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Maple Leaf Cement Factory Ltd.

Sumarized Income Statement

ent
In co me Statem 2005 2006 2007
ed
Sumariz Rs. In'000 Rs. In'000 Rs. In'000
Sales Net
Gross Sales 6,193,443 7,954,901 5,514,208
Less:
Excise Duty 1,020,618 1,128,106 1,024,041
Sale Tax 807,589 1,036,977 705,845
Commision 74,502 80,026 73,241
Sales Net 4,290,734 5,709,792 3,711,081
Cost of Sales
Raw materials consumed 130,228 166,157 139,472
Packging materials used 244,149 263,011 265,566
Fuel and Power 1,840,927 2,195,762 1,795,408
Stores and spares consumed 225,830 239,285 239,930
Salaries, wages and amenities 163,759 200,459 170,540
Rent,Rates and taxes 7,815 3,202 4,435
Insurance 13,950 12,965 16,284
Repair and maintenance 19,758 41,019 28,582
Depreciation 338,223 359,987 418,032
Other expenses 72,726 73,180 92,499
Opening W.I.P 43,840 128,288 130,426
Transfer from trial run operations - 11,842 198,618
Closing W.I.P (128,288) (130,426) (90,848)
Cost of goods manufactured 2,972,917 3,564,731 3,408,944
Opening stock of Finished goods 15,755 25,870 36,498
Transfer from trial run operations - 7,109 26,313
Closing stock of Finished goods (25,870) (36,498) (70,567)
Cost of Goods Sold 2,962,802 3,561,212 3,401,188
Gross Profit 1,327,932 2,148,580 309,893
Distributing Expenses 40,287 20,961 69,021
Administrative Expenses 12,973 60,474 67,291
Other operating Espenses 59,714 118,024 18,371
Operating Profit 1,214,958 1,949,121 155,210
Other Income 18,097 26,671 43,224
Profit before Income and Tax 1,233,055 1,975,792 198,434
Finance cost 205,677 340,978 338,453
(loss)/Profit before Taxation 1,027,378 1,634,814 (140,019)
Taxation
Current (38,880) 28,536 (9,477)
Deffered 338,808 547,038 (172,589)
Total Taxation 299,928 575,574 (182,066)
Profit after Taxation 727,450 1,059,240 42,047
ment Factory Ltd.
ome Statement

2008 2009
Rs. In'000 Rs. In'000

10,552,398 18,969,598

1,564,801 1,901,663
1,061,681 1,708,158
110,087 108,403
7,815,829 15,251,374

259,492 465,107
662,674 1,042,435
3,580,340 6,948,392
381,364 468,022
238,114 301,549
8,380 14,382
29,564 38,180
45,248 45,453
848,098 1,042,618
98,224 148,943
90,848 215,740
331,228 -
(215,740) (368,576)
6,357,834 10,362,245
70,567 123,032
186,630 -
(123,032) (188,412)
6,491,999 10,296,865
1,323,830 4,954,509
834,849 2,339,833
121,236 151,584
24,838 42,251
342,907 2,420,841
105,656 61,749
448,563 2,482,590
1,812,807 3,400,241
(1,364,244) (917,651)

44,815 64,321
-732,924 998
-688,109 65,319
(676,135) (982,970)
Maple Leaf Cement Factory Ltd.

Summarized Balance Sheet(Rs. In 000)

Summarized balance sheet 2005 2006 2007


Assets
Current Assets
Cash and Bank Balances 369,802 100,938 123,359
Taxation Net - - 14,029
Other receivables 8,606 9,452 1,198
Due from gratuity fund trust 69,670 - 8,539
Sales tax, customs and excise duty 64,884 34,611 37,742
Accrued profit 3,878 559 402
Deposits and short term prepayments 18,151 7,314 15,373
Investments - - 944,669
Loans and advances 28,287 299,257 85,544
Fair value derivative financial instruments - - 242,226
Trade debts 92,597 163,459 194,587
Stores, spares and loose tools 1,100,967 1,847,926 2,014,580
Stock in Trade
Raw materials 2,448 13,501 18,647
Packging materials 26,611 20,521 18,146
Work in process 128,288 130,426 232,550
Finised goods 25,870 36,498 100,366
Total Current Assets 1,940,059 2,664,462 4,051,957

Non-Current Assets
Intangible assets - - 4,578
Loans to employees - 7,127 6,373
Deposits and prepayments - 15,923 43,200
Investment 14,566 368,881 -
Property ,plant and equipment 8,462,382 16,088,505 19,330,866
Deffered Taxation
Long terms loans to employees 5,824 - -
Long terms deposits and Prepayments 6,142 - -
Total Non-Current Assets 8,488,914 16,480,436 19,385,017

Total Assets 10,428,973 19,144,898 23,436,974

Equities and Libilities


Share Capital and Reserves

Authorized Capital: 5,000,000 5,000,000 5,000,000


Issued, subcribed and Paid up Capital 3,248,844 3,519,581 4,264,108
Reserves 2,285,225 3,063,529 4,457,328
Accumulated Loss/ Unappropriated profit 756,393 972,594 271,601
Total Capital and Reserves 6,290,462 7,555,704 8,993,037
Libilities
Current Libilities
Creditors 211,639 385,313 193,179
Bill payable - - 265,869
Due to Kohinoor Textile Mills Ltd.
(the holding company) - 5,824 700
Accured Liabilites 100,934 144,404 109,139
Advances from customers 8,800 15,418 14,291
Security deposits-interest free repayable on demand 22,159 27,159 32,159
Contractors' retention money 21,020 31,207 26,677
Workers' (profit) participation fund 56,084 86,043 -
Royalty and excise duty payable 2,832 3,499 4,251
Due to gratuity fund trust - 2,040 -
Provident fund payable 1,425 1,482 1,837
Other taxes payable 1,846 1,464 3,260
Sales tax payable - 41,955 58,392
Excise duty payable - - -
Other payables 5,309 6,364 9,557
Unclaimed ordinary dividend 1,868 1,736 1,608
Preference dividend payable 11,759 52,850 52,931
Accrued profit / interest / mark-up 38,646 279,112 378,675
Short term borrowings 589,843 947,160 797,585
Current Propotion of:
Long term loans 434,030 538,530 1,792,519
Redeemable capital 83,300 41,650 -
Syndicated term finances - - -
Liabilities against assets subject to finance lease - 4,481 13,858
Taxation - net 4,005 31,828 -
Total Current Libilities 1,595,499 2,649,519 3,756,487

