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Introduction:

Alabbas Cement Ltd:


Al Abbas Cement Industries Limited was established as Private Limited Company on 01st December, 1981 and was converted into Public Limited Company on 09 July 1987 and is listed on Karachi and Lahore Stock Exchanges. The Companys principal activity is manufacturing, sell and marketing of cement. The registered office of the Company is situated at Pardesi House, Survey No. 2/1, R.Y. 16, Old Queens Road, Karachi and its undertaking is situated at Deh Kalo Kohar, Nooriabad Industrial Estate, District Dadu (Sindh)

Fauji Cement Company Limited:


Fauji Cement Company Limited was sponsored by Fauji Foundation and incorporated as a public limited company on 23 November 1992. It obtained the Certificate of Commencement of Business on 22 May 1993. The Company has been setup with primary objective of producing and selling Ordinary Portland Cement (OPC). For the purpose of selection of sound process technology, state of the art equipment, civil design and project monitoring, local and foreign consultants were engaged.

Maple Leaf Cement:


Maple Leaf Cement is the third largest cement factory in Pakistan. It was set up in 1956 as a joint collaboration between the West Pakistan Industrial Development Corporation and the government of Canada. It is strategically located at Daudkhel (District Mianwali) in Northern Pakistan, which is an area rich in raw materials required for the production of cement. Kohinoor acquired the ownership and management of Maple Leaf Cement under the privatization policy of the government of Pakistan in 1992. Presently Kohinoor Textile Mills is the holding company for Maple Leaf cement.

Introduction to Analysis of Financial Statements:

While discussing about Analysis first of all we have to dicuss the financial statements. A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity. In British Englishincluding United Kingdom company lawa financial statement is often referred to as an account, although the term financial statement is also used, particularly by accountants. For a business enterprise, all the relevant financial information, presented in a structured manner and in a form easy to understand, are called the financial statements. They typically include three basic financial statements.

Balance Sheet:
A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These three (Assets, Liabilitiesand Equity) balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by the shareholders. A financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time - usually a fiscal quarter or year. These records provide information that shows the ability of a company to generate profit by increasing revenue and reducing costs. The P&L statement is also known as a "statement of profit and loss", an "income statement" or an "income and expense statement".

Cash Flow Statement:


In financial accounting, a cash flow statement, also known as statement of cash flows or funds flow statement, is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities. Essentially, the cash flow statement is concerned with the flow of cash in and cash out of the business. The statement captures both the current operating results and the accompanying changes in the balance sheet.[1] As an analytical tool, the statement of cash flows is useful in determining the short-term viability of a company, particularly its ability to pay bills. International Accounting Standard 7 (IAS 7) is the International Accounting Standard that deals with cash flow statements.

Now we will discuss the Analysis of these statements: Analysis of financial statements is an attempt to assess the efficiency and performance of an enterprise. Thus, the analysis and interpretation of financial statements is very essential to measure the efficiency, profitability, financial soundness and future prospects of the business units. Financial analysis serves the following purposes: Measuring the profitability The main objective of a business is to earn a satisfactory return on the funds invested in it. Financial analysis helps in ascertaining whether adequate profits are being earned on the capital invested in the business or not. It also helps in knowing the capacity to pay the interest and dividend. Indicating the trend of Achievements Financial statements of the previous years can be compared and the trend regarding various expenses, purchases, sales, gross profits and net profit etc. can be ascertained. Assessing the growth potential of the business The trend and other analysis of the business provide sufficient information indicating the growth potential of the business. Comparative position in relation to other firms The purpose of financial statements analysis is to help the management to make a comparative study of the profitability of various firms engaged in similar businesses. Assess overall financial strength The purpose of financial analysis is to assess the financial strength of the business. Analysis also helps in taking decisions, whether funds required for the purchase of new

machines and equipments are provided from internal sources of the business or not if yes, how much? And also to assess how much funds have been received from external sources. Assess solvency of the firm The different tools of an analysis tell us whether the firm has sufficient funds to meet its short term and long term liabilities or not. Users of Financial Statements: Internal Users: The internal users of financial statements are individuals who have direct bearing with the organization. They may include: Managers and Owners: For the smooth operation of the organization, the managers and owners need the financial reports essential to make business decisions. So as to provide a more comprehensive view of the financial position of an organization, financial analysis is performed with the information supplied in the financial statements. The financial statement is used to formulate contractual terms between the company and other organizations.

A variable of the financial statement like the current debt to equity ratio is important in deciding the amount of long term capital that would be required to be raised. The financial statements of other companies can also provide investment solutions to different companies. Sometimes it becomes difficult to decide the right field in which financial resources may be channelized. In such situations the financial statements of other companies provide the appropriate guideline.

Employees: The financial reports or the financial statements are of immense use to the employees of the company for making collective bargaining agreements. Such statements are used for discussing matters of promotion, rankings and salary hike.

External Users:

The external users comprise of:

Institutional Investors: The external users of financial statements are basically the investors who use the financial statements to assess the financial strength of a company. This would help them to make logical investment decisions.

Financial Institutions: The users of financial statements are also the different financial institutions like banks and other lending institutions who decide whether to help the company with working capital or to issue debt security to it.

Government: The financial statements of different companies are also used by the government to analyze whether the tax paid by them is accurate and is in line with their financial strength.

Vendors: The vendors who extend credit to a business require financial statements to assess the creditworthiness of the business. General Mass and Media: The common people as well as media also make part of the users of financial statements.

Brief List of Users of Financial Statements: 1. Existing equity investors and lenders, to monitor their investments and to evaluate the performance of management. 2. Prospective equity investors and lenders, to decide whether or not to invest. 3. Investment analysts, money managers, and stockbrokers, to make buy/sell/hold recommendations to their clients. 4. Major customers and suppliers, to evaluate the financial strength and staying power of the company as a dependable resource for their business. 5. Boards of directors, to review the performance of management. 6. Management, to assess its own performance. 7. Corporate raiders, to seek hidden value in companies with under priced stock. 8. Competitors, to benchmark their own financial results. 9. Potential competitors, to assess how profitable it may be to enter an industry.

10. Government agencies responsible for taxing, regulating, or investigating the company. 11. Politicians, lobbyists, issue groups, consumer advocates, environmentalists, think tanks, foundations, media reporters, and others who are supporting or opposing any particular public issue the company's actions affect. 12. Actual or potential joint venture partners, franchisors or franchisees, and other business interests who need to know about the company and its financial situation. Why Analysis: 1. Learning Purpose 2. Cheking the Financial Performance 3. Checking comparative position 4. Checking the interest of different Users 5. Checking the financial distress Analysis With Respect to User Analysis of financial statements has become very significant due to extensive interest of various parties in the financial results of a business unit. The various parties interested in the analysis of financial statements are: (i) Investors: Shareholders or proprietors of the business are interested in the well being of the business. They like to know the earning capacity of the business and its prospects of future growth. The investors are Intersted in high returns. (ii) Management: The management is interested in the financial position and performance of the enterprise as a whole and of its various divisions. It helps them in preparing budgets and assessing the performance of various departmental heads. (iii) Lenders: Lenders to the business like debenture holders, suppliers of loans and lease are interested to know short term as well as long term solvency position of the entity.

