Rahimgul Assigment

ASSIGNMENT ON
Business Research Methods

By:
JALAL KHAN
Roll No.191
RAHIM GUL
Roll No. 192
HAFEEZULLAH
Roll No.313
SHAHAIB
Roll No. 312
ABID
Roll No. 256
To:
Sir, Muhammad Nouman
INSTITUTE OF BUSINESS AND MANAGEMENT SCIENCES

KHYBER PAKHTUNKHWA AGRICULTURAL UNIVERSITY
PESHAWAR, PAKISTAN
May, 2013
It is submitted that an assignment was given to our class by our Respected teacher Sir,
Muhammad Nouman, Lecturer Department of Management Sciences of Agriculture University.
For the purpose we made the group of Five friends i.e. Jalalkhan, Roll Number 191, Finance 2
Rahim gul, Roll Number 192 Finance 2,Abid Roll number 256 finance 2,Hafeez Ullah Roll
number313 finance 2and Shahzaib Roll number 312 finance2, and conduct the research upto the
level of Regression. We include the three research paper as was uploaded by our respected Sir,
under title Determinant of Capital Structure from the paper we conduct the research work on
Textile Mills of Pakistan and take the sample of 10 Textile Company as under: Apollo Textile Mills Ltd.
Artistic Denim Mills Ltd.
Ashfaq Textile Mills Ltd.
Asim Textile Mills Ltd.
Ayesha Textile Mills Ltd.
Azam Textile Mills Ltd.
Azgard Nine Ltd.(Legler-Nafees Denim Mills Ltd.)
Babri Cotton Mills Ltd.
Bilal Fibres & Textile Ltd.
Bhanero Textile Mills Ltd.
The research is conducted to see that how the Leverage (Dependent Variable) is effected by the
Size (Independent Variable), Tangibility (Independent Variable) and Profitability (Independent
Variable).
We have included the research paper of Mr. Syed Kashif Ghani, which was based on the 20
companies of the Pakistani Market and conducted in 2004-2008. In research he define the
dependent variable and Independent variable as follow.
i. Leverage
Leverage is the dependent variable in this study, defined as the percentage of assets financed by
debt. We use book value of total liabilities divided by total assets as a measure of leverage
because most firms in Pakistan rely on short-term debt to meet their capital requirements as the
average firm size is small and banks are more inclined to lend for short-term than for long-term.
ii. Tangibility
It is believed that a firm with large amount of fixed assets (i.e. greater tangibility of assets) finds
it easier to raise debt due to the collateral value of its assets as compared to a firm with lesser
tangible assets. Thus firms with large amount of fixed assets are expected to have higher leverage
due to their ability to raise large amount of debt at relatively cheaper rates (Sevil et al., 2005).
We measure tangibility of assets as a ratio of fixed assets (net of depreciation) to total assets.
Thus the first hypothesis for this study is:
Hypothesis 1: a firm with higher tangibility of assets will have higher leverage
iii. Size
Static Tradeoff Theory postulates that larger firms are likely to have higher amount of debt due
to relatively lower risk of bankruptcy. Thus there should be a positive relationship between size
of the firm and leverage. We measure size of the firm by natural Logarithm of sales as done,
among others, by Chen et al. (1998) and Booth et al. (2001). This gives us our next hypothesis:
Hypothesis 2: there is positive relationship between size of a firm and its leverage
iv. Profitability
Profitability is generally expected to be negatively related to leverage of the firm. There is
contradictory view given by static tradeoff theory and pecking order theory in relation to the
impact of profitability on firm leverage. The tradeoff theory expects a positive relation between
profitability and leverage while Pecking order theory expects negative relationship between the
two variables.
We measure profitability as earning before taxes divided by firms total assets. So our next
hypothesis is:
Hypothesis 4: firms with higher profitability will have lower leverage
Theoretical Frame Work

Independent variable
+ Tangibility
Dependent Variable
Independent Variable
Leverage
- Profitability
Independent variable
+ Size
1. There is Positive Relationship B/W Leverage and Tangibility.

2. There is Positive Relationship B/W Leverage and Size.
3. There is Negative Relationship B/W Leverage and Profitability.
L = 1 (T) + 2 (S) + 3 (P) +

Where
L = Leverage
T = Tangibility of assets
S = Size of the firm
P = Profitability
= the error term
Companies included is as under:-
APOLLO TEXTILE MILLS Ltd.

(Thousand
Rupees)
Apollo Textile Mills Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2005
2006
2007
2008
2009
2010
1,803,839
1,752,866
1,643,147
1,561,264
1,443,632
1,443,632
2.Operating fixed assets at cost
1,833,691
1,886,933
1,765,021
1,918,256
1,922,858
1,922,858
3.Operating fixed assets after deducting accumulated

depreciation
1,803,839
1,752,866
1,643,147
1,561,264
1,437,801
1,437,801
42,974
128,772
134,412
126,351
129,194
129,194
5.Intangible assets
6.Long term investments
7.Other non-current assets
5,831
5,831
873,367
1,037,967
1,207,679
1,504,190
1,659,504
1,659,504
4.Depreciation for the year
B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
22,306
90,427
8,152
9,873
12,133
12,133
2.Inventories
502,597
532,812
676,485
1,201,697
1,430,647
1,430,647
3.Trade Debt
167,628
203,072
250,035
121,009
52,273
52,273
879
5,724
4.Short term investments

5.Other current assets
179,957
211,656
273,007
165,887
164,451
164,451
C.Current Liabilities (C1+C2)
867,294
1,339,764
1,511,982
1,990,411
1,952,051
1,952,051
1.Short term Secured loans
747,868
860,001
1,035,280
1,391,277
1,438,238
1,438,238
2.Other current liabilities
119,426
479,763
476,702
599,134
513,813
513,813
D.Non-Current Liabilities (D1+D2+D3+D4+D5)
934,379
786,528
680,002
363,303
497,916
497,916
1.Long term secured loans
414,041
414,041
2.Long term unsecured loans
1,086
1,086
3.Debentures/TFCs
4.Employees benefit obligations
7,194
7,194
5.Other non-current liabilities
934,379
786,528
680,002
363,303
75,596
75,596
E.Shareholders Equity (E1+E2+E3)
875,533
664,541
658,842
711,740
653,169
653,169
1.Issued, Subscribed & Paid up capital
82,847
82,847
82,847
82,847
82,847
82,847
i).Ordinary Shares
82,847
82,847
82,847
82,847
82,847
82,847
792,686
581,694
575,995
628,893
193,674
193,674
i).Capital Reserve
ii).Revenue Reserve
193,674
193,674
3.Surplus on revaluation of fixed assets
376,648
376,648
1,088,925
1,783,680
1,864,529
1,137,616
821,057
821,057
ii).Preference shares
2.Reserves
F.Operation:
1.Sales
i).Local sales (Net)
312,661
504,254
412,968
524,624
735,065
735,065
ii).Export Sales (Net)
776,264
1,279,426
1,451,561
612,992
85,992
85,992
2.Cost of sales
935,483
1,527,276
1,521,250
899,293
758,734
758,734
i).Cost ofmaterial
594,142
594,142
ii).Other input cost
164,592
164,592
3.Gross Profit
153,442
256,404
343,279
238,323
62,323
62,323
4.General, administrative and other expenses
67,266
88,470
91,175
58,098
60,141
60,141
i).Selling & distribution expenses

ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
8,618
8,618
67,266
88,470
91,175
58,098
51,523
51,523
105,477
105,477
58,700
144,351
251,533
228,182
57,781
57,781
55,702
55,702
7.Net profit before tax
28,053
28,946
1,666
(43,273)
(55,599)
(55,599)
8.Tax provision (current year)
11,100
18,311
23,827
8,674
1,520
1,520
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations
43,883
43,883
1,809,912
1,451,069
1,338,844
1,075,043
1,151,086
1,151,086
G.Miscellaneous
1.Total capitalemployed (E+D)
2.Total fixed liabilities (D1+D3)
414,041
414,041
3.Retention in business (F7-F8-F9)
16,953
10,635
(22,161)
(51,947)
(57,119)
(57,119)
4.Contractual Liabilities (G2+C1)
747,868
860,001
1,035,280
1,391,277
1,852,279
1,852,279
1.Acid test or quick ratio[(B1+B3+B4) to C]
0.22
0.22
0.17
0.07
0.03
0.03
2.Financial expenses as % of sales (F6 as % of F1)
5.39
8.09
13.49
20.06
7.04
7.04
3.Trade Debt as % of sales (B3 as % of F1)
15.39
11.39
13.41
10.64
6.37
6.37
4.Assets turnover ratio [F1 to (A+B)]
0.41
0.64
0.65
0.37
0.26
0.26
H.Key Performance Indicators
5.Current ratio(B to C)
1.01
0.77
0.80
0.76
0.85
0.85
6.Cost of goodssold tosales (F2 as % of F1)
85.91
85.63
81.59
79.05
92.41
92.41
7.Debt equity ratio [(C+D) to E]
2.06
3.20
3.33
3.31
3.75
3.75
8.Return on assets [F7 as % of avg.(A+B)]
1.35
1.06
0.06
-1.46
-1.80
-1.79
9.Return of equity (F7 as % of avg. E)
4.96
3.76
0.25
-6.31
-8.15
-8.51
10.Return on capitalemployed ( F7 as % of avg. G1)
2.22
1.78
0.12
-3.59
-5.00
-4.83
11.Dividend cover ratio[(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
2.17
3.35
2.76
0.95
0.57
0.57
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
0.00
0.00
14.Net profit margin(F7 as % of F1)
2.58
1.62
0.09
-3.80
-6.77
-6.77
15.Operating cash flowto debt ratio [F11 to(C+D)]
0.00
0.00
0.00
0.00
0.02
0.02
2.05
1.28
-2.67
-6.27
-6.89
-6.89
105.68
80.21
79.53
85.91
78.84
78.84
16.Earning per share after tax (Rs./share) [(F7F8)/No. of Ord. shares]

17.Break-up value shares (Rs./share) (E/No. of Ord.
shares)

(Thousand Rupees)
Items
2005
2006
2007
2008
2009
2010
2,071,329
2,708,60
5
3,115,03
9
3,260,76
8
3,431,575
3,425,534
84,401
26,960
4,608,390
4,852,945
3,341,198
3,393,330
3,477,01
5
2,708,60
5
3,582,56
7
3,115,03
9
4,328,43
4
3,260,76
8
82,065
199,963
185,353
171,955
199,900
240,434
5.Intangible assets
5,976
5,244
627,637
879,163
1,091,56
9
1,322,02
1
1,220,207
1,705,817
22,919
275,909
9,859
67,280
7,481
34,965
2.Inventories
295,490
355,065
567,663
796,552
654,557
901,334
3.Trade Debt
205,306
200,415
424,061
368,877
416,740
579,728
12,200
14,623
103,922
47,774
89,986
89,312
129,229
175,167
1,267,56
6
1,046,48
3
1,479,389
1,910,518
1,198,564
1,639,303
2,643,642

depreciation
2,071,329

704,853
813,820
1,202,38
8
491,858
686,669
935,135
212,995
127,151
267,253
221,083
280,825
271,215
625,000
1,044,44
4
880,968
842,387
491,136
373,040
471,430
348,293
3.Debentures/TFCs
880,968
842,387
19,706
24,747
2,123,25
2
2,472,83
6
2,681,257
2,847,793
625,000
1,044,44
4
1,729,50
4
1,369,113
140,000
140,000
700,000
840,000
840,000
840,000
i).Ordinary Shares
140,000
140,000
700,000
840,000
840,000
840,000
1,229,113
1,589,50
4
1,423,25
2
1,632,83
6
1,841,257
2,007,793
i).Capital Reserve
ii).Revenue Reserve
1,841,257
2,007,793
3,202,724
2,491,55
4
2,499,53
0
2,461,86
5
3,125,384
3,671,610
123,760
138,276
3,001,624
3,533,334
2,427,400
2,904,895
2.Reserves
F.Operation:
1.Sales
22,230
3,180,494
2.Cost of sales
2,346,186
28,520
56,792
102,021
2,463,03
4
1,746,53
2
2,442,73
8
1,758,03
8
2,359,84
4
1,823,85
1
i).Cost ofmaterial
1,535,337
2,009,358
892,063
895,537
856,538
745,022
741,492
638,014
697,984
766,715
3.Gross Profit
169,227
136,146
145,144
145,620
176,606
265,451
94,933
129,198
169,227
136,146
145,144
145,620
81,673
136,253
104,120
116,159
55,221
116,539
172,119
165,183
186,278
159,563
169,568
144,288
651,797
500,490
438,286
373,722
410,338
370,925
32,091
29,487
30,000
24,679
32,512
36,361
56,000
112,000
168,000
168,000
140,000
704,036
120,197
1,994,113
2,773,94
8
3,004,22
0
3,315,22
3
3,172,393
3,220,833
471,430
348,293
563,706
359,003
408,286
349,043
209,826
166,564
1,669,994
1,987,596
0.30
0.33

G.Miscellaneous
491,858
686,669
935,135
1,046,48
3
0.32
0.59
0.36
0.34
1.72
4.68
6.89
6.71
5.96
4.35
6.41
8.04
16.97
14.98
13.33
15.79
1.19
0.69
0.59
0.54
0.67
0.72
0.89
1.08
0.91
1.04
0.82
0.89
73.26
70.10
70.33
74.08
77.67
79.12
0.97
1.07
0.98
0.85
0.73
0.80
31.63
15.92
11.25
8.50
8.89
7.58
61.62
32.30
22.75
16.26
15.92
13.42
46.30
20.99
15.17
11.83
12.65
11.60
11.07
4.21
2.25
1.99
10.84
7.02
4.40
3.09
4.77
4.07
3.42
3.57
20.35
20.09
17.53
15.18
13.13
10.10
0.00
0.00
0.00
0.00
0.36
0.05
44.26
33.64
5.83
4.16
4.50
3.98
97.79
123.54
30.33
29.44
31.92
33.90

16.Earning per share after tax (Rs./share) [(F7-F8)/No. of

Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord.
shares)

Items
(Thousand Rupees)
2005
2006
2007
2008
2009
2010
278,646
307,600
347,095
342,052
332,143
421,332
19,853
347,322
388,828
353,574
362,734
366,600
338,850
3.Operating fixed assets after deducting accumulated depreciation
278,646
307,600
347,095
342,052
331,210
396,495

