mepel leaf

8/9/2019 Mepel Leaf.

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Presented To:Mr. Hamza

Mukhtar

Presented By:

Qamar Shahzad Sultan Rubbani


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Financial Statements AnalysisFinancial Statements Analy

sis

Analysis could be performed in three ways,Analysis could be performed in three ways,

Economic AnalysisEconomic Analysis

Industry AnalysisIndustry Analysis

Firm AnalysisFirm Analysis


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1.Economic Analysis1.Economic Analys

is

Economic indicators:Economic indicators:

GDP growthGDP growthInflationInflation

Per Capita Income ($1085,Rs.7142)Per Capita Income ($1085,Rs.7142)


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Real GDP GrowthReal GDP GrowthThe real GDP growth in financial year 2008 is found to be 5.8The real GDP growth in financial year 2008 is found to be 5.8

percent that was expected at 7.2 percent.percent that was expected at 7.2 percent.

This deficiency is due to:This deficiency is due to:

Unexpected weakness in commodity producing sectors,Unexpected weakness in commodity producing sectors,

leads to the revival of inflationary pressure.leads to the revival of inflationary pressure.

High energy cost.High energy cost.

Large external current account deficit.Large external current account deficit.

Trade balance $1.96 bnTrade balance $1.96 bnExports $1.53 bnExports $1.53 bn

Imports $2.72 bnImports $2.72 bn


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InflationInflationThe inflation rate in the economy in financialThe inflation rate in the economy in financial

year 2008 isyear 2008 is 10.310.3 percent that is very high aspercent that is very high ascompared to the last yearcompared to the last year7.87.8 percent.percent.

Low DemandLow Demand Inability to reduce prices of petroleumInability to reduce prices of petroleum

products.products.

High international commodity pricesHigh international commodity prices Domestic demand for construction inputs (e.g.Domestic demand for construction inputs (e.g.

metal, copper,etc.)metal, copper,etc.)


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Oil prices changesOil prices changes Inflationary pressures by stimulating theInflationary pressures by stimulating the

demand.demand.

Higher interest rates.Higher interest rates. High international commodity prices (e.g steel,High international commodity prices (e.g steel,

wheat etc.)wheat etc.)


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Prevailing inflation ratesPrevailing inflation rates

0

5

10

15

20

CPI Food Group Non Food

Group

INFLATION RATE

2005-06H

2006-07H

2007-08H


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Affect on Industry and FirmAffect on Industry and Firm

GDP growth decreased the growth of perGDP growth decreased the growth of per

capita cement consumption from 22.2% incapita cement consumption from 22.2% in

FY07 to 2.9% in FY08.FY07 to 2.9% in FY08.

Pakistans Cement sector is correlated to GDPPakistans Cement sector is correlated to GDP

growth.growth.

In the past years, Pakistans cement sectorIn the past years, Pakistans cement sector

witnessed a robust growth due to the countryswitnessed a robust growth due to the countrys

strong economic growth.strong economic growth.


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However, in FY08, lower GDP growth hasHowever, in FY08, lower GDP growth has

affected the construction activity in theaffected the construction activity in the

country and thus affected the demand forcountry and thus affected the demand for

cement in local market.cement in local market.

Sales volume achieved during the first quarterSales volume achieved during the first quarter

was 749,492 mt of grey cement, 18,664 mtwas 749,492 mt of grey cement, 18,664 mt

white cement.(FY08-373,830..FY07-15003)white cement.(FY08-373,830..FY07-15003)

Despite these high sales volume, the companyDespite these high sales volume, the companysuffered losses.suffered losses.


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Reasons of lossesReasons of losses

Higher production costs.Higher production costs.

Due to inflationary spiral afflicting ourDue to inflationary spiral afflicting our

economy.economy.

Huge input cost of coal.Huge input cost of coal.

Rapid depreciation in exchange rate andRapid depreciation in exchange rate and

mounting interest rate.mounting interest rate. Which adversely affected operating margins ofWhich adversely affected operating margins of

company.company.


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IndustryIndustry

AnalysisAnalysis


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Learning Objective in IndustryLearning Objective in Industry

AnalysisAnalysis To determine the opportunities and threats that exists forTo determine the opportunities and threats that exists for

firms within a competitive environment.firms within a competitive environment.

