dewan cement
TRANSCRIPT
-
8/8/2019 Dewan CEment
1/39
Income stateme 2008 2007 2006 2005 2004(Rupees) (Rupees) (Rupess) (Rupees) (Rupees)
Turnover - Net 4,598,002 4,329,503 2,678,979 1,891,253 ###
Cost of sales 4,706,326 3,718,979 1,935,540 1,551,835 ###
Gross profit -108,324 610,524 743,439 339,418 11,159
Distribution cost -94,741 -35,409 -4,823 -6,798 -4,477Administrative expenses -246,815 -123,024 -68,572 -46,615 -43,568
Other operating expenses -88,325 -17,745 -37,802 -7,567 -275,216
Other operating income 281,025 283,751 53,737 72,160 41,887
Operating profit/ (loss) -257,180 718,097 685,979 350,598 -270,215
Finance cost -325,142 -553,115 -262,626 -235,498 -17,625
Share of profit / loss of associate 55,984
Profit / Loss befor taxation -582,322 -164,982 479,337 115,100 -287,840
Taxation 83,185 41,624 -196,054 -39,073 -111,206
Profit / Loss after taxation -499,137 206,606 283,283 76,027 -176,634
(1.39) 0.74 1.86 0.92 (2.14)(Loss) / Earnings per share -Basic/diluted
-
8/8/2019 Dewan CEment
2/39
2008 2007 2006 2005 2004
(Rupees)(Rupees)(Rupess)(Rupees (Rupee
CURRENT ASSETS
Stores and spares parts 397,500 683,751 346,435 225,766 183,744
Stock in trade 127,802 302,825 186,703 132,279 28,916
Trade debts 715,855 510,335 81,841 87,087 30,463
Due from related parties 10,541 800,000
Loans and advances 130,715 110,071 125,102 122,849 43,897
Trade deposits and short term perpayments 32,288 95,333 16,072 11,303 4,308
Other receivables 39,143 62,202 39,048 32,631 7,498
Short term investments 4,656 9,161 9,034 7,121 6,044
Taxation- net 17,760 16,328
Due from an associated undertaking 263,104 239,079 16,803
Cash and bank balances 132,572 224,537 76,751 108,067 22,070
TOTAL CURRENT ASSETS ### ### ### 966,182 ###
NON CURRENT ASSETS
Property Plant & Equipment ### ### ### ### ###
Intangible asset 28,507 11,201 3,497
Investment in associate 951,273 911,296 800,000
Long-term deposits 74,369 52,972 21,415 824 1,092
Long-term loans 641 1,062 1,329 2,105 2,524
TOTAL NON CURRENT ASSETS ### ### ### ### ###
TOTAL ASSETS ### ### ### ### ###
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized capital ### ###
Issued, subscribed and paid-up capital ### ### ### 825,000 825,000
Reserves- net 734,720 ### 593,157 263,554 23,540
### ### 639,600 673,937 813,408
TOTAL EQUITY ### ### ### ### ###
CURRENT LIABILITIES
Trade and other payables ### ### 533,138 459,719 621,851
Mark-up payables 555,916 345,134 196,675 130,030 14,197
Short term borrowings 748,021 248,644 92,400
Current position in long term borrowings ### ### 533,311 308,376 71,039
Provision for taxation 2,619 6,103 20,194
Sales tax payable 16,850 14,743 20,403 29,697 15,156
Short term redeemable capital 497,695
TOTAL CURRENT LIABILITIES ### ### ### 933,925 ###
Balance sheet for theyear 2004-2008
Surplus on revaluation of fixed assets - net oftax
-
8/8/2019 Dewan CEment
3/39
NON CURRENT LIABILITIES
Sub-ordinated loans 602,000
Long term financing ### ### 715,845 499,843 44,672
