Attribution Non-Commercial (BY-NC)

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Attribution Non-Commercial (BY-NC)

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Acknowledgement

In the name of Allah, the most Gracious and the most Merciful. We thank to Allah

Almighty who enables us to accomplish our project “Analysis of Financial Statement of

PSO”. We are also very thankful to our parents whose prayers and efforts support us to

complete our project successfully. We pay regards and gratitude to our most respectable

and hardworking instructor Mr. M. Taimoor Hassan Abbasi who gave us his precious

time and knowledge along with proficient skills to help us in learning how to handle

difficulties in real situations and how to meet with challenges in the actual business

environments. By giving us difficult tasks in this project he actually indulge us in the

practice of our Quaid’s sayings “work, work and work”. Working on this project with such

a sincere instructor is great honor and pleasure for us. We are also very thankful to our

Department of Management Sciences and The Islamia University of Bahawalpur which

provides us great opportunity to work on such an informative project in a small period of

time and the faculty of management sciences who provides us with all possible

intellectual human and economic resources to fulfill the requirements of this project. By

the combination of all these blessings prayers and mental and physical aids we

ultimately completed our project in a period of four months.

Pakistan State Oil

Introduction

PSO is the market leader in Pakistan’s energy sector. The company has the largest

network of retail outlets to serve the automotive sector and is the major fuel supplier to

aviation, railways, power projects, armed forces and agriculture sector. PSO also

provides Jet Fuel to Refueling Facilities at 9 airports in Pakistan and ship fuel at 3 ports.

The company takes pride in continuing the tradition of excellence and is fully committed

to meet the energy needs of today and rising challenges of tomorrow.

Pakistan State Oil, the largest oil marketing company in the country, is currently

engaged in storage, distribution and marketing of various POL products. The company’s

current market share of 82.3% in the black oil market and 59.4% share in the white oil

market.

The creation of Pakistan State Oil (PSO) can be traced back to the year 1974, when on

January 1st; the government took over and merged Pakistan National Oil (PNO) and

Dawood Petroleum Limited (DPL) as Premiere Oil Company Limited (POCL).

Soon after that, on 3rd June 1974, Petroleum Storage Development Corporation (PSDC)

came into existence. PSDC was then renamed as State Oil Company Limited (SOCL) on

August 23rd 1976. Following that, the ESSO undertakings were purchased on 15th

September 1976 and control was vested in SOCL. The end of that year (30th December

1976) saw the merger of the Premier Oil Company Limited and State Oil Company

Limited, giving way to Pakistan state Oil (PSO).

program which was fully implemented in 2004. This program over the years included the

revamping of the organizational architecture, rationalization of staff, employee

empowerment and transparency in decision making through cross functional teams. This

new corporate renewal program has divided the company’s major operations into

independent activities supported by legal, financial, informative and other services. In

order to reinforce and monitor this structural change, related check and balances have

been established by incorporating monitoring and control systems. Human Resource

Development became one of the main priorities on the company’s agenda under this

corporate reform.

the best industrial practices and business development strategies, that PSO has been

able to maintain its market leadership in a highly competitive business environment.

January 1, 1974

INCLUDEPICTURE "mhtml:file:///C:\\Documents%20and

%20Settings\\M.AHSAN\\Local%20Settings\\Temp\\Temporary%20Directory

%201%20for%20PSO.zip\\History.mht!/about_us/images/logo_national.jpg" \*

Pakistan State Oil

of PNO (Pakistan National Oil) and DPL (Dawood Petroleum Limited), renamed into

POCL (Premier Oil Company Limited) under marketing of Petroleum Products (Federal

Control Act, 1974).

June 6, 1974

Corporation’ PSDC.

SOCL.

The Government merges PNO and POCL into SOCL (State Oil Company

Limited) and renames it Pakistan State Oil Company Limited (PSO).

1999

The new vision program is launched with the new logo of PSO.

Pakistan State Oil

Vision

that gets to the future first.

Mission

providing the highest quality petroleum products and services to our customers.

environment, which recognizes and rewards performance, innovation and

creativity, and provides for personal growth and development.

Lowest cost operations and assured access to long-term and cost effective

supply sources.

Pakistan State Oil

Highly ethical, safe environment friendly and socially responsible business

practices.

Table of Content

Introduction..........................................................................................................................2

Table of Content..................................................................................................................5

Income Statement.................................................................................................................6

Balance Sheet.......................................................................................................................8

Cash Flow Statement...........................................................................................................9

Vertical Analysis of Income Statement.............................................................................10

Horizontal Analysis of Income Statement.........................................................................16

Vertical Analysis of Balance Sheet....................................................................................24

Horizontal Analysis of Balance Sheet...............................................................................33

Vertical Analysis of Cash Flow Statement........................................................................42

Horizontal Analysis of Cash Flow Statement....................................................................49

Ratio Analysis....................................................................................................................56

Short-term Solvency Ratios...............................................................................................57

Activity Ratios...................................................................................................................59

Long-term Solvency Ratios...............................................................................................63

Profitability Ratios.............................................................................................................65

Bankruptcy Analysis..........................................................................................................70

Income Statement 1

Balance Sheet 3

Cash Flow Statement 4

Vertical Analysis of Income Statement 5

Interpretation 5

Horizontal Analysis of Income Statement 11

Interpretation 12

Vertical Analysis of Balance Sheet 18

Interpretation 19

Horizontal Analysis of Balance Sheet 27

Interpretation 28

Vertical Analysis of Cash Flow Statement 36

Interpretation 36

Horizontal Analysis of Cash Flow Statement 43

Interpretation 43

Ratio Analysis 50

Interpretation 51

1. Short-term Solvency Ratios 51

2. Activity Ratios 53

3. Long-term Solvency Ratios 57

Pakistan State Oil

4. Profitability Ratios 59

Bankruptcy Analysis 65

Interpretation 65

Conclusion & Recommendations 66

Income Statement

For The Period of 5 Years ended on June 31st, 2009

Particulars 2005 (Rs. In '000) 2006 (Rs. In '000) 2007 (Rs. In '000) 2008 (Rs. In '000) 2009 (Rs. In '000)

Sales Revenue 254,362,981 353,833,345 411,989,979 583,298,190 719,412,244

Less:

Trade Discount & Allowances (586,061) (1,318,472) (932,387) (84,231) (130,068)

Sales Tax (32,673,120) (44,539,632) (52,418,310) (74,249,472) (97,386,723)

Inland Freight Equalization Margin (8,600,150) (9,725,202) (8,932,956) (13,685,954) (9,199,864)

Net Sales 212,503,650 298,250,039 349,706,326 495,278,533 612,695,589

Less Cost of Goods Sold:

Opening Stock 14,992,097 20,604,757 28,190,089 29,583,511 62,381,523

Purchases 204,369,979 288,628,145 338,840,318 498,052,919 588,023,620

Cost of Product Available for Sale 219,362,076 309,232,902 367,030,407 527,636,430 650,405,143

Closing Stock (20,604,757) (28,190,089) (29,583,510) (62,381,522) (40,719,664)

Cost of Sales 198,757,319 281,042,813 337,446,897 465,254,908 609,685,479

Gross Profit / Loss 13,746,331 17,207,226 12,259,429 30,023,625 3,010,110

Less Operating Expenses:

Transportation Cost:

Cost Incured During The Year 6,766,429 6,409,299 6,860,622 8,219,929 9,482,779

Realized Against IFEM (8,600,150) (9,725,202) (8,932,956) (13,685,954) (9,199,864)

Refinery Share 2,774,028 3,382,251 3,042,484 5,998,784 835,398

Adjustments from Other Oil

(627,038) 299,447 (600,822) (194,873) (604,640)

Companies

313,269 365,795 369,328 337,886 513,673

Distribution & Marketing Expenses:

Salaries, Wages & Benefits 1,251,558 1,225,467 1,332,317 1,672,477 2,070,788

Rent, Rates & Taxes 221,354 185,600 232,589 274,614 381,626

Pakistan State Oil

Insurance 35,945 51,808 65,321 73,907 127,893

Travelling & Office Transport 48,761 58,432 82,632 89,824 105,234

Utilities 107,539 95,108 96,733 104,029 123,989

Sales Promotion & Advertisement 209,065 236,364 241,522 285,152 310,861

Others 153,508 171,291 200,443 229,660 244,014

2,358,109 2,492,633 2,745,289 3,278,203 3,960,953

Administrative Expenses:

Salaries, Wages & Benefits 618,451 631,721 673,542 765,027 801,145

Repairs & Maintenance 26,658 35,831 65,790 68,055 58,988

Insurance 44,957 62,751 66,013 63,485 67,479

Donations 22,122 38,838 30,741 98,162 49,826

Others 148,587 166,448 166,626 152,408 174,355

860,775 935,589 1,002,712 1,147,137 1,151,793

Depreciation & Amortization 984,017 1,082,394 1,140,065 1,166,826 1,194,313

Other Operating Expenses:

Workers' Profits Participation Fund 485,600 573,472 364,816 1,132,598 -

Workers' Welfare Fund - 235,790 139,834 436,276 -

Exchange Loss - Net - 110,834 6,498 1,558,947 3,508,030

Provision Against: -

Doubtful Trade Debts 325,000 1,045,600 150,748 158,680 477,345

Disputed Demands for Custom Duty 161,219 215,492 - 37,604 -

Others 84,433 217,453 44,537 25,614 2,385

Miscellaneous 19,620 62,290 48,987 3,250 6,629

1,075,872 2,460,931 755,420 3,352,969 3,994,389

Operating Expenses 5,592,042 7,337,342 6,012,814 9,283,021 10,815,121

8,154,289 9,869,884 6,246,615 20,740,604 (7,805,011)

Add Other Operating Income:

Commission & Handling Services 206,924 138,565 290,963 281,898 384,751

Income from CNG Operations 121,616 203,798 354,709 345,738 385,863

Handling, Services & Other Recoveries 593,028 565,793 602,075 707,824 609,952

Others 264,483 42,694 31,185 61,067 71,100

Other Operating Income 1,186,051 950,850 1,278,932 1,396,527 1,451,666

Operating Profit / Loss 9,340,340 10,820,734 7,525,547 22,137,131 (6,353,345)

Less Finance Cost:

Mark-up on Borrowings 256,990 622,346 891,590 745,502 2,953,427

Banks & Other Charges 113,709 261,807 266,522 622,396 3,278,629

Finance Cost 370,699 884,153 1,158,112 1,367,898 6,232,056

8,969,641 9,936,581 6,367,435 20,769,233 (12,585,401)

Add Other Income:

Share of Profit of Associates 221,808 1,038,939 330,306 294,318 451,850

Dividends - 10,331 13,200 60,906 65,821

Markup & Delayed Payment Charges - 3,745 - - 445,065

Liabilities Written Back - 305,450 184,793 113,129 31,026

Penalties & Other Recoveries - 84,611 100,094 84,231 57,637

Others - 38,654 126,151 55,594 177,137

Other Income 221,808 1,481,730 754,544 608,178 1,228,536

Profit / Loss before Tax 9,191,449 11,418,311 7,121,979 21,377,411 (11,356,865)

Less Taxation:

Current - for The Year 3,236,857 4,099,930 2,483,725 7,392,666 201,536

Pakistan State Oil

Deferred - for The Year 48,185 (283,556) 7,259 (6,300) (4,625,936)

Taxation 3,535,576 3,893,610 2,432,182 7,323,617 (4,658,329)

Net Profit / Loss 5,655,873 7,524,701 4,689,797 14,053,794 (6,698,536)

Balance Sheet

For The Period of 5 Years ended on June 31st, 2009

Particulars 2005 (Rs. In '000) 2006 (Rs. In '000) 2007 (Rs. In '000) 2008 (Rs. In '000) 2009 (Rs. In '000)

