INTERNSHIP REPORT ON NISHAT MILLS LTD. LAHORE

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INTERNSHIP REPORT
On
Nishat Textiles Limited
BY
AHMAD MEHMOOD
ahmadmehmood247@gmail.com

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LETTER OF TRANSMITAL
Syed Naeem Shah
Professor in Hailey College of Commerce,
University of Punjab, Lahore Pakistan
Being a reasonable student, I want to oblige my honorable and ambitious teacher.
Whose heroic step found our hidden capabilities and mental caliber and save us from brain rust
and provide us a chance to explain and elaborate this intern ship report.
He has skill of sharpening a diamond after filtering it from stones. It is only possible by
her matchless, amicable and devoted support. Not only, he encouraged me but he also guided
me with flying colors. I am feeling proud on finding a chance to visit the organizer closely. We
observed all the process and the concerned management. It endowed a opportunity to assess
and visualize the management and administration of the organizer. Being I was unable to guess
the very foundation of the structure. Practically view enhances the action of entire evaluation.
This project made it possible that the learning process is complete only with the help of keen
observation and experiment.
A major theme of this internship report is awareness of organizational structure,
Marketing/management, Finance (Import-Export-Re-Finance).
Regards;
Ahmad Mehmood

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Acknowledgements
All the praises are for the almighty, Allah who bestowed me with the ability and potential
to complete this Internship. I also pay my gratitude to the Almighty for enabling me to
complete this Internship Report within due course of time.
Words are very few to express enormous humble obligations to my affectionate Parents
for their prayers and strong determination to enabling me to achieve this job.
I take this opportunity to record my deep sense of gratitude and appreciation to my
Internship Advisor Mr. Naeem Shah, Hailey college of Commerce University of the
Punjab, Lahore for his constant encouragement and inspiring guidance with his
Wisdom.
I also appreciate the cordial co-operation from all my concern Managers in the different
departments of Nishat Mills Ltd especially Mr. Tahir Imran (Assistant Manager Export)
Mr.Ijaz Ahamd (Senior Manager Export) Mr. Ghulam Rasool (import Officer) Mr.
Tasneem Haider (Senior Import Manager) Mr. Yasir Abbasi (Marketing Manager) for
providing me requisite information and knowledge for compilation of my complete
Internship.
Ahmad Mehmood

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Contents
 Corporate
 The internee
 Acknowledgements
 Contents
 Executive Summary
 Vision
 Mission
 Quality Policy
 Introduction
 Nishat Group
 The Company
 MARKETING STRATEGY 12
 Marketing process
 SWOT Analysis
 Detail of SWOT Analysis
 PEST Analysis
 Finance
 Financial Highlights
 36 Horizontal Analysis
 37 Vertical Analysis
 Ratios Analysis
 Notes to Financial Statements
 Conclusion
 Recommendation
 Glossary
 References

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Executive Summary
Nishat has grown from a cotton export house into the premier business group of
Pakistan with 5 listed companies, concentrating on 4 core businesses; Textiles,
Cement, Banking and Power Generation. Today, Nishat is considered to be at par with
multinationals operating locally in terms of its quality products and management skills.
I recently have done my internship in Nishat Mills Limited, in which I got training from its
different departments. The internship basically revolved around the product knowledge
training. The system, the style of working & the commitment of the employees in NML is
really exemplary.
The difference between the success & failure is doing things right and doing things
nearly right, & NML has always tried for success & that is why it is known to be one of
the leading organizations in Pakistan. Irrespective of all these positive points of Nishat
Mills Limited, I have noticed a few areas where the improvement can really increase the
efficiency of NML.
In this report I have given a very brief review of what I have seen during our internship I
have mentioned all these as I have made an internship as according to the schedule. I

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also mentioned about the Textile industry in Pakistan and vision of its industry. Then I
have done a detailed SWOT analysis as well as PEST Analysis. Finance (Import,
Export, Re-Finance)
Then I have discussed about my learning in the whole internship that is all about the
Textile Terminologies and process of import export and a little touch about Marketing. I
have made it possible to write each and every thing that I have learnt there. I have all
my practical efforts in the form of this manuscript that’s the asset for my future career.
Vision
To transform the company into a modern and dynamic yarn, cloth and processed cloth and
finished product manufacturing company with highly professionals and fully equipped to play a
meaningful role on sustain able basis in the economy of Pakistan.
To transform the company into a modern and dynamic power generating company with highly
professionals and fully equipped to play a meaningful role on sustainable basis in the economy
of Pakistan.
Mission
To provide quality productsto customers and explore new marketsto
promote/expand salesof the company throughgood governance and foster a
sound and dynamic team, so as to achieve optimum pricesof productsof the
company for sustainable and equitable growthand prosperityof the company.
Quality Policy
We work together as a team for implementation and continual improvement of total
quality system in order to achieve satisfaction of our internal and external customers.

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Introduction
The Textile Industry:
Over the years, Pakistan is said to be the single crop economy i.e. cotton and textile
that claims the lion's share in terms of the contribution in the national economy of
Pakistan.
Despite efforts to bring in diversification in country's overall economic get-up the textile
sector continues to be the most important segment of the national economy. Its share in
the economy, in terms of GDP, exports, employment, foreign exchange earnings,
investment and revenue generation altogether placed the textile industry as the single
largest determinant of the economic growth of the country.
Despite harsh and hard international economic conditions, Pakistan's textile industry
has weathered the storm by coming out of the international crisis in a very positive
manner.
During the year exports were controlled from falling and significant investment was
made in value-added expansion and in Balancing-Modernization- Replacement (BMR).
Besides fall out of the events of September 11, the implementation of WTO's
agreement, various bilateral agreements have been signed and implemented.
As a result global scenario has changed. Government and the corporate textile sector
adjusted their policies to achieve maximum benefits of free trade. So, local structure of
the corporate culture, investment pattern and fiscal and monetary policies were
significantly changed.

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Nishat Group
*The Nishat Group* Mian Muhammad Mansha Yaha is the captain of this splendid ship
having around 30 companies on board. Mansha, who owns the Muslim Commercial
Bank as well, is now setting up a billion rupee ($ 17 m) paper sack project too. He is
one of the richest Pakistanis around. Nishat Group was country's 15th richest family in
1970, 6th in 1990 and Number 1 in 1997. Mansha is on the board of nearly 50
companies. Chinioti by clan, Mansha is married to Yousaf Saigol's daughter.
He is deemed to have made investments in many bourses, currency and metal
exchanges both within and outside Pakistan. He has had his share of luck on many
occasions in life and has recently been awarded Pakistan's highest civil award by
President Musharraf. He could have bought the United Bank too, but then who doesn't
have adversaries. Nishat Group of comprises of textiles, cement, leasing, insurance and
management companies. If Mansha was bitten by Bhutto's nationalization stint of 1970,
his friends think he was compensated by Nawaz Sharif's denationalization programme
to a very good effect. There is no stopping Mansha and he is still on the move!
The history of Nishat Group dates back to 1951, when Mian Muhammad Yahya founded
Nishat Mills Limited.
This man of vision, courage and integrity, Mian Mohammad Yahya was born in 1918 in
Chiniot. In 1947 when he was running leather business in Calcutta, he witnessed by the
momentous changes that swept the Indo-Pak subcontinent.
This is story of success through sheer hard work and an undaunted spirit of enterprise.
Beginning with a cotton export house, he soon branched out in to ginning, cotton and
jute textiles, chemicals and insurance. He was elected Chairman of all Pakistan Textile
Mills Association. He died in 1969, at the age of 51 having achieved so much in so short
time.
After almost half a century of undaunted success, Nishat group is among the leading
business houses of the country and ranks among the top 5 groups in terms of assets

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and sales revenue. The group has its roots firmly planted into four core business
namely

Textiles
Power Generation
Banking
Cement
TEXTILES
The textile business is further subdivided into 2-textile division:
Nishat Faislabad
The textile capacity of the group is the largest in the country. An addition of 20,000 new
spindles, 100 new air jet looms and new dyeing plants has increased the existing
capacity of 242,000 spindles, 740 looms and dyeing and finishing capacity of 5 million
meters. The largest exporters of textile products from Pakistan, for more then decade!
POWER GENERATION
Nishat group has also been a pioneer in power generation in the private sector of the
country. Nishat setup the first power generation unit in the private sector in 1995.
CEMENT
In 1992, Nishat Group acquired D.G Khan Cement Company Limited (DGKCC) from the
second largest project of the group and is ideally located in the heart of the country, with
easy access to transportation all over Pakistan. DGKCC unit No. 1 has a capacity of
2,200 tons per day. A new unit heaving the capacity of 3,300 tons was setup in 1997.
International Finance Corporation and common Wealth Development Corporation have
financed this unit. With the addition of unit No.2, DGKCC has become the largest
manufacturer of cement in Pakistan.
BANK

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In 1991, Nishat Group ventured into the financial sector through the acquisition of
Muslim commercial Bank. MCB has grown ever since and is now the largest bank in the
private sector. MCB has a network of over 1200 branches employing over 12,000
people.
The Company
Nishat Mills Limited is a public Limited Company incorporated in Pakistan under the
Companies Act, 1913(Now Companies Ordinance, 1984) and listed on Stock
Exchanges in Pakistan
Nishat Mills
Nishat Mills Limited (“Nishat”) is a public company incorporated in Pakistan and listed
on all three Pakistani stock exchanges. Nishat is engaged in textile manufacturing.
Which involves spinning, combing, weaving, bleaching, dyeing, and printing, stitching,
buying, and selling of textiles? They deal with yarn, linen, cloth and other goods
including fabrics made from raw cotton, synthetic fiber and cloth.
The Company is engaged in the business of textile manufacturing and of spinning,
combing, weaving, bleaching, dyeing printing, stitching, buying, selling and otherwise
dealing in yarn, linen, cloth and other goods and fabrics made from raw cotton, synthetic
fiber and cloth, and to generate, accumulate, distribute and supply electricity.
Company is providing quality products to its customers within the Pakistan and outside
the Pakistan. Presently company is exporting its all kinds if apparel products.