Non-Current Libilities
Loans from related parties - 250,000
Long term loans and financies 2,157,706 7,868,948 8,576,657
Redeemable capital 41,650 - -
Syndicated term finances - - -
Liabilities against assets subject to finance lease - 12,226 268,040
Lease finance advances and accrued interest thereon - 74,146 679,676
Long term deposits 6,572 2,977 2,702
Deferred taxation 328,571 971,128 897,183
Employees' compensated absences 8,513 10,250 13,192
Total Non-Current Libilities 2,543,012 8939675 10,687,450
Total Equities and Liablities 10,428,973 19,144,898 23,436,974
nt Factory Ltd.

e Sheet(Rs. In 000)

2008 2009

104,134 99,932
44,907 162,058
21,780 29,448
9,768 8,184
57,769 16,797
763 983
69,292 143,306
734,859 406,563
82,814 78,254
365,748 -
743,366 682,244
3,325,744 2,936,194

13,926 23,312
81,254 70,614
215,740 368,576
123,032 188,412
5,994,896 5,214,877

15,082 7,332
6,121 5,666
54,014 51,485
- -
20,081,448 20,381,478

- -
- -
20,156,665 20,445,961

26,151,561 25,660,838

5,000,000 7,000,000
4,264,108 4,264,108
4,644,355 4,127,277
-547,574 -1,673,584
8,360,889 6,717,801

431,718 572,423
1,505,980 837,321

458 10,657
213,192 211,556
110,513 137,553
33,193 33,153
22,962 10,376
- -
7,136 11,345
- -
1,565 2,718
2,726 2,775
- 71,512
157,404 442,106
8,712 9,532
1,594 1,533
52,994 53,310
194,568 441,194
3,369,738 4,382,322

- 128,889
- 800,000
1,080,000 1,500,000
188,011 302,609
- -
7,382,464 9,962,884

35,224 -
241,539 826,614
8,000,000 7,200,000
1,000,000 -
- -
957,434 862,214
2,582 2,580
154,741 69,755
16,688 18,990
10,408,208 8,980,153
26,151,561 25,660,838
Maple Leaf Cement Factory Ltd.
Sumarized Income Statement

ent
In co me Statem 2005 2006 2007
ed
Sumariz Rs. In'000 Rs. In'000 Rs. In'000
Sales Net
Gross Sales 6,193,443 7,954,901 5,514,208
Less:
Excise Duty 1,020,618 1,128,106 1,024,041
Sale Tax 807,589 1,036,977 705,845
Commision 74,502 80,026 73,241
Sales Net 4,290,734 5,709,792 3,711,081
Cost of Sales
Raw materials consumed 130,228 166,157 139,472
Packging materials used 244,149 263,011 265,566
Fuel and Power 1,840,927 2,195,762 1,795,408
Stores and spares consumed 225,830 239,285 239,930
Salaries, wages and amenities 163,759 200,459 170,540
Rent,Rates and taxes 7,815 3,202 4,435
Insurance 13,950 12,965 16,284
Repair and maintenance 19,758 41,019 28,582
Depreciation 338,223 359,987 418,032
Other expenses 72,726 73,180 92,499
Opening W.I.P 43,840 128,288 130,426
Transfer from trial run operations - 11,842 198,618
Closing W.I.P (128,288) (130,426) (90,848)
Cost of goods manufactured 2,972,917 3,564,731 3,408,944
Opening stock of Finished goods 15,755 25,870 36,498
Transfer from trial run operations - 7,109 26,313
Closing stock of Finished goods (25,870) (36,498) (70,567)
Cost of Goods Sold 2,962,802 3,561,212 3,401,188
Gross Profit 1,327,932 2,148,580 309,893
Distributing Expenses 40,287 20,961 69,021
Administrative Expenses 12,973 60,474 67,291
Other operating Espenses 59,714 118,024 18,371
Operating Profit 1,214,958 1,949,121 155,210
Other Income 18,097 26,671 43,224
Profit before Income and Tax 1,233,055 1,975,792 198,434
Finance cost 205,677 340,978 338,453
(loss)/Profit before Taxation 1,027,378 1,634,814 (140,019)
Taxation
Current (38,880) 28,536 (9,477)
Deffered 338,808 547,038 (172,589)
Total Taxation 299,928 575,574 (182,066)
Profit after Taxation 727,450 1,059,240 42,047
ment Factory Ltd.
ome Statement Horizontal Analysis ( Percentage Method)

2008 2009 2006-2005 2007-2008 2008-2009 2009-2008


Rs. In'000 Rs. In'000 Change% Change % Change% Change %

10,552,398 18,969,598 28.44% -30.68% 91.37% 79.77%

1,564,801 1,901,663 10.53% -9.22% 52.81% 21.53%


1,061,681 1,708,158 28.40% -31.93% 50.41% 60.89%
110,087 108,403 7.41% -8.48% 50.31% -1.53%
7,815,829 15,251,374 33.07% -35.00% 110.61% 95.13%