Assets

Current Assets:

Cash & Bank Balances 1,921,936 1,898,894 1,522,276 3,018,640 2,883,118

Short-term Investments 10,081 - - - -

Taxation - Net - - - - 709,627

Other Receivables 10,358,006 14,562,628 15,751,198 15,681,790 12,806,779

Deposits & Short-term Prepayments 726,157 1,287,893 1,583,913 401,433 551,803

Loans & Advances 213,248 275,729 365,974 396,220 418,015

Trade Debts 6,791,078 11,715,868 13,599,966 33,904,728 80,509,830

Stock in Trade 20,583,301 28,168,633 29,562,055 62,360,067 40,698,209

Stores, Spare Parts & Loose Tools 130,559 125,030 127,891 115,814 112,143

Total Current Assets 40,734,366 58,034,675 62,513,273 115,878,692 138,689,524

Non-Current Assets:

Deferred Tax 124,740 408,296 401,037 407,337 5,033,273

Long-term Deposits & Prepayments 105,163 74,662 65,913 79,098 83,655

Long-term Loans, Advances &

769,674 698,146 627,972 477,745 405,780

Receivables

Long-term Investments 2,317,810 3,278,970 2,990,591 2,701,097 2,153,514

Intangibles 144,647 154,819 126,212 105,502 68,872

Property, Plant & Equipment 8,111,482 7,518,956 8,012,317 7,460,549 6,987,025

Total Non-Current Assets 11,573,516 12,133,849 12,224,042 11,231,328 14,732,119

Total Assets 52,307,882 70,168,524 74,737,315 127,110,020 153,421,643

Liabilities & Equity

Liabilities:

Current Liabilities:

Taxation - Net 1,344,268 1,695,250 69,398 726,703 -

Short-term Borrowings 4,811,605 7,648,919 9,064,781 10,997,908 18,654,526

Pakistan State Oil

Provisions 754,227 777,276 688,512 726,116 688,512

Trade & Other Payables 25,790,181 36,814,402 41,431,075 81,067,565 110,123,702

Total Current Liabilities 32,764,205 47,056,578 51,385,727 93,736,220 130,023,120

Non-Current Liabilities:

Retirement & Other Service Benefits 1,323,688 1,554,893 1,644,063 1,574,148 1,673,020

Long-term Deposits & Prepayments 675,170 743,994 768,308 834,598 854,718

Total Non-Current Liabilities 1,998,858 2,298,887 2,412,371 2,408,746 2,527,738

Equity:

Share Capital 1,715,190 1,715,190 1,715,190 1,715,190 1,715,190

Reserves 15,829,629 19,097,869 19,224,027 29,249,864 19,155,595

Total Equity 17,544,819 20,813,059 20,939,217 30,965,054 20,870,785

Total Liabilities & Equity 52,307,882 70,168,524 74,737,315 127,110,020 153,421,643

For The Period of 5 Years ended on June 31st, 2009

Particulars 2005 (Rs. In '000) 2006 (Rs. In '000) 2007 (Rs. In '000) 2008 (Rs. In '000) 2009 (Rs. In '000)

Cash Generated from Operating Activities:

Cash Generated from Operations 7,350,990 6,553,775 9,103,698 12,479,055 2,905,661

Long-term Loans, Advances & Receivables 142,921 71,528 74,511 149,747 71,965

Long-term Deposits & Prepayments (33,970) 30,501 8,749 (13,185) (4,557)

Long-term Deposits - - - 66,290 20,120

Taxes Paid (1,636,104) (3,826,184) (4,050,775) (6,672,612) (1,403,937)

Finance Costs Paid (337,220) (827,346) (1,146,882) (1,281,931) (5,893,604)

Payment against Provisions (80,258) (184,050) (10,126) - (37,604)

Retirement Benefits Paid (160,700) (184,450) (287,721) (610,949) (486,598)

Net Cash Generated / Used In 5,245,659 1,633,774 3,691,454 4,116,415 (4,828,554)

Cash Flows from Investing Activities:

Purchases of Fixed Assets (1,506,408) (751,350) (1,609,467) (620,293) (694,157)

Proceeds from Disposal of Operating Assets 12,087 261,863 30,740 57,189 20,167

Dividends Received 274,753 291,143 870,774 390,178 671,101

Proceeds from Liquidation of Subsidiaries - 24,657 -

Net Cash Generated / Used In (1,219,568) (173,687) (707,953) (172,926) (2,889)

Cash Flows from Financing Activities:

Repayment of Long-term Loan (4,753) - - - -

Proceeds from / Repayment of Long-term Deposits 62,162 68,824 24,314 - -

Proceeds from / Repayment of Short-term

534,000 216,000 3,210,474 (5,335,878) 3,472,487

Finances

Dividends Paid (3,616,669) (4,389,267) (4,800,295) (4,380,252) (2,960,697)

Net Cash Generated / Used In (3,025,260) (4,104,443) (1,565,507) (9,716,130) 511,790

Total Net Cash Generated / Used In for The Year 1,000,831 (2,644,356) 1,417,994 (5,772,641) (4,319,653)

Cash at Beginning of The Year (1,192,500) (191,669) (2,836,025) (1,418,031) (7,190,672)

Pakistan State Oil

For The Period of 5 Years ended on June 31st, 2009

Particulars 2005 2006 2007 2008 2009

Sales Revenue 100% 100% 100% 100% 100%

Trade Discount & Allowances (0.23%) (0.37%) (0.23%) (0.01%) (0.02%)

Sales Tax (12.85%) (12.59%) (12.72%) (12.73%) (13.54%)

Inland Freight Equalization Margin (3.38%) (2.75%) (2.17%) (2.35%) (1.28%)

Net Sales 83.54% 84.29% 84.88% 84.91% 85.17%

Opening Stock 5.89% 5.82% 6.84% 5.07% 8.67%

Purchases 80.35% 81.57% 82.24% 85.39% 81.74%

Cost of Product Available for Sale 86.24% 87.40% 89.09% 90.46% 90.41%

Closing Stock (8.10%) (7.97%) (7.18%) (10.69%) (5.66%)

Cost of Sales 78.14% 79.43% 81.91% 79.76% 84.75%

Gross Profit / Loss 5.40% 4.86% 2.98% 5.15% 0.42%

Transportation Cost 0.12% 0.10% 0.09% 0.06% 0.07%

Distribution & Marketing Expenses 0.93% 0.70% 0.67% 0.56% 0.55%

Administrative Expenses 0.34% 0.26% 0.24% 0.20% 0.16%

Depreciation & Amortization 0.39% 0.31% 0.28% 0.20% 0.17%

Other Operating Expenses 0.42% 0.70% 0.18% 0.57% 0.56%

Other Operating Income 0.47% 0.27% 0.31% 0.24% 0.20%

Operating Profit / Loss 0.15% 0.25% 0.28% 0.23% 0.87%

Finance Cost 0.15% 0.25% 0.28% 0.23% 0.87%

Other Income 0.09% 0.42% 0.18% 0.10% 0.17%

Profit before Tax / Loss 3.61% 3.23% 1.73% 3.66% (1.58%)

Taxation 1.39% 1.10% 0.59% 1.26% (0.65%)

Net Profit / Loss 2.22% 2.13% 1.14% 2.41% (0.93%)

Interpretation

Pakistan State Oil

1. Sales

Percentage 100% 100% 100% 100% 100%

Interpretation

In vertical analysis we took sales as base so sales of all the years will 100%.

2. Trade Discount

Percentage 0.23% 0.37% 0.23% 0.01% 0.02%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 0.23%, 0.37%, 0.23%, 0.01%, and 0.02% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

3. Sales Tax

Percentage 12.85% 12.59% 12.72% 12.73% 13.54%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 12.85%,12.59 %, 12.72%, 12.73%, and 13.54% of respective sales in

the last five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 3.38% 2.75% 2.17% 2.35% 1.28%

.

Interpretation

Pakistan State Oil

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 3.38%, 2.75%, 2.17%, 2.35%, and 1.28% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

5. Net Sales

Percentage 83.54% 84.29% 84.88% 84.91% 85.17%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 83.54%, 84.29%, 84.88%, 84.91%, and 85.17% of respective sales in

the last five consecutive years. The overall tendency of the cost of sales is increasing.

6. Opening Stock

Percentage 5.89% 5.82% 6.84% 5.07% 8.67%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 5.89, 5.82%, 6.84%, 5.07%, and 8.67% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

7. Purchases

Percentage 80.35% 81.57% 82.24% 85.39% 81.74%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 80.35%, 81.57%, 82.24%, 85.39%, and 81.74% of respective sales in

the last five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 86.24% 87.40% 89.09% 90.46% 90.41%

Interpretation

Pakistan State Oil

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 86.24%, 87.40%, 89.09%, 90.46%, and 90.41% of respective sales in

the last five consecutive years. The overall tendency of the cost of sales is increasing.

9. Closing Stock

Percentage (8.10%) (7.97%) (7.18%) (10.69%) (5.66%)

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 8.10%, 7.97%, 7.18%, 10.69%, and 5.66% of respective sales in the

last five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 5.40% 4.86% 2.98% 5.15% 0.42%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 5.40%, 4.86%, 2.98%, 5.15%, and 0.42% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 0.12% 0.10% 0.09% 0.06% 0.07%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 0.12%, 0.10%, 0.09%,0.06%, and 0.07% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 0.93% 0.70% 0.67% 0.56% 0.55%

Interpretation

Pakistan State Oil

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 0.93%, 0.70%, 0.67%,0.56%, and 0.55% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 0.34% 0.26% 0.24% 0.20% 0.16%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 0.34%, 0.26%, 0.24%, 0.20%, and 0.16% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 0.39% 0.31% 0.28% 0.20% 0.17%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 0.39%, 0.31%, 0.28%, 0.20%, and 0.17% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 0.42% 0.70% 0.18% 0.57% 0.56%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 0.42%, 0.70%, 0.18%, 0.57%, and 0.56% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 0.47% 0.27% 0.31% 0.24% 0.20%

Interpretation

Pakistan State Oil

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 0.47%, 0.27%, 0.31%, 0.24%, and 0.20% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 0.15% 0.25% 0.28% 0.23% 0.87%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 0.15%, 0.25%, 0.28%, 0.23%, and 0.87% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 0.15% 0.25% 0.28% 0.23% 0.87%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 0.15%, 0.25%, 0.28%, 0.23%, and 0.87% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 0.09% 0.42% 0.18% 0.10% 0.17%

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 0.09%, 0.42%, 0.18%, 0.10%, and 0.17% of respective sales in the last

five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 3.61% 3.23% 1.73% 3.66% (1.58%)

Interpretation

Pakistan State Oil

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 3.61%, 3.23%, 1.73%, 3.66%, and (1.58%) of respective sales in the

last five consecutive years. The overall tendency of the cost of sales is increasing.

21. Taxation

Percentage 1.39% 1.10% 0.59% 1.26% (0.65%)

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 1.39%, 1.10%, 0.59%, 1.26%, and (0.65%) of respective sales in the

last five consecutive years. The overall tendency of the cost of sales is increasing.

Percentage 2.22% 2.13% 1.14% 2.41% (0.93%)

Interpretation

Since the computed value of cost of sales under vertical analysis taking sales as base is

covering almost 2.22%, 2.13%, 1.14%, 2.41%, and (0.93%) of respective sales in the

last five consecutive years. The overall tendency of the cost of sales is increasing.