9,654
12,552
14,455
15,020
14,708
35,859
5.Intangible assets
933
4,984
238,337
264,274
252,610
255,003
214,169
198,572
4,041
29,351
21,432
2,735
3,462
2,730
2.Inventories
127,188
138,527
138,570
156,567
141,035
85,946
3.Trade Debt
48,855
55,804
56,861
72,627
42,006
63,547

58,253
40,592
35,747
23,074
27,666
46,349
341,302
410,978
476,716
436,419
237,559
232,554
168,881
231,687
213,607
210,180
207,296
175,423
172,421
179,291
263,109
226,239
30,263
57,131
79,332
56,622
22,078
5,645
143,439
115,710
137,000
107,000
3.Debentures/TFCs
6,439
8,710
79,332
56,622
22,078
5,645
96,349
104,274
100,911
154,991
165,314
271,641
69,970
69,970
69,970
69,970
69,970
69,970
i).Ordinary Shares
69,970
69,970
69,970
69,970
69,970
69,970
26,379
34,304
30,941
85,021
38,207
62,222
i).Capital Reserve
ii).Revenue Reserve
38,207
62,222
57,137
139,449
1.Sales
757,758
876,657
595,761
485,673
680,361
883,856
18,586
13,668
18,445
19,217
33,384
61,363
739,172
862,989
577,316
466,456
646,977
822,493
2.Cost of sales
663,175
761,507
510,203
410,927
585,049
777,919
i).Cost ofmaterial
441,367
550,026
143,682
227,893
3.Gross Profit
94,583
115,150
85,558
74,746
95,311
105,937
57,213
65,991
44,604
38,037
50,001
59,385
34,046
41,030
2.Reserves
F.Operation:
57,213
65,991
44,604
38,037
15,955
18,356
46,447
59,472
15,356
27,428
26,611
27,779
27,570
25,265
20,284
18,674
22,014
21,731
14,343
9,412
17,740
21,286
7,243
10,349
7,380
4,645
7,074
8,534
62,534
120,271
175,681
160,896
122,989
160,636
308,754
387,351
14,771
11,382
6,963
4,767
10,666
12,752
168,881
231,687
213,607
210,180
207,296
175,423
0.15
0.21
0.16
0.17
0.19
0.28
2.03
3.13
4.47
5.72
4.05
2.86
6.45
6.37
9.54
14.95
6.17
7.19
1.47
1.53
0.99
0.81
1.25
1.43
0.70
0.64
0.53
0.58
0.90
0.85
87.52
86.86
85.64
84.61
85.99
88.01
4.37
4.48
4.94
2.85
2.30
1.28

G.Miscellaneous
5.12
3.99
2.45
1.57
3.10
3.65
24.82
21.66
13.98
7.36
11.08
9.74
15.17
12.91
10.10
6.64
7.56
6.12
5.96
6.33
4.30
3.10
4.82
10.28
1.87
2.14
2.91
2.48
2.41
1.94
2.61
2.41
0.00
0.00
0.00
0.00
0.16
0.35
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord.

shares]
2.11
1.63
1.00
0.68
1.52
1.82
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)
13.77
14.90
14.42
22.15
23.63
38.82

Items
(Thousand Rupees)
2005
2006
2007
2008
2009
2010
450,851
436,848
422,996
297,483
397,599
386,331
7,299
576,819
585,433
593,607
594,728
594,997
610,699
450,851
436,848
422,996
297,483
382,839
378,870
17,476
22,617
22,026
21,300
20,247
19,671
5.Intangible assets
7,461
7,461
72,405
89,615
84,347
235,566
82,109
122,441
16,444
2,571
9,816
141,776
46,711
54,557
2.Inventories
33,646
60,947
46,530
90,790
19,567
37,412
3.Trade Debt
614
33
20
2,636
21,701
26,097
27,968
2,980
15,831
27,836
212,974
330,065
222,128
333,669
229,507
236,019
2,544
2,544
212,974
327,521
222,128
331,125
229,507
236,019
415,047
415,047
504,737
415,047
495,720
491,443
415,047
415,047
3.Debentures/TFCs
3,491
3,073

415,047
415,047
504,737
415,047
77,182
73,323
(104,765
)
(218,649
)
(219,522
)
(215,667
)
(245,519)
(218,690)
151,770
151,770
151,770
151,770
151,770
151,770
i).Ordinary Shares
151,770
151,770
151,770
151,770
151,770
151,770
(256,535
)
(370,419
)
(371,292
)
(367,437
)
(546,367)
(512,371)
i).Capital Reserve
ii).Revenue Reserve
(546,367)
(512,371)
149,078
141,911
1.Sales
285,576
515,387
536,329
630,013
650,364
832,727
275,149
502,539
513,180
630,013
650,364
828,076
2.Reserves
F.Operation:
10,427
12,848
23,149
4,651
2.Cost of sales
298,530
500,106
529,134
620,053
677,728
793,288
i).Cost ofmaterial
512,269
617,064
165,459
176,224
(12,954)
15,281
7,195
9,960
(27,364)
39,439
3.Gross Profit
5,806
9,960
9,809
7,513
7,945
13,218
297
5,806
9,960
9,809
7,513
7,945
12,921
45,886
51,456
20,809
23,064
78
21
23
311
(39,436)
(17,743)
(2,692)
2,426
(33,877)
27,161
1,427
2,577
2,682
3,150
4,171
39,536
16,249
310,282
196,398
285,215
199,380
250,201
272,753
415,047
415,047
(40,863)
(20,320)
(5,374)
(724)
(33,877)
22,990
2,544
2,544
415,047
415,047
0.08
0.01
0.04
0.42
0.20
0.24
7.29
4.48
0.01
0.00
0.00
0.04
0.22
0.00
0.01
0.00
0.00
0.32
0.55
0.98
1.06
1.18
1.36
1.64
0.34
0.27
0.38
0.71
0.36
0.52

G.Miscellaneous

104.54
97.04
98.66
98.42
104.21
95.26
-5.99
-3.41
-3.31
-3.47
-2.95
-3.33
-7.57
-3.38
-0.52
0.47
-6.69
5.50
46.53
10.97
1.23
-1.11
14.69
-11.70
-11.94
-7.00
-1.12
1.00
-15.07
10.39
8.49
8.46
11.53
6.94
33.24
22.26

-13.81
-3.44
-0.50
0.39
-5.21
3.26
0.00
0.00
0.00
0.00
0.05
0.02

shares]
-2.69
-1.34
-0.35
-0.05
-2.23
1.51
-6.90
-14.41
-14.46
-14.21
-16.18
-14.41