Redeemable capital ### ### ###
Liabilities against assets subjected to finance lea 88,949 134,843 28,791 264 4,907
Long term deposits 922,894 861,539 79,187 61,533 153,196
Deferred liabilities ### ### 620,599 467,345 505,128
Debentures- Term finance certificates ### ###Mark-up payable 141,252
TOTAL NON CURRENT LIABILITIES ###9870656 ### ### ###
TOTAL LIABILITIES AND EQUITY ### ### ### ### ###
-
8/8/2019 Dewan CEment
4/39
)
-
8/8/2019 Dewan CEment
5/39
-
8/8/2019 Dewan CEment
6/39
Statement of Cash Fl 2008 2007 2006 2005 2004
(Rupees) (Rupees) (Rupess) (Rupees) (Rupees)
Loss / profit before taxation -582,322 164,982
Adjustments for:
Depreciation 540,033 463,397
4,505 -127
14 -162
Finance cost 325,142 553,115 -8,583
-73,030 -265,698
Other income on TFCs -157,096
Amortisation of intangible assets 31,317
Divident income -187
Exchange loss - net 43,028
-28,570
Provision for / (reversal of) gratuity 7,284 -86
Provision for doubtful debts 10,877
Provision for loans and advances 63,631
1237
766,948 751,676
184,626 916,658
Movement in working capital:
286,251 -160,632
175,023 -62,944
Increase in trade debts -216,397 -211,726
-84,275 93,092
63,045 -14,721
23,059 -39,616
818,029 25,726
375,049 696,729
2,107 -42,658
1,441,891 283,250
1,626,517 1,199,908 786,533 166,988 110,819
CASH FLOWS FROMOPERATING ACTIVITIES
Loss / gain on remeasurement ofshort- term investments
Loss / gain on sale of property,plant and equipment
Liabilities no longer payable -written back (net)
Interest on balance due fromrelated party
Provision for slow moving andobstacle spare parts
Operating profit before
working capital changes
Decrease / increase in stores andspare partstrade
Decrease / increase in loans andadvances
Decrease / increases in tradedeposits and short-term
prepaymentsDecrease / increase in otherreceivables parties payables
Increase / decrease in sales taxpayable
operations
-
8/8/2019 Dewan CEment
7/39
Income tax paid -24,423 -48,262 -16,879 -9,128 -15,913
Long-term loans --net 421 267 -341 448 -1,975
Long-term deposits -21,397 -13,820 -19,310 419
Long-term deposits and payables 61,355 361,550 17,654 -91,663 129,604
1,642,473 1,499,643 767,657 67,064 213,952
Fixed capital expenditure -575,882 ### -918,290 -289,162 -265,012
294 463 2,533 910 761
Divedends income received 187 86 287 198
19,086 -208,107 78,044
Short- term investments made -12
-575,401 (-2,149,47 -896,384 -496,173 -186,207
-4,190,993 -826,009
3,850,000
Long-term financing-net -139,551 1,031,774 229,336 415,000
Loan from sponsors 499,377 465,922
Short- term borrowings 248,644 -92400 -32335
-497,695 497,695 -273,878 -286,226 -26,157
Finance cost paid -845,698 -812,024 -181,589 -118,425
Dividend paid -464 -69,107
-71,371 103,356 -4843 -2057
Proceeds from issue of shares 825,000
Subordinated loan -602,000 602,000
100,542
-1,159,037 640,251 97,411 515,106 -60,549
-91,965 -9,582 -31,316 85,997 -32,804
224,537 234,119 108,067 22,070 54,874
132,572 224,537 76,751 108,067 22,070
