maple leaf cement factory limited
TRANSCRIPT
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Presented To:Mr. Hamza
Mukhtar
Presented By:
Mubashar Sharif Umer Shahzad
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Maple Leaf Cement
Factory Limited
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Company Introduction
Came into being on 1st July 1992
MLCF
WCIL
PCGL
Kohinoor Group
MLCFL
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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 10.510.5 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 pressuresInflationary pressures
Higher interest rates.Higher interest rates.
High international commodity pricesHigh international commodity prices(e.g. steel, wheat etc.)(e.g. steel, wheat etc.)
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Prevailing inflation ratesPrevailing inflation rates
0
5
10
15
20
CPI Food Group Non FoodGroup
INFLATION RATE
2005-06H
2006-07H
2007-08H
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IndustryIndustry
AnalysisAnalysis
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Learning Objective in IndustryLearning Objective in Industry
AnalysisAnalysis To determine the opportunities and threats thatTo determine the opportunities and threats that
exists for firms within a competitiveexists for firms within a competitive
environment.environment.
When analyzing an industry, taking all factorsWhen analyzing an industry, taking all factors
into account, should we as a corporation, enterinto account, should we as a corporation, enter
this industry? The end result will be anthis industry? The end result will be an
understanding of what it takes to competeunderstanding of what it takes to compete
successfully.successfully.
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ForcesForces
Threat of New EntrantsThreat of New Entrants
SuppliersSuppliers
BuyersBuyers
Substitute ProductsSubstitute Products
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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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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 quarterwas 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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High federal and provisional taxes
Very low selling prices
Cut throat domestic competition
High export expenses
Exorbitant fuel cost
Rise in electricity charges
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Cost of production
40%
10%3%10%
6%
11%
20%
Fuel and power
raw material
salaries
depreciation
other overhead
admin and
selling
finacial charges
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FirmFirm
AnalysisAnalysis
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Maple Leaf Cement
Factory Limited
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Mission Statement
The Maple Leaf Cement Factory Limited stated mission
is to achieve and then remain as the most progressive and
profitable company in Pakistan in terms of industry
standards and stakeholders interests
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Board of Directors
Mr. Tariq Sayeed Saigol (Chairman) Mr. Sayeed Tariq Saigol (Chief Executive)
Mr. Waleed Tariq Saigol Ms. Jahanara Saigol
Mr. S. M. Imran
Mr. Zamiruddin Azar
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Sales Graph
Total Sale
0
2000000
4000000
6000000
8000000
10000000
Years
Sale
2008 20062007
Local & Export Sale
0
1000000
2000000
3000000
40000005000000
2008 2007
Export
Local
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Liquidity RatiosLiquidity Ratios
The decrease in ratio of FY08 is due to the increase inThe decrease in ratio of FY08 is due to the increase in
current liabilities (96%) while current assets werecurrent liabilities (96%) while current assets were
increased only by 48%.increased only by 48%.
Ratios 2009 2008 2007
Current Ratio 0.51:1 0.81 :1 1.08:1
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Current Ratio Graph
CURRENT RATI
-
0.50
1.00
1.50
2004 2005 2006 2007 2008
YEARS
TIMES
Series1
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Ratios 2008 2007 2006
Gross Profit Margin 16.94% 8.35% 37.63%
Net Profit Margin -8.65% 1.13% 18.55%
Return on Asset -2.59% 0.18% 5.53%
Return on Equity -8.09% 0.47% 14.02%
Profitability RatiosProfitability Ratios
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Profitability Ratios
The Profit of MLCFL declined drastically because of an
excess supply situation in industry and falling net
retention prices.
Financial charges formed 20% of production costincreased by 96% because of the increse interest rate in
the economy.
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profit (loss) after taxati
(900,000)
(600,000)
(300,000)
-
300,000
600,000
900,000
1,200,000
2,006 2,007 2,008
Series1
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Production cost (2007& 2
0
700000
1400000
2100000
2800000
3500000
4200000
Fuel&power
Raw
&packing
Material
Salaries
Dep
reciation
&
Amortization
Admin&
Selling
Financial
charges
2007
2008
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Ratios 2008 2007 2006
Inventory turnoverRatio
14.96 9.20 17.72
Days to sell inventory 24.06 39.13 20.31
Days sale Outstanding 34.24 18.88 10.31
Operating Cycle 58.30 58.01 30.62
Total asset turnover 0.30 0.16 0.30
Asset Management RatiosAsset Management Ratios
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Asset Management
The inventory turnover rate increase showingthat it took lesser days for the company to sellits stock trade. However the company average
collection period of account receivableincrease and so did its operating cycle.