259,492 465,107 27.59% -16.06% 86.05% 79.24%


662,674 1,042,435 7.73% 0.97% 149.53% 57.31%
3,580,340 6,948,392 19.27% -18.23% 99.42% 94.07%
Horizontal Analysis

381,364 468,022 5.96% 0.27% 58.95% 22.72%


238,114 301,549 22.41% -14.93% 39.62% 26.64%
8,380 14,382 -59.03% 38.51% 88.95% 71.62%
29,564 38,180 -7.06% 25.60% 81.55% 29.14%
45,248 45,453 107.61% -30.32% 58.31% 0.45%
848,098 1,042,618 6.43% 16.12% 102.88% 22.94%
98,224 148,943 0.62% 26.40% 6.19% 51.64%
90,848 215,740 192.63% 1.67% -30.35% 137.47%
331,228 - - 1577.23% 66.77% -100.00%
(215,740) (368,576) 1.67% -30.35% 137.47% 70.84%
6,357,834 10,362,245 19.91% -4.37% 86.50% 62.98%
70,567 123,032 64.20% 41.08% 93.34% 74.35%
186,630 - - 270.14% 609.27% -100.00%
(123,032) (188,412) 41.08% 93.34% 74.35% 53.14%
6,491,999 10,296,865 20.20% -4.49% 90.87% 58.61%
1,323,830 4,954,509 61.80% -85.58% 327.19% 274.26%
834,849 2,339,833 -47.97% 229.28% 1109.56% 180.27%
121,236 151,584 366.15% 11.27% 80.17% 25.03%
24,838 42,251 97.65% -84.43% 35.20% 70.11%
342,907 2,420,841 60.43% -92.04% 120.93% 605.98%
105,656 61,749 47.38% 62.06% 144.44% -41.56%
448,563 2,482,590 60.24% -89.96% 126.05% 453.45%
1,812,807 3,400,241 65.78% -0.74% 435.62% 87.57%
(1,364,244) (917,651) 59.12% -108.56% 874.33% -32.74%

44,815 64,321 -173.40% -133.21% -572.88% 43.53%


-732,924 998 61.46% -131.55% 324.66% -100.14%
-688,109 65,319 91.90% -131.63% 277.94% -109.49%
(676,135) (982,970) 45.61% -96.03% -1708.05% 45.38%
Maple Leaf Cement Factory Ltd.

Summarized Balance Sheet(Rs. In 000)

Summarized balance sheet 2005 2006 2007


Assets
Current Assets
Cash and Bank Balances 369,802 100,938 123,359
Taxation Net - - 14,029
Other receivables 8,606 9,452 1,198
Due from gratuity fund trust 69,670 - 8,539
Sales tax, customs and excise duty 64,884 34,611 37,742
Accrued profit 3,878 559 402
Deposits and short term prepayments 18,151 7,314 15,373
Investments - - 944,669
Loans and advances 28,287 299,257 85,544
Fair value derivative financial instruments - - 242,226
Trade debts 92,597 163,459 194,587
Stores, spares and loose tools 1,100,967 1,847,926 2,014,580
Stock in Trade
Raw materials 2,448 13,501 18,647
Packging materials 26,611 20,521 18,146
Work in process 128,288 130,426 232,550
Finised goods 25,870 36,498 100,366
Total Current Assets 1,940,059 2,664,462 4,051,957

Non-Current Assets
Intangible assets - - 4,578
Loans to employees - 7,127 6,373
Deposits and prepayments - 15,923 43,200
Investment 14,566 368,881 -
Property ,plant and equipment 8,462,382 16,088,505 19,330,866
Deffered Taxation
Long terms loans to employees 5,824 - -
Long terms deposits and Prepayments 6,142 - -
Total Non-Current Assets 8,488,914 16,480,436 19,385,017

Total Assets 10,428,973 19,144,898 23,436,974

Equities and Libilities


Share Capital and Reserves

Authorized Capital: 5,000,000 5,000,000 5,000,000


Issued, subcribed and Paid up Capital 3,248,844 3,519,581 4,264,108
Reserves 2,285,225 3,063,529 4,457,328
Accumulated Loss/ Unappropriated profit 756,393 972,594 271,601
Total Capital and Reserves 6,290,462 7,555,704 8,993,037
Libilities
Current Libilities
Creditors 211,639 385,313 193,179
Bill payable - - 265,869
Due to Kohinoor Textile Mills Ltd.
(the holding company) - 5,824 700
Accured Liabilites 100,934 144,404 109,139
Advances from customers 8,800 15,418 14,291
Security deposits-interest free repayable on demand 22,159 27,159 32,159
Contractors' retention money 21,020 31,207 26,677
Workers' (profit) participation fund 56,084 86,043 -
Royalty and excise duty payable 2,832 3,499 4,251
Due to gratuity fund trust - 2,040 -
Provident fund payable 1,425 1,482 1,837
Other taxes payable 1,846 1,464 3,260
Sales tax payable - 41,955 58,392
Excise duty payable - - -
Other payables 5,309 6,364 9,557
Unclaimed ordinary dividend 1,868 1,736 1,608
Preference dividend payable 11,759 52,850 52,931
Accrued profit / interest / mark-up 38,646 279,112 378,675
Short term borrowings 589,843 947,160 797,585
Current Propotion of:
Long term loans 434,030 538,530 1,792,519
Redeemable capital 83,300 41,650 -
Syndicated term finances - - -
Liabilities against assets subject to finance lease - 4,481 13,858
Taxation - net 4,005 31,828 -
Total Current Libilities 1,595,499 2,649,519 3,756,487

