Automobile Parts & Accessories: ALLWIN ENGINEERING INDUSTRIES LIMITED - Nine Months Ending March 31 2005

The company is also a part of the Atlas Group of Companies. It is engaged in manufacturing of components and parts for automotive vehicles and tractors. The company was incorporated as a private limited company in 1963 and converted into public limited company in July 1966. Its manufacturing facilities and registered office are situated at 15th Mile, National Highway, Landhi, Karachi.
The company manufactures pistons, piston pins, cylinder liners/sleeves, radiator assemblies and radiator cores and a host of fully-machined cast iron parts (both grey and ductile). These include brake drums, brake discs, flywheels, front axle support and other high quality precision engineered components for all manufactures of cars, light commercial vehicles, trucks, buses and tractors.
The facilities of Allwin have been extended and modernised steadily over the last decade. It has been reported that these are the best in the engineering sector of the country.
The financial backbone of the company remained robust as evidenced from its solvency and liquidity ratios.
During the period under review (9M 2004-05), the authorised capital of the company has been increased from Rs 100 million to Rs 200 million. The paid up capital has been increased from Rs 49.35 million to Rs 123.37 million by allotment of 7.402 million right shares. During the period under review, the company's net sales at Rs 494.74 million (9M 2003-04: Rs 347.73 million), Gross profit at Rs 90.59 million (9M 2003-04: Rs 59.13 million) registered 42.28% and 53.2% growth respectively over the corresponding figures of same period last year.
Financial charges and operating expenses remained on the higher side. For the nine months under review, pretax profit increased to Rs 45.64 million as against Rs 24.72 million in the SPLY. As regards future outlook, the chairman of the group, industrialist Yusuf H. Shirazi foresees increased demand for automotive parts and components base on the all time high production of vehicles due to expanded capacity.

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Performance Statistics                (Million Rupees)

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Balance sheet                                  -As At-

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                                 March 31      June 30

                                     2005         2004

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Share Capital-Paid-up:             123.37        49.35

Deposits Against Right Issue:           -        70.00

Accumulated Profit/(Loss):           0.25      (24.41)

Shareholders Equity:               123.62        94.94

Surplus on Revaluation

 of Fixed Asset                    118.68       118.68

L.T. Debts:                        150.38        89.38

Deferred Liability-Gratuity:        16.10        19.50

Deferred Taxation:                  32.49        19.81

Current Liabilities:               219.38       158.82

Fixed Assets:                      421.47       302.42

L.T. Loans:                          0.54         1.03

L.T. Deposits & Prepayments:         1.60         1.77

Deferred Cost:                       0.99         4.44

Current Assets:                    236.05       191.47

Total Assets:                      660.65       501.13

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Profit & Loss A/c For Nine Months Ended

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 March 31                            2005         2004

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Sales-Net:                         494.74       347.73

Gross Profit:                       90.59        59.13

Other Income:                        0.55         0.44

Operating Profit:                   57.59        32.90

Finance (Charges):                (11.95)       (8.18)

Profit Before Taxation:             45.64        24.72

Profit After Taxation:              29.59        15.17

Earning Per Share (Rs):              2.40         3.07

Share Price (Rs) on 6-6-2005:       35.15            -

Price/Earning Ratio:                14.64            -

Book Value of Share (Rs):           10.03        19.24

Debt/Equity Ratio:                  38:62        29:71

Current Ratio:                       1.08         1.21

Gross Profit Margin (%):            18.31        17.00

Net Profit Margin (%):               5.98         4.36

R.O.A. (%):                         12.53         7.92

R.O.E. (%):                         23.94        15.97

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