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Fauji Cement Company Limited

SUBMITTED TO:

Mr. Yasir Ghafoor

SUBMITTED BY:

Muhammad Azzam Jafar

Roll No. 126

BBA (Hons.) 8th Semester (2005-09)

Department Of Management Sciences

UNIVERSITY OF EDUCATION OKARA


CAMPUS
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Dedication

I dedicate this project to my Parents, Teachers and Friend.

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ACKNOWLEDGEMENT

I humbly prostrate to Allah the almighty, the most benevolent and the most merciful for
showering his blessing on me throughout my live and especially during my final project.
It was He and the prayers of my parents, who gave me courage and will to complete my
project.
I owe a debt of sincere gratitude, heartiest obligation and appreciation to my worthy
teacher Sir Yasir Ghafoor for his guidance, insightful comments and valuable
suggestions.
I thank to my beloved parents and all of who prayed for me success and time and again
restored my confidence myself and help me in every possible way they could.
I want to pay my heartiest tribute to all friends for their consistent encouragement,
cooperation, inspiring guidance about the project. They helped me in times of troubles;
their love, support, devotion and sincerity have been admiration.

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TABLE OF CONTENTS

Sr.No. Details Page No.


Executive Summary
Company Information
Company Introduction
Mission Statement
Vision Statement
Values
Pest Analysis
Financial Analysis
Balance Sheet (Trend Analysis)
Balance Sheet (Vertical Analysis)
Income Statement (Trend Analysis)
Income Statement (Vertical Analysis)
Ratio Analysis
SWOT Analysis
BCG Matrix
DU Pont Analysis
Conclusion
Recommendations
Annexure

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EXECUTIVE SUMMARY

In this professional project analysis of Fauji Cement Company Limited is done in very
detail to check out current position, performance and progress of the company. To
measure these activities balance sheet (trend analysis), balance sheet (vertical analysis),
income statement (trend analysis), income statement (vertical analysis), ratio analysis, Du
Pont analysis, SWOT analysis and PEST analysis are performed that has explored the
real picture. At the end conclusion is made on the basis of these analysis. Then future
recommendations are made to improve company in every aspect.

Company Information

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Board of Directors

Lt Gen Syed Arif Hasan, HI (M) (Retired) Chairman


Maj Gen Malik Iftikhar tikhar Khan, HI (M) (Retired) Chief Executive / MD
Mr. Qaiser Javed Director
Mr. Riyaz H. Bokhari, IFU Director
Brig Arif Rasul Qureshi, SI (M) (Retired) Director
Brig Rahat Khan, SI (M) (Retired) Director
Dr. Nadeem Inayat Director
Brig Liaqat Ali (Retired) Director
Brig Munawar Ahmed Rana, SI(M) (Retired) Director

Company Secretary:
Brig Shabbir Ahmed (Retired)
House No. 62, Khayaban-e-Iqbal (Margalla Road), F-7/2,
Islamabad - Pakistan
Tel: (051) 9221690
Fax: (051) 9221693
E-mail: secretary@fccl.com.pk
Web Site: http: //www.fccl.com .pk

Chief Financial Officer:


Mr. Omer Ashraf
T el: (051) 2651762

Registered Office and Sales Department:


Ist Floor, Aslam Plaza,

8
60 Adam Jee Road, Sadar, Rawalpindi – Pakistan
Tel: (051) 5523836, 5528042, 5528960, 5528963-64
Fax: (051) 5528965-66

Factory:
Near Village Jhang, Tehsil Fateh Jang
District: Attock
Tel: 057-2538047-48, 2538138, 2538148 – 49
Fax: 057-2538025

Auditors:
M/s KPMG Taseer Hadi & Co,
Chartered Accountants
Fax No: (051) 2822671

Legal Advisors:
Farooq Law Associates, Advocates & Attorneys
Fax No: (051) 2272643

Registration & Shares Transfer Officer:


M/s CORPLINK (PVT) LIMITE D
Wings Arcade, 1-K, Commercial, Model Town, Lah ore
Ph No: 042-5839182, 588726 2
Fax No: 042-5869037

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Introduction

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Corporate Profile
A longtime leader in the cement manufacturing industry, Fauji Cement Company,
headquartered in Islamabad, operates a cement plant at Jhang Bahtar, Tehsil Fateh Jang,
and District Attock in the province of Punjab. The company has a strong and
longstanding tradition of service, reliability, and quality that reaches back more than 10
years. Sponsored by Fauji Foundation the Company was incorporated in Rawalpindi in
1992.

The cement plant operating in the Fauji Cement is one of the most efficient and best
maintained in the country and has an annual production capacity of 1.165 million tons of
cement. The quality Portland cement produced at this plant is the best in the Country and
is preferred the construction of highways, bridges, commercial and industrial complexes,
residential homes, and a myriad of other structures needing speedy strengthening bond,
fundamental to Pakistan's economic vitality and quality of life.

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Mission Statement
FCCL while maintaining its leading position in quality of cement and through greater
market outreach will build up and improve its value addition with a view to ensuring
optimum returns to the shareholders.

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Vision Statement
To transform FCCL into a role model cement manufacturing Company fully aware of
generally accepted principles of corporate social responsibilities engaged in nation
building through most efficient utilization of resources and optimally benefiting all stake
holders while enjoying public respect and goodwill.

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Values
Customers
We listen to our customers and improve our product to meet their present and future
needs.
People
Our success depends upon high performing people working together in a safe and healthy
work place where diversity, development and team work are valued and recognized.
Accountability
We expect superior performance and results. Our leaders set clear goals and expectations,
are supportive and provide and seek frequent feed back.
Citizen Ship
We support the communities where we do business, hold ourselves to the highest
standards of ethical conduct and environment responsibility, and communicate openly
with FCCL people and the public.
Financial Responsibility
We are prudent and effective in the use of the resources entrusted to us.

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Pest analysis

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Political analysis

Political scenario of Pakistan has seen many important changes in recent years. Some
important events are as

o Controlled democracy
o Grass root democracy
o Stability in Government
o Accountability in all departments
o Participation of religious people in Government
o Enlightened moderate policy
o Front role in war against terrorism
o Better image in world
o Cut the roots of extremists
o Reformation regarding all important fields

All these changes have taken place in last 7 years and it has made Pakistan entirely a
changed country.  Especially Pakistan role against extremism has brought it one of the
best appreciated countries of the world. On the other hand being the only Islamic country
which has nuclear deterrence it is leading the Muslim world. West wants Friendship with
it. Locally there is great stability in Government after 10 yeas of was between PPP and
PML. All these factors tell that now Pakistan is a good place as long as political issues are
concerned.

Economic analysis

Before year 1999, economy of Pakistan was at worst. Forex was very low and it has to
borrow even to repay loans. Debts were $38 billion. Economics indicators were showing
negative signs. But then change in Government brought many changes. Some positive
points are as under.

o Increase in GDP 6% per annum

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o Increase in per capita income as 8%
o Increase in exports up to 12.5 billion dollars
o Forex reserve up to 13 billion dollars
o Privatization
o Boom in stock market
o IT sector development
o More than 1 billion dollars investment per year

Although economy of Pakistan is making rapid progress but there are problems of
expensive petrol and electricity, which increases the cost of goods. Over all economic
indicators are showing very positive signs and now it is an attractive market for all types
of international investors.

Situational analysis

Pakistani market has shown good movement towards all types of positive indicators.
Now interest rates are low, saving schemes are giving less profits, consumers banking is
at peaking, new jobs are being created by Government as well as foreign investment. All
these situations are calling for new and new opportunities and investors.

Technological analysis

Pakistan is considered as developing country. Although it is nuclear power yet it lacks


behind in other technologies. Now it has made good progress in digital revolution but still
it has to import heavy machinery from developed countries.

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Balance Sheet (Trend Analysis)
Fauji Cement Company Limited
Balance Sheet(Trend Analysis)
2004 2005 2006 2007 2008
CURRENT ASSETS 100.00% 204.15% 274.93% 340.06% 921.58%
Cash and bank balances 100.00% 306.01% 430.06% 214.69% 1919.91%
Deposit accounts 100.00% 407.60% 580.74% 293.17% 2733.41%
Current accounts 100.00% 121.17% 230.95% 94.01% 126.79%
Collection accounts 100.00% 43.97% 0.00% 0.00% 0.00%
Cash in hand 100.00% 485.19% 398.15% 329.63% 479.63%

Trend analysis

3000.00% Cash and bank balances


2500.00%
Deposit accounts
Percentage

2000.00%
1500.00%
Current accounts
1000.00%
500.00% Collection accounts
0.00%
2004 2005 2006 2007 2008 Cash in hand

Years

CURRENT ASSETS
The amount of Current Assets in the year 2004 was Rs.574460 and it increases to
Rs.1172765 in the year 2005 with and increment of Rs.598305.
And the amount of Current Assets in the year 2005 was Rs.1172765 and it increases to
Rs.1579382 in the year 2006 with an increment of Rs.406617.
The amount of Current Assets in the year 2006 was Rs.1579382 and it increases to
Rs.1953527 in the year 2007 with and increment of Rs.374145
The amount of Current Assets in the year 2007was Rs.1953527 and it increases to
Rs.5294083 in the year 2008 with and increment of Rs.3340556

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And the amount Current Assets in the final year 2008 is Rs.5294083

The amount of Current Assets in the year 2004 was 100.00% .and it increases to 204.15%
in the year 2005 with an increment of 104.15%
And the amount of Current Assets in the year 2005 was 204.15% and it increases to
274.93% in the year 2006 with an increment of 70.78%
The amount of Current Assets in the year 2006 was 274.93% and it increases to 340.06%
in the year 2007 with and increment of 65.13%
The amount of Current Assets in the year 2007 was 340.06% and it increases to 921.58%
in the year 2008 with and increment of 581.52%
And the amount Current Assets in the final year 2008 is 921.58%.

Cash and Bank balances


The amount of Cash and bank balances in the year 2004 was Rs.197088 and it becomes
Rs.603110 in the year 2005 with an increment of Rs.197088
The amount of Cash and bank balances in the year 2005 was Rs.603110 and it becomes
Rs.847590 in the year 2006 with an increment of Rs.244480
The amount of Cash and bank balances in the year 2006 was Rs.847590 and it becomes
Rs.423133 in the year 2007 with a decrement of Rs.424457
The amount of Cash and bank balances in the year 2007 was Rs.423133 and it becomes
Rs.3783909 in the year 2008 with an increment of Rs.3360776
And the amount of Cash and bank balances in the final year 2008 is Rs.3783909

The amount of Cash and bank balances in the year 2004 was 100.00% and it becomes
306.01% in the year 2005 with an increment of 206.01%
The amount of Cash and bank balances in the year 2005 was 306.01% and it becomes
430.06% in the year 2006 with an increment of 124.05%
The amount of Cash and bank balances in the year 2006 was 430.06% and it becomes
214.69% in the year 2007 with a decrement of 215.37%
The amount of Cash and bank balances in the year 2007 was 214.69% and it becomes
1919.91% in the year 2008 with an increment of 1705.22%

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And the amount of Cash and bank balances in the final year 2008 is 1919.91%

Deposit accounts
The amount of deposit accounts in the first year 2004 was Rs.137433 and it becomes
Rs.560177 in the year 2005 with an increment of Rs.422744
The amount of deposit accounts in the year 2005 was Rs.560117 and it becomes
Rs.798122 in the year 2006 with an increment of Rs.237945
The amount of deposit accounts in the year 2006 was Rs.798122 and it becomes
Rs.402907 in the year 2007 with a Decrement of Rs.395215
The amount of deposit accounts in the year 2007 was Rs.402907 and it becomes
Rs.3756611 in the year 2008 with an increment of Rs.3353704
And the amount of deposit accounts in the final year 2008 is Rs.37566611

The amount of deposit accounts in the first year 2004 was 100.00% and it becomes
407.60% in the year 2005 with an increment of 207.60%
The amount of deposit accounts in the year 2005 was 407.60% and it becomes 580.74%
in the year 2006 with an increment of 173.14%
The amount of deposit accounts in the year 2006 was 580.74% and it becomes 293.17%
in the year 2007 with a Decrement of 287.57%
The amount of deposit accounts in the year 2007 was 293.17% and it becomes 2733.41%
in the year 2008 with an increment of 2440.24%
And the amount of deposit accounts in the final year 2008 is 2733.41%

Current accounts
The amount of current accounts in the first year 2004 was Rs.21326 and it becomes
Rs.25840 in the year 2005 with increment of Rs.4514
The amount of current accounts in the year 2005 was Rs.25840 and it becomes Rs.49253
in the year 2006 with increment of Rs.23413
The amount of current accounts in the year 2006 was Rs.49253 and it becomes Rs.20048
in the year 2007 with Decrement of Rs.29205

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The amount of current account in the year 2007 was Rs.20048 and it becomes Rs.27039
in the year 2008 with increment of Rs.6991
And the amount of current accounts in the final year 2008 is Rs.27039

The amount of current accounts in the first year 2004 was 100.00% and it becomes
121.17% in the year 2005 with increment of 21.17%
The amount of current accounts in the year 2005 was 121.17% and it becomes 230.95%
in the year 2006 with increment of 109.78%
The amount of current accounts in the year 2006 was 230.95% and it becomes 94.01% in
the year 2007 with Decrement of 136.94%
The amount of current account in the year 2007 was 94.01% and it becomes 126.79% in
the year 2008 with increment of 32.78%
And the amount of current accounts in the final year 2008 is 126.79%

Collection accounts
The amount of current account in the first year 2004 was Rs.38275 and it becomes
Rs.16831 in the year 2005 with decrement of Rs.21444
And the amount of collection account in the up coming years 2006, 2007 and 2008 is
zero

The amount of current account in the first year 2004 was 100.00% and it becomes
43.97% in the year 2005 with decrement of 56.03%
And the amount of collection account in the up coming years 2006, 2007 and 2008 is
0.00%

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Cash in hand
The amount of cash in hand in the first year 2004 was Rs.54 and it becomes Rs.262 in the
year 2005 with increment of Rs.208
The amount of cash in hand in the year 2005 was Rs.262 and it becomes Rs.215 in the
year 2006 with decrement of Rs.47
The amount of cash in hand in the year 2006 was Rs.215 and it becomes Rs.178 in the
year 2007 with decrement of Rs.37
The amount of cash in hand in the year 2007 was Rs.178 and it becomes Rs.259 in the
year 2008 with increment of Rs.81
And the amount of cash in hand in the final year 2008 is Rs.259

The amount of cash in hand in the first year 2004 was 100.00% and it becomes 485.19%
in the year 2005 with increment of 285.19%
The amount of cash in hand in the year 2005 was Rs.485.19% and it becomes 398.15% in
the year 2006 with decrement of 87.04%
The amount of cash in hand in the year 2006 was 398.15% and it becomes 329.63% in
the year 2007 with decrement of 68.52%
The amount of cash in hand in the year 2007 was 329.63% and it becomes 479.63% in
the year 2008 with increment of 250.00%
And the amount of cash in hand in the final year 2008 is 479.63%

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Fauji Cement Company Limited
Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
Advances, Deposits, prepayments and
other receivables: 100.00% 62.57% 95.59% 1167.06% 469.63%
To suppliers 100.00% 53.31% 92.59% 2395.69% 45.59%
To employees 100.00% 174.39% 365.03% 138.31% 550.78%
Due from associated undertaking -
unsecured 100.00% 99.82% 283.05% 0.00% 0.00%
Deposits 100.00% 113.18% 142.04% 136.71% 436.94%
Prepayments 100.00% 40.68% 93.69% 29.46% 37.39%
Excise duty 100.00% 30.84% 0.00% 0.00% 0.00%

To suppliers
Trend analysis

3000.00% To employees
2500.00%
Due from associated
Percentage

2000.00%
undertaking - unsecured
1500.00%
1000.00% Deposits

500.00%
Prepayments
0.00%
2004 2005 2006 2007 2008
Years Excise duty

Advance tax -net

Advances, Deposits, prepayments and other receivables: Sales tax refundable -net

The amount of advances, deposits, prepayments and other receivables in the first year
Derivative foreign currency
options used as hedging
2004 was Rs.73583 and it becomes Rs.46041 in the year 2005 with decrement of
instrument
Interest accrued
Rs.27542
The amount of advances, deposits, prepayments and other receivables in the yearfee2005
Prepaid arrangement for
loans
was Rs.46041 and it becomes Rs.70340 in the year 2006 with decrement of Rs.24299
Margin on letters of credit
The amount of advances, deposits, prepayments and other receivables in the year 2006
was Rs.70340 and it becomes Rs.858758 in the year 2007 with increment of Rs.788418
Other receivables-
Considered goods
The amount of cash in hand in the year 2007 was Rs.858758 and it becomes Rs.345567
Others
in the year 2008 with decrement of Rs.513191

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And the amount of Advances, Deposits, prepayments and other receivables in the final
year 2008 is Rs.345567

The amount of advances, deposits, prepayments and other receivables in the first year
2004 was 100.00% and it becomes 62.57% in the year 2005 with decrement of 37.43%
The amount of advances, deposits, prepayments and other receivables in the year 2005
was 62.57% and it becomes 95.59% in the year 2006 with increment of 33.02%
The amount of advances, deposits, prepayments and other receivables in the year 2006
was 95.59% and it becomes 1167.06% in the year 2007 with increment of 1071.47%
The amount of cash in hand in the year 2007 was 1167.06% and it becomes 469.63% in
the year 2008 with decrement of 697.43%
And the amount of Advances, Deposits, prepayments and other receivables in the final
year 2008 is Rs.469.63%

Fauji Cement Company Limited


Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
TRADE DEBTS 100.00% 239.41% 56.88% 43.67% 60.12%
Considered goods 100.00% 105.34% 114.41% 34.89% 0.00%
Considered doubtful 100.00% 100.00% 100.00% 532.74% 309.38%
Secure-considered goods 100.00% 371.96% 0.00% 52.34% 119.55%
Provision for doubtful debts 100.00% 100.00% 100.00% 532.74% 309.38%

Trend analysis TRADE DEBTS

600.00% Unsecured
500.00%
Percentage

400.00% Considered goods


300.00%
200.00% Considered doubtful
100.00%
0.00% Secure-considered goods
2004 2005 2006 2007 2008
Years Less: Provision for doubtful
debts

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TRADE DEBTS
The amount of trade debts in the first year 2004 was Rs.44789 and it becomes Rs.107231
in the year 2005 with decrement of Rs.62442
The amount of trade debts in the first year 2005 was Rs.107231 and it becomes Rs.25475
in the year 2006 with increment of Rs.81756
The amount of trade debts in the first year 2006 was Rs.25475 and it becomes Rs.19558
in the year 2007 with decrement of Rs.5917
The amount of trade debts in the first year 2007 was Rs.19558 and it becomes Rs.26927
in the year 2008 with increment of Rs.7369
And the amount of trade debts in the final year 2008 is Rs.26927

The amount of trade debts in the first year 2004 was 100.00% and it becomes 239.41% in
the year 2005 with increment of 139.41%
The amount of trade debts in the first year 2005 was 239.41% and it becomes 56.88% in
the year 2006 with decrement of 182.53%
The amount of trade debts in the first year 2006 was 56.88% and it becomes 43.67% in
the year 2007 with decrement of 13.21%
The amount of trade debts in the first year 2007 was 43.67% and it becomes 60.12% in
the year 2008 with increment of 16.45%
And the amount of trade debts in the final year 2008 is 60.12%

Considered goods
The amount of considered goods in the first year 2004 was Rs.22266 and it becomes
Rs.23454 in the year 2005 with increment of Rs.1188
The amount of considered goods in the year 2005 was Rs.23454 and it becomes Rs.25475
in the year 2006 with increment of Rs.2021
The amount of considered goods in the year 2006 was Rs.25475 and it becomes Rs.7769
in the year 2007 with decrement of Rs.17706
The amount of considered goods in the year 2007 was Rs.7769 and it becomes Rs.0 in the
year 2008

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And the amount of considered goods in the final year 2008 is Rs.0

The amount of considered goods in the first year 2004 was 100.00% and it becomes
105.34% in the year 2005 with increment of 5.34%
The amount of considered goods in the year 2005 was 105.34% and it becomes 114.41%
in the year 2006 with increment of 9.07%
The amount of considered goods in the year 2006 was 114.41% and it becomes 34.89%
in the year 2007 with decrement of 79.52%
The amount of considered goods in the year 2007 was 34.89% and it becomes 0.00% in
the year 2008
And the amount of considered goods in the final year 2008 is 0.00%

Considered doubtful
The amount of considered doubtful in the first year 2004 was Rs.1567 and it becomes
Rs.1567 in the year 2005 and 2006.
The amount of considered doubtful in the year 2006 was Rs.1567 and it becomes Rs.8348
in the year 2007 with increment of Rs.6781
The amount of considered doubtful in the year 2007 was Rs.8348 and it becomes Rs.4848
in the year 2008 with decrement of Rs.3500
And the amount of considered doubtful in the final year 2008 is Rs.4848

The amount of considered doubtful in the first year 2004 was 100.00% and it becomes
100.00% in the year 2005 and 2006.
The amount of considered doubtful in the year 2006 was 100.00% and it becomes
532.74% in the year 2007 with increment of 432.74%
The amount of considered doubtful in the year 2007 was 532.74% and it becomes
309.38% in the year 2008 with decrement of 223.36%
And the amount of considered doubtful in the final year 2008 is 309.38%

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Secure-considered goods
The amount of secure-considered goods in the first year 2004 was Rs.22523 and it
becomes Rs.83777 in the year 2005 with increment of Rs.61254.
The amount of secure-considered goods in the year 2005 was Rs.83777 and it becomes
Rs.0 in the year 2006.
The amount of secure-considered goods in the year 2007 was Rs.11789 and it becomes
Rs.26927 in the year 2008 with increment of Rs.15138.
And the amount of secure-considered goods in the final year 2008 is Rs.26927.

The amount of secure-considered goods in the first year 2004 was 100.00% and it
becomes 371.96% in the year 2005 with increment of 271.96%
The amount of secure-considered goods in the year 2005 was 371.96% and it becomes
0.00% in the year 2006.
The amount of secure-considered goods in the year 2007 was 52.34% and it becomes
119.55% in the year 2008 with increment of 67.21%
And the amount of secure-considered goods in the final year 2008 is 119.55%

Provision for doubtful debts


The amount of provision for doubtful debts in the first year 2004 was Rs.1567 and it
becomes Rs.1567 in the year 2005 and 2006.
The amount of provision for doubtful debts in the year 2007 was Rs.8348 and it becomes
Rs.4848 in the year 2008 with decrement of Rs.3500.
And the amount of provision for doubtful debts in the final year 2008 is Rs.4848.

The amount of provision for doubtful debts in the first year 2004 was 100.00% and it
becomes 100.00% in the year 2005 and 2006.
The amount of provision for doubtful debts in the year 2007 was 532.74% and it becomes
309.38% in the year 2008 with decrement of 223.36
And the amount of provision for doubtful debts in the final year 2008 is 309.38%

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Fauji Cement Company Limited
Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
STOCK IN TRADE 100.00% 90.80% 235.54% 297.58% 373.52%
Raw and packing material 100.00% 121.32% 184.00% 157.19% 205.41%
Work in process 100.00% 41.87% 337.42% 415.05% 549.44%
Finished goods 100.00% 138.80% 125.74% 237.21% 248.67%

Trend analysis

600.00%
500.00%
STOCK IN TRADE
Percentage

400.00%
Raw and packing material
300.00%
Work in process
200.00%
Finished goods
100.00%
0.00%
2004 2005 2006 2007 2008
Years

STOCK IN TRADE
The amount of stock in trade in the first year 2004 was Rs.61600 and it becomes
Rs.55931 in the year 2005 with decrement of Rs.5669
The amount of stock in trade in the year 2005 was Rs.55931 and it becomes Rs.145090 in
the year 2006 with increment of Rs.89159.
The amount of stock in trade in the year 2006 was Rs.145090 and it becomes Rs.183309
in the year 2007 with increment of Rs.38219.
The amount of stock in trade in the year 2007 was Rs.183309 and it becomes Rs.230089
in the year 2008 with increment of Rs.46780.
And the amount of stock in trade in the final year 2008 is Rs.230089.

The amount of stock in trade in the first year 2004 was 100.00% and it becomes 90.80%
in the year 2005 with decrement of 9.20%

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The amount of stock in trade in the year 2005 was 90.80% and it becomes 235.54% in the
year 2006 with increment of 144.74%
The amount of stock in trade in the year 2006 was 235.54% and it becomes 297.58% in
the year 2007 with increment of 62.04%
The amount of stock in trade in the year 2007 was 297.58% and it becomes 373.52% in
the year 2008 with increment of 75.94%
And the amount of stock in trade in the final year 2008 is 373.52%

Raw and packing material


The amount of raw and packing material in the first year 2004 was Rs.15224 and it
becomes Rs.18469 in the year 2005 with increment of Rs.3245
The amount of raw and packing material in the year 2005 was Rs.18469 and it becomes
Rs.28012 in the year 2006 with increment of Rs.9543
The amount of raw and packing material in the year 2006 was Rs.28012 and it becomes
Rs.23931 in the year 2007 with decrement of Rs.4081
The amount of raw and packing material in the year 2007 was Rs.23931 and it becomes
Rs.31271 in the year 2008 with increment of Rs.7340
And the amount of raw and packing material in the final year 2008 is Rs.31271

The amount of raw and packing material in the first year 2004 was 100.00% and it
becomes 121.32% in the year 2005 with increment of 21.32%
The amount of raw and packing material in the year 2005 was 121.32% and it becomes
184.00% in the year 2006 with increment of 62.68%
The amount of raw and packing material in the year 2006 was 184.00% and it becomes
157.19% in the year 2007 with decrement of 26.81%
The amount of raw and packing material in the year 2007 was 157.19% and it becomes
205.41% in the year 2008 with increment of 48.22%
And the amount of raw and packing material in the final year 2008 is 205.41%

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Work in process
The amount of work in process in the first year 2004 was Rs.27761 and it becomes
Rs.11624 in the year 2005 with decrement of Rs.16137
The amount of work in process in the year 2005 was Rs.11624 and it becomes Rs.93671
in the year 2006 with increment of Rs.82047.
The amount of work in process in the year 2006 was Rs.93671 and it becomes Rs.115221
in the year 2007 with increment of Rs.21550.
The amount of work in process in the year 2007 was Rs.115221 and it becomes
Rs.152529 in the year 2008 with increment of Rs.37308.
And the amount of work in process in the final year 2008 is Rs.152529.

The amount of work in process in the first year 2004 was 100.00% and it becomes
41.87% in the year 2005 with decrement of 58.13%
The amount of work in process in the year 2005 was 41.87% and it becomes 337.42% in
the year 2006 with increment of 295.55%
The amount of work in process in the year 2006 was 337.42% and it becomes 415.05% in
the year 2007 with increment of 77.63%
The amount of work in process in the year 2007 was 415.05% and it becomes 549.44% in
the year 2008 with increment of 134.39%
And the amount of work in process in the final year 2008 is 549.44%

Finished goods
The amount of finished goods in the first year 2004 was Rs.18615 and it becomes
Rs.25838 in the year 2005 with increment of Rs.7223.
The amount of finished goods in the year 2005 was Rs.25838 and it becomes Rs.23407 in
the year 2006 with decrement of Rs.2431.
The amount of finished goods in the year 2006 was Rs.23407 and it becomes Rs.44157 in
the year 2007 with increment of Rs.20750.
The amount of finished goods in the year 2007 was Rs.44157 and it becomes Rs.46289 in
the year 2008 with increment of Rs.2132.