Non-Current Libilities
Loans from related parties - - 250,000
Long term loans and financies 2,157,706 7,868,948 8,576,657
Redeemable capital 41,650 - -
Syndicated term finances - - -
Liabilities against assets subject to finance lease - 12,226 268,040
Lease finance advances and accrued interest thereon - 74,146 679,676
Long term deposits 6,572 2,977 2,702
Deferred taxation 328,571 971,128 897,183
Employees' compensated absences 8,513 10,250 13,192
Total Non-Current Libilities 2,543,012 8939675 10,687,450
Total Equities and Liablities 10,428,973 19,144,898 23,436,974
nt Factory Ltd. Horizontal Analysis (Percentage Method)

e Sheet(Rs. In 000)

2008 2009 2006-2005 2007-2006 2008-2007


Change % Change % Change %

104,134 99,932 -72.70% 22.21% -15.58%


44,907 162,058 0.00% 0.00% 220.10%
21,780 29,448 9.83% -87.33% 1718.03%
9,768 8,184 -100.00% 0.00% 14.39%
57,769 16,797 -46.66% 9.05% 53.06%
763 983 -85.59% -28.09% 89.80%
69,292 143,306 -59.70% 110.19% 350.74%
734,859 406,563 - - -22.21%
82,814 78,254 957.93% -71.41% -3.19%
365,748 - 0.00% 0.00% 50.99%
743,366 682,244 76.53% 19.04% 282.02%
3,325,744 2,936,194 67.85% 9.02% 65.08%

13,926 23,312 451.51% 38.12% -25.32%


81,254 70,614 -22.89% -11.57% 347.78%
215,740 368,576 1.67% 78.30% -7.23%
123,032 188,412 0 174.99% 22.58%
5,994,896 5,214,877 37.34% 52.07% 47.95%

15,082 7,332 - - 229.45%


6,121 5,666 - 0.00% -3.95%
54,014 51,485 - 171.31% 25.03%
- - 2432.48% -100.00% 0.00%
20,081,448 20,381,478 90.12% 20.15% 3.88%

- - -100.00% 0.00% 0.00%


- - -100.00% 0.00% 0.00%
20,156,665 20,445,961 94.14% 17.62% 3.98%

26,151,561 25,660,838 83.57% 22.42% 11.58%


Horizontal Analysis

5,000,000 7,000,000
4,264,108 4,264,108 8.33% 21.15% -
4,644,355 4,127,277 34.06% 45.50% 4.20%
izontal Analysis
-547,574 -1,673,584 28.58% -72.07% -301.61%
8,360,889 6,717,801 20.11% 19.02% -7.03%

431,718 572,423 82.06% -49.86% 123.48%


1,505,980 837,321 - - 466.44%

458 10,657 - -87.98% -34.57%


213,192 211,556 43.07% -24.42% 95.34%
110,513 137,553 75.20% -7.31% 673.30%
33,193 33,153 22.56% 18.41% 3.22%
22,962 10,376 48.46% -14.52% -13.93%
- - 53.42% -100.00% -
7,136 11,345 23.55% 21.49% 67.87%
- - - -100.00% -
1,565 2,718 4.00% 23.95% -14.81%
2,726 2,775 -20.69% 122.68% -16.38%
- 71,512 - 39.18% -100.00%
157,404 442,106 - - -
8,712 9,532 19.87% 50.17% -8.84%
1,594 1,533 -7.07% -7.37% -0.87%
52,994 53,310 349.44% 0.15% 0.12%
194,568 441,194 622.23% 35.67% -48.62%
3,369,738 4,382,322 60.58% -15.79% 322.49%

- 128,889 24.08% 232.85% -100.00%


- 800,000 -50.00% -100.00% -
1,080,000 1,500,000 - - -
188,011 302,609 - 209.26% 1256.70%
- - 694.71% -100.00% -
7,382,464 9,962,884 66.06% 41.78% 96.53%

35,224 - - - -85.91%
241,539 826,614 264.69% 8.99% -97.18%
8,000,000 7,200,000 - - -
1,000,000 - - - -
- - - 2092.38% -100.00%
957,434 862,214 - 816.67% 40.87%
2,582 2,580 -54.70% -9.24% -4.44%
154,741 69,755 195.56% -7.61% -82.75%
16,688 18,990 20.40% 28.70% 26.50%
10,408,208 8,980,153 251.54% 19.55% -2.61%
26,151,561 25,660,838 83.57% 22.42% 11.58%
ntage Method)

2009-2008
Change %

-4.04%
260.87%
35.21%
-16.22%
-70.92%
28.83%
106.81%
-44.67%
-5.51%
-100.00%
-8.22%
-11.71%

67.40%
-13.09%
70.84%
53.14%
-13.01%

-51.39%
-7.43%
-4.68%
0.00%
1.49%

0.00%
0.00%
1.44%

-1.88%

-
-11.13%
205.64%
-19.65%

32.59%
-44.40%

2226.86%
-0.77%
24.47%
-0.12%
-54.81%
-
58.98%
-
73.67%
1.80%
-
180.87%
9.41%
-3.83%
0.60%
126.76%
30.05%

-
-
38.89%
60.95%
-
34.95%

-100.00%
242.23%
-10.00%
-100.00%
-
-9.95%
-0.08%
-54.92%
13.79%
-13.72%
-1.88%
Maple Leaf Cement Factory Ltd.
Sumarized Income Statement