Net cash generated fromoperating activities
CASH FLOWS FROM INVESTINGACTIVITIES
Proceeds from sale ofproperty,plant and equipment
Decrease / increase in due fromassociated undertaking
Net cash outflow frominvesting activities
CASH FLOW FROM FINANCINGACTIVITIES
Repayment of debentures- Termfinance certificates
Proceeds from issuance ofdebentures- Term financecertificates
Repayment / proceeds from shortterm redeemable capital
Decrease / increase in liabilitiesagainst assets subject to financelease
finance lease
Net cash (used in)/ generatedfrom financing activities
Net increase / decrease in cashand cash equivalents
Cash and cash equivalents at thebeginning of the year
Cash and cash equivalents at theend of the year
-
8/8/2019 Dewan CEment
8/39
8,304,085 5,166,691 1,379,256 1,235,109 499,305
-
8/8/2019 Dewan CEment
9/39
2008 2007 2006 2005
Turnover - Net 100% 100% 100% 100%
Cost of sales 102.36% 85.90% 72.25% 82.05%
Gross profit -2.36% 14.10% 27.75% 17.95%
Distribution cost -2.06% -0.82% -0.18% -0.36%
Administrative expenses -5.37% -2.84% -2.56% -2.46%
Other operating expenses -1.92% -0.41% -1.41% -0.40%
Other operating income 6.11% 6.55% 2.01% 3.82%
Operating profit/ (loss) -5.59% 16.59% 25.61% 18.54%
Finance cost -7.07% -12.78% -9.80% -12.45%
Share of profit / loss of associate 0.00% 0.00% 2.09% 0.00%
Profit / Loss befor taxation -12.66% -3.81% 17.89% 6.09%
Taxation 1.81% 0.96% -7.32% -2.07%
Profit / Loss after taxation -10.86% 4.77% 10.57% 4.02%
COMMON SIZE INCOMESTATEMENT
-
8/8/2019 Dewan CEment
10/39
2004
100%
99.19%
0.81%
-0.32%
-3.15%
-19.91%
3.03%
-19.55%
-1.28%
0.00%
-20.83%
-8.05%
-12.78%
-
8/8/2019 Dewan CEment
11/39
2008 2007 2006 2005 2004
(%) (%) (%) (%) (%)
CURRENT ASSETS
Stores and spares parts 1.84% 3.08% 4.20% 3.07% 2.80%
Stock in trade 0.59% 1.36% 2.26% 1.80% 0.44%Trade debts 3.31% 2.30% 0.99% 1.18% 0.46%
Due from related parties 0.05% 3.60% 0.00% 0.00% 0.00%
Loans and advances 0.60% 0.50% 1.52% 1.67% 0.67%
Trade deposits and short term perpayments 0.15% 0.43% 0.19% 0.15% 0.07%
Other receivables 0.18% 0.28% 0.47% 0.44% 0.11%
Short term investments 0.02% 0.04% 0.11% 0.10% 0.09%
Taxation- net 0.08% 0.07% 0.00% 0.00% 0.00%
Due from an associated undertaking 0.00% 0.00% 3.19% 3.25% 0.26%
Cash and bank balances 0.61% 1.01% 0.93% 1.47% 0.34%
TOTAL CURRENT ASSETS 7.44% 12.68% 13.88% 13.13% 5.25%
NON CURRENT ASSETS
Property Plant & Equipment 92.21% 86.95% 74.17% 74.39% 82.49%
Intangible asset 0.00% 0.13% 0.14% 0.05% 0.00%
Investment in associate 0.00% 0.00% 11.54% 12.39% 12.21%
Long-term deposits 0.34% 0.24% 0.26% 0.01% 0.02%
Long-term loans 0.00% 0.00% 0.02% 0.03% 0.04%
TOTAL NON CURRENT ASSETS 92.56% 87.32% 86.12% 86.87% 94.75%
TOTAL ASSETS 100.00% 100.00% 100.00% 100.00% 100.00%
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized capital
Issued, subscribed and paid-up capi 16.54% 16.10% 20.02% 11.21% 12.59%
Reserves- net 3.40% 5.09% 7.20% 3.58% 0.36%
18.58% 18.43% 7.76% 9.16% 12.42%
