Fauji Cement by Azzam Jafar

Fauji Cement Company Limited
SUBMITTED TO:
Mr. Yasir Ghafoor
SUBMITTED BY:
Muhammad Azzam Jafar
Roll No. 126
BBA (Hons.) 8th Semester (2005-09)
Department Of Management Sciences
UNIVERSITY OF EDUCATION OKARA

CAMPUS
2
Dedication
I dedicate this project to my Parents, Teachers and Friend.
3
ACKNOWLEDGEMENT
I humbly prostrate to Allah the almighty, the most benevolent and the most merciful for
showering his blessing on me throughout my live and especially during my final project.
It was He and the prayers of my parents, who gave me courage and will to complete my
project.
I owe a debt of sincere gratitude, heartiest obligation and appreciation to my worthy
teacher Sir Yasir Ghafoor for his guidance, insightful comments and valuable
suggestions.
I thank to my beloved parents and all of who prayed for me success and time and again
restored my confidence myself and help me in every possible way they could.
I want to pay my heartiest tribute to all friends for their consistent encouragement,
cooperation, inspiring guidance about the project. They helped me in times of troubles;
their love, support, devotion and sincerity have been admiration.
4
TABLE OF CONTENTS
Sr.No. Details Page No.

Executive Summary
Company Information
Company Introduction
Mission Statement
Vision Statement
Values
Pest Analysis
Financial Analysis
Balance Sheet (Trend Analysis)
Balance Sheet (Vertical Analysis)
Income Statement (Trend Analysis)
Income Statement (Vertical Analysis)
Ratio Analysis
SWOT Analysis
BCG Matrix
DU Pont Analysis
Conclusion
Recommendations
Annexure
5
6
EXECUTIVE SUMMARY
In this professional project analysis of Fauji Cement Company Limited is done in very
detail to check out current position, performance and progress of the company. To
measure these activities balance sheet (trend analysis), balance sheet (vertical analysis),
income statement (trend analysis), income statement (vertical analysis), ratio analysis, Du
Pont analysis, SWOT analysis and PEST analysis are performed that has explored the
real picture. At the end conclusion is made on the basis of these analysis. Then future
recommendations are made to improve company in every aspect.
Company Information
7
Board of Directors
Lt Gen Syed Arif Hasan, HI (M) (Retired) Chairman

Maj Gen Malik Iftikhar tikhar Khan, HI (M) (Retired) Chief Executive / MD
Mr. Qaiser Javed Director
Mr. Riyaz H. Bokhari, IFU Director
Brig Arif Rasul Qureshi, SI (M) (Retired) Director
Brig Rahat Khan, SI (M) (Retired) Director
Dr. Nadeem Inayat Director
Brig Liaqat Ali (Retired) Director
Brig Munawar Ahmed Rana, SI(M) (Retired) Director
Company Secretary:
Brig Shabbir Ahmed (Retired)
House No. 62, Khayaban-e-Iqbal (Margalla Road), F-7/2,
Islamabad - Pakistan
Tel: (051) 9221690
Fax: (051) 9221693
E-mail: secretary@fccl.com.pk
Web Site: http: //www.fccl.com .pk
Chief Financial Officer:

Mr. Omer Ashraf
T el: (051) 2651762
Registered Office and Sales Department:

Ist Floor, Aslam Plaza,
8
60 Adam Jee Road, Sadar, Rawalpindi – Pakistan
Tel: (051) 5523836, 5528042, 5528960, 5528963-64
Fax: (051) 5528965-66
Factory:
Near Village Jhang, Tehsil Fateh Jang
District: Attock
Tel: 057-2538047-48, 2538138, 2538148 – 49
Fax: 057-2538025
Auditors:
M/s KPMG Taseer Hadi & Co,
Chartered Accountants
Fax No: (051) 2822671
Legal Advisors:
Farooq Law Associates, Advocates & Attorneys
Fax No: (051) 2272643
Registration & Shares Transfer Officer:

M/s CORPLINK (PVT) LIMITE D
Wings Arcade, 1-K, Commercial, Model Town, Lah ore
Ph No: 042-5839182, 588726 2
Fax No: 042-5869037
9
Introduction
10
Corporate Profile
A longtime leader in the cement manufacturing industry, Fauji Cement Company,
headquartered in Islamabad, operates a cement plant at Jhang Bahtar, Tehsil Fateh Jang,
and District Attock in the province of Punjab. The company has a strong and
longstanding tradition of service, reliability, and quality that reaches back more than 10
years. Sponsored by Fauji Foundation the Company was incorporated in Rawalpindi in
1992.
The cement plant operating in the Fauji Cement is one of the most efficient and best
maintained in the country and has an annual production capacity of 1.165 million tons of
cement. The quality Portland cement produced at this plant is the best in the Country and
is preferred the construction of highways, bridges, commercial and industrial complexes,
residential homes, and a myriad of other structures needing speedy strengthening bond,
fundamental to Pakistan's economic vitality and quality of life.
11
12
Mission Statement
FCCL while maintaining its leading position in quality of cement and through greater
market outreach will build up and improve its value addition with a view to ensuring
optimum returns to the shareholders.
13
14
Vision Statement
To transform FCCL into a role model cement manufacturing Company fully aware of
generally accepted principles of corporate social responsibilities engaged in nation
building through most efficient utilization of resources and optimally benefiting all stake
holders while enjoying public respect and goodwill.
15
16
Values
Customers
We listen to our customers and improve our product to meet their present and future
needs.
People
Our success depends upon high performing people working together in a safe and healthy
work place where diversity, development and team work are valued and recognized.
Accountability
We expect superior performance and results. Our leaders set clear goals and expectations,
are supportive and provide and seek frequent feed back.
Citizen Ship
We support the communities where we do business, hold ourselves to the highest
standards of ethical conduct and environment responsibility, and communicate openly
with FCCL people and the public.
Financial Responsibility
We are prudent and effective in the use of the resources entrusted to us.
17
Pest analysis
18
Political analysis
Political scenario of Pakistan has seen many important changes in recent years. Some
important events are as
o Controlled democracy
o Grass root democracy
o Stability in Government
o Accountability in all departments
o Participation of religious people in Government
o Enlightened moderate policy
o Front role in war against terrorism
o Better image in world
o Cut the roots of extremists
o Reformation regarding all important fields
All these changes have taken place in last 7 years and it has made Pakistan entirely a
changed country. 　Especially Pakistan role against extremism has brought it one of the
best appreciated countries of the world. On the other hand being the only Islamic country
which has nuclear deterrence it is leading the Muslim world. West wants Friendship with
it. Locally there is great stability in Government after 10 yeas of was between PPP and
PML. All these factors tell that now Pakistan is a good place as long as political issues are
concerned.
Economic analysis
Before year 1999, economy of Pakistan was at worst. Forex was very low and it has to
borrow even to repay loans. Debts were $38 billion. Economics indicators were showing
negative signs. But then change in Government brought many changes. Some positive
points are as under.
o Increase in GDP 6% per annum
19
o Increase in per capita income as 8%
o Increase in exports up to 12.5 billion dollars
o Forex reserve up to 13 billion dollars
o Privatization
o Boom in stock market
o IT sector development
o More than 1 billion dollars investment per year
Although economy of Pakistan is making rapid progress but there are problems of
expensive petrol and electricity, which increases the cost of goods. Over all economic
indicators are showing very positive signs and now it is an attractive market for all types
of international investors.
Situational analysis
Pakistani market has shown good movement towards all types of positive indicators.
Now interest rates are low, saving schemes are giving less profits, consumers banking is
at peaking, new jobs are being created by Government as well as foreign investment. All
these situations are calling for new and new opportunities and investors.
Technological analysis
Pakistan is considered as developing country. Although it is nuclear power yet it lacks