ent
In co me Statem 2005 2006 2007
ed
Sumariz Rs. In'000 Rs. In'000 Rs. In'000
Sales Net
Gross Sales 11,217,026,156 7,954,901 5,514,208
Less:
Rebate/Discount 20,567,722 1,128,106 1,024,041
Sale Tax 1,286,776,404 1,036,977 705,845
Commision 74,502 80,026 73,241
Sales Net 9,909,607,528 5,709,792 3,711,081
Cost of Sales
Raw materials consumed 130,228 166,157 139,472
Packging materials used 244,149 263,011 265,566
Fuel and Power 1,840,927 2,195,762 1,795,408
Stores and spares consumed 225,830 239,285 239,930
Salaries, wages and amenities 163,759 200,459 170,540
Rent,Rates and taxes 7,815 3,202 4,435
Insurance 13,950 12,965 16,284
Repair and maintenance 19,758 41,019 28,582
Depreciation 338,223 359,987 418,032
Other expenses 72,726 73,180 92,499
Opening W.I.P 43,840 128,288 130,426
Transfer from trial run operations - 11,842 198,618
Closing W.I.P (128,288) (130,426) (90,848)
Cost of goods manufactured 2,972,917 3,564,731 3,408,944
Opening stock of Finished goods 15,755 25,870 36,498
Transfer from trial run operations - 7,109 26,313
Closing stock of Finished goods (25,870) (36,498) (70,567)
Cost of Goods Sold 2,962,802 3,561,212 3,401,188
Gross Profit 9,906,644,726 2,148,580 309,893
Distributing Expenses 40,287 20,961 69,021
Administrative Expenses 12,973 60,474 67,291
Other operating Espenses 59,714 118,024 18,371
Operating Profit 9,906,531,752 1,949,121 155,210
Other Income 18,097 26,671 43,224
Profit before Income and Tax 9,906,549,849 1,975,792 198,434
Finance cost 205,677 340,978 338,453
(loss)/Profit before Taxation 9,906,344,172 1,634,814 (140,019)
Taxation
Current (38,880) 28,536 (9,477)
Deffered 338,808 547,038 (172,589)
Total Taxation 299,928 575,574 (182,066)
Profit after Taxation 9,906,044,244 1,059,240 42,047
ment Factory Ltd. Vertical analysis
ome Statement
Income Statement

2008 2009
Rs. In'000 Rs. In'000 2005 2006 2007 2008

10,552,398 18,969,598 113% 139% 149% 135%

1,564,801 1,901,663 0% 20% 28% 20%


1,061,681 1,708,158 13% 18% 19% 14%
110,087 108,403 0% 1% 2% 1%
7,815,829 15,251,374 100% 100% 100% 100%

259,492 465,107 0% 3% 4% 3%
662,674 1,042,435 0% 5% 7% 8%
3,580,340 6,948,392 0% 38% 48% 46%
381,364 468,022 0% 4% 6% 5%
238,114 301,549 0% 4% 5% 3%
8,380 14,382 0% 0% 0% 0%
Verticle Analyisis

29,564 38,180 0% 0% 0% 0%
45,248 45,453 0% 1% 1% 1%
848,098 1,042,618 0% 6% 11% 11%
98,224 148,943 0% 1% 2% 1%
90,848 215,740 0% 2% 4% 1%
331,228 - 0% 0% 5% 4%
(215,740) (368,576) 0% -2% -2% -3%
6,357,834 10,362,245 0% 62% 92% 81%
70,567 123,032 0% 0% 1% 1%
186,630 - 0% 0% 1% 2%
(123,032) (188,412) 0% -1% -2% -2%
6,491,999 10,296,865 0% 62% 92% 83%
1,323,830 4,954,509 100% 38% 8% 17%
834,849 2,339,833 0% 0% 2% 11%
121,236 151,584 0% 1% 2% 2%
24,838 42,251 0% 2% 0% 0%
342,907 2,420,841 100% 34% 4% 4%
105,656 61,749 0% 0% 1% 1%
448,563 2,482,590 100% 35% 5% 6%
1,812,807 3,400,241 0% 6% 9% 23%
(1,364,244) (917,651) 100% 29% -4% -17%

44,815 64,321 0% 0% 0% 1%
-732,924 998 0% 10% -5% -9%
-688,109 65,319 0% 10% -5% -9%
(676,135) (982,970) 100% 19% 1% -9%
2009

124%

12%
11%
1%
100%

3%
7%
46%
3%
2%
0%
0%
0%
7%
1%
1%
0%
-2%
68%
1%
0%
-1%
68%
32%
15%
1%
0%
16%
0%
16%
22%
-6%

0%
0%
0%
-6%
Maple Leaf Cement Factory Ltd.

Summarized Balance Sheet(Rs. In 000)

Summarized balance sheet 2005 2006 2007


Assets
Current Assets
Cash and Bank Balances 369,802 100,938 123,359
Taxation Net - - 14,029
Other receivables 8,606 9,452 1,198
Due from gratuity fund trust 69,670 - 8,539
Sales tax, customs and excise duty 64,884 34,611 37,742
Accrued profit 3,878 559 402
Deposits and short term prepayments 18,151 7,314 15,373
Investments - - 944,669
Loans and advances 28,287 299,257 85,544
Fair value derivative financial instruments - - 242,226
Trade debts 92,597 163,459 194,587
Stores, spares and loose tools 1,100,967 1,847,926 2,014,580
Stock in Trade
Raw materials 2,448 13,501 18,647
Packging materials 26,611 20,521 18,146
Work in process 128,288 130,426 232,550
Finised goods 25,870 36,498 100,366
Total Current Assets 1,940,059 2,664,462 4,051,957

Non-Current Assets
Intangible assets - - 4,578
Loans to employees - 7,127 6,373
Deposits and prepayments - 15,923 43,200
Investment 14,566 368,881 0
Property ,plant and equipment 8,462,382 16,088,505 19,330,866
Deffered Taxation
Long terms loans to employees 5,824 - -
Long terms deposits and Prepayments 6,142 - -
Total Non-Current Assets 8,488,914 16,480,436 19,385,017