For The Period of 5 Years ended on June 31st, 2009

Particulars 2005 2006 2007 2008 2009

Sales Revenue 100% 139.11% 161.97% 229.32% 282.83%

Trade Discount & Allowances 100% 224.97% 159.09% 14.37% 22.19%

Sales Tax 100% 136.32% 160.43% 227.25% 298.06%

Inland Freight Equalization Margin 100% 113.08% 103.87% 159.14% 106.97%

Net Sales 100% 140.35% 164.56% 233.07% 288.32%

Opening Stock 100% 137.44% 188.03% 197.33% 416.10%

Purchases 100% 141.23% 165.80% 243.70% 287.73%

Cost of Product Available for Sale 100% 140.97% 167.32% 240.53% 296.50%

Closing Stock 100% 136.81% 143.58% 302.75% 197.62%

Cost of Sales 100% 141.40% 169.78% 234.08% 306.75%

Gross Profit / Loss 100% 125.18% 89.18% 218.41% 21.90%

Transportation Cost 100% 116.77% 117.89% 107.86% 163.97%

Distribution & Marketing Expenses 100% 105.70% 116.42% 139.02% 167.97%

Administrative Expenses 100% 108.69% 116.49% 133.27% 133.81%

Depreciation & Amortization 100% 110.00% 115.86% 118.58% 121.37%

Pakistan State Oil

Other Operating Income 100% 80.17% 107.83% 117.75% 122.39%

Operating Profit / Loss 100% 115.85% 80.57% 237.01% (68.02%)

Finance Cost 100% 238.51% 312.41% 369.01% 1681.16%

Other Income 100% 668.02% 340.18% 274.19% 553.87%

Profit before Tax / Loss 100% 124.23% 77.48% 232.58% (123.56%)

Taxation 100% 110.13% 68.79% 207.14% (131.76%)

Net Profit / Loss 100% 133.04% 82.92% 248.48% (118.44%)

Pakistan State Oil

Interpretation

1. Sales

Percentage 100% 139.11% 161.97% 229.32% 282.83%

Interpretation

Since the sales of Pakistan State Oil Limited have increased as compared to base Year

(2005) significantly we conclude that PSO has improved its sale to more than 182% in 5

years.

2. Trade Discount

Percentage 100% 224.97% 159.09% 14.37% 22.19%

Interpretation

The trade discount of PSO shows an increase in year 2006. Also in 2007 its value is

showing increase as compared to base year. After 2007 decreased significantly and

same is for the year 2009. Hence this trend showed that PSO has decreased its trade

discounts.

3. Sales Tax

Percentage 100% 136.33% 160.43% 227.25% 298.06%

Interpretation

From the above values it is obvious that sales tax is continuously increasing from 2006

to 2009 as compared to base year. It also shows that the sales volume is increasing

each year as compared to base ear.

Percentage 100% 113.08% 103.87% 159.14% 106.978%

Interpretation

From the above values we can see an increasing and decreasing trend of freight margin

when compared to the base year. It shows a significant increase in year 2008 as

compared to base year.

Pakistan State Oil

5. Net Sales

Percentage 100% 140.35% 164.56% 233.07% 288.32%

Interpretation

Since the computed value of net sales are showing a continuous increase from 2006 to

2009 as compared to base year we can conclude that the net sales of PSO has been

increasing continuously.

6. Opening Stock

Percentage 100% 137.44% 188.03% 197.33% 416.10%

Interpretation

The above values show an increasing trend in the opening stock of the PSO as

compared to the base year, even in the year 2009 it shows a significant increase i.e.

416%.

7. Purchases

Percentage 100% 141.23% 165.80% 243.70% 287.73%

Interpretation

Since the above values show an increasing trend as compared to the base year so we

can say that the Purchases of the company have increased more than double from the

base year till 2009.

Percentage 100% 140.97% 167.32% 240.53% 296.50%

Interpretation

The above calculated values are showing an increase in comparison to the base year

but this increase is not negative as the volume of production is also increasing that

caused increase in cost of production hence we conclude that it is a positive sign as

sales are also increasing.

Pakistan State Oil

9. Closing Stock

Percentage 100% 136.81% 143.58% 302.75% 197.62%

Interpretation

The values of closing stock are increasing as compared to the base year from 2006 to

2009.

Percentage 100% 125.18% 89.18% 218.41% 21.90%

Interpretation

The calculated values of the gross profit show a see-saw model. It increased in next

year i.e. 2006 when compared to base year then decreased in 2007. Again it increased

sufficiently in 2008 and then decreased again in 2009.

Percentage 100% 116.77% 117.89% 107.86% 163.97%

Interpretation

From the above calculated values the transportation cost is showing a mixed stream of

increasing and decreasing behavior. In first two subsequent years it increased up to 17%

and then it decreased in 2008. Again it shows a significant increase in 2009.

Percentage 100% 105.70% 116.42% 139.02% 167.97%

Interpretation

The above values shows a continuously increase in distribution and marketing expenses

in years 2006 to 2009 as compared to base year 2005.

Pakistan State Oil

Percentage 100% 108.69% 116.49% 133.27% 133.81%

Interpretation

The calculated values of administrative expenses are continuously increasing from years

2006 to 2009 as compared to base year 2005.

Percentage 100% 110.00% 115.86% 118.58% 121.37%

Interpretation

base year but this is not a significant increase.

Percentage 100% 228.74% 70.21% 311.65% 371.27%

Interpretation

Since the calculated value shows a continuous increase in the operating expenses of

PSO limited as compared to the base year yet there is a significant decrease in the year

2007 but again in subsequent years this value increased significantly.

Percentage 100% 80.17% 107.83% 117.75% 122.39%

Interpretation

The above values of operating income when compared with the base year decreased in

first year but it increased continuously in the subsequent years.

Pakistan State Oil

Percentage 100% 115.85% 80.57% 237.01% (68.02%)

Interpretation

Since the computed values of operating profit are does not show a continuous trend so

we can say that the profit increased in two non-subsequent year i.e. 2006 and 2008 but

it decreased in 2007 as compared to base year. In 2009 it shows a significant loss.

Percentage 100% 238.51% 312.41% 369.01% 1681.16%

Interpretation

The finance cost of the PSO limited shows a significant increase over the years when

compared to the base year. It means that the finance cost of the company in increasing

continuously.

Percentage 100% 668.02% 340.18% 274.19% 553.87%

Interpretation

From the above computed values we can see that the other income of the company

increased in 2006 very significantly but in next subsequent years it increased with a

decreased rate.

Percentage 100% 124.23% 77.48% 232.58% (123.56%)

Interpretation

The calculated values of profit before tax show an increase as compared to base year in

the first year and then a decrease in the next year. However it shows significant positive

change in the next year as compared to the base year. Yet in the year 2009 it showed a

very significant decrease that is signifies a tax bracket.

Pakistan State Oil

21. Taxation

Percentage 100% 110.13% 68.79% 207.14% (131.76%)

Interpretation

The above computed values of taxation are showing increase in 2006 as compared to

base year and decrease in the next year 2007. Again the value of tax increases in 2008.

However the firm got tax bracket due to operating loss in the year 2009.

Percentage 100% 133.04% 82.92% 248.48% (118.44%)

Interpretation

The computed values of net profits here also show the above zigzag pattern as

compared to the base year. However in the last year i.e. 2009 the company shows a

significant loss.

Pakistan State Oil

For The Period of 5 Years ended on June 31st, 2009

Particulars 2005 2006 2007 2008 2009

Assets

Current Assets:

Cash & Bank Balances 3.67% 2.71% 2.04% 2.37% 1.88%

Short-term Investments 0.02% - - - -

Taxation - Net - - - - 0.46%

Other Receivables 19.80% 20.75% 21.08% 12.34% 8.35%

Deposits & Short-term Prepayments 1.39% 1.84% 2.12% 0.32% 0.36%

Loans & Advances 0.41% 0.39% 0.49% 0.31% 0.27%

Trade Debts 12.98% 16.70% 18.20% 26.67% 52.48%

Stock in Trade 39.35% 40.14% 39.55% 49.06% 26.53%

Stores, Spare Parts & Loose Tools 0.25% 0.18% 0.17% 0.09% 0.07%

Total Current Assets 77.87% 82.71% 83.64% 91.16% 90.40%

Non-Current Assets:

Deferred Tax 0.24% 0.58% 0.54% 0.32% 3.28%

Long-term Deposits & Prepayments 0.20% 0.11% 0.09% 0.06% 0.05%

Long-term Loans, Advances & Receivables 1.47% 0.99% 0.84% 0.38% 0.26%

Long-term Investments 4.43% 4.67% 4.00% 2.13% 1.40%

Intangibles 0.28% 0.22% 0.17% 0.08% 0.04%

Property, Plant & Equipment 15.51% 10.72% 10.72% 5.87% 4.55%

Total Non-Current Assets 22.13% 17.29% 16.36% 8.84% 9.60%

Total Assets 100% 100% 100% 100% 100%

Liabilities & Equity

Liabilities:

Current Liabilities:

Taxation - Net 2.57% 2.42% 0.09% 0.57% -

Short-term Borrowings 9.20% 10.90% 12.13% 8.65% 12.16%

Accrued Interest / Mark-up 0.12% 0.17% 0.18% 0.17% 0.36%

Provisions 1.44% 1.11% 0.92% 0.57% 0.45%

Trade & Other Payables 49.30% 52.47% 55.44% 63.78% 71.78%

Total Current Liabilities 62.64% 67.06% 68.76% 73.74% 84.75%

Non-Current Liabilities:

Retirement & Other Service Benefits 2.53% 2.22% 2.20% 1.24% 1.09%

Long-term Deposits & Prepayments 1.29% 1.06% 1.03% 0.66% 0.56%

Total Non-Current Liabilities 3.82% 3.28% 3.23% 1.90% 1.65%

Equity:

Share Capital 3.28% 2.44% 2.29% 1.35% 1.12%

Reserves 30.26% 27.22% 25.72% 23.01% 12.49%

Total Equity 33.54% 29.66% 28.02% 24.36% 13.60%

Total Liabilities & Equity 100% 100% 100% 100% 100%

Pakistan State Oil

Interpretation

Percentage 3.67% 2.71% 2.04% 2.37% 1.88%

Interpretation

Since the computed value of cash & bank balances under vertical analysis taking total

assets as base is covering almost 3.67%, 2.71%, 2.04%, 2.37%, and 1.88% of total

volume of balance sheet in the consecutive last five years. The overall tendency of the

cash & bank balances is decreasing.

2. Short-term Investments

Percentage 0.02% - - - -

Interpretation

Since the computed value of Short-term Investments under vertical analysis taking total

assets as base is covering almost 0.02% of total volume of balance sheet in the year

2005. In the coming years till 2009 company did not invest in short-term assets.

3. Taxation - Net

Percentage - - - - 0.46%

Interpretation

Since the computed value of Taxation - Net under vertical analysis taking total assets as

base is covering almost 0.46% of total volume of balance sheet in the last five

consecutive years.

4. Other Receivables

Percentage 19.80% 20.75% 21.08% 12.34% 8.35%

Interpretation

Since the computed value of Other Receivables under vertical analysis taking total

assets as base is covering almost 19.80%, 20.75%, 21.08%, 12.34%, and 8.35% of total

volume of balance sheet in the last five consecutive years. The overall tendency of the

Other Receivables is increasing in first three years than decreasing in last two years.

Pakistan State Oil

Percentage 1.39% 1.84% 2.12% 0.32% 0.36%

Interpretation

Since the computed value of Deposits & Short-term Prepayments under vertical analysis

taking total assets as base is covering almost 1.39%, 1.84%, 2.12%, 0.32%, and 0.36%

of total volume of balance sheet in the last five consecutive years. The overall tendency

of the Deposits & Short-term Prepayments is increasing in first three years than

decreasing in last two years.

Percentage 0.41% 0.39% 0.49% 0.31% 0.27%

Interpretation

Since the computed value of Loans & Advances under vertical analysis taking total

assets as base is covering almost 0.41%, 0.39%, 0.49%, 0.31%, and 0.27% of total

volume of balance sheet in the last five consecutive years. The overall tendency of the

Loans & Advances is decreasing.