TOTAL EQUITY 38.51% 39.61% 34.97% 23.96% 25.37%
CURRENT LIABILITIES
Trade and other payables 7.63% 5.88% 6.47% 6.25% 9.49%
Mark-up payables 2.57% 1.55% 2.39% 1.77% 0.22%
Short term borrowings 3.46% 1.12% 0.00% 0.00% 1.41%
Current position in long term borrowings 5.15% 5.06% 6.47% 4.19% 1.08%
Provision for taxation 0.00% 0.00% 0.03% 0.08% 0.31%
Sales tax payable 0.08% 0.07% 0.25% 0.40% 0.23%
Short term redeemable capital 0.00% 2.24% 0.00% 0.00% 0.00%
TOTAL CURRENT LIABILITIES 18.90% 15.93% 15.60% 12.70% 12.74%
Common sizebalance sheet
Surplus on revaluation of fixed assets - netof tax
-
8/8/2019 Dewan CEment
12/39
NON CURRENT LIABILITIES
Sub-ordinated loans 0.00% 0.00% 0.00% 8.18% 0.00%
Long term financing 10.53% 10.95% 8.68% 6.79% 0.68%
Redeemable capital 0.00% 0.61% 0.35% 0.00% 0.07%
Liabilities against assets subjected to financ 0.41% 0.61% 0.35% 0.00% 0.07%
Long term deposits 4.27% 3.88% 0.96% 0.84% 2.34%Deferred liabilities 9.56% 9.87% 7.53% 6.35% 7.71%
Debentures- Term finance certificates 17.81% 18.52% 0.00% 0.00% 0.00%
Mark-up payable 0.00% 0.64% 0.00% 0.00% 0.00%
TOTAL NON CURRENT LIABILITIES 42.59% 44.46% 49.43% 63.35% 61.89%
TOTAL LIABILITIES AND EQUITY 100% 100% 100% 100% 100%
-
8/8/2019 Dewan CEment
13/39
-
8/8/2019 Dewan CEment
14/39
-
8/8/2019 Dewan CEment
15/39
Trend analysis 2008 2007 2006 2005
(%) (%) (%) (%)
Cash and cash equivalents 600.69 1017.39 347.76 489.66
Accounts Receivables 2349.92 1675.26 268.66 285.88
Temporary Investment 16.1 151.57 149.47 117.82
Inventory 441.98 1047.26 645.67 457.46Total Current Assets 468.03 818.79 332.83 281.08
Total Current Liabilities 489.27 423.53 154.06 111.87
Working Capital 504.13 146.86 28.93 -6.57
Plant assets, net 368.73 357.21 113.13 101.26
Other asset 522.05 829.58 520.78 435.2
Long-term debt 6810.35 4850.92 1961.08 75.46
Total liabilities 271.75 274.18 109.63 114.4
Share Owner's equity 433.18 433.18 200 100
Net Sales 332.69 313.27 193.84 136.84
Cost of Production Sold 343.3 271.28 141.19 113.2
Administration and Research expense 566.51 282.37 157.39 106.99
Interest expense 1844.78 3138.24 1490.08 1336.16
EBIT 202.31 -57.32 -166.53 -39.99
Net Income 282.58 -116.97 -160.38 -43.04
-
8/8/2019 Dewan CEment
16/39
Trend analysis 2008 2007 2006 2005
(Rupees)(Rupees)(Rupess) (Rupees)
Cash and cash equivalents 132572 224537 76751 108067
Accounts Receivables 715855 510335 81841 87087
Temporary Investment 4656 9161 9034 7121
Inventory 127802 302825 186703 132279Total Current Assets 1608832 2814543 1144090 966182
Total Current Liabilities 4084575 3535763 1286146 933925
Working Capital -2475743 -721220 -142056 32257
Plant assets, net ### ### 6113812 5472366
Other asset 39143 62202 39048 32631
Long-term debt 74369 52972 21415 824
Total liabilities ### ### 5,360,363 ###
Share Owner's equity 3573750 3573750 1650000 825000
Net Sales 4598002 4329503 2678979 1891253
Cost of Production Sold 4706326 3718979 1935540 1551835
Administration and Research expense 246815 123024 68572 46615