behind in other technologies. Now it has made good progress in digital revolution but still
it has to import heavy machinery from developed countries.
20
21
Balance Sheet(Trend Analysis)
2004 2005 2006 2007 2008
CURRENT ASSETS 100.00% 204.15% 274.93% 340.06% 921.58%
Cash and bank balances 100.00% 306.01% 430.06% 214.69% 1919.91%
Deposit accounts 100.00% 407.60% 580.74% 293.17% 2733.41%
Current accounts 100.00% 121.17% 230.95% 94.01% 126.79%
Collection accounts 100.00% 43.97% 0.00% 0.00% 0.00%
Cash in hand 100.00% 485.19% 398.15% 329.63% 479.63%
Trend analysis
3000.00% Cash and bank balances

2500.00%
Deposit accounts
Percentage
2000.00%
1500.00%
Current accounts
1000.00%
500.00% Collection accounts
0.00%
2004 2005 2006 2007 2008 Cash in hand
Years
CURRENT ASSETS
The amount of Current Assets in the year 2004 was Rs.574460 and it increases to
Rs.1172765 in the year 2005 with and increment of Rs.598305.
And the amount of Current Assets in the year 2005 was Rs.1172765 and it increases to
Rs.1579382 in the year 2006 with an increment of Rs.406617.
Rs.1953527 in the year 2007 with and increment of Rs.374145
The amount of Current Assets in the year 2007was Rs.1953527 and it increases to
22
And the amount Current Assets in the final year 2008 is Rs.5294083
The amount of Current Assets in the year 2004 was 100.00% .and it increases to 204.15%
in the year 2005 with an increment of 104.15%
And the amount of Current Assets in the year 2005 was 204.15% and it increases to
274.93% in the year 2006 with an increment of 70.78%
The amount of Current Assets in the year 2006 was 274.93% and it increases to 340.06%
in the year 2007 with and increment of 65.13%
The amount of Current Assets in the year 2007 was 340.06% and it increases to 921.58%
in the year 2008 with and increment of 581.52%
And the amount Current Assets in the final year 2008 is 921.58%.
Cash and Bank balances

The amount of Cash and bank balances in the year 2004 was Rs.197088 and it becomes
Rs.603110 in the year 2005 with an increment of Rs.197088
Rs.423133 in the year 2007 with a decrement of Rs.424457
And the amount of Cash and bank balances in the final year 2008 is Rs.3783909
The amount of Cash and bank balances in the year 2004 was 100.00% and it becomes
214.69% in the year 2007 with a decrement of 215.37%
23
And the amount of Cash and bank balances in the final year 2008 is 1919.91%
Deposit accounts
The amount of deposit accounts in the first year 2004 was Rs.137433 and it becomes
The amount of deposit accounts in the year 2005 was Rs.560117 and it becomes
Rs.402907 in the year 2007 with a Decrement of Rs.395215
And the amount of deposit accounts in the final year 2008 is Rs.37566611
The amount of deposit accounts in the first year 2004 was 100.00% and it becomes
The amount of deposit accounts in the year 2005 was 407.60% and it becomes 580.74%
in the year 2007 with a Decrement of 287.57%
And the amount of deposit accounts in the final year 2008 is 2733.41%
Current accounts
The amount of current accounts in the first year 2004 was Rs.21326 and it becomes
Rs.25840 in the year 2005 with increment of Rs.4514
The amount of current accounts in the year 2005 was Rs.25840 and it becomes Rs.49253
in the year 2006 with increment of Rs.23413
in the year 2007 with Decrement of Rs.29205
24
The amount of current account in the year 2007 was Rs.20048 and it becomes Rs.27039
And the amount of current accounts in the final year 2008 is Rs.27039
The amount of current accounts in the first year 2004 was 100.00% and it becomes
121.17% in the year 2005 with increment of 21.17%
The amount of current accounts in the year 2005 was 121.17% and it becomes 230.95%
in the year 2006 with increment of 109.78%
The amount of current accounts in the year 2006 was 230.95% and it becomes 94.01% in
the year 2007 with Decrement of 136.94%
The amount of current account in the year 2007 was 94.01% and it becomes 126.79% in
the year 2008 with increment of 32.78%
And the amount of current accounts in the final year 2008 is 126.79%
Collection accounts
The amount of current account in the first year 2004 was Rs.38275 and it becomes
Rs.16831 in the year 2005 with decrement of Rs.21444
And the amount of collection account in the up coming years 2006, 2007 and 2008 is
zero
The amount of current account in the first year 2004 was 100.00% and it becomes
43.97% in the year 2005 with decrement of 56.03%
0.00%
25
Cash in hand
The amount of cash in hand in the first year 2004 was Rs.54 and it becomes Rs.262 in the
year 2005 with increment of Rs.208
The amount of cash in hand in the year 2005 was Rs.262 and it becomes Rs.215 in the
year 2006 with decrement of Rs.47
And the amount of cash in hand in the final year 2008 is Rs.259
The amount of cash in hand in the first year 2004 was 100.00% and it becomes 485.19%
The amount of cash in hand in the year 2005 was Rs.485.19% and it becomes 398.15% in
the year 2006 with decrement of 87.04%
The amount of cash in hand in the year 2006 was 398.15% and it becomes 329.63% in
And the amount of cash in hand in the final year 2008 is 479.63%
26
2004 2005 2006 2007 2008
Advances, Deposits, prepayments and
other receivables: 100.00% 62.57% 95.59% 1167.06% 469.63%
To suppliers 100.00% 53.31% 92.59% 2395.69% 45.59%
To employees 100.00% 174.39% 365.03% 138.31% 550.78%
Due from associated undertaking -
unsecured 100.00% 99.82% 283.05% 0.00% 0.00%
Deposits 100.00% 113.18% 142.04% 136.71% 436.94%
Prepayments 100.00% 40.68% 93.69% 29.46% 37.39%
Excise duty 100.00% 30.84% 0.00% 0.00% 0.00%
To suppliers
Trend analysis
3000.00% To employees
2500.00%
Due from associated
Percentage
2000.00%
undertaking - unsecured
1500.00%
1000.00% Deposits
500.00%
Prepayments
0.00%
2004 2005 2006 2007 2008
Years Excise duty
Advance tax -net
Advances, Deposits, prepayments and other receivables: Sales tax refundable -net
The amount of advances, deposits, prepayments and other receivables in the first year
Derivative foreign currency
options used as hedging
2004 was Rs.73583 and it becomes Rs.46041 in the year 2005 with decrement of
instrument
Interest accrued
Rs.27542
The amount of advances, deposits, prepayments and other receivables in the yearfee2005
Prepaid arrangement for
loans
was Rs.46041 and it becomes Rs.70340 in the year 2006 with decrement of Rs.24299
Margin on letters of credit
The amount of advances, deposits, prepayments and other receivables in the year 2006
was Rs.70340 and it becomes Rs.858758 in the year 2007 with increment of Rs.788418
Other receivables-
Considered goods
The amount of cash in hand in the year 2007 was Rs.858758 and it becomes Rs.345567
Others
in the year 2008 with decrement of Rs.513191
27
And the amount of Advances, Deposits, prepayments and other receivables in the final
year 2008 is Rs.345567
2004 was 100.00% and it becomes 62.57% in the year 2005 with decrement of 37.43%
was 62.57% and it becomes 95.59% in the year 2006 with increment of 33.02%
year 2008 is Rs.469.63%

