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PROJECT REPORT

FINANCE FOR TECHNICAL MANAGERS

RATIOS ANALYSIS

ATTOCK CEMENT PAKISTAN LIMITTED

Prepared By Instrutor

Lt Col Ashfaq hussain Bhatti Mr. Bilal rasul

SP-11/MSc-EM/040



Table of Contents

Part-1

Introduction, anagement, Vision, Mission and Corporate Objectives 3-6

Part-2

Financial Data 6-8

Part-3

Analysis / 9-16

Conclusion

Part-4 (Annextures) 17-25

Key Financial Data

AnalysisFinancial Summary

Balance Sheet

Profit and Loss Account

Comprehensive Income

2



Attock Cement Pakistan Limited

Financial Analysis Review of Annual Report-2010/2011

Part-1

Introduction

1. Attock Cement Pakistan Limited (ACPL) is a public limited company, listed

on the Karachi Stock Exchange since June 2002. Main business of the company is

manufacturing and sales of cement. ACPL, is part of the Pharaon Group, which in

addition to investment in cement industry has diversified stakes in Pakistan mainly

in the oil and gas sector, power and real estate sector. ACPL's project was

conceived in 1981. The project is a Pak-Saudi venture and has involved an initial

capital outlay of around Rs.1.5 billion with a foreign exchange component of

around US$ 45 million.

2. ACPL's manufacturing plant is located in Tehseel Hub, District Lasbella,

Baluchistan, at a distance of about 45 kilometers north west of Karachi. ACPL has

attained ISO 9001:2000 and ISO 14000 certifications from Lloyds Register

Quality Assurance (LRQA) in 2002 and 2006 . ACPL is making substantial

contribution to the country's economy and deposited over Rs.2,646 million (US$

31.5 million) in the form of Excise Duty , Sales Tax, Royalty and Income Tax

during the year 2008-2009.

3. The Plant's original capacity was 2000 TPD of Clinker and it was the first

plant in the country to be based on the latest SUSPENSION, PRE-HEATER/PRE-

3



CALCINATION, dry process technology which results in substantial savings in

fuel and energy costs besides balanced plant operations. With continuous growth in

cement demand both in local and regional markets, the company put up another

line of 3,300 TPD of clinker in 2006-2007 at a total investment of US $ 61 million.

With this additional line the total clinker capacity of the company has reached

1,710,000 MT of clinker per annum. “The cement manufactured and being

marketed under the “FALCON” brand is of the highest standard and truly the

market leader.”

Aim

4. To analyze the Annual Financial Report 2010 of Attock Cement Pakistan

Limited (ACPL).

Management

5. Senior management of ACPL Comprises:

a. Dr. Ghaith R. Pharaon - (Chairman)

b. Laith G. Pharaon

c. Wael G. Pharaon

d. Shuaib A. Malik

e. Abdus Sattar

f. Babar Bashir Nawaz - Chief Executive

g. Fakhrul Islam Baig

Audit Committee of the Board

6. Audit committee of the company comprises:-

a. Abdus Sattar - Chairman

4



b. Shuaib A. Malik - Member

c. Fakhrul Islam Baig - Member

7. Auditors.

A.F. Ferguson & Co.Chartered Accountants

8. Cost Auditors.Siddiqi & CoCost & Management Accountants

9. Budget Committee. The Budget Committee reviews and approves

the annual budget proposals prior to being presented for the approval of the Board.

The Committee also monitors utilization of the approved budget.

Vision of ACPL

10. To be the leading organization continuously providing high quality cement,

excelling in every aspect of its business and to remain market leader in Cement

Industry.

Mission.

11. To be a premier and reputable cement manufacturing company dedicated to

become an industry leader by producing quality products, providing excellent

services, enhancing customer satisfaction and maximizing shareholders' value

through professionalism and dedicated teamwork.

Corporate Objectives

9. The Company follows a duly approved Corporate Strategy, which consists

of the following main points. To maintain its position as a leading manufacturer of

quality products that surpass both national and international standards. Growth,

expansion and sustained profitability are the guiding principles of ACPL's business

5



model. Focusing on the strategic plans to grow the business beyond the borders,

while enhancing the market share locally in South. To retain its lines of processes

at highest level of operational efficiency. To achieve competitive operating

margins with continuous growth both in productivity and profitability. To provide

competitive rate of return to its shareholders on their investments. To remain

committed in delivering quality and value to its customers and providing high

quality cement products suitable for all construction purposes. To embrace

consistency in high standards of service delivery. To continue with the

commitment to provide a secure and innovative workplace for all its human

resources. To remain committed by producing products in an environmentally and

socially responsible manner. To achieve these strategic corporate objectives, the

Company generally follows the following broad and approved strategy.