Interest expense 325142 553115 262626 235498
EBIT -582322 164983 479337 115100
Net Income -499137 206606 283283 76027
-
8/8/2019 Dewan CEment
17/39
2004
(Rupees)
22070
30463
6044
28916343743
834837
-491094
5404262
7498
1092
4889673
825000
1382053
1370894
43568
17625
-287840
-176634
-
8/8/2019 Dewan CEment
18/39
er share result 2008 2007 2006 2005 2004(Rupees) (Rupees) (Rupess) (Rupees)(Rupees)
Sales 12.87 12.11 16.24 22.92 16.75
Net Income -1.4 0.58 1.72 0.92 -2.14
Dividends 0 0 0 0 0
Shares Outstanding 357375 357375 165000 82500 82500
-
8/8/2019 Dewan CEment
19/39
-
8/8/2019 Dewan CEment
20/39
2008 2007 2006 2005 2004
Current Ratio 0.39 0.8 0.89 1.03 0.41
Acid test ratio 0.36 0.71 0.74 0.89 0.38
A/R TO 7.5 14.62 31.72 32.18 45.37Inv TO 21.86 19.34 16.8 23.47 47.41
Days sale in Receivable 56.05 42.43 11 16.58 7.94
Days sale in Inventory 9.78 29.31 34.73 30.69 7.59
Approx. Conversion period 65.82 71.75 45.72 47.26 15.53
Cash to CA 0.08 0.08 0.9 1.06 2.39
Cash to CL 0.03 0.06 0.8 1.09 0.98
Liquidity index 14.5 29.42 21.38 16.8 5.66
Working Capital ### -721,220 -142,056 32,257 -491,094
Net Trade cycle 131.07 122.52 96.45 -119.01 94.78
Cash provided by operations to CL 0.22 0.31 0.35 0.04 0.03
Short-term LiquidityAnalysis
-
8/8/2019 Dewan CEment
21/39
2008 2007 2006 2005 2004
(%) (%) (%) (%) (%)
CURRENT ASSETS
Stores and spares parts 24.71 24.29 30.28 23.37 53.45Stock in trade 7.94 10.76 16.32 13.69 8.41
Trade debts 44.5 18.13 7.15 9.01 8.86
Due from related parties 0.66 28.42 0 0 0
Loans and advances 8.12 3.91 10.93 12.71 12.77
Trade deposits and short term perpayments 2.01 3.39 1.4 1.17 1.25
Other receivables 2.43 2.21 3.41 3.38 2.18
Short term investments 0.29 0.33 0.79 0.74 1.76
Taxation- net 1.1 0.58 0 0 0
Due from an associated undertaking 0 0 23 24.74 4.89
Cash and bank balances 8.24 7.98 6.71 11.18 6.42
TOTAL CURRENT ASSETS 100 100 100 100 100
CURRENT LIABILITIES
Trade and other payables 40.39 36.91 41.45 49.22 74.49
Mark-up payables 13.61 9.76 15.29 13.92 1.7
Short term borrowings 18.31 7.03 0 0 11.07
Current position in long term borrowings 27.27 31.8 41.47 33.02 8.51
Provision for taxation 0 0 0.2 0.65 2.42
Sales tax payable 0.41 0.42 1.59 3.18 1.82
Short term redeemable capital 0 14.08 0 0 0
TOTAL CURRENT LIABILITIES 100 100 100 100 100
Common size Analysisof Current Assets &Current Liabilities
-
8/8/2019 Dewan CEment
22/39
2008 2007 2006 2005 2004
(Rupees) (Rupees)(Rupess) (Rupees) (Rupees)
INFLOWS:
Net Sales 4598002 4329503 2678979 1891253 1382053Increase/Decrease in A/R -205,520 -428,494 5,246 -56,624
Cash collections on sale 4392482 3901009 2684225 1834629 1382053
Interest income 281,025 283,751 53,737 72,160 41,887
4673507 4184760 2737962 1906789 1423940
OUTFLOWS:
Cost of products sold 4,706,326 ### ### 1,551,835 1,370,894
Administrative expenses -246,815 -123,024 -68,572 -46,615 -43,568
Other operating expense -88,325 -17,745 -37,802 -7,567 -275,216
Interest Expense -325,142 -553,115 -262,626 -235,498 -17,625
