Shariah Screening Criteria (for equity securities)
Shariah compliance of stocks is done under the guidance of qualified and reputed Shariah experts. For stocks to be “Shariah compliant”, it must meet ALL the six key tests given below.
Business of the Investee Company
Core business of the company must be halal and in line with the dictates of Shariah. Hence, investment in securities of any company dealing in conventional banking, conventional insurance, alcoholic drinks, tobacco, pork production, arms manufacturing, pornography or related activities is not permissible.
Debt to Total Assets
Debt to Asset ratio should be less than 37%. Debt, in this case, is classified as any interest bearing debts. Zero coupon bonds and preference shares are, both, by definition, part of debt.
Non-Compliant Investments to Total Assets
The ratio of non compliant investments to total assets should be less than 33%. Investment in any non-compliant security shall be included for the calculation of this ratio.
Non-Compliant Income to Total revenue – Purification of Non-compliant income
The ratio of non compliant income to total revenue should be less than 5%. Total revenue includes Gross revenue plus any other income earned by the company. This amount is cleansed out as charity as a pro rata ratio of dividends issued by the company.
Illiquid Assets to Total Assets
The ratio of illiquid assets to total assets should be at least 25%. Illiquid asset, here, is defined as any asset that that Shariah permits to be traded at value other than the par.
Net Liquid Assets to Share Price
The market price per share should be greater than the net liquid assets per share calculated as: (Total Assets – Illiquid Assets – Total Liabilities) divided by number of shares.
COMPANIES FOR KMI 30 INDEX RECOMPOSITION BASED ON ACCOUNTS FOR December 2021
No. | Ticker | Company Name | Charity Rate | Final Shariah Status |
1 | AABS | Al-Abbas Sugar Mills Ltd | 0.76% | Compliant1 |
2 | ABOT | Abbott Lab (Pakistan) Ltd | 1.19% | Compliant |
3 | ACPL | Attock Cement Pakistan Ltd * | 0.15% | Compliant |
4 | AGL | Agritech Limited | 0.20% | Non-Compliant |
5 | AGP | AGP Limited | 0.42% | Compliant |
6 | AGSML | Abdullah Shah Ghazi Sugar Mills | 100.00% | Non-Compliant1 |
7 | AGTL | Al-Ghazi Tractors Ltd | 0.41% | Compliant |
8 | AHCL | Arif Habib Corporation Ltd | 17.37% | Non-Compliant |
9 | ANL | Azgard Nine Ltd * | 0.38% | Compliant |
10 | APL | Attock Petroleum Ltd * | 0.39% | Compliant |
11 | ARPL | Archroma Pakistan Ltd | 0.06% | Compliant1 |
12 | ASC | Al Shaheer Corporation Ltd * | 0.48% | Compliant |
13 | ASL | Aisha Steel Ltd * | 0.01% | Non-Compliant |
14 | ASTL | Amreli Steels Ltd * | 0.00% | Non-Compliant |
15 | ATBA | Atlas Battery Ltd * | 0.08% | Non-Compliant |
16 | PREMA | At-Tahur Limited * | 0.00% | Compliant |
17 | ATLH | Atlas Honda Ltd * | 1.18% | Compliant1 |
18 | ATRL | Attock Refinery Ltd * | 0.54% | Compliant |
19 | AVN | Avanceon Limited # | 0.08% | Compliant |
20 | BAPL | Bawany Air Product Ltd * | 0.00% | Non-Compliant |
21 | BCL | Bolan Castings Ltd * | 0.71% | Compliant |
22 | BGL | Balochistan Glass Ltd * | 0.00% | Compliant |
23 | BIFO | Biafo Industries Ltd * | 1.99% | Compliant |
