Chemicals: NIMIR RESINS LIMITED - Nine Months Ended March 31 2004

Nimir Resins Ltd was incorporated in the province of Punjab on December 17, 1964 under the companies Act 1913 (now The Companies Ordinance, 1984). It was first incorporated as a private limited company and later on in August 1991. Nimir Resins Ltd was converted into public limited company.
The shares of the company are quoted on Karachi and Lahore Stock Exchanges. At present the share is trading at Rs 10.80 per share carrying 80 paisas premium over the par value of Rs 10. Its share price has improved above the par value during the last one year.
In this period, lowest price was quoted at Rs 2 per share. The highest price in the year had touched Rs 14.50 per share.
The company is engaged in the manufacture of synthetic resins. Its manufacturing facilities are situated at Mouza Bhikki District Sheikhupura, Punjab. During 9M 2003-04, the period under review, the company sales in terms of value at Rs 176.77 mln which is slightly more than the sales at Rs 170.48 mln posted in the same period last year (SPLY).
Its gross profit also improved but could not absorb to large extent its operating expense.
Hence the operation went into loss. Hence the bottom line was again in the red with relatively large amount of Rs 49.37 mln.
This swelled the accumulated deficit to Rs 510.03 mln converting its break-up value to a small amount of Rs 1.94 per share.

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Performance Statistics                (Million Rupees)

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Balance sheet                                  -As At-

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                                 March 31      June 30

                                     2004         2003

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Share Capital-Paid-up:             631.34       631.34

Reserves:                            1.21         1.28

Accumulated (Losses):             (510.03)    (460.65)

Shareholders Equity:               122.52       171.97

L.T Debts:                          76.20        76.62

Deferred Liability:                  1.20         1.07

Current Liabilities:               124.72       107.13

Tangible Fixed Assets:             111.37       118.60

L.T Deposits:                        0.90         0.95

Deferred Cost:                      92.06       122.26

Current Assets:                    120.31       114.99

Total Assets:                      324.64       356.80

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Profit & Loss A/c For the

Nine Months Ended           March 31 2004         2003

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Sales:                             176.77       170.48

Gross Profit:                        7.51         5.91

Operating (Loss):                  (10.31)        9.52

Financial (Charges):                (8.18)     (13.76)

Other Income:                        0.44         0.30

Amortisation of Deferred Cost:     (30.20)     (24.36)

(Loss) Before Taxation:            (48.49)     (47.40)

(Loss) After Taxation:             (49.37)     (48.25)

(Loss) Per Share (Rs):              (0.78)      (0.08)

Share Price (Rs) on 18.08.2004:     10.80            -

Price/Earning Ratio:                   (-)           -

Book Value of Share (Rs):            1.94         2.72

Debt/Equity Ratio:                  31:69        31:69

Current Ratio:                       0.96         1.07

Gross Profit Margin (%):             4.24         3.47

Net Profit Margin (%):             (27.92)     (28.30)

R.O.A (%):                          15.20        13.52

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