NAME:

ID:
COURSE:
To:

Kashif Afzal Junejo

1135111
AFS
Sir Faisal Abdullah

16 Current Ratio
17 Quick Ratio
18 Operating Profit Margin
19 Total Debt Ratio
20 Interest Cover Ratio
21 Dividend Cover Ratio
22 Return on capital employed
23 EBITDA margin
24 Market Value per Share

25 Market Capitalization
26 Price Earnings Ratio

DAWOOD HERCULES CHEMICALS LIMITED

RATIO ANALYSIS (2006-2010)
RATIOS

2010

2009

2008

2007

0.4
0.25
17.86
34.83
10.48
1433.6
0.25
10.73
0.32
404.14
162.43
2.52
28
10.99
0.26
2.46
1.59
44.49
0.21
4.26
3.57
15.57
46.88
198.36

36%
-16%
-14.8
81.92
4.46
1,171.40
0.31
4.77
0.4
636.09
163.23
2.22
-27.02
-9.98
0.35
2.01
1.24
0.52
0.27
0.06
-3.7
0.23
1.87
179.81

42%
0.41
28
9.01
40.61
1095.4
0.33
40.95
0.29
536.3
158.91
1.13
8.93
17.62
0.36
3.19
2.01
39.74
0.25
5.33
11.2
12.27
66.53
220

37%
202%
122.3
5.7
64.04
1,383.24
0.26
64.3
0.17
368.27
227.95
0.76
3.24
53.65
0.34
3.15
2.51
210.56
0.3
15.12
30.88
41.14
230.52
393.8

Values in
GrossProfit
2 Net Profit to Sales
3 Earnings Per Share
4 Inventory Turnover
5 Age of Inventory
6 Debtors Turnover
7 Average Collection Period
8 Operating Cycle
9 Total Assets Turnover
10 Fixed Assets Turnover
11 Break-up Value of Share
12 Dividend Yield
13 Dividend Payout Ratio
14 Return on Equity
15 Debt Equity Ratio
16 Current Ratio
17 Quick Ratio
18 Operating Profit Margin
19 Total Debt Ratio
20 Interest Cover Ratio
21 Dividend Cover Ratio
22 Return on capital employed
23 EBITDA margin
24 Market Value per Share

%
%
Rs.
Time
Days
Time
Days
Days
Time
%
Rs.
%
%
%
Time
Time
Time
%
Time
Time
Time
%
%
Rs.

25 Market Capitalization

Rs.in Million

26 Price Earnings Ratio

Times

23867
11.11

19,668
-12.15

24097
7.87

32,633
4.25

2006

34%
0.53
24.79
12.8
28.52
1221.98
0.3
28.82
0.24
381
111.9
2.71
32.27
22.15
Nil
1.28
1.08
52.86
0.37
5.08
3.1
21.62
74.79
295

24446
11.9

Dawood Hercules Chemicals Limited

Horizontal Analysis

Profit and Loss Statement

Rs. in Million
Particulars

2005

2006

2007

2008

2009
Restated

Sales - net

3,290.55

3,881.75

5,011.00

7,428.70

11,040.36

Cost of goods sold

2,030.60

2,570.25

3,148.55

4,312.46

7,080.46

Gross profit

1,259.95

1,311.50

1,862.45

3,116.24

3,959.90

-6.13

-6.2

-13.07

-72.28

-392.03

-196.39

-229.93

-277.81

-317.57

-328.27

-100.31

-3,791.09

-56.5
1,775.77
2,776.70

-70.51
1,047.26
2,052.12

-74.37
9,053.94
10,551.14

-183.93
509.59
2,951.74

-159.51
767.76
56.76

Finance cost

258.06

555.47

755.84

901.45

984.75

Share of profit from associate, net

of
tax / (Loss) before tax
Profit

681.91

769.76

878.85

1,850.20

3,200.55

2,266.41

10,674.15

3,900.49

-927.99

Distribution expenses
Administrative expenses
Impairment loss
Other expenses
Other income
Result from operating activities

Income tax expenses

Profit / (Loss) after tax
Earnings / (loss) per share (Rs.)