7. Trade Debts

Percentage 12.98% 16.70% 18.20% 26.67% 52.48%

Interpretation

Since the computed value of Trade Debts under vertical analysis taking total assets as

base is covering almost 12.98%, 16.70%, 18.20%, 26.67%, and 52.48% of total volume

of balance sheet in the last five consecutive years. The overall tendency of the Trade

Debts is increasing.

8. Stock in Trade

Percentage 39.35% 40.14% 39.55% 49.06% 26.53%

Interpretation

Since the computed value of Stock in Trade under vertical analysis taking total assets as

base is covering almost 39.35%, 40.14%, 39.55%, 49.06%, and 26.53% of total volume

of balance sheet in the last five consecutive years. The overall tendency of the Stock in

Trade is increasing.

Pakistan State Oil

Percentage 0.25% 0.18% 0.17% 0.09% 0.07%

Interpretation

Since the computed value of Stores, Spare Parts & Loose Tools under vertical analysis

taking total assets as base is covering almost 0.25%, 0.18%, 0.17%, 0.09%, and 0.07%

of total volume of balance sheet in the last five consecutive years. The overall tendency

of the Stores, Spare Parts & Loose Tools is decreasing.

Percentage 77.87% 82.71% 83.64% 91.16% 90.40%

Interpretation

Since the computed value of Total Current Assets under vertical analysis taking total

assets as base is covering almost 77.87%, 82.71%, 83.64%, 91.16%, and 90.40% of

total volume of balance sheet in the last five consecutive years. The overall tendency of

the Total Current Assets is increasing.

Percentage 0.24% 0.58% 0.54% 0.32% 3.28%

Interpretation

Since the computed value of Deferred Tax under vertical analysis taking total assets as

base is covering almost 0.24%, 0.58%, 0.54%, 0.32%, and 3.28% of total volume of

balance sheet in the last five consecutive years. The overall tendency of the Deferred

Tax is increasing.

Percentage 0.20% 0.11% 0.09% 0.06% 0.05%

Interpretation

Since the computed value of Long-term Deposits & Prepayments under vertical analysis

taking total assets as base is covering almost 0.20%, 0.11%, 0.09%, 0.06%, and 0.05%

of total volume of balance sheet in the last five consecutive years. The overall tendency

of the Long-term Deposits & Prepayments is decreasing.

Pakistan State Oil

Percentage 1.47% 0.99% 0.84% 0.38% 0.26%

Interpretation

Since the computed value of Long-term Loans, Advances & Receivables under vertical

analysis taking total assets as base is covering almost 0.23%, 0.37%, 0.23%, 0.01%,

and 0.02% of total volume of balance sheet in the last five consecutive years. The

overall tendency of the Long-term Loans, Advances & Receivables is increasing.

Percentage 4.43% 4.67% 4.00% 2.13% 1.40%

Interpretation

Since the computed value of Long-term Investments under vertical analysis taking total

assets as base is covering almost 4.43%, 4.67%, 4.00%, 2.13%, and 1.40% of total

volume of balance sheet in the last five consecutive years. The overall tendency of the

Long-term Investments is decreasing.

15. Intangibles

Percentage 0.28% 0.22% 0.17% 0.08% 0.04%

Interpretation

Since the computed value of Intangibles under vertical analysis taking total assets as

base is covering almost 0.28%, 0.22%, 0.17%, 0.08%, and 0.04% of total volume of

balance sheet in the last five consecutive years. The overall tendency of the Intangibles

is decreasing.

Percentage 15.51% 10.72% 10.72% 5.87% 4.55%

Interpretation

Since the computed value of Property, Plant & Equipment under vertical analysis taking

total assets as base is covering almost 15.51%, 10.72%, 10.72%, 5.87%, and 4.55% of

total volume of balance sheet in the last five consecutive years. The overall tendency of

the Property, Plant & Equipment is decreasing.

Pakistan State Oil

Percentage 22.13% 17.29% 16.36% 8.84% 9.60%

Interpretation

Since the computed value of Total Non-Current Assets under vertical analysis taking

total assets as base is covering almost 22.13%, 17.29%, 16.36%, 8.84%, and 9.60% of

total volume of balance sheet in the last five consecutive years. The overall tendency of

the Total Non-Current Assets is decreasing.

Percentage 100% 100% 100% 100% 100%

Interpretation

We take total assets as base in this vertical analysis so total assets are 100% in every

year.

Percentage 2.57% 2.42% 0.09% 0.57% -

Interpretation

Since the computed value of Taxation - Net under vertical analysis taking total assets as

base is covering almost 2.57%, 2.42%, 0.09% and 0.57% of total volume of balance

sheet in the last five consecutive years. The overall tendency of the Taxation - Net is

decreasing.

Percentage 9.20% 10.90% 12.13% 8.65% 12.16%

Interpretation

Since the computed value of Short-term Borrowings under vertical analysis taking total

assets as base is covering almost 9.20%, 10.90%, 12.13%, 8.65%, and 12.16% of total

volume of balance sheet in the last five consecutive years. The overall tendency of the

Short-term Borrowings is increasing.

Pakistan State Oil

Percentage 0.12% 0.17% 0.18% 0.17% 0.36%

Interpretation

Since the computed value of accrued Interest / Mark-up under vertical analysis taking

total assets as base is covering almost 0.12%, 0.17%, 0.18%, 0.17%, and 0.36% of total

volume of balance sheet in the last five consecutive years. The overall tendency of the

accrued Interest / Mark-up is increasing.

22. Provisions

Percentage 1.44% 1.11% 0.92% 0.57% 0.45%

Interpretation

Since the computed value of Provisions under vertical analysis taking total assets as

base is covering almost 1.44%, 1.11%, 0.92%, 0.57%, and 0.45% of total volume of

balance sheet in the last five consecutive years. The overall tendency of the Provisions

is decreasing.

Years 2005 2006 2007 2008 2009

Percentage 49.30% 52.47% 55.44% 63.78% 71.78%

Interpretation

Since the computed value of Trade & Other Payables under vertical analysis taking total

assets as base is covering almost 49.30%, 52.47%, 55.44%, 63.78% and 71.78% of

total volume of balance sheet in the last five consecutive years. The overall tendency of

the Trade & Other Payables is increasing.

Years 2005 2006 2007 2008 2009

Percentage 62.64% 67.06% 68.76% 73.74% 84.75%

Interpretation

Since the computed value of Total Current Liabilities under vertical analysis taking total

assets as base is covering almost 62.64%, 67.06%, 68.76%, 73.74%, and 84.75% of

total volume of balance sheet in the last five consecutive years. The overall tendency of

the Total Current Liabilities is increasing.

Pakistan State Oil

Years 2005 2006 2007 2008 2009

Percentage 2.53% 2.22% 2.20% 1.24% 1.09%

Interpretation

Since the computed value of Retirement & Other Service Benefits under vertical analysis

taking total assets as base is covering almost 2.53%, 2.22%, 2.20%, 1.24%, and 1.09%

of total volume of balance sheet in the last five consecutive years. The overall tendency

of the Retirement & Other Service Benefits is decreasing.

Years 2005 2006 2007 2008 2009

Percentage 1.29% 1.06% 1.03% 0.66% 0.56%

Interpretation

Since the computed value of Long-term Deposits & Prepayments under vertical analysis

taking total assets as base is covering almost 1.29%, 1.06%, 1.03%, 0.66%, and 0.56%

of total volume of balance sheet in the last five consecutive years. The overall tendency

of the Long-term Deposits & Prepayments is decreasing.

Years 2005 2006 2007 2008 2009

Percentage 3.82% 3.28% 3.23% 1.90% 1.65%

Interpretation

Since the computed value of Total Non-Current Liabilities under vertical analysis taking

total assets as base is covering almost 3.82%, 3.28%, 3.23%, 1.90%, and 1.65% of total

volume of balance sheet in the last five consecutive years. The overall tendency of the

Total Non-Current Liabilities is decreasing.

Years 2005 2006 2007 2008 2009

Percentage 3.28% 2.44% 2.29% 1.35% 1.12%

Interpretation

Since the computed value of Share Capital under vertical analysis taking total assets as

base is covering almost 3.28%, 2.44%, 2.29%, 1.35%, and 1.12% of total volume of

balance sheet in the last five consecutive years. The overall tendency of the Share

Capital is decreasing.

Pakistan State Oil

29. Reserves

Years 2005 2006 2007 2008 2009

Percentage 30.26% 27.22% 25.72% 23.01% 12.49%

Interpretation

Since the computed value of Reserves under vertical analysis taking total assets as

base is covering almost 30.26%, 27.22%, 25.72%, 23.01%, and 12.49% of total volume

of balance sheet in the last five consecutive years. The overall tendency of the Reserves

is decreasing.

Years 2005 2006 2007 2008 2009

Percentage 33.54% 29.66% 28.02% 24.36% 13.60%

Interpretation

Since the computed value of Total Equity under vertical analysis taking total assets as

base is covering almost 33.54%, 29.66%, 28.02%, 24.36%, and 13.60% of total volume

of balance sheet in the last five consecutive years. The overall tendency of the Total

Equity is decreasing.

Years 2005 2006 2007 2008 2009

Percentage 100% 100% 100% 100% 100%

Interpretation

As we take total assets as base for this analysis so total liabilities & equity is also 100%

in every year.

Pakistan State Oil

For The Period of 5 Years ended on June 31st, 2009

Particulars 2005 2006 2007 2008 2009

Assets

Current Assets:

Cash & Bank Balances 100% 98.80% 79.21% 157.06% 150.01%

Short-term Investments 100% - - - -

Taxation - Net - - - - 100%

Other Receivables 100% 140.59% 152.07% 151.40% 123.64%

Deposits & Short-term Prepayments 100% 177.36% 218.12% 55.28% 75.99%

Loans & Advances 100% 129.30% 171.62% 185.80% 196.02%

Trade Debts 100% 172.52% 200.26% 499.25% 1185.52%

Stock in Trade 100% 136.85% 143.62% 302.96% 197.72%

Stores, Spare Parts & Loose Tools 100% 95.77% 97.96% 88.71% 85.89%

Total Current Assets 100% 142.47% 153.47% 284.47% 340.47%

Non-Current Assets:

Deferred Tax 100% 327.32% 321.50% 326.55% 4035.01%

Long-term Deposits & Prepayments 100% 71.00% 62.68% 75.21% 79.55%

Long-term Loans, Advances & Receivables 100% 90.71% 81.59% 62.07% 52.72%

Long-term Investments 100% 141.47% 129.03% 116.54% 92.91%

Intangibles 100% 107.03% 87.26% 72.94% 47.61%

Property, Plant & Equipment 100% 92.70% 98.78% 91.98% 86.14%

Total Non-Current Assets 100% 104.84% 105.62% 97.04% 127.29%

Total Assets 100% 134.15% 142.88% 243.00% 293.31%

Liabilities & Equity

Liabilities:

Current Liabilities:

Taxation - Net 100% 126.11% 5.16% 54.06% 0.00%

Short-term Borrowings 100% 158.97% 188.39% 228.57% 387.70%

Accrued Interest / Mark-up 100% 188.87% 206.43% 340.92% 870.38%

Provisions 100% 103.06% 91.29% 96.27% 91.29%

Trade & Other Payables 100% 142.75% 160.65% 314.33% 427.00%

Total Current Liabilities 100% 143.62% 156.83% 286.09% 396.85%

Non-Current Liabilities:

Retirement & Other Service Benefits 100% 117.47% 124.20% 118.92% 126.39%

Long-term Deposits & Prepayments 100% 110.19% 113.79% 123.61% 126.59%

Total Non-Current Liabilities 100% 115.01% 120.69% 120.51% 126.46%

Equity:

Share Capital 100% 100.00% 100.00% 100.00% 100.00%

Reserves 100% 120.65% 121.44% 184.78% 121.01%

Total Equity 100% 118.63% 119.35% 176.49% 118.96%

Total Liabilities & Equity 100% 134.15% 142.88% 243.00% 293.31%

Pakistan State Oil

Interpretation

Percentage 100.00% 98.80% 79.21% 157.06% 150.01%

Interpretation

Since the computed values of Cash & Bank Balances are showing a significant increase

from 2006 to 2009 as compared to base year we can conclude that the Cash & Bank

Balances of PSO has been increasing continuously.