6



Part-2

8. Key Financial Data. It is observed that the trends are good especially in

Assets, reserves, gross profit margin. Assets have increased from previous year to

this year, G.P is also increasing. Details are at Annex A.

9. Verticle and Horizontal Analysis. Annex B

10. Financial Summary at Glance. Graphical representation of last four

years Financial Summary is at Annex C

11. Director’s Report. The Director’s report together with Audited

Financial statement year ended June 30, 2010 is as under:-

a. Financial Highlights

Rs in “000”

Profit for the year 277,973

Un-appropriated profit B/F 3,738

Available for Appropriation 281,711

Transfer to Statutory Reserve @50% of profit 138,986

Proposed cash [email protected]% 135,000

Un-appropriated profit C/F 7,725

Net Profit margin 32%

Return on Equity 26%

Earning per certtificate. Rs:4.63

Break-up value per Certificate Rs:19.16

7

mailto:[email protected]%25

mailto:[email protected]%25



b. Business Review. The year under review being the 4th year of

operation, the modaraba made new records in terms of volume and

profits. The gross revenue soared to Rs: 829M as against 633M, an

increase of 31% over last year.

c. Dividend. The company to announce a cash dividend of 22.5% i.e

Rs.2.25 in current financial year.

d. Credit Rating. JCR-VIS assigned a rating of “A-“ (Single A

minus) as long term and A-2 (Single A minus 2) as short term with

outlook as stable.

e. Future outlook . The ARM Management is continuously investing

in the power generation equipment to retain its leadership position in

the power generation rental segment. Presently is slow due to lack of

funding on infrastructure development, but is expected to grow

projects come on stream and contractors look for quality rental

equipment to meet completion deadlines.

f. Auditors. M/S KPMG Taseer Hadi & Co. chartered Accountants

are auditors for the year ending June 30, 2011.

12. Balance Sheet. Annex D

13 Profit and Loss Account. Annex E

14. Comprehensive Income . Annex F

15 Auditors Report. Following are the salient of the Audit Report:-

a. Proper books of accounts have been kept by the company in respect of

Allied Rental Modaraba as required by modaraba companies as

Ordinance 1980.

b. The findings are as under:-

8



(1) The balance sheet, profit & loss together with the notes thereon

have been drawn up in conformity with the Modaraba

Companies ordinance 1980.

(2) The expenditure incurred during the year was for the purpose of

modarabas business; and

(3) The business conducted, investments made and the expenditure

incurred during the year were in accordance with the objects,

terms & conditions of Modaraba.

c. The balance sheet, profit and loss account, cash flow with the notes

forming part thereof conforms to the approved according standards as

applicable in Pakistan.

d. Zakat deductible at source under the Zakat and Usher Ordinance1980

was deducted by the Modaraba and deposited in the central Zakat

fund under sec 7 of that ordinance.

9



Part-3

Analysis

16. Examination of Financial Statement

a. Balance Sheet-An Overview

(1) Assets. In terms of %age, there has been no change incurrent and non current assets in Years 2009 and 2010.

Asset growth reduced from 30% in 2009 to 19% in 2010.

(2) Equity and Liabilities. Current Liabilities increased from

16% in Year 2009 to 21% in Year 2010. While long term

liabilities reduced from 8% to 3%. However, Certificate

holder’s equity remained unchanged i.e. 76%. Moreover,

Equity growth reduced from 111% to 20%.

(3) Net Profit. An increase of Rs 102 M was seen in the net profit

of Year 2010 i.e. 58% as compared to 38% in Year 2009.

(4) Earning Per Certificate. ARM has Rs 4.63 EPC in Year

2010. It has an increasing trend since Year 2008 which is ahealthy sign.

Analysis

10



17. Financial statement analysis is the process of identifying financial

strengths and weaknesses of the firm by properly establishing relationship between

the items of the balance sheet and the profit and loss account. There are various

methods or techniques that are used in analyzing financial statements, such as

comparative statements, schedule of changes in working capital, common size

percentages, funds analysis, trend analysis, and ratios analysis. Following are the

most important tools and techniques of financial statement analysis:

18. Using above mentioned tools and techniques, Financial Analysis of ARM

has been carried out.

