Chapter 1

Objectives of Studying Organization

1.1 Introduction to Report:

I am doing M com and this is my last year. For sake of degree internship is
compulsory for every student in any organization to get some practical knowledge
along with studies. To meet these requirements, I did my internship in a ghee
manufacture company. The name of the company is Hafeez Iqbal Oil and Ghee
Industries Pvt Ltd. It is located in Plot No.44; Industrial Estate Hattar, (Haripur)
Khyber Pakhtunkhwa. It was established in 1991. I worked in Finance and
Accounting Department for 8 weeks i.e. from 01.07.2017 to 31.08.2017. In this
department I prepared cash Receipt, Cash Payment, Journal Vouchers, Bank
Reconciliation Statement, and then data entry in FoxPro (Home Software).

This internship was an informative and interesting job for me. I learned very much by
this internship.

1.2 Purpose of the Study

1.2.1 Objectives:
The main purpose of the study in hand is to gather relevant information to compile
internship report on Mujahid Group of Industries. To observe, analyze and interpret
the relevant data competently and in a useful manner.

 To work practically in an organization.

 To develop interpersonal communication.
 To know about the financial position of the company.
 Another purpose of this program is to learn and use the management technique
acquired during the course and find out the possible solutions of management
problems faced by the organization.

1
  Studying the organizational structure of the organization and its Finance
department.
 Understanding the functions of Finance department.
 Analyzing the Financial activities.
 Analyzing the Finance structure of the Finance department.
 Evaluating the working style of the Finance employees.
 Analyzing the weaknesses and strengths of the Finance department.
 To have a hands on experience in Finance department.
 To get the exposure of working in excellent environment of Finance
department.

1.3 Scope of the Study:

As an internee in Mujahid group of Industries the main focus of my study was on

general industries procedures in one of the branches of Mujahid group of industries.
These operations include Bank payment voucher (BPV), Bank receipt voucher (BRV),
Journal voucher (JV), Cash receipt voucher (CRV), Cash payment voucher (CPV).

1.3.1 Types of Vouchers

Following are the types of vouchers

 Journal Voucher (JV): Journal voucher (JV) is used to record the
transactions not directly involving payments or receipts of funds and cash
e.g. inter branch, adjustments of advances, corrections, classification of
entries and recording of accruals etc.
 Bank Payment Voucher (BPV) To record any bank payment Finance
Department use Bank Payment Voucher (BPV).
 Bank Receipt Voucher (BRV): When company receives any funds in its
bank account it is recorded through Bank Receipt Vouchers (BRV) by
Finance Department.
 Cash Receipts Vouchers (CRV): Normally these types of transactions in
corporate set up are not encouraged but however whenever Company
receives cash it is recorded in petty cash.

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 Cash Payment Vouchers (CPV): Whenever Finance Department pays
petty cash to concerned department it is recorded through Cash payment
Voucher

3
Chapter 2
Overview of the Organization

2.1 Company Profile and History

The establishment of Mujahid Group was laid when Sheikh Muhammad Ikram along
his brother began a little scale making of washing Soap in Sooter Gali a little
industrial area in the locality of Rawalpindi, Pakistan. The two brothers confronting
numerous obstacles typically confronted by most adolescent business people kept the
little business going until 1978 when they moved to Calgarh an alternate little scale
modern division in Rawalpindi. They moved the entire business to Calgarh and this
turned out to be the defining moment in the lives of the two siblings. They began to
create cleanser under the name of Billi brand. The brand being delivered with the best
routines for that time and with no bargains in quality exceeded expectations to such a
degree, to the point that in under six years the two siblings had the capacity go high
scale and in 1984 they set up their first Large Scale Industrial unit in Islamabad with
the name of Mujahid Soap and Chemical Industry. The two siblings with the modern
vision of Mr. Sheikh Muhammad Ikram and creative methodology of Mr. Sheikh
Muhammad Suleman continued exceeding expectations together in the cleanser
business until 1991 when Sheikh Muhammad Ikram asked his sibling to assume
control over the Mujahid Soap and compound unit and he himself ventures into the
Edible Oil Industry. Hafeez Iqbal Oil and Ghee Industry were situated up in 1991 in
Industrial Estate Hattar, Haripur, Pakistan. Mr. Sheikh Muhammad Ikram who had
quite recently ventures into the Edible Oil Industry exploiting his in excess of 25
years of business experience took Mujahid Group's first Edible Oil creation unit to the
statures of greatness inside no time. In a couple of years, MGI set up an alternate
Edible oil and Ghee unit as a team with its accomplices in Karachi, Pakistan and an
alternate two creation units toward the start of the 21st century in two different urban
communities of the nation. Mujahid Group's next jump forward in the Edible Oil
industry was too situated up an Oil Refinery which was especially identified with
Crude Palm Oil. The idea was improvised by setting up the Yaqoot Oil Processing &
Extracting Mills (Pvt.) Ltd. in Port Qasim, Karachi. This unit not just was intended to
fill in as an issue additionally as an issue unit for different brands of Edible Oil and
Ghee that are the results of Mujahid Group of Industries.

Over these years MGI has been working with numerous organizations all over
Malaysia particularly for the import of RBD Palm Oil, RBD Palm Olein Oil, crude
Palm Oil & Soya bean Oil for its Edible Oil units.

So in 2010 the Board of Directors chose it to be best to the organization's advantage to

set up an office in Kuala Lumpur, Malaysia. This turned out to be an exceptional
accomplishment for MGI After creating an impeccable notoriety in the Edible Oil
industry, Mujahid Group with the modern vision of its CEO ventures into different
Industrial Sectors and exceeded expectations to the statures on the whole. The
following venture for MGI was to venture into the steel business along these lines the
first steel creation unit was situated up in Haripur, Pakistan with the name of Mujahid
Enterprise. MGI additionally plans to dispatch its second modern unit in the Steel
Industry in July 2012

A standout amongst the most vital and observable activities of MGI is the Mujahid Oil
Terminal in Port Qasim, Karachi. It was situated up in the year 2002 and since the
fulfillment of this venture, MGI itself is satisfying its need of Palm Oil that it imports
for the Edible Oil units.

Mujahid Group of Industries likewise plans to dispatch an alternate Oil Terminal

before the end of 2012 which will likewise be found in Karachi. Amid these years,
Mujahid Group has additionally remained amazingly effective in the Petroleum &
CNG division. MGI began off with one CNG station however throughout the years it
continued extending its business in the business and right now MGI has five CNG
stations everywhere throughout the nation and one Petrol Station in Islamabad.