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Major competitors
Nishat competitors are
Crescent
Chenab
Arzoo
Alkarms
Sitara
Kohinoor
Amtex
But main competitors of Nishat Mill are
“Crescent Textile Mills”
“Chenab Textile”
The export department performs 3 major functions.
Shipment of fabric

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After receiving packing list from shipping department, export departments starts
its main functions. It usually prepares the following documents to ensure the
timely shipment.
The most commonly documents which export department has to prepare and
deal with are:
1. Letter of Credit (L/C)
2. Bill of Exchange
3. Commercial Invoice
4. Export Declaration Form
5. Certificate of Origin
6. Packing List
7. Customs Invoice
8. Textile Declaration Form
9. Inspection Certificate
10.Shipping Bill/Bill of lodging/Air Way Bill
11.Manufacture's Certificate
Letter of Credit
Letter of credit is the conditional undertaking on the request of the importer/buyer. It is
also called documentary credit defined as;
“A written undertaking by the bank of importer i.e. issuing bank at the request of buyer
or importer to make payments at sight or at determinable future date upto stated sum of
money within prescribed time against stipulated documents”.
FNML parties are involved in the payment of the goods, i.e., the buyer, buyers bank,
beneficiary, L.C. advising bank.
After clearance of the export documents, export department negotiate the papers with
bank receive payments from the bank. Then NML local bank sends documents to the
buyer bank and foreign bank release payment to NML bank with the permission of the
buyer.
QUOTA SYSTEM

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Most of the customers are American and U.S. Government allocate quota to third
world. Infect quota is a quantitative restriction and more than that can't be
shipped to America from a particular country
CLAIM FOR REBATE
Rebate is actually a "Duty Draw Back". The duty which an importer pays to government
for the product that is re-exported after some process, then government pays back
some of its part. This pay back of duty is called rebate.
MARKETING STRATEGY
The past year has been tough for the textile industry as competition is steadily and
margin of profits is becoming smaller day-by-day. Our competitors from Asia have come
up in a big way with lower prices resulting from lower overhead, cheaper and better raw
materials and machinery.
Countries like China, Indonesia, India and Bangladesh played an active role in the fabric
market. Improvement in quality and production capability was the main area of
concentration.
Market for Yarns and Grey fabrics was diversified to increase the customer base and
reduce dependency on the Far East. In this effort business with Malaysia, Korea,
Taiwan, UK and South America was initiated in case of Yarns.
A new spinning unit of 21,672 spinning has also commenced, which caters to the
weaving units in Sheikhupura.
In case of Grey Fabric market business was initiated in South Africa, North America,
Japan, Italy, France, and Sri Lanka etc. Product range was also increased to cater to
the differing needs of the buyers. Fancy and special items like Dobby Designs, Bedford
Cords, and Cavairy Twills and stretch fabrics were developed which are being sold at
premium prices.

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NML has constantly updated our machinery, replacing old machines with new ones
upgrading the existing set-up, leading to better efficiencies and quality products.
Nishat has established its name in new markets be creating specialized fabrics, designs
and also by providing our customers with efficient service and excellent quality.
Leaving behind the traditional way of doing business and in our journey towards
excellent it has consistently expanded its buyer base and explored the different markets
around the world.
Keeping in view demand of the World market, Nishat Mills Ltd pursued its strategy of
value addition and reducing the dependency on Grey Fabrics and Grey Yarn.
Having the foresight to assess that in coming year’s value addition will be the thing of
the future, Nishat Mills Limited worked towards the achievement of its goal of future
increasing its capability in value addition.
The export of processed fabric and made-Ups has shown market improvement as
compared to last year. In Europe, Nishat has made the most growth in the year 1999.
It has placed us successfully in the middle to upper end of the market. Our strength in
Europe is the curtain division.
This included yarn dyed dobbies, engineered confections, different finishes and
embellished products. The plan is to continue with this winning strategy and at the same
time we are trying to find new clients in the high end.
We are also exploring business opportunities in countries like Spain and France where
Nishat has very little business at the moment.
North America is the star market for Nishat; it’s a new market for it after breaking up the
exclusive arrangement with our previous sale set-up. The quota is coming down in 2005
and we have started to prepare for it internally as well as for the external environment.
Bedding is the bulk of the home textile business.
The marketing department of
Nishat issues yard rates for
every deal. They present
their products through
internet in all over the world
to other companies.

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Marketing Mix
Marketing mix is the set of marketing tool that the firm uses to get its marketing objective in the
target market.
4P’s
1. Product
2. Price
3. Place
4. Promotion
Product
The company is committed to produce and achieve excellence in high quality products. The
products range is extensive and include all sort of curtains, kid’s bedding, fashion bedding,
traditional bedding, basic bedding and kitchen articles. As a fully integrated textile
manufactures, the company’s products range is extensive. It includes various types of
fabrications and blends, such as 100% cotton, cotton lycra, cotton polyester, cotton silk, etc.
The focus is to make differentiated products by using different types of fabrics, such as solids,
dobbies jacquards, etc, and creative styling in the make-up to give high value for money.

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Price
Pricing is an important element in the marketing process for any company. The price policy of
company must be in such a way that it should produce a reasonable profit, for the company and
should satisfy the customer. Following two factors are very important.
• Fixed Cost
• Variable Cost
Fixed Cost
Fixed cost is the cost which remains always same in total whether produce large quantity or
small quantity. Fixed cost per unit rises as the quantity produced decreases and vice versa.
Some companies always try to use their full capacity of production because with increase in
production the fixed cost decrease. Following are some important factors of fixed cost. Some
examples are:
• Salaries & wages
• Rent
• Local Taxes
• Fixed cost in value, the cost related to the machinery.
• Building cost
• Electricity change
• Insurance expenses
• Plant cost
Variable Cost
Variable cost changes in total with the change in quantity produced. It increases as the level of
activity increases. Per unit variable cost remains same whether to produce large or small
quantity. Some examples are:
• Material Cost
• Factory Overhead
• Part time Workers
• Transportation Charges
• Miscellaneous
Fixed cost + Variable cost + Desired profit = Total cost

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Pricing Objectives
The obvious pricing objectives of Bismillah Textile are,
• Maximization of profit
• To achieve the target return and targeted sales
• Maintain the market share
Pricing Strategies
NT adopts following strategies in case of pricing fixing:
• Direct Selling
• Agent Selling
Direct Selling
If company sells directly then price components will be as follows:
Fixed cost + Variable cost + Desired profit
Agent Selling
If company sells to the customer through agent then fix price in this way:
Fixed cost + Variable cost + Desired profit + Middleman’s commission
The profit margin depends upon the quality and condition of the market. If the market will new
obviously price level will be low to attract the customer and complete with the existing
competitor.
Pricing Procedure In Local Market
NT sells locally only extra quantity left from the foreign order. They call tender when they want
to sell the production in the local market. They sell to those persons whose tender price will be
high. Some times, NT sells its product itself, when some extra quantity is left from foreign order,
they sell at suitable cost.

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Pricing Procedure For Export
Pricing procedure for export is different from the local procedure they charging the price in
foreign factors before charging the price in foreign market. When any customer wants to
purchase the products, after negotiation they fix the price. Some important factors are inland
freight, sea freight, clearing charges, etc.
Place / Distribution
NT export more then 90 % or its product. So, they are using two types of distribution channels in
export.
• Direct Channel
• Indirect Channel
Direct channel
NT is also dealing directly with the customers. As in the local market and the foreign, the buyers
direct contact with the NT. So the export department fulfill their orders by the transformers. The
transporter help in delivering the products. The transporter are helping a lot in progressing the
textile industry. The comely delivery to the buyer is the greatest service to the customer, timely
delivery is important for the success and development of the organization.
Indirect channel
NT to agent & to customer. In the export of textile products, the agents are the back bone of
textile industry. They receive order on the behalf of buyer, give to the seller. They receive their
commission from the buyer and the seller.
• The agents also purchase the products; sell them directly to other buyers. So in this trading
they earn enough profit.
• There has been a large number of agents which are working for their organization in foreign
countries as well as in this country.
• Mostly the export business is through these agents. The agents have been successful due to
credibility and honesty of their work.
• NT mostly receives orders through agents.
• NT pays commission to them.
• Mainly the responsibilities lie on the agents in case of delayed shipments, payment problems
and the quality problems.

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• As most of the product of Nishat textiles are exported. So, they use different modes of
transportation to transfer the product from Nishat to customer’s country.
• Trucking
• Shipping
• Air Lines
Promotion
BT promotes its products, but to a limited extent.
• NT provides the company broachers to the buyers.
• NT provides the samples of the grey fabric. The yarn to the customers.
• NT has a direct contact with the local and the foreign agents, so they also promote the
company products.
• Visits to the customers.
• NT marketing manager also visits its customers.
• Their high quality of the products on the fine count the grey cloth is also promoting the
company and establishing image and goodwill.
• NT provides the timely information to the customers which help in promoting.