21. Ratios Analysis. The ratios analysis is the most powerful tool of financial

statement analysis. Ratios simply mean one number expressed in terms of another.

A ratio is a statistical yardstick by means of which relationship between two or

various figures can be compared or measured. Ratios can be found out by dividing

one number by another number. Ratios show how one number is related to another.

S.No Ratio Formula 2011 2010

1

Day's Sales in

Receivable Gross Receivables

50

,772.00 55,366

Net Sales / 365

8,553,921 /

365 7,668,133 / 3

2.17 2.63

2

Account

Receivable

Turnover Net Sales

8,553

,921.00 668,133Average

Receivable

53

,069.00 78,609

161.18 97.55

11

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6

Operating

Cycle

A/R Turnover in days +

Inventory Turnover in Days

2.26 +

10.76

3.74 +

15.59

13.02 19.33

7

Working

Capital

Total Current Assets - Total

Current Liabilities

2,347,481 -

1,378,379

2,792,5

-

1,065,1

969,102.00 1,727,3

8

Current

Ratio Total Current Assets

2,

347,481.00 2,792,5

Total Current Liabilities1,

378,379.00 1,065,1

1.70 2.62

9

Acid Test

Ratio

Cash + Marketable Securities +

Net Trade Receivables

464,112.00 1,779,8

Total Current liablities1,

378,379.00 1,065,1

0.34 1.67

10 Cash Ratio Cash + Marketable Securities

326,229.00 1,636,3

Total Current Liabilities1,

378,379.00 1,065,1

0.24 1.54

11

Sales To

working

capital Net Sales

8,

553,921.00 7,668,1

Average (Working Capital)1,

348,237.50 1,677,0

6.34 4.57

12



12

Cash

Flow / Cur.

Mat. Of

Debt & NP Cash Flow From Operation

305,498.00 1,362,3

Short Term Loans + Current

Maturity of L.T Debt

1,

311,132.00 1,015,7

0.23 1.34

13

Time

Intrest

Earned EBIT

1,

058,773.00 1,465,9

Total Intrest

24,287.00 77,628

43.59 18.88

14 Debt Ratio Total Liabilities

1,

944,737.00 1,663,4

Total Assets7,

743,149.00 7,058,9

0.25 0.24

15

Debt/Equit

y= Total Liabilities

1,

944,737.00 1,663,4

Total Equity5,

798,412.00 5,395,4

0.34 0.31

16

Debt to

Tangibal

Net Worth

= Total Liabilities

1,

944,737.00 1,663,4

Total Equity-Intangibal Assets5,

798,412.00 5,395,4

0.34 0.31

13



17

Cash

Flow/Total

Debt = Cash Flow from Operation

305,498.00 1,362,3

Total Liabilities

1,

944,737.00 1,663,4

0.16 0.82

Profitability

19

Net Profit

Margin= Net Income After Taxes 684,429.00 1,016,6

Sales

8,

553,921.00 7,668,1

0.08 0.13

20

Total

Assets

Turnover = Net Sales

8,

553,921.00 7,668,1

Avg (Total Assets)7,

401,029.00 7,015,8

1.16 1.09

21 Return on Assets=Net Income before Tax

1,

034,486.00 1,388,3

Average Assets for the period7,

401,029.00 7,015,8

0.14 0.20

22

Operation

Income

Margin Operation Income

1,058,

773.00 1,465,9

Net Sales8,

553,921.007,668,1

.00

0.12 0.19

14



23

Operation

Asset

Turnover Net Sales

8,

553,921.00 7,668,1Avg (Total Assets-Construction

in Progress-Intangible Assets-

Investment

6,244,782.00

5,602,5

1.37 1.37

24

Return on

Operating

Assets Operating Income

1,

058,773.00 1,465,9Avg (Total Assets-Construction

in Progress-Intangible Assets-

Investment

6,

244,782.00 5,602,5

.00

0.17 0.26

25

sales to Fix

Assets Net sales

8,

553,921.00 7,668,1Average(Net Tangible (Fixed)

Assets(Other than construction

in progress)