It has been in excess of 40 years and Mujahid Group alongside its accomplices has
been exceeding expectations in the business sector of South Asia massively and has
created a surprising notoriety. MGI likewise has a couple of exceptional tasks lined up
for the not so distant future.
2.1.1 Mission Statement

We set stock in "venturing forward" into the future, striving to offer quality of item
inside the food industry that will change the status quality. Our skill in assembling
ghee & cooking oil, have been demonstrated in all Pakistan. You realize that, when
you are utilizing our brand, you will defeat everything; (taste, quality, and decent
packing)".

2.1.2 Vision Statement

We want to make a chain from producer to consumer and make our product of highest
quality and affordable to our customers. For us our customers take
precedence & we take no chances with their health & satisfaction. We ensure safe,
high quality products for our customers by being quality conscious and
consistently improving our quality systems of distributors, retailers, outlets &
direct sales.

2.2 Nature of the Organization

Hafeez Iqbal Oil and Ghee Industries (Pvt.) Ltd. were set up in 1991 in Hattar
Haripur, Pakistan. The principal activity of the company is manufacturing and sale of
Vegetable Ghee, Cooking Oil and its by-products

2.3 Corporate Culture and Values:

A set of five core values is based on the truth which reflects the real culture of our
business, which explains the conduct and attitude of our people towards each other
and the customers. Every staff member is committed to practice these values to make
“Mujahid Group of Industries” a sustainable and viable Financial Institution.
 Core Values of Mujahid Group of Industries: Strong businesses are built on
the principles of Trust, Accountability and an Environment that allows their
people to reach their full potential. At HIOGI live by the following principles
when conducting our day to day work.
 Integrity: We act with honesty, integrity and highest ethical standards. We
adhere to the laws and regulations pertaining to our work and with HIOGI
principles and policies.

 Fairness: We work with people in a way which is fair and appropriate. We

treat fairly our customers, suppliers, shareholders and the communities in
which we live and work.

 Trust: People can trust us to fulfill our commitments. At the same time we
also trust others to be true to their commitments to us.

 Accountability: Along with trust comes accountability we believe all of us

are uniquely created with the ability to reason, make decisions and be held
accountable for our commitments and actions. We hold ourselves accountable
for fulfilling our responsibilities and commitments.

 People Reaching Their Full Potential:

Each one of us is creative, thoughtful, trustworthy, fair, capable of making

important decisions and responsible for our actions; however we believe each
one of us is also different and has unique potential and talents to make positive
contribution to the organization and the world. We strive to work together in a
manner so that each one of us can develop in the organization and reach to our
full potential.
2.4 Business Volume
Explanation?

Rupees in Million
Year 2009 2010 2011 2012 2013
Total 288,905,842 338,265,828 348,452,898 384,254,197 369,589,456
Assets
Sales 5,160,767 3,045,675 4,188,731 3,636,525 13,186,112
Account
Receivable 168,652,585 259,428,158 286,725,254 387,852,730 582,322,138
Reserves 55,272,460 60,725,650 50,689,560 45,789,654 70,625,565
Stock 516,035,576 620,585,303 490,035,572 439,579,290 731,808,645

2.5 Number of Employees

Explanation?

Permanent 45
Temporary/ contract basis 30
Outsource 12
Production 50
Labors 300
Total strength 437

2.6 Head Office Address:

Head office of HIOGI is situated in Islamabad at Plot # 191-192, I/9 Sector, Industrial
Area, Islamabad

2.7 Products:
2.7.1 GHEE: Available in Assorted Tin and Plastic Pouch Packaging.

2.7.2 COOKING OIL: Available in Assorted Tin and

Plastic Pouch Packaging.

2.7.3 Washing Soap:

2.8 Competitors

Following are the few competitors of Hafeez Iqbal Oil and Ghee Industries (Pvt)
Limited:
 Shama Banaspati
 Manpasand Cooking Oil
 Dalda Ghee
 Sultan Ghee
 Sufi Banaspati
 Handi Cooking
 Mezan Banaspati
 Kisan Cooking Oil

2.9 Organizational Structure:

The typically hierarchical arrangement of lines of authority, communications, rights

and duties of an organization. Organizational structure determines how the roles,
power and responsibilities are assigned, controlled, and coordinated, and how
information flows between the different levels of management. A structure depends
on the organization's objectives and strategy. In a centralized structure, the top layer
of management has most of the decision making power and has tight control over
departments and divisions. In a decentralized structure, the decision making power is
distributed and the departments and divisions may have different degrees of
independence. A company such as Proctor & Gamble that sells multiple products may
organize their structure so that groups are divided according to each product and
depending on geographical area as well.
 Managing Director:
Managing Director is generally the most senior corporate officer (executive) or
administrator in charge of managing an organization. The responsibilities of an
organization's CEO or MD are set by the organization's board of directors or other
authority, depending on the organization's legal structure. They can be far-reaching or
quite limited and are typically enshrined in a formal delegation of authority

Develops policy and directs and coordinates human resources activities, such as
employment, compensation, labor relations, benefits, training, and employee services
by performing the following duties.

 Analyzes wage and salary reports and data to determine competitive

compensation plan.
 Writes directives advising department managers of Company policy
regarding equal employment opportunities, compensation, and employee
benefits.

 Consults legal counsel to ensure that policies comply with federal and state
law.

 Develops and maintains a human resources system that meets top

management information needs.

 Production managers
Production managers oversee the manufacturing process and make sure that
production lines are running smoothly and efficiently. They work closely with
supervisors and maintenance staff to plan work, set targets and make sure the
finished products meet quality standards.
 Sales And Marketing Manager:
Marketing is also known as sales or advertising and public relations, is a dynamic
career, the most significant opportunities for the industry. Marketing
representatives are the driving forces every successful organization. Potential
consumers of products and services to help clients identify the needs, they can
 have their advertising and instruction. Then, they help clients achieve these things
through the process, using highly interpersonal skills. Marketers often referred to
as the sales, business development managers, sales managers, advertising
managers, consultants and advisors.
 Finance and Accounts Manager
A financial manager is responsible for providing financial advice and support to
clients and colleagues to enable them to make sound business decisions.

2.9.1 Hierarchy Chart of the Organization:

The Hierarchy (is an arrangement of objects, people, elements, values, grades, orders,
and classes etc.) any system of persons or things ranked above one another. The
hierarchy may include Categorization of a group of people according to ability, status
and position.

There are 24 numbers of employees. There breakup is as follow:

Main Managing Team = 4
Managing Director:Mr. Atif Ikram Sheikh
HR & Administration: Manager Munawar-ud-din Awan
Production Manager: Yousaf Abid
Marketing & Sales Manager: Arif Awan
Finance & Accounts Manager: Tariq Khawaj
Departmental Supervisor & Assistants = 20
There are 437 Daily wages workers. That includes technicians, sweepers, telephone
operators, office boys and security in charge.

