45
non-current
liabilities 5,657,496 66.63% 7,344,681 18.92% 16,863,465 28.71% 21,278,671 32.26% 19,375,165 29.35
current
liabilities 5,027,065 17.67% 7,764,031 20.00% 11,953,924 20.35% 14,164,518 21.48% 15,313,775 23.20
total liabilities 10,684,561 15.70% 15,108,712 38.92% 28,817,389 49.07% 35,443,189 53.74% 34,688,940 52.55
total equity
and liabilities 32,021,696 100% 38,816,773 100.00% 58,728,528 100.00% 65,957,775 100% 66,009,771 100%
COGS by revenue which is -57.23%. Gross profit is 42.76%. calculated by
dividing its value by revenue and so on.The vertical analysis of balance
2016 Base
year
2017 2018 2019 2020
statement
analysis
Revenue 23,432,696 23,992,079 2.39% 25,699,113 9.67% 26,005,944 10.98% 29,117,734 24.26%
cost of sales -13,410,564 -14,509,777 8.20% -18,676,562 39.27% -21,088,864 57.26% -29,845,269 122.55%
gross profit 10,022,132 9,482,302 -5.39% 7,022,551 -29.93% 4,917,080 -50.94% -727,535 -107.26
Distribution
cost -1,359,896 -1,275,182 -6.23% -736,142 -45.87% -933,244 -31.37% -817,057 -39.92%
Administrative
expenses -485,959 -621,076 27.80% -730,551 50.33% -733,607 50.96% -784,706 61.48%
other expenses -659,631 -536,369 -18.69% -572,436 -13.22% -456,493 -30.80% -89,999 -86.36%
net income
before tax 7,117,538 6,870,356 -3.47% 4,395,236 -38.25% 1,664,176 -76.62% -5,269,041 -174.03
income tax
expense -2,232,953 -2,093,275 -6.26% -763,035 -65.83% -198,877 -91.09% 425,776 -119.07
net income 4,842,799 4,777,081 -1.36% 3,632,201 -25.00% 1,465,299 -69.74% -4,843,265 -200.01
Balance sheet
Analysis
ASSETS

8,477,707 10,411,631 22.81% 12,731,681 50.18% 14,206,878 67.58% 16,607,191 95.89%
total non current 23,543,989

assets 28,405,142 20.65% 45,996,847 95.37% 51,750,897 119.81% 49,402,580 109.83%
Total Assets 32,021,696 38,816,773 21.22% 58,728,528 83.40% 65,957,775 105.98% 66,009,771 106.14%
Total equity 21,337,135 23,708,061 11.11% 29,911,139 40.18% 30,514,586 43.01% 31,320,831 46.79%

5,657,496 7,344,681 29.82% 16,863,465 198.07% 21,278,671 276.11% 19,375,165 242.47%
current liabilities 5,027,065 7,764,031 54.44% 11,953,924 137.79% 14,164,518 181.77% 15,313,775 204.63%
total liabilities 10,684,561 15,108,712 41.41% 28,817,389 169.71% 35,443,189 231.72% 34,688,940 224.66%
32,021,696 38,816,773 21.22% 58,728,528 83.40% 65,957,775 105.98% 66,009,771 106.14%
Interpretation:
year.
REVENUE TREND:
As the trend shows that the revenue of the company is increasing from year 2017 to
2018 and then there is no such change from year 2018 to 2019. It increases in 2020.
NET INCOME:
Net income decreases from 2017 to 2020.it is negative. The net income becomes
negative, meaning it is a loss.
TOTAL ASSETS:
Total assets of company increase from year 2017 to 2019 and in 2019 it as at
highest and remain same till 2020.
Equity and liabilities show the increase trend from year 2017 to 20
Gharibwal Cement Limited (GCL) is incorporated on December 29, 1960 as a
public limited company with the Securities and Exchange Commission of
Pakistan. GCL's equity shares are quoted on Pakistan Stock Exchange. GCL is
a member of the Lahore Chamber of Commerce & Industry.
Address: Pace Tower Apartments Founder: Nazir Ahmed Peracha

27-H, 1st Floor, College Rd, Block H
Gulberg 2, Lahore, Punjab Founded: December 29, 1960
Headquarters: Lahore
Products:
 Ordinary Portland Cement (OPC)
Ratio Analysis:
Ratio analysis of Gharibwal cement limited has been done from year
company.
Interpretation:
Liquidity Ratios:

ratio
0.84
2016 -489,152 0.28
2017 0.66
-1,435,242 2.24
0.71
2018 -1,452,593 0.13
2019 1.10
445,901 0.23
2020 496,564 1.11 0.21
Current ratio:
both. As we can see in above table that the company current ratio increases from
0.84 to 1.11 from year 2016 to 2020.

The working capital decreases from 3,450,642 to 42,360 from year 2016 to 2019
and then increases from 42,360 to 1,293,416 in year 2020 due to better working
Quick ratio:

earned ratio
2016 0.45 0.3
2017 0.47 0.65
2018 0.45 1.35
2019 0.46 1.07
2020 0.49 0.89
Debt ratio:
As we can see in above table debt ratio has relatively small changes in year from
2016 to 2020

time interest ratio increases from year 2016 to 2019. While in 2020 it decreases.
Turnover ratios:

2016 13.88 43.03
2017 16.11 34.92
2018 13.96 31.47
2019 11.39 13.63
2020 12.10 28.24

Inventory management ratio is increases in year from 2016 to 2017. Decreases
from 2018 to 2020. The higher the inventory turnover, the better, since high
inventory turnover typically means a company is selling goods quickly, and there
is considerable demand for their products. A lower ratio can point to weak sales
and/or decreasing market demand for the goods.

Gabriwal cement limited is however seen with decrease of accounts receivable
turnover ratio from year 2016 to 2019 An accounts receivable turnover decrease
means a company is seeing more delinquent clients. in 2020 ratio increases
abruptly.

share
2016 0.172786144 15.80 6.70
2017 0.098892008 11.51 5.71
2018 0.125233433 6.79 3.77
2019 0.254797089 3.19 1.84
2020 0.203487386 0.54 0.33
Return on sales:
Return on Assets:
revenue growth, a sign the company may be trouble. Gabriwal cement Company
ROA decreases each year from 2016 to 2020
utilizing the funds efficiently. Gabriwal cement company EPS decreases from year
2016 to 2020. Which shows that company health is poor.
Investment:
Ratio
2016 7.09 -0.62
2017 7.98 1.54
2018 5.55 1.24
2019 5.63 1.064
2020 49.67 0.99

low relative to earnings. Gabriwal company P/E ratio decreases from year 2016
to 2018 and then abruptly increases in 2020.