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SWOT Analysis
Strengths:
ISO 9001-2000:
Strong Security
System
High quality
product
Latest mechanized
machinery.
Tremendous market
positioning
Highly qualified
and skilled
management
Highly Motivated
Workforce
Adequate financial
Weaknesses:
High cost of
production
Centralized
decision making
Weak image in the
international market
Small international
market share
Less promotional
activities
Lack of benefits
and rewards for the
employees

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resources
Competitive
advantage
Equipped with MIS
System
Own power
generation plant
Opportunity:
Organization Can
expand product lines
capture new market
segments around the
world
reduce the cost by
proper utilization of
resources
hire more well-
educated and
experienced person
Threats:
New Entry of competitors
Buyer needs demands
changes
Political instability
Changed of government
policies
Globally Economic
instability

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Detail of SWOT Analysis
Strengths
ISO 9001-2000:
Nishat textile is certified under ISO 9001-2000 and so it meets the requirement of
international standard and has a value in the mind of concern people.
Strong Security System
Nishat textile limited has a greater security system. There are different hidden security
cameras which capture the all moments.
OKTEX 100:

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Nishat is also Oktex 100 certified its mean that Nishat is satisfied to not using
hazard chemical using.
High quality product
Nishat textile limited using advance technology like they have modern machinery by
which the quality of product produced is very high.
Latest mechanized machinery.
They are using modern looms which they have purchased from Japan and France. And
by using that latest machinery the productivity of the employees are very high.
Tremendous market positioning
Nishat textile is one of the pioneer textiles in the Pakistan so it got the position in the
mind of its customer. And being an old textile company people are loyal with it. Nishat
has a better position in the mind of its customers.
Highly qualified and skilled management
The management of Nishat is skilled they have hired the foreign graduate people in
their management and also experienced people from all over the country.
Highly Motivated Workforce
They are providing better pay to their employees and also bonus to them which motivate the
workforce and they are doing well at work setting.
Adequate financial resources
The owner of the Nishat is one of the richest persons of the Pakistan and they have
more plant and investment in other industries like cement, Bank, They have adequate
financial resources to meet their requirements.
Competitive advantage
Because it is an old textile and it has still keep its position in the textile market on all
others competitors in the nation wide which is its competitive advantage.
Equipped with MIS System

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They have a management information system by which the departments and
employees are connect with each other and they have a data ware house by which they
can share their resources easily.
Own power generation plant
They have own power generation plant and Nishat is the pioneer in the private
organization who start the power generation. And also selling to the WAPDA its
produced power.
Weaknesses
[
High cost of production
The production cost is high because of not properly utilization of its resources.
Centralized decision making
The decisions are made by the upper management which is weakness of the Nishat
because they have no proper idea about the situation and their decision can be not
fruitful for the company.
Weak image in the international market
Because of the other textile specialized countries like China, Bangladesh etc the
international image in the textile sector is very weak. Those countries providing cheap
product to the market then Pakistan’s textile industries.
Small international market share
Although Nishat has very strong in the national wide but it has small market
share in the global textile industry due to the sound competitors like china, and
Bangladesh etc
[
Less promotional activities
The advertising and promotional cost of the Nishat textile is very low it can take
advantage for more turnouts.

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Lack of benefits and rewards for the employees
Some facilities that other providing to their employees like Transport and medical fee
etc Nishat not providing to their employees because of which the productivity of the
employees decrease.
Opportunity
Organization Can expand product lines
Currently the Nishat not dealing in knitwear they can expand their product line by
producing knitwear. They have plants and the extra cost for the production will be low
for Nishat. And they also have better market repute.
Organization Can reduce the cost by proper utilization of
resources
If the cost of different matters which is not utilizing properly is controlled by the Nishat
management they can produce more in a few costs. It has to develop a further
systematic process for controlling and managing resources.
Organization Can hire more well-educated and
experienced person
They can take advantages by hiring more skilled people and they should hire young,
fresh and energetic staff for their betterment.
Threats
Buyer needs demands changes
Because of the research and development the design and the product of Nishat is just
satisfactory as compare to competitors in the globally and they are not fulfilling the
demand of customer.

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Political instability
Political instability effects the Nishat because of the quota system the company can be
restrict by the government to export.
Changed of government policies
Government policies are changing day to day so it is a threat for the Nishat to survive in
such a changeable situation.
Globally Economic instability
Because of the economic instability the Nishat affected a lot. Dumping system which is
rising on daily basis in the world can create many problems for the company and any
uncertainty in the world like 9/11 may affect also the overall export.
PEST Analysis
Political Instability:
The political situation of Pakistan is not satisfactory. Due to the rapid change in the
Government every government sets its own new trade policies.
Govt. should apply sustainable policies for the beneficial of the exporters as well as the
investors.
Economic situation:
The economic condition of Pakistan can also affect the foreign investors increasing
inflation rate make the cost of production high and thus reduce the profit margin of the
investor.
Social situation:
The change in the lifestyle of the people affects the growing demand of the NTM
products. The change in the lifestyle and needs in different demographics also affect the
demand of the customers.

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Due to all these changes NTM is performing excellent for the excellence organization as
well as for the customer.
Technological factor:
Technological advancement in all the sectors of the country has changed the entire
socio-economic environment. Especially in the textile sector there is a lot of
technological development.
NTM Excellent computerized machines and devices are installed in the NTM has made
extension in its present setup by installation of well advanced technology imported from
Japan China and France.
Learning as internee
It was a tremendous experience that I have availed with devotion and
commitment. I have an interest in textile industry that’s because Textile is
the back bone of the economy of the country. But one thing I want to
share its not easy that looks it has a great toughness and complications in
its process but the overall it was nice and great. Here I am sharing some
of my learning regarding my internship in different departments.
Senior Import Manager who conducted a little interview of e and reffered
me to Mr. Ijaz Hassan who is Senior Export Manager. He interviewed me
as well and then adjusted me with his subordinate Mr. Tahir Imran who is
Senior Export Officer
Custom:
s
some basic terms about export. And provided me some notes as well.
These terms are price terms and payment terms. He told me about 3
major price terms which are used by Nishat in the Import and Export of
cloth. These terms are C&F, CIF and FOB. Then he told me about the
payment terms which are CAD, L/C and Advance Payment. He has also
introduced me with the following terms.
C&F:
This term is formerly known as CFR. This term defines the two distinct and separate
responsibilities –one is dealing with the actual cost of merchandise “C” and the other “F”
refers to the freight charges to a predetermined destination point. It is the seller’s

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responsibility to get goods from their door to the port of destination. It is the buyer’s
responsibility to cover insurance from the port of origin or port of shipment to buyer’s
door.
CIF:
this arrangement is similar to CFR, but instead of the buyer insuring the goods for the
maritime phase of the voyage, the shipper/seller will insure the merchandise. In this
arrangement, the seller usually chooses the forwarder. “Delivery” as above, is
accomplished at the port of destination.
FOB:
FOB means that the shipper uses his freight forwarder to move the merchandise to the
port or designated point of origin. Though frequently used too describe inland
movement of cargo, FOB specifically refers to ocean or inland waterway transportation
of goods. “Delivery” is accomplished when the shipper releases the goods to the buyer’s
forwarder. The buyer’s responsibility for insurance and transportation begins at the
same moment.
Custom Clearance:
When the mall is released from mill, the mill staff prepares a dispatch and sends it with
a copy of contract to head office. The office staff prepares a commercial invoice and
forwards it with other necessary documents to Karachi agent who will clear the delivery
from custom department of Pakistan.
FCL:
FCL stands for Full Container Load. If an exporter intends to pack a container to its full
capacity or full payload with the consignment of only one consignee for a particular
destination, the case is FCL and the carrier will charge the FCL rate for the
consignment.
LCL:
Stands for less than container load or loose container load. If an exporter intends to
pack a container to its full capacity or full payload with the consignments of two or more
consignees for the same destination, the case is LCL and the carrier will charge the LCL
freight rate on each consignment.

29
Form-E:
It’s an export form as clearly can be described by Form-I. This form has for copies,
“Original”, “Duplicate”, “Triplicate” an “Quadruplicate”. Original and quadruplicate are
kept as record in office and Duplicate and Triplicate are sended to bank. The purpose of
this form is to give the record of what kind of foreign currency and in what amount are
coming in the country. This form is then forwarded to State Bank Of Pakistan to
maintain balance of payments. When the payment is received by the bank, then they
endorse the Form-E. actually it’s a confirmation that the payment is being received.
HS-Code:
It’s a specific code for a specific type of product under which the product is recognized
and the custom department charges the custom.
EX-Works
One of the simplest and the most basic shipment arrangements places the minimum
responsibility on the seller with seller with greater responsibility on buyer. Goods are
made available for pick-up at the shipper’s factory. Delivery is accomplished when the
merchandise is released to the consignee’s freight forwarder the buyer is responsible
for making arrangements with their forwarder for insurance, export clearance and
handling all other paper work.
FAS:
FAS stand for free alongside ship. FAS requires the shipper to clear goods for export.
Companies selling on these terms will ordinarily use their freight forwarder to clear the
goods for export. Delivery is accomplished when the goods are turned over to buyer’s
forwarder for insurance and transportation.
DAF:
Stands for “Delivered at Frontier”. Here the seller’s responsibility is to hire a forwarder to
take goods to a named frontier, which usually a border crossing point, and clear them
for export. Delivery occurs at this time. The buyer’s responsibility is to arrange with their
forwarder for the pick up of goods after they are cleared for export, carry them across
the border, clear them for importation and effect delivery.
DDP:
DDP stands for “Delivered Duty Paid”. Seller is responsible for dealing with all tasks
involved moving goods from plant to consignee’s door, also responsible to insure goods
and absorb all costs and risks including the payment of duty fees.