The total asset turnover ratio Improved inFY08 indicating that the company was able togenerate sufficient sales volume given it totalasset investment.
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Asset Management Graph
Asset managemen
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
2008 2007 2006 2005years
times
Days salesoutstanding
Inventory Turnover in
Days
operating cycle(days
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Ratios 2008 2007 2006
Debt to asset 0.68 0.62 0.61
Debt / Equity (times) 2.13 1.61 1.53
Time interest earned (times) 0.25 0.59 5.79
Long Term debt to equity 0.03 0.98 1.04
Debt Management RatiosDebt Management Ratios
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Debt Management
Firms profitability decline when economy
takes a downturn and in tight monitory policy.
As interest rate increase in FY08 the cost of
borrowing for the firm has increased.
The firm cant pay for its expenses through
earnings and will have to take extra debt to
pay its obliogation.
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Debt Management Graph
Debt Management
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
2005 2006 2007 2008
years
Debt To Asset
Debt To Equity
Time interst earned
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Non Current Assets 2008 2007 2006
Property, Plant And Equipment 20,081,448 19,330,866 16,088,505
Intangible Assets 15,082 4,578 -
Investments - - 368,881
Loans to employees 6,121 6,373 7,127
Deposits and prepayments 54,014 43,200 15,923
Total 20,156,665 19,385,017 16,480,436
BALANCE SHEET
Rupees in 000
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Current Assets 2008 2007 2006
Stores,Spare and loose tools 33,25,744 2,014,580 1,847,926
Stock in trade 433,952 369,709 200,946
trade debts 743,366 194,587 163,459
Fair value derivative financialinstruments
365,748 242,226 -
Loans and advances 82,814 85,544 299,257
Investments 734,859 944,669 -
BALANCE SHEET
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Current Assets 2008 2007 2006
Deposits and short term
prepayments
54,532 15,373 7,314
Accrued profit 763 402 559
Sale tax, customs and excise duty 57,769 37,742 34,611
Due from gratuity fund trust 9,768 8,539 -
Other receivables 21,780 1,198 9,452
Taxation - net 44,907 14,029 -
Cash and bank balances 118,894 123,359 100,938
TOTAL ASSETS 5,994,896 4,051,957 2,664,462
BALANCE SHEET
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EQUITY AND LIABILTIES 2008 2007 2006
Share Capital and Reserves
Authorized Capital 5,000,000 5,000,000 5,000,000
Issued, subscribed and paid upcapital
4,264,108 4,264,108 3,519,581
Reserves 4,644,355 4,457,328 3,063,529
Unappropriated profit (547,574) 271,601 972,594
Total Equity 8,360,889 8,993,037 7,555,704
BALANCE SHEET
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NON - CURRENTLIABILTIES
2008 2007 2006
Loans from related parties 35,224 250,000 -
Long Term loans and finance 241,539 8,576,657 7,868,948
Redeemable capital 8,000,000 - -
Syndicated term finance 1,000,000 - -
Liabilities against assets subjectto finance lease 957,434 268,040 12,226
BALANCE SHEET
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NON - CURRENTLIABILTIES
2008 2007 2006
Lease finance advances andaccured interest thereon
- 979,676 76,146
Long Term deposits 2,582 2,702 2,977
Deferred taxation 154,741 897,183 971,128
Employee' compensated
absences
16,688 13,192 10,250
TOTAL NON -CURRENTLIABILTIES
10,408,208 10,687,450 8,939,675
BALANCE SHEET
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CURRENT LIABILTIES
Current portion of:
2008 2007 2006
redeemable capital - - 41,650
Long Term loans and finances - 1,792,519 538,530
syndicated term finance 1,080,000 - -
Liabilities against assets subjectto finance lease
188,011 13,858 4,481
BALANCE SHEET
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CURRENT LIABILTIES 2008 2007 2006
Short term finance 3,369,738 797,585 947,160
Trade and other payable 2,495,559 719,311 752,172
Accured profit and interest /mark-up
194,568 378,675 279,112
Taxation -net - - 31,828
Dividends 54,588 54,539 54,586
TOTAL EQUITY ANDLIABILTIES
26,151,561 23,436,974 19,144,898