The book value per share is negative in 2016.it suddenly increases in 2017 .
from 2018 to 2020 it again decreases.
2016 2017 2018 2019 2020

Income
analysis
Revenue 2,559,381 100.00% 4,004,398 100.00% 5,082,961 100.00%5,392,574 100.00% 5,476,138 100.0
cost of sales 6,350,064 248.11% 7,368,843 184.02% 8,771,957 172.58% 8,715,541 161.62% 8,627,816 157.5
gross profit 4,172,254 163.02% 3,853,946 96.24% 2,712,435 53.36% 2,458,786 45.60% 86,273 1.58%
Distribution
cost 20,703 0.81% 27,530 0.69% 26,328 0.52% 32,070 0.59% 22,121 0.40%
Administrative
expenses 26,810 1.05% 77,328 1.93% 92,908 1.83% 137,264 2.55% 161,487 2.95%
other
expenses 224,663 8.78% 216,265 5.40% 127,482 2.51% 25,914 0.48% 35,367 0.65%
net income
before tax 3,707,477 144.86% 3,044,677 76.03% 1,783,549 35.09% 1,379,909 25.59% 561,689 10.26
income tax
expense 200,714 7.84% 838,484 20.94% 341,080 6.71% 304,289 5.64% 261,324 4.77%
net income 2,693,904 105.26% 2,283,697 57.03% 1,509,654 29.70% 736,412 13.66% 131,317 2.40%
Balance sheet
Analysis
ASSETS
total current
assets 2,560,928 14.26% 2,847,000 13.17% 3,591,975 15.72% 4,947,128 21.27% 5,157,726 20.22
total non-
current assets 15,401,362 85.74% 18,768,066 86.83% 19,251,030 84.28% 18,315,268 78.73% 20,352,356 79.78
Total Assets 17,962,290 99.50% 21,615,066 100.00% 22,843,005 100.00% 23,262,396 100.00% 25,510,082 100.0
Total equity 10,071,067 55.79% 11,381,046 52.65% 12,490,557 54.68% 12,481,446 53.66% 14,506,114 56.86
non-current
liabilities 4,931,143 61.78% 5,951,314 58.15% 5,307,880 51.27% 6,279,723 27.00% 6,342,805 57.64
current
liabilities 3,050,080 38.22% 4,282,706 41.85% 5,044,568 48.73% 4,501,227 41.75% 4,661,163 42.36
total liabilities 7,981,223 44.21% 10,234,020 47.35% 10,352,448 45.32% 10,780,950 46.34% 11,003,968 43.14
total equity
and liabilities 18,052,290 100.00% 21,615,066 100.00% 22,843,005 100.00% 23,262,396 100.00% 25,510,082 100.0
248.11%. Gross profit is 163.02%. calculated by dividing its value by revenue and so
on. The vertical analysis of balance sheet is done by taking total assets as
reference point and then the % of current and noncurrent assets are calculated
with this reference point. Similarly, the total equity and total liabilities are
calculated by using total equity and liabilities as a reference point
2016 Base
year
2017 2018 2019 2020
statement
analysis
Revenue 2,559,381 4,004,398 56.46% 5,082,961 26.93% 5,392,574 6.09% 5,476,138 1.55%
cost of sales 6,350,064 7,368,843 16.04% 8,771,957 19.04% 8,715,541 -0.64% 8,627,816 -1.01%
gross profit 4,172,254 3,853,946 -7.63% 2,712,435 -29.62% 2,458,786 -9.35% 86,273 -96.49%
Distribution
cost 20,703 27,530 32.98% 26,328 -4.37% 32,070 21.81% 22,121 -31.02%
Administrative
expenses 26,810 77,328 188.43% 92,908 20.15% 137,264 47.74% 161,487 17.65%
other expenses 224,663 216,265 -3.74% 127,482 -41.05% 25,914 -79.67% 35,367 36.48%
net income
before tax 3,707,477 3,044,677 -17.88% 1,783,549 -41.42% 1,379,909 -22.63% 561,689 -59.30%
income tax
expense 200,714 838,484 317.75% 341,080 -59.32% 304,289 -10.79% 261,324 0.00%
net income 2,693,904 2,283,697 -15.23% 1,509,654 -33.89% 736,412 -51.22% 131,317 -82.17%
Balance sheet
Analysis
ASSETS

2,560,928 2,847,000 11.17% 3,591,975 26.17% 4,947,128 37.73% 5,157,726 4.26%
total non current15,401,362

assets 18,768,066 21.86% 19,251,030 2.57% 18,315,268 -4.86% 20,352,356 11.12%
Total Assets 17,962,290 21,615,066 20.34% 22,843,005 5.68% 23,262,396 1.84% 25,510,082 9.66%
Total equity 10,071,067 11,381,046 13.01% 12,490,557 9.75% 12,481,446 -0.07% 14,506,114 16.22%

4,931,143 5,951,314 20.69% 5,307,880 -10.81% 6,279,723 18.31% 6,342,805 1.00%
current liabilities 3,050,080 4,282,706 40.41% 5,044,568 17.79% 4,501,227 -10.77% 4,661,163 3.55%
18,052,290 21,615,066 19.74% 22,843,005 5.68% 23,262,396 1.84% 25,510,082 9.66%
Interpretation:
year.
REVENUE TREND:
Revenue trend of this company shows decreasing trend from year 2017 to 2020
NET INCOME:
Net income also shows decreasing trend from year 2017 to 2018.
TOTAL ASSETS:
First total assets decreases from year 2017 to 2019 and then gradually increases in
2020
First total equity and liabilities decreases from year 2017 to 2019 and then gradually
increases in 2020
Dement Cement Factory Limited was incorporated in Pakistan on 13 April
1960 under the Companies Act, 1913 (now the Companies Ordinance, 1984)
as a public company limited by shares. The principal activity of the Company
is production and sale of cement. The Company is a subsidiary of Kohinoor
Textile Mills Limited (“the Holding Company”)
ADDRESS: 42-Lawrence Road, Lahore. Fiscal Year End: June