Items
(Thousand Rupees)
2005
2006
2007
2008
2009
2010
567,629
1,705,42
5
1,783,19
7
1,773,37
6
2,400,643
2,320,542
2,388,516
2,408,121
2,361,725
2,281,225
1,094,14
6
567,629
1,724,74
2
1,705,42
5
1,925,24
1
1,783,19
7
1,967,84
8
1,773,37
6
42,343
66,785
133,442
69,595
68,064
100,307
5.Intangible assets
32,823
33,519
6,095
5,798
469,099
574,294
566,748
727,565
554,886
539,875
26,466
52,321
6,794
21,479
7,425
10,981
2.Inventories
271,327
218,664
262,860
355,568
284,888
204,567
3.Trade Debt
95,668
91,727
94,082
163,667
84,176
87,418
3,500
3,500
21,401
16,250
72,138
208,082
181,611
170,601
178,397
236,909
531,762
679,727
685,348
946,104
742,045
729,368
374,033
324,039
319,615
443,246
552,360
519,284
157,729
355,688
365,733
502,858
189,685
210,084
142,945
199,447
492,187
452,188
821,255
736,499
425,665
326,569
73,752
90,403
3.Debentures/TFCs
1,889
1,568
142,945
199,447
492,187
452,188
319,949
317,959
362,021
1,400,54
5
1,172,41
0
1,102,64
9
1,392,229
1,394,550
14,000
14,000
14,000
14,000
14,000
14,000
i).Ordinary Shares
14,000
14,000
14,000
14,000
14,000
14,000
348,021
1,386,54
5
1,158,41
0
1,088,64
9
190,682
241,889
i).Capital Reserve
7,077
7,077
ii).Revenue Reserve
183,605
234,812
1,187,547
1,138,661
1,298,29
1
1,156,35
0
1,920,75
5
1,507,96
3
2,117,17
2
1,725,44
6
2,119,10
0
1,870,02
7
1,865,360
2,371,233
1,642,051
2,042,605
141,941
412,792
391,726
249,073
223,309
328,628
2.Cost of sales
1,200,74
5
1,804,28
0
2,076,94
8
2,066,29
2
1,864,632
2,194,076
1,308,212
1,600,305
2.Reserves
F.Operation:
1.Sales
i).Cost ofmaterial
556,420
593,771
3.Gross Profit
97,546
116,475
40,224
52,808
728
177,157
22,283
38,463
34,495
40,271
80,834
45,016
10,615
12,936
22,283
38,463
34,495
40,271
70,219
32,080
127,112
138,536
36,801
64,416
78,119
73,553
118,910
119,379
109,439
111,526
38,674
13,693
(60,271)
(65,726)
(211,891)
13,970
7,535
9,444
10,375
10,500
2,233
13,639
(108,630)
59,532
504,966
1,599,99
2
1,664,59
7
1,554,83
7
2,213,484
2,131,049
425,665
326,569
31,139
4,249
(70,646)
(76,226)
(214,124)
331
374,033
324,039
319,615
443,246
978,025
845,853
0.24
0.22
0.18
0.21
0.12
0.13
2.83
3.35
3.69
3.47
6.37
5.03
7.37
4.78
4.44
7.72
4.51
3.69
1.25
0.84
0.90
0.85
0.63
0.83
0.88
0.84
0.83
0.77
0.75
0.74
92.49
93.94
98.10
97.51
99.96
92.53
1.86
0.63
1.00
1.27
1.12
1.05
3.67
0.83
-2.60
-2.71
-7.77
0.48
11.14
1.55
-4.68
-5.78
-16.99
1.00
7.40
1.30
-3.69
-4.08
-11.25
0.64
4.78
8.78
8.05
5.96
6.55
11.59
-0.94
1.13
2.98
0.71
-2.85
-3.10
-11.36
0.59
0.00
0.00
0.00
0.00
-0.07
0.04

shares]
22.24
3.04
-50.46
-54.45
-152.95
0.24
258.59
1,000.39
837.44
787.61
994.45
996.11

G.Miscellaneous

Items
(Thousand Rupees)
2005
2006
2007
2008
2009
2010
480,331
470,201
458,093
440,493
522,522
515,469
580,176
593,515
605,091
610,304
713,397
722,523
480,331
470,201
458,093
440,493
519,874
504,601
17,286
24,365
24,361
23,829
23,844
24,682
5.Intangible assets
2,649
10,869
233,614
218,351
238,856
210,072
172,625
152,707
2,831
1,801
4,694
4,495
1,955
5,187
2.Inventories
108,034
126,544
136,013
139,811
136,696
97,491
3.Trade Debt
11,610
18,207
18,059
6,545
6,553
28,331
111,139
71,799
80,090
59,221
27,421
21,698
365,788
416,729
446,699
505,855
197,858
123,783
178,442
151,988
142,864
95,615
104,820
81,200
187,346
264,741
303,835
410,240
93,038
42,583
115,998
84,715
59,665
57,859
363,165
337,409
43,500
30,000
181,030
178,530
3.Debentures/TFCs
11,082
12,650


115,998
84,715
59,665
57,859
127,554
116,230
232,159
187,108
190,585
86,851
134,124
206,984
132,750
132,750
132,750
132,750
132,750
132,750
i).Ordinary Shares
132,750
132,750
132,750
132,750
132,750
132,750
(220,405)
(139,110)
99,409
54,358
57,835
(45,899
)
i).Capital Reserve
ii).Revenue Reserve
(220,405)
(139,110)
221,779
213,344
1.Sales
260,780
428,590
476,282
456,409
465,245
731,977
260,780
428,590
476,282
456,409
465,245
731,977
2.Reserves
F.Operation:
236,760
373,221
423,516
400,632
443,090
613,464
i).Cost ofmaterial
288,909
394,059
154,181
219,405
24,020
55,369
52,766
55,777
22,155
118,513
2.Cost of sales
3.Gross Profit

10,248
19,498
18,628
20,658
20,595
28,503
877
1,127
10,248
19,498
18,628
20,658
19,718
27,377
58,556
404,689
13,616
30,202
28,183
25,095
30,796
24,605
30,018
23,648
400
5,875
6,160
10,491
(29,236)
65,469
1,467
2,488
2,682
2,590
3,659
9,956
(13,991)
60,483
348,157
271,823
250,250
144,710
497,289
544,393
43,500
30,000
G.Miscellaneous
(1,067)
3,387
3,478
7,901
(29,236)
51,854
178,442
151,988
142,864
95,615
148,320
111,199
0.04
0.05
0.05
0.02
0.04
0.27
5.22
7.05
5.92
5.50
6.62
3.36
4.45
4.25
3.79
1.43
1.41
3.87
0.37
0.62
0.68
0.70
0.67
1.10
0.64
0.52
0.53
0.42
0.87
1.23
90.79
87.08
88.92
87.78
95.24
83.81
2.08
2.68
2.66
6.49
4.18
2.23
0.06
0.84
0.89
1.56
-4.35
9.60
0.17
2.80
3.26
7.56
-26.46
38.39
0.10
1.90
2.36
5.31
-9.11
12.57
6.21
2.41
3.39
3.50
3.26
3.40
7.51
0.03
3.77
0.15
1.37
1.29
2.30
-6.28
8.94
0.00
0.00
0.00
0.00
-0.02
0.13

shares]
-0.08
0.26
0.26
0.60
-2.20
4.66
17.49
14.09
14.36
6.54
10.10
15.59
Azgard Nine Ltd. Nafees Denim Mills Ltd.