24 | BIPL | BankIslami Pakistan Ltd. ** | N/A | Compliant |
25 | BWCL | Bestway Cement Ltd * | 2.12% | Compliant |
26 | CNERGY | Cnergyico PK Limited (Byco Petroleum) * | 0.42% | Compliant |
27 | CEPB | Century Paper & Board Mills * | 0.05% | Compliant |
28 | CHCC | Cherat Cement Co. Ltd * | 0.25% | Compliant |
29 | CLOV | Clover Pakistan Ltd * | 0.02% | Compliant |
30 | CPPL | Cherat Packaging Ltd * | 0.00% | Compliant |
31 | CRTM | Crescent Textile Mills Ltd * | 0.91% | Non-Compliant |
32 | CSAP | Crescent Steel & Allied Products | 1.72% | Compliant |
33 | CTM | Colony Textile Mills Ltd * | 0.31% | Compliant |
34 | DAWH | Dawood Hercules Corporation | 3.44% | Compliant |
35 | DCL | Dewan Cement Ltd * | 0.01% | Compliant |
36 | DCR | Dolmen City REIT * | 0.00% | Compliant |
37 | DFML | Dewan Farooque Motors Ltd * | 0.00% | Non-Compliant |
38 | DFSM | Dewan Farooq Spinning Mills Ltd * | 0.00% | Compliant |
39 | DGKC | D.G. Khan Cement Co. Ltd * | 2.63% | Compliant |
40 | DOL | Descon Oxychem Ltd * | 0.20% | Compliant |
41 | DSIL | DS Industries Ltd * | 3.41% | Compliant |
42 | DSL | Dost Steel Ltd * | 0.00% | Non-Compliant |
43 | DYNO | Dynea Pakistan Ltd * | 0.11% | Compliant |
44 | ECOP | EcoPack Ltd * | 0.00% | Non-Compliant |
45 | EFERT | Engro Fertilizers Ltd | 1.19% | Compliant |
46 | FCEPL | Frieslandcampins Engro Foods Limited | 0.14% | Compliant |
47 | EMCO | EMCO Industries Ltd * | 0.00% | Compliant |
48 | ENGRO | Engro Corporation Ltd | 3.32% | Compliant |
49 | EPCL | Engro Polymer & Chemicals | 1.55% | Compliant |
50 | EPQL | Engro Powergen Qadirpur Ltd | 8.61% | Non-Compliant |
51 | EXIDE | Exide Pakistan Ltd * | 0.03% | Compliant1 |
52 | FATIMA | Fatima Fertilizer Co. Ltd | 1.01% | Compliant |
53 | FCCL | Fauji Cement Co. Ltd * | 0.84% | Compliant |
54 | FECM | First Elite Capital Modaraba ** | N/A | Compliant |
55 | FECTC | Fecto Cement Ltd * | 0.59% | Compliant |
56 | FEROZ | Ferozsons Laboratories Ltd * | 1.17% | Compliant |
57 | FFBL | Fauji Fertilizer Bin Qasim Ltd | 4.89% | Compliant |
58 | FFC | Fauji Fertilizer Company Ltd | 10.55% | Non-Compliant |
59 | FFL | Fauji Foods Ltd | 0.13% | Non-Compliant |
60 | FLYNG | Flying Cement Co. Ltd * | 0.00% | Compliant |
61 | FML | Feroze1888 Mills Ltd * | 0.55% | Compliant |
62 | GATM | Gul Ahmed Textile Mills Ltd * | 0.01% | Non-Compliant |
63 | GGGL | Ghani Global Glass Ltd * | 0.31% | Compliant |
64 | GGL | Ghani Global Holdings Limited * | 0.46% | Compliant |
65 | GHGL | Ghani Glass Ltd * | 0.00% | Compliant |
66 | GHNI | Ghandhara Industries Ltd * | 0.39% | Compliant |
67 | GHNL | Ghandhara Nissan Ltd * | 0.75% | Compliant |
68 | GLAXO | GlaxoSmithKline Pakistan | 0.92% | Compliant |
69 | GSKCH | Glaxo SmithKline Consumer Healthcare | 0.75% | Compliant |
70 | GTYR | General Tyre & Rubber Co. * | 0.08% | Non-Compliant |
71 | GVGL | Ghani Value Glass Ltd * | 0.36% | Compliant |
72 | GWLC | Gharibwal Cement Ltd * | 1.56% | Compliant |
73 | HABSM | Habib Sugar Mills Ltd | 3.39% | Non-Compliant |
74 | HCAR | Honda Atlas Cars (Pakistan) Ltd * | 0.98% | Compliant1 |
75 | HINO | Hinopak Motors Ltd * | 0.76% | Compliant1 |
76 | HINOON | Highnoon Laboratories Ltd | 0.92% | Compliant |