WEBSITE: www.kmlg.com AUDITOR: KPMG Taseer
Hadi &
Dewan Cement Ltd. (DCL) is an ISO 9001:2008 certified company, and a name of trust
in the production of high quality cement. DCL has a capacity of more than 2,880,000 tons per annum
from two separate manufacturing units, comprising of Pakland Cement Ltd., and Saadi Cement Ltd.
Pakland Cement Ltd. was established in 1981 at Deh Dhando in District Malir, Karachi, 44 kilometers
off the National Highway, encompassing an area of 150 acres. Within one year, an integrated plant
with an initial capacity of 300,000 TPA was up and running and it was fully operational by 1985,
producing superior Ordinary Portland Cement. In 1987, Sulphate Resisting Pakland, a pioneer product
in the private sector, was introduced. Supported by the latest technology and intensive machinery, the
market size of the product rose in a short span of time, resulting in a clinker production capacity of up
to 750,000 TPA. Subsequently, Pakland Blast Furnace Slag Cement was included in the company’s
fold. The company is listed on the Karachi and Lahore Stock Exchange.
Ratio Analysis:
Ratio analysis of Dewan cement has been done from year 2016 to
2020. All the data is collected from annual reports of the company.
Interpretation:
Liquidity Ratios:

ratio
2016 3,450,642 1.69 0.43
2017 2,647,600 1.34 0.31
2018 777,757 1.07 0.43
2019 42,360 1.00 0.40
2020 1,293,416
1.08 0.42
Current ratio:
attributable to an increase in short-term debt, a decrease in current assets, or
a combination of both. As we can see in above table that the company current
ratio drops from 1.69 to 1.00 from year 2016 to 2019 and then increases from
1.00 to 1.08 in year 2020

The working capital decreases from 3,450,642 to 42,360 from year 2016 to
2019 and then increases from 42,360 to 1,293,416 in year 2020 due to better
working capital management policies.
Quick ratio:

earned ratio
2016 1.28 17.34
2017 1.41 22.58
2018 0.31 7.82
2019 0.52 2.42
2020 0.51 -0.77
Debt ratio:
considered better, while a debt ratio of 0.6 or higher makes it more difficult to
borrow money. As we can see in above table debt ratio decreases from 1.28 to
0.51 in year from 2016 to 2020
high ratio means that a company is able to meet its interest obligations
because earnings are significantly greater than annual interest obligations. In
above table time interest ratio decreases from year 2016 to 2019. While in
2020 it is negative which indicates that the company is having a loss instead of a
profit. So, it means that the company is having a serious financial problem.
Turnover ratios:

2016 12.90 40.84
2017 13.35 38.13
2018 14.97 28.33
2019 14.38 13.63
2020 16.97 10.15

Inventory management ratio is increasing gradually over the years The higher
the inventory turnover, the better, since high inventory turnover typically
means a company is selling goods quickly, and there is considerable demand
for their products.

turnover decrease means a company is seeing more delinquent clients.
Year Return on sales Return on total assets Earnings per share
2016 0.2 0.42 9
2017 0.95 0.32 8.81
2018 0.17 0.06 6.29
2019 0.09 0.02 2.31
2020 0.12 0.035 -5.3
Return on sales:
efficiency. This measure provides insight into how much profit is being
produced per dollar of sales. An increasing ROS indicates that a company is
improving efficiency, while a decreasing ROS could signal impending financial
troubles.
Return on Assets:
produce revenue growth, a sign the company may be trouble. Maple leaf
cement Company has relatively small changes in ROA. There is no drastic

common shares it has outstanding. A higher ratio indicates that the
company's profitability has increased and it is running its business efficiently.
On the other hand, lower ratio indicates that the company's profit has reduced
and is not utilizing the funds efficiently. Maple leaf company EPS decreases
from year 2016 to 2020. Which shows that company health is poor.
Investment:
Year Price to earnings Ratio Book value per share
2016 11.7 16749839.57
2017 12.64 19384108.29
2018 8.07 29911087.2
2019 10.34 30514541.7
2020 -4.9 31320796.74

low relative to earnings. Maple leaf company P/E ratio increases from year
2016 to 2017 and then decreases in 2018. Again increases in 2019. While in
2020 it is negative.

2016 2017 2018 2019 2020

Income
analysis
Revenue 23,432,696 100% 23,992,079 100 25,699,113 100.00% 26,005,944 1 29,117,734 100%
-
cost of sales 13,410,564 -57.23 -14,509,777 -60.47 -18,676,562 -72.67% -21,088,864-81.09% -29,845,269 -102.5
gross profit 10,022,132 42.76 9,482,302 39.52 7,022,551 27.33% 4,917,080 18.91% -727,535 -2.50%
Distribution
cost -1,359,896 -5.8 -1,275,182 -5.31 -736,142 -2.86% -933,244 -3.59% -817,057 -2.81%
Administrativ
e expenses -485,959 -2.07 -621,076 -2.58 -730,551 -2.84% -733,607 -2.82% -784,706 -2.69%
other
expenses -659,631 -2.81 -536,369 -2.23 -572,436 -2.23% -456,493 -1.76% -89,999 -0.31%
net income
before tax 7,117,538 30.37 6,870,356 28.63 4,395,236 17.10% 1,664,176 6.40% 5,269,041 18.10
income tax
expense -2,232,953 -9.52 -2,093,275 -8.72 -763,035 -2.97% -198,877 -0.76% 425,776 1.46%
net income 4,842,799 20.66 4,777,081 19.91 3,632,201 14.13% 1,465,299 5.63% -4,843,265 -16.63
Balance sheet
Analysis
ASSETS
total current
assets 8,477,707 26.47% 10,411,631 26.82% 12,731,681 21.68% 14,206,878 21.54% 16,607,191 25.16
total non-
current
assets 23,543,989 73.53% 28,405,142 73.18% 45,996,847 78.32% 51,750,897 78.46% 49,402,580 74.84
Total Assets 32,021,696 100% 38,816,773 100% 58,728,528 100% 65,957,775 100% 66,009,771 100%
Total equity 21,337,135 47.45% 23,708,061 61.08% 29,911,139 50.93% 30,514,586 46.26% 31,320,831 47.45
non-current
liabilities 5,657,496 66.63% 7,344,681 18.92% 16,863,465 28.71% 21,278,671 32.26% 19,375,165 29.35
current
liabilities 5,027,065 17.67% 7,764,031 20.00% 11,953,924 20.35% 14,164,518 21.48% 15,313,775 23.20
total
liabilities 10,684,561 15.70% 15,108,712 38.92% 28,817,389 49.07% 35,443,189 53.74% 34,688,940 52.55
total equity
and liabilities 32,021,696 100% 38,816,773 100.00% 58,728,528 100.00% 65,957,775 100% 66,009,771 100%