2004 2005 2006 2007 2008
TRADE DEBTS 100.00% 239.41% 56.88% 43.67% 60.12%
Considered goods 100.00% 105.34% 114.41% 34.89% 0.00%
Considered doubtful 100.00% 100.00% 100.00% 532.74% 309.38%
Secure-considered goods 100.00% 371.96% 0.00% 52.34% 119.55%
Provision for doubtful debts 100.00% 100.00% 100.00% 532.74% 309.38%
Trend analysis TRADE DEBTS
600.00% Unsecured
500.00%
Percentage
400.00% Considered goods

300.00%
200.00% Considered doubtful
100.00%
0.00% Secure-considered goods
2004 2005 2006 2007 2008
Years Less: Provision for doubtful
debts
28
TRADE DEBTS
The amount of trade debts in the first year 2004 was Rs.44789 and it becomes Rs.107231
And the amount of trade debts in the final year 2008 is Rs.26927
The amount of trade debts in the first year 2004 was 100.00% and it becomes 239.41% in
And the amount of trade debts in the final year 2008 is 60.12%
Considered goods
The amount of considered goods in the first year 2004 was Rs.22266 and it becomes
The amount of considered goods in the year 2005 was Rs.23454 and it becomes Rs.25475
The amount of considered goods in the year 2007 was Rs.7769 and it becomes Rs.0 in the
year 2008
29
And the amount of considered goods in the final year 2008 is Rs.0
The amount of considered goods in the first year 2004 was 100.00% and it becomes
The amount of considered goods in the year 2005 was 105.34% and it becomes 114.41%
The amount of considered goods in the year 2006 was 114.41% and it becomes 34.89%
in the year 2007 with decrement of 79.52%
The amount of considered goods in the year 2007 was 34.89% and it becomes 0.00% in
the year 2008
And the amount of considered goods in the final year 2008 is 0.00%
Considered doubtful
The amount of considered doubtful in the first year 2004 was Rs.1567 and it becomes
Rs.1567 in the year 2005 and 2006.
The amount of considered doubtful in the year 2006 was Rs.1567 and it becomes Rs.8348
And the amount of considered doubtful in the final year 2008 is Rs.4848
The amount of considered doubtful in the first year 2004 was 100.00% and it becomes
100.00% in the year 2005 and 2006.
The amount of considered doubtful in the year 2006 was 100.00% and it becomes
The amount of considered doubtful in the year 2007 was 532.74% and it becomes
And the amount of considered doubtful in the final year 2008 is 309.38%
30
Secure-considered goods
The amount of secure-considered goods in the first year 2004 was Rs.22523 and it
becomes Rs.83777 in the year 2005 with increment of Rs.61254.
The amount of secure-considered goods in the year 2005 was Rs.83777 and it becomes
Rs.0 in the year 2006.
Rs.26927 in the year 2008 with increment of Rs.15138.
And the amount of secure-considered goods in the final year 2008 is Rs.26927.
The amount of secure-considered goods in the first year 2004 was 100.00% and it
becomes 371.96% in the year 2005 with increment of 271.96%
The amount of secure-considered goods in the year 2005 was 371.96% and it becomes
0.00% in the year 2006.
And the amount of secure-considered goods in the final year 2008 is 119.55%
Provision for doubtful debts

The amount of provision for doubtful debts in the first year 2004 was Rs.1567 and it
becomes Rs.1567 in the year 2005 and 2006.
The amount of provision for doubtful debts in the year 2007 was Rs.8348 and it becomes
Rs.4848 in the year 2008 with decrement of Rs.3500.
And the amount of provision for doubtful debts in the final year 2008 is Rs.4848.
The amount of provision for doubtful debts in the first year 2004 was 100.00% and it
becomes 100.00% in the year 2005 and 2006.
The amount of provision for doubtful debts in the year 2007 was 532.74% and it becomes
309.38% in the year 2008 with decrement of 223.36
And the amount of provision for doubtful debts in the final year 2008 is 309.38%
31
2004 2005 2006 2007 2008
STOCK IN TRADE 100.00% 90.80% 235.54% 297.58% 373.52%
Raw and packing material 100.00% 121.32% 184.00% 157.19% 205.41%
Work in process 100.00% 41.87% 337.42% 415.05% 549.44%
Finished goods 100.00% 138.80% 125.74% 237.21% 248.67%
Trend analysis
600.00%
500.00%
STOCK IN TRADE
Percentage
400.00%
Raw and packing material
300.00%
Work in process
200.00%
Finished goods
100.00%
0.00%
2004 2005 2006 2007 2008
Years
STOCK IN TRADE
The amount of stock in trade in the first year 2004 was Rs.61600 and it becomes
The amount of stock in trade in the year 2005 was Rs.55931 and it becomes Rs.145090 in
the year 2006 with increment of Rs.89159.
The amount of stock in trade in the year 2006 was Rs.145090 and it becomes Rs.183309
in the year 2007 with increment of Rs.38219.
And the amount of stock in trade in the final year 2008 is Rs.230089.
The amount of stock in trade in the first year 2004 was 100.00% and it becomes 90.80%
32
The amount of stock in trade in the year 2005 was 90.80% and it becomes 235.54% in the
year 2006 with increment of 144.74%
The amount of stock in trade in the year 2006 was 235.54% and it becomes 297.58% in
The amount of stock in trade in the year 2007 was 297.58% and it becomes 373.52% in
And the amount of stock in trade in the final year 2008 is 373.52%