-332.6
2,867.95

-212.2
2,054.21

-539.7
10,134.45

-837.8
3,062.69

-853.3
-1,781.29

34.61

24.79

92.65

28

-14.8

Horizontal Analysis

Balance Sheet
Rs. in Million
Particulars

Rs. in Million

2005

2006

2007

2008

Rs. in M
2009

Share Capital and Reserves

Issued, subscribed and paid up
capital
Revenue reserves
Fair value reserve
Share holder's equity with FVR

720.58

828.66

828.66

1,093.83

1,093.83

6,728.43
1,906.24
9,355.24

8,204.37
240.11
9,273.14

17,841.62
219.05
18,889.33

20,415.40
-4,126.57
17,382.66

16,756.87
3.98
17,854.69

Non Current Liabilities

Sub Total

87.1
9,442.34

217.89
9,491.03

6,760.55
25,649.88

6,670.36
24,053.02

6,516.30
24,370.98

Current Liabilities
Current portion - long term loan
Short term financing - secured
Trade and other payables
Markup payable on secured loans

2,334.90
631.69
48.24

5,924.51
490.45
169.89

2,281.43
512.95
249.44

70.14
538.13
275.85

1,196.60
648.23
280.27

Provision for taxation

Sub Total
Total

330
3,344.83
12,787.17

86.8
6,671.65
16,162.69

529
3,572.82
29,222.70

693
1,577.12
25,630.14

858
2,983.10
27,354.08

Rs. in Million
Particulars

2005

2006

2007

2008

2009

Restated
Assets
Fixed capital expenditure
Long term investments
Long term loans and advances
Sub Total
Current Assets
Stores, spares and loose tools
Stock in trade
Trade debts
Loans, advances, deposit,
prepayments and
other receivables including
advance income tax
Short term investments
Cash and bank balances
Sub Total
Total Assets Employed