reference point and all other particulars are divided by revenue of certain year
to calculate ratios. As we can see that in year 2016 revenue is 100% as it is a
which is -57.23%. Gross profit is 42.76%. calculated by dividing its value by
revenue and so on.The vertical analysis of balance sheet is done by taking total
assets as reference point and then the % of current and noncurrent assets are
calculated with this reference point. Similarly, the total equity and total
liabilities are calculated by using total equity and liabilities as a reference point.
Base
2016 year
2017 2018 2019 2020
statement
analysis
Revenue 23,432,696 23,992,079 2.39% 25,699,113 9.67% 26,005,944 10.98% 29,117,734 24.26%
cost of sales -13,410,564 -14,509,777 8.20% -18,676,562 39.27% -21,088,864 57.26% -29,845,269 122.55%
gross profit 10,022,132 9,482,302 -5.39% 7,022,551 -29.93% 4,917,080 -50.94% -727,535 -107.26
Distribution
cost -1,359,896 -1,275,182 -6.23% -736,142 -45.87% -933,244 -31.37% -817,057 -39.92%
Administrative
expenses -485,959 -621,076 27.80% -730,551 50.33% -733,607 50.96% -784,706 61.48%
other expenses -659,631 -536,369 -18.69% -572,436 -13.22% -456,493 -30.80% -89,999 -86.36%
net income
before tax 7,117,538 6,870,356 -3.47% 4,395,236 -38.25% 1,664,176 -76.62% -5,269,041 -174.03
income tax
expense -2,232,953 -2,093,275 -6.26% -763,035 -65.83% -198,877 -91.09% 425,776 -119.07
net income 4,842,799 4,777,081 -1.36% 3,632,201 -25.00% 1,465,299 -69.74% -4,843,265 -200.01
Balance sheet
Analysis
ASSETS

8,477,707 10,411,631 22.81% 12,731,681 50.18% 14,206,878 67.58% 16,607,191 95.89%
assets 28,405,142 20.65% 45,996,847 95.37% 51,750,897 119.81% 49,402,580 109.83%
Total Assets 32,021,696 38,816,773 21.22% 58,728,528 83.40% 65,957,775 105.98% 66,009,771 106.14%
Total equity 21,337,135 23,708,061 11.11% 29,911,139 40.18% 30,514,586 43.01% 31,320,831 46.79%

5,657,496 7,344,681 29.82% 16,863,465 198.07% 21,278,671 276.11% 19,375,165 242.47%
current liabilities 5,027,065 7,764,031 54.44% 11,953,924 137.79% 14,164,518 181.77% 15,313,775 204.63%

32,021,696 38,816,773 21.22% 58,728,528 83.40% 65,957,775 105.98% 66,009,771 106.14%
Interpretation:
year)/base year.
REVENUE TREND:
2017 to 2018 and then there is no such change from year 2018 to 2019. It
increases in 2020.
NET INCOME:
Net income decreases from 2017 to 2020.it is negative. The net income
becomes negative, meaning it is a loss.
TOTAL ASSETS:
Total assets of company increase from year 2017 to 2019 and in 2019 it as at
highest and remain same till 2020.

Equity and liabilities show the increase trend from year 2017 to 20
DG Cement is a Pakistani building materials company which is owned by

Nishat Group. It is the largest cement manufacturer of Pakistan with a
production capacity of 14,000 tons per day. The company has three active
plants which are present in Khairpur, Chakwal, Dera Ghazi Khan and Hub,
Balochistan. Wikipedia
Headquarters: Lahore
Key person: Mian Muhammad Mansha
Founded: 1986
Revenue: 40.38 billion PKR
Parent organization: Nishat Group
Subsidiaries: Nishat Farm Supplies (Private) Limited, Nishat Dairy (Private)
Limited
Ratio Analysis:
Ratio analysis of D.G cement limited has been done from year 2016
to 2020. All the data is collected from annual reports of the
company.
Interpretation:
Liquidity Ratios:

ratio
2016 -489,152 0.84 0.28
2017 -1,435,242 0.66 2.24
2018 -1,452,593 0.71 0.13
2019 445,901 1.10 0.23
2020 496,564 1.11 0.21
Current ratio:
ratio increases from 0.84 to 1.11 from year 2016 to 2020.
The working capital decreases from 3,450,642 to 42,360 from year 2016 to
2019 and then increases from 42,360 to 1,293,416 in year 2020 due to better
working capital management policies.
Quick ratio:

earned ratio
2016 0.45 0.3
2017 0.47 0.65
2018 0.45 1.35
2019 0.46 1.07

2020 0.49 0.89
Debt ratio:
borrow money. As we can see in above table debt ratio has relatively small
changes in year from 2016 to 2020

above table time interest ratio increases from year 2016 to 2019. While in
2020 it decreases.
Turnover ratios:

2016 13.88 43.03
2017 16.11 34.92
2018 13.96 31.47
2019 11.39 13.63

2020 12.10 28.24

Inventory management ratio is increases in year from 2016 to 2017. Decreases
from 2018 to 2020. The higher the inventory turnover, the better, since high
inventory turnover typically means a company is selling goods quickly, and
there is considerable demand for their products. A lower ratio can point to
weak sales and/or decreasing market demand for the goods.

Gabriwal cement limited is however seen with decrease of accounts receivable
turnover ratio from year 2016 to 2019 An accounts receivable turnover
decrease means a company is seeing more delinquent clients. in 2020 ratio
increases abruptly.
2016 0.172786144 15.80 6.70

0.098892008 11.51 5.71
2017
2018 0.125233433 6.79 3.77
2019 0.254797089 3.19 1.84
2020 0.203487386 0.54 0.33
Return on sales:
troubles.
Return on Assets:
produce revenue growth, a sign the company may be trouble. Gabriwal
cement Company ROA decreases each year from 2016 to 2020

and is not utilizing the funds efficiently. D.G cement company EPS decreases
Investment:
2016 7.09 -0.62
2017 7.98 1.54
2018 5.55 1.24
2019 5.63 1.064
2020 49.67 0.99

low relative to earnings. Gabriwal company P/E ratio decreases from year 2016
to 2018 and then abruptly increases in 2020.