(iv) Suppliers and trade creditors: The suppliers and other creditors are interested to know about the solvency of the business i.e. the ability of the company to meet the debts. (v) Tax authorities: Tax authorities are interested in financial statements for

determining the tax liability. (vi) Researchers: They are interested in financial statements in undertaking research work in business affairs and practices. (vii) Employees: They are interested to know the growth of profit. As a result of which they can demand better remuneration and congenial working environment. (viii) Stock exchange: about companies. The stock exchange members take interest in financial

statements for the purpose of analysis because they provide useful financial information

Methodolgy:
The methods that has been used to analyse the Financial statements in order to check the performance with respect to industry and check the statements with respect to year in order to check the increase or decrease in the Revenues and in Balance sheet, and method that has been used to check the financial soundness of the company financial distress of the company. These methods are as follows: 1. Ratio Analysis 2. Horizontal Analysis 3. Vertical Analysis

Ratio Analysis
A tool used by individuals to conduct a quantitative analysis of information in a company's financial statements. Ratios are calculated from current year numbers and are then compared to previous years, other companies, the industry, or even the economy to judge the performance of the company. Ratio analysis is predominately used by proponents of fundamental analysis. We calculated different type of ratio that are as follows 1. Liquidity Ratios 2. Profitibility Ratios 3. Activity Ratios 4. Solvency Ratios 5. Marketability Ratios

Liquidity Ratios:
A class of financial Ratios that are used to determine the company's ability to pay off its short-terms debts obligations. Current Ratios

A liquidity ratio that measures a company's ability to pay short-term obligations: The ratio is mainly used to give an idea of the company's ability to pay back its shortterm liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they came due at that point. While this shows the company is not in good financial health, it does not necessarily mean that it will go bankrupt - as there are many ways to access financing - but it is definitely not a good sign. The current ratio can give a sense of the efficiency of a company's operating cycle or its ability to turn its product into cash. Companies that have trouble getting paid on their receivables or have long inventory turnover can run into liquidity problems because they are unable to alleviate their obligations. Because business operations differ in each industry, it is always more useful to compare companies within the same The Formula for this ratio is Current Ratio = Current Ratio / Current Liabilities Quick Ratio: industry.

An indicator of a company's short-term liquidity. The quick ratio measures a company's ability to meet its short-term obligations with its most liquid assets. The higher the quick ratio, the better the position of the company. The quick ratio is calculated as:

Quick Ratio = (CA Inventories Prepaid Expenses) / Current Liabilities The Absolute Quick Ratio or Cash Ratio ratio of a company's total cash and cash equivalents to its current

liabilities. The cash ratio is most commonly used as a measure of company liquidity. It can therefore determine if, and how quickly, the company can repay its short-term debt. A strong cash ratio is useful to creditors when deciding how much debt, if any, they would be willing to extend to the asking party. Cash Ratio = (QA Recieveables) / Current Liabilities

Profitibility Ratios:
These ratios tell us about the performance of the company during the period. How good is a company at running its business? Does its performance seem to be getting better or worse? Is it making any money? How profitable is it compared with its industry? All of these very important questions can be answered by analyzing profitability ratios. Gross Profit margin Ratio:

The gross profit margin ratio measures how efficiently a company uses its resources, material, and labor in the production process by showing the percentage of net sales remaining after subtracting the cost of making and selling of products. It is usually expressed as a percentage and indicates the profitability of a businesss before overhead costs. Gross profit is simply the difference between a company's sales of goods or services and how much it must pay to provide those goods or services. Gross margin is simply the amount of each Rupee of sales that a company keeps in the form of gross profit, and it is usually stated in percentage terms. The higher the gross margin, the more of a premium a company charges for its goods or services. Keep in mind that companies in different industries may have vastly different gross margins.

Gross Margin = (Gross Profit) / (Sales) Net Profit Margin:

The net profit margin narrows the focus on profitability, and highlights not just the company's sales efforts, but also its ability to keep operating costs down, relative to sales. The formula generally used to determine the net profit margin is: Net Profit Margin = Earnings After Taxes / Sales

This percentage is an indication of how effective a company is at cost control. The higher the net profit margin is, the more effective the company is at converting revenue into actual profit. The net profit margin is a good way of comparing companies in the same industry, since such companies are generally subject to similar business conditions. Operating Profit Margin Ratio:

Operating profit margin gives analysts an idea of how much a company makes (before interest and taxes) on each Rupee of sales. When looking at operating margin to determine the quality of a company, it is best to look at the change in operating margin over time and to compare the company with competitors or industry. If a company's margin is increasing, it is earning more than its meaning that the company is working efficiently. And this ratio is used to measure the pricing strategy and operating efficiency. The formula for this ratio is Operating Profit Margin = Operating Profit / Sales Operating Expense Ratio:

This ratio show us that the operating expenses as percentage of Sales. Using the OpEx to gross margin ratio can help a business determine whether it can profitably expand. Companies also use this ratio to gauge how well management controls company

expenses. And from this ratio the management checks the OpEx either these are high as compare to industry or less. The formula of this ratio is OpEx Ratio = Operating expenses/ Sales Cost of Goods Sold Ratio:

This ratio tells us about the cost of products this ratio also shows the pricing strategy. The formula of this ratio is COGS Ratio = cost of goods sold / Sales Return on Investment/Assets:

Indicates what return a company is generating on the firm's investments/assets. An indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings. ROA = (Net Income + Interest expense) / Total Assets We add interest in this ratio because the assets are firm not only purchased from the owner capital but also includes a portion debt. Return on Equity:

The amount of net income or return as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. ROE = net income / shareholders equity And if the preferred stock is treated as long term liability than the formula for this ratio will be ROE = (Net Income Preferred dividends) / Shareholders equity This ratio shows the earning of the firm that are generated from the equity.