2.10 Introduction of All Departments:

2.10.1 Procurement Department:
1: First we will decide the rate of the purchase products.

2: Then make contract and signed by following authorities.

 Purchaser

 Purchase Manager

 Chief Accountant

 General Manager Finance

2.10.2 HR & Administration Department

This department is responsible for all managerial operations. The planning,

organizing, leading, controlling, hiring and firing, employee training, policies for
compensation, employee’s welfare is carried out in this department. This department
controls time office and look after all the employees working. The security
department is also under this department. But the security guards are hired from a
private security company watch & watch.

2.7.3 Marketing and Sales Department

This department works for promotion of sales and Marketing.

2.7.4 Finance & Accounts Department

The arrangement of finance is the basic responsibility of this department. Moreover

accounts functions are also responsibility of this department. This department control
all the cash related functions and banks dealing along with Government taxes.
2.7.5 Production Department
The production department of the company is not only to fulfill the required stock but
it also acts like as quality of products, and control of the overall operation of the
production activity. It focuses to tie up with the work schedule, quality and quantity of
the outcomes. Production department is completely aligned with the management
department at every stage.
Chapter 3
The Finance Department

3.1 Structure of Finance Department

The part of financial and business services are refers to the structure of finance
department in an organization. The structure of finance department is depending
on the size of an organization and volume of transactions taking place. The head
of finance department is referred to as an executive director.

3.2 Roles And Responsibilities Of Personnel

The roles and responsibilities of personnel of finance department is to provide the

financing and accounting information to make easier about decision making of
company according to the financial position of company

The following are the roles of employees of finance department:

3.2.1 Chief Financial Officer

Following are the roles for Chief Financial Officer:

 To manage the finance, accounting, forecasting, controlling and planning
function of the entity and liaison with lenders, sponsors and regulations.
 To incorporate the financial discipline in the company
 To ensure the availability of accurate and timely financial statements in
accordance with legislative and regulatory requirements
 To advise on financial aspects of strategic plans and mergers and acquisitions
transactions
 To review, analyzing and improving the standards and procedures for
accounting and reporting functions.

3.2.2 Manager Finance

Following are the roles for the Manager Finance:

 To approve all the reports generated by accounting system
 To approve all the journal vouchers prepared
 To sign trial balance generated on monthly for identification purpose
 To approve statements prepared by accounts executive regarding the
outstanding balances of the payables on monthly basis
 To ensure that tax is deducted where applicable and deposited with the
income tax authorities on timely basis.
 To check fund requirements report on daily basis
 To prepare yearly cash budget
 To approve all petty cash vouchers
 To ensure that payments are made according to policy of the company
 To keep all records pertaining to bank correspondence
 To supervise a physical verification exercise of all the fixed assets of the
company at least once a year and also ensure the coding of fixed assets for
proper control
 To ensure that the fixed assets are disposed off at optimum prices and in
accordance with company policy
 To review bank reconciliation statements prepared on monthly basis
 To ensure that adequate provision is made for retirement benefits of
employees in the books of the company.
 To coordinate with the internal auditors in respect of the internal controls
of the organization
 To make yearly forecast of departmental expenses of accounts and finance
department
3.2.3 Taxation Manager

Following are roles for the Taxation Manager:

 To manage tax related reporting
 To develop and maintain effective taxation administration
procedures/processes appropriate to the company
 To resolve tax issues on behalf of the company
 To ensure tax returns are filed within the timeframes specified by
legislation
 To develop, implement and maintain taxation management plan.

3.2.4 Chief MIS

Following are the roles for Chief MIS:

 To review the needs analysis, specification and design of improved
business processes
 To develop and maintenance of business systems to improve technical
consultation and advice department’s use of business technology.
 To develop ,update or substitution of information system
 To evaluate and acquisition of core business software
 To ensure the availability of accurate and timely information in accordance
with the needs of senior management and where applicable, external users,
to enable them to make timely decisions in conducting business activities
more effectively and efficiently
 To ensure all staffs awareness of procedures and compliance with
controls ,regulations and other rules and guidelines to prevent funds and
losses

3.2.5 Budgeting Executive

Following are the roles for Budgeting Executive:

 To collect the individual budget from the department and prepare the
consolidated budget
 To develop, analyze and execute periodic budgets and forecasts
 Responsible for coordination of department wide budget issues
 To prepare the capital and revenue budget separately
  To examine the budget estimates and proposals
 To submit the budget to CFO for reviewing and finalization and approval
from the BOD.

3.2 Number of Employees in Finance Department

There are five employees working in the finance department.

Table 3.1
Finance Department Employees
S.No Employees Designation

1 Mr. Sarwar Chief Finance Officer

2 Mr. Awais Qureshi Manager Finance

3 Mr.Rizwan Mirza Taxation Manager

4 Mr.Tanveer Mirza Chief MIS

5 Mr.Umer Mirza Budgeting Executive

3.3 Functions of the Finance Department

Finance Department plays an important role as back office in the effective and
efficient management of the Company’s operations. The most important function of
the Finance Department is to accumulate the financial information from all
departments of the Company including the branches and to prepare the financial
statements. The CFO shall have the overall responsibility of the Finance Department
of the Company. The Manager Finance would be involved in the day-to-day
monitoring of the Department’s functions, which shall be carried out by the
Department’s staff.

The main tasks that will be handled by the Finance Department are stated below:
 Recording of financial information.
 Preparation of financial statements.
  Reporting to internal management and external authorities.
 Taxation.
 Payments.
 Reconciliations.
 Recording of Fixed Assets.
 Budgeting

3.3.1 Accounting System of The Organization

The Company was incorporated on October 26, 1989 under the provisions of
Companies Ordinance 1984. The registered office of the company is situated at Plot #
191-192, I/9 Sector, Industrial Area, Islamabad. The principal activity of the company
is manufacturing and sale of Vegetable Ghee, Cooking Oil and its by-products.

3.3.2 Introduction of Finance Department

The arrangement of finance is the basic responsibility of this department. Moreover

accounts functions are also responsibility of this department. This department control
all the cash related functions and banks dealing along with Government taxes.

3.3.3 Statement of Compliances

These financial statements have been prepared in accordance with the approved
accounting standards as applicable in Pakistan. Approved accounting standards
comprise of such International Financial Reporting Standards as notified under the
provisions of the Companies Ordinance 1984 and the directives issued by Securities
and Exchange Commission of Pakistan (SECP). Wherever the requirements of the
ordinance of directive issued by SECP differ with the requirements of these standards,
the requirements of the Companies Ordinance, 1984 or the said directives take
precedence. The principal accounting policies adopted, remained unchanged from the
corresponding year.