34
And the amount of finished goods in the final year 2008 is Rs.46289.
The amount of finished goods in the first year 2004 was 100.00% and it becomes
138.80% in the year 2005 with increment of 38.80%
The amount of finished goods in the year 2005 was 138.80% and it becomes 125.74% in
the year 2006 with decrement of 13.06%
The amount of finished goods in the year 2006 was 125.74% and it becomes 237.21% in
the year 2007 with increment of 111.47%
The amount of finished goods in the year 2007 was 237.21% and it becomes 248.67% in
the year 2008 with increment of 11.46%
And the amount of finished goods in the final year 2008 is 248.67%

Fauji Cement Company Limited


Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
STORES, SPARES AND LOOSE
TOOLS 100.00% 182.60% 248.68% 237.47% 459.77%
Stores 100.00% 149.83% 276.30% 86.30% 578.20%
Spares 100.00% 206.65% 236.79% 333.02% 404.46%
Loose tools 100.00% 114.73% 168.79% 175.80% 188.62%

Trend analysis

800.00% STORES, SPARES AND


Percentage

600.00% LOOSE TOOLS

400.00% Stores

200.00%
Spares
0.00%
2004 2005 2006 2007 2008
Loose tools
Years

35
STORES, SPARES AND LOOSE TOOLS
The amount of stores, spares and loose tools in the first year 2004 was Rs.197400 and it
becomes Rs.360452 in the year 2005 with increment of Rs.163052.
The amount of stores, spares and loose tools in the year 2005 was Rs.360452 and it
becomes Rs.490887 in the year 2006 with increment of Rs.130435.
The amount of stores, spares and loose tools in the year 2006 was Rs.490887 and it
becomes Rs.468769 in the year 2007 with decrement of Rs.22118.
The amount of stores, spares and loose tools in the year 2007 was Rs.468769 and it
becomes Rs.907591 in the year 2008 with increment of Rs.438822.
And the amount of stores, spares and loose tools in the final year 2008 is Rs.907591.

The amount of stores, spares and loose tools in the first year 2004 was 100.00% and it
becomes 182.60% in the year 2005 with increment of 82.60%
The amount of stores, spares and loose tools in the year 2005 was 182.60% and it
becomes 248.68% in the year 2006 with increment of 66.08%
The amount of stores, spares and loose tools in the year 2006 was 248.68% and it
becomes 237.47% in the year 2007 with decrement of 11.21%
The amount of stores, spares and loose tools in the year 2007 was 237.47% and it
becomes 459.77% in the year 2008 with increment of 222.30%
And the amount of stores, spares and loose tools in the final year 2008 is 459.77%

Stores
The amount of stores in the first year 2004 was Rs.71837 and it becomes Rs.107633 in
the year 2005 with increment of Rs.35796.
The amount of stores in the year 2005 was Rs.107633 and it becomes Rs.198485 in the
year 2006 with increment of Rs.90852.
The amount of stores in the year 2006 was Rs.198485 and it becomes Rs.61997 in the
year 2007 with decrement of Rs.136488.
The amount of stores in the year 2007 was Rs.61997 and it becomes Rs.415358 in the
year 2008 with increment of Rs.353361.

36
And the amount of stores in the final year 2008 is Rs.415358.

The amount of stores in the first year 2004 was 100.00% and it becomes 149.83% in the
year 2005 with increment of 49.83%
The amount of stores in the year 2005 was 149.83% and it becomes 276.30% in the year
2006 with increment of 126.47%
The amount of stores in the year 2006 was 276.30% and it becomes 86.30% in the year
2007 with decrement of 190.00%
The amount of stores in the year 2007 was 86.30% and it becomes 578.20% in the year
2008 with increment of 491.90%
And the amount of stores in the final year 2008 is 578.20%

Spares
The amount of spares in the first year 2004 was Rs.118324 and it becomes Rs.244514 in
the year 2005 with increment of Rs.126190.
The amount of spares in the year 2005 was Rs.244514 and it becomes Rs.280183 in the
year 2006 with increment of Rs.35669.
The amount of spares in the year 2006 was Rs.280183 and it becomes Rs.394046 in the
year 2007 with increment of Rs.113863.
The amount of spares in the year 2007 was Rs.394046 and it becomes Rs.478579 in the
year 2008 with increment of Rs.84533.
And the amount of spares in the final year 2008 is Rs.478579.

The amount of spares in the first year 2004 was 100.00% and it becomes 206.65% in the
year 2005 with increment of 106.65%
The amount of spares in the year 2005 was 206.65% and it becomes 236.79% in the year
2006 with increment of 30.14%
The amount of spares in the year 2006 was 236.79% and it becomes 333.02% in the year
2007 with increment of 96.23%
The amount of spares in the year 2007 was 333.02% and it becomes 404.46% in the year
2008 with increment of 71.44

37
And the amount of spares in the final year 2008 is 404.46%

Loose tools
The amount of loose tools in the first year 2004 was Rs.7239 and it becomes Rs.8305 in
the year 2005 with increment of Rs.1066.
The amount of loose tools in the first year 2005 was Rs.8305 and it becomes Rs.12219 in
the year 2006 with increment of Rs.3914.
The amount of loose tools in the first year 2006 was Rs.12219 and it becomes Rs.12726
in the year 2007 with increment of Rs.507.
The amount of loose tools in the first year 2007 was Rs.12726 and it becomes Rs.13654
in the year 2008 with increment of Rs.928.
And the amount of spares in the final year 2008 is Rs.13654.

The amount of loose tools in the first year 2004 was 100.00% and it becomes 114.73% in
the year 2005 with increment of 14.73%
The amount of loose tools in the year 2005 was 114.73% and it becomes 168.79% in the
year 2006 with increment of 54.06%
The amount of loose tools in the year 2006 was 168.79% and it becomes 175.80% in the
year 2007 with increment of 7.01%
The amount of loose tools in the year 2007 was 175.80% and it becomes 188.62% in the
year 2008 with increment of 12.83%.
And the amount of spares in the final year 2008 is 188.62%

38
Fauji Cement Company Limited
Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
LONG TERM DEPOSITS 100.00% 127.35% 127.35% 127.35% 127.35%
Islamabad Electric Supply
Company Limited 100.00% 100.00% 100.00% 100.00% 100.00%
Sui Northern Gas Pipelines
Limited 100.00% 166.74% 166.74% 166.74% 166.74%

Balance Sheet

50000
45000
40000
LONG TERM DEPOSITS
35000
30000
Amount

Islamabad Electric Supply


25000
Company Limited
20000
15000 Sui Northern Gas Pipelines
Limited
10000
5000
0
2004 2005 2006 2007 2008
Years

LONG TERM DEPOSITS


The amount of long term deposits in the first year 2004 was Rs.36600 and it becomes
Rs.46611 in the year 2005, 2006, 2007 and 2008 with decrement of Rs.10011.

The amount of long term deposits in the first year 2004 was 100.00% and it becomes
127.35% in the year 2005, 2006, 2007 and 2008 with decrement of 27.35%

39
Islamabad Electric Supply Company Limited
The amount of Islamabad Electric Supply Company Limited in the year 2004, 2005,
2006, 2007 and 2008 was Rs.21600.

The amount of Islamabad Electric Supply Company Limited in the year 2004, 2005,
2006, 2007 and 2008 was 100.00%

Sui Northern Gas Pipelines Limited


The amount of Sui Northern Gas Pipelines Limited in the first year 2004 was Rs.15000
and it becomes Rs.25011 in the year 2005, 2006, 2007 and 2008 with increment of
Rs.10011.

The amount of Sui Northern Gas Pipelines Limited in the first year 2004 was 100.00%
and it becomes 166.74% in the year 2005, 2006, 2007 and 2008 with increment of
66.74%.

Fauji Cement Company Limited


Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
LONG TERM ADVANCES -
Considered goods 100.00% 100.00% 90.00% 80.00%
Sui Northern Gas Pipelines Limited 100.00% 90.00%
Amount receivables within 12
months shown under current assets 100.00% 100.00%

40
Trend analysis

120.00%
LONG TERM ADVANCES -
100.00% Considered goods
Percentage

80.00%
60.00% Sui Northern Gas Pipelines
40.00% Limited
20.00%
0.00% Less: Amount receivables within
2004 2005 2006 2007 2008 12 months shown under current
Years assets

LONG TERM ADVANCES - Considered goods


The amount of LONG TERM ADVANCES - Considered goods in the first year 2004 was
Rs.0 and it becomes Rs.9000 in the year 2005 and 2006 with increment of Rs.9000.
The amount of LONG TERM ADVANCES - Considered goods in the year 2007 was
Rs.8100 and it becomes Rs.7200 in the year 2008 with decrement of Rs.900.
And the amount of long term advances-considered goods in the final year 2008 is
Rs.7200

The amount of LONG TERM ADVANCES - Considered goods in the year 2005 and
2006 was 100.00% and it becomes 90.00% in the year 2007 with decrement of 10.00%
The amount of LONG TERM ADVANCES - Considered goods in the year 2007 was
90.00% and it becomes 80.00% in the year 2008 with decrement of 10.00%
And the amount of long term advances-considered goods in the final year 2008 is 80.00%

Sui Northern Gas Pipelines Limited


The amount of Sui Northern Gas Pipelines Limited in the year 2004, 2005 and 2006 was
Rs.0 and it becomes Rs.9000 in the year 2007 with increment of Rs.9000.
And the amount of Sui Northern Gas Pipelines Limited in the final year 2008 is Rs.8100.

The amount of Sui Northern Gas Pipelines Limited in the year 2007 was 100.00% and it
becomes 90.00% in the year 2008 with decrement of 10.00%
And the amount of Sui Northern Gas Pipelines Limited in the final year 2008 is 90.00%.

41
Fauji Cement Company Limited
Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
FIXED ASSETS - Tangible: 100.00% 98.50% 96.49% 92.88% 150.27%
Property, Plant and equipment 100.00% 98.50% 96.49% 92.88% 150.27%

Trend analysis

200.00%
Percentage

150.00%
FIXED ASSETS - Tangible:
100.00%
Property, Plant and equipment
50.00%
0.00%
2004 2005 2006 2007 2008
Years

FIXED ASSETS – Tangible


The amount of fixed assets-tangible in the first year 2004 was Rs.4729254 and it
becomes Rs.4658272 in the year 2005 with decrement of Rs.70982.
The amount of fixed assets-tangible in the year 2005 was Rs.4658272 and it becomes
Rs.4563115 in the year 2006 with decrement of Rs.95157.
The amount of fixed assets-tangible in the year 2006 was Rs.4563115 and it becomes
Rs.4392450 in the year 2007 with decrement of Rs.170665.
The amount of fixed assets-tangible in the year 2007 was Rs.4392450 and it becomes
Rs.7106599 in the year 2008 with increment of Rs.2714149.
And the amount of fixed assets-tangible in the final year 2008 is Rs.7106599.

The amount of fixed assets-tangible in the first year 2004 was 100.00% and it becomes
98.50% in the year 2005 with decrement of 1.50%
The amount of fixed assets-tangible in the year 2005 was 98.50% and it becomes 96.49%
in the year 2006 with decrement of 2.01%

42
The amount of fixed assets-tangible in the year 2006 was 96.49% and it becomes 92.88%
in the year 2007 with decrement of 3.61%
The amount of fixed assets-tangible in the year 2007 was 92.88% and it becomes
150.27% in the year 2008 with increment of 57.39%
And the amount of fixed assets-tangible in the final year 2008 is 150.27%

Fauji Cement Company Limited


Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
Total Assets 100.00% 105.30% 104.87% 108.30% 210.72%

Trend Analysis

250.00%

200.00%
Percentages

150.00%
Total Assets
100.00%

50.00%

0.00%
2004 2005 2006 2007 2008
Years

Total Assets
The amount of total assets in the first year 2004 was Rs.5910353 and it becomes
Rs.6223788 in the year 2005 with increment of Rs.313435.
The amount of total assets in the year 2005 was Rs.6223788 and it becomes Rs.6198108
in the year 2006 with decrement of Rs.25680.

43
The amount of total assets in the year 2006 was Rs.6198108 and it becomes Rs.6400688
in the year 2007 with increment of Rs.202580.
The amount of total assets in the year 2007 was Rs.6400688 and it becomes Rs.12454493
in the year 2008 with increment of Rs.6053805.
And the amount of total assets in the final year 2008 is Rs.12454493

The amount of total assets in the first year 2004 was 100.00% and it becomes 105.30% in
the year 2005 with increment of 5.30%
The amount of total assets in the year 2005 was 105.30% and it becomes 104.87% in the
year 2006 with decrement of 0.43%
The amount of total assets in the year 2006 was 104.87% and it becomes 108.30% in the
year 2007 with increment of 3.43%
The amount of total assets in the year 2007 was 108.30% and it becomes 210.72% in the
year 2008 with increment of 102.42%
And the amount of total assets in the final year 2008 is 210.72%

44
Fauji Cement Company Limited
Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
Trade and other payables: 100.00% 101.19% 154.54% 171.92% 181.01%
Creditors 100.00% 100.70% 130.91% 179.11% 144.57%
Accrued liabilities 100.00% 105.82% 100.07% 187.35% 275.43%
Retention money 100.00% 97.36% 118.71% 110.79% 143.42%
Security deposits 100.00% 113.82% 149.19% 153.37% 144.98%
Advances from customers 100.00% 183.57% 254.07% 293.11% 178.82%
Workers' (Profit) Participation Fund 100.00% 234.20% 103.84% 61.11%
Workers' Welfare fund 100.00% 157.67%

Trend analysis Trade and other payables:

120000.00% Creditors
100000.00% Accrued liabilities
Percentage

80000.00%
Retention money
60000.00%
40000.00% Sesurity deposits
20000.00% Advances from customers
0.00%
Workers' (Profit)
2004 2005 2006 2007 2008
Participation Fund
Years Workers' Welfare fund

Sales tax payable- net

Excise duty payable


Trade and other payables
Other liabilities
The amount of trade and other payables in the first year 2004 was Rs.272476 and it
Compensated absences
becomes Rs.275718 in the year 2005 with increment of Rs.3242.
The amount of trade and other payables in the year 2005 was Unclaimed
Rs.275718dividend
and it becomes
Rs.421074 in the year 2006 with increment of Rs.145356.
The amount of trade and other payables in the year 2006 was Rs.421074 and it becomes
Rs.468447 in the year 2007 with increment of Rs.47373.
The amount of trade and other payables in the year 2007 was Rs.468447 and it becomes
Rs.493210 in the year 2008 with increment of Rs.24763.
And the amount of trade and other payables in the final year 2008 is Rs.493210

45
The amount of trade and other payables in the first year 2004 was 100.00% and it
becomes 101.19% in the year 2005 with increment of 1.19%
The amount of trade and other payables in the year 2005 was 101.19% and it becomes
154.54% in the year 2006 with increment of 53.35%
The amount of trade and other payables in the year 2006 was 154.54% and it becomes
171.92% in the year 2007 with increment of 17.38%
The amount of trade and other payables in the year 2007 was 171.92% and it becomes
181.01% in the year 2008 with increment of 9.09%
And the amount of trade and other payables in the final year 2008 is 181.01%

Creditors
The amount of creditors in the first year 2004 was Rs.45651 and it becomes Rs.45969 in
the year 2005 with increment of Rs.318.
The amount of creditors in the year 2005 was Rs.45969 and it becomes Rs.59763 in the
year 2006 with increment of Rs.13794.
The amount of creditors in the year 2006 was Rs.59763 and it becomes Rs.81766 in the
year 2007 with increment of Rs.22003.
The amount of creditors in the year 2007 was Rs.81766 and it becomes Rs.65997 in the
year 2008 with decrement of Rs.15769.
And the amount of creditors in the final year 2008 is Rs.65997.

The amount of creditors in the first year 2004 was 100.00% and it becomes 100.70% in
the year 2005 with increment of .0.70%
The amount of creditors in the year 2005 was 100.70% and it becomes 130.91% in the
year 2006 with increment of 30.21%
The amount of creditors in the year 2006 was 130.91% and it becomes 179.11% in the
year 2007 with increment of 48.20%
The amount of creditors in the year 2007 was 179.11% and it becomes 144.57% in the
year 2008 with decrement of 34.54%
And the amount of creditors in the final year 2008 is 144.57%

46
Accrued liabilities
The amount of accrued liabilities in the first year 2004 was Rs.63425 and it becomes
Rs.67119 in the year 2005 with increment of Rs.3694.
The amount of accrued liabilities in the year 2005 was Rs.67119 and it becomes
Rs.63470 in the year 2006 with decrement of Rs.3649.
The amount of accrued liabilities in the year 2006 was Rs.63470 and it becomes
Rs.118828 in the year 2007 with increment of Rs.55358.
The amount of accrued liabilities in the year 2007 was Rs.118828 and it becomes
Rs.174692 in the year 2008 with increment of Rs.55864.
And the amount of accrued liabilities in the final year 2008 is Rs.174692

The amount of accrued liabilities in the first year 2004 was 100.00% and it becomes
105.82% in the year 2005 with increment of 5.82%
The amount of accrued liabilities in the year 2005 was 105.82% and it becomes 100.07%
in the year 2006 with decrement of 5.75%
The amount of accrued liabilities in the year 2006 was 100.07% and it becomes 187.35%
in the year 2007 with increment of 87.28%
The amount of accrued liabilities in the year 2007 was 187.35% and it becomes 275.43%
in the year 2008 with increment of 88.08%
And the amount of accrued liabilities in the final year 2008 is 275.43%

Retention money
The amount of retention money in the first year 2004 was Rs.10819 and it becomes
Rs.10533 in the year 2005 with decrement of Rs.286.
The amount of retention money in the year 2005 was Rs.10533 and it becomes Rs.12843
in the year 2006 with increment of Rs.2310.
The amount of retention money in the year 2006 was Rs.12843 and it becomes Rs.11986
in the year 2007 with decrement of Rs.857.
The amount of retention money in the year 2007 was Rs.11986 and it becomes Rs.15517
in the year 2008 with increment of Rs.3531.

47
And the amount of retention money in the final year 2008 is Rs.15517

The amount of retention money in the first year 2004 was 100.00% and it becomes
97.36% in the year 2005 with decrement of 2.64%
The amount of retention money in the year 2005 was 97.36% and it becomes 118.71% in
the year 2006 with increment of 21.35%
The amount of retention money in the year 2006 was 118.71% and it becomes 110.79%
in the year 2007 with decrement of 7.92%
The amount of retention money in the year 2007 was 110.79% and it becomes 143.42%
in the year 2008 with increment of 32.63%
And the amount of retention money in the final year 2008 is 143.42%

Security deposits
The amount of security deposits in the first year 2004 was Rs.25462 and it becomes
Rs.28982 in the year 2005 with increment of Rs.3520.
The amount of security deposits in the year 2005 was Rs.28982 and it becomes Rs.37986
in the year 2006 with increment of Rs.9004.
The amount of security deposits in the year 2006 was Rs.37986 and it becomes Rs.39051
in the year 2007 with increment of Rs.1065.
The amount of security deposits in the year 2007 was Rs.39051 and it becomes Rs.36916
in the year 2008 with decrement of Rs.2135.
And the amount of security deposits in the final year 2008 is Rs.36916.

The amount of security deposits in the first year 2004 was 100.00% and it becomes
113.82% in the year 2005 with increment of 13.82%
The amount of security deposits in the year 2005 was 113.82% and it becomes 149.19%
in the year 2006 with increment of 35.37%
The amount of security deposits in the year 2006 was 149.19% and it becomes 153.37%
in the year 2007 with increment of 4.18%
The amount of security deposits in the year 2007 was 153.37% and it becomes 144.98%
in the year 2008 with decrement of 8.39%

48
And the amount of security deposits in the final year 2008 is 144.98%

Advances from customers


The amount of advances from customers in the first year 2004 was Rs.23121 and it
becomes Rs.42444 in the year 2005 with increment of Rs.19323.
The amount of advances from customers in the year 2005 was Rs.42444 and it becomes
Rs.58744 in the year 2006 with increment of Rs.16300.
The amount of advances from customers in the year 2006 was Rs.58744 and it becomes
Rs.67770 in the year 2007 with increment of Rs.9026.
The amount of advances from customers in the year 2007 was Rs.67770 and it becomes
Rs.41344 in the year 2008 with decrement of Rs.26426.
And the amount of advances from customers in the final year 2008 is Rs.41344.

The amount of advances from customers in the first year 2004 was 100.00% and it
becomes 183.57% in the year 2005 with increment of 83.57%
The amount of advances from customers in the year 2005 was 183.57% and it becomes
254.07% in the year 2006 with increment of 70.50%
The amount of advances from customers in the year 2006 was 254.07% and it becomes
293.11% in the year 2007 with increment of 39.04%
The amount of advances from customers in the year 2007 was 293.11% and it becomes
178.82% in the year 2008 with decrement of 114.29%
And the amount of advances from customers in the final year 2008 is 178.82%

Workers' (Profit) Participation Fund


The amount of Workers' (Profit) Participation Fund in the first year 2004 was Rs.0 and it
becomes Rs.39949 in the year 2005 with increment of Rs.39949.
The amount of Workers' (Profit) Participation Fund in the year 2005 was Rs.39949 and it
becomes Rs.93562 in the year 2006 with increment of Rs.53613.
The amount of Workers' (Profit) Participation Fund in the year 2006 was Rs.93562 and it
becomes Rs.41483 in the year 2007 with decrement of Rs.52079.

49
The amount of Workers' (Profit) Participation Fund in the year 2007 was Rs.41483 and it
becomes Rs.24413 in the year 2008 with decrement of Rs.17070.
And the amount of Workers' (Profit) Participation Fund in the final year 2008 is
Rs.24413.

The amount of Workers' (Profit) Participation Fund in the year 2005 was 100.00% and it
becomes 234.20% in the year 2006 with increment of 134.20%
The amount of Workers' (Profit) Participation Fund in the year 2006 was 234.20% and it
becomes 103.84% in the year 2007 with decrement of 130.36%
The amount of Workers' (Profit) Participation Fund in the year 2007 was 103.84% and it
becomes 61.11% in the year 2008 with decrement of 42.73%
And the amount of Workers' (Profit) Participation Fund in the final year 2008 is 61.11%

Workers' Welfare fund


The amount of Workers' Welfare fund in the first three year 2004, 2005 and 2006 was
Rs.0 and it becomes Rs.16085 in the year 2007 with increment of Rs.16085.
The amount of Workers' Welfare fund in the year 2007 was Rs.16085 and it becomes
Rs.25362 in the year 2008 with increment of Rs.9277.

The amount of Workers' Welfare fund in the year 2007 was 100.00% and it becomes
157.67% in the year 2008 with increment of 57.67%
And the amount of Workers' Welfare fund in the final year 2008 is 157.67%

50
Fauji Cement Company Limited
Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
Habib Bank Limited 100.00% 65.29% 47.11% 28.93%
MCB Bank Limited 100.00% 65.29% 47.11% 28.93%
United Bank Limited 100.00% 65.29% 47.11% 28.93%
Bank Al Falah Limited 100.00% 65.29% 47.11% 28.93%
NIB Bank Limited 100.00% 61.40%
PICIC Commercial Bank Limited 100.00% 65.29% 0.00% 0.00%

Trend analysis

120.00%
Loans from banking companies -
100.00% Secured:
Habib Bank Limited
80.00%
Percentage

MCB Bank Limited


60.00%
United Bank Limited
40.00%
Bank Al Falah Limited

20.00%
NIB Bank Limited

0.00%
PICIC Commercial Bank Limited
2004 2005 2006 2007 2008
Years

Habib Bank Limited


The amount of Habib Bank Limited in the first year 2005 was Rs.916667 and it becomes
Rs.598485 in the year 2006 with decrement of Rs.318182
The amount of Habib Bank Limited in the year 2006 was Rs.598485 and it becomes
Rs.431818 in the year 2007 with decrement of Rs.166667
The amount of Habib Bank Limited in the year 2007 was Rs.431818 and it becomes
Rs.265152 in the year 2008 with decrement of Rs.166666
And the amount of Habib Bank Limited in the final year 2008 is Rs.265152.

51
The amount of Habib Bank Limited in the first year 2005 was 100.00% and it becomes
65.29% in the year 2006 with decrement of 34.71%
The amount of Habib Bank Limited in the year 2006 was 65.29% and it becomes 47.11%
in the year 2007 with decrement of 18.18%
The amount of Habib Bank Limited in the year 2007 was 47.11% and it becomes 28.93%
in the year 2008 with decrement of 18.18%
And the amount of Habib Bank Limited in the final year 2008 is 144.57%

MCB Bank Limited


The amount of MCB Bank Limited in the first year 2005 was Rs.916667 and it becomes
Rs.598485 in the year 2006 with decrement of Rs.318182
The amount of MCB Bank Limited in the year 2006 was Rs.598485 and it becomes
Rs.431818 in the year 2007 with decrement of Rs.166667
The amount of MCB Bank Limited in the year 2007 was Rs.431818 and it becomes
Rs.265152 in the year 2008 with decrement of Rs.166666
And the amount of MCB Bank Limited in the final year 2008 is Rs.265152.

The amount of MCB Bank Limited in the first year 2005 was 100.00% and it becomes
65.29% in the year 2006 with decrement of 34.71%
The amount of MCB Bank Limited in the year 2006 was 65.29% and it becomes 47.11%
in the year 2007 with decrement of 18.18%
The amount of MCB Bank Limited in the year 2007 was 47.11% and it becomes 28.93%
in the year 2008 with decrement of 18.18%
And the amount of MCB Bank Limited in the final year 2008 is 144.57%

United Bank Limited


The amount of United Bank Limited in the first year 2005 was Rs.458333 and it becomes
Rs.299243 in the year 2006 with decrement of Rs.159090.
The amount of United Bank Limited in the year 2006 was 299243 and it becomes
Rs.215909 in the year 2007 with decrement of Rs.83334.

52
The amount of United Bank Limited in the year 2007 was Rs.215909 and it becomes
Rs.132576 in the year 2008 with decrement of Rs.83333.
And the amount of United Bank Limited in the final year 2008 is Rs.132576

The amount of United Bank Limited in the first year 2005 was 100.00% and it becomes
65.29% in the year 2006 with decrement of 34.71%
The amount of United Bank Limited in the year 2006 was 65.29% and it becomes
47.11% in the year 2007 with decrement of 18.18%
The amount of United Bank Limited in the year 2007 was 47.11% and it becomes
28.93% in the year 2008 with decrement of 18.18%
And the amount of United Bank Limited in the final year 2008 is 144.57%

Bank Al Falah Limited


The amount of Bank Al Falah Limited in the first year 2005 was Rs.458333 and it
becomes Rs.299243 in the year 2006 with decrement of Rs.159090.
The amount of Bank Al Falah Limited in the year 2006 was 299243 and it becomes
Rs.215909 in the year 2007 with decrement of Rs.83334.
The amount of Bank Al Falah Limited in the year 2007 was Rs.215909 and it becomes
Rs.132576 in the year 2008 with decrement of Rs.83333.
And the amount of Bank Al Falah Limited in the final year 2008 is Rs.132576

The amount of Bank Al Falah Limited in the first year 2005 was 100.00% and it becomes
65.29% in the year 2006 with decrement of 34.71%
The amount of Bank Al Falah Limited in the year 2006 was 65.29% and it becomes
47.11% in the year 2007 with decrement of 18.18%
The amount of Bank Al Falah Limited in the year 2007 was 47.11% and it becomes
28.93% in the year 2008 with decrement of 18.18%
And the amount of Bank Al Falah Limited in the final year 2008 is 144.57%

53
NIB Bank Limited
The amount of NIB Bank Limited in the year 2007 was Rs.129546 and it becomes
Rs.79544 in the year 2008 with decrement of Rs.50002
And the amount of NIB Bank Limited in the final year 2008 is Rs.79544.