The principal difference between the formula for return on assets and for return on equity is the use of equity rather than total assets in the denominator, and it is here that the technique of comparing ratios comes into play. By examining the difference between Return on Assets and Return on Equity, you can largely determine how the company is funding its operations. Assets are acquired through two major sources: creditors (through borrowing) and stockholders (through retained earnings and capital contributions). Collectively, the retained earnings and capital contributions constitute the company's equity. When the value of the company's assets exceeds the value of its equity, you can expect that some form of financial leverage makes up the difference: i.e., debt financing. Return on Capital Employed:

This ratio indicates the efficiency and profitability of a company's capital investments (equity and debt financing). The long-term financial soundness of any business can be judged by its long-term creditors by testing its ability to pay interest charges regularly and its ability to repay the principal as per schedule. ROCE = (Net Profit + Interest) / Capital Employed

Solvency Ratios:
These ratios measure the size of the company and also deal with the capital structure of the company. Acceptable solvency ratios will vary from industry to industry, but as a general rule of thumb, a solvency ratio of greater than 20% is considered financially healthy. Generally speaking, the lower a company's solvency ratio, the greater the probability that the company will default on its debt obligations. It measures the size of the company after tax payment. The Total debt Ratio:

It is a healthy sign when a company's debt ratio is falls, although both stockholders and potential creditors would prefer to see the rate of decline in the debt ratio more closely match the decline in return on assets. As the return on assets falls, the net income

available to make payments on debt also falls. This company should probably take action to retire some of its short-term debt, and the current portion of its long-term debt, as soon as possible. Total Debt Ratio = Total Debt / Total Assets Debt to Equity Ratio: This ratio indicates the relative proportion of shareholders' equity and debt used to finance a company's assets. It is important to realize that if the ratio is greater than 1, the majority of assets are financed through debt. If it is smaller than 1, assets are primarily financed through equity. Debt to Equity Ratio = Total Debt / Total Equity Longer Term Debt to Total Assets Ratio: A measurement representing the percentage of a corporation's assets that are financed with loans and financial obligations lasting more than one year. The ratio provides a general measure of the financial position of a company. A year-over-year decrease in this metric would suggest the company is progressively becoming less dependent on debt to grow their business. And if this metric increase as compare to previous years than its mean the business is more dependant on debts to maintain its running position. The calculation for the long term debt to total assets ratio is: Long term debt to total asset ratio = long term debt / total assets

Activity Ratios:
These ratios deal with the operations of the business. Asset Turnover Ratio:

Asset turnover measures a firm's efficiency at using its assets in generating sales or revenue - the higher the number the better result. The formula of this ratio is

Assets Turnover = Sales / Total Assets Inventory Turnover Ratio:

A ratio showing how many times a company's inventory is sold and replaced over a period. The formula for the Inventory Turnover Ratio is: Inventory Turnover = Cost of Goods Sold / Average Inventory Inventory Turnover in Days:

The formula to calculate days in inventory is the number of days in the period divided by the inventory turnover ratio. This formula is used to determine how quickly a company is converting their inventory into sales. A slower turnaround on sales may be a warning sign that there are problems internally. The formula for this ratio is Inventory Turnover in days = 365 / inventory Turnover Debtor Turnover ratio Debtor turnover ratio is the relationship between net sales and average debtors. It is also called account receivable turnover ratio because we debtor and bill receivables' total is used for following formula Debtor Turnover ratio = Net Credit Sales / Average Debtors Average Debtors = Opening balance of debtors + closing balance of debtors / 2 Net Credit Sales = Total sales - sales return - cash sales

Collection Period:

The approximate amount of time that it takes for a business to receive payments owed, in terms of receivables, from its customers and clients. The formula for this Ratio is Collection Period = 365 / Debtor Turnover Operating Cycle:

The Operating Cycle of a business is a metric that calculates the average number of days it takes to recover via a final debtor collections, the cash initially outlaid for resource inputs. The Operating Cycle includes raw material purchases, inventories, conversions, sales, debtor accounts and debtor collections.

The Calculation of this cycle is Inventory Turnover in Days + Debtor Turnover in days Creditor Turnover Ratio:

A short-term liquidity measure used to quantify the rate at which a company pays off its suppliers. Accounts payable turnover ratio is calculated by taking the total purchases made from suppliers and dividing it by the average accounts payable amount during the same period. The formula for this ratio is Creditor Turnover Ratio = Credit Purchases / Average Accounts Receiveables Creditor Turnover in Days:

How many days it takes to pay off to creditors The Formula for this Ratio is Creditor Turnover in Days = 365 / creditor turnover

Cash Cycle:

Usually a company acquires inventory on credit, which results in accounts payable. A company can also sell products on credit, which results in accounts receivable. Cash, therefore, is not involved until the company pays the accounts payable and collects accounts receivable. So the cash conversion cycle measures the time between outlay of cash and cash recovery. The formula for the calculation of this cycle is Cash Cycle = Operating Cycle Payment Period

Marketability Ratios:
Marketability ratios evaluate the stock's performance and attractiveness in the stock market. Stockholders and investors are usually interested in the market price of a corporation's common stock. The following are the commonly used marketability ratios: Price Earning Ratio = MPS / EPS Market to Book Value = MPS / BV

Horizontal Analysis:
Comparative study of a balance sheet or income statement for two or more accounting periods, in order to check the increase or decrease in the items with respect to previous year of base year.

Vertical Analysis:
Technique for identifying relationship between items in the same financial statement by expressing all amounts as the percentage of the total amount taken as 100. In a balance sheet, for example cash and other assets are shown as a percentage of the total assets and, in an income statement, each expense is shown as a percentage of the sales revenue. Financial statements using this technique are called common size financial statements.

Trend Analysis
This Technique is used to check the trend of different ratio on graphs and this also helps us in a very simple way to compare the companys ratio with respect to competitors and industry. This is very simplified technique to check the performance in few seconds. Results: Trend Analysis Current Ratio:
2.5

1.5 Alabbas 1.33 1.25 1.11 1 0.99 0.91 fauji mapple leaf INDUSTRY AVERAGE

0.5

0 1 2 3 4 5

Quick Ratio:

2.5 Alabbas 2 fauji mapple leaf Fauji fertilizer 1.5 Pak arab bin qasim Alabbas 1 1.07 0.93 0.67 0.5 0.73 0.66 Unilever mirza Japan Power Generation Mari Gas Kohat Ltd 0 1 2 3 4 5 INDUSTRY AVERAGE

Cash Ratio:

2.5 Alabbas 2 fauji mapple leaf Fauji fertilizer 1.5 Pak arab bin qasim Alabbas 1 Unilever mirza Japan Power Generation 0.5 Mari Gas Kohat Ltd 0 1 2 3 4 5 INDUSTRY AVERAGE

Asset Turnover Ratio:


4

3.5

Alabbas fauji

3 2.5279618

mapple leaf Fauji fertilizer

2.5

Pak arab bin qasim

Alabbas Unilever

1.5

mirza Japan Power Generation 0.980103599 0.936634925

1 0.801842468 0.847365811 0.5

Mari Gas Kohat Ltd INDUSTRY AVERAGE

0 1 2 3 4 5

Inventory Turnover:
35 Alabbas 30 25 20 15 10 7.95 5 0 1 2 3 4 5 5.88 15.29 11.25 9.45 fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas Unilever Mirza Japan Power Generation Mari Gas Kohat Ltd

Inventory Turnover in Days


120

100

101 96

Alabbas fauji mapple leaf Pak arab

80

60

63

bin qasim Unilever Mirza

40 25

Japan Power Generation Mari Gas

20

22

Kohat Ltd INDUSTRY AVERAGE

0 1 2 3 4 5

Debtor Turnover:
180 160 140 120 100 80 60 40 20 0 1 2 3 4 5 27 41 37 46 61 Alabbas fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas Unilever mirza Japan Power Generation

Debtor Turnover in Days:


25

Alabbas fauji

20

19 15 13 13 10

mapple leaf Fauji fertilizer

15

Pak arab bin qasim Alabbas Unilever

10

mirza Japan Power Generation Mari Gas

0 1 2 3 4 5

Kohat Ltd

Operating Cycle:
200.00 180.00 160.00 140.00 120.00 100.00 80.00 60.00 40.00 20.00 1 2 3 4 5 Alabbas fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas Unilever mirza Japan Power Generation Mari Gas Kohat Ltd

Creditor Turnover:
120 Alabbas 100 fauji mapple leaf 80 Fauji fertilizer Pak arab 60 bin qasim Alabbas 40 24.0774626 22.30906326 7.992414697 8.319057863 0 1 2 3 4 5 Unilever 34.7440021 Mirza Japan Power Generation Mari Gas Kohat Ltd

20

Creditor Turnover in Days;

160 140 120 100 80 72 60 40 20 0 1 -20 -40 2 3 4 5 61.2245771 41 85 84 Alabbas fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas Unilever mirza Japan Power Generation Mari Gas Kohat Ltd INDUSTRY AVERAGE

Cash Cycle:
200.00 Alabbas 100.00 23.26674113 9.66624535 3.858906738 1 2 3 4 fauji mapple leaf 31.98968067 Fauji fertilizer 5 -43.8142972 Pak arab bin qasim Alabbas Unilever (200.00) mirza Japan Power Generation Mari Gas (300.00) Kohat Ltd INDUSTRY AVERAGE (400.00)

(100.00)

GP Margin:
80.00% Alabbas 60.00% 40.00% 20.00% 0.00% 1 -20.00% -40.00% -60.00% -80.00% 2 3 4 5 fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas Unilever mirza Japan Power Generation Mari Gas Kohat Ltd

Np Margin:
0.6 Alabbas 0.4 0.2 0 1 -0.2 -0.4 -0.6 -0.8 2 3 4 5 0.17655209 fauji mapple leaf 0.14354923 0.125557937 Fauji fertilizer Pak arab bin qasim Alabbas Unilever mirza Japan Power Generation 0.138030706 0.124187256

OP Margin:
80.00% 60.00% 40.00% 20.00% 0.00% 1 -20.00% -40.00% -60.00% -80.00% -100.00% 2 3 4 5

Alabbas fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas Unilever Mirza Japan Power Generation Mari Gas Kohat Ltd INDUSTRY AVERAGE

OPEX Ratio:
0.45 0.4 Alabbas 0.35 0.3 0.25 0.2 0.172896331 0.15 0.1 0.05 0 1 2 3 4 5 0.107066156 0.107180785 0.098370228 fauji mapple leaf Fauji fertilizer Pak arab bin qasim 0.210002694 Alabbas Unilever Mirza Japan Power Generation Mari Gas Kohat Ltd INDUSTRY AVERAGE

COGS Ratio:
180.00% 160.00% 140.00% 120.00% 100.00% 90.000% 80.00% 68.74% 60.00% 40.00% 20.00% 0.00% 1 2 3 4 5 64.410% 70.200% 59.600% Alabbas fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas Unilever Mirza Japan Power Generation Mari Gas Kohat Ltd INDUSTRY AVERAGE

Interest Cover Ratio:


30 25 23.3780609 20 15 10 7.959606754 5 0 1 -5 -10 -15 2 3 4 5 6.089867673 16.17979767 Alabbas fauji mapple leaf Fauji fertilizer 9.957844693 Pak arab bin qasim Alabbas Japan Power Generation Mari Gas Kohat Ltd INDUSTRY AVERAGE

ROA:
1.2 Alabbas 1 0.8 0.6 0.495040495 0.4 0.272633895 0.2 0 1 -0.2 2 3 4 5 0.169504251 0.11344457 fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas Unilever mirza 0.163976834 Japan Power Generation Mari Gas Kohat Ltd INDUSTRY AVERAGE

ROCE:
0.35

0.3 fauji 0.25 mapple leaf Fauji fertilizer 0.2 Pak arab bin qasim Alabbas 0.15 0.117646456 0.1 0.099374251 0.151050691 Unilever Mirza 0.117646456 Japan Power Generation Mari Gas 0.05 0.059757827 industry Average

0 1 2 3 4 5

Total Debt Ratio:


1 0.9 0.8 0.7 0.6 0.549948027 0.5 0.4 0.3 0.2 0.1 0 1 2 3 4 0.617026591 0.582845759 0.62489777 Alabbas fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas Unilever mirza Japan Power Generation Mari Gas Kohat Ltd Industry average

D:E
6 Alabbas 5 fauji mapple leaf 4 Fauji fertilizer Pak arab 3.333483267 bin qasim 3 2.408496472 2 2.596430337 2.54201272 2.879729026 Alabbas Unilever Mirza Japan Power Generation 1 Mari Gas Kohat Ltd 0 1 2 3 4 5 Industry Average

LTD to TA
1 0.9 Alabbas 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 1 2 3 4 5 fauji mapple leaf Fauji fertilizer Pak arab bin qasim 0.509644626 Alabbas 0.423213936 0.380197703 0.353052463 0.288948709 Unilever Mirza Japan Power Generation Mari Gas Kohat Ltd Industry Average

P/e Ratio:
50 Alabbas 40 30 20 10 0 1 -10 -20 2 3 4 5 12.0743042 13.25654487 6.443322344 6.855123562 fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas sugar 9.399786208 Mirza Uniliver Japan Power Generation Mari Gas Kohat Ltd Industry Average

Market to Book Value:


4 3.5 3 2.5 2.264449708 2 1.5 1 0.740583194 0.5 0 1 2 3 4 5 1.47519145 1.114165694 1.1775454

Alabbas fauji mapple leaf Fauji fertilizer Pak arab bin qasim Alabbas Unilever Mirza Japan Power Generation Mari Gas Kohat Ltd