2. Short-term Investments

Percentage 100.00% - - - -

Interpretation

Since the computed value of Short-term Investments is showing that company made

short term investment only in 2005 from last five years.

3. Taxation - Net

Percentage - - - - 100.00%

Interpretation

Since the computed values of Taxation – Net is showing that the company has only

earned the benefit of taxation in 2009.

4. Other Receivables

Percentage 100.00% 140.59% 152.07% 151.40% 123.64%

Interpretation

Since the computed values of Other Receivables are showing a significant increase from

2006 to 2009 as compared to base year we can conclude that the Other Receivables of

PSO has been increasing continuously.

Pakistan State Oil

Percentage 100.00% 177.36% 218.12% 55.28% 75.99%

Interpretation

Since the computed values of Deposits & Short-term Prepayments are showing a

significant increase from 2006 to 2009 as compared to base year we can conclude that

the Deposits & Short-term Prepayments of PSO has been increasing continuously.

Percentage 100.00% 129.30% 171.62% 185.80% 196.02%

Interpretation

Since the computed values of Loans & Advances are showing a significant increase

from 2006 to 2009 as compared to base year we can conclude that the Loans &

Advances of PSO has been increasing continuously.

7. Trade Debts

Percentage 100.00% 172.52% 200.26% 499.25% 1185.52%

Interpretation

Since the computed values of Trade Debts are showing a significant increase from 2006

to 2009 as compared to base year we can conclude that the Trade Debts of PSO has

been increasing continuously.

8. Stock in Trade

Percentage 100.00% 136.85% 143.62% 302.96% 197.72%

Interpretation

Since the computed values of Stock in Trade are showing a significant increase from

2006 to 2009 as compared to base year we can conclude that the Stock in Trade of PSO

has been increasing continuously.

Pakistan State Oil

Percentage 100.00% 95.77% 97.96% 88.71% 85.89%

Interpretation

Since the computed values of Stores, Spare Parts & Loose Tools are showing a

decrease from 2006 to 2009 as compared to base year we can conclude that the Stores;

Spare Parts & Loose Tools of PSO has been decreasing continuously.

Percentage 100.00% 142.47% 153.47% 284.47% 340.47%

Interpretation

Since the computed values of Total Current Assets are showing a significant increase

from 2006 to 2009 as compared to base year we can conclude that the Total Current

Assets of PSO has been increasing continuously.

Percentage 100.00% 327.32% 321.50% 326.55% 4035.01%

Interpretation

Since the computed values of Deferred Tax are showing a significant increase from

2006 to 2009 as compared to base year we can conclude that the Deferred Tax of PSO

has been increasing continuously.

Percentage 100.00% 71.00% 62.68% 75.21% 79.55%

Interpretation

Since the computed values of Long-term Deposits & Prepayments are showing a

significant decrease from 2006 to 2009 as compared to base year we can conclude that

the Long-term Deposits & Prepayments of PSO has been decreasing continuously.

Pakistan State Oil

Percentage 100.00% 90.71% 81.59% 62.07% 52.72%

Interpretation

Since the computed values of Long-term Loans, Advances & Receivables are showing a

significant decrease from 2006 to 2009 as compared to base year we can conclude that

the Long-term Loans, Advances & Receivables of PSO has been decreasing

continuously.

Percentage 100.00% 141.47% 129.03% 116.54% 92.91%

Interpretation

Since the computed values of Long-term Investments are showing a significant increase

from 2006 to 2008 and decrease in 2009 as compared to base year we can conclude

that the Long-term Investments of PSO has been increasing continuously. However

Long-term Investments decreased in 2009.

15. Intangibles

Percentage 100.00% 107.03% 87.26% 72.94% 47.61%

Interpretation

Since the computed values of Intangibles are showing a significant decrease from 2007

to 2009 as compared to base year we can conclude that the Intangibles of PSO has

been decreasing continuously.

Percentage 100.00% 92.70% 98.78% 91.98% 86.14%

Interpretation

Since the computed values of Property, Plant & Equipment are showing a significant

decrease from 2006 to 2009 as compared to base year we can conclude that the

Property, Plant & Equipment of PSO has been decreasing continuously.

Pakistan State Oil

Percentage 100.00% 104.84% 105.62% 97.04% 127.29%

Interpretation

Since the computed values of Total Non-Current Assets are showing a significant

increase from 2006 to 2009 as compared to base year we can conclude that the Total

Non-Current Assets of PSO has been increasing continuously except in 2008.

Percentage 100.00% 134.15% 142.88% 243.00% 293.31%

Interpretation

Since the computed values of Total Assets are showing a significant increase from 2006

to 2009 as compared to base year we can conclude that the Total Assets of PSO has

been increasing continuously.

Percentage 100.00% 126.11% 5.16% 54.06% 0.00%

Interpretation

Since the computed values of Taxation - Net are showing a significant decrease from

2007 to 2009 as compared to base year we can conclude that the Taxation - Net of PSO

has been decreasing continuously.

Percentage 100.00% 158.97% 188.39% 228.57% 387.70%

Interpretation

Since the computed values of Short-term Borrowings are showing a significant increase

from 2006 to 2009 as compared to base year we can conclude that the Short-term

Borrowings of PSO has been increasing continuously.

Pakistan State Oil

Percentage 100.00% 188.87% 206.43% 340.92% 870.38%

Interpretation

Since the computed values of Accrued Interest / Mark-up are showing a significant

increase from 2006 to 2009 as compared to base year we can conclude that the

Accrued Interest / Mark-up of PSO has been increasing continuously.

22. Provisions

Percentage 100.00% 103.06% 91.29% 96.27% 91.29%

Interpretation

Since the computed values of Provisions are showing a significant decrease from 2007

to 2009 as compared to base year we can conclude that the Provisions of PSO has

been decreasing continuously.

Years 2005 2006 2007 2008 2009

Percentage 100.00% 142.75% 160.65% 314.33% 427.00%

Interpretation

Since the computed values of Trade & Other Payables are showing a significant

increase from 2006 to 2009 as compared to base year we can conclude that the Trade &

Other Payables of PSO has been increasing continuously.

Years 2005 2006 2007 2008 2009

Percentage 100.00% 143.62% 156.83% 286.09% 396.85%

Interpretation

Since the computed values of Total Current Liabilities are showing a significant increase

from 2006 to 2009 as compared to base year we can conclude that the Total Current

Liabilities of PSO has been increasing continuously.

Pakistan State Oil

Years 2005 2006 2007 2008 2009

Percentage 100.00% 117.47% 124.20% 118.92% 126.39%

Interpretation

Since the computed values of Retirement & Other Service Benefits are showing a

significant increase from 2006 to 2009 as compared to base year we can conclude that

the Retirement & Other Service Benefits of PSO has been increasing continuously.

Years 2005 2006 2007 2008 2009

Percentage 100.00% 110.19% 113.79% 123.61% 126.59%

Interpretation

Since the computed values of Long-term Deposits & Prepayments are showing a

significant increase from 2006 to 2009 as compared to base year we can conclude that

the Long-term Deposits & Prepayments of PSO has been increasing continuously.

Years 2005 2006 2007 2008 2009

Percentage 100.00% 115.01% 120.69% 120.51% 126.46%

Interpretation

Since the computed values of Total Non-Current Liabilities are showing a significant

increase from 2006 to 2009 as compared to base year we can conclude that the Total

Non-Current Liabilities of PSO has been increasing continuously.

Years 2005 2006 2007 2008 2009

Percentage 100.00% 100.00% 100.00% 100.00% 100.00%

Interpretation

The computed values of Share Capital are showing that the capital of the company is

remained same over the years.

Pakistan State Oil

29. Reserves

Years 2005 2006 2007 2008 2009

Percentage 100.00% 120.65% 121.44% 184.78% 121.01%

Interpretation

Since the computed values of Reserves are showing a significant increase from 2006 to

2009 as compared to base year we can conclude that the Reserves of PSO has been

increasing continuously.

Years 2005 2006 2007 2008 2009

Percentage 100.00% 118.63% 119.35% 176.49% 118.96%

Interpretation

Since the computed values of Total Equity are showing a significant increase from 2006

to 2009 as compared to base year we can conclude that the Total Equity of PSO has

been increasing continuously.

Years 2005 2006 2007 2008 2009

Percentage 100.00% 134.15% 142.88% 243.00% 293.31%

Interpretation

Since the computed values of Total Liabilities & Equity are showing a significant

increase from 2006 to 2009 as compared to base year we can conclude that the Total

Liabilities & Equity of PSO has been increasing continuously.

Pakistan State Oil

For The Period of 5 Years ended on June 31st, 2009

Particulars 2005 2006 2007 2008 2009

Cash Generated from Operating Activities:

(3,835.3%

(231.09%) (642%) (173.55%) (25.24%)

Cash Generated from Operations )

Long-term Loans, Advances & Receivables (74.57%) (2.52%) (5.25%) (2.08%) (0.63%)

Long-term Deposits & Prepayments 17.72% (1.08%) (0.62%) - -

Long-term Deposits - - - (0.92%) (0.17%)

Taxes Paid 853.61% 134.91% 285.66% 92.80% 12.20%

Finance Costs Paid 175.94% 29.17% 80.88% 17.83% 51.20%

Payment against Provisions 41.87% 6.49% 0.71% 0.00% 0.33%

Retirement Benefits Paid 83.84% 6.50% 20.29% 8.50% 4.23%

(2,736.8%

(57.61%) (260.3%) (57.25%) 41.95%

Net Cash Generated / Used In Operations )

Cash Flows from Investing Activities:

Purchases of Fixed Assets 785.94% 26.49% 113.50% 8.63% 6.03%

Proceeds from Disposal of Operating Assets (6.31%) (9.23%) (2.17%) (0.80%) (0.18%)

Dividends Received (143.35%) (10.27%) (61.41%) (5.43%) (5.83%)

Proceeds from Liquidation of Subsidiaries - (0.87%) - - -

Net Cash Generated / Used In Investments 636.29% 6.12% 49.93% 2.40% 0.03%

Cash Flows from Financing Activities:

Repayment of Long-term Loan 2.48% - - - -

Proceeds from / Repayment of Long-term Deposits (32.43%) (2.43%) (1.71%) - -

Proceeds from / Repayment of Short-term

(278.61%) (7.62%) (226.40%) 74.21% (30.17%)

Finances

Dividends Paid 1886.93% 154.77% 338.52% 60.92% 25.72%

Net Cash Generated / Used In Financing 1578.38% 144.73% 110.40% 135.12% (4.45%)

Total Net Cash Generated / Used In for The Year (522.17%) 93.24% (100%) 80.28% 37.53%

Cash at Beginning of The Year 622.17% 6.76% 200% 19.72% 62.47%

Cash at End of The Year 100% 100% 100% 100% 100%

Interpretation

Percentage (3,835.25%) (231.09%) (642.00%) (173.55%) (25.24%)

Interpretation

Since the computed value of Cash Generated from Operations under vertical analysis

taking Cash at End of The Year as base is covering almost 3,835.25%, 231.09%,

642.00%, 173.55%, and 25.24% of respective Cash at End of The Year in the last five

consecutive years. It is showing that Company using more cash than it generated from

operations.