The amount of NIB Bank Limited in the year 2007 was 100.00% and it becomes 61.40%
in the year 2008 with decrement of 38.60%
And the amount of NIB Bank Limited in the final year 2008 is 61.40%

PICIC Commercial Bank Limited


The amount of PICIC Commercial Bank Limited in the first year 2005 was Rs.275000
and it becomes Rs.179545 in the year 2006 with decrement of Rs.95455
The amount of PICIC Commercial Bank Limited in the year 2006 was Rs.179545 and it
becomes 0 in the year 2007 and 2008.

The amount of PICIC Commercial Bank Limited in the first year 2005 was 100.00% and
it becomes 65.29% in the year 2006 with decrement of 34.71%
The amount of PICIC Commercial Bank Limited in the year 2006 was 65.29% and it
becomes 0.00% in the year 2007 and 2008.

54
Fauji Cement Company Limited
Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
Loan from related party:
Fauji Foundation- Unsecured 100.00% 0.00% 0.00% 0.00%
Amount payable within 12 months
shown under current liabilities 100.00% 99.46% 99.46% 99.46%

Trend analysis B-S

150.00% Loan from related party:


Percentage

100.00%
Fauji Foundation- Unsecured
50.00%

0.00%
2004 2005 2006 2007 2008 Less:amount payable within 12
months shown under current
Years liabilities

Fauji Foundation- Unsecured

The amount of Fauji Foundation- Unsecured in the year 2005 was Rs.50000 and it
becomes Rs.0 in the years 2006, 2007 and 2008.

The amount of Fauji Foundation- Unsecured in the year 2005 was 100.00% and it
becomes 0.00% in the years 2006, 2007 and 2008.

55
Fauji Cement Company Limited
Balance Sheet (Trend Analysis)
2004 2005 2006 2007 2008
Total Liabilities 100.00% 105.30% 104.87% 108.30% 210.72%

Trend Analysis

250.00%

200.00%
Percentages

150.00%
Total Liabilities
100.00%

50.00%

0.00%
2004 2005 2006 2007 2008
Years

Total Liabilities
The amount of Total Liabilities in the first year 2004 was Rs.3971219 and it becomes
Rs.3774164 in the year 2005 with decrement of Rs.197055
The amount of Total Liabilities in the year 2005 was Rs.3774164 and it becomes
Rs.2915492 in the year 2006 with decrement of Rs.858672.
The amount of Total Liabilities in the year 2006 was Rs.2915492 and it becomes
Rs.2665482 in the year 2007 with decrement of Rs.250010
The amount of Total Liabilities in the year 2007 was Rs.2665482 and it becomes
Rs.3170512 in the year 2008 with increment of Rs.505030
And the amount of Total Liabilities in the final year 2008 is Rs.3170512.

The amount of Total Liabilities in the first year 2004 was 100.00% and it becomes
105.30% in the year 2005 with increment of 5.30%

56
The amount of Total Liabilities in the year 2005 was 105.30% and it becomes 104.87% in
the year 2006 with decrement of 0.43%
The amount of Total Liabilities in the year 2006 was 104.87% and it becomes 108.30% in
the year 2007 with increment of 3.43%
The amount of Total Liabilities in the year 2007 was 108.30% and it becomes 210.72% in
the year 2008 with increment of 102.42%
And the amount of Total Liabilities in the final year 2008 is 210.72%

57
Balance Sheet (Vertical Analysis)

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
CURRENT ASSETS 9.72% 18.84% 25.48% 30.52% 42.51%
Cash and bank balances 3.33% 9.69% 13.67% 6.61% 30.38%
Deposit accounts 2.33% 9.00% 12.88% 6.29% 30.16%
Current accounts 0.36% 0.42% 0.79% 0.31% 0.22%
Collection accounts 0.65% 0.27% 0.00% 0.00% 0.00%
Cash in hand 0.00% 0.00% 0.00% 0.00% 0.00%

Vertical analysis B-S

35.00%
30.00% Cash and bank balances
25.00%
Percentage

Deposit accounts
20.00%
Current accounts
15.00%
10.00% Collection accounts
5.00% Cash in hand
0.00%
2004 2005 2006 2007 2008
Years

Current Assets
The amount of Current Assets in the year 2004 was Rs.574460 and it increases to
Rs.1172765 in the year 2005 with and increment of Rs.598305.
And the amount of Current Assets in the year 2005 was Rs.1172765 and it increases to
Rs.1579382 in the year 2006 with an increment of Rs.406617.
The amount of Current Assets in the year 2006 was Rs.1579382 and it increases to
Rs.1953527 in the year 2007 with and increment of Rs.374145
The amount of Current Assets in the year 2007was Rs.1953527 and it increases to
Rs.5294083 in the year 2008 with and increment of Rs.3340556
And the amount Current Assets in the final year 2008 is Rs.5294083

58
The amount of Current Assets in the year 2004 was 9.72% .and it increases to 18.84% in
the year 2005 with and increment of 9.12%
And the amount of Current Assets in the year 2005 was 18.84% and it increases to
25.48%in the year 2006 with an increment of 6.64%
The amount of Current Assets in the year 2006 was 25.48% and it increases to 30.52% in
the year 2007 with and increment of 5.04%
The amount of Current Assets in the year 2007 was 30.52 % and it increases to 42.51 in
the year 2008 with and increment of 11.99%
And the amount Current Assets in the final year 2008 is 42.51%.

Cash and Bank balances


The amount of Cash and bank balances in the year 2004 was Rs.197088 and it becomes
Rs.603110 in the year 2005 with an increment of Rs.197088
The amount of Cash and bank balances in the year 2005 was Rs.603110 and it becomes
Rs.847590 in the year 2006 with an increment of Rs.244480
The amount of Cash and bank balances in the year 2006 was Rs.847590 and it becomes
Rs.423133 in the year 2007 with a decrement of Rs.424457
The amount of Cash and bank balances in the year 2007 was Rs.423133 and it becomes
Rs.3783909 in the year 2008 with an increment of Rs.3360776
And the amount of Cash and bank balances in the final year 2008 is Rs.3783909

The amount of Cash and bank balances in the year 2004 was 3.33% and it becomes
9.69% in the year 2005 with an increment of6.36%
The amount of Cash and bank balances in the year 2005 was 9.69% and it becomes
13.67% in the year 2006 with an increment of 6.98%
The amount of Cash and bank balances in the year 2006 was 13.67% and it becomes
6.61% in the year 2007 with a decrement of 7.06%
The amount of Cash and bank balances in the year 2007 was 6.61% and it becomes
30.38% in the year 2008 with an increment of 23.77%

59
And the amount of Cash and bank balances in the final year 2008 is 30.38%

Deposit accounts
The amount of deposit accounts in the first year 2004 was Rs.137433 and it becomes
Rs.560177 in the year 2005 with an increment of Rs.422744
The amount of deposit accounts in the year 2005 was Rs.560117 and it becomes
Rs.798122 in the year 2006 with an increment of Rs.237945
The amount of deposit accounts in the year 2006 was Rs.798122 and it becomes
Rs.402907 in the year 2007 with a Decrement of Rs.395215
The amount of deposit accounts in the year 2007 was Rs.402907 and it becomes
Rs.3756611 in the year 2008 with an increment of Rs.3353704
And the amount of deposit accounts in the final year 2008 is Rs.37566611

The amount of deposit accounts in the first year 2004 was 2.33% and it becomes 9.00% in
the year 2005 with an increment of 6.67%
The amount of deposit accounts in the year 2005 was 6.00% and it becomes 12.88% in the
year 2006 with an increment of 6.88%
The amount of deposit accounts in the year 2006 was 12.88% and it becomes 6.29% in the
year 2007 with a decrement of 6.59%
The amount of deposit accounts in the year 2007 was 6.29% and it becomes 30.16% in the
year 2008 with an increment of 23.87%
And the amount of deposit accounts in the final year 2008 is 30.16%

Current accounts
The amount of current accounts in the first year 2004 was Rs.21326 and it becomes
Rs.25840 in the year 2005 with increment of Rs.4514
The amount of current accounts in the year 2005 was Rs.25840 and it becomes Rs.49253
in the year 2006 with increment of Rs.23413
The amount of current accounts in the year 2006 was Rs.49253 and it becomes Rs.20048
in the year 2007 with Decrement of Rs.29205

60
The amount of current account in the year 2007 was Rs.20048 and it becomes Rs.27039
in the year 2008 with increment of Rs.6991
And the amount of current accounts in the final year 2008 is Rs.27039

The amount of current accounts in the first year 2004 was 0.36% and it becomes 0.42%
in the year 2005 with increment of 0.06%
The amount of current accounts in the year 2005 was 0.42% and it becomes 0.79% in the
year 2006 with increment of 0.37%
The amount of current accounts in the year 2006 was 0.79% and it becomes 0.31% in the
year 2007 with decrement of 0.48%
The amount of current account in the year 2007 was 0.31% and it becomes 0.22% in the
year 2008 with decrement of 0.09%
And the amount of current accounts in the final year 2008 is 0.22%

Collection accounts
The amount of current account in the first year 2004 was Rs.38275 and it becomes
Rs.16831 in the year 2005 with decrement of Rs.21444
And the amount of collection account in the up coming years 2006, 2007 and 2008 is
zero

The amount of current account in the first year 2004 was 0.65% and it becomes 0.27% in
the year 2005 with decrement of 0.38%
And the amount of collection account in the up coming years 2006, 2007 and 2008 is
0.00%

Cash in hand
The amount of cash in hand in the first year 2004 was Rs.54 and it becomes Rs.262 in the
year 2005 with increment of Rs.208
The amount of cash in hand in the year 2005 was Rs.262 and it becomes Rs.215 in the
year 2006 with decrement of Rs.47

61
The amount of cash in hand in the year 2006 was Rs.215 and it becomes Rs.178 in the
year 2007 with decrement of Rs.37
The amount of cash in hand in the year 2007 was Rs.178 and it becomes Rs.259 in the
year 2008 with increment of Rs.81
And the amount of cash in hand in the final year 2008 is Rs.259

The amount of cash in hand in the years 2004, 2005, 2006, 2007 and 2008 is 0.00%.

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
Advances, Deposits, prepayments and
other receivables: 1.24% 0.74% 1.13% 13.42% 2.77%
To suppliers 0.58% 0.29% 0.51% 12.74% 0.12%
To employees 0.01% 0.01% 0.03% 0.01% 0.02%
Due from associated undertaking -
unsecured 0.02% 0.02% 0.05% 0.00% 0.00%
Deposits 0.02% 0.02% 0.03% 0.03% 0.05%
Prepayments 0.18% 0.07% 0.16% 0.05% 0.03%
Excise duty 0.17% 0.05% 0.00% 0.00% 0.00%

Vertical analysis B-S

16.00% Advances, Deposits, prepayments


14.00% and other receivables:
To suppliers
12.00%
To employees
Percentage

10.00%
8.00% Due from associated undertaking -
6.00% unsecured
Deposits
4.00%
2.00% Prepayments

0.00% Excise duty


2004 2005 2006 2007 2008
Advance tax -net
Years
Sales tax refundable -net

Derivative foreign currency options


used as hedging instrument
Interest accrued

Prepaid arrangement fee for loans

Margin on letters of credit


62
Other receivables- Considered
goods
Others
Advances, Deposits, prepayments and other receivables:
The amount of advances, deposits, prepayments and other receivables in the first year
2004 was Rs.73583 and it becomes Rs.46041 in the year 2005 with decrement of
Rs.27542
The amount of advances, deposits, prepayments and other receivables in the year 2005
was Rs.46041 and it becomes Rs.70340 in the year 2006 with decrement of Rs.24299
The amount of advances, deposits, prepayments and other receivables in the year 2006
was Rs.70340 and it becomes Rs.858758 in the year 2007 with increment of Rs.788418
The amount of cash in hand in the year 2007 was Rs.858758 and it becomes Rs.345567
in the year 2008 with decrement of Rs.513191
And the amount of Advances, Deposits, prepayments and other receivables in the final
year 2008 is Rs.345567

The amount of advances, deposits, prepayments and other receivables in the first year
2004 was 1.24% and it becomes 0.74% in the year 2005 with decrement of 0.50%
The amount of advances, deposits, prepayments and other receivables in the year 2005
was 0.74% and it becomes 1.13% in the year 2006 with decrement of 0.39%
The amount of advances, deposits, prepayments and other receivables in the year 2006
was 1.13% and it becomes 13.42% in the year 2007 with increment of 12.29%
The amount of cash in hand in the year 2007 was 13.42% and it becomes 2.77% in the
year 2008 with decrement of 10.65%
And the amount of Advances, Deposits, prepayments and other receivables in the final
year 2008 is 2.77%

63
Fauji Cement Company Limited
Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
TRADE DEBTS 0.76% 1.72% 0.41% 0.31% 0.22%
Considered goods 0.38% 0.38% 0.41% 0.12% 0.00%
Considered doubtful 0.03% 0.03% 0.03% 0.13% 0.04%
Secure-considered goods 0.38% 1.35% 0.00% 0.18% 0.22%
Provision for doubtful debts -0.03% -0.03% -0.03% -0.13% -0.04%

Vertical analysis B-S TRADE DEBTS

2.00% Unsecured
1.50%
Percentage

Considered goods
1.00%
0.50% Considered doubtful

0.00%
Secure-considered goods
2004 2005 2006 2007 2008
-0.50%
Years Less: Provision for doubtful
debts

TRADE DEBT
The amount of trade debts in the first year 2004 was Rs.44789 and it becomes Rs.107231
in the year 2005 with decrement of Rs.62442
The amount of trade debts in the first year 2005 was Rs.107231 and it becomes Rs.25475
in the year 2006 with increment of Rs.81756
The amount of trade debts in the first year 2006 was Rs.25475 and it becomes Rs.19558
in the year 2007 with decrement of Rs.5917
The amount of trade debts in the first year 2007 was Rs.19558 and it becomes Rs.26927
in the year 2008 with increment of Rs.7369
And the amount of trade debts in the final year 2008 is Rs.26927

64
The amount of trade debts in the first year 2004 was 0.76% and it becomes 1.72% in the
year 2005 with increment of 0.96%
The amount of trade debts in the first year 2005 was 1.72% and it becomes 0.41% in the
year 2006 with decrement of 1.31%
The amount of trade debts in the first year 2006 was 0.41% and it becomes 0.31% in the
year 2007 with decrement of 0.10
The amount of trade debts in the first year 2007 was 0.31% and it becomes 0.22% in the
year 2008 with increment of 0.09%
And the amount of trade debts in the final year 2008 is 0.22%

Considered goods
The amount of considered goods in the first year 2004 was Rs.22266 and it becomes
Rs.23454 in the year 2005 with increment of Rs.1188
The amount of considered goods in the year 2005 was Rs.23454 and it becomes Rs.25475
in the year 2006 with increment of Rs.2021
The amount of considered goods in the year 2006 was Rs.25475 and it becomes Rs.7769
in the year 2007 with decrement of Rs.17706
The amount of considered goods in the year 2007 was Rs.7769 and it becomes Rs.0 in the
year 2008
And the amount of considered goods in the final year 2008 is Rs.0

The amount of considered goods in the first year 2004 was 0.38% and it becomes 0.38%
in the year 2005
The amount of considered goods in the year 2005 was 0.38% and it becomes 0.41% in
the year 2006 with increment of 0.03%
The amount of considered goods in the year 2006 was 0.41% and it becomes 0.12% in
the year 2007 with decrement of 0.29%
The amount of considered goods in the year 2007 was 0.12% and it becomes 0.00% in
the year 2008
And the amount of considered goods in the final year 2008 is 0.00%

65
Considered doubtful
The amount of considered doubtful in the first year 2004 was Rs.1567 and it becomes
Rs.1567 in the year 2005 and 2006.
The amount of considered doubtful in the year 2006 was Rs.1567 and it becomes Rs.8348
in the year 2007 with increment of Rs.6781
The amount of considered doubtful in the year 2007 was Rs.8348 and it becomes Rs.4848
in the year 2008 with decrement of Rs.3500
And the amount of considered doubtful in the final year 2008 is Rs.4848

The amount of considered doubtful in the year 2004, 2005 and 2006 was 0.03% and it
becomes 0.13% in the year 2007 with increment of 0.10%
The amount of considered doubtful in the year 2007 was 0.13% and it becomes 0.04% in
the year 2008 with decrement of 0.09
And the amount of considered doubtful in the final year 2008 is 0.04%

Secure-considered goods
The amount of secure-considered goods in the first year 2004 was Rs.22523 and it
becomes Rs.83777 in the year 2005 with increment of Rs.61254.
The amount of secure-considered goods in the year 2005 was Rs.83777 and it becomes
Rs.0 in the year 2006.
The amount of secure-considered goods in the year 2007 was Rs.11789 and it becomes
Rs.26927 in the year 2008 with increment of Rs.15138.
And the amount of secure-considered goods in the final year 2008 is Rs.26927.

The amount of secure-considered goods in the first year 2004 was 0.38% and it becomes
1.35% in the year 2005 with increment of 0.97%
The amount of secure-considered goods in the year 2005 was 1.35% and it becomes
0.00% in the year 2006.

66
The amount of secure-considered goods in the year 2007 was 0.18% and it becomes
0.22% in the year 2008 with increment of 0.04%
And the amount of secure-considered goods in the final year 2008 is 0.22%

Provision for doubtful debts


The amount of provision for doubtful debts in the first year 2004 was Rs.1567 and it
becomes Rs.1567 in the year 2005 and 2006.
The amount of provision for doubtful debts in the year 2007 was Rs.8348 and it becomes
Rs.4848 in the year 2008 with decrement of Rs.3500.
And the amount of provision for doubtful debts in the final year 2008 is Rs.4848.

The amount of provision for doubtful debts in the first year 2004 was 0.03% and it
becomes 0.13% in the year 2005, 2006 and 2007.
The amount of provision for doubtful debts in the year 2007 was 0.13% and it becomes
0.04% in the year 2008 with decrement of 0.09%
And the amount of provision for doubtful debts in the final year 2008 is 0.04%

67
Fauji Cement Company Limited
Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
STOCK IN TRADE 1.04% 0.90% 2.34% 2.86% 1.85%
Raw and packing material 0.26% 0.30% 0.45% 0.37% 0.25%
Work in process 0.47% 0.19% 1.51% 1.80% 1.22%
Finished goods 0.31% 0.42% 0.38% 0.69% 0.37%

Vertical analysis B-S

3.50%
3.00%
2.50% STOCK IN TRADE
Percentage

2.00% Raw and packing material


1.50% Work in process
1.00% Finished goods
0.50%
0.00%
2004 2005 2006 2007 2008
Years

STOCK IN TRADE
The amount of stock in trade in the first year 2004 was Rs.61600 and it becomes
Rs.55931 in the year 2005 with decrement of Rs.5669
The amount of stock in trade in the year 2005 was Rs.55931 and it becomes Rs.145090 in
the year 2006 with increment of Rs.89159.
The amount of stock in trade in the year 2006 was Rs.145090 and it becomes Rs.183309
in the year 2007 with increment of Rs.38219.
The amount of stock in trade in the year 2007 was Rs.183309 and it becomes Rs.230089
in the year 2008 with increment of Rs.46780.
And the amount of stock in trade in the final year 2008 is Rs.230089.

68
The amount of stock in trade in the first year 2004 was 1.04% % and it becomes 0.90% in
the year 2005 with decrement of 0.14%
The amount of stock in trade in the year 2005 was 0.90% and it becomes 2.34% in the
year 2006 with increment of 1.44%
The amount of stock in trade in the year 2006 was 2.34% and it becomes 2.86% in the
year 2007 with increment of 0.52%
The amount of stock in trade in the year 2007 was 2.86% and it becomes 1.85% in the
year 2008 with decrement of 1.01%
And the amount of stock in trade in the final year 2008 is 1.85%

Raw and packing material


The amount of raw and packing material in the first year 2004 was Rs.15224 and it
becomes Rs.18469 in the year 2005 with increment of Rs.3245
The amount of raw and packing material in the year 2005 was Rs.18469 and it becomes
Rs.28012 in the year 2006 with increment of Rs.9543
The amount of raw and packing material in the year 2006 was Rs.28012 and it becomes
Rs.23931 in the year 2007 with decrement of Rs.4081
The amount of raw and packing material in the year 2007 was Rs.23931 and it becomes
Rs.31271 in the year 2008 with increment of Rs.7340
And the amount of raw and packing material in the final year 2008 is Rs.31271

The amount of raw and packing material in the first year 2004 was 0.26% and it becomes
0.30% in the year 2005 with increment of 0.04%
The amount of raw and packing material in the year 2005 was 0.30% and it becomes
0.45% in the year 2006 with increment of 0.15%
The amount of raw and packing material in the year 2006 was 0.45% and it becomes
0.37% in the year 2007 with decrement of 0.08%
The amount of raw and packing material in the year 2007 was 0.37% and it becomes
0.25% in the year 2008 with decrement of 0.12%
And the amount of raw and packing material in the final year 2008 is 0.25%

69
Work in process
The amount of work in process in the first year 2004 was Rs.27761 and it becomes
Rs.11624 in the year 2005 with decrement of Rs.16137
The amount of work in process in the year 2005 was Rs.11624 and it becomes Rs.93671
in the year 2006 with increment of Rs.82047.
The amount of work in process in the year 2006 was Rs.93671 and it becomes Rs.115221
in the year 2007 with increment of Rs.21550.
The amount of work in process in the year 2007 was Rs.115221 and it becomes
Rs.152529 in the year 2008 with increment of Rs.37308.
And the amount of work in process in the final year 2008 is Rs.152529

The amount of work in process in the first year 2004 was 0.47% and it becomes 0.19% in
the year 2005 with decrement of 0.28%
The amount of work in process in the year 2005 was 0.19% and it becomes 1.51% in the
year 2006 with increment of 1.32%
The amount of work in process in the year 2006 was 1.51% and it becomes 1.80% in the
year 2007 with increment of 0.29%
The amount of work in process in the year 2007 was 1.80% and it becomes 1.22% in the
year 2008 with decrement of 0.58%
And the amount of work in process in the final year 2008 is 1.22%

Finished goods
The amount of finished goods in the first year 2004 was Rs.18615 and it becomes
Rs.25838 in the year 2005 with increment of Rs.7223.
The amount of finished goods in the year 2005 was Rs.25838 and it becomes Rs.23407 in
the year 2006 with decrement of Rs.2431.

70
The amount of finished goods in the year 2006 was Rs.23407 and it becomes Rs.44157 in
the year 2007 with increment of Rs.20750.
The amount of finished goods in the year 2007 was Rs.44157 and it becomes Rs.46289 in
the year 2008 with increment of Rs.2132.
And the amount of finished goods in the final year 2008 is Rs.46289.

The amount of finished goods in the first year 2004 was 0.31% and it becomes 0.42% in
the year 2005 with increment of 0.11%
The amount of finished goods in the year 2005 was 0.42% and it becomes 0.38% in the
year 2006 with decrement of 0.04%
The amount of finished goods in the year 2006 was 0.38% and it becomes 0.69% in the
year 2007 with increment of 0.31%
The amount of finished goods in the year 2007 was 0.69% and it becomes 0.37% in the
year 2008 with decrement of 0.32%
And the amount of finished goods in the final year 2008 is 0.37%

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
STORES, SPARES AND LOOSE
TOOLS 3.34% 5.79% 7.92% 7.32% 7.29%
Stores 1.22% 1.73% 3.20% 0.97% 3.34%
Spares 2.00% 3.93% 4.52% 6.16% 3.84%
Loose tools 0.12% 0.13% 0.20% 0.20% 0.11%

71
Vertical analysis B-S

10.00%
STORES, SPARES AND
8.00%
LOOSE TOOLS
Percentage

6.00%
Stores
4.00%
2.00% Spares

0.00%
Loose tools
2004 2005 2006 2007 2008
Years

STORES, SPARES AND LOOSE TOOLS


The amount of stores, spares and loose tools in the first year 2004 was Rs.197400 and it
becomes Rs.360452 in the year 2005 with increment of Rs.163052.
The amount of stores, spares and loose tools in the year 2005 was Rs.360452 and it
becomes Rs.490887 in the year 2006 with increment of Rs.130435.
The amount of stores, spares and loose tools in the year 2006 was Rs.490887 and it
becomes Rs.468769 in the year 2007 with decrement of Rs.22118.
The amount of stores, spares and loose tools in the year 2007 was Rs.468769 and it
becomes Rs.907591 in the year 2008 with increment of Rs.438822.
And the amount of stores, spares and loose tools in the final year 2008 is Rs.907591.

The amount of stores, spares and loose tools in the first year 2004 was 3.34% and it
becomes 5.79% in the year 2005 with increment of 2.45%
The amount of stores, spares and loose tools in the year 2005 was 5.79% and it becomes
7.92% in the year 2006 with increment of 2.13%
The amount of stores, spares and loose tools in the year 2006 was 7.92% and it becomes
7.32% in the year 2007 with decrement of 0.06%
The amount of stores, spares and loose tools in the year 2007 was 7.32% and it becomes
7.29% in the year 2008 with decrement of 0.03%
And the amount of stores, spares and loose tools in the final year 2008 is 7.29%

72
Stores
The amount of stores in the first year 2004 was Rs.71837 and it becomes Rs.107633 in
the year 2005 with increment of Rs.35796.
The amount of stores in the year 2005 was Rs.107633 and it becomes Rs.198485 in the
year 2006 with increment of Rs.90852.
The amount of stores in the year 2006 was Rs.198485 and it becomes Rs.61997 in the
year 2007 with decrement of Rs.136488.
The amount of stores in the year 2007 was Rs.61997 and it becomes Rs.415358 in the
year 2008 with increment of Rs.353361.
And the amount of stores in the final year 2008 is Rs.415358.

The amount of stores in the first year 2004 was 1.22% and it becomes 1.73% in the year
2005 with increment of 0.51%
The amount of stores in the year 2005 was 1.73% and it becomes 3.20% in the year 2006
with increment of 1.47%
The amount of stores in the year 2006 was 3.20% and it becomes 0.97% in the year 2007
with decrement of 2.23%
The amount of stores in the year 2007 was 0.97% and it becomes 3.34% in the year 2008
with increment of 2.37%
And the amount of stores in the final year 2008 is 3.34%

Spares
The amount of spares in the first year 2004 was Rs.118324 and it becomes Rs.244514 in
the year 2005 with increment of Rs.126190.
The amount of spares in the year 2005 was Rs.244514 and it becomes Rs.280183 in the
year 2006 with increment of Rs.35669.
The amount of spares in the year 2006 was Rs.280183 and it becomes Rs.394046 in the
year 2007 with increment of Rs.113863.
The amount of spares in the year 2007 was Rs.394046 and it becomes Rs.478579 in the
year 2008 with increment of Rs.84533.
And the amount of spares in the final year 2008 is Rs.478579.