The book value per share is negative in 2016.it suddenly increases in 2017 .
from 2018 to 2020 it again decreases.
2016 2017 2018 2019 2020

Income
analysis
Revenue 2,559,381 100.00% 4,004,398 100.00% 5,082,961 100.00% 5,392,574 100.00% 5,476,138 100.0
cost of sales 6,350,064 248.11% 7,368,843 184.02% 8,771,957 172.58% 8,715,541 161.62% 8,627,816 157.5
gross profit 4,172,254 163.02% 3,853,946 96.24% 2,712,435 53.36% 2,458,786 45.60% 86,273 1.58%
Distribution
cost 20,703 0.81% 27,530 0.69% 26,328 0.52% 32,070 0.59% 22,121 0.40%
Administrativ
e expenses 26,810 1.05% 77,328 1.93% 92,908 1.83% 137,264 2.55% 161,487 2.95%
other
expenses 224,663 8.78% 216,265 5.40% 127,482 2.51% 25,914 0.48% 35,367 0.65%
net income
before tax 3,707,477 144.86% 3,044,677 76.03% 1,783,549 35.09% 1,379,909 25.59% 561,689 10.26
income tax
expense 200,714 7.84% 838,484 20.94% 341,080 6.71% 304,289 5.64% 261,324 4.77%
net income 2,693,904 105.26% 2,283,697 57.03% 1,509,654 29.70% 736,412 13.66% 131,317 2.40%
Balance sheet
Analysis
ASSETS
total current
assets 2,560,928 14.26% 2,847,000 13.17% 3,591,975 15.72% 4,947,128 21.27% 5,157,726 20.22
total non-
current
assets 15,401,362 85.74% 18,768,066 86.83% 19,251,030 84.28% 18,315,268 78.73% 20,352,356 79.78
Total Assets 17,962,290 99.50% 21,615,066 100.00% 22,843,005 100.00% 23,262,396 100.00% 25,510,082 100.0
Total equity 10,071,067 55.79% 11,381,046 52.65% 12,490,557 54.68% 12,481,446 53.66% 14,506,114 56.86
non-current
liabilities 4,931,143 61.78% 5,951,314 58.15% 5,307,880 51.27% 6,279,723 27.00% 6,342,805 57.64
current
liabilities 3,050,080 38.22% 4,282,706 41.85% 5,044,568 48.73% 4,501,227 41.75% 4,661,163 42.36
total
liabilities 7,981,223 44.21% 10,234,020 47.35% 10,352,448 45.32% 10,780,950 46.34% 11,003,968 43.14
total equity
and liabilities 18,052,290 100.00% 21,615,066 100.00% 22,843,005 100.00% 23,262,396 100.00% 25,510,082 100.0

which is 248.11%. Gross profit is 163.02%. calculated by dividing its value by
revenue and so on. The vertical analysis of balance sheet is done by taking
total assets as reference point and then the % of current and noncurrent assets
are calculated with this reference point. Similarly, the total equity and total
liabilities are calculated by using total equity and liabilities as a reference point
Base
2016 year
2017 2018 2019 2020
statement
analysis
Revenue 2,559,381 4,004,398 56.46% 5,082,961 26.93% 5,392,574 6.09% 5,476,138 1.55%
cost of sales 6,350,064 7,368,843 16.04% 8,771,957 19.04% 8,715,541 -0.64% 8,627,816 -1.01%
gross profit 4,172,254 3,853,946 -7.63% 2,712,435 -29.62% 2,458,786 -9.35% 86,273 -96.49%
Distribution
cost 20,703 27,530 32.98% 26,328 -4.37% 32,070 21.81% 22,121 -31.02%
Administrative
expenses 26,810 77,328 188.43% 92,908 20.15% 137,264 47.74% 161,487 17.65%
other expenses 224,663 216,265 -3.74% 127,482 -41.05% 25,914 -79.67% 35,367 36.48%
net income
before tax 3,707,477 3,044,677 -17.88% 1,783,549 -41.42% 1,379,909 -22.63% 561,689 -59.30%
income tax
expense 200,714 838,484 317.75% 341,080 -59.32% 304,289 -10.79% 261,324 0.00%
net income 2,693,904 2,283,697 -15.23% 1,509,654 -33.89% 736,412 -51.22% 131,317 -82.17%
Balance sheet
Analysis
ASSETS

2,560,928 2,847,000 11.17% 3,591,975 26.17% 4,947,128 37.73% 5,157,726 4.26%

assets 18,768,066 21.86% 19,251,030 2.57% 18,315,268 -4.86% 20,352,356 11.12%
Total Assets 17,962,290 21,615,066 20.34% 22,843,005 5.68% 23,262,396 1.84% 25,510,082 9.66%
Total equity 10,071,067 11,381,046 13.01% 12,490,557 9.75% 12,481,446 -0.07% 14,506,114 16.22%

4,931,143 5,951,314 20.69% 5,307,880 -10.81% 6,279,723 18.31% 6,342,805 1.00%
current liabilities 3,050,080 4,282,706 40.41% 5,044,568 17.79% 4,501,227 -10.77% 4,661,163 3.55%
18,052,290 21,615,066 19.74% 22,843,005 5.68% 23,262,396 1.84% 25,510,082 9.66%
Interpretation:
year)/base year.
REVENUE TREND:
Revenue trend of this company shows decreasing trend from year 2017 to
2020
NET INCOME:
Net income also shows decreasing trend from year 2017 to 2018.
TOTAL ASSETS:
First total assets decreases from year 2017 to 2019 and then gradually increases in
2020