3.3.4 Accounting Convention

These accounts have been prepared under the historical cost convention.
3.3.5 Basis of Preparation

These accounts have been prepared in compliance with the Companies Ordinance
1984 and International Accounting Standards as applicable in Pakistan.

3.3.6 Staff Retirement Benefit

The Company is not having any staff benefit scheme for its employees.

3.3.7 Provisions
A provision is recognized in the balance sheet when the Company has a legal or
constructive obligation as a result of a past event and is probable that an outflow of
economic benefits will be required to settle the obligation of which a reliable estimate
can be made.

Chapter 4
Critical Analysis and General Observation

This analysis is made on my personal observation and discussion with staff during my
internship. According to my study program, I have learnt that Human Resource,
Marketing & Administration department plays a key role in an organization. This
department set goals and objectives of the organization and establish criteria,
methods, techniques to achieve these targets. But the Hafeez Iqbal Oil and Ghee
Industry is lack of this department in its proper form. Its management considers the
HR activities as admin & HR department and HR main focus is on recruitment,
selection, compensation, and evaluation. That’s why there is no qualified, professional
admin manager. The HR manager is also given extra duty of administration and HR
manager due to its good working reputation. That manager mostly focuses his
attention employee’s compensation, recruitment selection and evaluation. He is also
very sensitive for staff punctuality and remains on round after some time to check the
working of employees. On the other hand because of lack of this department,
employees are not much satisfied with the industry. During my stay there, I saw that
there were three departments (HR department, Administration department and
marketing and sales department) controlled by single manager Mr. Munawar-ud-din
Awan. But due to unemployment they have to do work. There is no proper leave
(holiday) system for managers in the industry. Departmental communication is also
not through well-established system.

4.1 Introduction to Financial Analysis

Financial statements are the medium by which a company discloses information

concerning its financial performance. Followers of fundamental analysis use the
quantitative information gleaned from financial statements to make investment
decisions.

4.1.1 Balance Sheet

The balance sheet represents a record of a company's assets, liabilities and equity at a
particular point in time. The balance sheet is named by the fact that a business's
financial structure balances in the following manner:
Assets = Liabilities + Shareholders\' Equity
4.1.1.1 Assets Side

Assets represent the resources that the business owns or controls at a given point in
time. This includes items such as cash, inventory, machinery and buildings.

4.1.1.2 Liabilities Side

The other side of the equation represents the total value of the financing the company
has used to acquire those assets. Financing comes as a result of liabilities or equity.
Liabilities represent debt (which of course must be paid back), while equity represents
the total value of money that the owners have contributed to the business - including
retained earnings, which is the profit made in previous years.

4.1.2 Income Statement

While the balance sheet takes a snapshot approach in examining a business, the
income statement measures a company's performance over a specific time frame.
Technically, you could have a balance sheet for a month or even a day, but you'll only
see public companies report quarterly and annually.

The income statement presents information about revenues, expenses and profit that
was generated as a result of the business' operations for that period.

4.2 Horizontal Analysis

A procedure in fundamental analysis in which an analyst compares ratios or line items

in a company's financial statements over a certain period of time. The analyst will use
his or her discretion when choosing a particular timeline; however, the decision is
often based on the investing time horizon under consideration

4.2.1 Horizontal Analysis of Income Statement of Five Years (In %)

Table No 4.1

2013 2012 2011 2010 2009

Rupees Rupees Rupees Rupees Rupees
Sales – Net 245.99 212.81 194.25 176.45 100
Cost of sales 303.49 269.04 270.42 121.37 100
Gross profit 374 288.91 787.91 278.22 100
Selling and distribution
expenses
Administrative and
general expenses 8.97 47.96 53.56 157.73 100
91
Other income -4661.0 -37.04 -382.18 .42 100
Operating profit 477.07 249.28 630.78 1817.31 100
Finance cost 9.21 -126.724 9.71 391.92 100
Other Charges 100
Profit before taxation 475.17 2647.20 5959.38 1740.43 100
Taxation 1055.75 4654.42 651.62 2960.58 100
Profit after taxation -217.04 6601.43 1006.13 2316.10 100

Explanation?

4.2.2 Horizontal Analysis Of Balance Sheet Of Five Years (In %)

Table.No.4.2
June 30, June 30, June 30, June 30, June
2013 2012 2011 2010 30,
2009
% % % % %
Equity And Liabilities
Share Capital And Reserves
Share Capital 100 100 100 100 100
Accumulated Profit 162.09 129.51 80.840 73.853 100
107.38 844.47 552.28 180.778 100
Surplus On Revaluation Of Property,
Plant And Equipment
Non-Current Liabilities
Liabilities Against Assets Subject To
Finance Lease
Deferred Taxation
Total Long Term Liabilities/Non-Current
Liabilities
Current Liabilities
Current Portion Of Liabilities Against
Assets Subject To Finance Lease
Trade And Other Payables 79.108 90.588 60.80 52.981 100
Due To Related Parties
Total Current Liabilities 189.74 217.07 245.65 238.94 100
Contingencies And Committeemen’s
Total Liabilities 836.6 73.9 76.1 21.06 100
Assets
Non-Current Assets
Property, Plant And Equipment 112.681 11.17 117.9 11.83 100
Long Term Deposits - Unsecured,
Considered Good 570.324 46.62 56.3851 36.172 100
Total Fixed Assets 92.74 9346.00 9217.49 106.64 100
Current Assets
Stores, Spares And Loose Tools 24.46 223.95 191.947 116.75 100
Stock In Trade 82.27 64.70 74.311 11.20 100
Trade Receivables - Unsecured, Considered
Good 1.461 28.80 89.513 23.52 100
Due From Related Parties
Advances, Prepayments And Other
Receivables 23.07 240.18 250.563 30.24 100
Current Taxation
Cash And Bank Balances 18.04 27.85 11.716 18.15 100
Total Current Assets 41.9 349.83 33.481 24.77 100
Total Assets 83.6 783.94 72.18 29.06 100
Explanation?

4.3 Vertical Analysis

A method of financial statement analysis in which each entry for each of the three
major categories of accounts (assets, liabilities and equities) in a balance sheet is
represented as a proportion of the total account. The main advantages of vertical
analysis is that the balance sheets of businesses of all sizes can easily be compared. It
also makes it easy to see relative annual changes within one business.