Ratio Analysis:

Liquidity Ratio
Al Abbas Cement
Current Ratio Quick Ratio 0.93 Cash Ratio 0.88

2006

2007

2008

2009

2010

1.218 0.37 0.25

0.510 1.091 0.80 0.48

0.932 0.59 0.57

0.429 0.34 0.30

Fauji Cement
Current Ratio Quick Ratio 1.08 Cash Ratio 1.06 0.62 1.91 0.54 0.48 1.246 0.63 1.354 2.157 1.92 0.629 0.56 0.520 0.48

Maple Leaf Cement


Current Ratio Quick Ratio Cash Ratio 1.006 0.927 0.862 1.345 0.812 1.242 0.746 1.190 0.642 0.523 0.444 0.372 0.536 0.468 0.378

Activity Ratios
Al Abbas Cement
2006 Asset Turnover Ratio 0.24 Inventory Turnover Ratio Inventory Turnover in days Debtor Turnover Ratio debtor Turnover in days 9.89 Operating Cycle 65.95 Creditor turnover Ratio 3.96 creditor turnover in days 92.25 Cash Cycle (26.30) 109.27 122.2 28.10 20.04 45.63 39.00 33.18 41.01 8.00 9.36 11.00 8.90 154.90 161.2 61.28 61.05 1.68 93.54 4.06 10.61 6.51 56.06 36.92 0.05 2.38 153.22 217.73 0.22 5.40 0.50 6.38 0.41 7.24 50.44 34.39 2007 2008 2009 2010

67.65 57.22 3.90 90.01

Fauji Cement
2006 Asset Turnover Ratio 0.92 Inventory Turnover Ratio Inventory Turnover in days Debtor Turnover Ratio debtor Turnover in days 2.17 Operating Cycle 27.45 Creditor turnover Ratio 25.00 creditor turnover in days 14.60 Cash Cycle 12.85 10.55 10.15 1.83 5.36 17.10 18.37 19.47 11.41 21.35 19.87 18.75 32.00 27.64 28.52 21.29 16.77 2.37 2.39 2.80 3.79 14.44 25.28 168.25 0.75 14.44 25.27 153.81 0.38 0.32 0.18 28.13 12.98 96.23 2007 2008 2009 2010

13.97 19.74 26.13 18.49 152.6 130.31

Maple Leaf Cement


2006 Asset Turnover Ratio 0.30 Inventory Turnover Ratio Inventory Turnover in days Debtor Turnover Ratio debtor Turnover in days 10.45 Operating Cycle 31.04 Creditor turnover Ratio 12.00 creditor turnover in days 30.42 Cash Cycle 0.63 35.81 32.26 22.41 17.21 21.47 14.04 17.72 19.21 17.00 26.00 20.60 19.00 57.28 46.30 40.13 36.43 17.61 21.90 17.06 19.20 17.72 20.60 34.93 0.15 9.20 39.68 20.73 0.30 0.59 0.52 21.18 17.23 19.02 2007 2008 2009 2010

14.96 15.82 24.40 23.07 16.67 21.40

Profitability Ratios
Al Abbas Cement
2,006 GP Margin 0.02 NP Margin 0.02 OP Margin (0.00) COGS Ratio 0.98 Opex Ratio 0.03 Interes Cover Ratio (0.02) ROA 0.04 ROE 0.02 ROCE 0.01 (0.05) (0.02) 0.03 (0.20) (0.14) (0.07) 0.07 (0.72) 0.01 0.02 0.09 0.08 (9.08) (0.46) 0.88 (0.79) 0.14 0.13 0.14 0.20 1.63 0.90 0.68 0.78 (0.74) (0.03) 0.10 (0.15) (0.69) (0.09) 0.04 (0.33) (0.63) 0.10 0.23 0.03 2,007 2,008 2,009 2,010

Fauji Cement
GP Margin 0.51 NP Margin 0.28 OP Margin 0.48 COGS Ratio 0.49 Opex Ratio 0.04 Interes Cover Ratio 7.73 ROA 0.24 ROE 0.37 ROCE 0.30 0.17 0.06 0.07 0.01 0.17 0.04 0.10 0.03 0.13 0.05 0.06 0.01 4.81 4.09 7.33 8.89 0.05 0.05 0.04 0.05 0.68 0.81 0.68 0.86 0.29 0.17 0.31 0.10 0.19 0.12 0.19 0.07 0.32 0.19 0.32 0.14

Maple Leaf Cement


GP Margin 0.38 NP Margin 0.19 OP Margin 0.35 COGS Ratio 0.62 Opex Ratio 0.03 Interes Cover Ratio 5.79 ROA 0.07 ROE 0.02 0.04 0.09 (0.02) 0.59 0.25 0.73 (0.25) 0.04 0.13 0.17 0.26 0.92 0.83 0.68 0.78 0.05 0.06 0.16 (0.04) 0.01 (0.09) (0.06) (0.19) 0.08 0.17 0.32 0.22

0.15 ROCE 0.09

0.00 0.02

(0.08) (0.15) 0.06 0.15

(0.50) (0.03)

Solvency Ratios
Al Abbas Cement
Total debt to total Assets Debt to equity Ratio long term debt to Total Assets 0.696219249 2.291847813 0.567569252 0.470384103 0.888160845 0.265934906 0.611580005 1.574532754 0.47059874 0.689150221 3.007090826 0.444659266 0.416436796 0.713610441 0.191103675 0.631990565 1.717321635 0.478269118 0.6974 2.3052 0.5222 0.2546 0.3415 0.0575 0.6803 2.1278 0.398 0.71008 2.44928 0.46455 0.54815 1.2131 0.42561 0.73821 2.81983 0.34996 0.812013 4.319509 0.506511 0.626188 1.744861 0.477386 0.803249 5.070072 0.44525

Fauji Cement
Total debt to total Assets Debt to equity Ratio long term debt to Total Assets

Maple Leaf Cement


Total debt to total Assets Debt to equity Ratio long term debt to Total Assets

Market Ratio
Al Abbas Cement
Price Earning Ratio MPS EPS Number of Shares Outstanding Market to Book Value Book Value 10.15 8.91 0.38 1.93 MPS EPS 7.83 Number of Shares Outstanding Market to Book Value Book Value 419442 15.1 8.91 1.67 14.9 4.7 12.51 0.47 6.16 82.56055865 12.7 0.153826478 114278115 -12.2337069 15.2 -1.24246887 114278115 -4.064 3.85 -0.947 2E+08 0.44 1.25 1.71 8.73 9.39 0.39 5.02 12.95 741988 0.387567 12.95262 -0.6964 4.22 -6.05978 0.350483 12.04052 0.73 5.45 6.47319 6.9 1.06593 1.8E+08 -0.55029 3.47 -6.3058 1.83E+08 0.64