First total equity and liabilities decreases from year 2017 to 2019 and then gradually
increases in 2020
Lucky Limited is an Arif Habib Group Company, is one of the pioneer
companies providing ready mix concrete for construction projects in Pakistan.
The Company was incorporated on 04 April 2005 as a private limited company.
Lucky Cement Limited is the largest cement producer in Pakistan. Its shares are traded on
the Pakistan Stock Exchange, and are part of the KSE 100 Index. Its symbol in the KSE is
'LUCK'. Wikipedia
Parent: Yunus Brothers Group
CEO: Muhammad Ali Tabba (2005–)
Headquarters: Karachi
CFO: Mr. Adnan Ahmed
Number of locations: Pezu, Lakki Marwat District, Nooriabad, Jamshoro
Founded: September 18, 1993
Ratio Analysis:
Ratio analysis of lucky cement has been done from year 2016 to
2020. All the data is collected from annual reports of the company.
Interpretation:
Liquidity Ratios:

ratio
2016 97,516,666 1.8 0.48
2017 100249083 1.6 0.48
2018 29499237 1.075 0.22
2019 -98876276 0.72 0.129
2020 -121373108 0.62 0.14

Current ratio:
ratio drops from 1.8 to 0.62 from year 2016 to 2020

The working capital decreases 2016 to 2020. In 2019 and 2020 working capital
is negative. If a company's working capital ratio falls below one, it has a
negative cash flow, meaning its current assets are less than its
liabilities. The company cannot cover its debts with its current working
capital. In this situation, a company is likely to have difficulty paying back
its creditors.
Quick ratio:
Quick ratio of safe mix company slightly decreases every year from 2016 to
2020. As a general rule, a quick ratio greater than 1.0 indicates that a
business or individual is able to meet their short-term obligations. A low or
decreasing ratio generally indicates that: The company has taken on too
much debt; ... The company is paying its bills too quickly.

earned ratio
2016 0.29 2.31
2017 0.42 1.29
2018 0.59 1.029
2019 6.42 0.79
2020 0.62 0.9
Debt ratio:
borrow money. As we can see in above table debt ratio increases from 0.29 to
0.62 in year from 2016 to 2020

above table time interest ratio decreases from year 2016 to 2019.
Turnover ratios:

2016 11.26 8.37
2017 7.16 3.27
2018 14.38 6.9
2019 16.93 13.21
2020 9.06 10.58

Inventory management ratio is increasing and decreasing each year. The higher
for their products.

turnover increases in year from 2018 to 2020
2016 0.14 0.096 1.49
2017 0.09 0.54 0.67
2018 0.0047 0.047 0.1
2019 0.034 0.12 1.19
2020 0.24 0.203 3.95
Return on sales:
troubles.
Return on Assets:
produce revenue growth, a sign the company may be trouble. Safemix
concrete Company has relatively small changes in ROA. There is no drastic

and is not utilizing the funds efficiently. Safemix concrete company EPS
decreases from year 2016 to 2018. Which shows that company health is poor
and in year 2019 and 2020 it increases.
Investment:
2016 177.18 0.59
2017 844.776 0.49
2018 2570 1.32
2019 189.915 1.13
2020 115.696 0.502

low relative to earnings. Safemix concrete P/E ratio increases from year 2016
to 2018 and then decreases in 2019 and 2020.

The book value per share in Safemix concrete decreases from year 2016 to
2017 and then increases in 2018. Again decreases in year from 2019 to 2020.
2016 2017 2018 2019 2020

Income
analysis
Revenue 304,467,342 100.00% 197,858,437 100.00% 590,070,371 100.00% 879,312,072 100.00% 409,447,827 100.0
cost of sales 28187468 9.26% 19096939 9.65% 551690674 93.50% 865539147 98.43% 422447307 103.1
gross profit 22779874 7.48% 6888798 3.48% 38379697 6.50% 13772925 1.57% 12999480 3.17%
Distribution
cost 1,121,429 0.37% 1,784,788 0.90% 1,595,843 0.27% 1,784,788 0.20% 1,617,445 0.40%
Administrativ
e expenses 25056498 8.23% 28467849 14.39% 29037543 4.92% 24942008 2.84% 20884239 5.10%
other
expenses 872,804 0.29% 724,937 0.37% 60,000 0.01% 45,000 0.01% 600,000 0.15%
net income
before tax 54,897,677 18.03% 29,020,218 14.67% 1,126,046 0.19% 3,647,752 0.41% 4,576,821 1.12%
income tax
expense 639,191 0.21% 6,999,583 3.54% 9,923,084 1.68% 916,133 0.10% 987,378 0.24%
net income 279,410,844 91.77% 169,390,588 85.61% 561,032,828 95.08% 854,370,064 97.16% 388,563,588 94.90
Balance sheet
Analysis
ASSETS
total current
assets 218948735 48.23% 265505918 91.98% 417765164 33.00% 263226440 43.26% 202861674 41.40
total non-
current
assets 235038531 51.77% 238396531 82.58% 335743285 26.52% 345247969 56.74% 287201113 58.60
Total Assets 453987266 100.00% 288669912 100.00% 1265960504 100.00% 608474409 100.00% 490062787 100.0
Total equity 256441019 56.49% 238694210 82.69% 591056394 46.69% 538148433 88.44% 177356035 36.19
non-current
liabilities 649141780 34.84% 49975702 100.00% 62093064 12.12% 29101630 6.92% 4235985 1.35%
current 121432069
liabilities 0 65.16% 215232537 430.67% 450358991 87.88% 391224346 93.08% 308470767 98.65
total 186346247
liabilities 0 410.47% 49975702 17.31% 512452055 40.48% 420325976 69.08% 312706752 63.81
total equity
and liabilities 453987266 100.00% 288669912 100.00% 1265960504 100.00% 608474409 100.00% 490062787 100.0