77 | HSM | Husein Sugar Mills Ltd | 0.01% | Compliant1 |
78 | HTL | Hi-Tech Lubricants Ltd | 0.12% | Compliant |
79 | HUBC | Hub Power Company Ltd * ## | 4.50% | Compliant |
80 | IBLHL | IBL HealthCare Ltd * | 0.03% | Compliant |
81 | ICI | ICI Pakistan Ltd * | 0.03% | Compliant |
82 | ICL | Ittehad Chemicals Ltd * | 0.08% | Compliant |
83 | INDU | Indus Motor Company Ltd * | 2.67% | Non-Compliant |
84 | INIL | International Industries Ltd * | 0.14% | Compliant |
85 | ISL | International Steels Ltd * | 0.10% | Compliant |
86 | ITTEFAQ | Ittefaq Iron Industries * | 0.00% | Compliant |
87 | KAPCO | Kot Addu Power Company * | 8.44% | Non-Compliant |
88 | KEL | K-Electric Ltd * | 0.39% | Compliant |
89 | KOHC | Kohat Cement Co. Ltd * | 0.08% | Compliant |
90 | KOHP | Kohinoor Power Company * | 0.41% | Compliant |
91 | KOIL | Kohinoor Industries Ltd * | 0.43% | Compliant |
92 | KOSM | Kohinoor Spinning Mills Ltd * | 0.00% | Non-Compliant |
93 | KTML | Kohinoor Textile Mills Ltd * | 0.32% | Compliant |
94 | LOADS | Loads Limited * | 0.35% | Non-Compliant |
95 | LOTCHEM | Lotte Chemical Pakistan Ltd | 1.43% | Non-Compliant |
96 | LPL | Lalpir Power Ltd | 5.41% | Non-Compliant |
97 | LUCK | Lucky Cement Ltd * | 3.05% | Compliant |
98 | MARI | Mari Petroleum Co. Ltd * | 2.86% | Compliant |
99 | MDTL | Media Times Ltd | N/A | NC by Nature |
100 | MEBL | Meezan Bank Ltd ** | N/A | Compliant |
101 | MERIT | Merit Packaging Ltd * | 0.20% | Non-Compliant |
102 | MFL | Matco Foods Ltd * | 0.04% | Non-Compliant |
103 | MLCF | Maple Leaf Cement Factory * | 0.02% | Compliant |
104 | MTL | Millat Tractors Ltd * | 0.67% | Compliant |
105 | MUGHAL | Mughal Iron & Steel Industries * | 0.27% | Compliant |
106 | NATF | National Foods Ltd * | 0.45% | Compliant |
107 | NCL | Nishat (Chunian) Ltd * | 0.01% | Non-Compliant |
108 | NCPL | Nishat Chunian Power Ltd * | 27.09% | Non-Compliant |
109 | NETSOL | NetSol Technologies Ltd * | 10.51% | Non-Compliant |
110 | NML | Nishat Mills Ltd * | 1.51% | Compliant |
111 | NPL | Nishat Power Limited * | 13.17% | Non-Compliant |
112 | NRL | National Refinery Ltd * | 0.01% | Compliant |
113 | NRSL | Nimir Resins Ltd * | 0.00% | Non-Compliant |
114 | OGDC | Oil & Gas Development Co. Ltd * | 4.22% | Compliant **** |
115 | PACE | Pace (Pakistan) Ltd * | 4.07% | Non-Compliant |
116 | PAEL | Pak Elektron Ltd * | 0.00% | Compliant |
117 | PAKOXY | Pakistan Oxygen Limited | 0.22% | Compliant |
118 | PIBTL | Pakistan International Bulk Terminal Ltd * | 1.95% | Compliant |
119 | PICT | Pakistan International Container Terminal | 1.61% | Non-Compliant |
120 | PIOC | Pioneer Cement Ltd * | 0.03% | Compliant |
121 | PKGP | Pakgen Power Ltd | 5.40% | Non-Compliant |
122 | PKGS | Packages Limited | 0.41% | Compliant |
123 | PMI | First Prudential Modaraba ** | N/A | Compliant |
124 | PNSC | Pakistan National Shipping Corporation * | 1.37% | Compliant |
125 | POL | Pakistan Oilfields Ltd * | 3.42% | Compliant |
126 | POWER | Power Cement Ltd * | 0.08% | Compliant |
127 | PPL | Pakistan Petroleum Limited * | 2.53% | Compliant **** |
128 | PRL | Pakistan Refinery Ltd * | 0.01% | Non-Compliant |
129 | PSMC | Pak Suzuki Motor Co. Ltd | 0.96% | Compliant |
