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Maple Leaf Cement

Horizontal analysis:

Balance sheet

= 26151561 – 23436974 / 23436974


= 0.1158

Income Statement & profit and loss account

= 676135 – 42047/ 42047


= 15.08

Cash Flow statement

= 118894 – 123359 / 123359


= -0.36

Statement of changes equity:

• Share Capital

= 4264108 – 4264108 / 4264108


= 0

• Share premium

= 2068336 – 2068336 / 2068336


= 0

• Fair Value Reserve on measurement of available for sale Investment

= 518765 – 545506 / 545506


= -0.049

• Capital redemption reserves


= 291506 – 201260 / 201260
= 0.44

• Hedging reserve

= 365748 – 242226 / 242226


= 0.50

• General reserve

= 1400000 – 1400000 / 1400000


= 0

• Inappropriate Profit

= 547574 – 271601 / 271601


= 1.61

• Total

= 8360889 -8993037 /8993037


= -0.07
Vertical Analysis
Assets
2007 %age 2008 %age
Non-Current assets

Property, Plant &


equipment 19330866 82% 20081448 76.78%
Intangible assets 4578 0.01% 15082 0.057%
Loans to employee 6373 0.02% 6121 0.023%
Deposits and prepayments 43200 0.18% 54014 0.0206%

Current Assets

Stores, spare tools 2014580 8.59% 3325744 12.71%


Stock in trade 369709 1.57% 433952 1.65%
Trade debts 194587 0.83% 743366 2.84%
Fair value derivative
financial instruments 242226 1.03% 365748 1.39%
Loans & advances 85544 0.36% 82814 0.316%
Investments 944669 4.03% 734859 2.81%
Deposits & S T 15373 0.06% 54532 0.20%
prepayments 402 0.0017% 763 0.00029%
Accrued profit 37742 0.16% 57769 0.22%
Sales tax 8539 0.03% 9768 0.0377%
Due to Gratuity fund trust 1198 0.0051% 21780 0.0831%
Other receivables 14029 0.05% 44907 0.177%
Taxation – net 123359 0.52% 118894 0.45%
Cash and bank balances

Equity & Liabilities

Share Capital & Reserves


Authorized capital 5000000 21.33% 5000000 19.11%

Issued ,subscribed & paid


up capital 4264108 181.91% 4264108 16.90%
Reserves 4457328 19.01% 4644355 17.75%
Unappropriated profit 271601 1.15% 547574 2.09%

Non- Current Liabilities

Long term related parties 250000 1.06% 35224 0.13%


Long term loans & finance 8576657 36.59% 241539 0.92%
Redeemable capital - 8000000 30.59%
Syndicated term finances - 1000000 3.82%
Liabilities against assets 268040 1.41% 957434 3.66%
Lease finance advances &
accrued interest thereon 679676 2.90% -
Long term deposits 2702 0.01% 2582 0.00098%
Deferred Taxation 897183 3.827% 154741 0.59%
Employees compensated 13192 0.057% 16688 0.063%
absences
Current Liabilities

Current portion of:


Long term loans 1792519 7.64% - -
Syndicated term - 1080000 4.12%
finances 13858 0.05% 188011 0.711%
Liabilities against assets
797585 3.4% 3369738 12.88%
Short term Finance 719311 3.06% 2495559 9.54%
Trade & other payable 378675 1.6% 194568 0.74%
Accrued profit 54539 0.23% 54588 0.208%
Dividends
Statement of Changes in Equity

Balance as at 30 June, 84.01%

Nominal value of right 8.27%


ordinary shares issued
Premium received on issue 2.0%
of right ordinary shares
Write-off of expenses incurred 0.021%
on issue of right ordinary shares
Fair value gain on measurement 3.08%
of available-for-sale investments
Gain arising on derivative cross 2.69%
currency interest rate swap
agreements - note 8.2
Profit for the year ended 0.46%
30 June, 2007
Dividend on preference shares for 0.58%
the year ended 30 June, 2007
Fair value loss on measurement 0.319%
of available-for-sale investments
Gain arising on derivative cross 1.47%
Currency interest rate swap
agreements - note 8.2
Loss for the year ended 8.08%
30 June, 2008
Dividend on preference shares for 0.63%
The year ended 30 June, 2008
Balance as at 30 June, 2008

PROFIT AND LOSS ACCOUNT

Sales 3,711,081 8826% 7,815,829 1155.9%


Cost of sales 3,401,188 8083% 6,491,999 960%
Gross profit 309,893 737.01% 1,323,830 195.71%
Administrative
67,291 159% 121,236 17.9%
expenses
Distribution cost 69,021 164.15% 834,849 123.4%
Other operating EX 18,371 43.691 24,838 3.67%
Other operating income 43,224 102% 105,656 15.626%
Finance cost 338,453 804% 1,812,807 268.1%
Loss before taxation (140,019) 201% (1,364,244) 333.04%
Taxation
Current (9,477) 22.53% (44815) 6.6%

Deferred (172,589) 410.46% (732,924) 108.3%

Horizontal ratio:

= 676135 – 42047
= 15.08

Cash Flow Statement

Cash flow from operating


activities
Loss for the year - before (140,019) 35.56% (1,364,244) 142.01%
taxation
Adjustments for non-cash
charges and other items:
Depreciation 439,254 110.9% 865,546 90.1%
Amortisation 2,191 0.55% 5,977 0.62%
Gain on disposal of (5,905) 1.49% (725) 0.07%
operating fixed assets - net
Employees' compensated 6,979 1.76% 7,137 0.74%
absences
Finance cost 338,453 85.49% 1,812,807 188.7%
Provision for obsolete stores 2,273 0.57% - -
and spares
Profit on bank deposits (1,294) 0.32% (5,046) 0.52%
Investment income - net - (43,403) 4.51%
Dividend income (6,094) 1.53% (12,021) 1.25%
Cash inflow from operating 635,838 160.8% 1,266,028 131.79%
activities before working
capital changes
Stores, spares and loose (168,927) 42.6% (1,311,164) 136%
tools
Stock-in-trade (168,763) 42.66% (64,243) 6.68%
Trade debts (31,128) 7.88% (548,779) 57.12%
Loans and advances 213,626 53.96% 2,873 0.29%
Deposits and short term (8,059) 2.02% (39,159) 4.07%
prepayments
Sales tax, customs and (3,131) 0.79% (20,027) 2.08%
excise duty
Due from gratuity fund trust (8,539) 2.15% (1,229) 0.127%
Other receivables 8,254 2.08% (20,582) 2.14%
Increase / (decrease) in (32,861) 8.3% 1,776,248 184.9%
trade and other payables
(199,528) (226,062)
Cash inflow from operating 436,310 110% 1,039,966 188.26%
activities - before taxation
Taxes paid (36,380) 9.18% (75,693) 7.87%
Compensated absences paid (4,037) 1.01% (3,641) 0.37%
Cash flow from investing
activities
Fixed capital expenditure (3,690,937) 94.6% (1,634,403) 116%
Sale proceeds of operating 8,458 0.21% 2,519 0.17%
fixed assets
Loans to employees 841 0.019% 109 0.0076%
Investments (200,000) 5.12% 173,551 12.31%
Deposits and prepayments (27,277) 0.69% (10,814) 0.787%
Profit on bank deposits 1,451 0.037% 4,685 0.33%
received
Dividend income 6,094 0.156% 12,021 0.85%
Net cash outflow from (3,901,370) (1,408,929) 3.08%
investing activities
Cash flow from financing
activities
Loans from related parties 250,000 7.08% (214,776) 48.7%

Long term loans and 1,961,698 55.6% (10,127,637) 2281%


finances
Long term deposits from (275) 0.00077 (120) 0.021%
stockists - net %
Lease finances - net 870,721 24.68% 183,871 41.41%
Short term finances - net (149,575) 4.23% 2,572,153 579.6%
Finance cost paid (238,890) 6.77% (1,996,914) 449.97%
Ordinary dividend paid (128) 0.00033 (14) 0.00031
%
Preference dividend paid (52,713) 1.49% (52,731) 11.88%

Ratio Analysis:

Profitability Ratio
Gross Profit Ratio:

2008: 1323830 ÷ 7815829 × 100 = 16.93%


2007: 8.35 %

Operating Profit Ratio:

2008: 980923 ÷ 7815829 × 100 = 12.55 %


2007: 4.16 %

Net Profit Ratio:

2008: 676135 ÷ 7815829 × 100 = 8.65 %


2007: 1.13 %

Earning Per Share:

2008: 676135 ÷ 926410 = 0.73


2007: 0.045 %

Dividend pay out Ratio:

2008: 52794 ÷ 676135 = 0.07


2007: 1.25 %

Price Earning Ratio:

2008: 10 ÷ 0.045 = 222.2


2007: 222.2 %

Return on net asset:

2008: 676135 ÷ 5023426.5 × 100 = 13.45 %


2007: 0.83 %

Cash Realization:
2008: 1039966 / 676135 = 1.538
2007: 10.37

Solvency Ratio:
Debt Equity Ratio:

2008: 8276763 ÷ 8360889 = 0.989


2007: 0.98

Debt to total asset Ratio:

2008: 8276763 ÷ 5994896.5 = 1.38


2007: 2.17

Proprietary Ratio:

2008: 8360889 ÷ 5023426.5 = 1.66


2007: 1.79

Cash flow to debt Ratio:

2008: 1039966 ÷ 8276763 = 0.12


2007: 0.05

Interest Earning Ratio:

2008: 448563 ÷ 1812807 = 0.25


2007: 0.59

Liquidity Ratio:
Current Ratio:

2008: 5994896 ÷ 7382464 = 0.812


2007: 1.07
Quick Acid test Ratio:

2008: 5994896 – (433952 + 82814) ÷ 7382464 = 0.74


2007: 0.957

Absolute liquid Ratio:

2008: 54532 – 89317 ÷ 7382464 = 0.0047


2007: 0.0085

Activity Ratio:
Inventory turn over Ratio:

2008: 6491999 ÷ 401830.5 = 16.156 times


2007: 8.464 times

Receivable turn over Ratio:

2008: 7815829 ÷ 68398 = 114.26


2007: 54.257

Assets turn over Ratio:

2008: 7815829 ÷ 5023426.5 = 1.555


2007: 0.738