When analyzing an industry, taking all factors intoWhen analyzing an industry, taking all factors into

account, should we as a corporation, enter this industry?account, should we as a corporation, enter this industry?

The end result will be an understanding of what it takesThe end result will be an understanding of what it takes

to compete successfully.to compete successfully.

Model of porters five forces:Model of porters five forces:


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Porters Five ForcesPorters Five Forces

Threat of New EntrantsThreat of New Entrants

SuppliersSuppliers

BuyersBuyers

Substitute ProductsSubstitute Products

RivalryRivalry


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Definition ofDefinition of

IndustryIndustry

The people or companies engaged in aThe people or companies engaged in a

particular kind of commercialparticular kind of commercial

enterprise; "each industry has its ownenterprise; "each industry has its own

trade publications"trade publications"

Concerns primarily engaged in theConcerns primarily engaged in the

same kind of economic activity aresame kind of economic activity are

classified in the same industryclassified in the same industry

regardless of their types of ownershipregardless of their types of ownership(such as sole proprietorship,(such as sole proprietorship,

partnership or corporation).partnership or corporation).

D fi i i fD fi i i f


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Definition ofDefinition of

ChemicalChemicalIndustryIndustryCompanies thatCompanies that

manufacture and/ormanufacture and/or

distribute chemicals,distribute chemicals,

including basic,including basic,

intermediate, andintermediate, and

specialty chemicals;specialty chemicals;

petrochemicals;petrochemicals;


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Nature of theNature of the

BusinessBusiness

The nature of theThe nature of thechemical industry is ofchemical industry is of

manufacturingmanufacturing

concern.concern.

It means the industrIt means the industr


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Customers of the chemicalCustomers of the chemical

industryindustry

Textile industryTextile industry

Oil manufacturerOil manufacturer

Ghee manufacturerGhee manufacturer

Soap industrySoap industry

Foreign buyersForeign buyers


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Major ProductsMajor Products Caustic SodaCaustic Soda

Sodium Hypo chlorideSodium Hypo chloride

Bleaching PowderBleaching Powder

Liquid ChlorineLiquid Chlorine

Agri. ChemicalsAgri. Chemicals

Hydcloric AcidHydcloric Acid

Ammonium ChlorideAmmonium Chloride


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Chemical Product DevelopmentChemical Product Development

Coordination of customers needs with theCoordination of customers needs with the

capabilities of technologycapabilities of technology Establishment of market potential to justifyEstablishment of market potential to justify

investments.investments.

Analyzing the special chemical industryAnalyzing the special chemical industry Recommendations for strategic direction ofRecommendations for strategic direction of

the industrythe industry


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How this objective can beHow this objective can be

achieved?achieved?

Idea GenerationIdea Generation Technology searchTechnology search

EvaluationEvaluation

Market developmentMarket development Licensing and negotiatingLicensing and negotiating

Team effortsTeam efforts


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Changing chemical industryChanging chemical industry

Decline of MultinationalsDecline of Multinationals

The rise of chemical contractorsThe rise of chemical contractors

Flexibility in productionsFlexibility in productions

Globalization of chemical industryGlobalization of chemical industry

Advances in process technology and techniquesAdvances in process technology and techniques


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Organizational change in industryOrganizational change in industry

Large chemical complex has becomeLarge chemical complex has becometechnology parkstechnology parks

Transferring of chemicals through largeTransferring of chemicals through largedistribution facilities.distribution facilities.


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New Production TechnologyNew Production Technology

Reduce the size and increase the capabilityReduce the size and increase the capability

of standard configurations within facilities.of standard configurations within facilities.

Capabilities for Just In Time productionCapabilities for Just In Time production

Increase in firms using batch processingIncrease in firms using batch processing


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Sales and Distribution channelSales and Distribution channel

Sales and distribution channel consists of thisSales and distribution channel consists of this

industry may be of following types:industry may be of following types:

Chemical industryChemical industry wholesalerwholesaler

RetailersRetailers End customersEnd customers

Chemical industry RetailersChemical industry Retailers Chemical industry End customersChemical industry End customers


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Obstacles of Growth of LocalObstacles of Growth of Local

industryindustry

Expensive New TechnologyExpensive New Technology

Lack of Trained TeachersLack of Trained Teachers

Lack of skilled PersonnelLack of skilled Personnel

Government RegulationsGovernment Regulations

Economic SituationsEconomic Situations


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Attract New Firm in IndustryAttract New Firm in Industry

Government Rules & RegulationsGovernment Rules & Regulations

Policy must be set for the investors in thePolicy must be set for the investors in theindustry in case of taxation.industry in case of taxation.