130 | PSO | Pakistan State Oil Co. Ltd * | 0.63% | Compliant |
131 | PSX | Pakistan Stock Exchange Ltd. * | 28.51% | Non-Compliant |
132 | PTC | Pakistan Telecommunication (PTCL) | 3.52% | Non-Compliant |
133 | QUICE | Quice Food Industries Ltd * | 0.14% | Compliant |
134 | BECO | Beco Steel Limited (Ravi Textile) * | 0.00% | Compliant |
135 | REDCO | Redco Textiles Ltd * | 0.00% | Compliant |
136 | RPL | Roshan Packages Ltd * | 0.58% | Compliant |
137 | SAIF | Saif Textile Mills Ltd * | 0.25% | Non-Compliant |
138 | SAZEW | Sazgar Engineering Works * | 0.00% | Compliant |
139 | SEARL | The Searle Company Ltd * | 0.14% | Compliant |
140 | SEPL | Security Papers Ltd * | 4.19% | Non-Compliant |
141 | GTECH | G3 Technologies Limited(Service Fabrics) * | 71.59% | Non-Compliant |
142 | SGF | Service Global Footwear Limited | 4.29% | Compliant |
143 | SGPL * | SG Power Ltd. *** | 0.00% | No Opinion |
144 | SHEL | Shell (Pakistan) Ltd | 0.06% | Compliant |
145 | SHSML | Shahmurad Sugar Mills Ltd | 0.43% | Compliant1 |
146 | SKRS | Sakrand Sugar Mills Ltd | 0.00% | Compliant3 |
147 | SMCPL | Safe Mix Concrete Ltd * | 0.15% | Compliant |
148 | SNGP | Sui Northern Gas Pipelines Ltd | 1.48% | Compliant3 |
149 | SPEL | Synthetic Products Ltd | 0.11% | Compliant |
150 | SPL | Sitara Peroxide Ltd * | 0.02% | Compliant |
151 | SPWL | Saif Power Ltd *** | 0.01% | No Opinion |
152 | SRVI | Service Industries Ltd | 1.39% | Non-Compliant |
153 | SSGC | Sui Southern Gas Co. Ltd | 0.81% | Compliant3 |
154 | STCL | Shabbir Tiles & Ceramics Ltd * | 0.37% | Compliant |
155 | STPL | Siddiqsons Tin Plate Ltd * | 0.14% | Compliant |
156 | SYS | Systems Limited | 0.79% | Compliant |
157 | TELE | Telecard Limited * # | 0.17% | Compliant |
158 | TGL | Tariq Glass Industries Ltd * | 0.06% | Compliant |
159 | THALL | Thal Limited * | 3.04% | Compliant |
160 | THCCL | Thatta Cement Company * | 0.32% | Compliant |
161 | TPL | TPL Corporation | 13.79% | Non-Compliant |
162 | TREET | Treet Corporation Ltd * | 0.42% | Compliant |
163 | TRG | TRG Pakistan Ltd | 100.00% | Non-Compliant |
164 | TRIPF | Tri-Pack Films Ltd * | 0.06% | Non-Compliant |
165 | TSPL | Tri-Star Power Ltd. * | 12.80% | Non-Compliant |
166 | UBDL | United Brands Limited * | 0.15% | Compliant |
167 | UNITY | Unity Foods Ltd * | 0.66% | Compliant |
168 | WAVES | WAVES Singer Pakistan Ltd | 0.00% | Compliant3 |
169 | WTL | WorldCall Telecom Ltd | 1.97% | Compliant3 |
170 | WYETH | Wyeth Pakistan Ltd | 4.44% | Compliant2 |
171 | YOUW | Yousaf Weaving Mills Ltd * | 0.00% | Compliant |
172 | HUMNL | Hum Network Ltd | N/A | NC by Nature |
173 | 786 | 786 Investments Ltd | N/A | NC by Nature |
174 | AHL | Arif Habib Ltd | N/A | NC by Nature |
175 | BOK | Bank of Khyber | N/A | NC by Nature |
176 | ESBL | Escorts Investment Bank Ltd | N/A | NC by Nature |
177 | FABL | Faysal Bank Ltd. | N/A | NC by Nature |
178 | FCSC | First Capital Securities Corp. Ltd | N/A | NC by Nature |
179 | FDIBL | First Dawood Investment Bank Ltd | N/A | NC by Nature |
180 | HGFA | HBL Growth Fund – (A) | N/A | NC by Nature |
181 | HIFA | HBL Investment Fund (A) | N/A | NC by Nature |
182 | ICIBL | Invest Capital Investment Bank | N/A | NC by Nature |