6,

244,782.005,602,5

.00

1.37 1.37

27

Return on

Total

Equity Net Profit before taxation

1,

034,486.00 1,388,3

Average Shareholders Equity

5,

596,915.50 5,086,6

0.18 0.27

28

Gross

Profit

Margin Gross profit

1,

730,575.00 1,957,9

Net Sales8,

553,921.00 7,668,1

15



0.20 0.26

Investor Analysis

30

Degree of

Financial

leverage = percentage change in EPS 67.29 68.10

percentage change in EBIT74.51

74.51

69.81

69.81

0.90 0.98

31

Earning

Per Share

Net Income - Dividend on

preference stock

1,

034,486.00 1,388,3

average outstanding shares

865,955.00

793,792

0

1.19 1.75

32

book Value

Per Share Common Equity-Incl. Ret Ern

5,798,412.0

0

5,395,4

Common Share Outstanding

384,045.00 528,371

15.10 10.21

33

Materiality

of Options

Net Income not Including Opt

exp - Net Income Including opt.

exp

671,802.00 492,022Net Income not Including Opt

exp

1,

730,575.00 1,957,9

0.39 0.25

34

Operation

Cash

Flow/Cash

Dividends Cash Flow from Operations

305,498.00 1,362,3 Total Cash Dividends

16



432,978

22. The days’ sales in accounts receivable ratio. Also known as the number of

days of receivables tells the average number of days it takes to collect an account receivable.

Since the days’ sales in accounts receivable is an average.

Ratio Formula 2011 2010

Day's Sales inReceivable Gross Receivables

50,772.00 55,366

Net Sales / 365 8,553,921 / 365 7,668,133 / 365

2.17 2.63

23. The accounts receivable turnover ratio. Measures a companies effectiveness in terms of qualifying their credit borrowers and collecting monies owed fromthem. The A/R turnover ratio is an indication to how many times the accounts

receivables are "turned over" throughout the year. The higher the value of the ratio, the

better the company is in terms of collecting their accounts receivables. A lower accounts

receivable turnover ratio indicates that the company is not making efficient use of their

funds

Ratio Formula 2011 2010

Account ReceivableTurnover =Net Sales/ AverageReceivable

8,553,921.00 7,668,133

53,069.00 78,609

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161.18 97.55

24. The accounts receivable turnover ratio. Measures a companies

effectiveness in terms of qualifying their credit borrowers and collecting monies

owed from them. The A/R turnover ratio is an indication to how many times

the accounts receivables are "turned over" throughout the year. The higher the

value of the ratio, the better the company is in terms of collecting their accounts

receivables. A lower accounts receivable turnover ratio indicates that the company

is not making efficient use of their funds

RatioFormula 2011 2010

Account Receivable Turn Over

161.18 97.55

2.26 3.74

It can be used to determine whether the company is having trouble collecting on sales itprovided customers on credit.

Profitability Ratios. Profitability ratios measure the results of business

operations or overall performance and effectiveness of the firm. Some of the

profitability ratios given in report are as under:-

a. Profit after Tax Ratio

(1) It is calculated by dividing net income after taxes by net sales.

A company's after-tax profit margin is important because it tells

investors the percentage of money a company actually earns per

Rupee of sales. This ratio is interpreted in the same way as

profit margin - the after-tax profit margin is simply morestringent because it takes taxes into account.

18













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(2) Profit after Tax Ratio of ARM increased from 27% in Year

2009 to 32% in Year 2010. It’s a positive indicator.

b. Return on Asset(ROA)

(1) ROA shows earnings that are generated from invested capital

(assets). ROA for public companies can vary

substantially and is industry-specific. Thus, when one is using

ROA as a comparative measure, it is best to compare it

with a company's previous ROA numbers or the ROA of a

similar company. A company's assets consist of both debt

and equity, which are the operations of the company. ROA

gives investors some idea of how effectively the company

is converting the money it has into net income. The higher the

ROA, the more a company earns on a smaller investment.

(2) ARM has 20% ROA in Year 2010 which was 16% in Year

2009. This higher ROA is a good sign for investors.

c. Return on Equity(ROE)

(1) One of the most important profitability metrics is return on

equity (or ROE for short). Return on equity reveals how

much profit a company earned in comparison to the total

amount of shareholder equity found on the balance sheet.