Pakistan State Oil

Percentage (74.57%) (2.52%) (5.25%) (2.08%) (0.63%)

Interpretation

Since the computed value of Long-term Loans, Advances & Receivables under vertical

analysis taking Cash at End of The Year as base is covering almost 74.57%, 2.52%,

5.25%, 2.08%, and 0.63% of respective Cash at End of The Year in the last five

consecutive years. The overall tendency of the Long-term Loans, Advances &

Receivables is decreasing.

Years 2005 2006 2007 2008 2009

Percentage 17.72% (1.08%) (0.62%) - -

Interpretation

Since the computed value of Long-term Deposits & Prepayments under vertical analysis

taking Cash at End of The Year as base is covering almost 17.72%, 1.08%, and 0.62%

of respective Cash at End of The Year in the last five consecutive years. The overall

tendency of the Long-term Deposits & Prepayments is decreasing.

4. Long-term Deposits

Percentage - - - (0.92%) (0.17%)

Interpretation

Since the computed value of Long-term Deposits under vertical analysis taking Cash at

End of The Year as base company made long term deposits at 0.92% and 0.17% of

respective Cash at End of The Year only in 2008 and 2009.

5. Taxes Paid

Percentage 853.61% 134.91% 285.66% 92.80% 12.20%

Interpretation

Since the computed value of Taxes Paid under vertical analysis taking Cash at End of

The Year as base is covering almost 853.61%, 134.91%, 285.66%, 92.80%, and 12.20%

of respective Cash at End of The Year in the last five consecutive years. The overall

tendency of the Taxes Paid is decreasing.

Pakistan State Oil

Percentage 175.94% 29.17% 80.88% 17.83% 51.20%

Interpretation

Since the computed value of Finance Costs Paid under vertical analysis taking Cash at

End of The Year as base almost 175.94%, 29.17%, 80.88%, 17.83%, and 51.20% of

respective Cash at End of The Year in the last five consecutive years. The overall

tendency of the Finance Costs Paid is decreasing.

Percentage 41.87% 6.49% 0.71% 0.00% 0.33%

Interpretation

Since the computed value of Payment against Provisions under vertical analysis taking

Cash at End of The Year as base is covering almost 41.87%, 6.49%, 0.71%, 0.00%, and

0.33% of respective Cash at End of The Year in the last five consecutive years. The

overall tendency of the Payment against Provisions is decreasing.

Percentage 83.84% 6.50% 20.29% 8.50% 4.23%

Interpretation

Since the computed value of Retirement Benefits Paid under vertical analysis taking

Cash at End of The Year as base is covering almost 83.84%, 6.50%, 20.29%, 8.50%,

and 4.23% of respective Cash at End of The Year in the last five consecutive years. The

overall tendency of the Retirement Benefits Paid is decreasing.

Percentage (2,736.83%) (57.61%) (260.32%) (57.25%) 41.95%

Interpretation

Since the computed value of Net Cash Generated / Used In under vertical analysis

taking Cash at End of The Year as base is covering almost 2,736.83%, 57.61%,

260.32%, 57.25%, and 41.95% of respective Cash at End of The Year in the last five

Pakistan State Oil

consecutive years. The overall tendency of the Net Cash Generated / Used In is

decreasing.

10. Purchases of Fixed Assets

Percentage 785.94% 26.49% 113.50% 8.63% 6.03%

Interpretation

Since the computed value of Purchases of Fixed Assets under vertical analysis taking

Cash at End of The Year as base is covering almost 785.94%, 26.49%, 113.50%,

8.63%, and 6.03% of respective Cash at End of The Year in the last five consecutive

years. The overall tendency of the Purchases of Fixed Assets is decreasing.

Percentage (6.31%) (9.23%) (2.17%) (0.80%) (0.18%)

Interpretation

Since the computed value of Proceeds from Disposal of Operating Assets under vertical

analysis taking Cash at End of The Year as base is covering almost 6.31%, 9.23%,

2.17%, 0.80%, and 0.18% of respective Cash at End of The Year in the last five

consecutive years. The overall tendency of the Proceeds from Disposal of Operating

Assets is decreasing.

Percentage (143.35%) (10.27%) (61.41%) (5.43%) (5.83%)

Interpretation

Since the computed value of Dividends Received under vertical analysis taking Cash at

the End of The Year as base is covering almost 143.35%, 10.27%, 61.41%, 5.43%, and

5.83% of respective Cash at End of The Year in the last five consecutive years. The

overall tendency of the Dividends Received is decreasing.

Percentage - (0.87%) - - -

Interpretation

Since the computed value of Proceeds from Liquidation of Subsidiaries under vertical

analysis taking Cash at End of The Year as base is covering 0.87% of respective Cash

at End of The Year only in 2006.

Pakistan State Oil

Percentage 636.29% 6.12% 49.93% 2.40% 0.03%

Interpretation

Since the computed value of Net Cash Generated / Used In under vertical analysis

taking Cash at End of The Year as base is covering almost 636.29%, 6.12%, 49.93%,

2.40%, and 0.03% of respective Cash at End of The Year in the last five consecutive

years. The overall tendency of the Net Cash Generated / Used In is decreasing.

Percentage 2.48% - - - -

Interpretation

Since the computed value of Repayment of Long-term Loan under vertical analysis

taking Cash at End of The Year as base is repay 0.02% of respective Cash at End of

The Year only in 2005.

Percentage (32.43%) (2.43%) (1.71%) - -

Interpretation

Since the computed value of Proceeds from / Repayment of Long-term Deposits under

vertical analysis taking Cash at End of The Year as base is covering almost 32.43%,

2.43% and 1.71% of respective Cash at End of The Year in the years from 2005 to 2007.

The overall tendency of the Proceeds from / Repayment of Long-term Deposits is

decreasing.

Percentage (278.61%) (7.62%) (226.40%) 74.21% (30.17%)

Interpretation

Since the computed value of Proceeds from / Repayment of Short-term Finances under

vertical analysis taking Cash at End of The Year as base is covering almost 278.61%,

7.62%, 226.40%, 74.21%, and 30.17% of respective Cash at End of The Year in the last

Pakistan State Oil

five consecutive years. The overall tendency of the Proceeds from / Repayment of

Short-term Finances is decreasing.

18. Dividends Paid

Percentage 1886.93% 154.77% 338.52% 60.92% 25.72%

Interpretation

Since the computed value of Dividends Paid under vertical analysis taking Cash at End

of The Year as base is covering almost 1886.93%, 154.77%, 338.52%, 60.92%, and

25.72% of respective Cash at End of The Year in the last five consecutive years. The

overall tendency of the Dividends Paid is decreasing.

Percentage 1578.38% 144.73% 110.40% 135.12% (4.45%)

Interpretation

Since the computed value of Net Cash Generated / Used In under vertical analysis

taking Cash at End of The Year as base is covering almost 1578.38%, 144.73%,

110.40%, 135.12%, and 4.45% of respective Cash at End of The Year in the last five

consecutive years. The overall tendency of the Net Cash Generated / Used In is

decreasing.

Percentage (522.17%) 93.24% (100%) 80.28% 37.53%

Interpretation

Since the computed value of Total Net Cash Generated / Used In for the Year under

vertical analysis taking Cash at End of The Year as base is covering almost 522.17%,

93.24%, 100%, 80.28%, and 37.53% of respective Cash at End of The Year in the last

five consecutive years. The overall tendency of the Total Net Cash Generated / Used In

for the Year is decreasing.

Pakistan State Oil

Percentage 622.17% 6.76% 200% 19.72% 62.47%

Interpretation

Since the computed value of Cash at Beginning of the Year under vertical analysis

taking Cash at End of The Year as base is covering almost 622.17%, 6.76%, 200%,

19.72%, and 62.47% of respective Cash at End of The Year in the last five consecutive

years. The overall tendency of the Cash at Beginning of the Year is decreasing.

Percentage 100% 100% 100% 100% 100%

Interpretation

Since the computed value of Cash at End of the Year under vertical analysis is taking as

base year.

Pakistan State Oil

For The Period of 5 Years ended on June 31st, 2009

Particulars 2005 2006 2007 2008 2009

Cash Generated from Operating Activities:

Cash Generated from Operations 100% 89.15% 123.84% 169.76% 39.53%

Long-term Loans, Advances & Receivables 100% 50.05% 52.13% 104.78% 50.35%

Long-term Deposits & Prepayments 100% (89.79%) (25.76%) 38.81% 13.41%

Long-term Deposits - - - 100% 30%

Taxes Paid 100% 233.86% 247.59% 407.84% 85.81%

Finance Costs Paid 100% 245.34% 340.10% 380.15% 1747.70%

Payment against Provisions 100% 229.32% 12.62% - 46.85%

Retirement Benefits Paid 100% 114.78% 179.04% 380.18% 302.80%

Net Cash Generated / Used In 100% 31.15% 70.37% 78.47% (92.05%)

Cash Flows from Investing Activities:

Purchases of Fixed Assets 100% 49.88% 106.84% 41.18% 46.08%

Proceeds from Disposal of Operating Assets 100% 2166.48% 254.32% 473.14% 166.85%

Dividends Received 100% 105.97% 316.93% 142.01% 244.26%

Proceeds from Liquidation of Subsidiaries - 100% - - -

Net Cash Generated / Used In 100% 14.24% 58.05% 14.18% 0.24%

Cash Flows from Financing Activities:

Repayment of Long-term Loan 100% - - - -

Proceeds from / Repayment of Long-term Deposits 100% 110.72% 39.11% - -

Proceeds from / Repayment of Short-term

100% 40.45% 601.21% (999.23%) 650.28%

Finances

Dividends Paid 100% 121.36% 132.73% 121.11% 81.86%

Net Cash Generated / Used In 100% 135.67% 51.75% 321.17% (16.92%)

Total Net Cash Generated / Used In for The Year 100% (264.22%) 141.68% (576.78%) (431.61%)

Cash at Beginning of The Year 100% 16.07% 237.82% 118.91% 602.99%

Cash at End of The Year 100% 1479.65% 739.83% 3751.61% 6005.31%

Interpretation

Percentage 100% 89.15% 123.84% 169.76% 39.53%

Interpretation

Since the computed values of are Cash Generated from Operations showing a

significant increase in 2007 and 2008 as compared to base year we can conclude that

the Cash Generated from Operations of PSO has been increasing continuously.

However there is a significant decrease in 2009.

Pakistan State Oil

Percentage 100% 50.05% 52.13% 104.78% 50.35%

Interpretation

Since the computed values of Long-term Loans, Advances & Receivables showing a

significant decrease from 2006 to 2009 as compared to base year we can conclude that

the Long-term Loans, Advances & Receivables of PSO has been decreasing

continuously.

Years 2005 2006 2007 2008 2009

Percentage 100% (89.79%) (25.76%) 38.81% 13.41%

Interpretation

Since the computed values of Long-term Deposits & Prepayments showing a significant

decrease from 2006 to 2009 as compared to base year we can conclude that the Long-

term Deposits & Prepayments of PSO has been decreasing continuously.

4. Long-term Deposits

Percentage - - - 100% 30%

Interpretation

Since the computed values of Long-term Deposits are showing that company has made

investment in long term deposits only in last two years from last consecutive five years.

5. Taxes Paid

Percentage 100% 233.86% 247.59% 407.84% 85.81%

Interpretation

Since the computed values of Taxes Paid showing a significant increase from 2006 to

2008 as compared to base year we can conclude that the Taxes Paid of PSO has been

increasing continuously. However there is a significant decrease in 2009.