Azgard Nine Ltd.(Legler-Nafees Denim Mills Ltd.)
Items
(Thousand Rupees)
2005
2006
2007
2008
2009
2010
5,668,39
5
23,784,94
6
24,244,93
9
8,687,158
42,857,047
42,857,047
7,380,422
7,380,422
11,275,747
39,901,859
39,901,859
8,653,622
29,696,709
29,696,709

depreciation
6,913,34
0
5,594,45
8
26,418,54
8
20,013,87
8
27,786,18
6
20,482,73
5
264,284
535,228
729,590
538,506
18,408
18,408
5.Intangible assets
73,937
3,771,068
3,762,204
33,536
5,645,096
5,645,096
37
37
134,783
134,783
4,915,50
8
7,062,660
9,451,173
18,684,515
15,638,041
15,638,041
46,283
1,132,967
630,082
82,074
437,814
437,814
2,903,999
2,532,100
4,034,103
5,985,036
5,985,036
1,520,389
2,366,279
4,586,931
4,586,931
760,796
49
882,995
11,540,498
950,095
1,505,256
3,039,717
3,027,840
4,628,260
4,628,260
9,935,874
10,686,28
5
10,353,720
24,459,435
24,459,435
7,877,741
5,429,188
7,302,259
16,402,024
16,402,024

2.Inventories
3.Trade Debt
2,123,66
5
1,034,66
9
4,491,01
7
3,532,29
8
958,719
2,058,133
5,257,097
3,051,461
8,057,411
8,057,411
2,718,40
7
11,249,25
4
13,441,45
2
6,674,514
18,224,297
18,224,297
15,684,724
15,684,724
392,185
392,185
7,712,953
10,404,25
9
3,962,461

3.Debentures/TFCs
2,393,67
0
-
324,737
3,536,301
3,037,193
2,712,053
2,147,388
2,147,388
9,662,478
9,568,375
10,343,439
15,811,356
15,811,356
3,788,839
3,788,823
3,827,119
4,879,344
4,879,344
3,374,47
9
1,737,30
8
i).Ordinary Shares
868,654
3,127,101
3,127,135
3,827,119
4,548,719
4,548,719
868,654
661,738
661,688
330,625
330,625
2.Reserves
1,637,17
1
5,873,639
5,779,552
6,516,320
6,962,860
6,962,860
i).Capital Reserve
3,152,134
3,152,134
ii).Revenue Reserve
3,810,726
3,810,726
3,969,152
3,969,152
4,662,20
2
6,624,764
12,936,94
2
11,827,025
26,276,262
26,276,262
791,645
2,492,848
7,504,488
11,724,806
14,524,421
14,524,421
3,870,55
7
4,131,916
5,432,454
102,219
11,751,841
11,751,841
2.Cost of sales
3,523,72
4,731,960
8,362,558
8,238,448
17,982,858
17,982,858
F.Operation:
1.Sales
1
i).Cost ofmaterial
6,401,919
6,401,919
11,580,939
11,580,939
3.Gross Profit
1,138,48
1
1,892,804
4,574,384
3,588,577
8,293,405
8,293,405
363,755
563,152
841,802
1,089,025
2,141,365
2,141,365
782,580
782,580
363,755
563,152
841,802
1,089,025
1,358,784
1,358,784
2,693,503
2,693,503
290,509
1,187,224
2,152,438
4,617,259
4,791,419
4,791,419
4,917,049
4,917,049
790,070
213,982
1,916,324
(1,457,675)
1,363,061
1,363,061
47,858
123,640
100,401
13,287,571
157,119
157,119
164,610
210,493
343,981
29,591
29,591
1,292,451
1,292,451
6,092,88
6
2,393,67
0
20,911,73
2
23,009,82
7
10,404,25
9
17,017,953
34,035,653
34,035,653
3,962,461
15,684,724
15,684,724

G.Miscellaneous
7,712,953
577,602
(120,151)
1,471,942
(14,745,246)
1,176,351
1,176,351
5,925,96
8
15,590,69
4
15,833,44
7
11,264,720
32,086,748
32,086,748
0.41
0.27
0.36
1.12
0.21
0.21
6.23
17.92
16.64
39.04
18.23
18.23
22.19
22.95
18.29
0.00
17.46
17.46
0.44
0.21
0.38
0.43
0.45
0.45
1.09
0.71
0.88
1.80
0.64
0.64
75.58
71.43
64.64
69.66
68.44
68.44
2.14
2.19
2.52
1.65
2.70
2.70
9.36
1.03
5.94
-4.77
3.17
2.33
25.52
3.28
19.93
-14.64
10.42
8.62
16.16
1.58
8.73
-7.28
5.34
4.00
4.51
0.43
5.28
40.75
40.75
2.20
2.28
5.11
2.93
4.39
4.39
1.28
1.28
16.95
3.23
14.81
-12.32
5.19
5.19
0.00
0.00
0.00
0.00
0.03
0.03

shares]
8.54
0.29
5.81
-38.53
2.65
2.65
38.85
30.90
30.60
27.03
34.76
34.76

Babri Cotton and Textile Mills Ltd.

(Thousand
Rupees)

Items
2005
2006
2007
2008
2009
2010
646,301
643,368
825,406
794,266
1,014,836
1,027,619
9,344
223
818,852
869,704
994,782
999,491
1,218,926
1,257,551
646,301
643,368
825,406
794,266
1,000,084
1,005,891
21,356
57,267
32,220
35,899
34,429
33,751
5.Intangible assets
2,182
19,144
3,226
2,361
291,512
256,388
304,906
385,770
349,881
349,792

687
436
555
5,473
536
1,035
2.Inventories
210,766
215,875
264,408
332,374
321,233
322,492
3.Trade Debt
4,103
557
18,135
18,751
19,830
22,292

61,924
17,223
20,113
25,074
28,112
26,265
384,491
447,507
723,806
524,623
526,995
404,356
279,766
304,326
288,645
417,328
397,829
314,078
104,725
143,181
435,161
107,295
129,166
90,278
251,586
249,508
86,485
341,434
332,019
341,391
303,314
266,280
3.Debentures/TFCs
20,271
21,202
251,586
249,508
86,485
341,434
8,434
53,909
301,736
202,741
320,021
313,979
505,703
631,664
20,000
20,000
20,000
28,960
28,960
28,960
i).Ordinary Shares
20,000
20,000
20,000
28,960
28,960
28,960
281,736
182,741
300,021
285,019
27,268
158,136
i).Capital Reserve
19,440
19,440
ii).Revenue Reserve
7,828
138,696
449,475
444,568
1.Sales
402,378
610,905
746,943
739,868
746,961
1,195,591
402,378
610,905
746,943
739,868
746,961
1,195,591
394,505
579,968
672,184
694,241
695,754
920,569
466,776
620,110
2.Reserves
F.Operation:

2.Cost of sales
i).Cost ofmaterial
3.Gross Profit
228,978
300,459
7,873
30,937
74,759
45,627
51,207
275,022

18,239
25,513
27,818
25,687
27,675
43,833
2,541
2,615
18,239
25,513
27,818
25,687
25,134
41,218
97,232
139,387
11,869
55,730
68,823
67,162
108,015
98,774
107,734
98,436
(16,440
)
(52,254
)
(14,309
)
(44,157
)
(104,001)
154,897
1,784
3,054
3,734
3,699
5,978
4,344
29,787
175,450
553,322
452,249
406,506
655,413
837,722
973,055

G.Miscellaneous
303,314
266,280
(18,224
)
(55,308
)
(18,043
)
(47,856
)
(104,001)
148,919
279,766
304,326
288,645
417,328
701,143
580,358
0.05
0.05
0.03
0.05
0.00
0.00
2.95
9.12
9.21
9.08
14.46
8.26
0.00
0.67
0.00
0.08
0.00
0.00
0.43
0.68
0.66
0.63
0.55
0.87
0.76
0.57
0.42
0.74
0.66
0.87
98.04
94.94
89.99
93.83
93.14
77.00
2.11
3.44
2.53
2.76
1.70
1.18
-2.19
-5.69
-1.41
-3.82
-8.17
11.30
-5.96
-20.72
-5.47
-13.93
-25.38
27.24
-3.81
-10.39
-3.33
-8.32
-13.93
17.11
1.91
2.83
2.82
2.23
2.33
3.71
0.03
2.57
-4.09
-8.55
-1.92
-5.97
-13.92
12.96
0.00
0.00
0.00
0.00
0.03
0.24

shares]
-9.11
-27.65
-9.02
-16.52
-35.91
51.42
150.87
101.37
160.01
108.42
174.62
218.12
Bilal Fibers and Textile Ltd.

