اِس میں تیرا قصور بھی کیا ہے
مجھ کو تجھ سے پیار ہُوا ہے
خود ہی اپنا بُرا کیا ہے
تجھ کو کب الزام دیا ہے
تجھ کو کوئی افسوس نہیں کیا
میں نے خود کو مار لیا ہے
چاند کو جب بھی دیکھتا ہوں میں
دھیان میں پھر تُو آجاتا ہے
تیور تیرے بدلے بدلے
جانے تُو کیا سوچ رہا ہے
موم کی مورت ، چاند سی صورت
جانے دل کیوں پتھر سا ہے
تیری مجبوری سمجھی ہے
شکوہ تجھ سے کس نے کیا ہے
تیری ساری باتیں سچی
میں نے ہی سب جھوٹ کہا ہے
ہجر کا درد اُٹھا کر کوئی
گور کنارے اب پہنچا ہے
Great lineage, good manners, trustworthiness, sincerity, courage and bravery, obedience, generosity, modesty, humility, thankfulness, absolute trust in Allah, education and upbringing, affection and compassion towards the elderly, the youth, slaves and animals, the regard for truth, the endurance and patience etc. Are such features that at them neither was the match for the Holy Master (saw) born, nor will any such person be ever born. In addition, let alone friends, his enemies were helpless to hold him as-Sadiq (the Truthful) and al-Ameen (the Trustworthy) due to these and many other great attributes; and they would say: Muhammad is not a liar at all, but we can’t believe in him as a prophet sent by Allah. Moreover, even a non-Muslim or polytheist has never criticized his character to this day, nor will anybody do till the judgment day. Whenever the greatest personalities of the world were listed or somebody committed to writing on the said topic, the Holy Prophet (saw) remained at the top of the list. Drawing of the swords of father and son against each other, the change of the standard of friendship and enmity, fighting of master and his slave against each other, chanting the slogan of Ahad-Ahad (the only One, the only One) on the blazing sand, giving priority to martyrdom over the utterance of a word of unbelief, taking a husband away from his wife and separating a mother from her infant, deforming the condition after a blasphemous blow on the blessed face, forced migration to Habsha (Abyssinia) at times, and laying siege to Shb-e-Abi Talib (the valley of Abi Talib) at times.
The purpose of this study is to investigate the effect of financial leverage on financial performance of cement sector in Pakistan. By selecting the appropriate panel econometric technique among ordinary least squares (OLS), fixed effects and random effects, the association between financial leverage and financial performance of all cement companies listed on the Karachi Stock Exchange during 2008-2012 has been analyzed. The number of cement companies listed on KSE is 19. The empirical results depict that financial leverage has positive and statistically significant association with both proxies of financial performance which are return on assets (ROA) and Tobin?s Q. It is evident from these results that cement companies of Pakistan can reap the benefits of leverage if they create an appropriate mix of equity and debt in their capital structure. Among the control variables, firm size is positively and significantly associated with return on assets and negatively and insignificantly related with Tobin?s Q. Asset tangibility and return on equity have negative and insignificant association while it has inverse and significant relationship with Tobin?s Q. The liquidity is found to have positive and significant association with both financial performance measures (i.e. return on assets and Tobin?s Q) of the cement companies which show that efficient working capital management leads to better firm performance. The findings of this study have practical implications for corporate financial planners of cement sector to include an appropriate proportion of debt in their capital structure. Moreover, this study is also helpful for the financial policy makers of government to establish a strong bond market in Pakistan to facilitate the corporate sector for raising loans to reap the benefits of financial leverage.