30
DDU:
DDU stands for “Delivered Duty Unpaid”. This arrangement is basically the same as
DDP, except for the fact that the buyer is responsible for the duty, fees and taxes.
After spending a few days in custom, I was sent to the department which prepares bank
documents by reading from L/C. L/C shows all the necessary documents which should
be sent to the bank.
This activity is performed by Mr.Shehbaz. He has told me about different documents
which are required in L/C and their preparation. These are as under.
GSP:
GSP stands for generalized system of preferences. Some countries grant incentives to
their importers and some grant to their exporters. The GSP helps on both ends. The
importers and exporters need GSP to claim these incentives to their governments.
These incentives are known as Drawback and rebate. Rebate is claimed to custom
department and drawback is claimed to government. GSP is certified by Export
Promotion Bureau. There are some countries which are registered in the list of GSP.
This list is visible on the back side of every GSP form. If any country’s name is not
present in the list then we have to attaché a request letter to EPB within GSP.
CO:
Is known as Certificate of Origin. This document is normally demanded by every importer. This
document shows that the goods are of Pakistan made. CO is certified by Chamber of
Commerce.
Bank Letter:
A letter contains the wording that all these necessary documents are attached
according to L/C requirements.
Draft:
It is a payment request by the exporter to make the payment at a required time. It is also
attatched with the export documents.

31
Packing List:
Packing list contains the detailed information about packed goods. Colour, yards, roles,
yards on each role, code number of each role etc.
Period of Presentation:
It means within how many days from the date of B/l you have to present the documents
in Bank.
B/L:
Bill of lading is a document which is issued by the shipping line when the goods are
shipped. First the company send Bill of Lading specimen then First the shipping line
send “Draft Bill of Lading” to the company. It shows that if you want to make any
change, you can inform us. Then the original B/L is issued by the shipping line. The
three documents are attached with B/L specimen. These documents are C&F, Authority
letter and NOC. On the bottom of B/L specimen, the freight status is written that either it
is collected or prepaid. If it is collected then we will not attach C&F. if it is prepaid then
we will attach C&F. the purpose of attaching C&F is that the seller will pay the freight. if
the consignee bank is our own local bank then we will not attach NOC and if it is other
foreign bank then we will attach NOC (showing that we have no objection that this bank
is dealing on behalf of this importer). Authority letter is attached to authorize the agent
to receive the original B/L from shipping line.
Fumigation Certificate:
Similarly it also contains the details about goods. One more thing is that it is certified
that the container is free from insects and pests.
Banking Documentation At A Glance:
First of all the department prepares bank invoice from dispatch, then the dispatch is
verified by another employee and then error free invoice is prepared. Now L/C is readed
to attach the required documents which are usually the packing lists, invoices, B/L, CO,
GSP etc. after making a file of all these documents, 5 to 6 copies are made of all these
for forwarding Accounts, Marketing, Finance etc.
L/C Readings:

32
There are some codings showing a specific narration. These are provided by SWIFT
(Society For worldwide Interbank Financial telecommunication). These are shown at the
end of every L/C. every code shows a specific description.
20: DC number
31c: date of issue
31d: date and place of expiry
50: applicant
59: beneficiary
32b: currency code amount
43p: partial shipment
43t: trans-shipment
44e: port of loading
44f: port of discharge
44c: latest date of shipment
45a: description of goods
46a: documents required
71b: charges
These are some codes with descriptions which are usually written at the end of every
L/C
Commission status:
In every transaction the middleman is mostly present who is making our transaction
convenientful. This middleman is called broker. The company is required to pay the
commission to the broker. A document named “Commission Status” is prepared and
forwarded to Finance department.
Shipping Advice:

33
Shipping advice is a document in which we inform thet importer that these goods are
posted, this is a container # etc.
Tolerance Level:
The tolerance level is mentioned in L/C like that, “+3/-3”, or “+5/-5”. It means that you
can ship 3% or 5% more or less. Because normally it is seen that while shipment the
goods moved to the importer more or less then the amount mentioned in L/C. if the
goods moved up to 3% or less then 3% then your receiving amount will be 3% more or
less. If you will cross that limit, means exporting more or less then 3% then the bank will
mark discrepancy and will charge fine. The export staff always take too much care while
preparing export documents by reading from L/C. as bank marks discrepancy on a very
little mistake.
Visit To A Unit:
On 26th July, I visited the unit F-35 which is named as NDF (Nishat Dying and
Finishing). Mr. had guide us for visiting the unit. first the raw material is putted into
process that is called “raw fabric” or “gray fabric”. The raw fabric is issued from the store
in the shape of lots. One lot is consisted of rolls demanded by a party. Each lot
assigned a lot # which is same to all the rolls, and gross weight, meters are also written.
Then I see the bleaching process. The machine which performs this task is called the
“L-Box Machine”. After bleaching the fabric becomes soft. Then I see the “Curing
Machine” which dyes the fabric. After the cloth is dyed and finished, it is forwarded to
fabric measuring machines to record the meters/yards. The factory warehouse capacity
is 50 lakh meters and the export volume from only that unit is 38-40 lakh meters per
month. After visiting these processes I had a little visit to fair price shop of Nishat whuch
is located just near to the factory.
Import Documentation Department:
After learning all this, I was shifted to Import Documentation Department. Mr.Ghulam
Rasool is a Senior Import Officer there and Mr. Abdullah is as his junior. Both of them
had guided me as under.
There are three things in Import. Contract or CAD (Cash against Documents) based L/C
and Advance payment. First of al the purchase department prepares a Performa
invoice. Then he import department is requires to open the L/C. under the L/C opening
process, first the department fill up the L/C opening request form. Every bank has its
own request form so we can use our own choice. when the bank receives the L/C
opening request form, then after checking formalities the bank issues a draft L/C it
shows that if you want to make any change then you can mention in that draft L/C. The
the data entry is made in the system so that we can check that either any other L/C is
opened against this Performa invoice or not. If the L/C amount is of $25000 then GM
purchase can sign and if the amount is more then $25000 then Mr. Umer Mansha’s
approval is necessary. When all the documents are received by the bank then the bank

34
prepares a bill of exchange in response to draft attached with the documents and sends
it to import department. The department signs it and gives the bank acceptance and
authorizes them to make a payment at a required date. The import department pays the
amount which is known as TT or DD.
In CAD when the bank receives documents the it informs the office to make payment.
The office makes the payment and releases the documents to discharge goods from the
port.
In advance payment case, the TT request is come to the department and the
department checks the duplication that either the payment made against this invoice #
before or not. Then authorizes the bank to make the payment. We also give undertaking
to the bank that is the goods are not received within 4 months, we will repate back the
advance payment and also pay penalty @ 1% on the amount of advance payment.
Non Negotiable:
When the original documents are late from the bank the Importer can release the goods
by showing the Non Negotiable documents which are received directly by the importer
through Couriers link. These documents are first endorsed from the bank and then
these can be used to release the goods from the port and payment can be made.
Debit Advice:
When the payment is made to the exporter’s bank, the importer’s bank sends an advice
receipt to the importer which shows that the payment is being transferred and the
shipper’s account is debited. This receipt is forwarded to the Accounts department.
Discrepancy Memo:
If any discrepancy is found by the bank in the documents prepared by the exporter then
the bank will send us a discrepancy memo that either we want to accept or reject the
documents because of discrepancy.
Finance
In my internship experience, I hadn’t any touch with finance activities. But I know a little
bit about this because I had a little gossip with those internees who were doing their
internhip in finance department. The finance department’s major work is the work of
drawback and rebate. As we already discussed above in export that the government
gives incentive to the exporters on export and we got the amount by claiming to he
government. And this work is handled by Mr.Ashraf, the Finance manager.
Financial Performance
Company’s net profit in this year has
decreased as compared to the last
year mainly because of the hike in
fuel and power cost and decrease in
profitability of spinning division.