183 | JSCL | Jahangir Siddiqui & Co. Ltd | N/A | NC by Nature |
184 | PASL | Pervez Ahmed Securities Ltd | N/A | NC by Nature |
185 | TSMF | Tri-Star Mutual Fund | N/A | NC by Nature |
186 | ADAMS | Adam Sugar Mills Ltd | 0.13% | Compliant |
187 | ADMM | Artistic Denim Mills Ltd * | 0.00% | Non-Compliant |
188 | ADOS | Ados Pakistan Ltd * | 0.02% | Non-Compliant |
189 | ARM | Allied Rental Modaraba ** | N/A | Compliant |
190 | BERG | Berger Paints Pakistan Ltd * | 0.72% | Compliant |
191 | BNWM | Bannu Woollen Mills Ltd * | 0.00% | Compliant |
192 | BRR | B.R.R. Guardian Modaraba ** | N/A | Compliant |
193 | BUXL | Buxly Paints Ltd * | 0.00% | Compliant |
194 | COLG | Colgate Palmolive (Pakistan) * | 1.13% | Compliant |
195 | DNCC | Dandot Cement Co. Ltd * | 97.80% | Non-Compliant |
196 | FEM | First Equity Modaraba ** | N/A | Compliant |
197 | FHAM | First Habib Modaraba ** | N/A | Compliant |
198 | FPJM | First Punjab Modaraba ** | N/A | Compliant |
199 | FPRM | First Paramount Modaraba ** | N/A | Compliant |
200 | FRSM | Faran Sugar Mills Ltd | 0.25% | Compliant1 |
201 | FUDLM | First UDL Modaraba ** | N/A | Compliant |
202 | GADT | Gadoon Textile Mills Ltd * | 0.01% | Compliant |
203 | GFIL | Ghazi Fabrics International Ltd * | 0.00% | Compliant |
204 | GLPL | Gillette Pakistan Ltd * | 0.26% | Compliant |
205 | HRPL | Habib Rice Products Ltd. * | 0.58% | Compliant |
206 | HSPI | Huffaz Seamless Pipe Ind. | 0.00% | Compliant3 |
207 | IDYM | Indus Dyeing & Mfg Co. Ltd. * | 0.18% | Non-Compliant |
208 | ILP | Interloop Limited * | 0.02% | Non-Compliant |
209 | JATM | J. A. Textile Mills Ltd. * | 0.14% | Compliant |
210 | JSML | Jauharabad Sugar Mills Ltd. | 0.08% | Compliant1 |
211 | JVDC | Javedan Corporation Ltd * | 9.31% | Non-Compliant |
212 | KASBM | KASB Modaraba ** | N/A | Compliant |
213 | KOHE | Kohinoor Energy Ltd * | 0.00% | Compliant |
214 | LEUL | Leather-Up Limited * | 0.04% | Compliant |
215 | MACFL | MACPAC Films Ltd * | 0.00% | Compliant |
216 | MFFL | Mitchell’s Fruit Farms Ltd * | 0.15% | Compliant |
217 | MODAM | Modaraba al Mali ** | N/A | Non-Compliant |
218 | MRNS | Mehran Sugar Mills Ltd | 0.94% | Non-Compliant1 |
219 | NESTLE | Nestle Pakistan Ltd | 0.01% | Compliant |
220 | NICL | Nimir Industrial Chemicals Ltd * | 0.00% | Non-Compliant |
221 | ORIXM | Orix Modaraba ** | N/A | Compliant |
222 | PAKD | Pak DataCom Ltd. # | 1.30% | Compliant |
223 | PAKMI | First Pak Modaraba ** | N/A | Compliant |
224 | PCAL | Pakistan Cables Ltd * | 0.37% | Compliant |
225 | PHDL | Pakistan Hotels Developers Ltd * | 0.18% | Compliant |
226 | PIM | Popular Islamic Modaraba ** | N/A | Compliant |
227 | PRWM | Prosperity Weaving Mills Ltd. * | 0.24% | Non-Compliant |
228 | PSYL | Pakistan Synthetics Ltd. * | 0.18% | Compliant |
229 | REWM | Reliance Weaving Mills * | 0.26% | Non-Compliant |
230 | SERT | Service Textiles industries Ltd. * | 0.00% | Compliant |
231 | SHDT | Shadab Textile Mills Ltd. * | 0.05% | Compliant |
232 | SHEZ | Shezan International Ltd. * | 0.04% | Compliant |
233 | SHFA | Shifa International Hospitals * | 1.57% | Compliant |
234 | SIEM | Siemens (Pakistan) Engineering | 0.44% | Non-Compliant1 |