Increase/Decrease deffered tax 42903 -227828 -120493 -170194
Distribution expense cost -94,741 -35,409 -4,823 -6,798 -4,477
Increase/Decrease in inventori 175,023 -116,122 -54,424 -56,624
Finance cost -325,142 -553,115 -262,626 -235,498 -17,625
Dividend paid -464 -69,107
Income tax expense 83,185 41,624 -196,054 -39,073 -111,206
Total Cash outflows for ope 3,926,808 ### 928,120 753,968 901,177
746,699 ### ### ### 522,763
Analysis of CashInflows and
Outflows
Total Cash Collections fromOperations
Cash fromoperations(inflows-
outflows)
-
8/8/2019 Dewan CEment
23/39
2008 2007 2006 ### 2004
(%) (%) (%) (%) (%)
Loss / profit before taxation -7.01% 3.19%
Adjustments for:
Depreciation 6.50% 8.97%
0.05% 0.00%
0.00% 0.00%
Finance cost 3.92% 10.71% -1.72%
-0.88% -5.14%
Other income on TFCs -1.89%
Amortisation of intangible assets 0.38%
Divident income 0.00%
Exchange loss - net 0.52%
-0.34%
Provision for / (reversal of) gratuity 0.09% 0.00%
Provision for doubtful debts 0.13%
Provision for loans and advances 0.77%
0.02%
2.22% 14.55%
Movement in working capital:
3.45% -3.11%
Decrease / increase in stock-in-trade 2.11% -1.22%
Increase in trade debts -2.61% -4.10%
-1.01% 1.80%
0.76% -0.28%
0.28% -0.77%
Decrease in due from related parties 9.85% 0.50%
Increase in trade and other payables 4.52% 13.49%
0.03% -0.83%
Common sizeStatement of
Cashflows
CASH FLOWS FROM OPERATING
ACTIVITIES
Loss / gain on remeasurement ofshort- term investments
Loss / gain on sale of property, plantand equipment
Liabilities no longer payable - writtenback (net)
Interest on balance due from relatedparty
Provision for slow moving and
obstacle spare parts
Operating profit before workingcapital changes
Decrease / increase in stores andspare parts
Decrease / increase in loans and
advancesDecrease / increases in tradedeposits and short-term prepaymentsreceivables
payable
-
8/8/2019 Dewan CEment
24/39
Cash generated from operations 19.59% 23.22% 57.03% 13.52% 22.19%
Income tax paid -0.29% -0.93% -1.22% -0.74% -3.19%
Long-term loans --net 0.01% 0.01% -0.02% 0.04% -0.40%
Long-term deposits -0.26% -0.27% -1.40% 0.03%
Long-term deposits and payables 0.74% 7.00% 1.28% -7.42% 25.96%
19.78% 29.03% 55.66% 5.43% 42.85%
Fixed capital expenditure -6.93% -41.61% -66.58% ### -53.08%
0.00% 0.01% 0.18% 0.07% 0.15%
Divedends income received 0.00% 0.00% 0.02% 0.02%
1.38% ### 15.63%
Short- term investments made 0.00%
-6.93% -64.99% ### -37.29%
-50.47% -15.99%
46.36%
Long-term financing-net -1.68% 19.97% 16.63% 33.60%
Loan from sponsors 6.01% 9.02%
Short- term borrowings 4.81% -7.48% -6.48%
-5.99% 9.63% 1.38% ### -5.24%
Finance cost paid -10.18% -15.72% -13.17% -9.59%
Dividend paid -0.01% -1.34%
-0.86% 2.00% -0.39% -0.41%
Proceeds from issue of shares 59.81%
Subordinated loan -43.65% 48.74%
7.29%
-13.96% 12.39% 7.06% 41.71% -12.13%
-1.11% -0.19% -2.27% 6.96% -6.57%
2.70% 4.53% 7.84% 1.79% 10.99%
Net cash generated fromoperating activities
CASH FLOWS FROM INVESTINGACTIVITIES
