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1. Analysis of Financial Statements
Artistic Denim Mills
Student Name: Muhammad Yousif Solangi MBA-E (90) Reg# 1466113
Instructor’s Name: Farhan Ahmed Shaikh

2. INTRODUCTION & HISTORY
• Denim is the key player to bring innovation and
offer unique market solutions throughout the
value chain. The company is public listed and
started production in 1993 and persistently
offering premium fabrics with unique colors,
shades and garments with extensive array of
washes.
• As a vertical set-up we provide “speed to market”
and produce premium denim fabrics and
garments for high-end customers all over the
globe.

3. VISION
• Achieve and retain market leadership in Denim
Fabrics.
• Garments manufacturing produce to the highest
quality standards.
• Excel through continuous improvement fulfills.
• Exceed the expectations of our customers be
ethical in its practices.
• Operate through team work.
• Ensure a fair return to stake holders.
• Fulfill social Responsibilities.

4. MISSION
• Dynamic
• Quality Conscious
• Ever Progressive

5. ORGANIZATIONA CHART/HIERARCHY
 Chairman
Chief Executive
Director
General Manager
Manager
Assistant Manager
Supervisor

6. COMPANY PORTFOLIO/PRODUCTS

7. Dyeing

8. MAJOR SHAREHOLDERS
• Soneri Bank limited.
• State life Insurance Corporation of Pakistan.
• Directors, Chief Executive Officers, and their spouse ,children.
• Artistic Properties (Pvt) ltd.
• Pak Asian Fund limited.
• Investment Corporation of Pakistan
• Habib Bank AG Zurich
• Mohammad Haroon Nur Rehman Abdlla Khan
• First Equities limited.
• Rafi Securities (Pvt) ltd.
• Seven Star Securities (Pvt) td.
• Trustees D.G Khan Cement Co. td.
• DJM Securities (Pvt) ltd.
• HSZ Securities (Pvt) td.

9. MAJOR SHAREHOLDERS
• Soneri Bank limited.
• State life Insurance Corporation of Pakistan.
• Directors, Chief Executive Officers, and their spouse ,children.
• Artistic Properties (Pvt) ltd.
• Pak Asian Fund limited.
• Investment Corporation of Pakistan
• Habib Bank AG Zurich
• Mohammad Haroon Nur Rehman Abdlla Khan
• First Equities limited.
• Rafi Securities (Pvt) ltd.
• Seven Star Securities (Pvt) td.
• Trustees D.G Khan Cement Co. td.
• DJM Securities (Pvt) ltd.
• HSZ Securities (Pvt) td.

10. ANALYSIS OF FINANCIAL STATEMENT
PKR CHANGE AND PERCENTAGE CHANGE
BALANCE SHEET- ASSETS
2013 2012
PKR
CHANGE
PERCENTAGE
CHANGE
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 3,515,096 3,429,698 85,398 2%
Long-term loans 5,314 4,695 - 0%
Long-term deposits 853 833 - 0%
3,521,263 3,435,226 86,037 3%
CURRENT ASSETS
Stores and Spares 114,718 104,314 10,404 10%
Stock-in-trade 640,068 703,403 (63,335) -9%
Trade debts 1,385,388 1,437,610 (52,222) -4%
Loans and advances 51,712 52,844 (1,132) -2%
Trade deposits and prepayments 1,985 7,993 (6,008) -75%
Other receivables 45,563 47,882 (2,319) -5%
Sales tax refundable 94,582 55,751 38,831 70%
Short-term investments 14,849 13,654 (13,654) -100%
Taxation-net 87,687 39,828 47,859 120%
Cash and bank balances 18,653 13,729 4,924 36%
2,455,205 2,477,008 (21,803) -1%
TOTAL ASSETS 5,976,468 5,912,234 64,234 1%
PKR CHANGE AND PERCENTAGE CHANGE
BALANCE SHEET
Rupees in '000
ARTISTIC DENIM MILLS LIMITED
June 30, 2013.

11. BALANCE SHEET- LIABILITY & OWNER’S EQUITY
2013 2012
PKR
CHANGE
PERCENTAGE
CHANGE
SHARE CAPITAL AND RESERVE
Share capital 840,000 840,000 - 0%
Reserves 3,220,715 2,547,329 673,386 26%
4,060,715 3,387,329 673,386 20%
NON-CURRENT LIABILITIES
Long-term financing 168,489 344,206 (175,717) -51%
Deferred liabilities 46,070 36,160 9,910 27%
214,559 380,366 (165,807) -44%
CURRENT LIABILITIES
Trade and other payables 527,158 617,840 (90682) -15%
Accrued mark-up 32,663 36,331 (3668) -10%
Short-term borrowings 986,804 1,366,812 0 0%
Current maturity of long-term financing 154,569 123,556 154569 -
1,701,194 2,144,539 (443345) -21%
TOTAL EQUITY AND LIABILITIES 5,976,468 5,912,234 64,234 1%
PKR CHANGE AND PERCENTAGE CHANGE
ARTISTIC DENIM MILLS LIMITED
BALANCE SHEET
June 30, 2013.