35
Frequent loadshedding of gas has
forced us to generate electricity
and steam on furnace oil and diesel
which is 2 to 3 times more expensive
than generating from gas. Directly,
it results in increase in the cost of
production, which shows itself in
the form of decline in Gross Profit
Percentage. Indirectly it also affects
the future business by hampering
the Company’s ability to compete for
business in the international market.
Profitability of spinning division
has declined in the current year as
compared to the corresponding year
owing to reduction in gross margins
on yarn sales. Yarn sale prices were
sky high in the second half of last
year due to the highest ever cotton
prices in that period. Nishat spinning
division reaped the benefit of timely
buying of cotton at low prices which
resulted in low cotton consumption
rates as against high yarn sales rates.
This yielded high gross margins for
our Spinning division in the last year
resulting in huge profits.
Financial Strength
Financial performance shows itself in the financial
strength of any
organization. Our fixed assets, primarily plant and
machinery, currently stand
at Rs. 14.5 billion. It is part of company’s strategy to
reinvest a portion of the
profits earned by the Company in expansion projects
and in BMR of existing
plant and machinery. In our quest to look for
alternate energy solutions, huge
investment has been made in the new Power plant for
generating electricity
and steam from coal and biomass. This plant is
already in trial production
stage. Significant investments have been made in
machinery for all business
divisions of the company during the current year.
Working Capital Management
Efficient working capital management shows itself in
our current ratio and
quick ratio which respectively standat 1.31 and 0.60.
A substantial amount
of working capital is requiredto manage affairs for
such a huge company
especially when a substantial sum is requiredfor
investment in raw material.
Even then, there is a continuous growth trendwhich
has seen the current ratio
increase by 80% in the past five years.
Capital Structure
Our strategy is to make effective and efficient
utilisation of borrowing facilities
available. Gearing percentage has been brought down
from 34.3 in 2008-09 to
27.3 in 2011-12. Our strategy of exploiting long term
borrowings for investment
in plant & machinery (when required) and using the
short term borrowings for
working capital allows us to make effective use of
debts, be able to pay off the
principal and relatedfinance cost through
incremental operating cash flows
hence, maintaining a healthy capital structure of the
Company at the same

36
Earnings per Share
The Company has maintaineda
steady stream of earnings per
share over the last five years which
is an indication of success in the
achievement of operational and
financial strategy.
Risk Management
The Company’s activities expose it to
a variety of risks. We broadly classify
risks as follows:
Raw Material: Cotton is the basic
raw material of a textile company.
We face a never ending business
risk of non-availability or high price
of cotton. This may be caused for
reasons within our control or beyond
our control e.g. floods affecting the
crop. This basicbusiness risk is
managedby bulk procurement of high
quality of cotton at the start of the
harvesting season through ensuring
availabilityof enough funds.
Export Demand and Price: Being an
export orientedcompany, we face
the risk of decrease in demand and
increasedcompetition in the export
market across the world. There are
certain variables which are beyond
our control e.g. economic recession,
we cover the risk by making
strong and long standing business
relationships with our customers
which result in repeat orders to
ensure that our sales volumes and
margins remain steady. In addition,
we continuously strive to expand our
customer base as well. Increased
emphasis is paid to innovation and
product development in all our
various business divisions to broaden
our product base as well.
Energy Availability andCost: Energy
(electricity andgas) shortage and high
cost of in-house energy production
on furnace oil anddiesel poses us
the greatest threat in the current
economicscenario. Energy nonavailability
risk is mitigatedthrough
maintenance of in-house power
generation facilities on alternate
fuels to meet the demands of all our
production facilities. In house power
generation basedon furnace oil and
diesel is 2 to 3 times more expensive
as compared to the generation on
gas. High cost risk is now being
mitigatedthrough utilisation of cheap
alternate fuels like coal and biomass.
Power plants are being plannedin
various production facilities of the
Company which have the flexibilityto
run on biomass andcoal. LPG based
SyntheticNatural Gas generation
facility is also being established.
Financial Risks
The company’s overall financial risk
management programme focuses
on the unpredictability of financial
markets and seeks to minimize
potential adverse effects on the
Company’s financial performance. The
Company uses derivative financial
instruments to hedge certain risk
exposures.
Currency risk: The Company is
exposed to currency risk arising from
various currency exposures, primarily
with respect to United States
Dollar (USD), Arab Emirates Dirham
(AED) and Euro. Company’s foreign
exchange risk exposure is restricted
to the bank balances and the
amounts receivable/payable from/to
the foreign entities.
Interest rate risk: Company’s interest
rate risk arises from long term
financing, liabilities against assets
subject to finance lease, short term

37
borrowings, term deposit receipts,
bank balances in saving accounts
and loans and advances to subsidiary
companies. Fair value sensitivity
analysis and cash flow sensitivity
analysis shows that company’s
profitability is not materially exposed
to the interest rate risk.
Credit risk: The Company’s credit
exposure to credit risk and
impairment losses relates to its trade
debts. This risk is mitigatedby the
fact that majority of our customers
have a strong financial standing and
we have a long standing business
relationshipwith all our customers.
We do not expect non-performance
by these counter parties; hence, the
credit risk is minimal.
Liquidity risk: It is at the minimum
due to the availability of funds
through committedcredit facilities
from the Banks and Financial
institutions.
Capital risk: When managing capital,
it is our objective to safeguardthe
Company’s ability to continue as a
going concern in order to provide
returns for shareholders and benefits
for other stakeholders and to
maintain an optimal capital structure
to reduce the cost of capital. We
monitor the capital structure on the
basis of gearing ratio. Our strategy
is to keepthe gearing ratio at the
maximum of 40% equity and 60% debt.
Spinning
Profitability in spinning division
depends on how the cotton and yarn
prices fluctuate in the market. Cotton
prices reached their peak in March
last year, but the prices have been on
a declining trendsince then till the
end of this year.
Yarn prices though somewhat steady
throughout have also followedthe
declining trend. Average sale rate
has reduced in this year comparedto
last year. A small surge in price was
observedtowards the end of second
quarter. However, the severe outage
of power did not let us enjoy this rise
in yarn prices. Spinning division made
Weaving
Weaving division’s business remained
under pressure during this year
due to several reasons. Massive
power and gas shutdowns caused
reduction in supply of goodquality
yarn prompting a surge in price
toward the end of half year which
haltedthe business activity for a

38
while. The non-implementation of
import duties abolition decision of
WTO by European Union has put us
at a disadvantage for business from
Europe. In the last quarter, fabric
prices remainedhigh in spite of
relatively stable cotton prices which
resultedin diversion of work-wear
business to countries like Indonesia
and Thailand.
extraordinary profits in the last year
owing to highest ever margin in yarn

39
Garments
Nishat Apparel is a purpose
built, state of the art apparel
manufacturing plant of the Company.
This financial year can be termed
as a highly successful year for the
apparel division and the results
speak for the strength of this value
added business. This division has
been on a continuous growth right
from its start. The fundamental core
business gained further momentum
through research, development and
technological innovation.
With the addition of two new sewing
lines, we now have a total capacity

40
of 22 production lines producing
700,000 pieces of pants every month.
This year, our focus remained on
product development and innovation
that resulted in greater margins and
better product positioning.
Corporate Social
Responsibility
Our Corporate Social Responsibility
guidelines are integratedto our vision
and mission for a sustainable and
equitable growth which we believe is
possible only if we contribute towards
the betterment of society, protection
of environment, empowerment of
women and uplift of underprivileged.
Environment Protection
Effluent Water Treatment Plant has
been in operation for the past 10
years at the Company’s dyeing and
finishing facility in Lahore. This plant
treats the water used in production
process for contamination andother
impurities before its final drainage.
A new effluent treatment plant with
an estimatedcost of Rs. 36 million
is under construction at our newly
upgraded yarn dyeing facility located
at Faisalabad.
We have created an employee/

41
management partnershipto plant
estimated20,000 trees inside and
outside the Company Premises
(places such as highways, roads &
other publicplaces). The scheme
is being operatedunder the name
and style of “Rupee for tree”.
Under this scheme, the company
allocatedresources which are being
supplementedby the contribution of
Re. 1 per month per employee, from
willing employees.
Waste Recycling
The caustic soda recovery plant had
been in operation for the last 10 years
at our dyeing and finishing plant.
The plant has been refurbishedand
upgraded recently. Resultantly, the
capacity of the plant has increased
by 25 %. Other waste recovery plants
which are operational in our company
include sizing recovery plant, cotton
recovery plant and lube oil recovery
plant.
Occupational Safety and
Health
Our occupational safety and health
measures are of international
standards. We believe in prevention
rather than treatment. The company
has establisheddispensaries with a
full time working doctor at or near
all its production facilities. We have
a company owned and operated
ambulance service for all production
facilities in Lahore. We took strict
dengue prevention measure during
the outbreak of the disease in the
past two years.
Most of the production facilities
of the Company are ISO-9001 and
SA-8000 certifiedensuring excellent
working conditions for employees.
Equal Opportunity Employer
The Company has been offering
employment opportunities to people
from various ethnicities andboth the
genders without any prejudice or bias.
Equal Opportunity Employer is a label
we are proud to claim for ourselves.
We employ thousands of skilledand
semi skilledworkforce with ongoing
training courses to increase the
efficiencies. Women empowerment is
our hallmark. Our apparel division and
stitching units of home textile division
employ hundreds of women.
Community Welfare Schemes
We are committedto contribute
towards community welfare
schemes. The company has
establishedand maintainedmosques
for communities in the vicinity of its
production facilities. The Company
performs repair and maintenance
work of roads outside its premise

42
Balance Sheet
As at June 30, 2012

45
Profit and Loss Account
For the year ended June 30, 2012
Statement of Comprehensive Income

46
Statement of Changes in Equity
RatiosAnalysis

49
Sources; Nishat annual report 2012 Google-Wikipedia
Sales/Export
This includes sale of Rupees 1,415.287 million (2011: Rupees 2,609.550 million) made to direct exporters
against special purchase order (SPO). Further, local sales includes waste sale of Rupees 1,216.028
million (2011: Rupees 1,442.026 million).
28.3 Exchange gain due to currency rate fluctuations relating to export sales amounting to Rupees
162.952 million (2011: Rupees 369.206 million) has been included in export sales.
EARNINGS PER SHARE

50
Sensitivity Analysis
Credit Rating

51
Information Under Clause ( J )
of Sub-Regulation (XVI) of Regulation 35 of Chapter of Listing Regulations of
the Karachi Stock Exchange (G) Limited As At June 30, 2012

52
WealthDistribution
Sources; Nishat annual report 2012 Google-Wikipedia

53
Ratio analysis
Ratio analysis is very useful approach to keep the management , shareholder and
creditors in making various de4cisions about company.
For analysis of the financial statement ratios can be classified as follows.
 Liquidity ratios
 Profitability ratios
 Activity ratio
 Solvency ratio
The ratios measure the short term ability of the company to pay its currint
shout-term liabilities.
 Liquidity ratio
 CURRENT RATIO
 QUICK RATIO
1. Current ratio.