Pakistan State Oil

Percentage 100% 245.34% 340.10% 380.15% 1747.70%

Interpretation

Since the computed values of Finance Costs Paid showing a significant increase from

2006 to 2009 as compared to base year we can conclude that the Finance Costs Paid of

PSO has been increasing continuously.

Percentage 100% 229.32% 12.62% - 46.85%

Interpretation

decrease from 2007 to 2009 as compared to base year we can conclude that the

Payment against Provisions of PSO has been decreasing continuously.

Percentage 100% 114.78% 179.04% 380.18% 302.80%

Interpretation

Since the computed values of Retirement Benefits Paid showing a significant increase

from 2006 to 2009 as compared to base year we can conclude that the Retirement

Benefits Paid of PSO has been increasing continuously.

Percentage 100% 31.15% 70.37% 78.47% (92.05%)

Interpretation

Since the computed values of Net Cash Generated / Used In showing a significant

decrease from 2006 to 2009 as compared to base year we can conclude that the Net

Cash Generated / Used In of PSO has been decreasing continuously.

Pakistan State Oil

Percentage 100% 49.88% 106.84% 41.18% 46.08%

Interpretation

Since the computed values of Purchases of Fixed Assets showing a significant decrease

from 2006 to 2009 as compared to base year we can conclude that the Purchases of

Fixed Assets of PSO has been decreasing continuously.

Percentage 100% 2166.48% 254.32% 473.14% 166.85%

Interpretation

Since the computed values of Proceeds from Disposal of Operating Assets showing a

significant increase from 2006 to 2009 as compared to base year we can conclude that

the Proceeds from Disposal of Operating Assets of PSO has been increasing

continuously.

Percentage 100% 105.97% 316.93% 142.01% 244.26%

Interpretation

Since the computed values of Dividends Received showing a significant increase from

2006 to 2009 as compared to base year we can conclude that the Dividends Received of

PSO has been increasing continuously.

Percentage - 100% - - -

Interpretation

Since the computed values of Proceeds from Liquidation is showing that company made

investment in Proceeds from Liquidation only in 2006, from 2005-09.

Pakistan State Oil

Percentage 100% 14.24% 58.05% 14.18% 0.24%

Interpretation

Since the computed values of Net Cash Generated / Used In showing a significant

decrease from 2006 to 2009 as compared to base year we can conclude that the Net

Cash Generated / Used in of PSO has been decreasing continuously.

Percentage 100% - - - -

Interpretation

Since the computed values of Repayment of Long-term Loan showing that company

made repayment of long term loan only in base year.

Percentage 100% 110.72% 39.11% - -

Interpretation

showing a significant increase 2006 as compared to base year. However there is a

significant decrease in 2007.

Percentage 100% 40.45% 601.21% (999.23%) 650.28%

Interpretation

showing a significant increase in 2007 and 2009 as compared to base year. However

there is a significant decrease in 2006.

Pakistan State Oil

Percentage 100% 121.36% 132.73% 121.11% 81.86%

Interpretation

Since the computed values of Dividends Paid showing a significant increase from 2006

to 2009 as compared to base year we can conclude that the Dividends Paid from

Operations of PSO has been increasing continuously. However there is a decrease in

2009.

Percentage 100% 135.67% 51.75% 321.17% (16.92%)

Interpretation

Since the computed values of Net Cash Generated / Used In showing a significant

increase from 2006 to 2008 as compared to base year we can conclude that the Net

Cash Generated / Used in of PSO has been increasing.

Percentage 100% (264.22%) 141.68% (576.78%) (431.61%)

Interpretation

Since the computed values of Total Net Cash Generated / Used In for the Year showing

a significant increase from 2006 to 2009 as compared to base year we can conclude that

the Total Net Cash Generated / Used In for the Year of PSO has been increasing

continuously.

Percentage 100% 16.07% 237.82% 118.91% 602.99%

Interpretation

Since the computed values of Cash at Beginning of the Year showing a significant

increase from 2006 to 2009 as compared to base year we can conclude that the Cash at

Beginning of the Year of PSO has been increasing continuously.

Pakistan State Oil

Percentage 100% 1479.65% 739.83% 3751.61% 6005.31%

Interpretation

Since the computed values of Cash at End of the Year showing a significant increase

from 2006 to 2009 as compared to base year we can conclude that the Cash at End of

the Year of PSO has been increasing continuously.

Pakistan State Oil

Ratio Analysis

For The Period of 5 Years ended on June 31st, 2009

Particulars 2005 2006 2007 2008 2009

Short-term Solvency Ratios

Current Ratio 1.24 1.23 1.22 1.24 1.07

Acid Test Ratio 0.59 0.60 0.61 0.57 0.75

7,970,16 10,978,09 11,127,54 22,142,47

8,666,404

Net Working Capital 1 7 6 2

Activity Ratios

Accounts Receivable Turnover Ratio 31.29 25.46 25.71 14.61 7.61

Average Collection Period 11.50 14.14 14.00 24.64 47.30

Accounts Payable Turnover Ratio 7.71 7.63 8.14 5.74 5.54

Average Payment Period 46.71 47.16 44.20 62.73 65.02

Inventory Turnover Ratio 9.66 9.98 11.41 7.46 14.98

Average Conversion Period 37.28 36.08 31.54 48.25 24.03

Total Asset Turnover Ratio 406.26% 425.05% 467.91% 389.65% 399.35%

Gross Fixed Assets 63.68% 91.57% 54.28% 177.04% (90.61%)

Long-term Solvency Ratios

Long-term Debt Equity Ratio 0.11 0.11 0.12 0.08 0.12

Debt Equity Ratio 1.98 2.37 2.57 3.10 6.35

Time Interest Earned Ratio 25.20 12.24 6.50 16.18 (1.02)

Total Capitalization Ratio 0.10 0.10 0.10 0.07 0.11

Debt Ratio 0.66 0.70 0.72 0.76 0.86

Profitability Ratios

Gross Profit Ratio 6.47% 5.77% 3.51% 6.06% 0.49%

Net Profit Ratio 2.66% 2.52% 1.34% 2.84% (1.09%)

Earning Per Share 32.98 43.87 27.34 81.94 (39.05)

Price Earning Ratio 310.21% 276.60% 446.48% 220.33% (311.57%)

Earning Yield Ratio 32.24% 36.15% 22.40% 45.39% (32.10%)

Dividend Per Share 26.00 34.00 21.00 23.50 5.00

Dividend Payout Ratio 78.85% 77.50% 76.80% 28.68% 12.80%

Dividend Yield Ratio 25.42% 28.02% 17.20% 13.02% 4.11%

ROE (Return On Equity) 32.24% 36.15% 22.40% 45.39% (32.10%)

ROI (Return On Investment) 105.17% 131.69% 87.10% 278.87% (85.94%)

Pakistan State Oil

Interpretation

Current Ratio

Current Assets 1.24:

Current Liabilities 1 1.23 :1 1.22:1 1.24 :1 1.07 :1

Interpretation

The computed values of Current Ratio shows decreasing trend from year 2005-

09. It is decreasing because the current liabilities of firm increasing but the

current assets are not increasing. It is therefore suggested that the company

should lower its current liabilities; increase the value of current assets thus by

maintaining an optimum Capital Structure.

Current Ratio

1.3

1.25

1.2

1.15

Current Ratio

1.1

1.05

1

0.95

2005 2006 2007 2008 2009

Years

Pakistan State Oil

Current Assets - (Prepaid Expenses + Inventory)

0.59:1 0.60:1 0.61:1 0.57:1 0.75:1

Current Liabilities

Interpretation

The computed value of Acid Test Ratio is showing an increasing trend from year

2005-09. It is increasing because increase in the inventory of the. It is therefore

suggested that the company should increase its level of inventory thus by

maintaining an optimum Capital Structure.

Acid Test Ratio

0.5 QuickRatio

0

2005 2006 2007 2008 2009

Years

Current Assets -

(Rs.) 7,970,161 10,978,097 11,127,546 22,142,472 8,666,404

Current Liabilities

Interpretation

The Net Working Capital of the company has remained positive throughout the

last five years. It happens due to increase in the current assets of the firm. So it

is therefore suggested that the company should maintain this level of current

assets & liabilities, or it can be improved.

NetworkingCapital

25000000

20000000

15000000

Rs.

Networking Capital

10000000

5000000

0

2005 2006 2007 2008 2009

Years

Pakistan State Oil

Activity Ratios

Accounts Receivable Turnover Ratio

Net Credit Sales

X (Times) 31.29 25.46 25.71 14.61 7.61

Average Accounts Receivable

Interpretation

trend from year 2005-09. It is decreasing because the receivables of the firm

increased and company make sales on credit basis of firm. It is therefore

suggested that the company should lower its receivables thus by maintaining an

optimum Capital Structure.

AccountsReceiablesRatio

40

Times

20 AccountsReceiablesRatio

0

2005 2006 2007 2008 2009

Years

360

Days 11.50 14.14 14.00 24.64 47.30

Accounts Receivable Turnover Ratio

Interpretation

The computed values of Average collection period shows increasing trend from

year 2005-09. The value of the average collection period increases because the

firm mostly has relaxed its credit terms due to which it takes more time to collect

its debt from its creditors. It is therefore suggested that the company should

lower its credit sales and tight its credit terms thus by maintaining an optimum

Capital Structure.

Average Collection Period

50

Days

AverageCollectionPeriod

0

2005 2006 2007 2008 2009

Years

Pakistan State Oil

Net Credit Purchases / C.G.S.

X (Times) 7.71 7.63 8.14 5.74 5.54

Average Accounts Payable

Interpretation

trend from year 2005-09, which is a positive sign for the company. The reason for

this decrease is that the proportion increase in accounts payable is greater than

the proportion increase in cost of sales.

10

8

Times

6 AccountsPayable Trunover

4 Ratio

2

0

2005 2006 2007 2008 2009

Years

360

Days 46.71 47.16 44.20 62.73 65.02

Accounts Payable Turnover Ratio

Interpretation

The computed value of Average Payment Period shows increasing trend from

year 2005-09. This increase in the value is due to the lower value of the Account

Payable Turnover Ratio. It is a positive sign for the company.

Average Payment Period

80

60

Days

20

0

2005 2006 2007 2008 2009

Years

Pakistan State Oil

C.G.S.

X (Times) 9.66 9.98 11.41 7.46 14.98

Average Inventory

Interpretation

The computed value of Inventory Turnover Ratio shows increasing trend from

year 2005-09. The increase in the value is due the cost of goods sold of the firm

is increasing consistently as compare to the cost of inventory. It is therefore

suggested that the company should maintain this level or it can be improved to

gain optimum Capital Structure.

InventoryTurnover Ratio

20

15

Times

10 InventoryTurnover Ratio

5

0

2005 2006 2007 2008 2009

Years

360

Days 37.28 36.08 31.54 48.25 24.03

Inventory Turnover Ratio

Interpretation

from year 2005-09. The decrease in the value of conversion period shows the

firm becomes efficient in selling of inventory and converts its inventory into cash

in fewer time frames. It is therefore suggested that the company should keeps its

conversion period low thus by maintaining an optimum Capital Structure.

Average Conversion Period

60

40

Days

20

0

2005 2006 2007 2008 2009

Years

Pakistan State Oil

Annual Sales

X 100 406.26% 425.05% 467.91% 389.65% 399.35%

Total Gross Assets

Interpretation

The computed value of Total Assets Turnover Ratio shows a mix trend from year

2005-09, but mainly decreasing. This happens due to decrease in the sales

volume as compare to the total assets of the company, which have not increased

with the same proportion. It is therefore suggested that the company should

maintain its sales and total assets level. Thus it can maintain an optimum Capital

Structure.