12. INCOME STATEMENT/PROFIT AND LOSS ACCOUNT
2013 2012
PKR
CHANGE
PERCENTAGE
CHANGE
NET SALES 6,136,793 5,451,844 684,949 13%
Cost of Sales (4,991,834) (4,600,585) - 0%
GROSS PROFIT 1,144,959 851,259 293,700 35%
Distribution costs (187,068) (121,031) (66,037) 55%
Administrative expenses (62,889) (54,911) (7,978) 15%
Other operating expenses (63,229) (56,007) (7,222) 13%
Other operating income 104,972 42,271 62,701 148%
(208,214) (189,678) (18,536) 10%
OPERATING PROFIT 936,745 661,581 275,164 42%
Finance Costs (149,713) (165,143) 15,430 -9%
-
PROFIT BEFORE TAXATION 787,032 496,438 290,594 59%
Taxation (29,646) (56,346) 26,700 -47%
-
NET PROFIT FOR THE YEAR 757,386 440,092 317,294 72%
EPS-BASIC AND DILUTED (Rs.Per Share) 9.02 5.24 3.78 72%
PROFIT AND LOSS ACCOUNT
June 30, 2013.
PKR CHANGE AND PERCENTAGE CHANGE
ARTISTIC DENIM MILLS LIMITED

13. TREND PERCENTAGE OR HORIZONTAL ANALYSIS
BALANCE SHEET- ASSETS
2013 % 2012 %
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 3,515,096 102% 3,429,698 100%
Long-term loans 5,314 113% 4,695 100%
Long-term deposits 853 102% 833 100%
3,521,263 102.50% 3,435,226 100%
CURRENT ASSETS
Stores and Spares 114,718 109.97% 104,314 100%
Stock-in-trade 640,068 91.00% 703,403 100%
Trade debts 1,385,388 96.37% 1,437,610 100%
Loans and advances 51,712 97.86% 52,844 100%
Trade deposits and prepayments 1,985 24.83% 7,993 100%
Other receivables 45,563 95.16% 47,882 100%
Sales tax refundable 94,582 169.65% 55,751 100%
Short-term investments 14,849 108.75% 13,654 100%
Taxation-net 87,687 220.16% 39,828 100%
Cash and bank balances 18,653 135.87% 13,729 100%
2,455,205 99.12% 2,477,008 100.00%
TOTAL ASSETS 5,976,468 100.00% 5,912,234 100.00%
TREND PERCENTAGE OR HORIZONTAL ANALYSIS
ARTISTIC DENIM MILLS LIMITED
BALANCE SHEET
June 30, 2013.

14. BALANCE SHEET- LIABILITY & OWNER’S EQUITY
2013 % 2012 %
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVE
Share capital 840,000 100% 840,000 100%
Reserves 3,220,715 126% 2,547,329 100%
4,060,715 120% 3,387,329 100%
NON-CURRENT LIABILITIES
Long-term financing 168,489 49% 344,206 100%
Deferred liabilities 46,070 127% 36,160 100%
214,559 56% 380,366 100%
CURRENT LIABILITIES
Trade and other payables 527,158 85% 617,840 100%
Accrued mark-up 32,663 90% 36,331 100%
Short-term borrowings 986,804 72% 1,366,812 100%
Current maturity of long-term financing 154,569 125% 123,556 100%
1,701,194 79% 2,144,539 100%
TOTAL EQUITY AND LIABILITIES 5,976,468 101% 5,912,234 100%
TREND PERCENTAGE OR HORIZONTAL ANALYSIS
ARTISTIC DENIM MILLS LIMITED
BALANCE SHEET
June 30, 2013.

15. INCOME STATEMENT/PROFIT AND LOSS ACCOUNT
2013 % 2012 %
NET SALES 6,136,793 113% 5,451,844 100%
Cost of Sales (4,991,834) 109% (4,600,585) 100%
GROSS PROFIT 1,144,959 135% 851,259 100%
Distribution costs (187,068) 155% (121,031) 100%
Administrative expenses (62,889) 115% (54,911) 100%
Other operating expenses (63,229) 113% (56,007) 100%
Other operating income 104,972 248% 42,271 100%
(208,214) 110% (189,678) 100%
OPERATING PROFIT 936,745 142% 661,581 100%
Finance Costs (149,713) 91% (165,143) 100%
-
PROFIT BEFORE TAXATION 787,032 159% 496,438 100%
Taxation (29,646) 53% (56,346) 100%
NET PROFIT FOR THE YEAR 757,386 172% 440,092 100%
EPS-BASIC AND DILUTED (Rs.Per Share) 9.02 5.24
ARTISTIC DENIM MILLS LIMITED
PROFIT AND LOSS ACCOUNT
June 30, 2013.
TREND PERCENTAGE OR HORIZONTAL ANALYSIS