54
Current assets/ current liabilities
2012 2011 2010 2009
1.023:1 .969:1 1.072:1 .976:1
2. Quick ratio.
2012 2011 2010 2009
.539:1 .574:1 .722:1 .789:1
Liquidity ratio:
The liquidity ratio measured by the current assets over current liabilities.
The company performance to meet their current obligation form their current assets.
The company have increasing trend in current ratio in 2004 as compared to 2003 due
to decrease in short term liabilities.
The quick ratios of the company continuously decrease due to increase in stock trade
with is unfavorable trend.
Profitability ratio.
The profitability ratio measure the income and operation success or overall
performance of the company for a particular period of time.
1. Gross profit ratio

55
2. Operating profit ratio
3. Net profit ratio
1. Gross profit ratio.
Gross profit/Net sale x 100
2012 2011 2010 2009
18.67% 19.69% 24.66% 22.59%
2. Operating profit ratio.
Operating profit/Net sale x 100
2004 2003 2002 2001
8.07% 7.96% 11.71% 11.08%
3. Net profit ratio.
Net profit/ net sale x 100
2012 2011 2010 2009
2.46% 3.09% 5.48% 5.62%
Profitability ratio.

56
Profitability analysis shows that company gross profit continuously decrease
from 2001 to 2004 . There is little bit increase in operating income in 2004 as compared
to 2003 while there is continuously decrease in net income. So company’s overall
performance is unsatisfactory.
Activity ratio.
1. Total assets turnover.
Sale/ total assets
2012 2011 2010 2009
0.77 0.84 0.89 1.08
Activity ratio.
The total assets turnover analysis shows that there is continuously
decrease in assets turnover ratio because increase in total assets is 21.83% while they
increase in sale is 11.52% from 2011 to 2012 which shows that the % of
assets is greater then sale %. Management does not work will and should take
immediate step for the improvement of sales.
Solvency ratio.
These ratios measure the ability of the company to survive over a long period of
time.
1. Debt ratio.
Long short term liabilities / Total assets x100

57
2012 2011 2010 2009
79.66% 83.09% 71.41% 72.58%
2. Debt to equity ratio.
2012 2011 2010 2009
14.56% 17.93% 9.16% 8.00%
Solvency ratio.
The solvency analysis has to do with testing the organization ability to
meet the liabilities and remain solvent.
The solvency of Masood textile shows that the organization total liabilities are greater
then the equity of the company however the assets of the company are greater then the
liabilities which describe that in the long run the firm is quite solvent. But company
should avoid borrowing more loans.
Cash Turnover Ratio:
= C.G.S- Depreciation/Cash
2012 68.22
2011 245.60
2010 57.34
Liquidity Analysis:
The liquidity of a business firm is measured by its ability to satisfy
its short-term obligations as they come due. Liquidity refers to the solvency of the firms
overall financial position.

58
The company is good liquidity position as compared to previous year 2011,
because in 2012, the company has sufficient net working capital. Cash ratio also shows
that company is in a position to meet its short-term obligation.
Inventory to net working capital:
= Inventory / Current Assets- Current liabilities
2012 21.25
2011 12.83
2010 4.83
Indicate that percentage of Net Working Capital is in inventory. This result may be
considered positive or negative, depending on the industry standard for
companies of similar size and activity. A negative value is a sign that the company may
have difficulties meeting short-term financial obligations.
Net Working Capital:
= Current assets-Current Liabilities
2012 Rs. 60,872,000
2011 Rs. (70,084,000)
2010 Rs.63,507,000
Cash Ratio:
= Cash + Marketable Securities/Current Libilities x 100

59
2012 1.56%
2011 0.95%
2010 2.61%
Dividend Payout Ratio:
= Cash dividend / Net income x100
2012 2.90%
2011 4.79%
2010 5.05%
Dividend Analysis:
Dividend Pay out ratio shows the relation of dividend in respect of
net income. As the net income of the company is continuously decreasing so the
dividend pay out ratio also shows the decreasing trend.
Profitability analysis:
Profitability analysis measures or evaluated the firms earning with respect to a given
level of sales a certain level of assets the owner’s investment or share value. Without
profits a firm could not attract outside capital. Owners, creditors, and management pay
close attention to boosting profits due to the great importance placed on earning in the
market lace.
All profitability ratios calculated above show the decreasing trend so it is
concluded that profitability of the company is unfavorable.
Days to collect average receivable:

60
Days in a year/Receivable turnover rate
2012 76 days
2011 84 days
2010 50 days
Operating Cycle:
Days to sell inventory + Days to collect receivable
2012 247 days
2011 218 days
2010 139days
Activity Analysis:
The total assets turnover analysis shows that there is continuously decrease in assets
turnover ratio because increase in total assets is 21.83% while the increase in sales
11.52% from 2011 to 2012, which shows that the % of assets is greater, then sale %.
Inventory turnover ratio is decreasing, which shows the less speed of inventory
converting into cost of goods sold. The days to sell the average inventory are
increasing. The receivable turnover rate is also decreasing. Days to collect average
accounts receivable are increasing as compared to previous years.
All activity ratios show unfavorable trends.
Sale per employee:
= Sale for the year / Average no. of employees

61
2012 Rs. 846,440
2011 Rs. 928,498
2010 Rs, 619,566
Indicate the approximate value of sales generated per employee for the year.
This result can be considered positive or negative depending on the industry standard
for companies of similar size and activity and the costs attributed to making the sales.
Fixed assets utilization:
= Net sale / Fixed assets
2012 3.03
2011 3.52
2010 2.33
Fixed assets utilization ratio shows the net income in relation to fixed assets. Ratio
shows the decreasing trend in 2012 as compared to 2011 which shows that company
not utilizing its fixed assets properly
Net income as a percentage of net sale:
= Net income /Total sale x100
2012 2.46%
2011 3.09%
2010 5.48%

62
Return on total assets:
Net profit after tax / Total assets x100
2012 1.89%
2011 2.59%
2010 4.91%
Measure of profitability
Return on equity.
= Net income / average total equity
2012 11.38%
2011 21.55%
2010 41.13%
Earning per share:
= Net income-preferred dividends/Average No. of common shares
2012 Rs. 2.75 per share

63
Notes to the Financial Statements
1. THE COMPANY AND ITS OPERATIONS
Nishat Mills Limited is a public limited Company incorporated in Pakistan under the
Companies Act, 1913 (Now
Companies Ordinance, 1984) and listed on all Stock Exchanges in Pakistan. Its
registered office is situated at
53-A Lawrence Road, Lahore. The Company is engaged in the business of textile
manufacturing and of spinning,
combing, weaving, bleaching, dyeing, printing, stitching, apparel, buying, selling and
otherwise dealing in yarn, linen,
cloth and other goods and fabrics made from raw cotton, synthetic fibre and cloth and to
generate, accumulate,
distribute, supply and sell electricity.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies applied in the preparation of these financial
statements are set out below.
These policies have been consistently applied to all years presented, unless otherwise
stated:
2.1 Basis of preparation
a) Statement of compliance
These financial statements have been prepared in accordance with approved
accounting standards
as applicable in Pakistan. Approved accounting standards comprise of such
International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board as
are notified
under the Companies Ordinance, 1984, provisions of and directives issued under the
Companies
Ordinance, 1984. In case requirements differ, the provisions or directives of the
Companies Ordinance,
1984 shall prevail.
b) Accounting convention
These financial statements have been prepared under the historical cost convention
except for the
certain financial instruments carried at fair value.
Critical accounting estimates and judgments
The preparation of financial statements in conformity with the approved accounting
standards requires

64
the use of certain critical accounting estimates. It also requires the management to
exercise its
judgment in the process of applying the Company’s accounting policies. Estimates and
judgments are
continually evaluated and are based on historical experience and other factors,
including expectations
of future events that are believed to be reasonable under the circumstances. The areas
where various
assumptions and estimates are significant to the Company’s financial statements or
where judgments
were exercised in application of accounting policies are as follows:
Financial instruments
The fair value of financial instruments that are not traded in an active market is
determined by using
valuation techniques based on assumptions that are dependent on conditions existing
at balance sheet
date.
Useful lives, patterns of economic benefits and impairments
Estimates with respect to residual values and useful lives and pattern of flow of
economic benefits are
based on the analysis of the management of the Company. Further, the Company
reviews the value
of assets for possible impairment on an annual basis. Any change in the estimates in
the future might
affect the carrying amount of respective item of property, plant and equipment, with a
corresponding
effect on the depreciation charge and impairment.
Inventories
Net realizable value of inventories is determined with reference to currently prevailing
selling prices less
estimated expenditure to make sales.
Notes to the Financial Statements
51
Annual Report 2012 of Nishat Mills Limited
Taxation
In making the estimates for income tax currently payable by the Company, the
management takes into
account the current income tax law and the decisions of appellate authorities on certain
issues in the