Fauji Cement
Price Earning Ratio

13.06 419442 741988 741988 0.3756 12.512 -4.774 7.57 -1.586 0.3861 19.608 0.47165 13.0604 2.06054 4.75 2.30522 0.30151 15.7543

1.929428907 1.673183701 7.82614998 8.905178785 2.824330374 91.27159574 8.5 3.009562931 9 0.0986068

Maple Leaf Cement


Price Earning Ratio MPS EPS Market to Book Value Book Value

0.409828971 0.426740909 20.74035902 21.0900802

Al Abbas Cement: Horizontal Analysis:


B/S Non current Assets Property, Plant and equipment Intangible Assets Long term Deposits Total Non Cuurent Assets Current Assets Stores, spare parts and loose tools Stock in Trade Trade Debtsunsecured (considered goods Advances Short term prepayments Tax Refund due from Govt Other Receivables Cash and Bank Balances Total curren Assets Total Assets

2006
83.730% 0.011% 0.589%

2007
87.033% 0.005% 0.493%

2008
80.335%

2009
73.515% 3.602%

2010
82.082% 4.815%

0.547%

84.330%

87.530%

80.882%

77.118%

86.898%

6.802% 3.585% 0.648%

5.513% 3.260% 0.021%

6.148% 4.614% 5.648%

7.247% 7.972% 0.559%

7.108% 2.200% 1.206%

0.785% 0.101% 0.648% 0.009% 3.091%

0.244% 0.068% 0.379% 2.930% 0.053%

0.711% 0.457% 1.362%

1.333% 0.462% 5.099%

1.515% 0.569% 0.437%

0.178%

0.210%

0.067%

15.670% 100.00%

12.470% 100.00%

19.118% 100.00%

22.882% 100.00%

13.102% 100.00%

Non current Assets

30.439%

38.923%

47.403%

42.202%

42.432%

Fauji Cement:

Property, Plant and equipment Intangible Assets Long term Deposits

Total Non Cuurent Assets


Current Assets Stores, spare parts and loose tools Stock in Trade Trade Debts- unsecured (considered goods Advances Short term prepayments Tax Refund due from Govt Other Receivables Cash and Bank Balances

0.081% 7.277% 56.757% 7.215% 1.021% 1.061% 3.535% 0.000% 0.034% 0.000% 0.000% 12.865%

0.028% 0.233% 0.107% 5.514% 4.587% 4.146% 44.466% 52.224% 46.455% 9.824% 13.050% 12.147% 0.851% 0.504% 4.043% 4.891% 0.725% 8.267% 8.855% 3.129% 0.000% 0.000% 0.028% 0.113% 0.096% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 24.449% 17.521% 24.553%

3.456% 0.000% 4.763% 50.651% 8.157% 3.760% 13.800% 4.715% 0.119% 0.000% 0.000% 30.550%

Total curren Assets Total Assets

Equity and Liabilities Share Capital and Reserves Authorized Share Capital 200,000,000(2006 : 150,000,000) ordinary shares of Rs. 10/- each Issued, Subscibed and Paid up Capital Reserves - Revenue Accumulated loss

100.000% 100.000% 100.00% 100.00% 100.000% 30.439% 38.923% 47.403% 42.202% 42.432% 3.456% 0.081% 0.028% 0.233% 0.107% 0.000% 7.277% 5.514% 4.587% 4.146% 4.763% 56.757% 44.466% 52.224% 46.455% 50.651% 7.215% 1.021% 1.061% 3.535% 0.000% 0.034% 0.000% 0.000% 12.865% 9.824% 13.050% 12.147% 0.851% 0.504% 4.043% 4.891% 0.725% 8.267% 8.855% 3.129% 0.000% 0.000% 0.028% 0.113% 0.096% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 24.449% 17.521% 24.553% 8.157% 3.760% 13.800% 4.715% 0.119% 0.000% 0.000% 30.550%

Total Equity
Right Share Subscription Liabilities Non current liabilities Long term financing sponsor loans liabilities against assets subject to finance lease Deffered liabilities Current Liabilities

100.000% 100.000% 100.00% 100.00% 100.000% 30.439% 38.923% 47.403% 42.202% 42.432% 3.456% 0.081% 0.028% 0.233% 0.107% 0.000% 7.277% 56.757% 7.215% 5.514% 4.587% 4.146% 44.466% 52.224% 46.455% 9.824% 13.050% 12.147% 4.763% 50.651% 8.157%

trade and other payables mark up accrued short term borrowings Current portion of long term loan current maturity of liabilities agianst assets subject to finance lease Contigencies and commitments

1.021% 1.061% 3.535% 0.000% 0.034% 0.000% 0.000% 12.865%

0.851% 0.504% 4.043% 4.891% 0.725% 8.267% 8.855% 3.129% 0.000% 0.000% 0.028% 0.113% 0.096% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 24.449% 17.521% 24.553%

3.760% 13.800% 4.715% 0.119% 0.000% 0.000% 30.550%

Total current liabilities Total Liabilities

100.000% 100.000% 100.00% 100.00% 100.000%

Maple Leaf: 2006


Share Capital and Reserves Authorised capital Issued, subscribed and paid- up capital Reserves Unappropriated profit share deposit Non-current Liabilities Redeemable capital Long term loans and finances loan from related parties syndicated term finance Liabilities against assets subject to finance lease Lease finance advances employee benefit Long term deposits Deferred taxation Deferred liability for vacation benefits Total Non Current Liabilities Current Liabilities Current portion of : - syndicated term finance - redeemable capital - long term loans and finances - liabilities against assets subject to finance lease

2007

2008

2009

2010

18.73% 14.94% 5.18% 38.84%

17.45% 18.24% 1.11% 36.80%

16.31% 17.76% -2.09% 31.97%

16.62% 16.08% -6.52% 26.18%

16.34% 16.02% -16.52% 15.84% 3.83% 31.77% 4.22% 5.74% 2.69%

41.87%

0.07% 0.39% 0.02% 4.66% 0.05% 47.06% 0.00% 0.00% 0.00% 0.22% 2.87% 0.02%

35.10% 1.02% 4.09% 1.10% 2.78% 0.01% 3.67% 0.05% 47.83% 0.00% 0.00% 0.00% 7.34% 0.06%

30.59% 0.92% 0.13% 3.82% 3.66%

28.06% 3.22%

3.36%

0.01% 0.59% 0.06% 39.80% 0.00% 0.00% 4.13%

0.72%

0.01% 0.27% 0.07% 35.00% 0.00% 0.00% 5.85% 3.12% 0.50% 1.18%

0.03% 0.01% 0.08% 44.53% 0.00% 0.00% 0.00% 0.03% 1.84% 1.45%

Short term finances Trade and other payables Accrued profit and interest / mark-up Taxation Dividends Total Current Liabilities Contingencies and Commitments