73
The amount of spares in the first year 2004 was 2.00% and it becomes 3.93%in the year
2005 with increment of 1.93%
The amount of spares in the year 2005 was 3.93% and it becomes 4.52% in the year 2006
with increment of 0.59%
The amount of spares in the year 2006 was 4.52% and it becomes 6.16% in the year 2007
with increment of 1.64%
The amount of spares in the year 2007 was 6.16% and it becomes 3.84% in the year 2008
with decrement of 2.32%
And the amount of spares in the final year 2008 is 3.84%

Loose tools
The amount of loose tools in the first year 2004 was Rs.7239 and it becomes Rs.8305 in
the year 2005 with increment of Rs.1066.
The amount of loose tools in the first year 2005 was Rs.8305 and it becomes Rs.12219 in
the year 2006 with increment of Rs.3914.
The amount of loose tools in the first year 2006 was Rs.12219 and it becomes Rs.12726
in the year 2007 with increment of Rs.507.
The amount of loose tools in the first year 2007 was Rs.12726 and it becomes Rs.13654
in the year 2008 with increment of Rs.928.
And the amount of spares in the final year 2008 is Rs.13654.

The amount of loose tools in the first year 2004 was 0.12% and it becomes 0.13% in the
year 2005 with increment of 0.01%
The amount of loose tools in the first year 2005 was 0.13% and it becomes 0.20% in the
year 2006 with increment of 0.07%
The amount of loose tools in the first year 2006 was 0.20% and it becomes 0.20% in the
year 2007
The amount of loose tools in the first year 2007 was 0.20% and it becomes 0.11% in the
year 2008 with decrement of 0.09%
And the amount of spares in the final year 2008 is 0.11%

74
Fauji Cement Company Limited
Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
LONG TERM DEPOSITS 0.62% 0.75% 0.75% 0.73% 0.37%
Islamabad Electric Supply
Company Limited 0.37% 0.35% 0.35% 0.34% 0.17%
Sui Northern Gas Pipelines
Limited 0.25% 0.40% 0.40% 0.39% 0.20%

Vertical analysis B-S

0.80%
Percentage

0.60% LONG TERM DEPOSITS


0.40%
Islamabad Electric Supply
0.20%
Company Limited
0.00%
Sui Northern Gas Pipelines
2004 2005 2006 2007 2008 Limited
Years

LONG TERM DEPOSITS


The amount of long term deposits in the first year 2004 was Rs.36600 and it becomes
Rs.46611 in the year 2005, 2006, 2007 and 2008 with decrement of Rs.10011.

The amount of long term deposits in the first year 2004 was 0.62% and it becomes 0.75%
in the year 2005, 2006 with increment of 0.13%
The amount of long term deposits in the first year 2006 was 0.75% and it becomes 0.73%
in the year 2007 with decrement of 0.02%
The amount of long term deposits in the first year 2007 was 0.73% and it becomes 0.37%
in the year 2007 with decrement of 0.36%

Islamabad Electric Supply Company Limited


The amount of Islamabad Electric Supply Company Limited in the year 2004, 2005,
2006, 2007 and 2008 was Rs.21600.

75
The amount of long term deposits in the first year 2004 was 0.37% and it becomes 0.35%
in the year 2005, 2006 with decrement of 0.02%
The amount of long term deposits in the first year 2006 was 0.35% and it becomes 0.34%
in the year 2007 with decrement of 0.01%
The amount of long term deposits in the first year 2007 was 0.34% and it becomes 0.17%
in the year 2008 with decrement of 0.17%

Sui Northern Gas Pipelines Limited


The amount of Sui Northern Gas Pipelines Limited in the first year 2004 was Rs.15000
and it becomes Rs.25011 in the year 2005, 2006, 2007 and 2008 with increment of
Rs.10011.

The amount of Sui Northern Gas Pipelines Limited in the first year 2004 was 0.25% and
it becomes 0.40% in the year 2005, 2006 with increment of 0.15%
The amount of Sui Northern Gas Pipelines Limited in the first year 2006 was 0.40% and
it becomes 0.39% in the year 2007 with decrement of 0.01%
The amount of Sui Northern Gas Pipelines Limited in the first year 2007 was 0.39% and
it becomes 0.20% in the year 2008 with decrement of 0.19%

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
LONG TERM ADVANCES -
Considered goods 0.00% 0.14% 0.15% 0.13% 0.06%
Sui Northern Gas Pipelines Limited 0.00% 0.00% 0.00% 0.14% 0.07%
Less: Amount receivables within 12
months shown under current assets 0.00% 0.00% 0.00% -0.01% -0.01%

76
Vertical analysis B-S
LONG TERM ADVANCES -
Considered goods
0.20%
0.15%
Percentage

Sui Northern Gas Pipelines


0.10% Limited
0.05%
0.00% Less: Amount receivables within
-0.05% 2004 2005 2006 2007 2008 12 months shown under current
assets
Years

LONG TERM ADVANCES - Considered goods


The amount of LONG TERM ADVANCES - Considered goods in the first year 2004 was
Rs.0 and it becomes Rs.9000 in the year 2005 and 2006 with increment of Rs.9000.
The amount of LONG TERM ADVANCES - Considered goods in the year 2007 was
Rs.8100 and it becomes Rs.7200 in the year 2008 with decrement of Rs.900.
And the amount of long term advances-considered goods in the final year 2008 is
Rs.7200

The amount of LONG TERM ADVANCES - Considered goods in the year 2004 was
0.00% and it becomes 0.14% in 2005 with increment of 0.14%
The amount of LONG TERM ADVANCES - Considered goods in the year 2005 was
0.14% and it becomes 0.15% in the year 2006 with increment of 0.01%
And the amount of long term advances-considered goods in the year 2006 was 0.15% and
it becomes 0.13% in 2007 with decrement of 0.02%
And the amount of long term advances-considered goods in the year 2007 was 0.13% and
it becomes 0.06% in 2008 with decrement of 0.07%

Sui Northern Gas Pipelines Limited


The amount of Sui Northern Gas Pipelines Limited in the year 2004, 2005 and 2006 was
Rs.0 and it becomes Rs.9000 in the year 2007 with increment of Rs.9000.
And the amount of Sui Northern Gas Pipelines Limited in the final year 2008 is Rs.8100.

77
The amount of Sui Northern Gas Pipelines Limited in the year 2007 was 0.14% and it
becomes 0.07% in the year 2008 with decrement of 0.07%
And the amount of Sui Northern Gas Pipelines Limited in the final year 2008 is 0.07%

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
FIXED ASSETS - Tangible: 80.02% 74.85% 73.62% 68.62% 57.06%
Property, Plant and equipment 80.02% 74.85% 73.62% 68.62% 57.06%

Vertical analysis B-S

100.00%
80.00%
Percentage

60.00% FIXED ASSETS - Tangible:


40.00% Property, Plant and equipment
20.00%
0.00%
2004 2005 2006 2007 2008
Years

FIXED ASSETS – Tangible


The amount of fixed assets-tangible in the first year 2004 was Rs.4729254 and it
becomes Rs.4658272 in the year 2005 with decrement of Rs.70982.
The amount of fixed assets-tangible in the year 2005 was Rs.4658272 and it becomes
Rs.4563115 in the year 2006 with decrement of Rs.95157.
The amount of fixed assets-tangible in the year 2006 was Rs.4563115 and it becomes
Rs.4392450 in the year 2007 with decrement of Rs.170665.
The amount of fixed assets-tangible in the year 2007 was Rs.4392450 and it becomes
Rs.7106599 in the year 2008 with increment of Rs.2714149.

78
And the amount of fixed assets-tangible in the final year 2008 is Rs.7106599.

The amount of fixed assets-tangible in the first year 2004 was 80.02% and it becomes
74.85% in the year 2005 with decrement of 5.17%
The amount of fixed assets-tangible in the year 2005 was 74.85% and it becomes 73.62%
in the year 2006 with decrement of 1.23%
The amount of fixed assets-tangible in the year 2006 was 73.62% and it becomes 68.62%
in the year 2007 with decrement of 0.05%
The amount of fixed assets-tangible in the year 2007 was 68.62% and it becomes 57.06%
in the year 2008 with decrement of 11.56%
And the amount of fixed assets-tangible in the final year 2008 is 57.06%

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00%

Vertical Analysis

120.00%

100.00%

80.00%
Percentages

60.00% Total Assets

40.00%

20.00%

0.00%
2004 2005 2006 2007 2008
Years

79
Total Assets
The amount of total assets in the first year 2004 was Rs.5910353 and it becomes
Rs.6223788 in the year 2005 with increment of Rs.313435.
The amount of total assets in the year 2005 was Rs.6223788 and it becomes Rs.6198108
in the year 2006 with decrement of Rs.25680.
The amount of total assets in the year 2006 was Rs.6198108 and it becomes Rs.6400688
in the year 2007 with increment of Rs.202580.
The amount of total assets in the year 2007 was Rs.6400688 and it becomes Rs.12454493
in the year 2008 with increment of Rs.6053805.
And the amount of total assets in the final year 2008 is Rs.12454493

The amount of total assets in the years 2004, 2005, 2006, 2007 and 2008 was 100.00%.

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
Trade and other payables: 4.61% 4.43% 6.79% 7.32% 3.96%
Creditors 0.77% 0.74% 0.96% 1.28% 0.53%
Accrued liabilities 1.07% 1.08% 1.02% 1.86% 1.40%
Retention money 0.18% 0.17% 0.21% 0.19% 0.12%
Security deposits 0.43% 0.47% 0.61% 0.61% 0.30%
Advances from customers 0.39% 0.68% 0.95% 1.06% 0.33%
Workers' (Profit) Participation Fund 0.00% 0.64% 1.51% 0.65% 0.20%
Workers' Welfare fund 0.00% 0.00% 0.00% 0.25% 0.20%

80
Vertical analysis B-S

8.00%
Trade and other payables:
7.00%
Creditors
6.00%
Accrued liabilities
5.00%
Percentage

Retention money
4.00%
Sesurity deposits
3.00%
Advances from customers
2.00%
Workers' (Profit)
1.00% Participation Fund
Workers' Welfare fund
0.00%
Sales tax payable- net
2004 2005 2006 2007 2008
Excise duty payable
Years
Other liabilities

Compensated absences

Unclaimed dividend
Trade and other payables
The amount of trade and other payables in the first year 2004 was Rs.272476 and it
becomes Rs.275718 in the year 2005 with increment of Rs.3242.
The amount of trade and other payables in the year 2005 was Rs.275718 and it becomes
Rs.421074 in the year 2006 with increment of Rs.145356.
The amount of trade and other payables in the year 2006 was Rs.421074 and it becomes
Rs.468447 in the year 2007 with increment of Rs.47373.
The amount of trade and other payables in the year 2007 was Rs.468447 and it becomes
Rs.493210 in the year 2008 with increment of Rs.24763.
And the amount of trade and other payables in the final year 2008 is Rs.493210

The amount of trade and other payables in the first year 2004 was 4.61% and it becomes
4.43% in the year 2005 with decrement of 0.18%
The amount of trade and other payables in the year 2005 was 4.43% and it becomes
6.79% in the year 2006 with increment of 2.36%
The amount of trade and other payables in the year 2006 was 6.79% and it becomes
7.32% in the year 2007 with increment of 0.53%

81
The amount of trade and other payables in the year 2007 was 7.32% and it becomes
3.96% in the year 2008 with decrement of 3.36%
And the amount of trade and other payables in the final year 2008 is 3.96%

Creditors
The amount of creditors in the first year 2004 was Rs.45651 and it becomes Rs.45969 in
the year 2005 with increment of Rs.318.
The amount of creditors in the year 2005 was Rs.45969 and it becomes Rs.59763 in the
year 2006 with increment of Rs.13794.
The amount of creditors in the year 2006 was Rs.59763 and it becomes Rs.81766 in the
year 2007 with increment of Rs.22003.
The amount of creditors in the year 2007 was Rs.81766 and it becomes Rs.65997 in the
year 2008 with decrement of Rs.15769.
And the amount of creditors in the final year 2008 is Rs.65997.

The amount of creditors in the first year 2004 was 0.77% and it becomes 0.74% in the
year 2005 with decrement of 0.03%
The amount of creditors in the year 2005 was 0.74% and it becomes 0.96% in the year
2006 with increment of 0.22%
The amount of creditors in the year 2006 was 0.96% and it becomes 1.28% in the year
2007 with increment of 0.32%
The amount of creditors in the year 2007 was 1.28% and it becomes 0.53% in the year
2008 with decrement of 0.75%
And the amount of creditors in the final year 2008 is 0.53%

Accrued liabilities
The amount of accrued liabilities in the first year 2004 was Rs.63425 and it becomes
Rs.67119 in the year 2005 with increment of Rs.3694.
The amount of accrued liabilities in the year 2005 was Rs.67119 and it becomes
Rs.63470 in the year 2006 with decrement of Rs.3649.

82
The amount of accrued liabilities in the year 2006 was Rs.63470 and it becomes
Rs.118828 in the year 2007 with increment of Rs.55358.
The amount of accrued liabilities in the year 2007 was Rs.118828 and it becomes
Rs.174692 in the year 2008 with increment of Rs.55864.
And the amount of accrued liabilities in the final year 2008 is Rs.174692

The amount of accrued liabilities in the first year 2004 was 1.07% and it becomes 1.08%
in the year 2005 with increment of 0.01%
The amount of accrued liabilities in the year 2005 was 1.08% and it becomes 1.02% in
the year 2006 with decrement of 0.06%
The amount of accrued liabilities in the year 2006 was 1.02% and it becomes 1.86% in
the year 2007 with increment of 0.84%
The amount of accrued liabilities in the year 2007 was 1.86% and it becomes 1.40% in
the year 2008 with decrement of 0.46%
And the amount of accrued liabilities in the final year 2008 is 1.40%

Retention money
The amount of retention money in the first year 2004 was Rs.10819 and it becomes
Rs.10533 in the year 2005 with decrement of Rs.286.
The amount of retention money in the year 2005 was Rs.10533 and it becomes Rs.12843
in the year 2006 with increment of Rs.2310.
The amount of retention money in the year 2006 was Rs.12843 and it becomes Rs.11986
in the year 2007 with decrement of Rs.857.
The amount of retention money in the year 2007 was Rs.11986 and it becomes Rs.15517
in the year 2008 with increment of Rs.3531.
And the amount of retention money in the final year 2008 is Rs.15517

The amount of retention money in the first year 2004 was 0.18% and it becomes 0.17% in
the year 2005 with decrement of 0.01%
The amount of retention money in the year 2005 was 0.17% and it becomes 0.21% in the
year 2006 with increment of 0.04%

83
The amount of retention money in the year 2006 was 0.21% and it becomes 0.19% in the
year 2007 with decrement of 0.02%
The amount of retention money in the year 2007 was 0.19% and it becomes 0.12% in the
year 2008 with decrement of 0.07%
And the amount of retention money in the final year 2008 is 0.12%

Security deposits
The amount of security deposits in the first year 2004 was Rs.25462 and it becomes
Rs.28982 in the year 2005 with increment of Rs.3520.
The amount of security deposits in the year 2005 was Rs.28982 and it becomes Rs.37986
in the year 2006 with increment of Rs.9004.
The amount of security deposits in the year 2006 was Rs.37986 and it becomes Rs.39051
in the year 2007 with increment of Rs.1065.
The amount of security deposits in the year 2007 was Rs.39051 and it becomes Rs.36916
in the year 2008 with decrement of Rs.2135.
And the amount of security deposits in the final year 2008 is Rs.36916.

The amount of security deposits in the first year 2004 was 0.43% and it becomes 0.47%
in the year 2005 with increment of 0.04%
The amount of security deposits in the year 2005 was 0.47% and it becomes 0.61% in the
year 2006 with increment of 0.14%
The amount of security deposits in the year 2006 was 0.61% and it becomes 0.61% in the
year 2007.
The amount of security deposits in the year 2007 was 0.61% and it becomes 0.30% in the
year 2008 with decrement of 0.31%
And the amount of security deposits in the final year 2008 is 0.30%

Advances from customers


The amount of advances from customers in the first year 2004 was Rs.23121 and it
becomes Rs.42444 in the year 2005 with increment of Rs.19323.

84
The amount of advances from customers in the year 2005 was Rs.42444 and it becomes
Rs.58744 in the year 2006 with increment of Rs.16300.
The amount of advances from customers in the year 2006 was Rs.58744 and it becomes
Rs.67770 in the year 2007 with increment of Rs.9026.
The amount of advances from customers in the year 2007 was Rs.67770 and it becomes
Rs.41344 in the year 2008 with decrement of Rs.26426.
And the amount of advances from customers in the final year 2008 is Rs.41344.

The amount of advances from customers in the first year 2004 was 0.39% and it becomes
0.68% in the year 2005 with increment of 0.29%
The amount of advances from customers in the year 2005 was 0.39% and it becomes
0.95% in the year 2006 with increment of 0.56%
The amount of advances from customers in the year 2006 was 0.95% and it becomes
1.06% in the year 2007 with increment of 0.11%
The amount of advances from customers in the year 2007 was 1.06% and it becomes
0.33% in the year 2008 with decrement of 0.73%
And the amount of advances from customers in the final year 2008 is 0.33%

Workers' (Profit) Participation Fund


The amount of Workers' (Profit) Participation Fund in the first year 2004 was Rs.0 and it
becomes Rs.39949 in the year 2005 with increment of Rs.39949.
The amount of Workers' (Profit) Participation Fund in the year 2005 was Rs.39949 and it
becomes Rs.93562 in the year 2006 with increment of Rs.53613.
The amount of Workers' (Profit) Participation Fund in the year 2006 was Rs.93562 and it
becomes Rs.41483 in the year 2007 with decrement of Rs.52079.
The amount of Workers' (Profit) Participation Fund in the year 2007 was Rs.41483 and it
becomes Rs.24413 in the year 2008 with decrement of Rs.17070.
And the amount of Workers' (Profit) Participation Fund in the final year 2008 is
Rs.24413.

85
The amount of Workers' (Profit) Participation Fund in the year 2005 was 0.64% and it
becomes 1.51% in the year 2006 with increment of 0.87%
The amount of Workers' (Profit) Participation Fund in the year 2006 was 1.51% and it
becomes 0.65% in the year 2007 with decrement of 0.86%
The amount of Workers' (Profit) Participation Fund in the year 2007 was 0.65% and it
becomes 0.20% in the year 2008 with decrement of 0.45%
And the amount of Workers' (Profit) Participation Fund in the final year 2008 is 0.20%

Workers' Welfare fund


The amount of Workers' Welfare fund in the first three year 2004, 2005 and 2006 was
Rs.0 and it becomes Rs.16085 in the year 2007 with increment of Rs.16085.
The amount of Workers' Welfare fund in the year 2007 was Rs.16085 and it becomes
Rs.25362 in the year 2008 with increment of Rs.9277.

The amount of Workers' Welfare fund in the year 2007 was 0.25% and it becomes 0.20%
in the year 2008 with decrement of 0.05%
And the amount of Workers' Welfare fund in the final year 2008 is 0.20%

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
Habib Bank Limited 0.00% 14.73% 9.66% 6.75% 2.13%
MCB Bank Limited 0.00% 14.73% 9.66% 6.75% 2.13%
United Bank Limited 0.00% 7.36% 4.83% 3.37% 1.06%
Bank Al Falah Limited 0.00% 7.36% 4.83% 3.37% 1.06%
NIB Bank Limited 0.00% 0.00% 0.00% 2.02% 0.64%
PICIC Commercial Bank Limited 0.00% 4.42% 2.90% 0.00% 0.00%

86
Vertical analysis B-S Long term financing:

Loans from banking companies -


70.00%
Secured:
60.00% Habib Bank Limited
50.00%
Percentage

40.00% MCB Bank Limited

30.00%
United Bank Limited
20.00%
10.00% Bank Al Falah Limited
0.00%
2004 2005 2006 2007 2008 NIB Bank Limited

Years
PICIC Commercial Bank Limited

Habib Bank Limited


The amount of Habib Bank Limited in the first year 2005 was Rs.916667 and it becomes
Rs.598485 in the year 2006 with decrement of Rs.318182
The amount of Habib Bank Limited in the year 2006 was Rs.598485 and it becomes
Rs.431818 in the year 2007 with decrement of Rs.166667
The amount of Habib Bank Limited in the year 2007 was Rs.431818 and it becomes
Rs.265152 in the year 2008 with decrement of Rs.166666
And the amount of Habib Bank Limited in the final year 2008 is Rs.265152.

The amount of Habib Bank Limited in the first year 2005 was 14.73% and it becomes
9.66% in the year 2006 with decrement of 5.07%
The amount of Habib Bank Limited in the year 2006 was 9.66% and it becomes 6.75% in
the year 2007 with decrement of 2.91%
The amount of Habib Bank Limited in the year 2007 was 6.75% and it becomes 2.13% in
the year 2008 with decrement of 4.62%
And the amount of Habib Bank Limited in the final year 2008 is 2.13%

MCB Bank Limited


The amount of MCB Bank Limited in the first year 2005 was Rs.916667 and it becomes
Rs.598485 in the year 2006 with decrement of Rs.318182

87
The amount of MCB Bank Limited in the year 2006 was Rs.598485 and it becomes
Rs.431818 in the year 2007 with decrement of Rs.166667
The amount of MCB Bank Limited in the year 2007 was Rs.431818 and it becomes
Rs.265152 in the year 2008 with decrement of Rs.166666
And the amount of MCB Bank Limited in the final year 2008 is Rs.265152.

The amount of MCB Bank Limited in the first year 2005 was 14.73% and it becomes
9.66% in the year 2006 with decrement of 5.07%
The amount of MCB Bank Limited in the year 2006 was 9.66% and it becomes 6.75% in
the year 2007 with decrement of 2.91%
The amount of MCB Bank Limited in the year 2007 was 6.75% and it becomes 2.13% in
the year 2008 with decrement of 4.62%
And the amount of MCB Bank Limited in the final year 2008 is 2.13%

United Bank Limited


The amount of United Bank Limited in the first year 2005 was Rs.458333 and it becomes
Rs.299243 in the year 2006 with decrement of Rs.159090.
The amount of United Bank Limited in the year 2006 was 299243 and it becomes
Rs.215909 in the year 2007 with decrement of Rs.83334.
The amount of United Bank Limited in the year 2007 was Rs.215909 and it becomes
Rs.132576 in the year 2008 with decrement of Rs.83333.
And the amount of United Bank Limited in the final year 2008 is Rs.132576

The amount of United Bank Limited in the first year 2005 was 7.36% and it becomes
4.83% in the year 2006 with decrement of 2.53%
The amount of United Bank Limited in the year 2006 was 4.83% and it becomes 3.37%
in the year 2007 with decrement of 1.46%
The amount of United Bank Limited in the year 2007 was 3.37% and it becomes 1.06%
in the year 2008 with decrement of 2.31%
And the amount of United Bank Limited in the final year 2008 is 1.06%

88
Bank Al Falah Limited
The amount of Bank Al Falah Limited in the first year 2005 was Rs.458333 and it
becomes Rs.299243 in the year 2006 with decrement of Rs.159090.
The amount of Bank Al Falah Limited in the year 2006 was 299243 and it becomes
Rs.215909 in the year 2007 with decrement of Rs.83334.
The amount of Bank Al Falah Limited in the year 2007 was Rs.215909 and it becomes
Rs.132576 in the year 2008 with decrement of Rs.83333.
And the amount of Bank Al Falah Limited in the final year 2008 is Rs.132576

The amount of Bank Al Falah Limited in the first year 2005 was 7.36% and it becomes
4.83% in the year 2006 with decrement of 2.53%
The amount of Bank Al Falah Limited in the year 2006 was 4.83% and it becomes 3.37%
in the year 2007 with decrement of 1.46%
The amount of Bank Al Falah Limited in the year 2007 was 3.37% and it becomes 1.06%
in the year 2008 with decrement of 2.31%
And the amount of Bank Al Falah Limited in the final year 2008 is 1.06%

NIB Bank Limited


The amount of NIB Bank Limited in the year 2007 was Rs.129546 and it becomes
Rs.79544 in the year 2008 with decrement of Rs.50002
And the amount of NIB Bank Limited in the final year 2008 is Rs.79544.

The amount of NIB Bank Limited in the year 2007 was 2.02% and it becomes 0.64% in
the year 2008 with decrement of 1.38%
And the amount of NIB Bank Limited in the final year 2008 is 0.64%

PICIC Commercial Bank Limited


The amount of PICIC Commercial Bank Limited in the first year 2005 was Rs.275000
and it becomes Rs.179545 in the year 2006 with decrement of Rs.95455

89
The amount of PICIC Commercial Bank Limited in the year 2006 was Rs.179545 and it
becomes 0 in the year 2007 and 2008.

The amount of PICIC Commercial Bank Limited in the first year 2005 was 4.42% and it
becomes 2.90% in the year 2006 with decrement of 1.52%
The amount of PICIC Commercial Bank Limited in the year 2006 was 2.90% and it
becomes 0.00% in the year 2007 and 2008.

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
Loan from related party:
Fauji Foundation- Unsecured 0.00% 0.80% 0.00% 0.00% 0.00%
amount payable within 12 months
shown under current liabilities 0.00% -8.89% -8.87% -8.59% -4.42%

Vertical analysis B-S

2.00%
0.00% Loan from related party:
2004 2005 2006 2007 2008
Percentage

-2.00%
-4.00% Fauji Foundation- Unsecured

-6.00%

-8.00% Less:amount payable within


12 months shown under
-10.00% current liabilities
Years

90
Fauji Foundation- Unsecured
The amount of Fauji Foundation- Unsecured in the year 2005 was Rs.50000 and it
becomes Rs.0 in the years 2006, 2007 and 2008.

The amount of Fauji Foundation- Unsecured in the year 2005 was 0.80% and it becomes
0.00% in the years 2006, 2007 and 2008.

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
2004 2005 2006 2007 2008
Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00%

Vertical Analysis

120.00%

100.00%
Percentages

80.00%

60.00% Total Liabilities

40.00%

20.00%

0.00%
2004 2005 2006 2007 2008
Years

Total Liabilities
The amount of Total Liabilities in the first year 2004 was Rs.3971219 and it becomes
Rs.3774164 in the year 2005 with decrement of Rs.197055
The amount of Total Liabilities in the year 2005 was Rs.3774164 and it becomes
Rs.2915492 in the year 2006 with decrement of Rs.858672.

91
The amount of Total Liabilities in the year 2006 was Rs.2915492 and it becomes
Rs.2665482 in the year 2007 with decrement of Rs.250010
The amount of Total Liabilities in the year 2007 was Rs.2665482 and it becomes
Rs.3170512 in the year 2008 with increment of Rs.505030
And the amount of Total Liabilities in the final year 2008 is Rs.3170512.

The amount of Total Liabilities in the first years 2004.2005, 2006, 2007 and 2008 is
100.00%

92
Income Statement (Trend Analysis)

Fauji Cement Company Limited


Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Net Sales 100.00% 123.90% 186.66% 150.82% 154.42%

Trend Analysis

200.00%

150.00%
Percentages

100.00% Net Sales

50.00%

0.00%
2004 2005 2006 2007 2008
Years

Net Sales
The amount of Net Sales in the year 2004 was Rs.2296231 and it increases to Rs.2845143
in the year 2005 with an increment of Rs.548912
And the amount of Net Sales in the year 2005 was Rs.2845143 and it increases to
Rs.4286138 in the year 2006 with an increment of Rs.1440995
The amount of Net Sales in the year 2006 was Rs.4286138 and it decreases to
Rs.3463283 in the year 2007 with and decrement of Rs.822855
The amount of Net Sales in the year 2007 was Rs.3463283 and it increases to
Rs.3545902 in the year 2008 with and increment of Rs.82619
And the amount Net Sales in the final year 2008 is Rs.3545902.