65
past.
Provision for doubtful debts
The Company reviews its receivable against any provision required for any doubtful
balances on an
ongoing basis. The provision is made while taking into consideration expected
recoveries, if any.
Impairment of investments in subsidiaries and equity method accounted for associated
companies
In making an estimate of recoverable amount of the Company’s investments in
subsidiaries and equity
method accounted for associated companies, the management considers future cash
flows.
d) Amendments to published approved standards that are effective in current year and
are relevant to theCompany
The following amendments to published approved standards are mandatory for the
Company’s
accounting periods beginning on or after 01 July 2011:
IFRS 7 (Amendment), ‘Financial Instruments: Disclosures’ (effective for annual periods
beginning on or
after 01 July 2011). The new disclosure requirements apply to transfer of financial
assets. An entity
transfers a financial asset when it transfers the contractual rights to receive cash flows
of the asset
to another party. These amendments are part of the International Accounting Standards
Board (IASB)
comprehensive review of off balance sheet activities. The amendments will promote
transparency in
the reporting of transfer transactions and improve users’ understanding of the risk
exposures relating
to transfers of financial assets and the effect of those risks on an entity’s financial
position, particularly
those involving securitization of financial asset. However, this amendment has no
material impact on
these financial statements.
IAS 1 (Amendment), ‘Presentation of Financial Statements’ (effective for annual periods
beginning on
or after 01 January 2011). It clarifies that an entity will present an analysis of other
comprehensive
income for each component of equity, either in the statement of changes in equity or in
the notes to the

66
financial statements. However, this amendment has no material impact on these
financial statements.
e) Interpretations and amendments to published approved standards that are effective
in current year
but not relevant to the Company
There are other new interpretations and amendments to the published approved
standards that are
mandatory for accounting periods beginning on or after 01 July 2011 but are considered
not to be
relevant or do not have any significant impact on the Company’s financial statements
and are therefore
not detailed in these financial statements.
f) Standards and amendments to published approved standards that are not yet
effective but relevant to
the Company
Following standards and amendments to existing standards have been published and
are mandatory
for the Company’s accounting periods beginning on or after 01 July 2012 or later
periods:
IFRS 7 (Amendment), ‘Financial Instruments: Disclosures’ (effective for annual periods
beginning on
or after 01 January 2013). The International Accounting Standards Board (IASB) has
amended the
accounting requirements and disclosures related to offsetting of financial assets and
financial liabilities
by issuing amendments to IAS 32 ‘Financial Instruments: Presentation’ and IFRS 7.
These amendments
are the result of IASB and US Financial Accounting Standard Board undertaking a joint
project to address
the differences in their respective accounting standards regarding offsetting of financial
instruments.
The clarifying amendments to IAS 32 are effective for annual periods beginning on or
after 01 January
2014. However, these amendments are not expected to have a material impact on the
Company’s
financial statements.
2.3 Taxation
Current
Provision for current tax is based on the taxable income for the year determined in
accordance with

67
the prevailing law for taxation of income. The charge for current tax is calculated using
prevailing tax
rates or tax rates expected to apply to the profit for the year, if enacted. The charge for
current tax also
includes adjustments, where considered necessary, to provision for tax made in
previous years arising
from assessments framed during the year for such years.
Deferred
Deferred tax is accounted for using the balance sheet liability method in respect of all
temporary
differences arising from differences between the carrying amount of assets and
liabilities in the financial
statements and the corresponding tax bases used in the computation of the taxable
profit. Deferred tax
liabilities are generally recognized for all taxable temporary differences and deferred tax
assets to the
extent that it is probable that taxable profits will be available against which the
deductible temporary
differences, unused tax losses and tax credits can be utilized.
Deferred tax is calculated at the rates that are expected to apply to the period when the
differences
reverse based on tax rates that have been enacted or substantively enacted by the
balance sheet date.
Deferred tax is charged or credited in the profit and loss account, except to the extent
that it relates
to items recognized in other comprehensive income or directly in equity. In this case the
tax is also
recognized in other comprehensive income or directly in equity, respectively.
2.4 Foreign currencies
These financial statements are presented in Pak Rupees, which is the Company’s
functional currency.
All monetary assets and liabilities denominated in foreign currencies are translated into
Pak Rupees at
the rates of exchange prevailing at the balance sheet date, while the transactions in
foreign currencies
during the year are initially recorded in functional currency at the rates of exchange
prevailing at the
transaction date. All non-monetary items are translated into Pak Rupees at exchange
rates prevailing

68
on the date of transaction or on the date when fair values are determined. Exchange
gains and losses
are recorded in the profit and loss a
Property, plant, equipment and depreciation
Owned
Property, plant and equipment except freehold land and capital work-in-progress are
stated at cost
less accumulated depreciation and accumulated impairment losses (if any). Cost of
property, plant
and equipment consists of historical cost, borrowing cost pertaining to erection /
construction period
of qualifying assets and other directly attributable costs of bringing the asset to working
condition.
Freehold land and capital work-in- progress are stated at cost less any recognized
impairment loss.
Subsequent costs are included in the asset’s carrying amount or recognized as a
separate asset, as
appropriate, only when it is probable that future economic benefits associated with the
item will flow tothe Company and the cost of the item can be measured reliably. All
other repair and maintenance costs
are charged to profit and loss account during the period in which they are incurred.
Leased
Leases where the Company has substantially all the risk and rewards of ownership are
classified as
finance lease. Assets subject to finance lease are capitalized at the commencement of
the lease term at
the lower of present value of minimum lease payments under the lease agreements and
the fair value
of the leased assets, each determined at the inception of the lease.
The related rental obligation net of finance cost is included in liabilities against assets
subject to finance
lease. The liabilities are classified as current and long term depending upon the timing
of payments.
Each lease payment is allocated between the liability and finance cost so as to achieve
a constant rate
on the balance outstanding. The finance cost is charged to profit and loss account over
the lease term.
Depreciation of assets subject to finance lease is recognized in the same manner as for
owned assets.
Depreciation of the leased assets is charged to profit and loss account.

69
Depreciation
Depreciation on property, plant and equipment is charged to profit and loss account
applying the
reducing balance method so as to write off the cost / depreciable amount of the assets
over their
estimated useful lives at the rates given in Note 13.1. The Company charges the
depreciation on
additions from the date when the asset is available for use and on deletions upto the
date when the
asset is de-recognized. The residual values and useful lives are reviewed by the
management, at each
financial year-end and adjusted if impact on depreciation is significant.
De-recognition
An item of property, plant and equipment is de-recognized upon disposal or when no
future economic
benefits are expected from its use or disposal. Any gain or loss arising on de-
recognition of the asset is
included in the profit and loss account in the year the asset is de-recognized.
2.6 Investment properties
Land and buildings held for capital appreciation or to earn rental income are classified
as investment
properties. Investment properties except land, are stated at cost less accumulated
depreciation and any
recognized impairment loss. Land is stated at cost less any recognized impairment loss.
Depreciation
on buildings is charged to profit and loss account applying the reducing balance method
so as to write
off the cost of buildings over their estimated useful lives at a rate of 10% per annum.
2.7 Operating leases
Assets leased out under operating leases are included in investment properties. They
are depreciated
over their expected useful lives on a basis consistent with similar owned property, plant
and equipment.ccount.
Investments
Classification of an investment is made on the basis of intended purpose for holding
such investment.
Management determines the appropriate classification of its investments at the time of
purchase and
re-evaluates such designation on regular basis.

70
Investments are initially measured at fair value plus transaction costs directly
attributable to acquisition,
except for “Investment at fair value through profit or loss” which is initially measured at
fair value.
The Company assesses at the end of each reporting period whether there is any
objective evidence
that investments are impaired. If any such evidence exists, the Company applies the
provisions of IAS
39 ‘Financial Instruments: Recognition and Measurement’ to all investments, except
investments in
subsidiaries and equity method accounted for associates, which are tested for
impairment in accordance
with the provisions of IAS 36 ‘Impairment of Assets’.
a) Investment at fair value through profit or loss
Investments classified as held-for-trading and those designated as such are included in
this category.
Investments are classified as held-for-trading if these are acquired for the purpose of
selling in the
short term. Gains or losses on investments held-for-trading are recognized in profit and
loss account.
b) Held-to-maturity
Investments with fixed or determinable payments and fixed maturity are classified as
held-to-maturity
when the Company has the positive intention and ability to hold to maturity. Investments
intended
to be held for an undefined period are not included in this classification. Other long-term
investments
that are intended to be held to maturity are subsequently measured at amortized cost.
This cost is
computed as the amount initially recognized minus principal repayments, plus or minus
the cumulative
amortization, using the effective interest method, of any difference between the initially
recognized
amount and the maturity amount. For investments carried at amortized cost, gains and
losses are
recognized in profit and loss account when the investments are de-recognized or
impaired, as well as
through the amortization process.
c) Investment in subsidiaries

71
Investments in subsidiaries are stated at cost less impairment loss, if any, in
accordance with the
provisions of IAS 27 ‘Consolidated and Separate Financial Statements’.
d) Investment in associates - (with significant influence)
The Company is required to prepare separate financial statements, hence, in
accordance with the
requirements of IAS 27 ‘Consolidated and Separate Financial Statements’, the
investments in associated
undertakings are accounted for in accordance with IAS 39 ‘Financial Instruments:
Recognition and
Measurement’ and are classified as available for sale.
e) Available-for-sale
Investments intended to be held for an indefinite period of time, which may be sold in
response to need
for liquidity, or changes to interest rates or equity prices are classified as available-for-
sale. After initial
recognition, investments which are classified as available-for-sale are measured at fair
value. Gains or
losses on available-for-sale investments are recognized directly in statement of other
comprehensive
income until the investment is sold, de-recognized or is determined to be impaired, at
which time the
cumulative gain or loss previously reported in statement of other comprehensive income
is included in
profit and loss account. These are sub-categorized as under:
Quoted
For investments that are actively traded in organized capital markets, fair value is
determined by
reference to stock exchange quoted market bids at the close of business on the balance
sheet date.
Net realizable value signifies the estimated selling price in the ordinary course of
business less the
estimated costs of completion and the estimated costs necessary to make a sale.
2.10 Trade and other receivables
Trade debts and other receivables are carried at original invoice value less an estimate
made for doubtful
debts based on a review of all outstanding amounts at the year end. Bad debts are
written off when