Vertical Analysis Of Income Statement Of Five Years (In %)

Table No 4.3
June 30, June 30, June June June
2013 2012 30,2011 30,2010 30,2009
% % % % %
Sales – Net 100 100 100 100 100
Cost Of Sales -81.379 -83.39 -91.82 -45.373 -65.96
Gross Profit 18.620 16.60 49.620 0.0019 12.23
Selling And
Distribution Expenses -2.984 -0.502 -4.346 -2.441
Administrative And
General Expenses -0.484 -2.989 -3.657 -11.85 -13.26
Other Income 6.643 0.0610 0.689 -0.181 -0.350
Operating Profit 21.790 13.176 36.466 11.573 1.1237
Finance cost -0.0689 1.0967 -0.0920 -4.0910 -1.841
Other Charges -0.95 -0.993 -0.0533
Profit before taxation 20.766 13.279 32.750 10.529 1.067
Taxation -21.45 -10.93 -1.6772 -8.389 -0.5
Profit after taxation -0.688 24.215 40.371 10.246 0.780
Explanation?

4.3.1 Vertical Analysis Of Balance Sheet Of Five Years (In %)

Table.No.4.4
June June June June June
30, 30, 30, 30, 30,
2013 2012 2011 2010 2009
% % % % %
Equity And Liabilities
Share Capital And Reserves
Share Capital 5.0 5.3 5.4 19.1 41.8
Accumulated Profit 38.7 31.4 21.1 67.0 19.9
43.7 36.8 24.7 28.1 34.1
Surplus On Revaluation Of Property, Plant And
Equipment 35.1 38.3 40.40 43.7
Non-Current Liabilities
Liabilities Against Assets Subject To Finance
Lease 0.01 0.08 0.13 0.27
Deferred Taxation 6.17 6.49 11.7 43.8
Total Long Term Liabilities/Non-Current
Liabilities 6.18 6.58 11.9 44.16
Current Liabilities
Current Portion Of Liabilities Against Assets
Subject To Finance Lease 0.05 0.05 0.04 0.05
Trade And Other Payables 14.87 18.17 12.54 38.0 157.2
Due To Related Parties 2.148 35.71
Total Current Liabilities 14.93 18.22 21.2 71.8 65.8
Contingencies And Committeemen’s
Total Liabilities 100 100 100 100 100
Assets
Non-Current Assets
Property, Plant And Equipment 52.6 57.4 60.28 202.8 3.90
Long Term Deposits - Unsecured, Considered
Good 0.47 0.07 0.09 0.204 1.236
Total Fixed Assets 53.1 57.5 58.3 2.34 4.82
Current Assets
Stores, Spares And Loose Tools

1.8 1.85 1.6 3.46 6.49

Stock In Trade 11.2 9.47 11.19 61.9 114.7
Trade Receivables - Unsecured, Considered Good 0.03 0.73 2.34 2.14 20.0
Due From Related Parties 14.20 12.9
Advances, Prepayments And Other Receivables 15.2 16.3 17.58 74.52 53.48
Current Taxation 0.37 0.34 0.23 1.22
Cash And Bank Balances 3.84 0.68 0.29 1.58 19.14
Total Current Assets 46.86 42.4 41.642 97.65 95.17
Total Assets 100 100 100 100 100
Explanation?

4.4 Financial Ratios Analysis

The following ratio analysis will be used to analyze the financial statements of
HIOGI:
 Liquidity Ratio
 Activity Ratio
 Profitability Ratio

4.4.1 Liquidity Ratio:

Liquidity ratios measure a firm’s ability to meet its current obligations. There are two
types of liquidity ratio
 Current ratio
 Quick ratio

4.4.1.1 Current Ratio:

Current assets are those assets that will be realized as cash within the next 12 months.
Current liabilities are those debts that are due for payment within the next 12 months.
The current ratio gives an indication of whether the business will be able to pay its
debts in the short term (i.e. the next 12 months).current ratio is very helpful for a
business to determine whether a company has a sufficient level of liquidity to pay its
short term liabilities. Its Formula is as under;

Current Ratio = Current Assets

Current Liabilities

Current Ratio for Relevant Five Years

Table No 4.5
 YEARS 2009 2010 2011 2012 2013

Current 435155066 978098736 1451162246 1522304826 1792593997

assets
Current 300991062 719202457 739415658 653364069 571112238
liabilities

Current 1.457 1.3599 0.1969 2.329 3.138

Ratio

Trend Analysis Of Current Ratio

Figure No 4.1

Comments On Current Ratio

As current ratio is calculated for company whether the company is pay its short term
obligation or not.So according to HIOGI the current ratio in 2009 is 1.45% which
means that HIOGI strong liquidity position. This shows that for the short term loan of
Rs 1 HIOGI has Rs 1.45 which is a strong liquidity position.And in 2010 this is 1.35%
in 2011 it is only 0.20% its means that in 2011 HIOGI cannot pay its short term
obligation,because there is no dues receivable from customer in 2012 it is 2.32%
indicating a strong liquidity position and in 2013 it is 3.14% which shows very strong
liquidity position as compared to 2009,2010,2011 and 2012.
4.4.1.2 Quick Ratio

The quick ratio, or acid test, focuses upon whether the business could pay its debts in
the very short-term – i.e. tomorrow, or next week or next month. As stock cannot
always be sold quickly that’s why it is removed from the calculation of current assets.
Both the current ratio and quick ratio give an Indication of future solvency problems –
i.e. whether the business will be able or unable to pay its debt.
Formula of quick ratio is as under;

Quick ratio = Current assets – inventory

Current liabilities

Quick ratios for relevant five years are;

TABLE.NO.4.6
YEARS 2009 2010 2011 2012 2013
Current 435155066 978098736 145116224 1522304826 1792593997-
assets -52486447 -62041530 -39003557 -339589290 431808464
less 9 3 2
inventory
Current 300991062 71920257 739413658 653364069 571112238
liabilities
Quick 1.201 0.4973 1.43509 1.81019 2.382
Ratio

Trend Analysis Of Quick Ratio

Figure.No.4.2
Comments On Quick Ratio

As quick ratio is calculated to know whether a company may pay its short term
obligation in a very near time (i.e.next day, week or month).According to HIOGI in
2009 its quick ratio is 1.2% means HIOGI has 1.20 Rs to pay the obligation of Rs 1.it
show a strong liquidity position.In 2010 is current assets increases much as compare
to current liabilities and in 2010 it is only 0.50%, because the amount of inventory
were more as compared to other years that’s why it down to 0.50% and its means that
HIOGI is unable to pay its short term obligation for very near. In 2011 it is which is
increased is 1.43% and in 2012 it is also increased which is 1.81% and in the last year
2013 it is also increasd 2.38% which indicate a strong liquidity positon. This increase
in 2010 is because the increase in current liabilities of HIOGI.Further more increase in
year 2011 and onward is because of increase in current asset of HIOGI.