690.3
5,732.60
0.64
6,423.54

1,347.37
6,292.39
12.8
7,652.56

1,374.03
16,610.26
1.11
17,985.40

1,396.33
19,205.63
1.26
20,603.22

2,075.00
19,289.96
2.42
21,367.38

646.51
164.43
3.85

759.95
237.3
2.5

893.25
867.51
4.74

1,025.76
89.57
8.82

1,303.30
83.28
10.03

402.98

298.71

491.75

735.4

912.63

4,746.93
398.92
6,363.62
12,787.17

7,155.38
56.29
8,510.13
16,162.69

7,882.22
1,097.82
11,237.30
29,222.70

2,233.42
933.94
5,026.92
25,630.14

3,399.31
278.15
5,986.70
27,354.08

For the Year Ended 31st December

Percentage Change
2010

06 Over 05

8,715.71

18%

5,214.37

07 Over 06

08 Over 07

09 Over 08

29%

48%

49%

27%

22%

37%

64%

3,501.34

4%

42%

67%

27%

-267.72

1%

111%

453%

442%

-425.88

17%

21%

14%

3%

-2.39

3679%

-115.87
1,189.02
3,878.50

25%
-41%
-26%

5%
765%
414%

147%
-94%
-72%

-13%
51%
-98%

909.6

115%

36%

19%

9%

13%

14%

111%

-100%

2,968.90

-29%

371%

-63%

-124%

-820.37
2,148.53

-36%
-28%

154%
393%

55%
-70%

2%
-158%

17.86

-28%

274%

-70%

-153%

Percentage
Rs. in Million
Change
2010

06 Over 05

07 Over 06

08 Over 07

09 Over 08

1,203.22

15%

0%

32%

0%

18,205.35
135.76
19,544.32

22%
-87%
-1%

117%
-9%
104%

14%
-1984%
-8%

-18%
-100%
3%

5,362.05
24,906.38

150%
1%

3003%
170%

-1%
-6%

-2%
1%

45.72
694.72
232.98

154%
-22%
252%

-61%
5%
47%

-97%
5%
11%

1606%
20%
2%

686
2,319.93
27,226.30

-74%
99%
26%

509%
-46%
81%

31%
-56%
-12%

24%
89%
7%

2010

06 Over 05

08 Over 07

09 Over 08

660.5

07 Over 06

2,238.22
19,289.96
1.68
21,529.86

95%
10%
1900%
19%

2%
164%
-91%
135%

2%
16%
14%
15%

49%
0%
92%
4%

1,073.54
216.12
2.13

18%
44%
-35%

18%
266%
90%

15%
-90%
86%

27%
-7%
14%

714.46

-26%

65%

50%

24%

2,439.93
1,250.26
5,696.44
27,226.30

51%
-86%
34%
0.26

-72%
-15%
-55%
-0.12

52%
-70%
19%
0.07

10%
1850%
32%
0.81

10 Over 09

-21%
-26%
-12%

-32%
30%
-100%
-27%
55%
6733%

-8%

-420%

-4%
-221%
-221%

10 Over 09

10%
9%
3311%
9%
-18%
2%

-96%
7%
-17%
-20%
-22%
0%

10 Over 09

8%
0%
-31%
1%
-18%
160%
-79%

-22%
-28%
349%
-5%
0.00

Dawood Hercules Chemicals Limited

Vertical Analysis

Profit and Loss Statement

Rs. in Million
Particulars

2005

2006

Sales - net

3290.55

3881.75

5,011.00

7,428.70

Cost of goods sold

2,030.60

2,570.25

3,148.55

4,312.46

Gross profit

Distribution expenses
Administrative expenses

Other income
Result from operating activities

2008

1,259.95

1,311.50

1,862.45

3,116.24

-6.13

-6.2

-13.07

-72.28

-277.81

-317.57

-196.39

Impairment loss
Other expenses

2007

-229.93
-

-100.31

-56.5

-70.51

-74.37

-183.93

1,775.77

1,047.26

9,053.94

509.59

2,776.70

2,052.12

10,551.14

2,951.74

Finance cost

258.06

555.47

755.84

901.45

Share of profit from associate,

net of tax
Profit / (Loss) before tax

681.91

769.76

878.85

1,850.20

Income tax expenses

3,200.55

2,266.41

10,674.15

3,900.49

-332.6

-212.2

-539.7

-837.8

Profit / (Loss) after tax

Earnings / (loss) per share (Rs.)

2,867.95
34.61

2,054.21
24.79

10,134.45
92.65

3,062.69
28

2005

2006

2007

2008

Vertical Analysis

Balance Sheet
Particulars

Share Capital and Reserves

Issued, subscribed and paid up
capital
Revenue reserves
Fair value reserve
Share holder's Equity with FVR

720.58

828.66

828.66

1,093.83

6,728.43
1,906.24
9,355.24

8,204.37
240.11
9,273.14

17,841.62
219.05
18,889.33

20,415.40
-4,126.57
17,382.66

Non Current Liabilities

Sub Total

87.1
9,442.34

217.89
9,491.03

6,760.55
25,649.88

6,670.36
24,053.02

Current Liabilities
Current Portion - Long Term
Loan
Short term financing - secured