72
identified.
2.11 Borrowings
Borrowings are recognized initially at fair value and are subsequently stated at
amortized cost. Any
difference between the proceeds and the redemption value is recognized in the profit
and loss account
over the period of the borrowings using the effective interest method.
2.12 Borrowing cost
Interest, mark-up and other charges on long-term finances are capitalized up to the date
of
commissioning of respective qualifying assets acquired out of the proceeds of such
long-term finances.
All other interest, mark-up and other charges are recognized in profit and loss account.
2.13 Share capital
Ordinary shares are classified as share capital.
2.14 Trade and other payables
Liabilities for trade and other amounts payable are initially recognized at fair value,
which is normally
the transaction cost.
Annual Report 2012 of Nishat Mills Limited
2.15 Revenue recognition
Revenue from different sources is recognized as under:
- Revenue from sale of goods is recognized on dispatch of goods to customers.
- Revenue from sale of electricity is recognized at the time of transmission.
- Dividend on equity investments is recognized when right to receive the dividend is
established.
- Operating lease rentals are recorded in profit and loss account on a time proportion
basis over the
term of the lease arrangements.
- Profit on deposits with banks is recognized on time proportion basis taking into
account the
amounts outstanding and rates applicable thereon.
2.16 Financial instruments
Financial instruments carried on the balance sheet include investments, deposits, trade
debts, loans
and advances, other receivables, cash and bank balances, long-term financing,
liabilities against assets
subject to finance lease, short-term borrowings, accrued mark-up and trade and other
payables etc.

73
Financial assets and liabilities are recognized when the Company becomes a party to
the contractual
provisions of instrument. Initial recognition is made at fair value plus transaction costs
directly
attributable to acquisition, except for “financial instruments at fair value through profit or
loss” which
are initially measured at fair value.
Financial assets are de-recognized when the Company loses control of the contractual
rights that
comprise the financial asset. The Company loses such control if it realizes the rights to
benefits
specified in contract, the rights expire or the Company surrenders those rights. Financial
liabilities are
de-recognized when the obligation specified in the contract is discharged, cancelled or
expired. Any
gain or loss on subsequent measurement (except available for sale investments) and
de-recognition is
charged to the profit or loss currently. The particular measurement methods adopted
are disclosed in
the individual policy statements associated with each item.
2.17 Provisions
Provisions are recognized when the Company has a legal or constructive obligation as
a result of past
events and it is probable that an outflow of resources embodying economic benefits will
be required to
settle the obligations and a reliable estimate of the amount can be made.
2.18 Impairment
a) Financial assets
A financial asset is considered to be impaired if objective evidence indicate that one or
more events had
a negative effect on the estimated future cash flows of that asset.
An impairment loss in respect of a financial asset measured at amortized cost is
calculated as a
difference between its carrying amount and the present value of estimated future cash
flows discounted
at the original effective interest rate. An impairment loss in respect of available for sale
financial asset is
calculated with reference to its current fair value.
Individually significant financial assets are tested for impairment on an individual basis.
The remaining

74
financial assets are assessed collectively in groups that share similar credit risk
characteristics.
b) Non-financial assets
The carrying amounts of the Company’s non-financial assets are reviewed at each
balance sheet date
to determine whether there is any indication of impairment. If such indication exists, the
recoverable
amount of such asset is estimated. An impairment loss is recognized wherever the
carrying amount of
58
the asset exceeds its recoverable amount. Impairment losses are recognized in profit
and loss account.
A previously recognized impairment loss is reversed only if there has been a change in
the estimates
used to determine the asset’s recoverable amount since the last impairment loss was
recognized. If
that is the case, the carrying amount of the asset is increased to its recoverable amount.
That increased
amount cannot exceed the carrying amount that would have been determined, net of
depreciation, had
no impairment loss been recognized for the asset in prior years. Such reversal is
recognized in profit and
loss account.
2.19 Derivative financial instruments
Derivative that do not qualify for hedge accounting are recognized in the balance sheet
at estimated fair
value with corresponding effect to profit and loss account. Derivative financial
instruments are carried
as assets when fair value is positive and liabilities when fair value is negative.
2.20 Off setting
Financial assets and financial liabilities are set off and the net amount is reported in the
financial
statements when there is a legal enforceable right to set off and the Company intends
either to settle
on a net basis or to realize the assets and to settle the liabilities simultaneously.
2.21 Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, cash at banks on current, saving
and deposit accounts
and other short term highly liquid instruments that are readily convertible into known
amounts of cash

75
and which are subject to insignificant risk of changes in values.
2.22 Segment reporting
Segment reporting is based on the operating (business) segments of the Company. An
operating
segment is a component of the Company that engages in business activities from which
it may earn
revenues and incur expenses, including revenues and expenses that relate to the
transactions with any
of the Company’s other components. An operating segment’s operating results are
reviewed regularly
by the chief executive officer to make decisions about resources to be allocated to the
segment and
assess its performance, and for which discrete financial information is available.
Segment results that are reported to the chief executive officer include items directly
attributable to a
segment as well as those that can be allocated on a reasonable basis. Those incomes,
expenses, assets,
liabilities and other balances which can not be allocated to a particular segment on a
reasonable basis
are reported as unallocated.
The Company has five reportable business segments. Spinning (Producing different
quality of yarn
using natural and artificial fibres), Weaving (Producing different quality of greige fabric
using yarn),
Processing and Home Textile (Processing greige fabric for production of printed and
dyed fabric and
manufacturing of home textile articles), Garments (Manufacturing garments using
processed fabric)
and Power Generation (Generating and distributing power).
Transaction among the business segments are recorded at cost. Inter segment sales
and purchases are
eliminated from the total.
2.23 Dividend and other appropriations
Dividend distribution to the Company’s shareholders is recognized as a liability in the
Company’s
financial statements in the period in which the dividends are declared and other
appropriations are
recognized in the period in which these are approved by the Board of Directors.

76
Hierarchy
The chief executive officer is Mr. Umer Mansha. Then the GM then senior managers and then
the employees with different designations as shown in the figure below.
purchase, import, export, accounts etc. each department has its GM. Then under each department
there are senior managers and then the staff.

77
Conclusion
Nishat Mills Limited is one of the leading groups in Pakistan. The system, the
management style, the policies & decentralized decision making environment is really
remarkable. This report is basically an attempt to identify the areas which need to be
improved.
In this era of technology, the “Information” is the key to success in the business. This
means that the successful businessman will be who will have the right information at the
right time. This comment leads to the conclusion that the Information Sharing Process
should really be improved.
The overall analysis is indicating that the company’s progress has mainly attained
through dedication of employees. The effectiveness of its management, their willingness
to take advantage of opportunities and face challenges of changing economic picture,
this all contributes to the very much improved and sound position of company. This is
really appreciable for the devotion and hard work of all the employees of the company

78
Recommendations
Recommendations for Improvements are:
incentives should also be given to Head office Staff.
ch facilities should also be
given to management.
improving the quality of work for employees
female employees in deadoffice. I think male should also be provided with
conveyance convenience. This will create the easiness for workers and
reduce the wastage of time.
should be control properly so that the employees are motivated.

after working hours.
Glossary of Terms

79
 AFS Available For Sale
 APTMA All Pakistan Textile Mills
Association
 Board Board of Directors
 CDC Central Depository
Company of Pakistan
 CEO Chief Executive Officer
 CFO Chief Financial Officer
 COCG Code of Corporate
Governance
 COO Chief Operating Officer
 CSR Corporate Social
Responsibility
 EBIT Earnings Before Interest
and Taxation
 EBITDA Earnings Before Interest,
Taxation, Depreciation and
Amortization
 EOBI Employees’ Old Age
Benefit Institute
 EPS Earnings Per Share
 ERP Enterprise Resource
Planning
 FBR Federal Board of Revenue
 GoP Government of Pakistan
 HR Human Resource
 HR & R Human Resource and
Remuneration
 IAS International Accounting
Standards
 ICAP Institute of Chartered
Accountants of Pakistan
 ICMAP Institute of Cost and
Management Accountants of
Pakistan
 IFRIC International Financial
Reporting Interpretation
Committee
 IFRS International Financial
Reporting Standards
 ISO International Organization for
Standards
 IT Information Technology
 KG Kilo Gram
 KIBOR Karachi Interbank Offer
Rate
 KSE Karachi Stock Exchange
 Lbs Pounds
 NRV Net Realisable Value
 SECP Securities and Exchange
Commission of Pakistan
 TFC Term Finance Certificate
 WPPF Workers’ Profit
Participation Fund
 WWF Workers’ Welfare Fund
Appendix
Additional Material Attached with it

80
Bibliography
 Marketing Management By Philip Kotler
 Advance Accounts By Mukher G
 Consolidate Statements By Harry Simons & KerrenBrock
References
1. www.nishatmillsltd.com
2. http/;google/nishat
3. google.com/Wikipedia-nishat-Groups-2007
4. KSE-Index100/nishat.aspx
5. SECP/Nishat+mills-aspx/pdf
6. Nishat annual report 2012 Google-Wikipedia
7. Companies Ordinance 1984 as amended upto date

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