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2004 2005 2006 2007

SHARE CAPITAL AND RESERVES


Authorized Capital 1500000 1500000 1500000 2500000
Paid up Capital 873840 1092300 1365375 1706719
Reserves 4674314 5645662 6171543 6410922
5548154 6737962 7536918 8117641
NON CURRENT LIABILITIES
staff retirement benefits-gratuity 149069 158467 66057 23192
Deffered Texation 75987 97387 137041 262458
225056 255854 203098 285650
CURRENT LIABILITIES
Trade and other payables 953829 894170 1598432 1698374
Texation 138151 372525 105374 62844
1091980 1266695 1703806 1761218

6865190 8260511 9443822 ###

NON CURRENT ASSETS


Fixed assets - property, plant and equipment 1433626 1503102 1774449 2236720
Long Term loans 47699 39568 35786 53755
Long term deposits 7248 7008 6808 6808
Investments 406730 191674 96425 346824

CURRENT ASSETS
Stores and spares 53980 52877 64996 107199
Stock in trade 1632308 1972953 2195407 2277175
Trade debts 33407 64881 84697 116847
Loans and advances 50074 62781 64589 81039
Trade deposits and payments 44518 62592 76420 84348
Accrued interest 21625 66624 189829 109851
Refund Due from government 79918 56107 39430 14898
Onther receivables 49416 378071
Investments 196045 99100 98227
Cash Bank Balance 3054057 3984299 4666470 4252745
Texation Payments less provision
Total Current Asset 4969887 6519159 7530354 7520400

Total Asset 6865190 8260511 9443822 ###


2004 2005 2006 2007

INCOME STATEMENT
Net Sales 8866959 9416881 10088247 ###
Cost of goods sold 5361319 5570505 6221581 6658753
Gross profit 3505640 3846376 3866666 3952129

selling, marketing and distibution espenses 1038073 901671 1053388 1210818


Administrative expenses 351,460 362287 436881 487420
Other operating expenses 155,818 225186 221662 223912
other operating income 187577 350402 496390 639415
operating profit 2147866 2707634 2651125 ###

Financial Charges 28601 13246 19316 11550


Profit before texation 2119265 2694388 2631809 ###
Texation 648000 880731 966906 988018
Profit after texation 1471265 1813657 1664903 ###
2008 2009

2500000 2500000
1706718 1706718
6648173 6397381
8354891 8104099

20802 58894
312270 320435
333072 379329

1867275 2524426
70387
1937662 2524426

10625625 11007854

2415255 2600814
61666 61299
6788 7027
171855 168687

116084 129239
3494054 4061840
1016968 996915
119242 91315
93377 87754
80596 21503
15468 15436
153864 129156
155511 644889
2724897 1739236
252744
7970061 8170027

10625625 11007854
2008 2009

13403224 14719132
9547619 11173470
3855605 3545662

1328925 1673809
520216 589714
208355 138585
1279790 436615
3077899 1580169

76859 14348
3001040 1565821
1045853 632791
1955187 933030
Cost of goods sold
Raw and packing materials consumed 3556271 3798525 4057514
Manufacturing charges to third party 133720 137001 78554
Stores and spares consumed 20767 17583 24154
Salaries, wages, benefits and staff welfare – note 20.1 628574 566874 775250
Fuel and Power 115648 122606 152482
Rent, rates and taxes 5518 5467 9288
Royalty and technical fee 9776 9282 126822
Lease rentals 473 120
Insurance 22890 27860 42252
Repairs and maintenance 72675 73526 93011
Training expenses 2210 2196 1237
Travelling and entertainment 6547 10547 12753
Vehicle running 5048 6022 6563
Depreciation / Amortisation 89529 89922 90946
Impairment loss 1311 30211 40392
Provision for slow moving and obsolete stock written back12960 10667 21648
Provision for slow moving and obsolete stores 223 151
Canteen expenses 29659 36409 45134
Laboratory expenses 8897 15295 15658
Communication and stationery 8396 8463 8493
Security expenses 2651 2372 2389
Other expenses 10450 14320 15507
4718050 4963711 5620198
Opening stock of work-in-process 228550 221860 212401
Closing stock of work-in-process 221860 212401 188306
Cost of goods manufactured 4724740 4973170 5644293
Opening stock of finished goods 703842 762045 878741
Purchase of finished goods 787534 791746 1026701
Provision for slow moving and obsolete stock-finish goods
6216116 6526961 7549735