The amount of Net Sales in the year 2004 was 100.00% .and it increases to 123.90% in
the year 2005 with an increment of 23.90%

93
And the amount of Net Sales in the year 2005 was 123.90% and it increases to 186.66%
in the year 2006 with an increment of 62.76%
The amount of Net Sales in the year 2006 was 186.66% and it decreases to 150.82% in
the year 2007 with and decrement of 35.84%
The amount of Net Sales in the year 2007 was 150.82% and it increases to 154.42% in
the year 2008 with and increment of 3.60%
And the amount Net Sales in the final year 2008 is 154.42%

Fauji Cement Company Limited


Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Cost of sales 100.00% 113.38% 134.69% 152.49% 185.66%

Trend Analysis

200.00%
180.00%
160.00%
140.00%
Percentages

120.00%
100.00% Cost of sales
80.00%
60.00%
40.00%
20.00%
0.00%
2004 2005 2006 2007 2008
Yeas

94
Cost of sales
The amount of Cost of sales in the year 2004 was Rs.1555407 and it increases to
Rs.1763567 in the year 2005 with an increment of Rs.208160
And the amount of Cost of sales in the year 2005 was Rs.1763567 and it increases to
Rs.2095027 in the year 2006 with an increment of Rs.331460.
The amount of Cost of sales in the year 2006 was Rs.2095027 and it increases to
Rs.2371788 in the year 2007 with and increment of Rs.276761
The amount of Cost of sales in the year 2007 was Rs.2371788 and it increases to
Rs.2887790 in the year 2008 with and increment of Rs.516002
And the amount Cost of sales in the final year 2008 is 2887790.

The amount of Cost of sales in the year 2004 was 100.00% .and it increases to 113.38%
in the year 2005 with an increment of 13.38%
And the amount of Cost of sales in the year 2005 was 113.38% and it increases to
134.69% in the year 2006 with an increment of 21.31%
The amount of Cost of sales in the year 2006 was 134.69% and it increases to 152.49% in
the year 2007 with and increment of 17.80%
The amount of Cost of sales in the year 2007 was 152.49% and it increases to 185.66% in
the year 2008 with and increment of 33.17%
And the amount Cost of sales in the final year 2008 is 185.66%

Fauji Cement Company Limited


Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Gross profit 100.00% 146.00% 295.77% 147.34% 88.84%

95
Trend Analysis

400.00%
Percentage

300.00%
200.00% Gross profit
100.00%
0.00%
2004 2005 2006 2007 2008
Years

Gross profit
The amount of Gross Profit in the first year 2004 was Rs.740824 and it becomes
Rs.1081576 in the year 2005 with an increment of Rs.340752.
The amount of Gross Profit in the year 2005 was Rs.1081576 and it becomes Rs.2191111
in the year 2006 with an increment of Rs.1109535
The amount of Gross Profit in the year 2006 was Rs.2191111 and it becomes Rs.1091495
in the year 2007 with a decrement of Rs.1099616
The amount of Gross Profit in the year 2007 was Rs.1091495 and it becomes Rs.658112
in the year 2008 with decrement of Rs.433383.
And the amount of Gross Profit in the final year 2008 is Rs.658112.

The amount of Gross Profit in the first year 2004 was 100.00% and it becomes 146.00%
in the year 2005 with an increment of 46.00%
The amount of Gross Profit in the year 2005 was 146.00% and it becomes 295.77% in the
year 2006 with an increment of 149.77%
The amount of Gross Profit in the year 2006 was 295.77% and it becomes 147.34% in the
year 2007 with a decrement of 148.43%
The amount of Gross Profit in the year 2007 was 147.34% and it becomes 88.84% in the
year 2008 with decrement of 58.50%
And the amount of Gross Profit in the final year 2008 is 88.84%.

96
Fauji Cement Company Limited
Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Other income 100.00% 26.24% 101.35% 172.74% 251.67%

Trend Analysis

300.00%
Percentage

200.00%
Other income
100.00%

0.00%
2004 2005 2006 2007 2008
Years

Other income
The amount of other income in the first year 2004 was Rs.42744 and it becomes
Rs.11216 in the year 2005 with decrement of Rs.31528
The amount of other income in the year 2005 was Rs.11216 and it becomes Rs.43323 in
the year 2006 with an increment of Rs.32107
The amount of other income in the year 2006 was Rs.43323 and it becomes Rs.73835 in
the year 2007 with increment of Rs.30512
The amount of other income in the year 2007 was Rs.73835 and it becomes Rs.107574 in
the year 2008 with increment of Rs.33739
And the amount of other income in the final year 2008 is Rs.107574

The amount of other income in the first year 2004 was 100.00% and it becomes 26.24%
in the year 2005 with decrement of 73.76%
The amount of other income in the year 2005 was 26.24% and it becomes 101.35% in the
year 2006 with an increment of 75.11%
The amount of other income in the year 2006 was 101.35% and it becomes 172.74% in
the year 2007 with increment of 71.39%

97
The amount of other income in the year 2007 was 172.74% and it becomes 251.67% in
the year 2008 with increment of 78.93%
And the amount of other income in the final year 2008 is 251.67%

Fauji Cement Company Limited


Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Distribution cost 100.00% 104.49% 155.24% 199.08% 261.48%

Trend Analysis

300.00%

250.00%

200.00%
Percentages

150.00% Distribution cost:

100.00%

50.00%

0.00%
2004 2005 2006 2007 2008
Years

Distribution cost
The amount of Distribution cost in the first year 2004 was Rs.20416 and it becomes
Rs.21333 in the year 2005 with increment of Rs.917
The amount of Distribution cost in the year 2005 was 21333 and it becomes Rs.31694 in
the year 2006 with an increment of Rs.10361.
The amount of Distribution cost in the year 2006 was Rs.31694 and it becomes Rs.40645
in the year 2007 with increment of Rs.8951.

98
The amount of Distribution cost in the year 2007 was Rs.40645 and it becomes Rs.53383
in the year 2008 with increment of Rs.12738
And the amount of Distribution cost in the final year 2008 is Rs.53383.

The amount of Distribution cost in the first year 2004 was 100.00% and it becomes
104.49% in the year 2005 with increment of 4.49%
The amount of Distribution cost in the year 2005 was 104.49% and it becomes 155.24%
in the year 2006 with an increment of 50.75%
The amount of Distribution cost in the year 2006 was 155.24% and it becomes 199.08%
in the year 2007 with increment of 43.84%
The amount of Distribution cost in the year 2007 was 199.08% and it becomes 261.48%
in the year 2008 with increment of 62.40%
And the amount of Distribution cost in the final year 2008 is 261.48%

Fauji Cement Company Limited


Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Administrative expenses 100.00% 106.97% 168.53% 180.35% 193.49%

Trend Analysis

250.00%

200.00%
Percentages

150.00%
Administrative expenses:
100.00%

50.00%

0.00%
2004 2005 2006 2007 2008
Years

99
Administrative expenses
The amount of Administrative expenses in the first year 2004 was Rs.39535 and it
becomes Rs.42292 in the year 2005 with increment of Rs.2757.
The amount of Administrative expenses in the year 2005 was Rs.42292 and it becomes
Rs.66627 in the year 2006 with an increment of Rs.24335.
The amount of Administrative expenses in the year 2006 was Rs.66627 and it becomes
Rs.71302 in the year 2007 with increment of Rs.4675
The amount of Administrative expenses in the year 2007 was Rs.71302 and it becomes
Rs.76495 in the year 2008 with increment of Rs.5193.
And the amount of Administrative expenses in the final year 2008 is Rs.76495.

The amount of Administrative expenses in the first year 2004 was 100.00% and it
becomes 106.97% in the year 2005 with increment of 6.97%
The amount of Administrative expenses in the year 2005 was 106.97% and it becomes
168.53% in the year 2006 with an increment of 61.55%
The amount of Administrative expenses in the year 2006 was 168.53% and it becomes
180.35% in the year 2007 with increment of 11.82%
The amount of Administrative expenses in the year 2007 was 180.35% and it becomes
193.49% in the year 2008 with increment of 13.34%
And the amount of Administrative expenses in the final year 2008 is 193.49%

100
Fauji Cement Company Limited
Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Other Operating expenses 100.00% 7597.19% 17659.85% 10900.19% 6433.40%

Trend Analysis

20000.00%
18000.00%
16000.00%
14000.00%
Percentages

12000.00%
10000.00% Other Operating expenses:
8000.00%
6000.00%
4000.00%
2000.00%
0.00%
2004 2005 2006 2007 2008
Years

Other Operating expenses


The amount of Other Operating expenses in the first year 2004 was Rs.533 and it
becomes Rs.40493 in the year 2005 with increment of Rs.39960
The amount of Other Operating expenses in the year 2005 was Rs.40493 and it becomes
Rs.94127 in the year 2006 with an increment of Rs.53634
The amount of Other Operating expenses in the year 2006 was Rs.94127 and it becomes
Rs.58098 in the year 2007 with decrement of Rs.36029
The amount of Other Operating expenses in the year 2007 was Rs.58098 and it becomes
Rs.34290 in the year 2008 with decrement of Rs.23808.
And the amount of Other Operating expenses in the final year 2008 is Rs.3429.

The amount of Other Operating expenses in the first year 2004 was 100.00% and it
becomes 7597.19% in the year 2005 with increment of 7497.19%

101
The amount of Other Operating expenses in the year 2005 was 7597.19% and it becomes
17659.85% in the year 2006 with an increment of 10062.66%
The amount of Other Operating expenses in the year 2006 was 17659.85% and it
becomes 10900.19% in the year 2007 with decrement of 6759.66%
The amount of Other Operating expenses in the year 2007 was 10900.19% and it
becomes 6433.40% in the year 2008 with decrement of 4466.79%
And the amount of Other Operating expenses in the final year 2008 is 6433.40%

Fauji Cement Company Limited


Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Finance Cost 100.00% 112.44% 129.42% 101.41% 71.96%

Trend Analysis

140.00%

120.00%

100.00%
Percentages

80.00%
Finance Cost:
60.00%

40.00%

20.00%

0.00%
2004 2005 2006 2007 2008
Years

102
Finance Cost
The amount of Finance Cost in the first year 2004 was Rs.204222 and it becomes
Rs.229633 in the year 2005 with increment of Rs.25411
The amount of Finance Cost in the year 2005 was Rs.229633 and it becomes Rs.264296
in the year 2006 with an increment of Rs.34633.
The amount of Finance Cost in the year 2006 was Rs.264296 and it becomes Rs.207105
in the year 2007 with decrement of Rs.57191
The amount of Finance Cost in the year 2007 was Rs.207105 and it becomes Rs.146954
in the year 2008 with decrement of Rs.60151.
And the amount of Finance Cost in the final year 2008 is Rs.146954

The amount of Finance Cost in the first year 2004 was 100.00% and it becomes 112.44%
in the year 2005 with increment of 12.44%
The amount of Finance Cost in the year 2005 was 112.44% and it becomes 129.42% in
the year 2006 with an increment of 16.68%
The amount of Finance Cost in the year 2006 was 129.42% and it becomes 101.41% in
the year 2007 with decrement of 28.01%
The amount of Finance Cost in the year 2007 was 101.41% and it becomes 71.96% in the
year 2008 with decrement of 29.45%
And the amount of Finance Cost in the final year 2008 is 71.96%

103
Fauji Cement Company Limited
Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Net profit before taxation 100.00% -311.99% -730.69% -323.97% -186.84%

Trend Analysis

200.00%
0.00%
Percentage

-200.00% 2004 2005 2006 2007 2008


Net profit before taxation
-400.00%
-600.00%
-800.00%
Years

Net profit before taxation


The amount of Net profit before taxation in the first year 2004 was Rs.-243290 and it
becomes 759041 in the year 2005
The amount of Net profit before taxation in the year 2005 was Rs.759041 and it becomes
Rs.1777690 in the year 2006
The amount of Net profit before taxation in the year 2006 was Rs.1777690 and it
becomes Rs.788180 in the year 2007
The amount of Net profit before taxation in the year 2007 was Rs.788180 and it becomes
Rs.454564 in the year 2008

The amount of Net profit before taxation in the first year 2004 was 100.00% and it
becomes -311.99% in the year 2005
The amount of Net profit before taxation in the year 2005 was -311.99% and it becomes
-730.69% in the year 2006

104
The amount of Net profit before taxation in the year 2006 was -730.69% and it becomes
-323.97% in the year 2007
The amount of Net profit before taxation in the year 2007 was -323.97% and it becomes -
186.84% in the year 2008.

Fauji Cement Company Limited


Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Net profit after taxation 100.00% 162.50% 383.17% 205.74% 131.66%

Trend Analysis

500.00%
Percentage

400.00%
300.00%
Net profit after taxation
200.00%
100.00%
0.00%
2004 2005 2006 2007 2008
Years

Net profit after taxation


The amount of Net profit after taxation in the first year 2004 was Rs.314149 and it
becomes Rs.510493 in the year 2005 with increment of Rs.196344.
The amount of Net profit after taxation in the year 2005 was RS.510493 and it becomes
Rs.1203739 in the year 2006 with an increment of Rs.693246
The amount of Net profit after taxation in the year 2006 was Rs.1203739 and it becomes
Rs.646323 in the year 2007 with decrement of Rs.557416
The amount of Net profit after taxation in the year 2007 was Rs.646323 and it becomes
Rs.413598 in the year 2008 with decrement of Rs.232725
And the amount of Net profit after taxation in the final year 2008 is Rs.413598.

105
The amount of Net profit after taxation in the first year 2004 was 100.00% and it
becomes 162.50% in the year 2005 with increment of 62.50%
The amount of Net profit after taxation in the year 2005 was 162.50% and it becomes
383.17% in the year 2006 with an increment of 220.67%
The amount of Net profit after taxation in the year 2006 was 383.17% and it becomes
205.74% in the year 2007 with decrement of 177.43%
The amount of Net profit after taxation in the year 2007 was 205.74% and it becomes
131.66% in the year 2008 with decrement of 74.08%
And the amount of Net profit after taxation in the final year 2008 is 131.66%

Fauji Cement Company Limited


Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Earning per share - Basic 100.00% 162.50% 383.17% 203.69% 99.72%

Trend Analysis

500.00%
Percentage

400.00%
300.00% Earning per share -
200.00% Basic
100.00%
0.00%
2004 2005 2006 2007 2008
Years

106
Earning per share – Basic
The amount of Earning per share - Basic in the first year 2004 was Rs.0.85 and it
becomes Rs.1.38 in the year 2005 with increment of Rs.0.53
The amount of Earning per share - Basic in the year 2005 was Rs.1.38 and it becomes
Rs.3.25 in the year 2006 with an increment of Rs.1.87
The amount of Earning per share - Basic in the year 2006 was Rs.3.25 and it becomes
Rs.1.73 in the year 2007 with decrement of Rs.1.52
The amount of Earning per share - Basic in the year 2007 was Rs.1.73 and it becomes
Rs.0.85 in the year 2008 with decrement of Rs.0.88
And the amount of Earning per share - Basic in the final year 2008 is Rs.0.85

The amount of Earning per share - Basic in the first year 2004 was 100.00% and it
becomes 162.50% in the year 2005 with increment of 62.50%
The amount of Earning per share - Basic in the year 2005 was 162.50% and it becomes
383.17% in the year 2006 with an increment of 220.67%
The amount of Earning per share - Basic in the year 2006 was 383.17% and it becomes
203.69% in the year 2007 with decrement of 179.48%
The amount of Earning per share - Basic in the year 2007 was 203.69% and it becomes
99.72% in the year 2008 with decrement of 103.97%
And the amount of Earning per share - Basic in the final year 2008 is 99.72%

107
Fauji Cement Company Limited
Income Statement (Trend Analysis)
2004 2005 2006 2007 2008
Earning per share - Diluted 100.00% 162.50% 383.17% 203.69% 102.55%

Trend Analysis

500.00%
Percentage

400.00%
300.00%
Earning per share - Diluted
200.00%
100.00%
0.00%
2004 2005 2006 2007 2008
Years

Earning per share – Diluted


The amount of Earning per share - Diluted in the first year 2004 was Rs.0.75 and it
becomes Rs.1.22 in the year 2005 with increment of Rs.0.47
The amount of Earning per share - Diluted in the year 2005 was Rs.1.22 and it becomes
Rs.2.87 in the year 2006 with an increment of Rs.1.65
The amount of Earning per share - Diluted in the year 2006 was Rs.2.87 and it becomes
Rs.1.53 in the year 2007 with decrement of Rs.1.34
The amount of Earning per share - Diluted in the year 2007 was Rs.1.53 and it becomes
Rs.0.77 in the year 2008 with decrement of Rs.0.76
And the amount of Earning per share - Diluted in the final year 2008 is Rs.0.77.

The amount of Earning per share - Diluted in the first year 2004 was 100.00% and it
becomes 162.50% in the year 2005 with increment of 62.50%
The amount of Earning per share - Diluted in the year 2005 was 162.50% and it becomes
383.17% in the year 2006 with an increment of 220.67%

108
The amount of Earning per share - Diluted in the year 2006 was 383.17% and it becomes
203.69% in the year 2007 with decrement of 179.48%
The amount of Earning per share - Diluted in the year 2007 was 203.69% and it becomes
102.55% in the year 2008 with decrement of 101.14%
And the amount of Earning per share - Diluted in the final year 2008 is 102.55%

109
Income Statement (Vertical Analysis)

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Net Sales 70.71% 72.55% 75.41% 72.45% 74.66%

Vertical Analysis

76.00%
Percentage

74.00%
72.00% Net Sales
70.00%
68.00%
2004 2005 2006 2007 2008
Years

Net Sales
The amount of Net Sales in the year 2004 was Rs.2296231 and it increases to Rs.2845143
in the year 2005 with an increment of Rs.548912
And the amount of Net Sales in the year 2005 was Rs.2845143 and it increases to
Rs.4286138 in the year 2006 with an increment of Rs.1440995
The amount of Net Sales in the year 2006 was Rs.4286138 and it decreases to
Rs.3463283 in the year 2007 with and decrement of Rs.822855
The amount of Net Sales in the year 2007 was Rs.3463283 and it increases to
Rs.3545902 in the year 2008 with and increment of Rs.82619
And the amount Net Sales in the final year 2008 is Rs.3545902.

The amount of Net Sales in the year 2004 was 70.71% .and it increases to 72.55% in the
year 2005 with an increment of 1.84%
And the amount of Net Sales in the year 2005 was 72.55% and it increases to 75.41% in
the year 2006 with an increment of 2.86%

110
The amount of Net Sales in the year 2006 was 75.41% and it decreases to 72.45% in the
year 2007 with decrement of 2.96%
The amount of Net Sales in the year 2007 was 72.41% and it increases to 74.66% in the
year 2008 with increment of 2.25%
And the amount Net Sales in the final year 2008 is 74.66%

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Cost of sales 47.90% 44.97% 36.86% 49.62% 60.81%

VErtical Analysis

70.00%

60.00%

50.00%
Percentages

40.00%
Less: Cost of sales
30.00%

20.00%

10.00%

0.00%
2004 2005 2006 2007 2008
Years

Cost of sales
The amount of Cost of sales in the year 2004 was Rs.1555407 and it increases to
Rs.1763567 in the year 2005 with an increment of Rs.208160
And the amount of Cost of sales in the year 2005 was Rs.1763567 and it increases to
Rs.2095027 in the year 2006 with an increment of Rs.331460.
The amount of Cost of sales in the year 2006 was Rs.2095027 and it increases to
Rs.2371788 in the year 2007 with and increment of Rs.276761

111
The amount of Cost of sales in the year 2007 was Rs.2371788 and it increases to
Rs.2887790 in the year 2008 with and increment of Rs.516002
And the amount Cost of sales in the final year 2008 is 2887790.

The amount of Cost of sales in the year 2004 was 47.90% .and it decreases to 44.97% in
the year 2005 with decrement of 2.93%
And the amount of Cost of sales in the year 2005 was 44.97% and it decreases to 36.86%
in the year 2006 with decrement of 8.11%
The amount of Cost of sales in the year 2006 was 36.86% and it increases to 49.62% in
the year 2007 with increment of 12.76%
The amount of Cost of sales in the year 2007 was 49.62% and it increases to 60.81% in
the year 2008 with and increment of 11.19%
And the amount Cost of sales in the final year 2008 is 11.19%

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Gross profit 22.81% 27.58% 38.55% 22.83% 13.86%

Vertical Analysis

50.00%
Percentage

40.00%
30.00%
Gross profit
20.00%
10.00%
0.00%
2004 2005 2006 2007 2008
Years

112
Gross profit
The amount of Gross Profit in the first year 2004 was Rs.740824 and it becomes
Rs.1081576 in the year 2005 with an increment of Rs.340752.
The amount of Gross Profit in the year 2005 was Rs.1081576 and it becomes Rs.2191111
in the year 2006 with an increment of Rs.1109535
The amount of Gross Profit in the year 2006 was Rs.2191111 and it becomes Rs.1091495
in the year 2007 with a decrement of Rs.1099616
The amount of Gross Profit in the year 2007 was Rs.1091495 and it becomes Rs.658112
in the year 2008 with decrement of Rs.433383.
And the amount of Gross Profit in the final year 2008 is Rs.658112.

The amount of Gross Profit in the first year 2004 was 22.81% and it becomes 27.58% in
the year 2005 with an increment of 4.77%
The amount of Gross Profit in the year 2005 was 27.58% and it becomes 38.55% in the
year 2006 with an increment of 10.97%
The amount of Gross Profit in the year 2006 was 38.55% and it becomes 22.83% in the
year 2007 with a decrement of 15.72%
The amount of Gross Profit in the year 2007 was 22.83% and it becomes 13.86% in the
year 2008 with decrement of 8.97%
And the amount of Gross Profit in the final year 2008 is 13.86%

113
Fauji Cement Company Limited
Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Other income 1.32% 0.29% 0.76% 1.54% 2.27%

Vertical Analysis

2.50%
Percentage

2.00%
1.50%
Other income
1.00%
0.50%
0.00%
2004 2005 2006 2007 2008
years

Other income
The amount of other income in the first year 2004 was Rs.42744 and it becomes
Rs.11216 in the year 2005 with decrement of Rs.31528
The amount of other income in the year 2005 was Rs.11216 and it becomes Rs.43323 in
the year 2006 with an increment of Rs.32107
The amount of other income in the year 2006 was Rs.43323 and it becomes Rs.73835 in
the year 2007 with increment of Rs.30512
The amount of other income in the year 2007 was Rs.73835 and it becomes Rs.107574 in
the year 2008 with increment of Rs.33739
And the amount of other income in the final year 2008 is Rs.107574

The amount of other income in the first year 2004 was 1.32% and it becomes 0.29% in
the year 2005 with decrement of 1.03%
The amount of other income in the year 2005 was 0.29% and it becomes 0.76% in the
year 2006 with an increment of 0.47%

114
The amount of other income in the year 2006 was 0.76% and it becomes 1.54% in the
year 2007 with increment of 0.78%
The amount of other income in the year 2007 was 1.54% and it becomes 2.27% in the
year 2008 with increment of 0.73%
And the amount of other income in the final year 2008 is 2.27%

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Distribution cost 0.63% 0.54% 0.56% 0.85% 1.12%

Vertical Analysis

1.20%

1.00%

0.80%
Percentages

0.60% Distribution cost:

0.40%

0.20%

0.00%
2004 2005 2006 2007 2008
Years

Distribution cost
The amount of Distribution cost in the first year 2004 was Rs.20416 and it becomes
Rs.21333 in the year 2005 with increment of Rs.917
The amount of Distribution cost in the year 2005 was 21333 and it becomes Rs.31694 in
the year 2006 with an increment of Rs.10361.

115
The amount of Distribution cost in the year 2006 was Rs.31694 and it becomes Rs.40645
in the year 2007 with increment of Rs.8951.
The amount of Distribution cost in the year 2007 was Rs.40645 and it becomes Rs.53383
in the year 2008 with increment of Rs.12738
And the amount of Distribution cost in the final year 2008 is Rs.53383.

The amount of Distribution cost in the first year 2004 was 0.63% and it becomes 0.54%
in the year 2005 with decrement of 0.09%
The amount of Distribution cost in the year 2005 was 0.54% and it becomes 0.56% in the
year 2006 with an increment of 0.02%
The amount of Distribution cost in the year 2006 was 0.56% and it becomes 0.85% in the
year 2007 with increment of 0.29%
The amount of Distribution cost in the year 2007 was 0.85% and it becomes 1.12% in the
year 2008 with increment of 0.27%
And the amount of Distribution cost in the final year 2008 is 1.12%

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Administrative expenses 1.22% 1.08% 1.17% 1.49% 1.61%

116
Vertical Analysis

1.80%
1.60%
1.40%
1.20%
Percentages

1.00%
Administrative expenses:
0.80%
0.60%
0.40%
0.20%
0.00%
2004 2005 2006 2007 2008
Years

Administrative expenses
The amount of Administrative expenses in the first year 2004 was Rs.39535 and it
becomes Rs.42292 in the year 2005 with increment of Rs.2757.
The amount of Administrative expenses in the year 2005 was Rs.42292 and it becomes
Rs.66627 in the year 2006 with an increment of Rs.24335.
The amount of Administrative expenses in the year 2006 was Rs.66627 and it becomes
Rs.71302 in the year 2007 with increment of Rs.4675
The amount of Administrative expenses in the year 2007 was Rs.71302 and it becomes
Rs.76495 in the year 2008 with increment of Rs.5193.
And the amount of Administrative expenses in the final year 2008 is Rs.76495.

The amount of Administrative expenses in the first year 2004 was 1.22% and it becomes
1.08% in the year 2005 with decrement of 0.14%
The amount of Administrative expenses in the year 2005 was 1.08% and it becomes
1.17% in the year 2006 with increment of 0.09%
The amount of Administrative expenses in the year 2006 was 1.17% and it becomes
1.49% in the year 2007 with increment of 0.32%

117
The amount of Administrative expenses in the year 2007 was 1.49% and it becomes
1.61% in the year 2008 with increment of 0.12%
And the amount of Administrative expenses in the final year 2008 is 1.61%

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Other Operating expenses 0.02% 1.03% 1.66% 1.22% 0.72%

Vertical analysis

1.80%
1.60%
1.40%
1.20%
Percentages

1.00%
Other Operating expenses:
0.80%
0.60%
0.40%
0.20%
0.00%
2004 2005 2006 2007 2008
Years

Other Operating expenses


The amount of Other Operating expenses in the first year 2004 was Rs.533 and it
becomes Rs.40493 in the year 2005 with increment of Rs.39960
The amount of Other Operating expenses in the year 2005 was Rs.40493 and it becomes
Rs.94127 in the year 2006 with an increment of Rs.53634
The amount of Other Operating expenses in the year 2006 was Rs.94127 and it becomes
Rs.58098 in the year 2007 with decrement of Rs.36029

118
The amount of Other Operating expenses in the year 2007 was Rs.58098 and it becomes
Rs.34290 in the year 2008 with decrement of Rs.23808.
And the amount of Other Operating expenses in the final year 2008 is Rs.3429.