BALANCE SHEET
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CURRENT LIABILTIES 2008 2007 2006
Short term finance 3,369,738 797,585 947,160
Trade and other payable 2,495,559 719,311 752,172
Accured profit and interest /mark-up
194,568 378,675 279,112
Taxation -net - - 31,828
Dividends 54,588 54,539 54,586
TOTAL EQUITY ANDLIABILTIES
26,151,561 23,436,974 19,144,898
BALANCE SHEET
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2008 2007 2006
Sale 7,815,829 3,711,081 5,709,792
Less: cost of sale (6,491,999) (3,401,188) (3,561,212)
Gross profit 1,323,830 309,893 2,148,580
Administrative expenses (121,236) (67,291) (60,474)
Distribution cost (834,849) (69,021) (20,961)
Other operating expenses (24,838) (18,371) (118,024)
INCOME STATEMENT
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2008 2007 2006
Other operating income 105,656 43,224 26,671
Operating profit from operation 448,563 198,434 1,975,792
Finance cost (1,812,807) (338,453) (340,978)
Profit / (Loss) before taxation (1,364,244) (140,019) 1,634,814
Taxation
Current:
Deferred:
44,815
(732,924)
(94,77)
(172,589)
(28,536)
(547,038)
Profit (loss) after taxation (676,135) (42,047) (1,059,240)
Earning Per Share (1.96) (0.03) 3.38
INCOME STATEMENT
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COMMON SIZE
ANALYSIS
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Non Current Assets 2008 2007 2006
Property, Plant And Equipment 76.79% 82.48% 84.04%
Intangible Assets 0.06% 0.02% 0.00
Investments 0.00 0.00 1.93%
Loans to employees 0.02% 0.03% 0.04%
Deposits and prepayments 0.21% 0.18% 0.08%
BALANCE SHEET
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Current Assets 2008 2007 2006
Stores, Spare and loose tools 12.72% 8.60% 9.65%
Stock in trade 1.66% 1.58% 1.05%
trade debts 2.84% 0.83% 0.85%
Fair value derivative financialinstruments
1.40% 1.03% 0.00
Loans and advances 0.32% 0.36% 1.56%
Investments 2.81% 4.03% 0.00
BALANCE SHEET
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Current Assets 2008 2007 2006
Deposits and short term
prepayments
0.0029% 0.07% 0.04%
Accrued profit 0.22% 0.0017% .0029%
Sale tax, customs and excise duty 0.04% 0.16% 0.18%
Due from gratuity fund trust 0.04% 0.04% 0.00
Other receivables 0.08% 0.01% 0.05%
Taxation - net 0.17% 0.06% 0.00
Cash and bank balances 0.45% 0.53% 0.53%
TOTAL ASSETS 100% 100% 100%
BALANCE SHEET
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EQUITY AND LIABILTIES 2008 2007 2006
Share Capital and Reserves
Authorized Capital ---------- ----------- ------------
Issued, subscribed and paid upcapital
16.31% 18.19% 18.38%
Reserves 17.76% 19.02% 16.00%
Unappropriated profit -2.09% 1.16% 5.08%
Total Equity 31.97% 38.37% 39.47%
BALANCE SHEET
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NON - CURRENTLIABILTIES
2008 2007 2006
Loans from related parties 0.13% 1.07% 0.00
Long Term loans and finance 0.92% 36.59% 41.10%
Redeemable capital 30.59% 0.00 0.00
Syndicated term finance 3.82% 0.00 0.00
Liabilities against assets subjectto finance lease
3.66% 1.14% 0.06%
BALANCE SHEET
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NON - CURRENTLIABILTIES
2008 2007 2006
Lease finance advances andaccured interest thereon
0.00 2.90% 0.39%
Long Term deposits 0.01% 0.01% 0.02%
Deferred taxation 0.59% 3.83% 5.07%
Employee' compensatedabsences
0.065 0.06% 0.05%
BALANCE SHEET
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CURRENT LIABILTIES
Current portion of:
2008 2007 2006
redeemable capital 0.00 0.00 0.22%
Long Term loans and finances 0.00 7.65% 2.81%
syndicated term finance 4.13% 0.00 0.00
Liabilities against assets subjectto finance lease
0.72% 0.06% 0.02%
BALANCE SHEET
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CURRENT LIABILTIES 2008 2007 2006
Short term finance 12.89% 3.40% 4.95%
Trade and other payable 9.54% 3.07% 3.93%
Accured profit and interest /mark-up
0.74% 1.62% 1.46%
Taxation -net 0.00 0.00 0.17%
Dividends 0.21% 0.23% 0.29%
TOTAL EQUITY ANDLIABILTIES
100% 100% 100%
BALANCE SHEET
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2008 2007 2006
Sale 100% 100% 100%
Less: Cost of sale 83.06% 91.65% 62.37%
Gross profit 16.94% 8.35% 37.63%