235 | SITC | Sitara Chemical Industries Ltd * | 0.00% | Compliant |
236 | SSML | Saritow Spinning Mills Ltd. * | 0.00% | Compliant |
237 | SSOM | S.S. Oil Mills Ltd * | 0.03% | Compliant |
238 | SUTM | Sunrays Textile Mills Ltd. * | 0.14% | Compliant |
239 | TATM | TATA Textile Mills Ltd. * | 0.03% | Non-Compliant |
240 | TOWL | Towellers Limited * | 0.21% | Compliant |
241 | TPLP | TPL Properties Ltd * | 76.45% | Non-Compliant |
242 | ZTL | Zephyr Textiles Ltd. * | 0.18% | Compliant |
243 | AKDHL | AKD Hospitality Limited (AKD Capital) | N/A | NC by Nature |
244 | AMBL | Apna Microfinance Bank Ltd. | N/A | NC by Nature |
245 | BIPLS | BIPL Securities Limited | N/A | NC by Nature |
246 | DEL | Dawood Equities Ltd | N/A | NC by Nature |
247 | EFGH | EFG Hermes Pakistan | N/A | NC by Nature |
248 | FNEL | First National Equities Ltd | N/A | NC by Nature |
249 | MCBAH | MCB-Arif Habib Savings & investment | N/A | NC by Nature |
250 | NEXT | Next Capital Limited | N/A | NC by Nature |
251 | PIAA | Pakistan International Airlines Corporation Limited | 0.07% | Non-Compliant |
252 | UCAPM | Unicap Modaraba ** | N/A | Compliant |
253 | BNL | Bunnys Limited * | 0.09% | Compliant |
254 | EPCLPS | Engro Poly & Che Pre | N/A | NC by Nature |
255 | AGHA | Agha Steel Industries Limited * | 0.21% | Non-Compliant |
256 | TOMCL | The Organic Meat Company Limited * | 0.00% | Compliant |
257 | IML | Imperial Limited | N/A | NC by Nature |
258 | IMAGE | Image Pakistan * | 0.00% | Compliant |
259 | TPLT | TPL Trakker Limited * | 6.40% | Non-Compliant |
260 | PTL | Panther Tyres Limited * | 0.19% | Compliant |
261 | PABC | Pakistan Aluminium Beverage Cans Limited | 0.33% | Compliant |
262 | CPHL | Citi Pharma Limited | 1.81% | Non-Compliant |
263 | CLVL | Cordoba Logistics & Ventures Limited * | 3.69% | Compliant |
NOTE: The above criteria of KMI Index is approved by Sharia’h Supervisory Board of KMI Index Partner, MBL.
NC= Non – Compliant
N/A = Not Applicable
* These are provisional rates for dividend purification, which are subject to final adjustment upon announcement of respective companies’ annual accounts for the year 2021/2022.
** Only illiquid Assets to Total Assets and Net Liquid Asset ratios calculated of all Islamic Financial Institutions.
*** Status of ‘No Opinion’ is ascertained due to non-disclosure of the required information as per last available financial statement i.e breakup of sales revenue including interest element. Therefore, such companies will not be included in KMI Islamic Index.
**** Shares are considered ‘Compliant’ based on the reasoning mentioned in clause 8 of Shariah Standard 59.
# As AVN, PAKD & TELE are from IT sector, therefore their fixed assets are not significant in value therefore, these are considered as Compliant and relaxation provided over Illiquid assets to Total Assets ratio.
## While calculating HUBC’s Income ratio, China Power Hub Generation Company (CPHGC) which is an associated investee company of HUBC whose revenues are consolidated with HUBC’s revenues upto the the extent of HUBC’s investment.
- Based on September-2021 accounts
- Based on November-2021 accounts
- As per last available annual / half-yearly accounts