Availability of skilled LaborAvailability of skilled Labor

Cheaper new technologyCheaper new technology


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CompetitionCompetition

Firms are under not much high competition becauseFirms are under not much high competition because

the already the number of firms which are producingthe already the number of firms which are producing

chemicals are low in numbers.chemicals are low in numbers.

However companies uses three types of strategy toHowever companies uses three types of strategy tocompete within industry with some other firms.compete within industry with some other firms.

DifferentiationDifferentiation Cost LeadershipCost Leadership

FocusFocus


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Elements of CostElements of Cost

Direct MaterialDirect Material

Direct LaborDirect Labor

Factory over headFactory over head


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Business CycleBusiness Cycle

The business cycle of chemicalThe business cycle of chemical

industry is at the stage of Recovery.industry is at the stage of Recovery.

Due to:Due to:

Good economic situationsGood economic situations


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FirmFirm

AnalysisAnalysis


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Learning Objective of FirmLearning Objective of Firm

AnalysisAnalysis

The learning objective for the firm analysis is toThe learning objective for the firm analysis is to

determine the strength and weaknesses of a firmdetermine the strength and weaknesses of a firmand to determine core competence that can be builtand to determine core competence that can be built

on to establish a competitive advantage. The finalon to establish a competitive advantage. The final

step is to develop a business plan that will align thestep is to develop a business plan that will align the

capabilities of the firm with the requirements ofcapabilities of the firm with the requirements of

the competitive environment. How a firmsthe competitive environment. How a firms

performance is defined is left to the students.performance is defined is left to the students.


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Firm Analysis MethodFirm Analysis Method

Firm analysis and development of anFirm analysis and development of anabbreviated business plan to ensure longabbreviated business plan to ensure long

term survival within the competitiveterm survival within the competitive

environment. Compare your firm to aenvironment. Compare your firm to a

better performing firm within the samebetter performing firm within the same

industry or to the industry trends.industry or to the industry trends.


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Outline that should be for FirmOutline that should be for Firm

AnalysisAnalysis Current SituationCurrent Situation

Brief firm historyBrief firm history

Strategic PostureStrategic Posture

External Environment (Opportunities and Threats)External Environment (Opportunities and Threats)

Socio CultureSocio Culture Task EnvironmentTask Environment

Internal Environment (Strength and Weaknesses)Internal Environment (Strength and Weaknesses) ManagementManagement

MarketingMarketing

Operations/ ProductionsOperations/ Productions FinanceFinance

Human Resource ManagementHuman Resource Management

Management Information SystemManagement Information System


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Firm AnalysisFirm Analysis

Forecasting Of EarningsForecasting Of Earnings

Dividends and Discount ratesDividends and Discount rates

Balance Sheet and Income Statement AnalysisBalance Sheet and Income Statement Analysis

Flow of FundsFlow of Funds

Analysis of accounting policies and footnotesAnalysis of accounting policies and footnotes

RisksRisks


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SHARE CAPITAL ANDSHARE CAPITAL ANDRESERVERESERVE 20062006 20052005

Authorized share capitalAuthorized share capital 300,000,000300,000,000 300,000,000300,000,000

Issued subscribed and paid upIssued subscribed and paid upcapitalcapital

185,535,990185,535,990 185,535,990185,535,990

Capital ReserveCapital Reserve 100,294,195100,294,195 97,490,41097,490,410

Revenue ReserveRevenue Reserve1,322,061,8821,322,061,882 1,140,153,3481,140,153,348

Takaful ReserveTakaful Reserve 50,000,00050,000,000 50,000,00050,000,000

TotalTotal 1,657,892,0671,657,892,067 1,473,179,7481,473,179,748

Balance Sheet

Cont.