The amount of raw and packing material in the first year 2004 was Rs.15224 and it
becomes Rs.18469 in the year 2005 with increment of Rs.3245
The amount of raw and packing material in the year 2005 was Rs.18469 and it becomes
And the amount of raw and packing material in the final year 2008 is Rs.31271
The amount of raw and packing material in the first year 2004 was 100.00% and it
The amount of raw and packing material in the year 2005 was 121.32% and it becomes
And the amount of raw and packing material in the final year 2008 is 205.41%
33
Work in process
The amount of work in process in the first year 2004 was Rs.27761 and it becomes
The amount of work in process in the year 2005 was Rs.11624 and it becomes Rs.93671
The amount of work in process in the year 2007 was Rs.115221 and it becomes
And the amount of work in process in the final year 2008 is Rs.152529.
The amount of work in process in the first year 2004 was 100.00% and it becomes
The amount of work in process in the year 2005 was 41.87% and it becomes 337.42% in
And the amount of work in process in the final year 2008 is 549.44%
Finished goods
The amount of finished goods in the first year 2004 was Rs.18615 and it becomes
The amount of finished goods in the year 2005 was Rs.25838 and it becomes Rs.23407 in
the year 2006 with decrement of Rs.2431.
34
And the amount of finished goods in the final year 2008 is Rs.46289.
The amount of finished goods in the first year 2004 was 100.00% and it becomes
The amount of finished goods in the year 2005 was 138.80% and it becomes 125.74% in
And the amount of finished goods in the final year 2008 is 248.67%

2004 2005 2006 2007 2008
STORES, SPARES AND LOOSE
TOOLS 100.00% 182.60% 248.68% 237.47% 459.77%
Stores 100.00% 149.83% 276.30% 86.30% 578.20%
Spares 100.00% 206.65% 236.79% 333.02% 404.46%
Loose tools 100.00% 114.73% 168.79% 175.80% 188.62%
Trend analysis
800.00% STORES, SPARES AND

Percentage
600.00% LOOSE TOOLS
400.00% Stores
200.00%
Spares
0.00%
2004 2005 2006 2007 2008
Loose tools
Years
35
STORES, SPARES AND LOOSE TOOLS
The amount of stores, spares and loose tools in the first year 2004 was Rs.197400 and it
The amount of stores, spares and loose tools in the year 2005 was Rs.360452 and it
becomes Rs.468769 in the year 2007 with decrement of Rs.22118.
And the amount of stores, spares and loose tools in the final year 2008 is Rs.907591.
The amount of stores, spares and loose tools in the first year 2004 was 100.00% and it
The amount of stores, spares and loose tools in the year 2005 was 182.60% and it
becomes 237.47% in the year 2007 with decrement of 11.21%
And the amount of stores, spares and loose tools in the final year 2008 is 459.77%
Stores
The amount of stores in the first year 2004 was Rs.71837 and it becomes Rs.107633 in
The amount of stores in the year 2005 was Rs.107633 and it becomes Rs.198485 in the
year 2006 with increment of Rs.90852.
year 2007 with decrement of Rs.136488.
36
And the amount of stores in the final year 2008 is Rs.415358.
The amount of stores in the first year 2004 was 100.00% and it becomes 149.83% in the
The amount of stores in the year 2005 was 149.83% and it becomes 276.30% in the year
2006 with increment of 126.47%
2007 with decrement of 190.00%
And the amount of stores in the final year 2008 is 578.20%
Spares
The amount of spares in the first year 2004 was Rs.118324 and it becomes Rs.244514 in
The amount of spares in the year 2005 was Rs.244514 and it becomes Rs.280183 in the
And the amount of spares in the final year 2008 is Rs.478579.
The amount of spares in the first year 2004 was 100.00% and it becomes 206.65% in the
The amount of spares in the year 2005 was 206.65% and it becomes 236.79% in the year
2008 with increment of 71.44
37
And the amount of spares in the final year 2008 is 404.46%
Loose tools
The amount of loose tools in the first year 2004 was Rs.7239 and it becomes Rs.8305 in
The amount of loose tools in the first year 2006 was Rs.12219 and it becomes Rs.12726
The amount of loose tools in the first year 2004 was 100.00% and it becomes 114.73% in
The amount of loose tools in the year 2005 was 114.73% and it becomes 168.79% in the
year 2008 with increment of 12.83%.
38
2004 2005 2006 2007 2008
LONG TERM DEPOSITS 100.00% 127.35% 127.35% 127.35% 127.35%
Islamabad Electric Supply
Company Limited 100.00% 100.00% 100.00% 100.00% 100.00%
Sui Northern Gas Pipelines
Limited 100.00% 166.74% 166.74% 166.74% 166.74%
Balance Sheet
50000
45000
40000
LONG TERM DEPOSITS
35000
30000
Amount

25000
Company Limited
20000
15000 Sui Northern Gas Pipelines
Limited
10000
5000
0
2004 2005 2006 2007 2008
Years
LONG TERM DEPOSITS

The amount of long term deposits in the first year 2004 was Rs.36600 and it becomes
Rs.46611 in the year 2005, 2006, 2007 and 2008 with decrement of Rs.10011.
The amount of long term deposits in the first year 2004 was 100.00% and it becomes
127.35% in the year 2005, 2006, 2007 and 2008 with decrement of 27.35%
39
Islamabad Electric Supply Company Limited
The amount of Islamabad Electric Supply Company Limited in the year 2004, 2005,
2006, 2007 and 2008 was Rs.21600.
2006, 2007 and 2008 was 100.00%
Sui Northern Gas Pipelines Limited

The amount of Sui Northern Gas Pipelines Limited in the first year 2004 was Rs.15000
and it becomes Rs.25011 in the year 2005, 2006, 2007 and 2008 with increment of
Rs.10011.
The amount of Sui Northern Gas Pipelines Limited in the first year 2004 was 100.00%
and it becomes 166.74% in the year 2005, 2006, 2007 and 2008 with increment of
66.74%.

2004 2005 2006 2007 2008
LONG TERM ADVANCES -
Considered goods 100.00% 100.00% 90.00% 80.00%
Sui Northern Gas Pipelines Limited 100.00% 90.00%
Amount receivables within 12
months shown under current assets 100.00% 100.00%
40
Trend analysis
120.00%
100.00% Considered goods
Percentage
80.00%
60.00% Sui Northern Gas Pipelines
40.00% Limited
20.00%
0.00% Less: Amount receivables within
2004 2005 2006 2007 2008 12 months shown under current
Years assets
LONG TERM ADVANCES - Considered goods

The amount of LONG TERM ADVANCES - Considered goods in the first year 2004 was
Rs.0 and it becomes Rs.9000 in the year 2005 and 2006 with increment of Rs.9000.
The amount of LONG TERM ADVANCES - Considered goods in the year 2007 was
Rs.8100 and it becomes Rs.7200 in the year 2008 with decrement of Rs.900.
And the amount of long term advances-considered goods in the final year 2008 is
Rs.7200
The amount of LONG TERM ADVANCES - Considered goods in the year 2005 and
90.00% and it becomes 80.00% in the year 2008 with decrement of 10.00%
And the amount of long term advances-considered goods in the final year 2008 is 80.00%