which is 9.26% . Gross profit is 7.48%. calculated by dividing its value by revenue
and so on. The vertical analysis of balance sheet is done by taking total assets
as reference point and then the % of current and noncurrent assets are
Base
2016 year
2017 2018 2019 2020
statement
analysis
304,467,34 197,858,43 879,312,07 409,447,82
Revenue 2 7 -35.01% 590,070,371 198.23% 2 49.02% 7 -53.44
2788.90
cost of sales 28187468 19096939 -32.25% 551690674 % 865539147 56.89% 422447307 -51.19
gross profit 22779874 6888798 -69.76% 38379697 457.13% 13772925 -64.11% 12999480 -5.62%
Distribution
cost 1,121,429 1,784,788 59.15% 1,595,843 -10.59% 1,784,788 11.84% 1,617,445 -9.38%
Administrative
expenses 25056498 28467849 13.61% 29037543 2.00% 24942008 -14.10% 20884239 -16.27
1233.3
other expenses 872,804 724,937 -16.94% 60,000 -91.72% 45,000 -25.00% 600,000 %
net income
before tax 54,897,677 29,020,218 -47.14% 1,126,046 -96.12% 3,647,752 223.94% 4,576,821 25.47%
income tax 1317.67
expense 639,191 699,958 9.51% 9,923,084 % 916,133 -90.77% 987,378 7.78%
279,410,84 226,326,28 854,370,06 388,563,58
net income 4 6 -19.00% 561,032,828 147.89% 4 52.29% 8 -54.52
Balance sheet
Analysis
ASSETS
total current
assets 218948735 265505918 21.26% 417765164 57.35% 263226440 -36.99% -22.93
total non-current
assets 235038531 238396531 0.74% 335743285 40.83% 345247969 2.83% 287201113 -16.81
Total Assets 453987266 503902449 10.99% 1265960504 151.23% 608474409 -51.94% 490062787 -19.46
Total equity 256441019 238694210 -6.92% 591056394 147.62% 538148433 -8.95% 177356035 -67.04
non current
liabilities 649141780 49975702 -92.30% 62093064 24.25% 29101630 -53.13% 4235985 -85.44
current liabilities 1214320690 215232537 -82.28% 450358991 109.24% 391224346 -13.13% 308470767 -21.15
total liabilities 1863462470 265208239 -85.77% 512452055 93.23% 420325976 -17.98% 312706752 -25.60
total equity and
libilities 453987266 503902449 10.99% 1265960504 151.23% 608474409 -51.94% 490062787 -19.46
Interpretation:
year)/base year.
REVENUE TREND:
2017 to 2018 and then decreases from year 2019 to 2020
NET INCOME:
Net income increases in 2018 and then decreases from year 2019 to 2020.which
means company is in loss.
TOTAL ASSETS:
Total assets of company increase from year 2017 to 2018 and then decreases in
year 2019. In 2020 total assets increases slightly.

Equity and liabilities of company shows the mix trend from year 2017 to 2020
Pioneer Cement Company Limited was incorporated in 1980 as a public limited

company. It was a wholly owned subsidiary of the State Cement Corporation of
Pakistan (Pvt.) Limited. The manufacturing facility was commissioned in 1982. The
plant is based on dry process technology, had a total installed capacity of 1,000 tons
per day of clinker. The plant was supplied by M/s. Mitsubishi Corporation, Japan. In
the year 2004, Government of Pakistan divested its shareholding from the company
through Privatization Commission.
Address: Office no: 606-608A Ctc building, Founder: Shahid Aziz Siddiqui
Block 8 Clifton, Karachi, Karachi City,
Sindh 75600
Website:
http://www.thattacement.com/
Products:
Ordinary Portland Cement
Sulphate Resistant Cement
Portland Blast Furnace Slag Cement
Ground Granulated Blast Furnace Slag
Ratio Analysis:
Ratio analysis of Pioneer cement factory has been done from year
company.
Interpretation:
Liquidity Ratios:

ratio
2016 1007268 2.28 0.75
2017 1090702 2.07 0.62
2018 1148362 1.82 0.39
2019 1350012 2.25 0.46
2020 1501282 2.65 0.42
Current ratio:
ratio drops from 2.28 to 1.82 from year 2016 to 2018 and then increases from
year 2019 to 2020

The working capital increases from year 2016 to 2020 due to better working
Quick ratio:
Quick ratio from year 2016 to 2020 increases of pioneer company..

earned ratio
2016 0.436995441 138.3336565
2017 0.418739042 205.166288
2018 0.323356232 159.0170679
2019 0.356736964 479.9161721
2020 0.335512061 29.84330745
Debt ratio:
borrow money. As we can see in above table debt ratio decreases from year
2016 to 2020.

above table time interest ratio decreases and increases from year 2016 to 2020
Turnover ratios:

2016 18.71599129 18.40771318
2017 40.08069038 16.11672291
2018 19.63428352 15.48680491
2019 21.64085176 42.38775684
2020 26.48076935 50.27763039

Inventory management ratio is increasing gradually over the years The higher
for their products.

Thatta company is however seen with decreasing and increasing each year.
2016 0.644017481 0.135729073 6.46
2017 0.896457171 0.185695031 6.69
2018 0.62259227 0.157212133 5.99
2019 0.324629244 0.101439216 4.31
2020 0.032065085 0.009950763 0.35
Return on sales:
troubles.
Return on Assets:
produce revenue growth, a sign the company may be trouble. Thatta cement
Company has relatively small changes in ROA. There is no drastic change so we
can say that the company is doing just fine.
and is not utilizing the funds efficiently. Thatta cement company EPS decreases
Investment:
2016 15.94427245 -0.02341153
2017 14.20029895 -0.003045875
2018 10.68447412 0.00830629
2019 22.73781903 -0.013601485
2020 351.4285714 -0.02390657

low relative to earnings. Thatta cement company P/E ratio decreases from year
2016 to 2018 and then increases in 2019 and 2020.

The book value per share is negative of this company If book value is negative,
where a company's liabilities exceed its assets, this is known as a balance sheet
insolvency
2016 2017 2018 2019 2020

Income
analysis
Revenue 2,856,103 100.00% 3,824,522 100.00% 3,824,522 100.00% 4,134,378 100.00% 2,435,037 100.00%
cost of sales 1821590 63.78% 2466225 64.48% 2466225 64.48% 3063598 74.10% 2073431 85.15%
gross profit 1034513 36.22% 1358297 35.52% 1358297 35.52% 1070780 25.90% 361606 14.85%
Distribution
cost 71,522 2.50% 101,031 2.64% 101,031 2.64% 220,258 5.33% 89,760 3.69%
Administrati
ve expenses 124819 4.37% 152922 4.00% 152922 4.00% 338721 8.19% 180277 7.40%
other
expenses 55629 1.95% 54786 1.43% 54786 1.43% 45079 1.09% 19107 0.78%
net income
before tax 713,525 24.98% 993,210 25.97% 885,089 23.14% 646,927 15.65% 65,327 2.68%
income tax
expense 32,847 1.15% 201,605 5.27% 198,783 5.20% 110,616 2.68% 32,891 1.35%
net income 2,731,284 95.63% 3,671,600 96.00% 3,595,374 94.01% 3,795,657 91.81% 2,254,760 92.60%
Balance
sheet
Analysis
ASSETS
total current
assets 1793216 33.39% 2105582 39.15% 2552960 32.41% 2424765 35.50% 2413863 21.51%
total non-
current
assets 3577689 66.61% 3272868 60.85% 3399203 43.15% 4404617 64.50% 4326766 38.56%
Total Assets 5370905 100.00% 5378450 100.00% 7876824 100.00% 6829382 100.00% 11219697 100.00%
Total equity 3023844 56.30% 3526283 65.56% 4027404 41.09% 4435890 64.95% 4479066 39.92%
non-current
liabilities 1561110 66.51% 837287 45.21% 520071 27.02% 1318931 55.10% 1348982 20.01%
current
liabilities 785951 33.49% 1014880 54.79% 1404590 72.98% 1074753 44.90% 912581 13.54%
total
liabilities 2347061 43.70% 1852167 34.44% 1924661 19.64% 2393684 35.05% 6740631 60.08%
total equity
and
liabilities 5370905 100.00% 5378450 100.00% 9801485 100.00% 6829382 100.00% 11219697 100.00%