Total Assets Turnover Ratio

600

Percentage

400

Total AssetsTurnover Ratio

200

0

2005 2006 2007 2008 2009

Years

Annual Sales

X 100 63.68% 91.57% 54.28% 177.04% (90.61%)

Gross Fixed Assets

Interpretation

The computed value of Gross Fixed Assets Turnover Ratio shows increasing

trend for the years 2005-08, but a loss in 2009. This increase is due to the low

increase in the values of both tangible and intangible assets of the firm. So it is

suggested that the company should increase its non-current assets.

GrossFixed AssetsTurnover Ratio

150

100

Percentage

50

GrossFixedAssetsTurnover

0

Ratio

-50 2005 2006 2007 2008 2009

-100

-150

years

Pakistan State Oil

Long-term Debt Equity Ratio

Long-term Debt

X (Times) 0.11 0.11 0.12 0.08 0.12

Equity

Interpretation

The computed value of Long-term Debt Equity Ratio shows a consistent trend

from year 2005-09. This is because the company has not obtained any long-term

loan & equity. It is therefore suggested that the company should increase its

long-term debt; thus by maintaining an optimum Capital Structure.

Long-termDebt EquityRatio

0.15

Times

0.1

Long-termDebt EquityRatio

0.05

0

2005 2006 2007 2008 2009

Years

Total Debt

X (Times) 1.98 2.37 2.57 3.10 6.35

Equity

Interpretation

The computed value of Debt Equity Ratio shows increasing trend from year

2005-09. It means the ratio of debt in the business structure is not an

appropriate, which is not a healthy sign for the business. It is therefore suggested

that the company should lower the value of debt or increase the value of equity to

maintain the ratio of 60:40 as per the rules of State Bank of Pakistan, thus by

maintaining an optimum Capital Structure.

Debt Equity Ratio

8

6

Times

4 Debt EquityRatio

2

0

2005 2006 2007 2008 2009

Years

Pakistan State Oil

EBIT 25.20:

12.24:1 6.50:1 16.18:1 (1.02):1

Interest Expense 1

Interpretation

The computed value of Time Interest Earned Ratio shows decreasing trend from

year 2005-09. The decrease in the value is due to the slight increase in the

interest charges on short term borrowings of the company in comparison to the

earning for the same year. It is therefore suggested that the company should

improve its interest payment on borrowings, thus by maintaining an optimum

Capital Structure.

Time Interest Earned Ratio

30

20

Times

0

-10 2005 2006 2007 2008 2009

Years

Long-term Debt

X (Times) 0.10 0.10 0.10 0.07 0.11

Long-term Debt + Equity

Interpretation

The computed value of Total Capitalization Ratio shows a consistent trend from

year 2005-09. This shows that company is maintain this ratio of debt and equity

for the last five years. It is therefore suggested that the company should improve

this ratio so that it can be able to capture a bigger portion of market.

Total Capitalization Ratio

0.15

0.1

Times

Total CapitalizationRatio

0.05

0

2005 2006 2007 2008 2009

Years

Pakistan State Oil

Debt Ratio

Total Liabilities 0.66:

0.70:1 0.72:1 0.76:1 0.86:1

Total Assets 1

Interpretation

The computed value of Debt Ratio shows increasing trend from year 2005-09.

The increase in the Debt Ratio shows that the debt paying ability of the company

has increased because the company is increasing its total assets and company

is moving towards growth.

Debt Ratio

1

Times

0

2005 2006 2007 2008 2009

Years

Profitability Ratios

Gross Profit Ratio

Gross Profit

X 100 6.47% 5.77% 3.51% 6.06% 0.49%

Net Sales

Interpretation

The computed value of Gross Profit Ratio shows decreasing trend from year

2005-09.The decrease in the value shows that the company’s sales are

decreasing and the cost of goods sold of the firm is also increasing which

ultimately decreases the gross profit of the company. It is therefore suggested

that the company should increase its sales and decrease its cost of goods sold,

thus by maintaining an optimum Capital Structure.

GrossProfit Ratio

10

Precentage

5 GrossProfit Ratio

0

2005 2006 2007 2008 2009

Years

Pakistan State Oil

Net Profit

X 100 2.66% 2.52% 1.34% 2.84% (1.09%)

Net Sales

Interpretation

The computed value of Net Profit Ratio shows decreasing trend from year 2005-

09. The decrease in the value is due to the decrease in the profit of the firm due

to increase in the operating expenses largely and finance cost of the firm also

increased. It is therefore suggested that the company should reduce its operating

expenses and also finance cost, thus by maintaining an optimum Capital

Structure.

Net Profit Ratio

4

Percentage

2

Net Profit Ratio

0

2005 2006 2007 2008 2009

-2

Years

EACS

Rs. 32.98 43.87 27.34 81.94 (39.05)

Number of Share Outstanding

Interpretation

The computed value of Earning per Share Ratio shows increasing trend from

year 2005-08, but in 2009 the company did not earn any profit so it became

negative. The increase in the value shows that the earning per share of the

company increased up to Rs 81.94. In year 2008 it is maximum after that

company experience the loss. It is therefore suggested that the company should

increase its profits, thus by maintaining an optimum Capital Structure.

EaringPer Share

100

50

Rs.

EarningPer Share

0

-50 2005 2006 2007 2008 2009

Years

Pakistan State Oil

Market Price Per Share

X 100 310.21% 276.60% 446.48% 220.33% (311.57%)

Earning Per Share

Interpretation

The computed value of Price Earning Ratio shows fluctuating trend from year

2005-08, but in 2009 company incurred loss. The fluctuation is due to increase or

decrease in the market price of the shares of the company. It is therefore

suggested that the company should maintain the level of its shares in the market,

thus by maintaining an optimum Capital Structure.

Price EarningRatio

600

400

Percentage

200

Price EarningRatio

0

-200 2005 2006 2007 2008 2009

-400

Years

Earning Per Share

X 100 32.24% 36.15% 22.40% 45.39% (32.10%)

Market Price Per Share

Interpretation

The computed value of Earning Yield Ratio shows increasing trend from year

2005-08, but in 2009 company incurred loss. The increase in the value is due to

the consistent value of market price. It is therefore suggested that the company

should increase its market price so it can attain the optimum Capital Structure.

EarningYield Ratio

60

40

Percentage

20

EarningYieldRatio

0

-20 2005 2006 2007 2008 2009

-40

Years

Pakistan State Oil

Dividend Paid

Rs. 26.00 34.00 21.00 23.50 5.00

Number of Shares Outstanding

Interpretation

Since the computed value of Dividend Per Share Ratio shows decreasing trend

from year 2005-09. The decrease in the value is due to the less amounts of

dividend paid. It is therefore suggested that the company should lower its number

of shares outstanding or increase the value of dividend paid thus by maintaining

an optimum Capital Structure.

DividendPer Share

40

Rs.

20 DivdendPer Share

0

2005 2006 2007 2008 2009

Years

Dividend Per Share

X 100 78.85% 77.50% 76.80% 28.68% 12.80%

Earning Per Share

Interpretation

The computed value of Dividend Payout Ratio shows decreasing trend from year

2005-09. There is a continuous decrease in the ratio which is due to distributing

lower portion of earning as dividend by the company. It also clarifies that

company is retaining the maximum portion of profit to capture high market share.

It is therefore suggested that the company should maintains proper policy for the

distribution of its dividend, thus by maintaining an optimum Capital Structure.

Dividend Payout Ratio

100

Percentage

80

60

Dividend Payout Ratio

40

20

0

2005 2006 2007 2008 2009

Years

Pakistan State Oil

Dividend Per Share

X 100 25.42% 28.02% 17.20% 13.02% 4.11%

Market Price Per Share

Interpretation

The computed value of Dividend Yield Ratio shows decreasing trend from year

2005-09. The decrease in the value is due to the larger amounts of market price

& Lower levels of dividend per share. It is therefore suggested that the company

should increase the value of dividend per share and decrease the market price

per share so that it can achieve an optimum Capital Structure.

Dividend Yield Ratio

30

Percentage

20

DividendYieldRatio

10

0

2005 2006 2007 2008 2009

Years

Years 2005 2006 2007 2008 2009

EACS

X 100 32.24% 36.15% 22.40% 45.39% (32.10%)

Equity

Interpretation

The computed value of ROE shows a mix trend from year 2005-09. This ratio

increase in first two years but in 2007 it decreases than again in 2008 it

increases, but in 2009 company incurred a loss. So it is therefore suggested that

the company should increase the value of net profit, thus by maintaining an

optimum Capital Structure.

Return On Equity

50

40

Percentage

30

ROE

20

10

0

2005 2006 2007 2008 2009

Years

Pakistan State Oil

Operating Profit

X 100 105.17% 131.69% 87.10% 278.87% (85.94%)

Average Operating Assets

Interpretation

The computed value of the ratio shows mix trend. The ROI has increased in year

2005 and 2008 which is a positive sign for both investors and company. The

reason for increase in the return on investment is an increase in the operating

profit of the company. In year 2009 the ratio is showing weak position of the

company because it is negative in this year which is alarming sign for the

company. It is therefore suggested that the company should increase the value

of return on investment thus by maintaining an optimum Capital Structure.

Return OnInvestment

300

200

Percentage

100

ROI

0

-100 2005 2006 2007 2008 2009

-200

Years

Bankruptcy Analysis

For The Period of 5 Years ended on June 31st, 2009

Pakistan State Oil

Univariate Model

Years

Particulars 2005 2006 2007 2008 2009

(0.551 (5.746 (2.636 (7.479

(Cash Flow / Total Debt)*100 (8.684)

) ) ) )

(Net Income / Total Assets)*100 10.813 10.724 6.2750 11.056 (4.366)

(Total Debt / Total Assets)*100 66.459 70.339 71.983 75.639 86.397

.012 * ((X1 = Networking Capital / Total Assets)*100) 0.1828 0.1877 0.1787 0.2090 0.0678

.014 * ((X2 = Retained Earnings / Total Assets)*100) 0.4237 0.3810 0.3601 0.3222 0.1748

.033 * ((X3 = Earnings Before Interest & Taxes / Total Assets)*100) 0.6033 0.5786 0.3656 0.5905 0.1102

.006 * ((X4 = Market Value of Equity / Book Value of Total Debt)*100) 1.1427 0.8049 0.7384 0.4132 0.2997

.010 * ((X5 = Sales / Total Assets)*100) 4.0626 4.2505 4.6791 3.8965 3.9935

Z – Score 6.4150 6.2027 6.3219 5.4313 4.4256

Interpretation

Univariate

Since the computed values of first two ratios are showing decreasing trend and the last

one is showing increasing trend so we can conclude that the company is moving

towards bankruptcy.

Multivariate

Since the computed values of Z-score in each year is above then our bench mark i.e.

more than 2.675 so we can conclude that the company is far away from bankruptcy but

actually the trend of Z-score is showing a decreasing rate which may be alarming in the

future if it continues.

Pakistan State Oil

As the financial position of the company shows that the overall profitability of the company is

decreasing. The volume of profit is decreasing from year 2004 to year 2009 continuously. This

continuous decrease in profit is not a good sign for the PSO because due to this the firm may

suffers a lot and the price of the shares can be decreases. So company should improve its

operations so that it can earn more profits.

In bankruptcy analysis, the company shows weak financial position in univariate model. On the

basis of this we can conclude that the company is not working efficiently and not provides any

opportunity of dividend or capital gain to its investors. Due to this weak position the chances of

bankruptcy increase rapidly. But in multivariate the company is showing good results. But the

trend analysis of the last five years is showing decreasing trend. So we can say that the company

may become bankrupt in the future. So company should mange its assets efficiently so that this

situation can be solved.

However the sale of the company increases over the period of last five years it shows that the

company is moving towards progress and try to improve its operations by this the profit of the

company increases. So it is recommended that the company needs a lot of efforts so it is

necessary that the company should have to improve its operations to compete with others and

capture the market share.

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