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NON CURRENT LIABILITESNON CURRENT LIABILITES 20062006 20052005

Redeemable capitalRedeemable capital

Term finance certificatesTerm finance certificatesContribution to Takaful reserve by TFCContribution to Takaful reserve by TFCholdersholders

Islamic Sukuk CertificatesIslamic Sukuk Certificates

--

8,873,8248,873,8241,100,000,0001,100,000,000

122,400,000122,400,000

13,657,65713,657,657--

Long Term financingLong Term financingLiability against subject toLiability against subject tofinance leasefinance lease

Long term modarabaLong term modaraba

Long term depositsLong term deposits

296,392,795296,392,795--

58,314,13158,314,131

16,125,54316,125,543

416,005,019416,005,01914,353,69914,353,699

97,190,21597,190,215

13,961,57413,961,574

TotalTotal 1,479,706,2931,479,706,293 677,568,164677,568,164

DEFERRED LIABILITIESDEFERRED LIABILITIES Cont.


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CURRENT LIABILITESCURRENT LIABILITES 20062006 20052005

Trade and other payablesTrade and other payables

Profit/Financial Charges PayableProfit/Financial Charges Payable

Short term financingShort term financing

Current Portion ofCurrent Portion of

Non current liabilitieson current liabilities

Long term morabahaLong term morabaha

TaxationTaxationIncome TaxIncome Tax

Sales taxSales tax

542,663,204542,663,204

34,562,74834,562,748

666,890,558666,890,558

232,581,402232,581,402

38,876,08438,876,084

331,862,829331,862,829

25,213,36025,213,360

588,666,530588,666,530

43,840,21143,840,211

35,956,56535,956,565

184,328,037184,328,037

19,438,04219,438,042

330,869,151330,869,151

--

TotalTotal 1,872,650,1851,872,650,185 1,203,098,5361,203,098,536

CONTENGIES ANDCONTENGIES ANDCOMMITEMENTSCOMMITEMENTS

-- --

TOTAL LIABILITES ANDTOTAL LIABILITES AND

SHARE HOLDERS EQUITYSHARE HOLDERS EQUITY5,370,475,4945,370,475,494 3,622,208,6553,622,208,655


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Non Current AssetsNon Current Assets 20062006 20052005Property, Plant & EquipmentProperty, Plant & Equipment 2,740,956,3382,740,956,338 1,729,807,5271,729,807,527

Non-Operating Land at costNon-Operating Land at cost 713,786,152713,786,152 712,880,794712,880,794

Long Term InvestmentLong Term Investment 11,203,93211,203,932 15,405,40715,405,407

Long Term Loans andLong Term Loans andAdvancesAdvances

761,397761,397 1,133,5151,133,515

Long Term DepositsLong Term Deposits 20,363,05020,363,050 20,456,19920,456,199

TotalTotal 3,487,070,8693,487,070,869 2,479,683,4422,479,683,442

Assets Side

Cont.


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Current AssetsCurrent Assets 20062006 20052005Stores, spares and loose toolsStores, spares and loose tools 210,104,864210,104,864 182,406,368182,406,368

Stock in tradeStock in trade 407,042,247407,042,247 319,145,699319,145,699

Trade DebtsTrade Debts 353,050,222353,050,222 247,078,255247,078,255

Loans and advancesLoans and advances 495,779,205495,779,205 300,679,979300,679,979

Trade deposits and short termTrade deposits and short termprepaymentsprepayments5,022,3045,022,304 3,985,2793,985,279

Other ReceivablesOther Receivables 7,243,6857,243,685 4,325,6934,325,693

Cont.


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Current AssetsCurrent Assets 20062006 20052005InvestmentsInvestments 4,180,4754,180,475 2,313,8142,313,814

Sales tax refundableSales tax refundable -- 1,142,8371,142,837

Cash and bank balancesCash and bank balances 400,981,623400,981,623 81,447,28981,447,289

Total Current AssetsTotal Current Assets 1,883,404,6251,883,404,625 1,142,525,2131,142,525,213

Total AssetsTotal Assets 5,370,475,45,370,475,49494

3,622,208,63,622,208,65555


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Profit & Loss AccountProfit & Loss Account20062006 20052005

SalesSales

Less:Less: Cost of goods soldCost of goods sold

3,811,890,0433,811,890,043

3,106,772,4803,106,772,480

3,942,390,7743,942,390,774

3,042,004,1823,042,004,182

Gross profitGross profit

Add:Add: Other operating incomeOther operating incomeTotalTotal

705,117,563705,117,563

9,488,0989,488,098714,605,661714,605,661

900,386,592900,386,592

6,755,2076,755,207907,141,799907,141,799

Distribution costDistribution cost

Administrative expensesAdministrative expenses

Other operating expensesOther operating expenses

Finance costFinance cost

Share of profit/(loss) of associatedShare of profit/(loss) of associatedcompanycompany