Bilal Fibres & Textile Ltd.
Items
(Thousand Rupees)
2005
2006
2007
2008
2009
2010
527,647
554,381
546,134
727,389
725,200
744,019
544,603
594,282
587,511
758,989
785,441
827,011
527,647
554,381
546,134
727,389
721,687
740,645
16,934
23,098
26,221
29,358
33,721
33,341
5.Intangible assets
3,513
3,374
141,873
184,738
230,316
290,821
234,693
263,264
8,753
3,876
28,316
3,465
1,923
17,179
2.Inventories
68,892
111,997
114,720
168,200
140,027
140,135
3.Trade Debt
7,636
10,023
5,341
34,614
35,566
38,556
56,592
58,842
81,939
84,542
57,177
67,394
334,093
470,587
384,518
468,390
360,427
317,392
184,578
235,943
85,650
191,906
250,653
241,717
149,515
234,644
298,868
276,484
109,774
75,675
112,957
63,486
288,392
354,736
524,334
590,155
450,782
525,717
38,500
38,500
3.Debentures/TFCs
7,652
10,140

112,957
63,486
288,392
354,736
27,400
15,799
222,470
205,046
103,540
195,084
75,132
99,735
141,000
141,000
141,000
141,000
141,000
141,000
i).Ordinary Shares
141,000
141,000
141,000
141,000
141,000
141,000
81,470
64,046
(37,460
)
54,084
(229,930)
(199,729)
i).Capital Reserve
ii).Revenue Reserve
(229,930)
(199,729)
164,062
158,464
1.Sales
507,087
764,512
784,998
905,213
945,592
1,309,870
470,318
658,986
669,247
711,885
887,181
1,232,212
36,769
105,526
115,751
193,328
58,411
77,658
2.Cost of sales
467,485
717,618
785,345
865,938
934,752
1,196,175
i).Cost ofmaterial
712,320
925,844
222,432
270,331
39,602
46,894
(347)
39,275
10,840
113,695
2.Reserves
F.Operation:
3.Gross Profit

16,646
23,539
27,819
43,592
37,179
71,996
13,299
14,558
16,646
23,539
27,819
43,592
23,880
57,438
8,552
97,764
14,473
39,699
46,390
57,389
66,582
62,358
64,394
61,264
(60,869
)
(91,967)
(14,445)
9,643
16,425
(73,965
)
2,262
4,096
4,312
36,511
584
6,549
(90,329)
59,464
335,427
268,532
391,932
549,820
599,466
689,890
450,782
525,717
7,381
12,329
(78,277
)
(97,380
)
(92,551)
(20,994)
184,578
235,943
85,650
191,906
701,435
767,433
0.05
0.03
0.09
0.08
0.10
0.18
2.85
5.19
5.91
6.34
7.04
4.76
1.51
1.31
0.68
3.82
3.76
2.94
0.76
1.03
1.01
0.89
0.99
1.30
0.42
0.39
0.60
0.62
0.65
0.83
92.19
93.87
100.04
95.66
98.85
91.32
2.01
2.60
6.50
4.22
11.78
9.10
1.62
2.33
-9.76
-6.78
-9.30
-1.47
5.55
7.68
-47.94
-40.77
-68.07
-16.52
G.Miscellaneous

3.81
5.44
-22.40
-12.93
-16.00
-2.24
7.36
6.83
6.84
5.38
6.75
9.35
-0.43
0.76
1.90
2.15
-9.42
-6.72
-9.73
-1.10
0.00
0.00
0.00
0.00
-0.10
0.07

shares]
0.52
0.87
-5.55
-6.91
-6.56
-1.49
15.78
14.54
7.34
13.84
5.33
7.07

Items
(Thousand Rupees)
2005
2006
2007
2008
2009
2010
1,308,14
5
2,151,44
1
2,004,46
8
1,847,51
3
1,767,663
1,660,535
2,578
66,895
3,002,510
3,002,444
1,724,335
1,573,155
1,866,84
9
1,308,14
5
2,869,07
7
2,151,44
1
2,913,33
8
2,004,46
8
2,946,16
1
1,847,51
3
52,098
162,952
203,166
187,325
176,981
164,211
5.Intangible assets
375
63
40,374
20,422
1,082,75
7
919,050
1,405,76
1
1,555,61
7
1,366,387
1,517,201
12,223
23,859
55,617
18,529
22,666
36,211
2.Inventories
809,544
594,036
838,621
961,826
799,754
951,780
3.Trade Debt
154,974
180,967
373,616
417,069
443,989
387,230
318
400
425
375
105,698
119,788
137,482
157,818
99,978
141,980
914,604
1,166,07
7
1,762,83
5
1,339,149
1,418,425
713,361
724,207
922,988
1,616,48
3
1,047,50
5
1,104,299
1,151,616
201,243
441,870
839,847
568,978
234,850
266,809
775,114
1,167,24
4
793,958
797,086
810,184
358,759
517,333
89,184
89,286
100,000
3.Debentures/TFCs
45,777
52,780
775,114
1,167,24
4
793,958
797,086
157,789
116,794
701,184
737,170
853,436
989,561
984,716
1,400,553
30,000
30,000
30,000
30,000
30,000
30,000
i).Ordinary Shares
30,000
30,000
30,000
30,000
30,000
30,000
671,184
707,170
823,436
959,561
954,716
1,370,553
i).Capital Reserve
900,000
1,300,000
ii).Revenue Reserve
54,716
70,553
1,316,49
1
1,316,49
1
2,692,90
0
2,692,90
0
3,547,04
8
2,369,09
8
1,177,95
0
3,070,47
9
3,510,40
4
1,633,59
9
1,876,80
5
3,100,96
4
3,781,557
4,737,286
2,773,421
648,366
1,008,136
4,088,920
3,285,300
3,899,119


2.Reserves
F.Operation:
1.Sales
2.Cost of sales
1,109,06
1
2,270,79
7
i).Cost ofmaterial
2,282,843
2,625,010
1,002,456
1,274,108
3.Gross Profit
207,430
422,103
476,569
409,440
496,257
838,167
56,596
80,817
91,400
98,467
109,599
187,904
44,710
52,048
56,596
80,817
91,400
98,467
64,890
135,856