2,334.90

5,924.51

2,281.43

70.14

631.69
48.24

490.45
169.89

512.95
249.44

538.13
275.85

330
3,344.83
12,787.17

86.8
6,671.65
16,162.69

529
3,572.82
29,222.70

693
1,577.12
25,630.14

Trade and other payables

Markup payable on secured
loans
Provision for taxation
Sub Total
Total

Rs. in Million
Particulars
Assets
Fixed capital expenditure

2005

2006

2007

2008

690.3

1,347.37

1,374.03

1,396.33

Long term investments

Long term loans and advances

5,732.60
0.64

6,292.39
12.8

16,610.26
1.11

19,205.63
1.26

Sub Total
Current Assets
Stores, spares and loose tools

6,423.54

7,652.56

17,985.40

20,603.22

646.51

759.95

893.25

1,025.76

164.43
3.85

237.3
2.5

867.51
4.74

89.57
8.82

402.98

298.71

491.75

735.4

4,746.93
398.92
6,363.62
12,787.17

7,155.38
56.29
8,510.13
16,162.69

7,882.22
1,097.82
11,237.30
29,222.70

2,233.42
933.94
5,026.92
25,630.14

Stock in trade
Trade debts
Loans, advances, deposit,
prepayments and
other receivables including
advance income tax
Short term investments
Cash and bank balances
Sub Total
Total Assets Employed

llion

Percentage
2009
Restated
11,040.36

2010

2005

8,715.70

100%

2006

100%

2007

100%

2008

2009

100%

100%

7,080.46

5,214.37

62%

66%

63%

58%

64%

3,959.90

3,501.34

38%

34%

37%

42%

36%

-392.03

-267.72

0%

0%

0%

1%

4%

-328.27

-425.88

6%

6%

6%

4%

3%

-2.39

0%

0%

0%

1%

34%

-115.87

2%

2%

1%

2%

1%

767.76

1,189.02

54%

27%

181%

7%

7%

56.76

3,878.50

84%

53%

211%

40%

1%

984.75

909.6

8%

14%

15%

12%

9%

21%

20%

18%

25%

0%

53%

-8%

11%

8%

-3,791.09
-159.51

-927.99

2,968.90

97%

58%

-853.3

-820.37

10%

5%

213%
11%

-1,781.29
-14.8

2,148.53
17.86

87%

53%

202%

41%

-16%

Percentage

2009

2010

2005

2006

2007

2008

2009

1,093.83

1,203.22

6%

5%

3%

4%

4%

16,756.87
3.98
17,854.69

18,205.35
135.76
19,544.32

53%
15%
73%

51%
1%
57%

61%
1%
65%

80%
-16%
68%

61%
0%
65%

6,516.30
24,370.98

5,362.05
24,906.38

1%
74%

1%
59%

23%
88%

26%
94%

24%
89%

660.5

0%

0%

0%

0%

0%

1,196.60

45.72

18%

37%

8%

0%

4%

648.23
280.27

694.72
232.98

5%
0%

3%
1%

2%
1%

2%
1%

2%
1%

858
2,983.10
27,354.08

686
2,319.93
27,226.30

3%
26%
100%

1%
41%
100%

2%
12%
100%

3%
6%
100%

3%
11%
100%

Restated

Percentage
2009

2010

2005

2006

2007

2008

2009

2,238.22

5%

8%

5%

5%

8%

Restated
2,075.00

19,289.96
2.42

19,289.96
1.68

45%
0%

39%
0%

57%
0%

75%
0%

71%
0%

21,367.38

21,529.86

50%

47%

62%

80%

78%

1,303.30

1,073.54

5%

5%

3%

4%

5%

83.28
10.03

216.12
2.13

1%
0%

1%
0%

3%
0%

0%
0%

0%
0%

912.63

714.46

3%

2%

2%

3%

3%

3,399.31
278.15
5,986.70
27,354.08

2,439.93
1,250.26
5,696.44
27,226.30

37%
3%
50%
100%

44%
0%
53%
100%

27%
4%
38%
100%

9%
4%
20%
100%

12%
1%
22%
100%

2010

100%
60%
40%

3%
5%
0%
1%
14%
45%

10%
0%
34%
9%

25%

2010

4%
67%
0%
72%
20%
91%

2%
0%
3%
1%
3%
9%
100%

2010

8%

71%
0%
79%
4%
1%
0%

3%
9%
5%
21%
100%