4.4.2 Activity Ratio

Accounting ratios that measure a firm ability to convert different accounts within its
balance sheets into Cash or sales.

The activity Ratios are following

 Inventory Turnover Ratio
 Stock in days
4.4.2.1 Inventory Turnover Ratio

Inventory turnover is the ratio of cost of goods sold to average inventory. It is an

activity/efficiency ratio and it measures how many times per period, a business sells
and replaces its inventory again.
The formula of turnover ratio is as;

Inventory turnover ratio = Cost of gods sold

Average stock

Inventory of turnover ratio for related five years are;

Table.No.4.6

YEARS 2009 2010 2011 2012 2013

Cost of 460414037 558834160 1245067857 1238709917 1397325234

goods sold

Average 524864479 620415303 390035572 339389290 431808464

stock

Inventory 0.877 0.90074 3.19219 3.64767 3.23

turnover
ratio

Trend analysis of inventory turnover ratio

Figure. no. 4.3
Comments On Inventory Turnover Ratio

In 2009 the turnover ratio is 0.88% which is increasing in 2010 to 0.90,in 2011 to 3.19%, in
2012 to 3.65%. This increase in 2010 is because the increase in current liabilities of HIOGI.
Furthermore increase in year 2011 and onward is because of increase in cost of goods sold
HIOGI.

4.4.2.2 Stock in days.

This measure is one part of the cash conversion cycle, which represents the process of
turning of raw material into cash. The day’s sales of inventory are the first stage in that
process. The other two stages are day’s sales outstanding and day’s payable
outstanding. The first measures how long it takes the company to receive payment on
accounts receivable.

The formula for stock in days is as;

Stock In Days = 365

Inventory Turnover Ratio
Stocks In Days For Concerned Five Years Are;

Table.No.4.7
 YEARS 2009 2010 2011 2012 2013

Days 365 365 365 365 365

Inventory 0.877 0.90074 3.19219 3.6476 3.23

turnover

Stock in days 416 405 114 100 113

Trend Analysis Of Stock In Days

Figure.No.4.4

Comments on Stock in days

In 2009 the stocks in days were of 416 days which decrease in 2010 to 405 days in 2011
To 114 days in 2012 to 100 days and in 2013 it was 113 days. In the first two years stock
is Selling in 416 and 405 days respectively which is greater as compared to the rest three
Years. And HIOGI should minimize this rate of days because lower the days will be better
For company.

4.4.3 Profitability Ratio

Profitability ratio measures a company’s ability to generate earning relative to sales,

assets and equity. These ratios assess the ability of a company to generate, earning
profit and cash flow relative to metric, Often the amount of money invested. They
highlight how effectively the profitability of a company is being managed.

The following are the profitability ratios of the company is

Hafeez Iqbal Oil And Ghee Industries (Pvt) Ltd.

 Gross profit margin ratio

 Net profit margin ratio
 Return on asset ratio
 Return on equity ratio

4.4.3.1 Gross Profit Margin Ratio

The gross profit margin ratio is used as one indicator of a business financial health. It
shows how efficiently a business is using its materials and labor in the production
process. Gross profit margin ratio show gross profit on sales for a specific period of
time. Means in gross profit all except cost of goods sold are included.
The formula of gross profit margin ratio is as;

Gross profit margin = Gross Profit

Sales

Gross profit for concerned five years is the following.

Table. No. 4.8
YEARS 2009 2010 2011 2012 2013
Gross 52,106,589 33,497,781 57,650,043 77,699,105 126,360,355
 profit
Sales 603,364,206 1,277,876,681 1,027,143,745 1,277,876,681 1,345,385,530
Gross 0.0863600 0.026213625 0.05612655 0.060803288 0.093921297
profit
margin
ratio

Trend analysis of gross profit margin

Figure.no.4.5

Comments on gross profit margin ratio

In 2009 the gross profit margin was 0.086% of sales which was decrease in 2010 to
0.026% in 2011 to 0.56% in 2012 to 0.060% and in 2013 to 0.093%.in all of these five
years the highest gross profit margin is in the year of 2013 which is 0.093%. So HIOGI
should focus on increasing the gross profit margin and decrease their expenses.

4.5.1 Net profit margin ratio

The net profit margin ratio calculates net profit to sales. Means it shows the proportion
of net profit to sales. When all the expenses are deducted from sale it is called net
profit. Higher the ratio of net profit margin will be better for a company.
The formula of net profit margin is as;
 Net profit margin = Net profit / Total sales

Net profit margin for relevant five years is the followings.

Table. no. 4.9
YEARS 2009 2010 2011 2012 2013
Net 31,513,545 19,118,340 44,737,930 61,843,765 112,835,056
profit
Total 603,364,206 1,277,876,681 1,027,143,745 1,277,876,681 1,345,385,530
sales
Net 0.0522297 0.014961021 0.04355566 0.048395722 0.083868195
profit
margin
ratio

Trend analysis of Net profit margin

Figure.no.4.6

Comment on Net profit margin

In 2009 the net profit margin is 52% of total sales of Rs 603,364,206.In 2010 it decrease
margin to 14%, in 2011 to 43%, in 2012 to 48% and in 2013 to 83%.

4.5.2 Return on Assets

Return on assets shows the rate of return (after tax) being earned on all assets of the firm
means return on assets shows the proportion of net profit to total assets and it is also a
measure of how efficiently the company is using their all assets to earn profit.
The formula of return on assets is as;

Return on assets = Earnings after tax

Total assets

Return on assets for the relevant five years are the followings.
Table.no.4.10
YEARS 2009 2010 2011 2012 2013
Eat 28,023,588 8,795,253 28,996,435 45,406,317 76,443,880
Total 457,218,31 100162731 34,848,40902 358,433,5841 3,8252,2391
Assets
Return on 0.06129148 0.00878096 0.00832073 0.012667986 0.019984158
Assets 23

Trend analysis of return on assets

Figure.no.4.7

Comments on Return on assets

As return on assets ratio shows the net profit on total assets. At HIOGI in 2009 the return
On assets is 0.086% and in 2010 it is increased to 0.087% and in 2011 to 0.83% in 2012 to
0.12% and 2013 there return on assets is 19%.
.
4.5.2 Return on Equity ratio
The table shows that the return on assets of 2008 is greater as compare to the other four
years so the Ratio analysis explains that Return on Assets is growing in the year 2008,
which is 5.2%. But after this it decreases from previous years as in 2009 come to 4.85%
and increased in 2010 reached to 4.90% and further increased 4.94% in financial year
2011 but again it decrease to 4.66% in year 2012 Return on Equity ratio shows the net
profit on shareholder’s equity. Means this ratio shows that how much Profit is earned on

Shareholder’s equity. It also measures that how efficiently a company is Using share
holder’ equity to earn net profit.
The formula of return on equity is as;

Return on Equity = Earnings after tax

Shareholder’s equity

Return on equity for relevant five years are the followings.