Total Assets 10,428,973 19,144,898 23,436,974

Equities and Libilities


Share Capital and Reserves

Authorized Capital: 5,000,000 5,000,000 5,000,000


Issued, subcribed and Paid up Capital 3,248,844 3,519,581 4,264,108
Reserves 2,285,225 3,063,529 4,457,328
Accumulated Loss/ Unappropriated profit 756,393 972,594 271,601
Total Capital and Reserves 6,290,462 7,555,704 8,993,037
Libilities
Current Libilities
Creditors 211,639 385,313 193,179
Bill payable - - 265,869
Due to Kohinoor Textile Mills Ltd.
(the holding company) - 5,824 700
Accured Liabilites 100,934 144,404 109,139
Advances from customers 8,800 15,418 14,291
Security deposits-interest free repayable on demand 22,159 27,159 32,159
Contractors' retention money 21,020 31,207 26,677
Workers' (profit) participation fund 56,084 86,043 -
Royalty and excise duty payable 2,832 3,499 4,251
Due to gratuity fund trust - 2,040 -
Provident fund payable 1,425 1,482 1,837
Other taxes payable 1,846 1,464 3,260
Sales tax payable - 41,955 58,392
Excise duty payable - - -
Other payables 5,309 6,364 9,557
Unclaimed ordinary dividend 1,868 1,736 1,608
Preference dividend payable 11,759 52,850 52,931
Accrued profit / interest / mark-up 38,646 279,112 378,675
Short term borrowings 589,843 947,160 797,585
Current Propotion of:
Long term loans 434,030 538,530 1,792,519
Redeemable capital 83,300 41,650 -
Syndicated term finances - - -
Liabilities against assets subject to finance lease - 4,481 13,858
Taxation - net 4,005 31,828 -
Total Current Libilities 1,595,499 2,649,519 3,756,487

Non-Current Libilities
Loans from related parties - - 250,000
Long term loans and financies 2,157,706 7,868,948 8,576,657
Redeemable capital 41,650 - -
Syndicated term finances - - -
Liabilities against assets subject to finance lease - 12,226 268,040
Lease finance advances and accrued interest thereon - 74,146 679,676
Long term deposits 6,572 2,977 2,702
Deferred taxation 328,571 971,128 897,183
Employees' compensated absences 8,513 10,250 13,192
Total Non-Current Libilities 2,543,012 8939675 10,687,450
Total Equities and Liablities 10,428,973 19,144,898 23,436,974
nt Factory Ltd. Verticle Analysis

e Sheet(Rs. In 000) Balance Sheet

2008 2009 2005 2006 2007 2008 2009


100% 100% 100% 100% 100%

104,134 99,932 4% 1% 1% 0% 0%
44,907 162,058 0% 0% 0% 0% 1%
21,780 29,448 0% 0% 0% 0% 0%
9,768 8,184 1% 0% 0% 0% 0%
57,769 16,797 1% 0% 0% 0% 0%
763 983 0% 0% 0% 0% 0%
69,292 143,306 0% 0% 0% 0% 1%
734,859 406,563 0% 0% 4% 3% 2%
82,814 78,254 0% 2% 0% 0% 0%
365,748 - 0% 0% 1% 4% 0%
743,366 682,244 1% 1% 1% 3% 3%
3,325,744 2,936,194 11% 10% 9% 13% 11%

13,926 23,312 0% 0% 0% 0% 0%
81,254 70,614 0% 0% 0% 0% 0%
215,740 368,576 1% 1% 1% 1% 1%
123,032 188,412 0% 0% 0% 0% 1%
5,994,896 5,214,877 19% 14% 17% 23% 20%

15,082 7,332 0% 0% 0% 0% 0%
6,121 5,666 0% 0% 0% 0% 0%
54,014 51,485 0% 1074% 0% 0% 0%
0 0 0% 2% 0% 0% 0%
20,081,448 20,381,478 81% 84% 82% 77% 79%

- - 0% 0% 0% 0% 0%
- - 0% 0% 0% 0% 0%
20,156,665 20,445,961 81% 86% 83% 77% 80%

26,151,561 25,660,838 100% 100% 100% 100% 100%


Verticle Analysis

5,000,000 7,000,000 48% 26% 21% 19% 27%


4,264,108 4,264,108 31% 18% 18% 16% 17%
4,644,355 4,127,277 22% 16% 19% 18% 16%
rticle Analysis
-547,574 -1,673,584 7% 5% 1% -2% -7%
8,360,889 6,717,801 60% 39% 38% 32% 26%

431,718 572,423 2% 2% 1% 2% 2%
1,505,980 837,321 0% 0% 1% 6% 3%

458 10,657 0% 0% 0% 0% 0%
213,192 211,556 1% 1% 0% 1% 1%
110,513 137,553 0% 0% 0% 0% 1%
33,193 33,153 0% 0% 0% 0% 0%
22,962 10,376 0% 0% 0% 0% 0%
- - 1% 0% 0% 0% 0%
7,136 11,345 0% 0% 0% 0% 0%
- - 0% 0% 0% 0% 0%
1,565 2,718 0% 0% 0% 0% 0%
2,726 2,775 0% 0% 0% 0% 0%
0 71,512 0% 0% 0% 0% 0%
157,404 442,106 0% 0% 0% 1% 2%
8,712 9,532 0% 0% 0% 0% 0%
1,594 1,533 0% 0% 0% 0% 0%
52,994 53,310 0% 0% 0% 0% 0%
194,568 441,194 0% 1% 2% 1% 2%
3,369,738 4,382,322 6% 5% 3% 13% 17%

- 128,889 4% 3% 8% 0% 1%
- 800,000 1% 0% 0% 0% 3%
1,080,000 1,500,000 0% 0% 0% 4% 6%
188,011 302,609 0% 0% 0% 1% 1%
- - 0% 0% 0% 0% 0%
7,382,464 9,962,884 15% 14% 16% 28% 39%