The amount of Sui Northern Gas Pipelines Limited in the year 2004, 2005 and 2006 was
Rs.0 and it becomes Rs.9000 in the year 2007 with increment of Rs.9000.
And the amount of Sui Northern Gas Pipelines Limited in the final year 2008 is Rs.8100.
The amount of Sui Northern Gas Pipelines Limited in the year 2007 was 100.00% and it
And the amount of Sui Northern Gas Pipelines Limited in the final year 2008 is 90.00%.
41
2004 2005 2006 2007 2008
FIXED ASSETS - Tangible: 100.00% 98.50% 96.49% 92.88% 150.27%
Property, Plant and equipment 100.00% 98.50% 96.49% 92.88% 150.27%
Trend analysis
200.00%
Percentage
150.00%
FIXED ASSETS - Tangible:
100.00%
Property, Plant and equipment
50.00%
0.00%
2004 2005 2006 2007 2008
Years
FIXED ASSETS – Tangible

The amount of fixed assets-tangible in the first year 2004 was Rs.4729254 and it
The amount of fixed assets-tangible in the year 2005 was Rs.4658272 and it becomes
And the amount of fixed assets-tangible in the final year 2008 is Rs.7106599.
The amount of fixed assets-tangible in the first year 2004 was 100.00% and it becomes
The amount of fixed assets-tangible in the year 2005 was 98.50% and it becomes 96.49%
42
The amount of fixed assets-tangible in the year 2007 was 92.88% and it becomes
And the amount of fixed assets-tangible in the final year 2008 is 150.27%

2004 2005 2006 2007 2008
Total Assets 100.00% 105.30% 104.87% 108.30% 210.72%
Trend Analysis
250.00%
200.00%
Percentages
150.00%
Total Assets
100.00%
50.00%
0.00%
2004 2005 2006 2007 2008
Years
Total Assets
The amount of total assets in the first year 2004 was Rs.5910353 and it becomes
The amount of total assets in the year 2005 was Rs.6223788 and it becomes Rs.6198108
in the year 2006 with decrement of Rs.25680.
43
And the amount of total assets in the final year 2008 is Rs.12454493
The amount of total assets in the first year 2004 was 100.00% and it becomes 105.30% in
The amount of total assets in the year 2005 was 105.30% and it becomes 104.87% in the
year 2006 with decrement of 0.43%
And the amount of total assets in the final year 2008 is 210.72%
44
2004 2005 2006 2007 2008
Trade and other payables: 100.00% 101.19% 154.54% 171.92% 181.01%
Creditors 100.00% 100.70% 130.91% 179.11% 144.57%
Accrued liabilities 100.00% 105.82% 100.07% 187.35% 275.43%
Retention money 100.00% 97.36% 118.71% 110.79% 143.42%
Security deposits 100.00% 113.82% 149.19% 153.37% 144.98%
Advances from customers 100.00% 183.57% 254.07% 293.11% 178.82%
Workers' (Profit) Participation Fund 100.00% 234.20% 103.84% 61.11%
Workers' Welfare fund 100.00% 157.67%
Trend analysis Trade and other payables:
120000.00% Creditors
100000.00% Accrued liabilities
Percentage
80000.00%
Retention money
60000.00%
40000.00% Sesurity deposits
20000.00% Advances from customers
0.00%
Workers' (Profit)
2004 2005 2006 2007 2008
Participation Fund
Years Workers' Welfare fund
Sales tax payable- net
Excise duty payable

Trade and other payables
Other liabilities
The amount of trade and other payables in the first year 2004 was Rs.272476 and it
Compensated absences
The amount of trade and other payables in the year 2005 was Unclaimed
Rs.275718dividend
and it becomes
The amount of trade and other payables in the year 2006 was Rs.421074 and it becomes
And the amount of trade and other payables in the final year 2008 is Rs.493210
45
The amount of trade and other payables in the first year 2004 was 100.00% and it
The amount of trade and other payables in the year 2005 was 101.19% and it becomes
And the amount of trade and other payables in the final year 2008 is 181.01%
Creditors
The amount of creditors in the first year 2004 was Rs.45651 and it becomes Rs.45969 in
The amount of creditors in the year 2005 was Rs.45969 and it becomes Rs.59763 in the
And the amount of creditors in the final year 2008 is Rs.65997.
The amount of creditors in the first year 2004 was 100.00% and it becomes 100.70% in
the year 2005 with increment of .0.70%
The amount of creditors in the year 2005 was 100.70% and it becomes 130.91% in the
And the amount of creditors in the final year 2008 is 144.57%
46
Accrued liabilities
The amount of accrued liabilities in the first year 2004 was Rs.63425 and it becomes
The amount of accrued liabilities in the year 2005 was Rs.67119 and it becomes
And the amount of accrued liabilities in the final year 2008 is Rs.174692
The amount of accrued liabilities in the first year 2004 was 100.00% and it becomes
The amount of accrued liabilities in the year 2005 was 105.82% and it becomes 100.07%
And the amount of accrued liabilities in the final year 2008 is 275.43%
Retention money
The amount of retention money in the first year 2004 was Rs.10819 and it becomes
The amount of retention money in the year 2005 was Rs.10533 and it becomes Rs.12843
47
And the amount of retention money in the final year 2008 is Rs.15517
The amount of retention money in the first year 2004 was 100.00% and it becomes
The amount of retention money in the year 2005 was 97.36% and it becomes 118.71% in
The amount of retention money in the year 2006 was 118.71% and it becomes 110.79%
The amount of retention money in the year 2007 was 110.79% and it becomes 143.42%
And the amount of retention money in the final year 2008 is 143.42%
Security deposits
The amount of security deposits in the first year 2004 was Rs.25462 and it becomes
The amount of security deposits in the year 2005 was Rs.28982 and it becomes Rs.37986
And the amount of security deposits in the final year 2008 is Rs.36916.
The amount of security deposits in the first year 2004 was 100.00% and it becomes
The amount of security deposits in the year 2005 was 113.82% and it becomes 149.19%
48
And the amount of security deposits in the final year 2008 is 144.98%
Advances from customers

The amount of advances from customers in the first year 2004 was Rs.23121 and it
The amount of advances from customers in the year 2005 was Rs.42444 and it becomes
And the amount of advances from customers in the final year 2008 is Rs.41344.
The amount of advances from customers in the first year 2004 was 100.00% and it
The amount of advances from customers in the year 2005 was 183.57% and it becomes
And the amount of advances from customers in the final year 2008 is 178.82%
Workers' (Profit) Participation Fund

The amount of Workers' (Profit) Participation Fund in the first year 2004 was Rs.0 and it
The amount of Workers' (Profit) Participation Fund in the year 2005 was Rs.39949 and it
49
And the amount of Workers' (Profit) Participation Fund in the final year 2008 is
Rs.24413.
The amount of Workers' (Profit) Participation Fund in the year 2005 was 100.00% and it
And the amount of Workers' (Profit) Participation Fund in the final year 2008 is 61.11%
Workers' Welfare fund

The amount of Workers' Welfare fund in the first three year 2004, 2005 and 2006 was
The amount of Workers' Welfare fund in the year 2007 was Rs.16085 and it becomes
The amount of Workers' Welfare fund in the year 2007 was 100.00% and it becomes
And the amount of Workers' Welfare fund in the final year 2008 is 157.67%
50
2004 2005 2006 2007 2008
Habib Bank Limited 100.00% 65.29% 47.11% 28.93%
MCB Bank Limited 100.00% 65.29% 47.11% 28.93%
United Bank Limited 100.00% 65.29% 47.11% 28.93%
Bank Al Falah Limited 100.00% 65.29% 47.11% 28.93%
NIB Bank Limited 100.00% 61.40%
PICIC Commercial Bank Limited 100.00% 65.29% 0.00% 0.00%
Trend analysis
120.00%
Loans from banking companies -
100.00% Secured:
Habib Bank Limited
80.00%
Percentage
MCB Bank Limited