5.04% 4.00% 1.49% 0.00% 0.17% 0.29% 14.10% 0.00% 100.00%

3.26% 2.94% 1.55% 0.00% 0.00% 0.22% 15.37% 0.00% 100.00%

12.89% 9.54% 0.74% 0.00% 0.00% 0.21% 28.23% 0.00% 100.00%

17.08% 9.38% 1.72% 0.00% 0.00% 0.00% 38.83% 0.00% 100.00%

15.56% 13.38% 3.53% 0.00% 0.00% 0.00% 35.80% 0.00% 100.00%

Assets Non-Current Assets Property, plant and equipment Investments Long term loans to employees Intangible assets Long term deposits and prepayments Total Non-Current Assets Current Assets Stores, spares and loose tools Stock-in-trade Trade debts - unsecured considered good fair value of derivatives Loans and advances Investments Deposits and short term prepayments Accrued profit Sales tax, customs and excise duty Due from gratuity fund trust Other receivables Taxation net Cash and bank balances Total Current Assets Total Assets Profit and Loss Account as at June 30

85.61% 0.09% 0.04% 0.00% 0.08% 85.82% 0.00% 9.83% 1.07% 0.87% 0.00% 1.59% 0.00% 0.04% 0.00% 0.18% 0.05% 0.00% 0.54% 0.00% 14.18% 100.00%

79.10% 0.02% 0.03% 0.00% 0.18% 79.33% 0.00% 12.34% 1.51% 0.80% 0.99% 0.35% 3.87% 0.06% 0.00% 0.15% 0.03% 0.00% 0.06% 0.50% 0.00% 20.67% 100.00%

76.79% 0.02% 0.06% 0.21% 77.08% 0.00% 12.72% 1.66% 2.84% 1.40% 0.32% 2.81% 0.21% 0.00% 0.22% 0.04% 0.08% 0.17% 0.45% 0.00% 22.92% 100.00%

79.43% 0.02% 0.03% 0.20% 79.68% 0.00% 11.44% 2.54% 2.66% 0.00% 0.30% 1.58% 0.56% 0.00% 0.07% 0.03% 0.11% 0.63% 0.39% 0.00% 20.32% 100.00%

80.61% 0.0008% 0.01% 0.01% 0.20% 80.83% 0.00% 9.23% 1.93% 2.88% 0.00% 1.02% 1.81% 0.47% 0.00% 0.06% 0.35% 1.14% 0.28% 0.00% 19.17% 100.00%

2006

2007

2008

2009

2010

Sales - net Cost of sales Gross profit Distribution cost Administrative expenses Other operating expenses

Other operating income Finance cost profit/Loss before taxation Taxation - current - deferred Profit/Loss after taxation

100.000% 100.000% 100.000% 100.000% 100.000% 62.370% 91.650% 83.062% 67.514% 78.441% 37.630% 8.350% 16.938% 32.486% 21.559% 1.059% 1.813% 1.551% 15.341% 23.131% 0.367% 1.860% 10.682% 0.995% 1.424% 2.067% 0.495% 0.318% 0.277% 1.164% 3.493% 4.168% 12.550% 16.613% 25.719% 34.136% 4.182% 4.387% 15.873% -4.160% 0.467% 1.165% 1.352% 0.405% 0.418% 34.604% 5.347% 5.739% 16.278% -3.742% 5.972% 9.120% 23.194% 22.295% 15.109% 28.632% 3.773% -17.455% -6.017% -18.851% 0.500% 9.581% 10.080% 18.551% 0.255% 4.651% 4.906% -1.133% 0.573% 9.377% 8.804% -8.651% 0.422% 0.007% 0.428% -6.445% 0.757% 0.651% 0.106% -18.957%

Vertical Analysis:

Al Abbas Cement Industries ltd


Balance Sheet as on June 30

2006
Non current Assets Property, Plant and equipment Intangible Assets Long term Deposits 100.000% 100.000% 100.000% 100.000%

2007
120.920% 50.120% 97.390% 120.747%

2008

2009

Total Non Cuurent Assets


Current Assets Stores, spare parts and loose tools Stock in Trade Trade Debts- unsecured (considered goods Advances Short term prepayments Tax Refund due from Govt Other Receivables Cash and Bank Balances

132.488% 136.185% 0.000% 51174.820% 128.287% 0.000% 132.442% 141.842%

Total curren Assets Total Assets


Equity and Liabilities Share Capital and Reserves Authorized Share Capital 200,000,000(2006 : 150,000,000) ordinary shares of Rs. 10/- each Issued, Subscibed and Paid up Capital Reserves - Revenue Accumulated loss

100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000%

94.286% 105.776% 3.831% 36.138% 78.065% 68.106% 39332.931% 2.004% 92.574% 116.332%

124.795% 177.701% 1203.847% 125.175% 622.245% 290.131% 0.000% 7.933% 168.473% 138.088%

165.245% 344.886% 133.914% 263.549% 706.219% 1220.207% 0.000% 10.521% 226.501% 155.108%

Total Equity
Right Share Subscription Liabilities Non current liabilities Long term financing sponsor loans liabilities against assets subject to finance lease

100.000% 100.000% 100.000% 100.000%

100.000% 100.000% 326.900% 87.762%

160.000% 100.000% 499.907% 137.530%

160.000% 100.000% 305.246% 148.029%

100.000%

91.663%

132.511%

132.511%

100.000%

40.812%

396.067%

204.707%

Deffered liabilities Current Liabilities trade and other payables mark up accrued short term borrowings Current portion of long term loan current maturity of liabilities agianst assets subject to finance lease Contigencies and commitments

100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000%

88.146% 91.140% 158.402% 96.992% 536.313% 291.440% 94.949%

87.042% 127.059% 249.782% 68.152% 94.403% 122.222% 463.092%

88.370% 126.955% 261.154% 614.234% 1208.598% 0.000% 442.735%

Total current liabilities Total Liabilities


Profit and Loss Account

100.000% 100.000%

221.081% 116.332%

188.065% 138.088%

296.028% 155.108%

Sales Net
Cost of Sales Gross (loss) Profit Distribution cost Administrative expense Other Operating Expenses Other operating income Loss from operations finance cost Loss before taxation Taxation

Loss or Profit After Taxation


earning per share basic and diluted (in Rs.)

