mepel leaf
TRANSCRIPT
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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
Islamic Sukuk CertificatesIslamic Sukuk Certificates
--
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
Long term modarabaLong term modaraba
Long term depositsLong term deposits
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 (%)
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 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
CONTENGIES ANDCONTENGIES ANDCOMMITEMENTSCOMMITEMENTS
-- --
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
Less:Less: Cost of goods soldCost of goods sold
100100
81.5081.50
100100
77.1677.16
Gross profitGross profit
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
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
(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 (%)
Profit Before TaxationProfit Before Taxation
Less:Less:provision for taxationprovision for taxation
9.409.40
2.412.41
12.3512.35
3.593.59
Profit After TaxationProfit After Taxation
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
Islamic Sukuk CertificatesIslamic Sukuk Certificates
--
64.9764.97
--
100100
100100
--
Long Term financingLong Term financing
Liability against subject toLiability against subject tofinance leasefinance lease
Long term modarabaLong term modaraba
Long term depositsLong term deposits
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
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 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
CONTENGIES ANDCONTENGIES ANDCOMMITEMENTSCOMMITEMENTS
-- --
TOTAL LIABILITES ANDTOTAL LIABILITES AND
SHARE HOLDERS EQUITYSHARE HOLDERS EQUITY148.27148.27 100100
A t Sid
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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
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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
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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
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2006 (%)2006 (%) 20052005SalesSales
Less:Less: Cost of goods soldCost of goods sold
96.6996.69
102.13102.13
100100
100100
Gross profitGross profit
Add:Add: Other operating incomeOther operating income
TotalTotal
78.3178.31
140.45140.4578.7878.78
100100
100100100100
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
86.4386.43
108.66108.66
24.4824.48
106.50106.50
645.79645.79
100100
100100
100100
100100
100100
Profit & Loss A/C
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2006 (%)2006 (%) 20052005
Profit Before TaxationProfit Before Taxation
Less:Less:provision for taxationprovision for taxation
73.5373.53
64.7964.79
100100
100100
Profit After TaxationProfit After Taxation
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
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Thank YouThank YouVery MuchVery Much