60.00%
United Bank Limited
40.00%
Bank Al Falah Limited
20.00%
NIB Bank Limited
0.00%
PICIC Commercial Bank Limited
2004 2005 2006 2007 2008
Years
Habib Bank Limited

The amount of Habib Bank Limited in the first year 2005 was Rs.916667 and it becomes
The amount of Habib Bank Limited in the year 2006 was Rs.598485 and it becomes
And the amount of Habib Bank Limited in the final year 2008 is Rs.265152.
51
The amount of Habib Bank Limited in the first year 2005 was 100.00% and it becomes
The amount of Habib Bank Limited in the year 2006 was 65.29% and it becomes 47.11%
The amount of Habib Bank Limited in the year 2007 was 47.11% and it becomes 28.93%
And the amount of Habib Bank Limited in the final year 2008 is 144.57%
MCB Bank Limited

The amount of MCB Bank Limited in the first year 2005 was Rs.916667 and it becomes
The amount of MCB Bank Limited in the year 2006 was Rs.598485 and it becomes
And the amount of MCB Bank Limited in the final year 2008 is Rs.265152.
The amount of MCB Bank Limited in the first year 2005 was 100.00% and it becomes
The amount of MCB Bank Limited in the year 2006 was 65.29% and it becomes 47.11%
The amount of MCB Bank Limited in the year 2007 was 47.11% and it becomes 28.93%
And the amount of MCB Bank Limited in the final year 2008 is 144.57%
United Bank Limited

The amount of United Bank Limited in the first year 2005 was Rs.458333 and it becomes
The amount of United Bank Limited in the year 2006 was 299243 and it becomes
52
The amount of United Bank Limited in the year 2007 was Rs.215909 and it becomes
And the amount of United Bank Limited in the final year 2008 is Rs.132576
The amount of United Bank Limited in the first year 2005 was 100.00% and it becomes
The amount of United Bank Limited in the year 2006 was 65.29% and it becomes
The amount of United Bank Limited in the year 2007 was 47.11% and it becomes
And the amount of United Bank Limited in the final year 2008 is 144.57%

The amount of Bank Al Falah Limited in the first year 2005 was Rs.458333 and it
The amount of Bank Al Falah Limited in the year 2006 was 299243 and it becomes
The amount of Bank Al Falah Limited in the year 2007 was Rs.215909 and it becomes
And the amount of Bank Al Falah Limited in the final year 2008 is Rs.132576
The amount of Bank Al Falah Limited in the first year 2005 was 100.00% and it becomes
The amount of Bank Al Falah Limited in the year 2006 was 65.29% and it becomes
The amount of Bank Al Falah Limited in the year 2007 was 47.11% and it becomes
And the amount of Bank Al Falah Limited in the final year 2008 is 144.57%
53
NIB Bank Limited
The amount of NIB Bank Limited in the year 2007 was Rs.129546 and it becomes
And the amount of NIB Bank Limited in the final year 2008 is Rs.79544.
The amount of NIB Bank Limited in the year 2007 was 100.00% and it becomes 61.40%
And the amount of NIB Bank Limited in the final year 2008 is 61.40%

The amount of PICIC Commercial Bank Limited in the first year 2005 was Rs.275000
and it becomes Rs.179545 in the year 2006 with decrement of Rs.95455
The amount of PICIC Commercial Bank Limited in the year 2006 was Rs.179545 and it
becomes 0 in the year 2007 and 2008.
The amount of PICIC Commercial Bank Limited in the first year 2005 was 100.00% and
it becomes 65.29% in the year 2006 with decrement of 34.71%
The amount of PICIC Commercial Bank Limited in the year 2006 was 65.29% and it
54
2004 2005 2006 2007 2008
Loan from related party:
Fauji Foundation- Unsecured 100.00% 0.00% 0.00% 0.00%
Amount payable within 12 months
shown under current liabilities 100.00% 99.46% 99.46% 99.46%
Trend analysis B-S
150.00% Loan from related party:

Percentage
100.00%
Fauji Foundation- Unsecured
50.00%
0.00%
2004 2005 2006 2007 2008 Less:amount payable within 12
months shown under current
Years liabilities
The amount of Fauji Foundation- Unsecured in the year 2005 was Rs.50000 and it
becomes Rs.0 in the years 2006, 2007 and 2008.
The amount of Fauji Foundation- Unsecured in the year 2005 was 100.00% and it
becomes 0.00% in the years 2006, 2007 and 2008.
55
2004 2005 2006 2007 2008
Total Liabilities 100.00% 105.30% 104.87% 108.30% 210.72%
Trend Analysis
250.00%
200.00%
Percentages
150.00%
Total Liabilities
100.00%
50.00%
0.00%
2004 2005 2006 2007 2008
Years
Total Liabilities
The amount of Total Liabilities in the first year 2004 was Rs.3971219 and it becomes
The amount of Total Liabilities in the year 2005 was Rs.3774164 and it becomes
And the amount of Total Liabilities in the final year 2008 is Rs.3170512.
The amount of Total Liabilities in the first year 2004 was 100.00% and it becomes
56
The amount of Total Liabilities in the year 2005 was 105.30% and it becomes 104.87% in
And the amount of Total Liabilities in the final year 2008 is 210.72%
57

2004 2005 2006 2007 2008
CURRENT ASSETS 9.72% 18.84% 25.48% 30.52% 42.51%
Cash in hand 0.00% 0.00% 0.00% 0.00% 0.00%
Vertical analysis B-S
35.00%
30.00% Cash and bank balances
25.00%
Percentage
Deposit accounts
20.00%
Current accounts
15.00%
10.00% Collection accounts
5.00% Cash in hand
0.00%
2004 2005 2006 2007 2008
Years
Current Assets
Rs.1172765 in the year 2005 with and increment of Rs.598305.
And the amount of Current Assets in the year 2005 was Rs.1172765 and it increases to
The amount of Current Assets in the year 2007was Rs.1953527 and it increases to
And the amount Current Assets in the final year 2008 is Rs.5294083
58
The amount of Current Assets in the year 2004 was 9.72% .and it increases to 18.84% in
the year 2005 with and increment of 9.12%
And the amount of Current Assets in the year 2005 was 18.84% and it increases to
25.48%in the year 2006 with an increment of 6.64%
The amount of Current Assets in the year 2006 was 25.48% and it increases to 30.52% in
The amount of Current Assets in the year 2007 was 30.52 % and it increases to 42.51 in
And the amount Current Assets in the final year 2008 is 42.51%.
Cash and Bank balances