277,188
321,062
48,703
184,391
200,980
220,877
289,788
231,441
258,895
194,403
102,746
173,464
185,609
99,967
99,624
427,511
6,282
20,932
17,735
18,082
16,382
55,019
15,000
7,500
6,000
6,000
60,000
435,451
475,670
1,476,29
8
1,904,41
4
1,647,39
4
1,786,64
7
1,794,900
1,759,312
517,333
89,184
81,464
145,032
167,874
75,885
77,242
312,492
1,621,632
1,240,800
G.Miscellaneous
713,361
724,207
922,988
1,047,50
5
0.18
0.18
0.24
0.27
0.35
0.30
3.70
6.85
5.67
6.29
7.66
4.89
11.77
6.72
10.53
11.88
11.74
8.17
0.55
0.88
1.04
1.03
1.21
1.49
1.18
0.79
0.80
0.96
1.02
1.07
84.24
84.33
86.56
88.34
86.88
82.31
2.41
3.17
3.00
2.44
2.18
1.27
5.49
6.35
5.73
2.93
3.05
13.55
15.69
24.12
23.34
10.85
10.09
35.85
8.96
10.26
10.45
5.82
5.56
24.06
6.43
20.34
13.65
13.87
6.21
1.63
4.53
4.23
3.65
4.73
4.98
1.38
3.20
7.80
6.44
5.23
2.85
2.63
9.02
0.00
0.00
0.00
0.00
0.20
0.27

shares]
32.15
50.84
55.96
27.30
27.75
124.16
233.73
245.72
284.48
329.85
328.24
466.85

Company 01.
Total Liability
Total Assets
LV=T.L/T.A
T.B=F.A/T.A
SZ=LN OF
SALE
PT=EBIT/T.A
1801673.0
0
2677206
2126292.
00
2790833
2191984.
00
2850826
2353714.
00
3065454
2449967.
00
3103136
2449967.
00
3103136
0.67
0.67
0.76
0.63
0.77
0.58
0.77
0.51
0.79
0.47
0.79
0.47
13.90
14.39
14.44
13.94
13.62
13.62
0.01
0.01
0.00
-0.01
-0.02
-0.02
Company 02.
Total Liability
Total Assets
LV=T.L/T.A
T.B=F.A/T.A
SZ=LN OF SALE
PT=EBIT/T.A
1329853.0
0
2698966
1858264.
00
3587768
2083356.
00
4206608
2109953.
00
4582789
1970525.0
0
4651782
2283558.
00
5131351
0.49
0.77
14.98
0.24
0.52
0.75
14.73
0.14
0.50
0.74
14.73
0.10
0.46
0.71
14.72
0.08
0.42
0.74
14.96
0.09
0.45
0.67
15.12
0.07
Company 03.
Total Liability
Total Assets
LV=T.L/T.A
T.B=F.A/T.A
SZ=LN OF SALE
PT=EBIT/T.A
420634.
00
516983
467600.
00
571874
498794.
00
599705
442064.
00
597055
380998.00
546312
348264.
00
619904
0.81
0.54
13.54
0.04
0.82
0.54
13.68
0.04
0.83
0.58
13.30
0.02
0.74
0.57
13.09
0.02
0.70
0.61
13.43
0.03
0.56
0.68
13.69
0.03
Company 04.
Total Liability
Total Assets
LV=T.L/T.A
T.B=F.A/T.A
SZ=LN OF SALE
PT=EBIT/T.A
628021.
00
523256
745112.
00
526463
726865.
00
507343
748716.
00
533049
725227.00
479708
727462.
00
508772
1.20
0.86
12.56
-0.08
1.42
0.83
13.15
-0.03
1.43
0.83
13.19
-0.01
1.40
0.56
13.35
0.00
1.51
0.83
13.39
-0.07
1.43
0.76
13.63
0.05
Company 05.
Total Liability
Total Assets
LV=T.L/T.A
T.B=F.A/T.A
SZ=LN OF
SALE
PT=EBIT/T.A
674707.
00
1036728
879174.
00
2279719
1177535.
00
2349945
1398292.
00
2500941
1563300.
00
2955529
1465867.
00
2860417
0.65
0.55
14.08
0.39
0.75
14.47
0.50
0.76
14.57
0.56
0.71
14.57
0.53
0.81
14.44
0.51
0.81
14.68
0.04
0.01
-0.03
-0.03
-0.07
0.00
Company 06.
Total Liability
Total Assets
LV=T.L/T.A
T.B=F.A/T.A
SZ=LN OF SALE
PT=EBIT/T.A
481786.
0
713945.
0
501444.
0
688552.
0
506364.
0
696949.
0
563714.
0
650565.
0
561023.0
0.7
0.7
12.5
0.0
0.7
0.7
13.0
0.0
0.7
0.7
13.1
0.0
0.9
0.7
13.0
0.0
0.8
0.8
13.1
0.0
695147.0
461192.
0
668176.
0
0.7
0.8
13.5
0.1
Company 7
Total Liability
Total Assets
LV=T.L/T.A
T.B=F.A/T.A
SZ=LN OF
SALE
PT=EBIT/T.A
7209424.
0
10583903
.0
21185128.
0
30847606.
0
24127737.
0
33696112.
0
17028234.
0
27371673.
0
42683732.
0
58495088.
0
42683732.
0
58495088.
0
0.7
0.5
15.4
0.7
0.8
15.7
0.7
0.7
16.4
0.6
0.3
16.3
0.7
0.7
17.1
0.7
0.7
17.1
0.1
0.0
0.1
-0.1
0.0
0.0
Company 08.
Total Liability
Total Assets
LV=T.L/T.A
T.B=F.A/T.A
SZ=LN OF SALE
PT=EBIT/T.A
636077.
0
937813.
0
697015.
0
899756.
0
810291.
0
1130312
.0
866057.
0
1180036
.0
859014.0
1364717.
0
745747.
0
1377411
.0
0.7
0.7
12.9
0.0
0.8
0.7
13.3
-0.1
0.7
0.7
13.5
0.0
0.7
0.7
13.5
0.0
0.6
0.7
13.5
-0.1
0.5
0.7
14.0
0.1
Company 09
Total Liability
Total Assets
LV=T.L/T.A
T.B=F.A/T.A
SZ=LN OF SALE
PT=EBIT/T.A
447050.
0
669520.
0
534073.
0
739119.
0
672910.
0
776450.
0
823126.
0
1018210
.0
0.7
0.8
13.1
0.0
0.7
0.8
13.5
0.0
0.9
0.7
13.6
-0.1
0.8
0.7
13.7
-0.1
884761.0
959893.0
0.9
0.8
13.8
-0.1
907547.
0
1007283
.0
0.9
0.7
14.1
0.0
Company 10
Total Liability
Total Assets
LV=T.L/T.A
T.B=F.A/T.A
SZ=LN OF SALE
PT=EBIT/T.A
1689718
.0
2390902
.0
2333321
.0
3070491
.0
2556793
.0
3410229
.0
2413569
.0
3403130
.0
0.7
0.5
14.1
0.0
0.8
0.7
14.8
0.1
0.7
0.6
15.1
0.1
0.7
0.5
15.1
0.0
2149333.0
3134050.0
0.7
0.6
15.1
0.0
1777184
.0
3177736
.0
0.6
0.5
15.4
0.1
Transformation of Data
S.No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
Year
2005
2006
2007
2008
2009
2010
2005
2006
2007
2008
2009
2010
2005
2006
2007
2008
2009
2010
2005
2006
2007
2008
2009
2010
2005
2006
2007
2008
2009
2010
2005
2006
2007
2008
2009
2010
37
2005
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
2006
2007
2008
2009
2010
2005
2006
2007
2008
2009
2010
2005
2006
2007
2008
2009
2010
2005
2006
2007
Firm Name
Azgard Nine Ltd.(Legler-Nafees
Mills Ltd.)
Mills Ltd.)
Mills Ltd.)
Mills Ltd.)
Mills Ltd.)
Mills Ltd.)
Bilal Fibres & Textile Mills Ltd.
LV
0.67
0.76
0.77
0.77
0.79
0.79
0.49
0.52
0.50
0.46
0.42
0.45
0.81
0.82
0.83
0.74
0.70
0.56
1.20
1.42
1.43
1.40
1.51
1.43
0.65
0.39
0.50
0.56
0.53
0.51
0.67
0.73
0.73
0.87
0.81
0.69
TB
0.67
0.63
0.58
0.51
0.47
0.47
0.77
0.75
0.74
0.71
0.74
0.67
0.54
0.54
0.58
0.57
0.61
0.68
0.86
0.83
0.83
0.56
0.83
0.76
0.55
0.75
0.76
0.71
0.81
0.81
0.67
0.68
0.66
0.68
0.75
0.77
Size
13.90
14.39
14.44
13.94
13.62
13.62
14.98
14.73
14.73
14.72
14.96
15.12
13.54
13.68
13.30
13.09
13.43
13.69
12.56
13.15
13.19
13.35
13.39
13.63
14.08
14.47
14.57
14.57
14.44
14.68
12.47
12.97
13.07
13.03
13.05
13.50
Proft.ty
0.01
0.01
0.00
-0.01
-0.02
-0.02
0.24
0.14
0.10
0.08
0.09
0.07
0.04
0.04
0.02
0.02
0.03
0.03
-0.08
-0.03
-0.01
0.00
-0.07
0.05
0.04
0.01
-0.03
-0.03
-0.07
0.00
0.00
0.01
0.01
0.02
-0.04
0.10
0.68
0.54
15.35
0.07
0.69
0.77
15.71
0.01
0.72
0.72
16.38
0.06
0.62
0.32
16.29
-0.05
0.73
0.73
17.08
0.02
0.73
0.68
0.77
0.72
0.73
0.63
0.54
0.67
0.72
0.87
0.81
0.92
0.90
0.71
0.76
0.75
0.73
0.69
0.72
0.73
0.67
0.74
0.75
0.79
0.75
0.70
0.71
0.76
0.74
0.55
0.70
0.59
17.08
12.91
13.32
13.52
13.51
13.52
13.99
13.14
13.55
13.57
13.72
13.76
14.09
14.09
14.81
15.08
0.02
-0.02
-0.06
-0.01
-0.04
-0.08
0.11
0.01
0.02
-0.10
-0.06
-0.10
-0.01
0.04
0.06
0.05
Denim
Denim
Denim
Denim
Denim
Denim
58
59
60
2008
2009
2010