The amount of Other Operating expenses in the first year 2004 was 0.02% and it becomes
1.03% in the year 2005 with increment of 1.01%
The amount of Other Operating expenses in the year 2005 was 1.03% and it becomes
1.66% in the year 2006 with an increment of 0.63%
The amount of Other Operating expenses in the year 2006 was 1.66% and it becomes
1.22% in the year 2007 with decrement of 0.44%
The amount of Other Operating expenses in the year 2007 was 1.22% and it becomes
0.72% in the year 2008 with decrement of 0.50%
And the amount of Other Operating expenses in the final year 2008 is 0.72%

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Finance Cost 6.29% 5.86% 4.65% 4.33% 3.09%

Vertical Analysis

7.00%

6.00%

5.00%
Percentages

4.00%
Finance Cost:
3.00%

2.00%

1.00%

0.00%
2004 2005 2006 2007 2008
Years

119
Finance Cost
The amount of Finance Cost in the first year 2004 was Rs.204222 and it becomes
Rs.229633 in the year 2005 with increment of Rs.25411
The amount of Finance Cost in the year 2005 was Rs.229633 and it becomes Rs.264296
in the year 2006 with an increment of Rs.34633.
The amount of Finance Cost in the year 2006 was Rs.264296 and it becomes Rs.207105
in the year 2007 with decrement of Rs.57191
The amount of Finance Cost in the year 2007 was Rs.207105 and it becomes Rs.146954
in the year 2008 with decrement of Rs.60151.
And the amount of Finance Cost in the final year 2008 is Rs.146954

The amount of Finance Cost in the first year 2004 was 6.29% and it becomes 5.86% in
the year 2005 with decrement of 0.43%
The amount of Finance Cost in the year 2005 was 5.86% and it becomes 4.65% in the
year 2006 with decrement of 1.21%
The amount of Finance Cost in the year 2006 was 4.65% and it becomes 4.33% in the
year 2007 with decrement of 0.32%
The amount of Finance Cost in the year 2007 was 4.33% and it becomes 3.09% in the
year 2008 with decrement of 1.24%
And the amount of Finance Cost in the final year 2008 is 3.09%

120
Fauji Cement Company Limited
Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Net profit before taxation -7.49% 19.36% 31.28% 16.49% 9.57%

Vertical Analysis

40.00%
30.00%
Percentage

20.00%
Net profit before taxation
10.00%
0.00%
-10.00% 2004 2005 2006 2007 2008
Years

Net profit before taxation


The amount of Net profit before taxation in the first year 2004 was Rs.-243290 and it
becomes 759041 in the year 2005
The amount of Net profit before taxation in the year 2005 was Rs.759041 and it becomes
Rs.1777690 in the year 2006
The amount of Net profit before taxation in the year 2006 was Rs.1777690 and it
becomes Rs.788180 in the year 2007
The amount of Net profit before taxation in the year 2007 was Rs.788180 and it becomes
Rs.454564 in the year 2008

The amount of Net profit before taxation in the first year 2004 was -7.49% and it
becomes 19.36% in the year 2005 with increment of 26.85%
The amount of Net profit before taxation in the year 2005 was 19.36% and it 31.28% in
the year 2006 with increment of 11.92%
The amount of Net profit before taxation in the year 2006 was 31.28% and it becomes
16.49% in the year 2007 with decrement of 14.79%

121
The amount of Net profit before taxation in the year 2007 was 16.49% and it becomes
9.57% in the year 2008 with decrement of 6.92%
And the amount of Net profit before taxation in the final year 2008 is 9.57%

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Net profit after taxation 9.67% 13.02% 21.18% 13.52% 8.71%

Vertical Analysis

25.00%
Percentage

20.00%
15.00% Net profit after taxation
10.00%
5.00%
0.00%
2004 2005 2006 2007 2008
Years

Net profit after taxation


The amount of Net profit after taxation in the first year 2004 was Rs.314149 and it
becomes Rs.510493 in the year 2005 with increment of Rs.196344.
The amount of Net profit after taxation in the year 2005 was RS.510493 and it becomes
Rs.1203739 in the year 2006 with an increment of Rs.693246
The amount of Net profit after taxation in the year 2006 was Rs.1203739 and it becomes
Rs.646323 in the year 2007 with decrement of Rs.557416
The amount of Net profit after taxation in the year 2007 was Rs.646323 and it becomes
Rs.413598 in the year 2008 with decrement of Rs.232725
And the amount of Net profit after taxation in the final year 2008 is Rs.413598.

122
The amount of Net profit after taxation in the first year 2004 was 9.67% and it becomes
13.02% in the year 2005 with increment of 3.35%
The amount of Net profit after taxation in the year 2005 was 13.02% and it becomes
21.18% in the year 2006 with an increment of 8.16%
The amount of Net profit after taxation in the year 2006 was 21.18% and it becomes
13.52% in the year 2007 with decrement of 7.66%
The amount of Net profit after taxation in the year 2007 was 13.52% and it becomes
8.71% in the year 2008 with decrement of 5.35%
And the amount of Net profit after taxation in the final year 2008 is 8.17%

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Earning per share - Basic 0.00% 0.00% 0.00% 0.00% 0.00%

Vertical Analysis

0.00%
Percentage

0.00%
Earning per share - Basic
0.00%

0.00%
2004 2005 2006 2007 2008
Years

123
Earning per share – Basic
The amount of Earning per share - Basic in the first year 2004 was Rs.0.85 and it
becomes Rs.1.38 in the year 2005 with increment of Rs.0.53
The amount of Earning per share - Basic in the year 2005 was Rs.1.38 and it becomes
Rs.3.25 in the year 2006 with an increment of Rs.1.87
The amount of Earning per share - Basic in the year 2006 was Rs.3.25 and it becomes
Rs.1.73 in the year 2007 with decrement of Rs.1.52
The amount of Earning per share - Basic in the year 2007 was Rs.1.73 and it becomes
Rs.0.85 in the year 2008 with decrement of Rs.0.88
And the amount of Earning per share - Basic in the final year 2008 is Rs.0.85

The amount of earning per share - Basic in the first year 2004, 2005, 2006, 2007 and
2008 was 0.00%

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
2004 2005 2006 2007 2008
Earning per share - Diluted 0.00% 0.00% 0.00% 0.00% 0.00%

Vertical Analysis

0.00%
Percentage

0.00%
Earning per share - Diluted
0.00%

0.00%
2004 2005 2006 2007 2008
Years

124
Earning per share – Diluted
The amount of Earning per share - Diluted in the first year 2004 was Rs.0.75 and it
becomes Rs.1.22 in the year 2005 with increment of Rs.0.47
The amount of Earning per share - Diluted in the year 2005 was Rs.1.22 and it becomes
Rs.2.87 in the year 2006 with an increment of Rs.1.65
The amount of Earning per share - Diluted in the year 2006 was Rs.2.87 and it becomes
Rs.1.53 in the year 2007 with decrement of Rs.1.34
The amount of Earning per share - Diluted in the year 2007 was Rs.1.53 and it becomes
Rs.0.77 in the year 2008 with decrement of Rs.0.76
And the amount of Earning per share - Diluted in the final year 2008 is Rs.0.77.

The amount of earning per share - Diluted in the first year 2004, 2005, 2006, 2007 and
2008 was 0.00%

125
126
Ratio Analysis

CurrentAssets
Current ratio =
CurrentLiabilities

Fauji Cement Company Limited


Liquidity Ratio Analysis
2004 2005 2006 2007 2008
CURRENT RATIO 1.54 0.97 1.25 1.35 2.16
CURRENT ASSETS 574460 1172765 1579382 1953527 5294083
CURRENT LIABILITIES 372116 1206946 1267198 1442287 2454761

liquidity Ratio

2.50
2.16

2.00
1.54
1.50 1.35
1.25
Ratios

Current Ratio
0.97
1.00

0.50

0.00
2004 2005 2006 2007 2008
Years

The amount of Current Assets in the year 2004 was Rs.574460 and the amount of current
liabilities in the first year 2004 was Rs.372116 and current ratio was 1.54 in the year
2004.
And the amount current assets increases to Rs.1172765 in the year 2005 with an
increment of Rs.598305 and the amount of current liabilities becomes Rs.1206946 in the
year 2005 with increment of Rs.834830 and current ratio becomes 0.97 in the year 2005.
And the amount of current assets increases to Rs.1579382 in the year 2006 with an
increment of Rs.406617 and the amount current liabilities becomes Rs.1267198 in the

127
year 2006 with increment of Rs.60252 and the current ratio becomes 1.25 in the year
2006.
The amount of current assets increases to Rs.1953527 in the year 2007 with an increment
of Rs.374145 and the amount of current liabilities becomes Rs.1442287 in the year 2007
with increment of Rs.175089 and current ratio becomes 1.35 in the year 2007.
And the amount of current assets increases to Rs.5294083 in the year 2008 with an
increment of Rs.3340556 and the amount of current liabilities becomes Rs.2454761 in the
year 2008 with increment of Rs.1012474 and the current ratio becomes 2.16 in the year
2008.

Net Working Capital = current assets – current liabilities

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Net Working Capital 202344 -34181 312184 511240 2839322
CURRENT ASSETS 574460 1172765 1579382 1953527 5294083
CURRENT LIABILITIES 372116 1206946 1267198 1442287 2454761

Liquidity Ratio

3000000 2839322

2500000
Net Working Captical

2000000

1500000
Net Working Capital
1000000
511240
500000 312184
202344

0
2004 -34181
2005 2006 2007 2008
-500000
Years

128
The amount of Current Assets in the year 2004 was Rs.574460 and the amount of current
liabilities in the first year 2004 was Rs.372116 and Net Working Capital was 202344 in
the year 2004.
And the amount current assets increases to Rs.1172765 in the year 2005 with an
increment of Rs.598305 and the amount of current liabilities becomes Rs.1206946 in the
year 2005 with increment of Rs.834830 and Net Working Capital becomes -34181 in the
year 2005.
And the amount of current assets increases to Rs.1579382 in the year 2006 with an
increment of Rs.406617 and the amount current liabilities becomes Rs.1267198 in the
year 2006 with increment of Rs.60252 and the Net Working Capital becomes 312184 in
the year 2006.
And the amount of current assets increases to Rs.1953527 in the year 2007 with an
increment of Rs.374145 and the amount of current liabilities becomes Rs.1442287 in the
year 2007 with increment of Rs.175089 and Net Working Capital becomes 511240 in the
year 2007.
And the amount of current assets increases to Rs.5294083 in the year 2008 with an
increment of Rs.3340556 and the amount of current liabilities becomes Rs.2454761 in the
year 2008 with increment of Rs.1012474 and the Net Working Capital becomes 2839322
in the year 2008.

(CurrentAsset − Inventory)
Acid ratio =
CurrentLiabilities

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Acid Ratio 1.38 0.93 1.13 1.23 2.06
CURRENT ASSETS 574460 1172765 1579382 1953527 5294083
STOCK IN TRADE 61600 55931 145090 183309 230089
CURRENT LIABILITIES 372116 1206946 1267198 1442287 2454761

129
Liquidity Ratio

2.50
2.06
2.00

1.50 1.38
1.23
Ratio

1.13 Acid Ratio


0.93
1.00

0.50

0.00
2004 2005 2006 2007 2008
Years

The amount of Current Assets in the year 2004 was Rs.574460 and the amount of current
liabilities in the first year 2004 was Rs.372116 and the amount of Stock In Trade in the
first year 2004 was Rs.61600 due to witch the Acid Ratio becomes 1.38 in the year 2004
And the amount current assets increases to Rs.1172765 in the year 2005 with an
increment of Rs.598305 and the amount of current liabilities becomes Rs.1206946 in the
year 2005 with increment of Rs.834830 and the amount of Stock In Trade decreases to
Rs.55931 in the year 2005 with decrement of Rs.5669 and the Acid Ratio becomes 0.93
in 2005.
And the amount of current assets increases to Rs.1579382 in the year 2006 with an
increment of Rs.406617 and the amount current liabilities becomes Rs.1267198 in the
year 2006 with increment of Rs.60252 and the amount of Stock In Trade increases to
Rs.145090 in the year 2006 with increment of Rs.55931 and the Acid Ratio becomes 1.13
in 2006.
The amount of current assets increases to Rs.1953527 in the year 2007 with an increment
of Rs.374145 and the amount of current liabilities becomes Rs.1442287 in the year 2007
with increment of Rs.175089 and the amount of Stock In Trade becomes Rs.183309 in
the year 2007 with increment of Rs.38219 and the Acid Ratio becomes 1.23 in 2007.
And the amount of current assets increases to Rs.5294083 in the year 2008 with an
increment of Rs.3340556 and the amount of current liabilities becomes Rs.2454761 in the
year 2008 with increment of Rs.1012474 and the amount of Stock In Trade becomes

130
Rs.230089 in the year 2008 with increment of Rs.46780 and Acid Ratio becomes 2.06 in
2008.

(cash & cashequilent + marketable sec urities)


Cash ratio =
currentliabilities

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Cash Ratio 0.53 0.50 0.67 0.29 1.54
Cash and bank balances 197088 603110 847590 423133 3783909
CURRENT LIABILITIES 372116 1206946 1267198 1442287 2454761

Liquidity Ratio

1.80
1.54
1.60
1.40
1.20
1.00
Ratio

Cash Ratio
0.80 0.67
0.60 0.53 0.50
0.40 0.29
0.20
0.00
2004 2005 2006 2007 2008
Years

The amount of Cash and bank balances in the year 2004 was Rs.197088 and the amount
of current liabilities in the first year 2004 was Rs.372116 due to which the Cash Ratio
becomes 0.53 in the year 2004.
And the amount of Cash and bank balances increases to Rs.603110 in the year 2005 with
an increment of Rs.406022 and the amount of current liabilities becomes Rs.1206946 in

131
the year 2005 with increment of Rs.834830 and Cash Ratio becomes 0.50 in the year
2005.
And the amount of Cash and bank balances increases to Rs.847590 in the year 2006 with
an increment of Rs.244480 and the amount current liabilities becomes Rs.1267198 in the
year 2006 with an increment of Rs.60252 and the Cash Ratio becomes 0.67 in the year
2006.
The amount of Cash and bank balances decreases to Rs.423133 in the year 2007 with
decrement of Rs.424457 and the amount of current liabilities becomes Rs.1442287 in the
year 2007 with an increment of Rs.175089 and Cash Ratio becomes 0.29 in the year
2007.
And the amount of Cash and bank balances increases to Rs.3783909 in the year 2008
with an increment of Rs.3360776 and the amount of current liabilities becomes
Rs.2454761 in the year 2008 with an increment of Rs.1012474 and the Cash Ratio
becomes 1.54 in the year 2008.

totalliabilities
Debt/equity ratio =
shareholder ' sequity

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Debt/Equity Ratio 3.05 2.54 1.89 1.71 1.34
Total Liabilities 5910353 6223788 6198108 6400688 12454493
SHARE CAPITAL AND RESERVES 1939134 2449624 3282616 3735206 9283981

132
Debt Ratio

3.50
3.05
3.00
2.54
2.50
1.89
2.00 1.71
Ratios

Debt/Equity Ratio
1.50 1.34

1.00

0.50

0.00
2004 2005 2006 2007 2008
Years

The amount of Total liabilities in the first year 2004 was Rs.5910353 and the amount of
SHARE CAPITAL AND RESERVES was Rs.1939134 due to which Debt/Equity Ratio
becomes 3.05 in the year 2004.
And the amount of Total liabilities becomes Rs.6223788 in the year 2005 with an
increment of Rs.313435 and the amount of SHARE CAPITAL AND RESERVES
becomes Rs.2449624 in the year 2005 with an increment of Rs.510490 and the
Debt/Equity Ratio becomes 2.54 in the year 2005.
And the amount of Total liabilities becomes Rs.6198108 in the year 2006 with decrement
of Rs.25680 and the amount of SHARE CAPITAL AND RESERVES becomes
Rs.3282616 in the year 2006 with an increment of Rs.832992 and the Debt/Equity Ratio
becomes 1.89 in the year 2006.
And the amount of Total liabilities becomes Rs.6400688 in the year 2007 with an
increment of Rs.202580 and the amount of SHARE CAPITAL AND RESERVES
becomes Rs.3735206 in the year 2007 with an increment of Rs.452590 and the
Debt/Equity Ratio becomes 1.71 in the year 2007.
And the amount of Total liabilities becomes Rs.12454493 in the year 2008 with an
increment of Rs.6053805 and the amount of SHARE CAPITAL AND RESERVES
becomes Rs.9283981 in the year 2008 with an increment of Rs.5548775 and the
Debt/Equity Ratio becomes 1.34 in the year 2008.

133
totalliabilities
Debt to tangible net worth =
( shareholder ' sequity − int angibleassets)

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Debt to tangible net worth 3.05 2.54 1.89 1.71 1.34
Total Liabilities 5910353 6223788 6198108 6400688 12454493
SHARE CAPITAL AND RESERVES 1939134 2449624 3282616 3735206 9283981
Intangible assets 0 0 0 0 0

Debt Ratio

3.50
3.05
3.00
2.54
2.50
1.89
2.00 1.71
Ratios

Debt to tangible net worth


1.50 1.34

1.00

0.50

0.00
2004 2005 2006 2007 2008
Years

The amount of Total liabilities in the first year 2004 was Rs.5910353 and the amount of
SHARE CAPITAL AND RESERVES was Rs.1939134 due to which Debt/Equity Ratio
becomes 3.05 in the year 2004.
And the amount of Total liabilities becomes Rs.6223788 in the year 2005 with an
increment of Rs.313435 and the amount of SHARE CAPITAL AND RESERVES
becomes Rs.2449624 in the year 2005 with an increment of Rs.510490 and the
Debt/Equity Ratio becomes 2.54 in the year 2005.

134
And the amount of Total liabilities becomes Rs.6198108 in the year 2006 with decrement
of Rs.25680 and the amount of SHARE CAPITAL AND RESERVES becomes
Rs.3282616 in the year 2006 with an increment of Rs.832992 and the Debt/Equity Ratio
becomes 1.89 in the year 2006.
And the amount of Total liabilities becomes Rs.6400688 in the year 2007 with an
increment of Rs.202580 and the amount of SHARE CAPITAL AND RESERVES
becomes Rs.3735206 in the year 2007 with an increment of Rs.452590 and the
Debt/Equity Ratio becomes 1.71 in the year 2007.
And the amount of Total liabilities becomes Rs.12454493 in the year 2008 with an
increment of Rs.6053805 and the amount of SHARE CAPITAL AND RESERVES
becomes Rs.9283981 in the year 2008 with an increment of Rs.5548775 and the
Debt/Equity Ratio becomes 1.34 in the year 2008.

averagegrossaccountreceivable
Day’s Sales in account receivable =
(netsales / 365)

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Day's Sales in account receivable 7.12 13.76 2.17 2.06 2.77
TRADE DEBTS 44789 107231 25475 19558 26927
Net Sales 2296231 2845143 4286138 3463283 3545902

135
Activity Ratio

16.00
13.76
14.00
12.00
10.00
Ratios

8.00 7.12 Day's Sales in account receivable


6.00
4.00 2.77
2.17 2.06
2.00
0.00
2004 2005 2006 2007 2008
Years

The amount of Trade debts in the year 2004 was Rs.44789 and the amount of Net Sales in
the first year 2004 was Rs.2296231 and the Day's Sales in account receivable becomes
7.12 in the year 2004.
And the amount Trade debts increases to Rs.107231 in the year 2005 with an increment
of Rs.62442 and the amount of Net Sales becomes Rs.2845143 in the year 2005 with
increment of Rs.548912 and the Day's Sales in account receivable becomes 13.76 in the
year 2005.
And the amount Trade debts decreases to Rs.25475 in the year 2006 with decrement of
Rs.81756 and the amount of Net Sales becomes Rs.4286138 in the year 2006 with
increment of Rs.1440995 and the Day's Sales in account receivable becomes 2.17 in the
year 2006.
And the amount Trade debts decreases to Rs.19558 in the year 2007 with decrement of
Rs.5917 and the amount of Net Sales becomes Rs.3463283 in the year 2007 with
decrement of Rs.8228885 and the Day's Sales in account receivable becomes 2.06 in the
year 2007.
And the amount Trade debts increases to Rs.26927 in the year 2008 with increment of
Rs.7369 and the amount of Net Sales becomes Rs.3545902 in the year 2008 with
increment of Rs.82619 and the Day's Sales in account receivable becomes 2.77 in the
year 2008.

136
netsales
Account receivable turn over=
averageaccountreceivables

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Account Receivable Turn Over 51.27 26.53 168.25 177.08 131.69
Net Sales 2296231 2845143 4286138 3463283 3545902
TRADE DEBTS 44789 107231 25475 19558 26927

Activity Ratio

200.00
177.08
180.00 168.25
160.00
140.00 131.69
120.00
Ratios

100.00 Account Receivable Turn Over


80.00
60.00 51.27
40.00 26.53
20.00
0.00
2004 2005 2006 2007 2008
Years

The amount of Trade debts in the year 2004 was Rs.44789 and the amount of Net Sales in
the first year 2004 was Rs.2296231 and the Account Receivable Turn Over becomes 5.27
in the year 2004.
And the amount Trade debts increases to Rs.107231 in the year 2005 with an increment
of Rs.62442 and the amount of Net Sales becomes Rs.2845143 in the year 2005 with
increment of Rs.548912 and the Account Receivable Turn Over becomes 26.53 in the
year 2005.
And the amount Trade debts decreases to Rs.25475 in the year 2006 with decrement of
Rs.81756 and the amount of Net Sales becomes Rs.4286138 in the year 2006 with

137
increment of Rs.1440995 and the Account Receivable Turn Over becomes 168.25 in the
year 2006.
And the amount Trade debts decreases to Rs.19558 in the year 2007 with decrement of
Rs.5917 and the amount of Net Sales becomes Rs.3463283 in the year 2007 with
decrement of Rs.8228885 and the Account Receivable Turn Over becomes 177.08 in the
year 2007.
And the amount Trade debts increases to Rs.26927 in the year 2008 with increment of
Rs.7369 and the amount of Net Sales becomes Rs.3545902 in the year 2008 with
increment of Rs.82619 and the Account Receivable Turn Over becomes 131.69 in the
year 2008.

endinginventiry
Day’s sales in inventory =
(CGS / 365)

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Day's sales in inventory 14.46 11.58 25.28 28.21 29.08
STOCK IN TRADE 61600 55931 145090 183309 230089
Cost of sales 1555407 1763567 2095027 2371788 2887790

Activity Ratio

35.00
28.21 29.08
30.00
25.28
25.00

20.00
Ratios

14.46 Day's sales in inventory


15.00 11.58
10.00

5.00

0.00
2004 2005 2006 2007 2008
Years

138
The amount of Stock In trade in the year 2004 was Rs.61600 and the amount of Cost of
sales in the first year 2004 was Rs.1555407 and the Day's sale in inventory was 14.46 in
the year 2004.
And the amount Stock in trade decreases to Rs.55931 in the year 2005 with decrement of
Rs.5669 and the amount of Cost of sales becomes Rs.1763567 in the year 2005 with an
increment of Rs.208160 and the Day's sale in inventory becomes 11.58 in the year 2005.
And the amount Stock in trade increases to Rs.145090 in the year 2006 with an increment
of Rs.89159 and the amount of Cost of sales becomes Rs.2095027 in the year 2006 with
an increment of Rs.331460 and the Day's sale in inventory becomes 25.28 in the year
2006.
And the amount Stock in trade increases to Rs.183309 in the year 2007 with an increment
of Rs.38219 and the amount of Cost of sales becomes Rs.2371788 in the year 2007 with
an increment of Rs.276761 and the Day's sale in inventory becomes 28.21 in the year
2007.
And the amount Stock in trade increases to Rs.230089 in the year 2008 with an increment
of Rs.46780 and the amount of Cost of sales becomes Rs.2887790 in the year 2008 with
an increment of Rs.516002 and the Day's sale in inventory becomes 29.08 in the year
2008.

CGS
Inventory turn over =
averageinventory

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Inventory turnover 61.46 79.34 85.08 70.21 63.86
Cost of sales 1555407 1763567 2095027 2371788 2887790
STOCK IN TRADE 61600 55931 145090 183309 230089

139
Activity Ratio

90.00 85.08
79.34
80.00
70.21
70.00 61.46 63.86
60.00
Ratios

50.00
Inventory turnover
40.00
30.00
20.00
10.00
0.00
2004 2005 2006 2007 2008
Years

The amount of Stock In trade in the year 2004 was Rs.61600 and the amount of Cost of
sales in the first year 2004 was Rs.1555407 and the Inventory turnover was 61.46 in the
year 2004.
And the amount Stock in trade decreases to Rs.55931 in the year 2005 with decrement of
Rs.5669 and the amount of Cost of sales becomes Rs.1763567 in the year 2005 with an
increment of Rs.208160 and the Inventory turnover becomes 79.34 in the year 2005.
And the amount Stock in trade increases to Rs.145090 in the year 2006 with an increment
of Rs.89159 and the amount of Cost of sales becomes Rs.2095027 in the year 2006 with
an increment of Rs.331460 and the Inventory turnover becomes 85.08 in the year 2006.
And the amount Stock in trade increases to Rs.183309 in the year 2007 with an increment
of Rs.38219 and the amount of Cost of sales becomes Rs.2371788 in the year 2007 with
an increment of Rs.276761 and the Inventory turnover becomes 70.21 in the year 2007.
And the amount Stock in trade increases to Rs.230089 in the year 2008 with an increment
of Rs.46780 and the amount of Cost of sales becomes Rs.2887790 in the year 2008 with
an increment of Rs.516002 and the Inventory turnover becomes 63.86 in the year 2008.

140
netsales
Total asset turn over =
averagetotalassets

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Total asset turnover 0.39 0.46 0.69 0.54 0.28
Net Sales 2296231 2845143 4286138 3463283 3545902
Total Assets 5910353 6223788 6198108 6400688 12454493

Activity Ratio

0.80
0.69
0.70
0.60 0.54
0.50 0.46
Ratios

0.39
0.40 Total asset turnover
0.28
0.30
0.20
0.10
0.00
2004 2005 2006 2007 2008
Years

The amount of Net Sales in the year 2004 was Rs.2296231 and the amount of Total
Assets in the first year 2004 was Rs.5910353 and Total asset turnover was 0.39 in the
year 2004.
And the amount Net Sales increases to Rs.2845143 in the year 2005 with an increment of
Rs.548912 and the amount of Total Assets becomes Rs.6223788 in the year 2005 with
increment of Rs.313435 and Total asset turnover becomes 0.46 in the year 2005.
And the amount Net Sales increases to Rs.4286138 in the year 2006 with an increment of
Rs.1440995 and the amount of Total Assets becomes Rs.6198108 in the year 2006 with
decrement of Rs.25680 and Total asset turnover becomes 0.69 in the year 2006.