Rs.423133 in the year 2007 with a decrement of Rs.424457
And the amount of Cash and bank balances in the final year 2008 is Rs.3783909
9.69% in the year 2005 with an increment of6.36%
6.61% in the year 2007 with a decrement of 7.06%
59
And the amount of Cash and bank balances in the final year 2008 is 30.38%
Deposit accounts
The amount of deposit accounts in the first year 2004 was Rs.137433 and it becomes
Rs.402907 in the year 2007 with a Decrement of Rs.395215
And the amount of deposit accounts in the final year 2008 is Rs.37566611
The amount of deposit accounts in the first year 2004 was 2.33% and it becomes 9.00% in
the year 2005 with an increment of 6.67%
The amount of deposit accounts in the year 2005 was 6.00% and it becomes 12.88% in the
year 2006 with an increment of 6.88%
year 2007 with a decrement of 6.59%
And the amount of deposit accounts in the final year 2008 is 30.16%
Current accounts
The amount of current accounts in the first year 2004 was Rs.21326 and it becomes
in the year 2007 with Decrement of Rs.29205
60
The amount of current account in the year 2007 was Rs.20048 and it becomes Rs.27039
And the amount of current accounts in the final year 2008 is Rs.27039
The amount of current accounts in the first year 2004 was 0.36% and it becomes 0.42%
The amount of current accounts in the year 2005 was 0.42% and it becomes 0.79% in the
The amount of current accounts in the year 2006 was 0.79% and it becomes 0.31% in the
The amount of current account in the year 2007 was 0.31% and it becomes 0.22% in the
And the amount of current accounts in the final year 2008 is 0.22%
Collection accounts
The amount of current account in the first year 2004 was Rs.38275 and it becomes
zero
The amount of current account in the first year 2004 was 0.65% and it becomes 0.27% in
0.00%
Cash in hand
The amount of cash in hand in the first year 2004 was Rs.54 and it becomes Rs.262 in the
61
And the amount of cash in hand in the final year 2008 is Rs.259
The amount of cash in hand in the years 2004, 2005, 2006, 2007 and 2008 is 0.00%.

2004 2005 2006 2007 2008
Advances, Deposits, prepayments and
other receivables: 1.24% 0.74% 1.13% 13.42% 2.77%
To suppliers 0.58% 0.29% 0.51% 12.74% 0.12%
To employees 0.01% 0.01% 0.03% 0.01% 0.02%
Due from associated undertaking -
unsecured 0.02% 0.02% 0.05% 0.00% 0.00%
Deposits 0.02% 0.02% 0.03% 0.03% 0.05%
Prepayments 0.18% 0.07% 0.16% 0.05% 0.03%
Excise duty 0.17% 0.05% 0.00% 0.00% 0.00%
16.00% Advances, Deposits, prepayments

14.00% and other receivables:
To suppliers
12.00%
To employees
Percentage
10.00%
8.00% Due from associated undertaking -
6.00% unsecured
Deposits
4.00%
2.00% Prepayments
0.00% Excise duty

2004 2005 2006 2007 2008
Advance tax -net
Years
Sales tax refundable -net
Derivative foreign currency options

used as hedging instrument
Interest accrued
Prepaid arrangement fee for loans
Margin on letters of credit

62
Other receivables- Considered
goods
Others
Advances, Deposits, prepayments and other receivables:
2004 was Rs.73583 and it becomes Rs.46041 in the year 2005 with decrement of
Rs.27542
was Rs.46041 and it becomes Rs.70340 in the year 2006 with decrement of Rs.24299
was Rs.70340 and it becomes Rs.858758 in the year 2007 with increment of Rs.788418
The amount of cash in hand in the year 2007 was Rs.858758 and it becomes Rs.345567
year 2008 is Rs.345567
was 0.74% and it becomes 1.13% in the year 2006 with decrement of 0.39%
The amount of cash in hand in the year 2007 was 13.42% and it becomes 2.77% in the
year 2008 is 2.77%
63
2004 2005 2006 2007 2008
TRADE DEBTS 0.76% 1.72% 0.41% 0.31% 0.22%
Provision for doubtful debts -0.03% -0.03% -0.03% -0.13% -0.04%
Vertical analysis B-S TRADE DEBTS
2.00% Unsecured
1.50%
Percentage
Considered goods
1.00%
0.50% Considered doubtful
0.00%
2004 2005 2006 2007 2008
-0.50%
Years Less: Provision for doubtful
debts
TRADE DEBT
And the amount of trade debts in the final year 2008 is Rs.26927
64
The amount of trade debts in the first year 2004 was 0.76% and it becomes 1.72% in the
year 2007 with decrement of 0.10
And the amount of trade debts in the final year 2008 is 0.22%
Considered goods
The amount of considered goods in the first year 2004 was Rs.22266 and it becomes
The amount of considered goods in the year 2007 was Rs.7769 and it becomes Rs.0 in the
year 2008
And the amount of considered goods in the final year 2008 is Rs.0
The amount of considered goods in the first year 2004 was 0.38% and it becomes 0.38%
in the year 2005
the year 2008
And the amount of considered goods in the final year 2008 is 0.00%
65
Considered doubtful
The amount of considered doubtful in the first year 2004 was Rs.1567 and it becomes
Rs.1567 in the year 2005 and 2006.
And the amount of considered doubtful in the final year 2008 is Rs.4848
The amount of considered doubtful in the year 2004, 2005 and 2006 was 0.03% and it
The amount of considered doubtful in the year 2007 was 0.13% and it becomes 0.04% in
the year 2008 with decrement of 0.09
And the amount of considered doubtful in the final year 2008 is 0.04%
The amount of secure-considered goods in the first year 2004 was Rs.22523 and it
Rs.0 in the year 2006.
And the amount of secure-considered goods in the final year 2008 is Rs.26927.
The amount of secure-considered goods in the first year 2004 was 0.38% and it becomes
0.00% in the year 2006.
66
And the amount of secure-considered goods in the final year 2008 is 0.22%
Provision for doubtful debts

The amount of provision for doubtful debts in the first year 2004 was Rs.1567 and it
becomes Rs.1567 in the year 2005 and 2006.
The amount of provision for doubtful debts in the year 2007 was Rs.8348 and it becomes
And the amount of provision for doubtful debts in the final year 2008 is Rs.4848.
The amount of provision for doubtful debts in the first year 2004 was 0.03% and it
becomes 0.13% in the year 2005, 2006 and 2007.
The amount of provision for doubtful debts in the year 2007 was 0.13% and it becomes
And the amount of provision for doubtful debts in the final year 2008 is 0.04%
67
2004 2005 2006 2007 2008
STOCK IN TRADE 1.04% 0.90% 2.34% 2.86% 1.85%
Work in process 0.47% 0.19% 1.51% 1.80% 1.22%
Finished goods 0.31% 0.42% 0.38% 0.69% 0.37%
3.50%
3.00%
2.50% STOCK IN TRADE
Percentage
2.00% Raw and packing material