(54,522,873)(54,522,873)

(140,981,544)(140,981,544)

(123,453,412)(123,453,412)(137,785,602)(137,785,602)

359,465359,465

(63,080,491)(63,080,491)

(129,744,989)(129,744,989)

(95,813,400)(95,813,400)(129,373,612)(129,373,612)

(1,961,925)(1,961,925)

358 221 695358 221 695 487 167 382487 167 382


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20062006 20052005

Profit Before TaxationProfit Before Taxation

Less:Less:provision for taxationprovision for taxation

358,221,695358,221,695

91,709,03191,709,031

487,167,382487,167,382

141,551,583141,551,583

Profit After TaxationProfit After Taxation

Loss on disposal of assets ofLoss on disposal of assets ofdiscontinued operationsdiscontinued operations

266,512,664266,512,664

--

345,615,799345,615,799

(50,067,798)(50,067,798)

Profit for the yearProfit for the year 266,512,664266,512,664 295,548,001295,548,001

Earnings Per Share-BasicEarnings Per Share-Basic 14.3614.36 15.9315.93


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Liquidity RatiosLiquidity Ratios

RatiosRatios 20062006 20052005

Current RatioCurrent Ratio 1.18:11.18:1 1.16:11.16:1

The increase in ratio is resulting due to the increase inThe increase in ratio is resulting due to the increase in

different current assets.i.e the major change in thedifferent current assets.i.e the major change in the

current assets (cash) and trade Receivables andcurrent assets (cash) and trade Receivables andinventory is also increased.inventory is also increased.


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Cash Flow from operation RatioCash Flow from operation Ratio

20062006

20052005Cash from operations/CurrentCash from operations/CurrentLiabilities 0.03Liabilities 0.03 0.6230.623

The ratio is decreasing due to increaseThe ratio is decreasing due to increase

payment of finance cost, income taxpayment of finance cost, income tax

and gratuity, which results inand gratuity, which results in

Analysis ofAnalysi

s of


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Analysis ofAnalysis of

ProfitabilityProfitabilityProfitability can be analyzed byProfitability can be analyzed by

using different ratios:using different ratios:

Gross profit Margin RatioGross profit Margin Ratio20062006 20052005

Gross Profit/SalesGross Profit/Sales

18.5018.50 22.8422.84

The ratio of Gross profit isThe ratio of Gross profit is

decreasing due to the followingdecreasing due to the following

reasons:reasons:


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Net Margin RatioNet Margin Ratio 20062006

20052005Net profit/SalesNet profit/Sales 7.00%7.00%7.50%7.50%

The decrease in net margin ratio isThe decrease in net margin ratio is

due to decrease in sales and ultimatelydue to decrease in sales and ultimately

low profits.low profits.But if we look at the operatingBut if we look at the operating

expenses, we have come to know thatexpenses, we have come to know that

one expense named as EXCHANGEone expense named as EXCHANGE

O i M iO

ti M i 20062006


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Operating MarginOperating Margin 20062006

20052005

Operating Profit/SalesOperating Profit/Sales 13.3613.36

17.9417.94

One reason of decreasing in the ratioOne reason of decreasing in the ratio

of operating profit is alreadyof operating profit is already

discussed that sales are decreasingdiscussed that sales are decreasing

and cost of goods sold is increasing.and cost of goods sold is increasing.

Other reason is that administrativeOther reason is that administrative

expenses are also increasing. Theexpenses are also increasing. The


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Assets Turnover RatioAssets Turnover Ratio 20062006

20052005Net Sales/Average Total AssetsNet Sales/Average Total Assets 0.870.87

1.461.46

The main reason in decreasing theThe main reason in decreasing the

ratio is an increase in the value ofratio is an increase in the value of

assets and decrease in sales of theassets and decrease in sales of the

company for the year 2006company for the year 2006


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Long Term DebtLong Term Debt

Paying AbilityPaying AbilityThe Long term debt payingThe Long term debt paying

ability of the company canability of the company can

be checked by using be checked by usingdifferent ratios:different ratios:

Debt To EquityDebt To Equity 20062006

20052005

51:4951:49


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Common Size AnalysisCommon Size Analysis