Closing stock of finished goods 762045 878741 1255365


Cost of samples shown under selling, marketing
and distribution expenses 92752 77715 72789

5361319 5570505 6221581


4074237 4912391 7108891
99996 115585 136211
21980 20166 31814
651229 827758 887668
165032 218633 238002
8439 2421 4191
128463 152256 157754

47621 38146 48995


92831 96987 94139
2362 1567 127
9404 9294 11647
8611 10835 9723
103387 141214 167483
1241 14541 17913
61903 18569 13857
648 805 80
50681 62648 72184
19538 25738 29378
7838 8093 7699
4273 4597 7366
20496 21221 20535
5576432 6703465 9065657
188306 118537 201425
118,537 201425 245411
5646201 6620577 9021671
1255365 1250190 1659566
1083946 3344404 2989569
59674 75901
7985512 ### 13746707

1250190 1659565 2452874

76569 67661 120363

6658753 9547619 11173470


Selling and Marketing Expenses
Salaries, wages, benefits and staff welfare 385528 305260 395321 509837 484198
Handling, freight and transportation 57553 59919 86339 86844 12507
Advertising 54905 71495 59768 66727 70059
Sales promotion 339708 269919 298272 303519 374776
Travelling and entertainment 79557 71110 92624 101478 104079
Vehicle running 18082 20266 21742 28649 33611
Depreciation / Amortisation 20008 16951 18844 21412 28339
Canteen expenses 208 260 461 635 880
Rent, rates and taxes 8986 6548 6371 6617 5912
Lease rentals 2797 2266
Training expenses 3579 9119 2276 1974 1107
Fuel and power 6442 9170 8008 9580 104719
Publication and subscriptions 10102 9000 12937 13108 15775
Insurance 11066 11291 7684 6905 8562
Repairs and maintenance 2380 4567 5506 8206 12711
Stationery 8354 7022 7557 6617 7532
Postage, telex and telephone 19305 14220 12733 14484 15171
Security expenses 2107 3721 2769 7143 7682
Security deposit written off 2108 885 2186 1824
Other expenses 5298 9567 13291 14897 17780
1038073 901671 1053388 1210818 1328925
612538
470436
118682
163783
120831
31298
34164
21513
14814

13417
11600
10796
9448
9370
7944
2581
1013
1060
18521
1673809
Administrative Expenses
Salaries, wages, benefits and staff welfare 179340 182632 234993 264758 239959
Travelling and entertainment 10493 11491 12820 7195 61488
Vehicle running 5419 7483 8180 9871 33787
Depreciation / Amortisation 48399 44732 42976 47563 14568
Canteen expenses 11031 4537 3620 2918 18980
Rent, rates and taxes 2834 2333 18509 6500 4406
Lease rentals 1489 1134
Training expenses 1518 4482 11850 16754 8985
Publication and subscriptions 2743 4106 2296 5843 16397
Insurance 2703 3814 3586 4536 7863
Repairs and maintenance 16931 20985 20285 29622 4935
Stationery 6770 7976 8606 10095 12641
Legal and professional charges 17467 16290 16793 15361 15743
Auditors’ remuneration 9531 7705 8086 9627 11312
Donations 6863 15972 14581 21568 22452
Postage, telex and telephone 14392 17993 18531 20940 27082
Security expenses 3600 3510 3740 4417 8376
Other expenses net of recovery from a related party of9937 5112 7429 9852 11242
351460 362287 436881 487420 520216
301647
68145
33567
28529
14264
28181

19317
15472
13086
11784
11390
11209
8418
5817
4199
4171
10518
589714