Proceeds from sale of property,plantand equipment
Decrease / increase in due fromassociated undertaking
Net cash outflow from investing
activities
CASH FLOW FROM FINANCINGACTIVITIES
Repayment of debentures- Termfinance certificates
Proceeds from issuance ofdebentures- Term finance certificates
Repayment / proceeds from shortterm redeemable capital
Decrease / increase in liabilitiesagainst assets subject to financelease
Proceeds from / (payments) ofliabilities against assets subject tofinance lease
Net cash (used in)/ generatedfrom financing activities
Net increase / decrease in cash andcash equivalents
Cash and cash equivalents at thebeginning of the year
-
8/8/2019 Dewan CEment
25/39
1.60% 4.35% 5.56% 8.75% 4.42%Cash and cash equivalents at the endof the year
-
8/8/2019 Dewan CEment
26/39
Cash Flow adequacy ratio -0.97
2008 2007 2006 2005 2004Cash Reinvestment ratio 9.10% 8.20% 10.63% 1.02% 3.61%
Analysis of CashflowRatios
-
8/8/2019 Dewan CEment
27/39
2008 2007 2006 2005 2004
(Rupees) (Rupees)(Rupess)(Rupees)(Rupees)
NON CURRENT LIABILITIES:
Sub-ordinated loans 602,000
Long term financing 2,275,462 ### 715,845 499,843 44,672Redeemable capital ### ### ###
88,949 134,843 28,791 264 4,907
Long term deposits 922,894 861,539 79,187 61,533 153,196
Deferred liabilities 2,065,797 ### 620,599 467,345 505,128
Debentures- Term finance certificates 3,850,000 ###
Mark-up payable 141,252
TOTAL NON CURRENT LIABILITIES 9,203,102 9870656 ### ### 4054836
TOTAL CURRENT LIABILITIES 4,084,575 ### ### 933,925 834,837
TOTAL LIABILITIES ### ### ### ### ###
EQUITY CAPITAL:
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized capital 5,000,000 ###
Issued, subscribed and paid-up capital 3,573,750 ### ### 825,000 825,000
Reserves- net 734,720 ### 593,157 263,554 23,540
4,014,940 ### 639,600 673,937 813,408
TOTAL EQUITY CAPITAL 8,323,410 ### ### ### ###
TOTAL LIABILITIES and EQUITY ### ### ### ### ###
Analysis of CapitalStructure
Liabilities against assets subjected to financelease
Surplus on revaluation of fixed assets - net oftax
-
8/8/2019 Dewan CEment
28/39
-
8/8/2019 Dewan CEment
29/39
2008 2007 2006 2005
(%) (%) (%) (%)
NON CURRENT LIABILITIES:
Sub-ordinated loans 0.00% 0.00% 0.00% 8.18%
Long term financing 10.53% 10.95% 8.68% 6.79%Redeemable capital 0.00% 0.00% 31.90% 41.17%
Liabilities against assets subjected to finance lease 0.41% 0.61% 0.35% 0.00%
Long term deposits 4.27% 3.88% 0.96% 0.84%
Deferred liabilities 9.56% 9.87% 7.53% 6.35%
Debentures- Term finance certificates 17.81% 18.52% 0.00% 0.00%
Mark-up payable 0.00% 0.64% 0.00% 0.00%
TOTAL NON CURRENT LIABILITIES 42.59% 44.46% 49.43% 63.35%
TOTAL CURRENT LIABILITIES 18.90% 15.93% 15.60% 12.70%
TOTAL LIABILITIES 61.49% 60.39% 65.03% 76.04%
EQUITY CAPITAL:
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized capital 23.14% 22.52% 0.00% 0.00%
Issued, subscribed and paid-up capital 16.54% 16.10% 20.02% 11.21%
Reserves- net 3.40% 5.09% 7.20% 3.58%