B l Sh t


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SHARE CAPITAL ANDSHARE CAPITAL ANDRESERVERESERVE 2006 (%)2006 (%) 2005(%)2005(%)

Authorized share capitalAuthorized share capital 5.585.58 8.288.28

Issued subscribed and paid upIssued subscribed and paid upcapitalcapital3.453.45 5.125.12

Capital ReserveCapital Reserve 1.871.87 2.722.72

Revenue ReserveRevenue Reserve 24.6124.61 31.4531.45

Takaful ReserveTakaful Reserve 0.930.93 1.381.38

TotalTotal 30.8730.87 40.6740.67

Balance Sheet

Cont.


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NON CURRENT LIABILITESNON CURRENT LIABILITES 2006 (%)2006 (%) 2005 (%)2005 (%)

Redeemable capitalRedeemable capitalTerm finance certificatesTerm finance certificatesContribution to Takaful reserve by TFCContribution to Takaful reserve by TFCholdersholders


--

0.170.17

20.4820.48

3.383.38

0.380.38

--

Long Term financingLong Term financing

Liability against subject toLiability against subject tofinance leasefinance lease



5.525.52

--

1.081.08

0.300.30

11.4811.48

0.400.40

2.682.68

0.390.39

TotalTotal27.5527.55 18.7018.70


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CURRENT LIABILITESCURRENT LIABILITES 2006 (%)2006 (%) 2005 (%)2005 (%)






Long term morabahaLong term morabahaTaxationTaxation

Income TaxIncome Tax

Sales taxSales tax

10.1010.10

0.640.64

12.4212.42

4.334.33

0.720.72

6.186.18

0.470.47

16.2516.25

1.211.21

0.990.99

5.095.09

5.375.37

9.139.13

--

TotalTotal 34.8734.87 33.2133.21


-- --

TOTAL LIABILITES ANDTOTAL LIABILITES AND 100100 100100

A Sid


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Non Current AssetsNon Current Assets 2006 (%)2006 (%) 2005 (%)2005 (%)Property, Plant & EquipmentProperty, Plant & Equipment 51.0451.04 47.7647.76

Non-Operating Land at costNon-Operating Land at cost 13.2913.29 19.6819.68

Long Term InvestmentLong Term Investment 0.210.21 0.430.43

Long Term Loans andLong Term Loans andAdvancesAdvances

0.010.01 0.030.03

Long Term DepositsLong Term Deposits 0.380.38 0.560.56

TotalTotal 64.9364.93 68.4668.46

Cont.

Assets Side


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Current AssetsCurrent Assets 2006 (%)2006 (%) 2005 (%)2005 (%)Stores, spares and loose toolsStores, spares and loose tools 3.913.91 5.045.04

Stock in tradeStock in trade 7.587.58 8.818.81

Trade DebtsTrade Debts 6.576.57 6.826.82

Loans and advancesLoans and advances 9.239.23 8.308.30

Trade deposits and short termTrade deposits and short termprepaymentsprepayments

0.090.09 0.110.11

Other ReceivablesOther Receivables 0.130.13 0.120.12

Cont.


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Current AssetsCurrent Assets 2006 (%)2006 (%) 2005 (%)2005 (%)

InvestmentsInvestments 0.080.08 0.060.06

Sales tax refundableSales tax refundable -- 0.030.03

Cash and bank balancesCash and bank balances 7.477.47 2.252.25

Total Current AssetsTotal Current Assets 35.0735.07 31.5431.54

Total AssetsTotal Assets 100100 100100

P fit & L A/C


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2006 (%)2006 (%) 2005 (%)2005 (%)

SalesSales


100100

81.5081.50

100100

77.1677.16


Add:Add: Other operating incomeOther operating incomeTotalTotal

18.5018.50

0.250.25

18.7518.75

22.8422.84

0.170.17

23.0123.01






(1.43)(1.43)

(3.70)(3.70)

(0.62)(0.62)

(3.61)(3.61)

0.0090.009

(1.60)(1.60)

(3.29)(3.29)

(2.43)(2.43)

(3.28)(3.28)

(0.05)(0.05)

Profit & Loss A/C


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2006 (%)2006 (%) 2005 (%)2005 (%)



9.409.40

2.412.41

12.3512.35

3.593.59


Loss on disposal of assets ofLoss on disposal of assets ofdiscontinued operationsdiscontinued operations