141
And the amount Net Sales decreases to Rs.3463283 in the year 2007 with decrement of
Rs.822855 and the amount of Total Assets becomes Rs.6400688 in the year 2007 with
increment of Rs.202580 and Total asset turnover becomes 0.54 in the year 2007.
And the amount Net Sales increases to Rs.3545902 in the year 2008 with an increment of
Rs.82619 and the amount of Total Assets becomes Rs.12454493 in the year 2008 with
increment of Rs.6053805 and Total asset turnover becomes 0.28 in the year 2008.

grossprofit
Gross profit margin =
netsales

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Gross profit margin (%) 32.26% 38.01% 51.12% 31.52% 18.56%
Gross profit 740824 1081576 2191111 1091495 658112
Net Sales 2296231 2845143 4286138 3463283 3545902

Profitability Ratio

60.00%
51.12%
50.00%
38.01%
40.00%
32.26% 31.52%
Ratios

30.00% Gross profit margin


18.56%
20.00%

10.00%

0.00%
2004 2005 2006 2007 2008
Years

142
The amount of Gross Profit in the year 2004 was Rs.740824 and the amount of Net Sales
in the first year 2004 was Rs.2296231 and Gross Profit Margin was 32.26% in the year
2004.
And the amount of Gross Profit increases to Rs.1081576 in the year 2005 with an
increment of Rs.340752 and the amount of Net Sales becomes Rs.2845143 in the year
2005 with increment of Rs.548912 and the Gross Profit Margin becomes 38.01% in the
year 2005.
And the amount of Gross Profit increases to Rs.2191111 in the year 2006 with an
increment of Rs.1109535 and the amount of Net Sales becomes Rs.4286138 in the year
2006 with increment of Rs.1440995 and the Gross Profit Margin becomes 51.12% in the
year 2006.
And the amount of Gross Profit decreases to Rs.1091495 in the year 2007 with decrement
of Rs.1099616 and the amount of Net Sales becomes Rs.3463283 in the year 2007 with
decrement of Rs.822855 and the Gross Profit Margin becomes 31.52% in the year 2007.
And the amount of Gross Profit decreases to Rs.658112 in the year 2008 with decrement
of Rs.433383 and the amount of Net Sales becomes Rs.3545902 in the year 2008 with
increment of Rs.82619 and the Gross Profit Margin becomes 18.56% in the year 2008.

operatingincome
Operating income margin =
netsales

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Operating income margin (%) 1.70% 34.75% 47.64% 28.74% 16.96%
Operating Profit 39068 988673 2041984 995285 601518
Net Sales 2296231 2845143 4286138 3463283 3545902

143
Profitability ratio

60.00%
47.64%
50.00%

40.00% 34.75%
Ratios

28.74%
30.00% Operating income margin

20.00% 16.96%

10.00%
1.70%
0.00%
2004 2005 2006 2007 2008
Years

The amount of Operating Profit in the year 2004 was Rs.39068 and the amount of Net
Sales in the first year 2004 was Rs.2296231 and Operating Income Margin was 1.70% in
the year 2004.
And the amount of Operating Profit increases to Rs.988673 in the year 2005 with an
increment of Rs.949605 and the amount of Net Sales becomes Rs.2845143 in the year
2005 with increment of Rs.548912 and the Operating Income Margin becomes 34.75% in
the year 2005.
And the amount of Operating Profit increases to Rs.2041984 in the year 2006 with an
increment of Rs.1053311 and the amount of Net Sales becomes Rs.4286138 in the year
2006 with increment of Rs.1440995 and the Operating Income Margin becomes 47.64%
in the year 2006.
And the amount of Operating Profit decreases to Rs.995285 in the year 2007 with
decrement of Rs.1046699 and the amount of Net Sales becomes Rs.3463283 in the year
2007 with decrement of Rs.822855 and the Operating Income Margin becomes 28.74%
in the year 2007.
And the amount of Operating Profit decreases to Rs.601518 in the year 2008 with
decrement of Rs.393767 and the amount of Net Sales becomes Rs.3545902 in the year
2008 with increment of Rs.82619 and the Operating Income Margin becomes 16.96% in
the year 2008

144
netincome
Net profit margin =
netsales

Fauji Cement Company Limited


Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Net profit margin 13.68% 17.94% 28.08% 18.66% 11.66%
Net profit after taxation 314149 510493 1203739 646323 413598
Net Sales 2296231 2845143 4286138 3463283 3545902

Profitability Ratio

30.00% 28.08%

25.00%

20.00% 17.94% 18.66%


Ratios

15.00% 13.68% Net profit margin


11.66%
10.00%

5.00%

0.00%
2004 2005 2006 2007 2008
Years

The amount of Net Profit after taxation in the year 2004 was Rs.314149 and the amount
of Net Sales in the first year 2004 was Rs.2296231 and Net Profit Margin was 13.68% in
the year 2004.
And the amount of Net profit after taxation increases to Rs.510493 in the year 2005 with
an increment of Rs.196344 and the amount of Net Sales becomes Rs.2845143 in the year
2005 with increment of Rs.548912 and the Net Profit Margin becomes 17.94% in the
year 2005.
And the amount of Net profit after taxation increases to Rs.1203739 in the year 2006 with
an increment of Rs.693246 and the amount of Net Sales becomes Rs.4286138 in the year

145
2006 with increment of Rs.1440995 and the Net Profit Margin becomes 28.08% in the
year 2006.
And the amount of Net profit after taxation decreases to Rs.646323 in the year 2007 with
decrement of Rs.557416 and the amount of Net Sales becomes Rs.3463283 in the year
2007 with decrement of Rs.822855 and the Net Profit Margin becomes 18.66% in the
year 2007.
And the amount of Net profit after taxation decreases to Rs.413598 in the year 2008 with
decrement of Rs.232725 and the amount of Net Sales becomes Rs.3545902 in the year
2008 with increment of Rs.82619 and the Net Profit Margin becomes 11.66% in the year
2008

netincome
Return on asset =
averagetotalassets

Fauji Cement Company Limited


Ratio Analysis
2004 2005 2006 2007 2008
Return on asset (%) 5.32% 8.20% 19.42% 10.10% 3.32%
Net profit after taxation 314149 510493 1203739 646323 413598
Total Assets 5910353 6223788 6198108 6400688 12454493

Profitability Ratio

25.00%

19.42%
20.00%

15.00%
Ratios

10.10% Return on asset


10.00% 8.20%
5.32%
5.00% 3.32%

0.00%
2004 2005 2006 2007 2008
Years

146
The amount of Net Profit after taxation in the year 2004 was Rs.314149 and the amount
of Total Assets in the first year 2004 was Rs.5910353 and the Return on asset was 5.32%
in the year 2004.
And the amount of Net profit after taxation increases to Rs.510493 in the year 2005 with
an increment of Rs.196344 and the amount of Total Assets becomes Rs.6223788 in the
year 2005 with increment of Rs.313435 and the Return on asset becomes 8.20% in the
year 2005.
And the amount of Net profit after taxation increases to Rs.1203739 in the year 2006 with
an increment of Rs.693246 and the amount of Total Assets becomes Rs.6198108 in the
year 2006 with decrement of Rs.25680 and the Return on asset becomes 19.42% in the
year 2006.
And the amount of Net profit after taxation decreases to Rs.646323 in the year 2007 with
decrement of Rs.557416 and the amount of Total Assets becomes Rs.6400688 in the year
2007 with increment of Rs.202580 and the Return on asset becomes 10.10% in the year
2007.
And the amount of Net profit after taxation decreases to Rs.413598 in the year 2008 with
decrement of Rs.232725 and the amount of Total Assets becomes Rs.12454493 in the
year 2008 with increment of Rs.6053805 and the Return on asset becomes 3.32% in the
year 2008

netsales
Return on sales to fixed assets =
averagetotalfixedassets

Fauji Cement Company Limited


Ratio Analysis
2004 2005 2006 2007 2008
Return on Sales to fixed assets 0.49 0.61 0.94 0.79 0.50
Net Sales 2296231 2845143 4286138 3463283 3545902
FIXED ASSETS - Tangible 4729254 4658272 4563115 4392450 7106599

147
Profitability Ratio

1.00 0.94
0.90
0.79
0.80
0.70 0.61
0.60 0.50
Ratios

0.49
0.50 Return on Sales to fixed assets
0.40
0.30
0.20
0.10
0.00
2004 2005 2006 2007 2008
Years

The amount of Net Sales in the year 2004 was Rs.2296231 and the amount of Fixed
Assets in the first year 2004 was Rs.4729254 and the Return on Sales to fixed assets was
0.49 in the year 2004.
And the amount Net Sales increases to Rs.2845143 in the year 2005 with an increment of
Rs.548912 and the amount of Fixed Assets becomes Rs.4658272 in the year 2005 with
decrement of Rs.70982 and the Return on Sales to fixed assets becomes 0.61 in the year
2005.
And the amount Net Sales increases to Rs.4286138 in the year 2006 with an increment of
Rs.1440995 and the amount of Fixed Assets becomes Rs.4563115 in the year 2006 with
decrement of Rs.95157 and the Return on Sales to fixed assets becomes 0.94 in the year
2006.
And the amount Net Sales decreases to Rs.3463283 in the year 2007 with decrement of
Rs.822855 and the amount of Fixed Assets becomes Rs.4392450 in the year 2007 with
decrement of Rs.170665 and the Return on Sales to fixed assets becomes 0.79 in the year
2007.
And the amount Net Sales increases to Rs.3545902 in the year 2008 with an increment of
Rs.82619 and the amount of Fixed Assets becomes Rs.7106599 in the year 2008 with
increment of Rs.2714149 and the Return on Sales to fixed assets becomes 0.50 in the
year 2008.

148
netincome − redeemablepreferredstockdividend
Return on total equity =
averagetotalequity

Fauji Cement Company Limited


Ratio Analysis
2004 2005 2006 2007 2008
Return on total equity 16.20% 20.84% 36.67% 17.30% 4.45%
Net profit after taxation 314149 510493 1203739 646323 413598
SHARE CAPITAL AND RESERVES 1939134 2449624 3282616 3735206 9283981

Profitability Ratio

40.00% 36.67%
35.00%
30.00%
25.00% 20.84%
Ratios

20.00% 16.20% 17.30% Return on total equity


15.00%
10.00%
4.45%
5.00%
0.00%
2004 2005 2006 2007 2008
Years

The amount of Net Profit after taxation in the year 2004 was Rs.314149 and the amount
of Share Capital and Reserves in the first year 2004 was Rs.1939134 and the Return on
total equity was 16.20% in the year 2004.
And the amount of Net profit after taxation increases to Rs.510493 in the year 2005 with
an increment of Rs.196344 and the amount of Share Capital and Reserves becomes
Rs.2449624 in the year 2005 with increment of Rs.510490 and the Return on total equity
becomes 20.84% in the year 2005.
And the amount of Net profit after taxation increases to Rs.1203739 in the year 2006 with
an increment of Rs.693246 and the amount of Share Capital and Reserves becomes
Rs.3282616 in the year 2006 with increment of Rs.832992 and the Return on total equity
becomes 36.67% in the year 2006.

149
And the amount of Net profit after taxation decreases to Rs.646323 in the year 2007 with
decrement of Rs.557416 and the amount of Share Capital and Reserves becomes
Rs.3735206 in the year 2007 with increment of Rs.452590 and the Return on total equity
becomes 17.30% in the year 2007.
And the amount of Net profit after taxation decreases to Rs.413598 in the year 2008 with
decrement of Rs.232725 and the amount of Share Capital and Reserves becomes
Rs.9283981 in the year 2008 with increment of Rs.5548775 and the Return on total
equity becomes 4.45% in the year 2008

netincome − preferreddividend
Earning Per Common Share =
weightaveragenoofcommonshareouts tan ding

Fauji Cement Company Limited


Ratio Analysis
2004 2005 2006 2007 2008
Earning per common share 0.85 1.38 3.25 1.73 0.85
Net profit after taxation 314149 510493 1203739 646323 413598
No. of common shares 370743 370743 370743 374473 489456

Profitability Ratio

3.50 3.25

3.00

2.50

2.00 1.73
Ratios

1.38 Earning per common share


1.50

1.00 0.85 0.85

0.50

0.00
2004 2005 2006 2007 2008
Years

150
The amount of Net Profit after taxation in the year 2004 was Rs.314149 and the Number
of common shares in the first year 2004 was 370743 and the Earning per common share
was 0.85 in the year 2004.
And the amount of Net profit after taxation increases to Rs.510493 in the year 2005 with
an increment of Rs.196344 and the Number of common shares becomes 370743 in the
year 2005 and the Earning per common share becomes 1.38 in the year 2005.
And the amount of Net profit after taxation increases to Rs.1203739 in the year 2006 with
an increment of Rs.693246 and the Number of common shares becomes 370743 in the
year 2006 and the Earning per common share becomes 3.25 in the year 2006.
And the amount of Net profit after taxation decreases to Rs.646323 in the year 2007 with
decrement of Rs.557416 and the Number of common shares becomes 374473 in the year
2007 with increment of 3730 and the Earning per common share becomes 1.73 in the
year 2007.
And the amount of Net profit after taxation decreases to Rs.413598 in the year 2008 with
decrement of Rs.232725 and the Number of common shares becomes 489456 in the year
2008 with increment of 114983 and the Earning per common share becomes 0.85 in the
year 2008

Market Pr icePerCommonShare
Price/earning ratio =
DilutedEPS

Fauji Cement Company Limited


Ratio Analysis
2004 2005 2006 2007 2008
Price/earning ratio 18.89 10.48 6.75 13.17 20.91
Market price 14.15 12.76 19.38 20.09 16.06
Earning per share - Diluted 0.75 1.22 2.87 1.53 0.77

151
Profitability Ratio

25.00
20.91
20.00 18.89

15.00 13.17
Ratios

10.48 Price/earning ratio


10.00
6.75

5.00

0.00
2004 2005 2006 2007 2008
Years

The market price in the year 2004 was Rs.14.15 and the Earning per share in the first year
2004 was 0.75 and Price/earning ratio was 18.89 in the year 2004.
And the market price decreases to 12.76 in the year 2005 with decrement of 1.39 and the
Earning per share becomes 1.22 in the year 2005 with increment of 0.47 and the
Price/earning ratio becomes 10.48 in the year 2005.
And the market price increases to 19.38 in the year 2006 with increment of 6.62 and the
Earning per share becomes 2.87 in the year 2006 with increment of 1.65 and the
Price/earning ratio becomes 6.75 in the year 2006.
And the market price increases to 20.09 in the year 2007 with increment of 0.71 and the
Earning per share becomes 1.53 in the year 2007 with decrement of 1.34 and the
Price/earning ratio becomes 13.17 in the year 2007.
And the market price decreases to 16.06 in the year 2008 with decrement of 4.03 and the
Earning per share becomes 0.77 in the year 2008 with decrement of 0.76 and the
Price/earning ratio becomes 20.91 in the year 2008.

%changeinnetincome
Degree of financial leverage =
%chandeinEBIT

152
Fauji Cement Company Limited
Ratio Analysis
2004 2005 2006 2007 2008
Degree of financial leverage 0.20 0.68 0.56 0.70
Net profit after taxation 314149 510493 1203739 646323 413598
Net profit before taxation -243290 759041 1777690 788180 454564

Ratio Analysis

0.8
0.7
0.6
Degree of financial leverage
0.5
Ratios

0.4
0.3
0.2
0.1
0
2004 2005 2006 2007 2008
Years

153
154
SWOT Analysis

Strengths
o Capturing giant’s share in export market
o Fauji Foundation Group becoming a key success factor
o Sea route trading becoming a vital and cost efficient strategy
o Consistency in clinker exports in Mid East and India

Weaknesses
o Fuel costs to dampen the core earnings
o Expansive export market inflating the distribution costs

Opportunities
African Market proving to be a buffer after Indian demands Subsides

Threats
o Excessive regional capacity posing threat
o Cut in PSDP depressing local demand

155
156
BCG Matrix

157
The four segments of the BCG Matrix

Placing products in the BCG matrix provides 4 categories in a portfolio of a company:

• Stars (high growth, high market share)


o Stars are using large amounts of cash. Stars are leaders in the business.
Therefore they should also generate large amounts of cash.
o Stars are frequently roughly in balance on net cash flow. However if
needed any attempt should be made to hold your market share in Stars,
because the rewards will be Cash Cows if market share is kept.
• Cash Cows (low growth, high market share)
o Profits and cash generation should be high. Because of the low growth,
investments which are needed should be low.
o Cash Cows are often the stars of yesterday and they are the foundation of a
company.
• Dogs (low growth, low market share)
o Avoid and minimize the number of Dogs in a company.
o Watch out for expensive ‘rescue plans’.
o Dogs must deliver cash, otherwise they must be liquidated.
• Question Marks (high growth, low market share)
o Question Marks have the worst cash characteristics of all, because they
have high cash demands and generate low returns, because of their low
market share.
o If the market share remains unchanged, Question Marks will simply
absorb great amounts of cash.
o Either invests heavily, or sells off, or invests nothing and generates any
cash that you can. Increase market share or deliver cash.

The BCG Matrix and one size fits all strategies

158
The BCG Matrix method can help to understand a frequently made strategy mistake:
having a one size fits all strategy approach, such as a generic growth target (9 percent per
year) or a generic return on capital of say 9,5% for an entire corporation.

In such a scenario:

• Cash Cows Business Units will reach their profit target easily. Their management
has an easy job. The executives are often praised anyhow. Even worse, they are
often allowed to reinvest substantial cash amounts in their mature businesses.
• Dogs Business Units are fighting an impossible battle and, even worse, now and
then investments are made. These are hopeless attempts to "turn the business
around".
• As a result all Question Marks and Stars receive only mediocre investment funds.
In this way they can never become Cash Cows. These inadequate invested sums
of money are a waste of money. Either these SBUs should receive enough
investment funds to enable them to achieve a real market dominance and become
Cash Cows (or Stars), or otherwise companies are advised to disinvest. They can
then try to get any possible cash from the Question Marks that were not selected.

Other uses and benefits of the BCG Matrix

• If a company is able to use the experience curve to its advantage, it should be able
to manufacture and sell new products at a price that is low enough to get early
market share leadership. Once it becomes a star, it is destined to be profitable.
• BCG model is helpful for managers to evaluate balance in the firm’s current
portfolio of Stars, Cash Cows, Question Marks and Dogs.
• BCG method is applicable to large companies that seek volume and experience
effects.
• The model is simple and easy to understand.
• It provides a base for management to decide and prepare for future actions.

Limitations of the BCG Matrix

159
Some limitations of the Boston Consulting Group Matrix include:

• It neglects the effects of synergy between business units.


• High market share is not the only success factor.
• Market growth is not the only indicator for attractiveness of a market.
• Sometimes Dogs can earn even more cash as Cash Cows.
• The problems of getting data on the market share and market growth.
• There is no clear definition of what constitutes a "market".
• A high market share does not necessarily lead to profitability all the time.
• The model uses only two dimensions – market share and growth rate. This may
tempt management to emphasize a particular product, or to divest prematurely.
• A business with a low market share can be profitable too.
• The model neglects small competitors that have fast growing market shares.

As long as the BCG Matrix of Fauji Cement Company Limited is concerned, because the
company is out of danger zone that is why it lies in the category of Question Mark of
BCG Matrix. The reason for lying in the Question Mark field is that because the company
is growing well but it is not capturing high market share because of others cement
companies like D.G. Khan Cement and Lucky Cement etc.

160
161
162
163
164
165
Conclusion
I foresee growth in earrings of cement companies in the years to come. Similarly the said
position will be with FCC. I expect positive earnings of FCCL in the coming years;
currently we maintain our stance by recommend “BUY” on FCCL.

166
167
Recommendations
We recommend “BUY” for the scrip, although we are bullish viewing that most of the
cement stock often trade below the sector PER and this is also true for Fauji Cement, but
as far as growth sector is concerned our stance for fauji cement is neutral, even though
the stock market is currently not at bullish, fauji cement is out of danger zone as they
have reprofiled its debts which ultimately reduce its cost of borrowings thus, moving
towards sound fundamentals.

168
169
Annexure

Balance Sheet

Fauji Cement Company Limited


Balance Sheet
As on December….. RS(000)
2004 2005 2006 2007 2008
157938 195352
CURRENT ASSETS 574460 1172765 2 7 5294083
Cash and bank balances 197088 603110 847590 423133 3783909
Deposit accounts 137433 560177 798122 402907 3756611
Current accounts 21326 25840 49253 20048 27039
Collection accounts 38275 16831 0 0 0
Cash in hand 54 262 215 178 259
Advances, Deposits, prepayments and other receivables: 73583 46041 70340 858758 345567
To suppliers 34044 18148 31523 815588 15521
To employees 449 783 1639 621 2473
Due from associated undertaking - unsecured 1127 1125 3190 0 0
Deposits 1313 1486 1865 1795 5737
Prepayments 10606 4314 9937 3125 3966
Excise duty 9911 3057 0 0 0
Advance tax -net 0 7891 13874 13104 23302
Sales tax refundable -net 3774 0 0 0 82719
Derivative foreign currency options used as hedging instrument 0 0 0 0 84364
Interest accrued 2175 1002 5476 5077 14828
Prepaid arrangement fee for loans 0 0 0 11000 74670
Margin on letters of credit 0 0 0 0 29369
Other receivables- Considered goods 645 8235 2836 2084 7179

170
Others 9539 0 0 6364 1439
TRADE DEBTS 44789 107231 25475 19558 26927
Unsecured 23833 25021 27042 16117 4848
Considered goods 22266 23454 25475 7769 0
Considered doubtful 1567 1567 1567 8348 4848
Secure-considered goods 22523 83777 0 11789 26927
Less: Provision for doubtful debts -1567 -1567 -1567 -8348 -4848
STOCK IN TRADE 61600 55931 145090 183309 230089
Raw and packing material 15224 18469 28012 23931 31271
Work in process 27761 11624 93671 115221 152529
Finished goods 18615 25838 23407 44157 46289
STORES, SPARES AND LOOSE TOOLS 197400 360452 490887 468769 907591
Stores 71837 107633 198485 61997 415358
Spares 118324 244514 280183 394046 478579
Loose tools 7239 8305 12219 12726 13654
DEFERRED TAX ASSETS - NET 570039 337140 0 0 0
LONG TERM DEPOSITS 36600 46611 46611 46611 46611
Islamabad Electric Supply Company Limited 21600 21600 21600 21600 21600
Sui Northern Gas Pipelines Limited 15000 25011 25011 25011 25011
LONG TERM ADVANCES - Considered goods 0 9000 9000 8100 7200
Sui Northern Gas Pipelines Limited 0 0 0 9000 8100
Less: Amount receivables within 12 months shown under
current assets 0 0 0 -900 -900
472925 465827 439245
FIXED ASSETS - Tangible: 4 2 4563115 0 7106599
472925 465827 439245
Property, Plant and equipment 4 2 4563115 0 7106599
591035 622378 619810 640068
Total Assets 3 8 8 8 12454493

120694 126719 144228


CURRENT LIABILITIES 372116 6 8 7 2454761
Current portion of long term financing: 86508 552995 550000 550000 550000
Short term borrowings - secured: 0 308876 236353 375510 1378365
Markup accrued: 13132 69357 59771 48330 33186
Trade and other payables: 272476 275718 421074 468447 493210
Creditors 45651 45969 59763 81766 65997
Accrued liabilities 63425 67119 63470 118828 174692
Retention money 10819 10533 12843 11986 15517
Security deposits 25462 28982 37986 39051 36916
Advances from customers 23121 42444 58744 67770 41344
Workers' (Profit) Participation Fund 0 39949 93562 41483 24413
Workers' Welfare fund 0 0 0 16085 25362

171
Sales tax payable- net 22304 31300 39235 32599 0
Excise duty payable 58 3537 10264 8582 57629
Other liabilities 81636 5885 9052 40708 45323
Compensated absences 0 0 33990 3626 3686
Unclaimed dividend 0 0 2165 5963 2331
359910 256721 164829 122319
NON - CURRENT LIABILITIES 3 8 4 5 715751
Retention money payables: 0 0 0 0 18129
Deferred tax liability - net: 0 0 215381 339918 363154
Deferred liability 40264 45213 7912 8277 9468
355883 252200 142500
Long term financing: 9 5 1 875000 325000
Loans from banking companies - Secured:
Habib Bank Limited 916667 598485 431818 265152
MCB Bank Limited 916667 598485 431818 265152
United Bank Limited 458333 299243 215909 132576
Bank Al Falah Limited 458333 299243 215909 132576
NIB Bank Limited 0 0 129546 79544
PICIC Commercial Bank Limited 275000 179545 0 0
Loan from related party:
Fauji Foundation- Unsecured 50000 0 0 0
397121 377416 291549 266548
Total Liabilities 9 4 2 2 3170512
Less: amount payable within 12 months shown under current
liabilities -552995 -550000 -550000 -550000
193913 244962 328261 373520
SHARE CAPITAL AND RESERVES 4 4 6 6 9283981
Reserves: 0 0 0 -459216 1864094
-225528 -174479
Accumulated loss 8 8 -911806 0 0
419442 419442 419442 419442
Share capital: 2 2 2 2 7419887

591035 622378 619810 640068


Total Liabilities + Owner's Equity 3 8 8 8 12454493

172
Income Statement

Fauji Cement Company Limited


Income Statement
For the Year Ended June…… RS(000)
2004 2005 2006 2007 2008
324726 392136 568345 478003
Sales 2 2 5 6 4749217
-107621 -139731 -131675 -120331
Less: Government Levies -951031 9 7 3 5
229623 284514 428613 346328
Net Sales 1 3 8 3 3545902
155540 176356 209502 237178
Less: Cost of sales 7 7 7 8 2887790
Raw material Consumed 115164 136819 205751 235379 227413
Packing material consumed 155487 147994 182873 221116 281916
Stores and spares consumed 5285 6573 6052 11171 10914
Spares written off 0 0 18528 931 0
Salaries, wages and benefits 91289 87091 142070 133780 133451
Rent, rates and taxes 952 1378 2562 2213 5284
Insurance 14920 18078 12689 12363 12221

173
Fuel consumed 564591 699818 843909 979044 1441919
Power consumed 310041 332383 393785 431609 451419
Depreciation 243056 251981 261566 276244 290477
Others 63185 72538 104859 110238 85730
156397 175465 217464 241408
0 3 4 8 2940744
Add: Opening work-in-process 5817 27761 11624 93671 115221
Less: Closing work-in-process -27761 -11624 -93671 -115221 -152529
154202 177079 209259 239253
Cost of goods manufactured 6 0 7 8 2903436
Add: Opening finished goods 31996 18615 25838 23407 44157
Less: Closing finished goods -18615 -25838 -23408 -44157 -46289
155540 176356 209502 237178
7 7 7 8 2901304
Less: Own consumption capitalized 0 0 0 0 -13514
155540 176356 209502 237178
7 7 7 8 2887790
108157 109149
Gross profit 740824 6 2191111 5 658112
Other income 42744 11216 43323 73835 107574
Distribution cost: 20416 21333 31694 40645 53383
Salaries, wages and benefits 12011 11085 21388 20651 18791
Export freight and other charges 0 0 0 0 24482
Traveling and entertainment 1034 1857 1488 705 1127
Vehicle running and maintenance expenses 0 0 0 2745 1641
Rent, rates and taxes 1144 1172 1112 1353 1468
Repairs and maintenance 411 872 625 173 288
Printing and stationery 509 640 403 416 545
Depreciation 781 734 1083 1746 2704
Others 4526 4973 5595 12856 2337
Administrative expenses: 39535 42292 66627 71302 76495
Salaries, wages and benefits 21817 21835 35663 42439 41153
Traveling and entertainment 2053 3319 4769 3487 7483
Vehicle running and maintenance expenses 0 0 0 2385 2145
Insurance 312 356 532 594 602
Rent, rates and taxes 1064 1250 4302 5934 6465
Repairs and maintenance 711 1110 2304 960 590
Printing and stationery 856 868 1463 1941 1318
Depreciation 1969 3568 3883 5464 9475
Others 10753 9986 13711 8098 7264
Other Operating expenses: 533 40493 94127 58098 34290
Audits' remuneration 533 544 565 530 600
Workers' (Profit) Participation Fund 0 39949 93562 41483 24413
Workers' Welfare Fund 0 0 0 16085 9277