Surplus on revaluation of fixed assets - net of tax 18.58% 18.43% 7.76% 9.16%
TOTAL EQUITY CAPITAL 38.51% 39.61% 34.97% 23.96%
TOTAL LIABILITIES and EQUITY ### ### ### ###
Common size analysisof Capital Structure
-
8/8/2019 Dewan CEment
30/39
2004
(%)
0.00%
0.68%51.09%
0.07%
2.34%
7.71%
0.00%
0.00%
61.89%
12.74%
74.63%
0.00%
12.59%
0.36%
12.42%
25.37%
###
-
8/8/2019 Dewan CEment
31/39
2008 2007 2006 2005 2004
Total debt to equity 1.6 1.52 1.86 3.17 2.94
Total debt ratio 0.61 0.6 0.65 0.76 0.75
Long-term debt to equity 1.11 1.12 1.41 2.64 2.44Equity to total debt 0.63 0.66 0.54 0.32 0.34
Fixed asset to equity 2.39 2.19 2.12 3.1 3.25
C.L to T.L 0.31 0.26 0.24 0.17 0.17
Cash flow to fixed charges -1.63 -2.08 1.1 -0.93 -21.52
Capital structureand Solvency Ratios
-
8/8/2019 Dewan CEment
32/39
2008 2007 2006 2005 2004
(%) (%) (%) (%) (%)
Return on Assets (ROA) -3.55% -1.36% 1.61% -1.15% -2.69%
Return on common Equity -5.83% 3.53% 12.19% 4.44% -10.62%
Return on long term debt and equity -2.55% -1.58% 1.24% -0.92% -2.88%Finnancial Leverage Index 1.64 -2.6 7.56 -3.88 0.01
Equity Growth Rate -5.83% 4.72% 12.20% 4.44% -10.62%
Return on InvestedCapital Ratios
-
8/8/2019 Dewan CEment
33/39
set Utilization Rati 2008 2007 2006 2005 2004
Sales to cash and equivalents 34.68 19.28 34.9 17.5 62.62
Sales to Accounts Receivable 6.42 8.48 32.73 21.72 45.37
Sales to Inventory 35.98 14.3 14.35 14.3 47.8
Sales to Working Capital 9120.7 29480.5 92613.51 ### 32142.34
Sales to Fixed Assets 0.23 0.22 0.44 0.35 0.26
Sales to Other Assets 117.47 69.6 68.61 57.96 184.32
Sales to Total Assets 0.21 0.2 0.32 0.26 0.21
Sales to Short-term-Liability 2.86 1.54 2.34 1.96 4.02
-
8/8/2019 Dewan CEment
34/39
alysis of Profit Marg 2008 2007 2006 2005
Gross Profit Margin (0.02) 0.14 0.28 0.18
Operating Profit Margin -0.13 -0.04 0.18 0.06
Net Profit Margin -0.11 0.05 0.11 0.04
-
8/8/2019 Dewan CEment
35/39
-
8/8/2019 Dewan CEment
36/39
nalysis of Depreciation 2008 2007 2006 2005(%) (%) (%) (%)
9.79% 7.44% 28.00% 26.48%
2.60% 2.31% 4.20% 4.65%
11.58% 10.53% 10.00% 14.12%
Accumulated depreciation as a percent ofgross plant assets
Annual depreciation expence as a percentof gross plant
Annual depreciation expence as a percent
of sales
-
8/8/2019 Dewan CEment
37/39
2004(%)
22.30%
3.82%
15.51%
-
8/8/2019 Dewan CEment
38/39
2008 2007 2006 2005 2004Net sales 4,598,002 4,329,503 2,678,979 1,891,253 1,382,053
Plant assets 19,927,245 19,304,428 6,113,812 5,472,366 5,404,262
Maintenance and repairs 10661 11963 2133 1804 239
Advertising 196 419 0 0 0
Maintenance and repairs/Sale 0 0 0 0 0
Maintenance and repairs/Plan 0 0 0 0 0
Advertising /Sales 0 0 0 0 0
Analysis ofDiscretionaryExpenditures
-
8/8/2019 Dewan CEment
39/39
Market Measures 2008 2007 2006 2005 2004
Price to Earning -18.28 214.8 101.13 46.48 85.3
Price to Book 6.89 7.85 11.44 11.01 17.65
Earnings Yield (0.78) 0.39 0.56 0.53 0.01
Dividend Yield -0.14 -0.01 -0.06 0.6 0
Dividend Payout Ratio 0.19 (0.04) (0.10) 1.13 0.33