2006 2007 2008 2009 100.000% 22.595% 127.246% 326.508% 100.000% 37.644% 117.446% 255.976% 100.000% -589.911% 526.104% 3197.389% 100.000% 193.079% 12938.114% 39179.438% 100.000% 151.573% 155.246% 173.130% 100.000% 0.000% 0.000% 0.000% 100.000% 4568.354% 1191.264% -8075.701% 100.000% 333.428% 32.919% 1700.000% 100.000% 9001.362% 2403.789% 18308.644% 100.000% 22.813% 120.413% 478.769% 100.000% 224.889% 171.804% 55.930% 100.000% 28.914% 22.313% 176.829% 100.000 % -807.708% -615.866% 692.946% 100.000% 5920231.214% 341.040% 387.283%

Fauji Cement:

2006
Share Capital and Reserves Share Capital Accumulated loss Total Equity Subordinated loan unsecured Non Current Liabilities Long Term financing fair value of Derivative Deffered liability- staff retirement benefit Deffered Tax liability - net Retention money payable liability against shipment in transit 100.000% 100.000% 100.000%

2007

2008

2009
176.899% -249.044% 295.212%

100.000% 176.899% 50.363% 204.440% 113.787% 282.823%

100.000% 100.000% 100.000%

61.404%

22.807%

436.788% 136.072% 338.077%

104.613% 119.666% 157.822% 168.610%

Total Non current Liabilities


Current Liabilities Trade and other payables mark up accrued short term running finances current portion of long term financing Total Current Liabilities

100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000%

74.210% 111.251% 80.859% 158.877% 100.000% 113.817% 103.268%

43.424% 117.131% 55.522% 583.181% 100.000% 193.716% 200.940%

553.773% 342.416% 159.621% 323.998% 59.091% 207.387% 346.017%

Total Liabilities

Fixed Assets- Tangible Property, Plant and equipment Long Term Advances Long term deposits

Total Fixed Assets


Current Assets Stores, Spares and loose tools Stock in Trade Trade Debts Advances, deposits, prepayments and other receivables trade deposits, prepayments and other receivables and balances with statutory authority interest accrued other receivables cash and bank balances

100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000%

96.260% 155.740% 411.500% 90.000% 80.000% 70.000% 100.000% 100.000% 2164.689% 96.285% 155.030% 428.527% 95.494% 184.888% 126.342% 158.584% 76.773% 105.700% 211.470% 94.735% 214.489% 53.113%

100.000% 1220.885% 491.288%

100.000%

49.922% 446.432%

20.759%

Total Current Assets Total Assets


Profit and Loss Account as on June 30

100.000% 100.000% 2006 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000%

123.689% 335.200% 103.268% 200.940% 2007 80.802% 113.210% 49.815% 170.425% 52.153% 128.238% 107.013% 61.723% 48.741% 78.361% 44.337% 24.716% 53.693% 2008 82.730% 137.840% 30.036% 248.301% 34.268% 168.427% 114.807% 36.430% 29.458% 55.602% 25.571% 7.138% 34.360%

104.725% 346.017% 2009 123.994% 173.130% 77.012% 439.535% 84.041% 158.574% 154.866% 83.051% 80.619% 85.024% 79.964% 72.113% 83.708%

NET SALES
Less: Cost of sales

GROSS PROFIT
Other income Distribution cost Administrative expenses Other operating expenses

OP
Finance cost

NET PROFIT BEFORE TAXATION


Taxation

NET PROFIT AFTER TAXATION

Maple Leaf:

Share Capital and Reserves Authorised capital Issued, subscribed and paid- up capital Reserves Unappropriated profit share deposit Non-current Liabilities Redeemable capital Long term loans and finances loan from related parties syndicated term finance Liabilities against assets subject to finance lease Lease finance advances employee benefit Long term deposits Deferred taxation Deferred liability for vacation benefits

100.000% 100.000% 100.000% 100.000% 100.000%

100.000% 121.154% 158.762% 27.925% 123.197%

100.000% 121.154% 165.423% -56.300% 114.537%

140.000% 121.154% 147.006% -172.074% 92.028%

100.000%

108.994%

3.070%

10.505%

100.000% 100.000% 100.000% 100.000% 100.000%

2192.377% 916.673% 90.763% 102.464% 128.702%

7831.130%

7052.298%

86.732% 17.672% 162.810%

86.664% 7.966% 185.268%

Total Non Current Liabilities Current Liabilities Current portion of : - syndicated term finance - redeemable capital - long term loans and finances - liabilities against assets subject to finance lease Short term finances Trade and other payables Accrued profit and interest / mark-up Taxation Dividends Total Current Liabilities Contingencies and Commitments

100.000%

132.149%

117.685%

101.538%

100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000%

332.854% 309.261% 84.208% 95.631% 135.671%

0.000% 4195.738% 355.773% 331.780% 69.710%

1920.768% 23.933% 6753.158% 462.680% 320.122% 158.071%

99.914% 141.780% 130.029%

100.004% 278.634% 139.153%

376.026% 136.542%

Assets Non-Current Assets Property, plant and equipment Investments Long term loans to employees Intangible assets Long term deposits and prepayments Total Non-Current Assets Current Assets Stores, spares and loose tools Stock-in-trade Trade debts - unsecured considered good fair value of derivatives Loans and advances Investments Deposits and short term prepayments Accrued profit Sales tax, customs and excise duty Due from gratuity fund trust Other receivables Cash and bank balances Total Current Assets Total Assets

100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000%

120.153% 26.318% 89.421% 271.306% 120.188% 163.133% 183.984% 119.043% 28.585% 210.186% 71.914% 109.046% 12.675% 122.213% 189.605% 130.029%

124.819% 0.000% 85.885% 339.220% 124.972% 179.972% 215.955% 454.772% 27.673% 745.584% 136.494% 166.909% 230.427% 117.789% 224.995% 139.153%

126.683% #VALUE! 79.500% 323.337% 126.766% 158.891% 323.925% 417.379% 26.149% 1959.338% 175.850% 48.531% 311.553% 99.003% 195.720% 136.542%

Profit and Loss Account as at June 30 100.000% Sales - net Cost of sales Gross profit Distribution cost Administrative expenses Other operating expenses 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.050% 64.995% 95.506% 14.423% 111.273% 329.283% 15.565% 77.551% 7.963% 162.064% 10.043% 99.259% 8.565% 33.211% 31.550% 31.632% 100.100% 136.885% 182.297% 61.614% 200.476% 3982.868% 21.045% 491.792% 17.593% 396.146% 22.703% 531.649% -83.449% 157.047% 133.980% 119.552% 100.150% 267.109% 289.139% 230.595% 3868.942% 723.787% 35.799% 1270.270% 124.202% 231.521% 125.650% 997.202% -56.132% 225.403% 0.182% 11.348%

Other operating income Finance cost profit/Loss before taxation Taxation - current - deferred Net Tax