35,224 - 0% 0% 1% 0% 0%
241,539 826,614 21% 41% 37% 1% 3%
8,000,000 7,200,000 0% 0% 0% 31% 28%
1,000,000 - 0% 0% 0% 4% 0%
- - 0% 0% 1% 0% 0%
957,434 862,214 0% 0% 3% 4% 3%
2,582 2,580 0% 0% 0% 0% 0%
154,741 69,755 3% 5% 4% 1% 0%
16,688 18,990 0% 0% 0% 0% 0%
10,408,208 8,980,153 24% 47% 46% 40% 35%
26,151,561 25,660,838 100% 100% 100% 100% 100%
Financial Ratios

Solvency Ratios
Debt to Equity Ratio =Total debts/Shareholder's funds

Year 2005 2006 2007 2008 2009


Total Debts 4,138,511 11,493,675 14,443,937 17,790,672 18,943,037
Share Holders' Funds 6,290,462 7,299,737 8,993,037 8,360,889 6,717,801
Ratio 0.66 1.57 1.61 2.13 2.82

Interest Coverege Ratio =Net Profit before Interest and Tax /fixed Interest Charges

Year 2005 2006 2007 2008 2009


EBIT 1,233,055 1,975,792 198,434 448,563 2,482,590
Interest 205,677 340,978 338,453 1,812,807 3,400,241
Ratio 6.00 5.79 0.59 0.25 0.73

Earning per share =NPAT-P.S dividend/No. of Equity shares


Year 2005 2006 2007 2008 2009

Earning per share 2.9 3.16 -0.03 -1.96 -2.78

Ruturn on Total Assets =(Net Income/Total Assets)


Year 2005 2006 2007 2008 2009
Net Income 727,450 1,059,240 42,047 -676,135 -982,970
Total Assets 10,428,973 18,793,412 23,436,974 26,151,561 25,660,838
Ratio 6.98% 5.64% 0.18% -2.59% -3.83%

Return on capital employed =(Net profit before interest and tax/Capital employed)*100
Year 2005 2006 2007 2008 2009
EBIT 1,233,055 1,975,792 198,434 448,563 2,482,590
Net capital employed 8,806,942 16,103,448 19,626,336 18,693,880 15,633,471
Ratio 14.00% 12.27% 1.01% 2.40% 15.88%

Retun on shareholder's funds =(Net profit after interest and tax/shareholders' funds)*100

Year 2005 2006 2007 2008 2009


Net income 727,450 1,059,240 42,047 -676,135 -982,970
Shareholders' funds 6,290,462 7,299,737 8,993,037 8,360,889 6,717,801
Ratio 11.56% 14.51% 0.47% -8.09% -14.63%
Financial Ratios

Liquidity Ratios
1)Current Ratio =Current Assets/Current Liablities

Year 2005 2006 2007


Current Assets 1,940,059 2,664,462 4,051,957
Current Liabilities 1,595,499 2,649,519 3,756,487
Ratio 1.22 1.01 1.08

2)Quick Ratio=Current Assets -Inventory/Current Liabilities

Year 2005 2006 2007


Current Assets 1,940,059 2,664,462 4,051,957
Inventroy 183,217 200,946 369,709
Current Liabillities 1,595,499 2,649,519 3,756,487
Ratio 1.10 0.93 0.98

3 ) Cash Ratio =Cash +S.T Investment/Current Liabilities


Year 2005 2006 2007
Cash and Bank 369,802 100,938 123,359
S.T Investments 0 0 944,669
Current Liabilities 1,595,499 2,649,519 3,756,487
Ratio 0.23 0.04 0.28

4 ) Net working Capital=Current Assets-Current Liabilities


Year 2005 2006 2007
Current Assets 1,940,059 2,664,462 4,051,957
Current Liabilities 1,595,499 2,649,519 3,756,487
Net working capital 344,560 14,943 295,470

Activity Ratios
5) Inventory Turnover Ratio =Cost of sales/Inventory
Year 2005 2006 2007
Cost of sales 2,962,802 3,561,212 3,401,188
Inventory 183,217 200,946 369,709
Ratio 16.17 17.72 9.20

>>Average age of Inventory (Days)=(Inventory/Cost of sales)*365


Average age of Inventory 23 21 40
6) Debtors Turnover Ratio = Sales/ Average receivables
Year 2005 2006 2007
Sales 4,290,734 5,709,792 3,711,081
Account Receivables 101,203 172,911 195,785
Ratio 42.40 33.02 18.95

>>Average Collection Period =365/Debtor Turnover Ratio


Average Collection Period 9 11 19

7) Operting Cycle= AAI+ACP


Year 2005 2006 2007
Operting Cycle 32 32 59

8) Total Asset Turnover Ratio =Sales/Total Assets

Year 2005 2006 2007


Sales 4,290,734 5,709,792 3,711,081

Total Assets 10,428,973 18,793,412 23,436,974


Ratio 0.41 0.30 0.16

9 ) Fixed Asset Turnover Ratio =Net sales/Fixed Assets


Year 2005 2006 2007
Net sales 4,290,734 5,709,792 3,711,081
Fixed Assets 8,462,382 16,088,505 19,330,866
Ratio 0.51 0.35 0.19

Profitabilty Ratios
10 )Gross profit ratio =( Gross profit/Sales)*100
Year 2005 2006 2007
Gross profit 1,327,932 2,148,580 309,893
Sales 4,290,734 5,709,792 3,711,081
Ratio 30.95% 37.63% 8.35%

11 ) Operating expense ratio=(Operating expense/Net sales)*100

Year 2005 2006 2007


Operating expense 3,075,776 3,760,671 3,555,871
Net sales 4,290,734 5,709,792 3,711,081
Ratio 71.68% 65.86% 95.82%

12 )Net profit margin=(Net Profit/Net sales)*100


Year 2005 2006 2007
Net Profit 727,450 1,059,240 42,047
Net Sales 4,290,734 5,709,792 3,711,081
Ratio 16.95% 18.55% 1.13%