Administrative expenses 1.55% 1.81% 1.06%
Distribution cost 10.68% 1.86% 0.37%
Other operating expenses 0.32% 0.50% 2.07%
INCOME STATEMENT
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2008 2007 2006
Other operating income 1.35% 1.16% 0.47%
Operating profit from operation 5.74% 5.35% 34.60%
Finance cost 23.19% 9.12% 5.97%
Profit / (Loss) before taxation -17.45% -3.77% 28.63%
Taxation
Current:
Deferred:
0.57%
9.38%
0.26%
4.655
0.50%
9.58%
Profit (loss) after taxation -8.65% 1.13% 18.55%
INCOME STATEMENT
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INDEX
ANALYSIS
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Non Current Assets 2008 2007 2006
Property, Plant And Equipment 124.82% 120.15% 100%
Intangible Assets 0.00 0.00 0.00
Investments 0.00 0.00 100%
Loans to employees 85.88% 89.42% 100%
Deposits and prepayments 339.22% 271.31% 100%
BALANCE SHEET
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Current Assets 2008 2007 2006
Stores, Spare and loose tools 179.97% 109.02% 100%
Stock in trade 215.95% 183.98% 100%
trade debts 454.77% 119.04% 100%
Fair value derivative financialinstruments
0.00 0.00 0.00
Loans and advances 27.67% 28.59% 100%
Investments 0.00 0.00 0.00
BALANCE SHEET
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Current Assets 2008 2007 2006
Deposits and short term
prepayments
745.58% 210.19% 100%
Accrued profit 136.49% 71.91% 100%
Sale tax, customs and excise duty 166.91% 109.05% 100%
Due from gratuity fund trust 0.00% 0.00 0.00
Other receivables 230.43% 12.67% 100%
Taxation - net 0.00 0.00 0.00
Cash and bank balances 117.79% 122.21% 100%
TOTAL ASSETS 136.60% 122.42% 100%
BALANCE SHEET
C S
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EQUITY AND LIABILTIES 2008 2007 2006
Share Capital and Reserves
Authorized Capital ---------- ----------- ------------
Issued, subscribed and paid upcapital
121.15% 121.15% 100%
Reserves 151.60% 145.50% 100%
Unappropriated profit -56.30% 27.93% 100%
Total Equity 110.66% 119.02% 100%
BALANCE SHEET
BALANCE SHEET
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NON - CURRENTLIABILTIES
2008 2007 2006
Loans from related parties 0.00 0.00 0.00
Long Term loans and finance 3.07% 108.99% 100%
Redeemable capital 0.00 0.00 0.00
Syndicated term finance 0.00 0.00 0.00
Liabilities against assets subjectto finance lease
7831.13% 2192.38% 100%
BALANCE SHEET
BALANCE SHEET
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NON - CURRENTLIABILTIES
2008 2007 2006
Lease finance advances andaccured interest thereon
0.00 916.67% 100%
Long Term deposits 86.73% 90.76% 100%
Deferred taxation 15.93% 92.39% 100%
Employee' compensatedabsences
162.81% 128.70% 100%
BALANCE SHEET
BALANCE SHEET
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CURRENT LIABILTIES
Current portion of:
2008 2007 2006
redeemable capital 0.00 0.00 100%
Long Term loans and finances 0.00 332.85% 100%
syndicated term finance 0.00 0.00 0.00
Liabilities against assets subjectto finance lease
4195.74% 309.26% 100%
BALANCE SHEET
BALANCE SHEET
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CURRENT LIABILTIES 2008 2007 2006
Short term finance 355.77% 84.21% 100%
Trade and other payable 331.78% 95.63% 100%
Accured profit and interest /mark-up 69.71% 135.67% 100%
Taxation -net 0.00 0.00 100%
Dividends 100.004% 99.91% 100%
TOTAL EQUITY ANDLIABILTIES
136.60% 122.42% 100%
BALANCE SHEET
INCOME STATEMENT
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2008 2007 2006
Sale 136.88% 65% 100%
Less: Cost of sale 182.30% 95.51% 100%
Gross profit 61.61% 14.42% 100%
Administrative expenses 200.48% 111.27% 100%
Distribution cost 3982.87% 329.28% 100%
Other operating expenses 21.04% 15.57% 100%
INCOME STATEMENT
INCOME STATEMENT
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2008 2007 2006
Other operating income 396.15% 162.06% 100%
Operating profit from operation 22.70% 10.04% 100%
Finance cost 531.65% 99.26% 100%
Profit / (Loss) before taxation -83.45% -8.56% 100%
Taxation
Current:
Deferred:
-157.05%
133.98%
33.21%
31.55%
100%
100%
Profit (loss) after taxation -63.83% 3.97% 100%
INCOME STATEMENT
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The End