16. COMPONENT PERCENTAGE/VERTICAL ANALYSIS
2013 % 2012 %
ASSETS
NON-CURRENT ASSETS
Property, Plant and equipment 3,515,096 58.82% 3,429,698 58.01%
Long-term loans 5,314 0.09% 4,695 0.08%
Long-term deposits 853 0.01% 833 0.01%
3,521,263 58.92% 3,435,226 58.10%
CURRENT ASSETS
Stores and Spares 114,718 1.92% 104,314 1.76%
Stock-in-trade 640,068 10.71% 703,403 11.90%
Trade debts 1,385,388 23.18% 1,437,610 24.32%
Loans and advances 51,712 0.87% 52,844 0.89%
Trade deposits and prepayments 1,985 0.03% 7,993 0.14%
Other receivables 45,563 0.76% 47,882 0.81%
Sales tax refundable 94,582 1.58% 55,751 0.94%
Short-term investments 14,849 0.25% 13,654 0.23%
Taxation-net 87,687 1.47% 39,828 0.67%
Cash and bank balances 18,653 0.31% 13,729 0.23%
2,455,205 41.08% 2,477,008 41.90%
TOTAL ASSETS 5,976,468 100.00% 5,912,234 100.00%
COMPONENT PERCENTAGE OR VERTICAL ANALYSIS
ARTISTIC DENIM MILLS LIMITED
BALANCE SHEET
June 30, 2013.

17. BALANCE SHEET- LIABILITY & OWNER’S EQUITY
2013 % 2012 %
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVE
Share capital 840,000 14% 840,000 14%
Reserves 3,220,715 54% 2,547,329 43%
4,060,715 68% 3,387,329 57%
NON-CURRENT LIABILITIES
Long-term financing 168,489 3% 344,206 6%
Deferred liabilities 46,070 1% 36,160 1%
214,559 4% 380,366 6%
CURRENT LIABILITIES
Trade and other payables 527,158 9% 617,840 10%
Accrued mark-up 32,663 1% 36,331 1%
Short-term borrowings 986,804 17% 1,366,812 23%
Current maturity of long-term financing 154,569 3% 123,556 2%
1,701,194 28% 2,144,539 36%
TOTAL EQUITY AND LIABILITIES 5,976,468 100% 5,912,234 100%
COMPONENT PERCENTAGE OR VERTICAL ANALYSIS
ARTISTIC DENIM MILLS LIMITED
BALANCE SHEET
June 30, 2013.

18. INCOME STATEMENT OR PROFIT & LOSS ACCOUNT
2013 % 2012 %
NET SALES 6,136,793 536% 5,451,844 640%
Cost of Sales (4,991,834) -436% (4,600,585) -540%
GROSS PROFIT 1,144,959 100% 851,259 100%
Distribution costs (187,068) -16% (121,031) -14%
Administrative expenses (62,889) -5% (54,911) -6%
Other operating expenses (63,229) -6% (56,007) -7%
Other operating income 104,972 9% 42,271 5%
(208,214) -18% (189,678) -22%
OPERATING PROFIT 936,745 82% 661,581 78%
Finance Costs (149,713) -13% (165,143) -19%
-
PROFIT BEFORE TAXATION 787,032 69% 496,438 58%
Taxation (29,646) -3% (56,346) -7%
NET PROFIT FOR THE YEAR 757,386 66% 440,092 52%
EPS-BASIC AND DILUTED (Rs.Per Share) 9.02 5.24
PROFIT AND LOSS ACCOUNT
June 30, 2013.
COMPONENT PERCENTAGE OR VERTICAL ANALYSIS
ARTISTIC DENIM MILLS LIMITED

19. RATIOS

20. CONCLUSION
• The assessment on the financial statements analyses the position of
the company that where it stands on the expectations of its
shareholders investing their money within the company. The
performance of the company and its profit oriented areas.
• As Artistic Denim is pioneer company in fabric industry, which
makes so, many brands, above is the analysis that at what stage
company stands.
• Despite the significance challenges to the industry the company has
shown resilience by the constant growth shown in its turnover. The
management team continues to be committed to improving the
over performance of the company by utilizing organizational
resources efficiently and effectively, pursuing initiatives such as new
marketing activities, improvements in product quality, technological
advances and developing its human resource.