13 ) Operating Profit Margin=(Operating Profit/Net sales)*100


Year 2005 2006 2007
Operating Profit 1,214,958 1,949,121 155,210
Net Sales 4,290,734 5,709,792 3,711,081
Ratio 28.32% 34.14% 4.18%
atios
s/Current Liablities

2008 2009
5,994,896 5,214,877
7,382,464 9,962,884
0.81 0.52

ntory/Current Liabilities

2008 2009
5,994,896 5,214,877
433,952 650,914
7,382,464 9,962,884
0.75 0.46

ent/Current Liabilities
2008 2009
104,134 99,932
734,859 406,563
7,382,464 9,962,884
0.11 0.05

sets-Current Liabilities
2008 2009
5,994,896 5,214,877
7,382,464 9,962,884
(1,387,568) (4,748,007)

tios
st of sales/Inventory
2008 2009
6,491,999 10,296,865
433,952 650,914
14.96 15.82

ventory/Cost of sales)*365
24 23
/ Average receivables
2008 2009
7,815,829 15,251,374
765,146 711,692
10.21 21.43

Debtor Turnover Ratio


36 17

AAI+ACP
2008 2009
60 40

Sales/Total Assets

2008 2009
7,815,829 15,251,374

26,151,561 25,660,838
0.30 0.59

Net sales/Fixed Assets


2008 2009
7,815,829 15,251,374
20,081,448 20,381,478
0.39 0.75

Ratios
profit/Sales)*100
2008 2009
1,323,830 4,954,509
7,815,829 15,251,374
16.94% 32.49%

ng expense/Net sales)*100

2008 2009
7,472,922 12,830,533
7,815,829 15,251,374
95.61% 84.13%

ofit/Net sales)*100
2008 2009
-676,135 -982,970
7,815,829 15,251,374
-8.65% -6.45%

ing Profit/Net sales)*100


2008 2009
342,907 2,420,841
7,815,829 15,251,374
4.39% 15.87%
Charts

Quick Ratio
Current Ratio
1.4 Row 22
Row 12
1.2 1.2

1 1

0.8 0.8
Ratio

0.6

Ratio
0.6
0.4 0.4

0.2 0.2

0 0
2005 2006 2007
2005 2006 2007 2008 2009
Year
Year
Quick Ratio Cash Ratio
0.3
Row 30
Row 22
0.25

0.2

Ratio
0.15

0.1

0.05

0
2005 2006 2007 2008 2009
2005 2006 2007 2008 2009
Year
Year
Row 30 Working Capital
1000000 Row 37
0
-1000000
-2000000
Rupees

-3000000
-4000000
-5000000
-6000000
08 2009
2005 2006 2007 2008 2009
Year
Averag
Effeiciency Ratio

Average age of inventory


45 40
40 35
35 30
30 25
25
20
Days

Days
20 Row 50
15 15
10 10
5 5
0 0
2005 2006 2007 2008 2009 2005 2006
Year Y
Average Collection period Operating Cycle
40 35
35 30
30 25
25
20

Days
20
Days

Row 61 15 Row 67
15
10
10
5
5
0 0
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009

Year Year
Total Asset Turnover Ratio
Fixed
le 0.7 0.8
0.6 0.7
0.5 0.6

Ratio (Times)
0.4 0.5
Ratio

Row 74 0.4
0.3
Row 67 0.3
0.2
0.2
0.1 0.1
0 0
08 2009 2005 2006 2007 2008 2009 2005 2006
Year
Profitabiltiy Ratios
Fixed Asset Turnover Ratio Gross profit Ratio
0.8 0.4 Ro
0.7 0.35
0.6 0.3
0.25
Ratio (Times)

Ratio (%)
0.5
0.2
0.4
Row 81 0.15
0.3
0.1
0.2
0.05
0.1
0
0 2005 2006 2007
2005 2006 2007 2008 2009
Year
Year
Net profit Margin
Gross profit Ratio
Row 105
Row 90
0.25
0.2
0.15
0.1

Ratio (%)
0.05
0
-0.05
-0.1
-0.15
2006 2007 2008 2009 2005 2006 2007 2008 2009
Year Year
Operating expense
Operating Profit Margin
120.00%
0.4
100.00%
0.3 80.00%

Ratio (%)
Ratio (%)

0.2 60.00%
Row 113
40.00%
0.1
20.00%
0 0.00%
2005 2006 2007 2008 2009 2005 2006 2
Year Year
Operating expense Ratio
Row 97
00%
00%
00%
00%
00%
00%
00%
2005 2006 2007 2008 2009
Year
Debt to Equity Ratio

Solvency Ratios
3.00
2.50

Ratio (Times)
2.00
1.50
Row 12
1.00
0.50
0.00
2005 2006 2007 2008 2009
Year
Earning Per s
Interest Coverege Ratio
4
7.00
3

Earning per share (Rs.)


6.00
2
5.00
Ratio (Times)

1
4.00 0
Row 12 3.00 Row 21 -1
2.00 -2
1.00 -3
0.00 -4
2005 2006 2007 2008 2009 2005 2006 2007 2
Year Year
Earning Per share
Return on Assets
Row 37
8.00%
6.00%

Ratio (Times)
4.00%
Row 28
2.00%
0.00%
-2.00%
-4.00%
2005 2006 2007 2008 2009 -6.00%
2005 2006 2007 2008 2009
Year
Year
Return on Capital employed

16.00%
20.00%

12.00% 10.00%

Ratio (%)
Ratio (%)
8.00% 0.00%
Row 44

4.00% -10.00%

0.00% -20.00%
2005 2006 2007 2008 2009
2008 2009 Year
Retun on Equity
20.00% Row 52

10.00%
Ratio (%)

0.00%

-10.00%

-20.00%
2005 2006 2007 2008 2009
Year