6.996.99

--

8.768.76

(1.27)(1.27)

Profit for the yearProfit for the year 6.996.99 7.497.49


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Index AnalysisIndex Analysis

B l Sh t


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SHARE CAPITAL ANDSHARE CAPITAL ANDRESERVERESERVE 2006 (%)2006 (%) 20052005(Base(BaseYear)Year)

Authorized share capitalAuthorized share capital 100100 100100

Issued subscribed and paid upIssued subscribed and paid upcapitalcapital

100100 100100

Capital ReserveCapital Reserve 101.71101.71 100100

Revenue ReserveRevenue Reserve 116.07116.07 100100

Takaful ReserveTakaful Reserve 100100 100100

Balance Sheet


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NON CURRENT LIABILITESNON CURRENT LIABILITES 2006 (%)2006 (%) 20052005

Redeemable capitalRedeemable capitalTerm finance certificatesTerm finance certificates

Contribution to Takaful reserve by TFCContribution to Takaful reserve by TFCholdersholders


--

64.9764.97

--

100100

100100

--

Long Term financingLong Term financing

Liability against subject toLiability against subject tofinance leasefinance lease



71.2571.25

--

60.0060.00

115.50115.50

100100

100100

100100

100100

TotalTotal

218.38218.38 100100

CURRENT LIABILITES


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CURRENT LIABILITESCURRENT LIABILITES 2006 (%)2006 (%) 20052005






Long term morabahaLong term morabahaTaxationTaxation

Income TaxIncome Tax

Sales taxSales tax

92.1992.19

78.8478.84

1854.711854.71

126.18126.18

200200

100.30100.30

--

100100

100100

100100

100100

100100

100100

--

TotalTotal 155.65155.65 100100


-- --

TOTAL LIABILITES ANDTOTAL LIABILITES AND

SHARE HOLDERS EQUITYSHARE HOLDERS EQUITY148.27148.27 100100

A t Sid


63/68

Non Current AssetsNon Current Assets 2006 (%)2006 (%) 20052005

Property, Plant & EquipmentProperty, Plant & Equipment 158.45158.45 100100

Non-Operating Land at costNon-Operating Land at cost 100.13100.13 100100

Long Term InvestmentLong Term Investment 72.7272.72 100100

Long Term Loans andLong Term Loans and

AdvancesAdvances

67.1767.17 100100

Long Term DepositsLong Term Deposits 99.5499.54 100100

TotalTotal 140.63140.63 100100

Assets Side


64/68

Current AssetsCurrent Assets 2006 (%)2006 (%) 2005 (%)2005 (%)Stores, spares and loose toolsStores, spares and loose tools 115.19115.19 100100

Stock in tradeStock in trade 127.54127.54 100100

Trade DebtsTrade Debts 142.89142.89 100100

Loans and advancesLoans and advances 164.89164.89 100100

Trade deposits and short termTrade deposits and short termprepaymentsprepayments

126.02126.02 100100

Other ReceivablesOther Receivables 167.46167.46 100100


65/68

Current AssetsCurrent Assets 2006 (%)2006 (%) 2005 (%)2005 (%)InvestmentsInvestments 180.67180.67 100100

Sales tax refundableSales tax refundable -- 100100

Cash and bank balancesCash and bank balances 492.32492.32 100100

Total Current AssetsTotal Current Assets 164.85164.85 100100

Total AssetsTotal Assets 148.27148.27 100100

P fit & L A/C


66/68

2006 (%)2006 (%) 20052005SalesSales


96.6996.69

102.13102.13

100100

100100


Add:Add: Other operating incomeOther operating income

TotalTotal

78.3178.31

140.45140.4578.7878.78

100100

100100100100






86.4386.43

108.66108.66

24.4824.48

106.50106.50

645.79645.79

100100

100100

100100

100100

100100

Profit & Loss A/C


67/68

2006 (%)2006 (%) 20052005



73.5373.53

64.7964.79

100100

100100


Loss on disposal of assets ofLoss on disposal of assets of

discontinued operationsdiscontinued operations

77.1177.11

--

100100

100100

Profit for the yearProfit for the year 90.1890.18 100100

Earnings Per ShareEarnings Per Share 90.1490.14 100100


68/68

Thank YouThank YouVery MuchVery Much

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