0.71
0.69
0.56
0.54
0.56
0.52
15.07
15.15
15.37
0.03
0.03
0.13
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
0.478098408
0.228578088
0.187251914
0.22577129
60
ANOVA
df
Regression
Residual
Total
3
56
59
Coefficients
SS
MS
0.845800782
2.854469832
3.700270614
0.281933594
0.050972676
Standard
Error
Intercept
TB
1.619394069
0.198402422
0.489330401
0.270264885
Size
-0.06955808
0.030624795
-1.104529477
0.510992246
Proft.ty
t Stat
3.309408256
0.734103586
2.271299435
2.161538628
F
5.53107309
Significanc
eF
0.002132399
Lower 95%
Upper
95%
0.0016389
0.465948279
0.639147492
-0.343003198
2.599640
0.73980
0.026992387
-0.130906917
0.008209
0.034943678
-2.128169943
-0.08088
P-value
Interpretation of Regression
01. Cofficient
The Coefficients of the Regression show us two things one is the
Magnitude of the Relationship and second tells us about the direction of the relationship
e.g Crops Yield = + 1(Fertilizer) + 2(pesticide)+e
is showing that if all the dependent variable when equal to zero what will be the
dependent variable Crops Yield
Now the says coefficient is showing the Positive relationship is the value is in
Positive like e.g = 1.236 or 0.00364 etc and vice versa will be the negative if value is
equal to negative values
The magnitude can also be calculated from the coefficient like if the Fertilizer value is
equal to 10 and the value of the pesticide is equal to 20 and 1=0.2 and 2=0.4 and
= 238. Then the crops yield will be
Crops Yield = 248 tons
From the above results the magnitude of the size and profitability are negative or inverse
where the Tangibility is positive .
02. P Value.
The P value Results will be as under
If the Value of P > 0.05 the there is week relationship or Insignificant Relationship
If the Value of P <0.05 or P = 0.05 then there is strong relationships between the
dependent and independent variable
From the above results it is clear that there is positive or significant relationship between
the Tangibility and Leverage because P value is slightly less than 0.05
Where as there is more strong relationships between the Size and Leverage and
Profitability and Leverage of the organization because the P value is < 0.05.

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ASSIGNMENT ON

Business Research Methods

INSTITUTE OF BUSINESS AND MANAGEMENT SCIENCES

Theoretical Frame Work

1. There is Positive Relationship B/W Leverage and Tangibility.

L = 1 (T) + 2 (S) + 3 (P) +

Companies included is as under:-

APOLLO TEXTILE MILLS Ltd.

Apollo Textile Mills Ltd.

2.Operating fixed assets at cost

3.Operating fixed assets after deducting accumulated

6.Long term investments

7.Other non-current assets

4.Depreciation for the year

B.Current Assets (B1+B2+B3+B4+B5)

4.Short term investments

C.Current Liabilities (C1+C2)

1.Short term Secured loans

2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans

2.Long term unsecured loans

4.Employees benefit obligations

5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital

3.Surplus on revaluation of fixed assets

ii).Export Sales (Net)

ii).Other input cost

4.General, administrative and other expenses

i).Selling & distribution expenses

7.Net profit before tax

8.Tax provision (current year)

9.Total amount of dividend

10.Total value of bonus shares issued

11.Cash flows from operations

3.Retention in business (F7-F8-F9)

4.Contractual Liabilities (G2+C1)

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)

3.Trade Debt as % of sales (B3 as % of F1)

4.Assets turnover ratio [F1 to (A+B)]

H.Key Performance Indicators

6.Cost of goodssold tosales (F2 as % of F1)

7.Debt equity ratio [(C+D) to E]

8.Return on assets [F7 as % of avg.(A+B)]

9.Return of equity (F7 as % of avg. E)

10.Return on capitalemployed ( F7 as % of avg. G1)

11.Dividend cover ratio[(F7-F8) to F9]

12.Inventory Turnover Ratio (F1 to B2)

13.Interest cover ratio [(F7+ F6(i)) to F6(i)]

14.Net profit margin(F7 as % of F1)

15.Operating cash flowto debt ratio [F11 to(C+D)]

16.Earning per share after tax (Rs./share) [(F7F8)/No. of Ord. shares]

Artistic Denim Mills Ltd.

6.Long term investments

7.Other non-current assets

1.Cash & bank balance

2.Operating fixed assets at cost

3.Operating fixed assets after deducting accumulated

4.Depreciation for the year

B.Current Assets (B1+B2+B3+B4+B5)

4.Short term investments