19



(2) ARM has 26% ROE in Year 2010 as compared to 25% in Year

2009. The company has been able to maintain its Equity

which is a good sign.

d. Return on Capital Employed (ROCE)

(1) Return on capital employed (ROCE) is the rate of return a

business is making on the total capital employed in the

business. Capital will include all sources of

funding ( shareholders funds + debt ).

(2) ARM has 22% ROCE in Year 2010 as compared to 17% in

Year 2009 which is a good indicator.

e. Expense Ratio

(1) It is the percentage of assets taken back by the management in

order to run the fund. These are mostly management fees andoperating expenses.

(2) Expense ratio of ARM in Year 2010 is 68% as compared to

73% in Year 2009 which is positive sign.

g. Current Ratio

(1) It is the relationship between current assets and current

liabilities. This ratio is also known as "working capital ratio". It

is a measure of general liquidity and is most widely used to

make the analysis for short term financial position or liquidity

20



of a firm. It is calculated by dividing the total of the current

assets by total of the current liabilities.

(2) Current ratio of ARM in Year 2010 remained 0.65:1 as

compared to 0.90:1. The current ratio has been disturbed due

shifting of Long term Ijarah Liabilities to Short Term.

h. Price Earning Ratio

(1) Price earnings ratio (P/E ratio) is the ratio between market

price per equity share and earning per share. The ratio is

calculated to make an estimate of appreciation in the value

of a share of a company and is widely used by investors to

decide whether or not to buy shares in a particular company.

(2) It has reduced to 3.24 times in Year 2010 as compared to 3.75

times in Year 2009 and 5.04 in Year 2008. Due to least trading

in Modaraba Sector this has been the main cause. The

management should look into the causes that have resulted into

the fall of this ratio.

j. Earning Per Certificate-Basic and Diluted

(1) In a given fiscal year , a publicly-traded company's profit

divided by the number of shares outstanding. This is

considered the single most important aspect in determining a share's

price and value, because the calculation of earnings per share

shows the amount of money to which a shareholder

would be entitled in the event of the company's liquidation. In

general, earnings per share apply only to common shares. It is

calculated thusly:

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http://financial-dictionary.thefreedictionary.com/Share

http://financial-dictionary.thefreedictionary.com/Price

http://financial-dictionary.thefreedictionary.com/value

http://financial-dictionary.thefreedictionary.com/Money

http://financial-dictionary.thefreedictionary.com/Shareholder

http://financial-dictionary.thefreedictionary.com/Liquidation

http://financial-dictionary.thefreedictionary.com/Common+Shares

http://financial-dictionary.thefreedictionary.com/Fiscal+Year

http://financial-dictionary.thefreedictionary.com/Publicly-Traded+Company

http://financial-dictionary.thefreedictionary.com/Profit

http://financial-dictionary.thefreedictionary.com/Shares+Outstanding

http://financial-dictionary.thefreedictionary.com/Share

http://financial-dictionary.thefreedictionary.com/Price

http://financial-dictionary.thefreedictionary.com/value

http://financial-dictionary.thefreedictionary.com/Money

http://financial-dictionary.thefreedictionary.com/Shareholder

http://financial-dictionary.thefreedictionary.com/Liquidation

http://financial-dictionary.thefreedictionary.com/Common+Shares



Earnings per share = ( Net income - Preferred dividends) /

Average shares outstanding.

( 2) ARM has Rs 4.63 Earning Per Certificate which shows a

increasing trend in Year 2010 as compared to Year 2009.

k. Dividend Yield Ratio

(1) It is the relationship between dividends per share and the

market value of the shares.

(2) ARM has 12% Dividend Yield ratio in Year 2010 as compared

to 9% in Year 2009 which is a healthy sign.

l. Dividend Pay out Ratio

(1) It is calculated to find the extent to which earnings per share

have been used for paying dividend and to know what portion

of earnings has been retained in the business. It is an important

ratio because ploughing back of profits enables a company to

grow and pay more dividends in future. The lower the payout

ratio, the higher will be the amount of earnings ploughed back

in the business and vice versa.

(2) ARM has 49% Dividend Pay out Ratio in year 2010 which was

42% in Year 2009. It is a good sign for investors.

m. Cash Dividend

(1) A cash dividend is a cash payment made to the shareholders of

a corporation.

(2) ARM is paying 22.5% dividend to its shareholders in Year

2010 which was 15% in Year 2009. Positive indicator.