Table. No. 4.11
YEARS 2009 2010 2011 2012 2013
Eat 28,023,588 8,795,253 28,996,435 45,406,317 76,443,880
Share 191,432,070 191,432,070 191,432,070 191,432,070 191,432,070
holder’s
equity
Return 0.1463 0.0459 0.1514 0.23719 0.39932
on
Equity

Trend analysis of Return on Equity

Figure.no.4.8
Comments on Return on equity
Interpretation:
As return on equity shows how much profit is earned on share holder’s equity. in 2009 return
on equity is 14% and in 2010 it is increased to 45% , in 2011 to 151%, in 2012 to 237% and in
2013 to 399%.

4.5.3 Debt Ratio

A financial ratio that measures the extent of a company’s or consumer’s leverage. The
debt ratio is defined as the ratio of total debt to total assets, expressed in percentage, and
can be interpreted as the proportion of a company’s assets that are financed by debt

Formula
Debt Ratio = Total liabilities / Total Assets
Table: 4.12 Debt Ratio
Year 2009 2010 2011 2012 2013
Total
liabilities 824,676,384 909,254,490 1,016,926,288 1,159,982,395 1,211,054,416

Total 457,218,310 1,001,627,314 3,484,840,902 3,584,335,841 3,825,223,912

Assets
 Debt
6.90 7.08 7.67 7.47 7.58
Ratio

Graphical Presentation of Debt Ratio

Figure: 4.9 Debt Ratio

Interpretation:
As we see in table the debt ratio is not much increase or decrease it all same
in all given five years. Here company have more assets then debt because debt ratio
of greater than 1 indicates that a company has more debt than assets.

4.5.4 Debt / Equity Ratio

A measure of a company's financial leverage calculated by dividing its total liabilities by

stockholders' equity. It indicates what proportion of equity and debt the company is using
to finance its assets.

Formula: Debt to Equity Ratio = Total liabilities (Debt) / Shareholder equity

Table: 4.13 Debt/ Equity Ratio

Year 2009 2010 2011 2012 2013
Total 824,676,384 909,254,490 1,016,926,288 1,159,982,395 1,211,054,416
Liabilities
Shareholder
119,556,378 128,495,828 132,651,448 155,387,184 159,842,867
Equity
Debt to
6.90 7.08 7.67 7.47 7.58
equity

Graphical Presentation of Debt / Equity Ratio

Figure: 4.10 Debt/ Equity Ratio

Interpretation:
As we see in table the ratio of 2009 is 6.90 which is somehow increased in 2010 by 7.08
but in 2010 and in 2011 it go further increased and come up to 7.47 but again increase by
the efforts of management shareholder it go so high to value of 7.58 Its show that the
company is finances its assets and heavily relies on debt finances. Shows that highly
towards debt financing which gives more earning per shares.

4.6 SWOT Analysis

4.6.1 Strengths:

Hafeez Iqbal Oil and Ghee Industries are becoming successful day by day. Their main
strengths are given below:

 Brand Mujahid has been the single largest selling brand in the NWFP

 ISO 9001:2000 Certified: The Company has a well-defined quality policy and has
successfully obtained the ISO-9001:2000 quality system certification in the year
1997.

 HIOGI five times awarded with ISO standard includes Quality, Environmental,
and Food Safety.

 HIOGI is the first ISO 22000 certified ghee & cooking oil manufacturing unit in
Pakistan

 In govt. Utility stores Corporation of Pakistan and Army also provided HIOGI

 Modern high capacity plant to meet the excess demand of edible oil in the country.

 High profit earning

 Customers can easily access

4.6.2 Weaknesses:
On the one side where organization has strengths but on the other hand there are some
weaknesses, which are described below:

Mujahid is a very old brand there has been no change in packaging since ages, people feel
that the new better packaged brands have better products. The brand suffers with an
image problem. It is perceived as an old brand and the consumers are bored with it. There
has been no innovative packaging change since 1994.

 There is already number of companies producing Ghee & Cooking Oil in the
country

 People are getting bored because packaging style is old and need to be
revised

 Advertisement is not appropriate

4.6.3 Opportunities:

The company has the opportunities:

 Meet the demand of local market due to high rate of consumption.

 The company can cash on Mujahid to introduce new products; they have a large
market share in the central and northern areas of Pakistan.

 The fat free Banaspati is still popular and can be advertised to gain the market in
health conscious people.

 People are becoming health conscious and are switching to brands offering
vitamin and cholesterol free attributes.

 There is a growing segment of working women in search of modern and

convenient methods of cooking. Therefore, the flavored oils stand a very good
chance.

 Shows emotional attachment as well as health Benefits

 They can take advantages by hiring more skilled people and they should hire
 young, fresh and energetic staff for their betterment

4.6.4 Threats:

The company has to face these threats:

 The market is now being entered by Soya bean canola and sunflower oils, these
are being bought by health conscience people this will lead to Mujahid decline in
market share.

 The overall market of oil and banaspati is declining due to the Fluctuations in the
world oil prices.

 Government policies are changing day to day so it is a threat for the Mujahid’s to
survive in such a changeable situation.

 Banaspati is perceived to be old fashioned and unhealthy by the upper

income/urban consumers.

 Lately sunflower and Canola based single oils have aggressively entered the
market.

 The unbranded segment comprises an enormous 50% of the edible oil

and Banaspati market. This is sold loose to the rural/lower income consumers.

 Indirect Competition is a threat and a chance that may grow in future. Due to Price
factor and Quality standard competitors are giving high task.

 Different types of competitor are entered in the market with the passage of time.

Chapter 5
Conclusion And Recommendations
Finding from financial analysis and swot analysis?
5.1 Conclusion

In my point of view, the internal setup and working pattern is not enough well developed
regarding to the management. There is lack of some management functions like planning,
organizing, leading and controlling. This sort of thing comes in strategic planning. So, as a
whole company should focus on strategic planning in which all these things come. But to the
external environment, the company has well reputed image in the public. It seems to be
working well according to the market situation. It had captured a large volume of market
share. One good thing is that they know how to make and retain customers according to
market trend. So, they listen customers complains and solved them on priority basis. They
believe in quality not quantity. Company is very much conscious about the satisfaction of the
customers and their quality product. All the staff of HIOGI of the company is also very
cooperative to the customer and work with coordination for better quality.

