The company is subsidiary of Nagina Cotton Mills Limited which held 60.25% stock of the company on 30th September 2003. It is also one of the constituent members of the Nagina Group of Companies.
It is a public limited company incorporated in the province of Punjab. It was listed on Karachi Stock Exchange in 1990. Its shares are also quoted on Lahore Stock Exchange.
At present the Ellcot Spinning Mills shares are trading at the price of Rs 43 per share which is more than 4 times of the par value. During the last one year the price of the share shot-up from Rs 17.60 to Rs 47.50 per share.
The company has been very regular in profit distribution as it did not miss dividend in any year since 1996. During the last eight years the cash dividend payout rate ranged between 12.5% to 35% and the highest dividend was declared in the year 2000. Mostly the payouts were 20% or more.
Its principal business is manufacture and sale of yarn/generation and sale of electricity. Its factory is located at District Kasur in the province of Punjab.
On 30th September, 2003, its plant and machinery included 24,960 and its 100% capacity at 30/s count was rated at 5.988 millions kilograms of yarn per year.
During the half year under review the company's net sales were posted at Rs 518.23 millions which comprised 94.1% yarn sales and remaining 5.9% electricity sales.
The company's sales grew by 33% over Rs 389.52 sales posted in the SPLY. Gross margin were higher too.
Its profit after taxation shot-up to Rs 50.29 millions from Rs 23.92 millions registering 110.2% increase over SPLY. Its profit is higher by Rs 10 millions as compared to the profit of its parent company Nagina Cotton.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 Sept 30
2004 2003
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Share Capital-Paid-Up: 109.50 109.50
Reserve & Surplus: 184.94 134.65
Shareholders Equity: 294.44 244.15
L.T Debts: 232.50 203.51
Deferred Liabilities Gratuity: 7.24 7.13
Deferred Taxation: 8.42 8.42
Current Liabilities: 627.82 540.15
Tangible Fixed Assets: 527.45 471.77
L.T Deposits: 0.35 0.40
Current Assets: 642.62 531.19
Total Assets: 1,170.42 1,003.36
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Profit & Loss A/C For
The Half Year Ended March 31 2004 2003
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Sales (Net): 518.23 389.52
Gross Profit: 72.71 47.51
Trading Profit: 0.05 0.20
Other Income: 0.75 0.54
Operating Profit: 54.06 27.34
Financial & Other (Charges): (0.22) (0.56)
Profit Before Taxation: 53.85 26.77
Profit After Taxation: 50.29 23.92
Earning Per Share (Rs): 4.59 2.18
Share Price (Rs) on 29/07/04 43.00 -
Price Earning Ratio: 9.36 -
Debt/Equity Ratio: 44:56 45:55
Current Ratio: 1.02 0.98
Gross Profit Margin (%) 14.03 12.20
Net Profit Margin (%): 9.70 6.14
R.O.A: 4.30 2.38
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