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n. Cash Dividend Per Certificate. ARM is giving Rs 2.25 Cash

Dividend per certificate in Year 2010 as compared to Rs 1.5 in Year

2009 which is a good sign.

o. Book Value Per Certificate

(1) It is a type of evaluation or measure of the worth of shares of

stock issued by a specific company.

(2) ARM has Rs 19.06 book Value of certificate in Year 2010

which was Rs 16.03 in Year 2009.

(3) Increase in Book Value is a sign that the business is managing

its debt efficiently and that in the event of a business sale and

liquidation, investors would receive a higher amount per share.

23. Conclusion. Year over year, Attock Cement Pakistan Limited (ACPL)

has been able to grow revenues from Rs 3,473 M to 8,554 M. Most impressively,

the company has been able to reduce the percentage of sales devoted to cost of

goods sold from 62.46% to 60.37%. This was a driver that led to a bottom line

growth from 176.1 M to 278.0 M. Moreover, ACPL’s accounting policies are being implemented as per law applicable in Pakistan. The financial data as

mentioned in Annual Report 2011 shows a good sign for future prospects. It also

shows healthy progress in Assets, Reserves and profit margins etc. Total expenses

of Year 2009 were 73% and in Year 2010, these have reduced to 67% which

means controlling in expenses by the company.

24. The company has net-profit margin of 32%, return on capital is 26%, and

dividend 22.5% i.e. Rs.2.25 per dividend, which shows doing good business.

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Annex A

Key Financial Data

2010 2009 2008 Million

Total Assets 1511 1273 976

Current Assets 205 183 223

Current Liab 317 203 283

Paid up Capital 600 600 300

Reserves 550 362 156

Stock Holders Equity 1150 962 456

Gross profit 338 250 188

Net Profit 278 176 128

24



Profit after Tax % 32 27 28

Return on Assets 20 16 15

Return on Equity 26 25 31

Return on Capital Employed 22 17 18

Expenses Ratio 68 73 72

Current Ratio (Times) 0.65:1 0.90:1 0.79:1

Price Earning Ratio 3.24 3.75 5.04

Earning per Certificate Rs. 4.63 3.60 3.37

Dividend Yield Ratio% 12 9 13

Dividend Pay Out Ratio 49 42 59

Cash Dividend% 22.5 15 20

Cash Dividend per Cert. 2.25 1.50 2.00

Book Value per Certificate 19.16 16.03 15.18

25



Annex B

Balance Sheet 2010 2009 2008

Current Assets

Bank Balances 6% 3% 12%

Trade Debts 5% 6% 7%

Advances Prepayments Other 1% 2% 1%

Current Portion of Invesment Ijarah 1% 4% 3%

14% 14% 23%

Non Current Assets

Investment Ijarah Finance 5% 7% 12%

Long term Security deposits 1% 2% 12%

Fixed Assets-Tangible 81% 77% 61%

86% 86% 77%

100% 100% 100%

Liabilities and Equity

Current Liabilities

Trade and other Payable 9% 6% 8%

Borrowing from associated Companies 0% 0% 6%

Due to Management Company 1% 0% 0%

Current maturity Musharakah 8% 0% 0%

26



Current maturity of Ijarah 4% 10% 15%

21% 16% 29%

Long Term and Deferred Liabilities

Deferred Liabilities 1% 1% 1%

Security Deposits from Lessees 0% 0% 1%

Liabilities against assets sub to Ijarah 2% 8% 23%

3% 8% 24%

EquityCertificate Capital 40% 47% 31%

Certificate premium 6% 7% 0%

Statutory Reserve 21% 14% 9%

Unappopriated profit 9% 7% 7%

76% 76% 47%

Profit & Loss Account

Operating lease rentals 77% 74% 71%

Operation & maintenance income 18% 21% 23%

Profit on Finance lease 2% 3% 5%

Other income 3% 3% 1%

100% 100% 100%

Operating Expenses 57% 59% 58%

Admin & distribution exp 6% 7% 7%

Finance Exp 2% 7% 7%

Worker Welfare fund 1% 0% 0%

Total Expenses 67% 73% 72%

27



Modaraba Management fee 1% 0% 1%

Profit Margin 32% 27% 28%

Annex C

Financial Summary

28



Annex D

Balance Sheet

29



Annex E

Profit and Loss Account

30



Annex F

Comprehensive Income

31



32

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