5.2 Recommendations

Company is doing well its business. But there is always need for improvement in every
system. So, I suggest following recommendations for the company. If the company adopts
them, I think it can increase company revenue.
 They must have separate department for marketing, sales, HR, and administration
 An employee friendly environment must be created. So, employee’s small
mistakes should be ignored.
 A website is very necessary for company now a day. As all other ghee companies
are providing online booking facility to the customers.
 Punctuality of workers and strong communication between departments must be
assured.
  Free campaign about the acknowledgement of product.
 Packaging style is old and need to be revised (like Dalda has recently introduced
an oil bottle with interactive features)

References and Sources used

 [i] Javed A. (2010) “Internship report” submitted to International Islamic University
Islamabad.
[ii] Sadaf K. (2012) “Internship report” submitted to Fatima Jinnah women
University Rawalpindi

[iii] Ghani, M. A. (1995). Advanced Accounts. Pak imperial book Depot Lahore.

[iv] M.C. Shukla. (2007). Advanced Accounts. S.chand & company.

Web References

1. www.MGI.com
2. www.Google.com
3. www.Answer.com
4. www.wekipedia.com
5. www.scribd.com Mujahid Group of Pakistan

Annexures A
Hafeez Iqbal Oil and Ghee Industries
Income Statement Of Five Year
July 31, 2009---2013
July 31, 2013 July 31, 2012 July 31, 2011 July 31, 2010 July 31,
2009
Rupees Rupees Rupees Rupees Rupees
Sales – Net 1,717,0 1,485,4 1,355,87 1,231,6
47,813 08,121 7,821 22,313 1018152000
Cost of sales (1,397,3 (1,238,7 (1,245,06 (558,8
25,234) 09,917) 7,857) 34,160) (927,527,725)
Gross profit 319,7 246,6 672,78 237,5
22,579 98,204 8,153 76,888 90,624,275
Selling and distribution (51,3 (7,4 (58,93 (30,0
expenses 29,259) 70,234) 3,642) 64,691) -
Administrative and (8,31 (44,4 (49,59 (146,0
general expenses 0,940) 12,964) 7,321) 39,204) 7674745
Other income 114,0 90 9,35 (2,23
65,750 6,471 2,855 7,345) (2,447,236)
Operating profit 374,1 195,7 494,44 142,5
48,130 21,477 6,913 43,593 7,843,646
Financial Cost (1,18 16,2 (1,24 (50,3
4,216) 91,716 8,565) 85,751)
(12,856,027)
Other Charges (16,3 (14,7 (72
98,695) 57,781) 2,759) - -
Profit before taxation 356,5 197,2 444,06 129,6
65,219 55,412 1,162 87,566 7,451,464
Taxation (368,3 (162,4 (22,74 (103,3
91,176) 37,448) 1,495) 23,087)
(3,489,957)
Profit after taxation (11,8 359,6 547,38 126,1
25,958) 92,860 4,249 97,609 5,448,706

Annexures B
Hafeez Iqbal Oil and Ghee Industries
Balance sheet of five years
June 30, 2009---2013
June 30, June 30, June 30, June 30, June 30,
2013 2012 2011 2010 2009
Rupees Rupees Rupees Rupees Rupees
EQUITY AND LIABILITIES
Share capital and reserves
Share capital 191,432,0 191,432,07 191,432,0 191,432,07 191,432,07
70 0 70 0 0
Accumulated profit 1,482,360,6 1,127,870,89 735,986,8 671,393,63 90,992,78
12 3 50 9 7
1,673,792,6 1,319,302,96 862,825,7 282,424,85 156,227,24
82 3 09 7 8
Surplus on revaluation of 1,343,625,5 1,375,816,75 1,408,007,9 1,440,199,12 -

property, plant and equipment 65 3 35 0

Non-current liabilities
Liabilities against assets subject to 665,24 3,033,11 4,872,24 2,750,87 -

finance lease 4 4 0 0
Deferred taxation 236,028,1 232,818,94 410,130,6 439,651,54 -
83 2 59 5
Total Long Term Liabilities/Non 236,693,4 235,852,05 415,002,8 442,402,41 -
Current Liabilities 27 6 99 5
Current liabilities
Current portion of liabilities against 2,158,87 1,850,87 1,594,80 596,38 -

assets subject to finance lease 8 2 2 5

Trade and other payables s568,953,3 651,513,19 437,315,3 381,045,98 719,202,45
60 7 15 8 7
Due to related parties - - 74,858,16 357,771,28 -
0 5
Total Current Liabilities 571,112,2 653,364,06 739,413,6 719,202,45 300,991,06
38 9 58 7 2
Contingencies and - - - - -

committeemen’s
Total Liabilities 3,825,223,9 3,584,335,84 3,484,840,9 1,001,627,31 457,218,31
12 1 02 4 0
ASSETS
Non-current assets
Property, plant and equipment 2,014,443,8 2,059,394,19 2,100,996,7 2,031,632,98 17,873,31
02 0 22 1 1
Long term deposits - Unsecured, 18,186,11 2,636,82 3,188,73 2,045,67 5,655,26

considered good 2 5 1 5 7
Total Fixed Assets 2,032,629,9 2,062,031,01 2,033,678,6 23,528,57 22,063,24
14 5 56 8 4
Current assets
Stores, spares and loose tools 72,586,32 66,495,90 56,992,74 34,667,08 29,691,76
2 1 0 6 4
Stock in trade 431,808,4 339,589,29 390,035,5 620,415,30 524,864,47
64 0 72 3 9
Trade receivables - Unsecured, 1,337,08 26,348,95 81,886,20 21,521,38 91,481,89

considered good 3 6 2 2 0
Due from related parties 543,442,9 465,779,49 - - -
62 7
Advances, prepayments and other 582,122,1 587,352,13 612,722,2 746,428,15 244,537,58

receivables 28 0 34 8 5
Current taxation 14,215,84 12,356,84 8,120,82 12,236,96 -
6 9 9 1
Cash and bank balances 147,081,1 24,382,20 10,255,00 15,893,35 87,523,01
92 3 1 6 8
total current assets 1,792,593,9 1,522,304,82 1,451,162,2 978,098,73 435,155,06
97 6 46 6 6
Total Assets 3,825,223,9 3,584,335,84 3,484,840,9 1,001,627,31 457,218,31
12 1 02 4 0