which is 63.78%. Gross profit is 36.22%. calculated by dividing its value by revenue
and so on. The vertical analysis of balance sheet is done by taking total assets
as reference point and then the % of current and noncurrent assets are
Base
2016 year
2017 2018 2019 2020
statement
analysis
32.83%
Revenue 2,856,103 3,824,522 33.91% 3,793,875 4,134,378 8.98% 2,435,037 -41.10%
cost of sales 1821590 2466225 35.39% 2607747 5.74% 3063598 17.48% 2073431 -32.32%
gross profit 1034513 1358297 31.30% 1186128 -12.68% 1070780 -9.72% 361606 -66.23%
Distribution
cost 71,522 101,031 41.26% 70,256 -30.46% 220,258 213.51% 89,760 -59.25%
Administrative
expenses 124819 152922 22.52% 198501 29.81% 338721 70.64% 180277 -46.78%
other expenses 55629 54786 -1.52% 52335 -4.47% 45079 -13.86% 19107 -57.61%
net income
before tax 713,525 993,210 39.20% 885,089 -10.89% 646,927 -26.91% 65,327 -89.90%
income tax
expense 32,847 201,605 513.77% 198,783 -1.40% 110,616 -44.35% 32,891 -70.27%
net income 2,731,284 3,671,600 34.43% 3,595,374 -2.08% 3,795,657 5.57% 2,254,760 -40.60%
Balance sheet
Analysis
ASSETS

1793216 2105582 17.42% 2552960 21.25% 2424765 -5.02% 2413863 -0.45%
total non current3577689

assets 3272868 -8.52% 3399203 3.86% 4404617 29.58% 4326766 -1.77%
Total Assets 5370905 5378450 0.14% 9801485 82.24% 6829382 -30.32% 11219697 64.29%
Total equity 3023844 3526283 16.62% 4027404 14.21% 4435890 10.14% 4479066 0.97%

1561110 837287 -46.37% 520071 -37.89% 1318931 153.61% 1348982 2.28%
current liabilities 785951 1014880 29.13% 1404590 38.40% -23.48% 912581 -15.09%
total liabilities 2347061 1852167 -21.09% 1924662 3.91% 2393684 24.37% 6740631 181.60%

5370905 5378450 0.14% 9801485 82.24% 6829382 -30.32% 64.29%
Interpretation:
year)/base year.
REVENUE TREND:
2017 to 2020
NET INCOME:
Net income decreases from 2017 to 2020.it is negative. The net income
becomes negative, meaning it is a loss.
TOTAL ASSETS:
Total assets of company increase from year 2017 to 2018 and decreases in
2019.in 2020 it increases again.

Equity and liabilities show the increase and decrease mix trend from
year 2017 to 20

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INTERNATIONAL ISLAMIC UNIVERSITY

COURSE Instructor: Rifaat sultana

c ement is the prime ingredient used in the construction industry.

Cement Industry’s contribution to the Economy

Attock Cement Pakistan Limited, branded as Falcon Cement, was

years current assets current liabilities current ratio

2016 7196874 2740679 2.625945614

2017 3171362 5953512 0.532687597

2018 6728950 7898033 0.851977955

2019 7646946 8403569 0.909964088

2020 10059777 9336931 1.077417944

The working capital decreases in 2016 to 2019 and is temporarily negative,

Times interest earned ratio measures a company's ability to continue to

2016 8331840 7196874 1.157702636

Inventory management ratio is increasing gradually over the years The

Accounts receivable turnover ratio:

net sales Avg receivable Accounts receivable turnover

For accounts receivable turnover a higher number is better. It means that

2016 2017 2018 2019 2020

total equity and

Equity and liabilities:

Bestway cement ltd

Bestway Cement Limited is a Pakistani building materials company which is a subsidiary of

It was founded in 1993 and is listed on the Pakistan Stock Exchange.

years current assets current liabilities current ratio

net sales Avg receivable Accounts receivable turnover

51623476 1040015 49.63724177

52883667 1546944 34.18589619

53601512 1208589 44.35048805

37128726 741395 50.07954734

For accounts receivable turnover a higher number is better. It means that

2016 2017 2018 2019 2020

(base year) years

41983375 47769255 13.78% 53309872 26.98% 57605918 37.21% 54653200 30.18%

The net income is decreased in negative from year 2016 to 2020.

Equity and liabilities:

Power Cement Limited was established as Private Limited Company

years current assets current liabilities current ratio

2016 1769369 1945128 0.909641422

2017 6096806 2381223 2.560367509

2018 4640126 3238059 1.432996125

2019 6619082 9769846 0.67750116

2020 7126065 19507355 0.365301447

The working capital decreases in 2016 to 2019 and is temporarily negative, it

Times interest earned ratio measures a company's ability to continue to service

Accounts receivable turnover ratio:

net sales Avg receivable Accounts receivable turnover

83736567 756785 110.6477626

34566757 87547 394.8365678

755322465 45675 16.89031

455346764 456877 990.6506609

2016 2017 2018 2019 2020

6723276 78364873 1065.58% 73227473 989.16% 84758484 1160.67% 8743753

Subsidiary: Kohat Cement Educational Trust

Head Office Details

LAHORE 37-P, Gulberg II,

Company Executives Kohat Cement Co. Ltd.

Financial Analysis (2016-2020)