174
Finance Cost: 204222 229633 264296 207105 146954
Fee and charges on loans 11615 10564 500 500 500
Interest/mark-up on long term finance 57324 175784 254030 200642 129928
Interest/mark-up on long term loan from
related party 873 3185 456 0 0
Interest on short term borrowings and other
charges 0 4352 1095 779 11609
Interest on Workers' Profit Participation Fund 0 0 2972 93 0
Guarantee commission 111947 32201 483 972 665
Bank charges and commission 4557 3547 4760 4119 4252
Foreign exchange risk insurance(FERI)
contract 17906 0 0 0 0
Amortization of deferred cost 762152 0 0 0 0
177769
Net profit before taxation -243290 759041 0 788180 454564
Less: Taxation 557439 -248548 -573951 -141857 -40966
120373
Net profit after taxation 314149 510493 9 646323 413598

Balance Sheet (Trend Analysis)

Fauji Cement Company Limited


Balance Sheet (Trend Analysis)
As on December….. RS(000)
2004 2005 2006 2007 2008
100.00
CURRENT ASSETS % 204.15% 274.93% 340.06% 921.58%
100.00
Cash and bank balances % 306.01% 430.06% 214.69% 1919.91%
Deposit accounts 100.00% 407.60% 580.74% 293.17% 2733.41%
Current accounts 100.00% 121.17% 230.95% 94.01% 126.79%
Collection accounts 100.00% 43.97% 0.00% 0.00% 0.00%

175
Cash in hand 100.00% 485.19% 398.15% 329.63% 479.63%
100.00
Advances, Deposits, prepayments and other receivables: % 62.57% 95.59% 1167.06% 469.63%
To suppliers 100.00% 53.31% 92.59% 2395.69% 45.59%
To employees 100.00% 174.39% 365.03% 138.31% 550.78%
Due from associated undertaking - unsecured 100.00% 99.82% 283.05% 0.00% 0.00%
Deposits 100.00% 113.18% 142.04% 136.71% 436.94%
Prepayments 100.00% 40.68% 93.69% 29.46% 37.39%
Excise duty 100.00% 30.84% 0.00% 0.00% 0.00%
Advance tax -net 100.00% 175.82% 166.06% 295.30%
Sales tax refundable -net 100.00% 0.00% 0.00% 0.00% 2191.81%
Derivative foreign currency options used as hedging instrument 100.00%
Interest accrued 100.00% 46.07% 251.77% 233.43% 681.75%
Prepaid arrangement fee for loans 100.00% 678.82%
Margin on letters of credit 100.00%
1276.74
Other receivables- Considered goods 100.00% % 439.69% 323.10% 1113.02%
Others 100.00% 0.00% 0.00% 66.72% 15.09%
100.00
TRADE DEBTS % 239.41% 56.88% 43.67% 60.12%
100.00
Unsecured % 104.98% 113.46% 67.62% 20.34%
Considered goods 100.00% 105.34% 114.41% 34.89% 0.00%
Considered doubtful 100.00% 100.00% 100.00% 532.74% 309.38%
Secure-considered goods 100.00% 371.96% 0.00% 52.34% 119.55%
Less: Provision for doubtful debts 100.00% 100.00% 100.00% 532.74% 309.38%
100.00
STOCK IN TRADE % 90.80% 235.54% 297.58% 373.52%
Raw and packing material 100.00% 121.32% 184.00% 157.19% 205.41%
Work in process 100.00% 41.87% 337.42% 415.05% 549.44%
Finished goods 100.00% 138.80% 125.74% 237.21% 248.67%
100.00
STORES, SPARES AND LOOSE TOOLS % 182.60% 248.68% 237.47% 459.77%
Stores 100.00% 149.83% 276.30% 86.30% 578.20%
Spares 100.00% 206.65% 236.79% 333.02% 404.46%
Loose tools 100.00% 114.73% 168.79% 175.80% 188.62%
100.00
DEFERRED TAX ASSETS - NET % 59.14% 0.00% 0.00% 0.00%
100.00
LONG TERM DEPOSITS % 127.35% 127.35% 127.35% 127.35%
Islamabad Electric Supply Company Limited 100.00% 100.00% 100.00% 100.00% 100.00%
Sui Northern Gas Pipelines Limited 100.00% 166.74% 166.74% 166.74% 166.74%
LONG TERM ADVANCES - Considered goods 100.00% 100.00% 90.00% 80.00%
Sui Northern Gas Pipelines Limited 100.00% 90.00%
Less: Amount receivables within 12 months shown under current assets 100.00% 100.00%
100.00
FIXED ASSETS - Tangible: % 98.50% 96.49% 92.88% 150.27%
Property, Plant and equipment 100.00% 98.50% 96.49% 92.88% 150.27%
100.00
Total Assets % 105.30% 104.87% 108.30% 210.72%

176
100.00
CURRENT LIABILITIES % 324.35% 340.54% 387.59% 659.68%
100.00
Current portion of long term financing: % 639.24% 635.78% 635.78% 635.78%
Short term borrowings - secured: 100.00% 76.52% 121.57% 446.25%
100.00
Markup accrued: % 528.15% 455.16% 368.03% 252.71%
100.00
Trade and other payables: % 101.19% 154.54% 171.92% 181.01%
Creditors 100.00% 100.70% 130.91% 179.11% 144.57%
Accrued liabilities 100.00% 105.82% 100.07% 187.35% 275.43%
Retention money 100.00% 97.36% 118.71% 110.79% 143.42%
Security deposits 100.00% 113.82% 149.19% 153.37% 144.98%
Advances from customers 100.00% 183.57% 254.07% 293.11% 178.82%
Workers' (Profit) Participation Fund 100.00% 234.20% 103.84% 61.11%
Workers' Welfare fund 100.00% 157.67%
Sales tax payable- net 100.00% 140.33% 175.91% 146.16% 0.00%
6098.28 17696.55 14796.55
Excise duty payable 100.00% % % % 99360.34%
Other liabilities 100.00% 7.21% 11.09% 49.87% 55.52%
Compensated absences 100.00% 10.67% 10.84%
Unclaimed dividend 100.00% 275.43% 107.67%
100.00
NON - CURRENT LIABILITIES % 71.33% 45.80% 33.99% 19.89%
Retention money payables: 100.00%
Deferred tax liability - net: 100.00% 157.82% 168.61%
100.00
Deferred liability % 112.29% 19.65% 20.56% 23.51%
100.00
Long term financing: % 70.87% 40.04% 24.59% 9.13%
Loans from banking companies - Secured:
Habib Bank Limited 100.00% 65.29% 47.11% 28.93%
MCB Bank Limited 100.00% 65.29% 47.11% 28.93%
United Bank Limited 100.00% 65.29% 47.11% 28.93%
Bank Al Falah Limited 100.00% 65.29% 47.11% 28.93%
NIB Bank Limited 100.00% 61.40%
PICIC Commercial Bank Limited 100.00% 65.29% 0.00% 0.00%
Loan from related party:
Fauji Foundation- Unsecured 100.00% 0.00% 0.00% 0.00%
Less: amount payable within 12 months shown under current liabilities 100.00% 99.46% 99.46% 99.46%
100.00
SHARE CAPITAL AND RESERVES % 126.33% 169.28% 192.62% 478.77%
Reserves: 100.00% -405.93%
100.00
Accumulated loss % 77.36% 40.43% 0.00% 0.00%
100.00
Share capital: % 100.00% 100.00% 100.00% 176.90%

100.00
Total Liabilities + Owner's Equity % 105.30% 104.87% 108.30% 210.72%

177
Balance Sheet (Vertical Analysis)

Fauji Cement Company Limited


Balance Sheet (Vertical Analysis)
As on December….. RS(000)
2004 2005 2006 2007 2008
CURRENT ASSETS 9.72% 18.84% 25.48% 30.52% 42.51%
Cash and bank balances 3.33% 9.69% 13.67% 6.61% 30.38%
Deposit accounts 2.33% 9.00% 12.88% 6.29% 30.16%
Current accounts 0.36% 0.42% 0.79% 0.31% 0.22%
Collection accounts 0.65% 0.27% 0.00% 0.00% 0.00%
Cash in hand 0.00% 0.00% 0.00% 0.00% 0.00%
Advances, Deposits, prepayments and other receivables: 1.24% 0.74% 1.13% 13.42% 2.77%
To suppliers 0.58% 0.29% 0.51% 12.74% 0.12%
To employees 0.01% 0.01% 0.03% 0.01% 0.02%
Due from associated undertaking - unsecured 0.02% 0.02% 0.05% 0.00% 0.00%
Deposits 0.02% 0.02% 0.03% 0.03% 0.05%
Prepayments 0.18% 0.07% 0.16% 0.05% 0.03%
Excise duty 0.17% 0.05% 0.00% 0.00% 0.00%
Advance tax -net 0.00% 0.13% 0.22% 0.20% 0.19%
Sales tax refundable -net 0.06% 0.00% 0.00% 0.00% 0.66%
Derivative foreign currency options used as hedging instrument 0.00% 0.00% 0.00% 0.00% 0.68%
Interest accrued 0.04% 0.02% 0.09% 0.08% 0.12%
Prepaid arrangement fee for loans 0.00% 0.00% 0.00% 0.17% 0.60%
Margin on letters of credit 0.00% 0.00% 0.00% 0.00% 0.24%
Other receivables- Considered goods 0.01% 0.13% 0.05% 0.03% 0.06%
Others 0.16% 0.00% 0.00% 0.10% 0.01%
TRADE DEBTS 0.76% 1.72% 0.41% 0.31% 0.22%
Unsecured 0.40% 0.40% 0.44% 0.25% 0.04%
Considered goods 0.38% 0.38% 0.41% 0.12% 0.00%
Considered doubtful 0.03% 0.03% 0.03% 0.13% 0.04%
Secure-considered goods 0.38% 1.35% 0.00% 0.18% 0.22%
Less: Provision for doubtful debts -0.03% -0.03% -0.03% -0.13% -0.04%
STOCK IN TRADE 1.04% 0.90% 2.34% 2.86% 1.85%
Raw and packing material 0.26% 0.30% 0.45% 0.37% 0.25%
Work in process 0.47% 0.19% 1.51% 1.80% 1.22%
Finished goods 0.31% 0.42% 0.38% 0.69% 0.37%
STORES, SPARES AND LOOSE TOOLS 3.34% 5.79% 7.92% 7.32% 7.29%
Stores 1.22% 1.73% 3.20% 0.97% 3.34%
Spares 2.00% 3.93% 4.52% 6.16% 3.84%
Loose tools 0.12% 0.13% 0.20% 0.20% 0.11%
DEFERRED TAX ASSETS - NET 9.64% 5.42% 0.00% 0.00% 0.00%
LONG TERM DEPOSITS 0.62% 0.75% 0.75% 0.73% 0.37%
Islamabad Electric Supply Company Limited 0.37% 0.35% 0.35% 0.34% 0.17%
Sui Northern Gas Pipelines Limited 0.25% 0.40% 0.40% 0.39% 0.20%
LONG TERM ADVANCES - Considered goods 0.00% 0.14% 0.15% 0.13% 0.06%

178
Sui Northern Gas Pipelines Limited 0.00% 0.00% 0.00% 0.14% 0.07%
Less: Amount receivables within 12 months shown under current assets 0.00% 0.00% 0.00% -0.01% -0.01%
FIXED ASSETS - Tangible: 80.02% 74.85% 73.62% 68.62% 57.06%
Property, Plant and equipment 80.02% 74.85% 73.62% 68.62% 57.06%
100.00 100.00 100.00 100.00
Total Assets % % % % 100.00%

CURRENT LIABILITIES 6.30% 19.39% 20.44% 22.53% 19.71%


Current portion of long term financing: 1.46% 8.89% 8.87% 8.59% 4.42%
Short term borrowings - secured: 0.00% 4.96% 3.81% 5.87% 11.07%
Markup accrued: 0.22% 1.11% 0.96% 0.76% 0.27%
Trade and other payables: 4.61% 4.43% 6.79% 7.32% 3.96%
Creditors 0.77% 0.74% 0.96% 1.28% 0.53%
Accrued liabilities 1.07% 1.08% 1.02% 1.86% 1.40%
Retention money 0.18% 0.17% 0.21% 0.19% 0.12%
Security deposits 0.43% 0.47% 0.61% 0.61% 0.30%
Advances from customers 0.39% 0.68% 0.95% 1.06% 0.33%
Workers' (Profit) Participation Fund 0.00% 0.64% 1.51% 0.65% 0.20%
Workers' Welfare fund 0.00% 0.00% 0.00% 0.25% 0.20%
Sales tax payable- net 0.38% 0.50% 0.63% 0.51% 0.00%
Excise duty payable 0.00% 0.06% 0.17% 0.13% 0.46%
Other liabilities 1.38% 0.09% 0.15% 0.64% 0.36%
Compensated absences 0.00% 0.00% 0.55% 0.06% 0.03%
Unclaimed dividend 0.00% 0.00% 0.03% 0.09% 0.02%
NON - CURRENT LIABILITIES 60.89% 41.25% 26.59% 19.11% 5.75%
Retention money payables: 0.00% 0.00% 0.00% 0.00% 0.15%
Deferred tax liability - net: 0.00% 0.00% 3.47% 5.31% 2.92%
Deferred liability 0.68% 0.73% 0.13% 0.13% 0.08%
Long term financing: 60.21% 40.52% 22.99% 13.67% 2.61%
Loans from banking companies - Secured:
Habib Bank Limited 0.00% 14.73% 9.66% 6.75% 2.13%
MCB Bank Limited 0.00% 14.73% 9.66% 6.75% 2.13%
United Bank Limited 0.00% 7.36% 4.83% 3.37% 1.06%
Bank Al Falah Limited 0.00% 7.36% 4.83% 3.37% 1.06%
NIB Bank Limited 0.00% 0.00% 0.00% 2.02% 0.64%
PICIC Commercial Bank Limited 0.00% 4.42% 2.90% 0.00% 0.00%
Loan from related party:
Fauji Foundation- Unsecured 0.00% 0.80% 0.00% 0.00% 0.00%
Less: amount payable within 12 months shown under current liabilities 0.00% -8.89% -8.87% -8.59% -4.42%
SHARE CAPITAL AND RESERVES 32.81% 39.36% 52.96% 58.36% 74.54%
Reserves: 0.00% 0.00% 0.00% -7.17% 14.97%
Accumulated loss -38.16% -28.03% -14.71% 0.00% 0.00%
Share capital: 70.97% 67.39% 67.67% 65.53% 59.58%

100.00 100.00 100.00 100.00


Total Liabilities + Owner's Equity % % % % 100.00%

179
Income Statement (Trend Analysis)

Fauji Cement Company Limited


Income Statement (Trend Analysis)
For the Year Ended June…… RS(000)
2004 2005 2006 2007 2008
Sales 100.00% 120.76% 175.02% 147.20% 146.25%
Less: Government Levies 100.00% 113.16% 146.93% 138.46% 126.53%
100.00
Net Sales % 123.90% 186.66% 150.82% 154.42%
100.00
Cost of sales % 113.38% 134.69% 152.49% 185.66%
Raw material Consumed 100.00% 118.80% 178.66% 204.39% 197.47%
Packing material consumed 100.00% 95.18% 117.61% 142.21% 181.31%
Stores and spares consumed 100.00% 124.37% 114.51% 211.37% 206.51%
Spares written off 100.00% 5.02% 0.00%
Salaries, wages and benefits 100.00% 95.40% 155.63% 146.55% 146.19%
Rent, rates and taxes 100.00% 144.75% 269.12% 232.46% 555.04%
Insurance 100.00% 121.17% 85.05% 82.86% 81.91%
Fuel consumed 100.00% 123.95% 149.47% 173.41% 255.39%
Power consumed 100.00% 107.21% 127.01% 139.21% 145.60%
Depreciation 100.00% 103.67% 107.62% 113.65% 119.51%
Others 100.00% 114.80% 165.96% 174.47% 135.68%
100.00% 112.19% 139.05% 154.36% 188.03%
Add: Opening work-in-process 100.00% 477.24% 199.83% 1610.30% 1980.76%
Less: Closing work-in-process 100.00% 41.87% 337.42% 415.05% 549.44%
100.00
Cost of goods manufactured % 114.84% 135.70% 155.16% 188.29%
Add: Opening finished goods 100.00% 58.18% 80.75% 73.16% 138.01%
Less: Closing finished goods 100.00% 138.80% 125.75% 237.21% 248.67%
100.00% 113.38% 134.69% 152.49% 186.53%
Less: Own consumption capitalized 100.00%
100.00% 113.38% 134.69% 152.49% 185.66%
100.00
Gross profit % 146.00% 295.77% 147.34% 88.84%
100.00
Other income % 26.24% 101.35% 172.74% 251.67%
100.00
Distribution cost: % 104.49% 155.24% 199.08% 261.48%
Salaries, wages and benefits 100.00% 92.29% 178.07% 171.93% 156.45%
Export freight and other charges 100.00%
Traveling and entertainment 100.00% 179.59% 143.91% 68.18% 108.99%
Vehicle running and maintenance expenses 100.00% 59.78%

180
Rent, rates and taxes 100.00% 102.45% 97.20% 118.27% 128.32%
Repairs and maintenance 100.00% 212.17% 152.07% 42.09% 70.07%
Printing and stationery 100.00% 125.74% 79.17% 81.73% 107.07%
Depreciation 100.00% 93.98% 138.67% 223.56% 346.22%
Others 100.00% 109.88% 123.62% 284.05% 51.63%
100.00
Administrative expenses: % 106.97% 168.53% 180.35% 193.49%
Salaries, wages and benefits 100.00% 100.08% 163.46% 194.52% 188.63%
Traveling and entertainment 100.00% 161.67% 232.29% 169.85% 364.49%
Vehicle running and maintenance expenses 100.00% 89.94%
Insurance 100.00% 114.10% 170.51% 190.38% 192.95%
Rent, rates and taxes 100.00% 117.48% 404.32% 557.71% 607.61%
Repairs and maintenance 100.00% 156.12% 324.05% 135.02% 82.98%
Printing and stationery 100.00% 101.40% 170.91% 226.75% 153.97%
Depreciation 100.00% 181.21% 197.21% 277.50% 481.21%
Others 100.00% 92.87% 127.51% 75.31% 67.55%
100.00 7597.19 17659.85 10900.19
Other Operating expenses: % % % % 6433.40%
Audits' remuneration 100.00% 102.06% 106.00% 99.44% 112.57%
Workers' (Profit) Participation Fund 100.00% 234.20% 103.84% 61.11%
Workers' Welfare Fund 100.00% 57.67%
100.00
Finance Cost: % 112.44% 129.42% 101.41% 71.96%
Fee and charges on loans 100.00% 90.95% 4.30% 4.30% 4.30%
Interest/mark-up on long term finance 100.00% 306.65% 443.15% 350.01% 226.66%
Interest/mark-up on long term loan from related
party 100.00% 364.83% 52.23% 0.00% 0.00%
Interest on short term borrowings and other
charges 100.00% 25.16% 17.90% 266.75%
Interest on Workers' Profit Participation Fund 100.00% 3.13% 0.00%
Guarantee commission 100.00% 28.76% 0.43% 0.87% 0.59%
Bank charges and commission 100.00% 77.84% 104.45% 90.39% 93.31%
Foreign exchange risk insurance(FERI) contract 100.00% 0.00% 0.00% 0.00% 0.00%
100.00
Amortization of deferred cost % 0.00% 0.00% 0.00% 0.00%
100.00
Net profit before taxation % -311.99% -730.69% -323.97% -186.84%
Less: Taxation 100.00% -44.59% -102.96% -25.45% -7.35%
100.00
Net profit after taxation % 162.50% 383.17% 205.74% 131.66%

181
Income Statement (Vertical Analysis)

Fauji Cement Company Limited


Income Statement (Vertical Analysis)
For the Year Ended June…… RS(000)
2004 2005 2006 2007 2008
100.00 100.00 100.00 100.00
Sales % % % % 100.00%
Less: Government Levies -29.29% -27.45% -24.59% -27.55% -25.34%
Net Sales 70.71% 72.55% 75.41% 72.45% 74.66%
Less: Cost of sales 47.90% 44.97% 36.86% 49.62% 60.81%
Raw material Consumed 3.55% 3.49% 3.62% 4.92% 4.79%
Packing material consumed 4.79% 3.77% 3.22% 4.63% 5.94%
Stores and spares consumed 0.16% 0.17% 0.11% 0.23% 0.23%
Spares written off 0.00% 0.00% 0.33% 0.02% 0.00%
Salaries, wages and benefits 2.81% 2.22% 2.50% 2.80% 2.81%
Rent, rates and taxes 0.03% 0.04% 0.05% 0.05% 0.11%
Insurance 0.46% 0.46% 0.22% 0.26% 0.26%
Fuel consumed 17.39% 17.85% 14.85% 20.48% 30.36%
Power consumed 9.55% 8.48% 6.93% 9.03% 9.51%
Depreciation 7.48% 6.43% 4.60% 5.78% 6.12%
Others 1.95% 1.85% 1.84% 2.31% 1.81%
48.16% 44.75% 38.26% 50.50% 61.92%
Add: Opening work-in-process 0.18% 0.71% 0.20% 1.96% 2.43%
Less: Closing work-in-process -0.85% -0.30% -1.65% -2.41% -3.21%
Cost of goods manufactured 47.49% 45.16% 36.82% 50.05% 61.14%
Add: Opening finished goods 0.99% 0.47% 0.45% 0.49% 0.93%
Less: Closing finished goods -0.57% -0.66% -0.41% -0.92% -0.97%
47.90% 44.97% 36.86% 49.62% 61.09%
Less: Own consumption capitalized 0.00% 0.00% 0.00% 0.00% -0.28%
47.90% 44.97% 36.86% 49.62% 60.81%
Gross profit 22.81% 27.58% 38.55% 22.83% 13.86%

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Other income 1.32% 0.29% 0.76% 1.54% 2.27%
Distribution cost: 0.63% 0.54% 0.56% 0.85% 1.12%
Salaries, wages and benefits 0.37% 0.28% 0.38% 0.43% 0.40%
Export freight and other charges 0.00% 0.00% 0.00% 0.00% 0.52%
Traveling and entertainment 0.03% 0.05% 0.03% 0.01% 0.02%
Vehicle running and maintenance expenses 0.00% 0.00% 0.00% 0.06% 0.03%
Rent, rates and taxes 0.04% 0.03% 0.02% 0.03% 0.03%
Repairs and maintenance 0.01% 0.02% 0.01% 0.00% 0.01%
Printing and stationery 0.02% 0.02% 0.01% 0.01% 0.01%
Depreciation 0.02% 0.02% 0.02% 0.04% 0.06%
Others 0.14% 0.13% 0.10% 0.27% 0.05%
Administrative expenses: 1.22% 1.08% 1.17% 1.49% 1.61%
Salaries, wages and benefits 0.67% 0.56% 0.63% 0.89% 0.87%
Traveling and entertainment 0.06% 0.08% 0.08% 0.07% 0.16%
Vehicle running and maintenance expenses 0.00% 0.00% 0.00% 0.05% 0.05%
Insurance 0.01% 0.01% 0.01% 0.01% 0.01%
Rent, rates and taxes 0.03% 0.03% 0.08% 0.12% 0.14%
Repairs and maintenance 0.02% 0.03% 0.04% 0.02% 0.01%
Printing and stationery 0.03% 0.02% 0.03% 0.04% 0.03%
Depreciation 0.06% 0.09% 0.07% 0.11% 0.20%
Others 0.33% 0.25% 0.24% 0.17% 0.15%
Other Operating expenses: 0.02% 1.03% 1.66% 1.22% 0.72%
Audits' remuneration 0.02% 0.01% 0.01% 0.01% 0.01%
Workers' (Profit) Participation Fund 0.00% 1.02% 1.65% 0.87% 0.51%
Workers' Welfare Fund 0.00% 0.00% 0.00% 0.34% 0.20%
Finance Cost: 6.29% 5.86% 4.65% 4.33% 3.09%
Fee and charges on loans 0.36% 0.27% 0.01% 0.01% 0.01%
Interest/mark-up on long term finance 1.77% 4.48% 4.47% 4.20% 2.74%
Interest/mark-up on long term loan from related
party 0.03% 0.08% 0.01% 0.00% 0.00%
Interest on short term borrowings and other charges 0.00% 0.11% 0.02% 0.02% 0.24%
Interest on Workers' Profit Participation Fund 0.00% 0.00% 0.05% 0.00% 0.00%
Guarantee commission 3.45% 0.82% 0.01% 0.02% 0.01%
Bank charges and commission 0.14% 0.09% 0.08% 0.09% 0.09%
Foreign exchange risk insurance(FERI) contract 0.55% 0.00% 0.00% 0.00% 0.00%
Amortization of deferred cost 23.47% 0.00% 0.00% 0.00% 0.00%
Net profit before taxation -7.49% 19.36% 31.28% 16.49% 9.57%
Less: Taxation 17.17% -6.34% -10.10% -2.97% -0.86%
Net profit after taxation 9.67% 13.02% 21.18% 13.52% 8.71%

183
Ratio Analysis

2004 2005 2006 2007 2008


Net Working Capital 202344 -34181 312184 511240 2839322
Current Ratio 1.54 0.97 1.25 1.35 2.16
Acid Ratio 1.38 0.93 1.13 1.23 2.06
Cash Ratio 0.53 0.50 0.67 0.29 1.54
Debt/Equity Ratio 3.05 2.54 1.89 1.71 1.34
Debt to tangible net worth 3.05 2.54 1.89 1.71 1.34
13.7565370 2.16940635 2.06124362
Day's Sales in account receivable 7.119486236 2 1 3 2.771750319
51.2677443 26.5328403 168.248792 177.077564
Account Receivable Turn Over 1 2 9 2 131.6857429
14.4553804 25.2778842 28.2098505
Day's sales in inventory 9 11.57586584 5 4 29.08192251
79.3434561 85.0841489 70.2086318
Inventory turnover 61.46396112 6 7 2 63.85666586
Net profit margin 13.68% 17.94% 28.08% 18.66% 11.66%
Total asset turnover 0.39 0.46 0.69 0.54 0.28
Return on asset 5.32% 8.20% 19.42% 10.10% 3.32%
Operating income margin 1.70% 34.75% 47.64% 28.74% 16.96%
0.48553767 0.61077219 0.93930089 0.78846270
Return on Sales to fixed assets 7 2 4 3 0.498959066
Return on total equity 16.20% 20.84% 36.67% 17.30% 4.45%
Gross profit margin 32.26% 38.01% 51.12% 31.52% 18.56%
Degree of financial leverage 0.20 0.68 0.56 0.70
Earning per common share 0.85 1.38 3.25 1.73 0.85
Price/earning ratio 18.89 10.48 6.75 13.17 20.91

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