1.50% Work in process
1.00% Finished goods
0.50%
0.00%
2004 2005 2006 2007 2008
Years
STOCK IN TRADE
The amount of stock in trade in the first year 2004 was Rs.61600 and it becomes
The amount of stock in trade in the year 2005 was Rs.55931 and it becomes Rs.145090 in
And the amount of stock in trade in the final year 2008 is Rs.230089.
68
The amount of stock in trade in the first year 2004 was 1.04% % and it becomes 0.90% in
And the amount of stock in trade in the final year 2008 is 1.85%

The amount of raw and packing material in the first year 2004 was Rs.15224 and it
And the amount of raw and packing material in the final year 2008 is Rs.31271
The amount of raw and packing material in the first year 2004 was 0.26% and it becomes
And the amount of raw and packing material in the final year 2008 is 0.25%
69
Work in process
The amount of work in process in the first year 2004 was Rs.27761 and it becomes
The amount of work in process in the year 2007 was Rs.115221 and it becomes
And the amount of work in process in the final year 2008 is Rs.152529
The amount of work in process in the first year 2004 was 0.47% and it becomes 0.19% in
The amount of work in process in the year 2005 was 0.19% and it becomes 1.51% in the
And the amount of work in process in the final year 2008 is 1.22%
Finished goods
The amount of finished goods in the first year 2004 was Rs.18615 and it becomes
the year 2006 with decrement of Rs.2431.
70
And the amount of finished goods in the final year 2008 is Rs.46289.
The amount of finished goods in the first year 2004 was 0.31% and it becomes 0.42% in
The amount of finished goods in the year 2005 was 0.42% and it becomes 0.38% in the
And the amount of finished goods in the final year 2008 is 0.37%

2004 2005 2006 2007 2008
STORES, SPARES AND LOOSE
TOOLS 3.34% 5.79% 7.92% 7.32% 7.29%
Stores 1.22% 1.73% 3.20% 0.97% 3.34%
Spares 2.00% 3.93% 4.52% 6.16% 3.84%
Loose tools 0.12% 0.13% 0.20% 0.20% 0.11%
71
10.00%
STORES, SPARES AND
8.00%
LOOSE TOOLS
Percentage
6.00%
Stores
4.00%
2.00% Spares
0.00%
Loose tools
2004 2005 2006 2007 2008
Years
STORES, SPARES AND LOOSE TOOLS

The amount of stores, spares and loose tools in the first year 2004 was Rs.197400 and it
And the amount of stores, spares and loose tools in the final year 2008 is Rs.907591.
The amount of stores, spares and loose tools in the first year 2004 was 3.34% and it
The amount of stores, spares and loose tools in the year 2005 was 5.79% and it becomes
And the amount of stores, spares and loose tools in the final year 2008 is 7.29%
72
Stores
The amount of stores in the first year 2004 was Rs.71837 and it becomes Rs.107633 in
And the amount of stores in the final year 2008 is Rs.415358.
The amount of stores in the first year 2004 was 1.22% and it becomes 1.73% in the year
The amount of stores in the year 2005 was 1.73% and it becomes 3.20% in the year 2006
with increment of 1.47%
with decrement of 2.23%
And the amount of stores in the final year 2008 is 3.34%
Spares
The amount of spares in the first year 2004 was Rs.118324 and it becomes Rs.244514 in
73
The amount of spares in the first year 2004 was 2.00% and it becomes 3.93%in the year
The amount of spares in the year 2005 was 3.93% and it becomes 4.52% in the year 2006
with decrement of 2.32%
Loose tools
The amount of loose tools in the first year 2004 was 0.12% and it becomes 0.13% in the
year 2007
74
2004 2005 2006 2007 2008
Company Limited 0.37% 0.35% 0.35% 0.34% 0.17%
Limited 0.25% 0.40% 0.40% 0.39% 0.20%
0.80%
Percentage
0.60% LONG TERM DEPOSITS

0.40%
0.20%
Company Limited
0.00%
2004 2005 2006 2007 2008 Limited
Years
LONG TERM DEPOSITS

The amount of long term deposits in the first year 2004 was Rs.36600 and it becomes
Rs.46611 in the year 2005, 2006, 2007 and 2008 with decrement of Rs.10011.
The amount of long term deposits in the first year 2004 was 0.62% and it becomes 0.75%
in the year 2005, 2006 with increment of 0.13%
Islamabad Electric Supply Company Limited

2006, 2007 and 2008 was Rs.21600.
75
in the year 2005, 2006 with decrement of 0.02%

The amount of Sui Northern Gas Pipelines Limited in the first year 2004 was Rs.15000
and it becomes Rs.25011 in the year 2005, 2006, 2007 and 2008 with increment of
Rs.10011.
The amount of Sui Northern Gas Pipelines Limited in the first year 2004 was 0.25% and
it becomes 0.40% in the year 2005, 2006 with increment of 0.15%

2004 2005 2006 2007 2008
Sui Northern Gas Pipelines Limited 0.00% 0.00% 0.00% 0.14% 0.07%
Less: Amount receivables within 12
months shown under current assets 0.00% 0.00% 0.00% -0.01% -0.01%
76
Considered goods
0.20%
0.15%
Percentage

0.10% Limited
0.05%
0.00% Less: Amount receivables within
-0.05% 2004 2005 2006 2007 2008 12 months shown under current
assets
Years
LONG TERM ADVANCES - Considered goods

The amount of LONG TERM ADVANCES - Considered goods in the first year 2004 was
Rs.0 and it becomes Rs.9000 in the year 2005 and 2006 with increment of Rs.9000.
Rs.8100 and it becomes Rs.7200 in the year 2008 with decrement of Rs.900.
And the amount of long term advances-considered goods in the final year 2008 is
Rs.7200
0.00% and it becomes 0.14% in 2005 with increment of 0.14%
0.14% and it becomes 0.15% in the year 2006 with increment of 0.01%
And the amount of long term advances-considered goods in the year 2006 was 0.15% and
it becomes 0.13% in 2007 with decrement of 0.02%
And the amount of long term advances-considered goods in the year 2007 was 0.13% and
it becomes 0.06% in 2008 with decrement of 0.07%

The amount of Sui Northern Gas Pipelines Limited in the year 2004, 2005 and 2006 was
And the amount of Sui Northern Gas Pipelines Limited in the final year 2008 is Rs.8100.
77
The amount of Sui Northern Gas Pipelines Limited in the year 2007 was 0.14% and it
And the amount of Sui Northern Gas Pipelines Limited in the final year 2008 is 0.07%

2004 2005 2006 2007 2008
100.00%
80.00%
Percentage
60.00% FIXED ASSETS - Tangible:

40.00% Property, Plant and equipment
20.00%
0.00%
2004 2005 2006 2007 2008
Years
FIXED ASSETS – Tangible

The amount of fixed assets-tangible in the first year 2004 was Rs.4729254 and it
78
And the amount of fixed assets-tangible in the final year 2008 is Rs.7106599.
The amount of fixed assets-tangible in the first year 2004 was 80.02% and it becomes
And the amount of fixed assets-tangible in the final year 2008 is 57.06%

2004 2005 2006 2007 2008
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00%
Vertical Analysis
120.00%
100.00%
80.00%
Percentages
60.00% Total Assets
40.00%
20.00%
0.00%
2004 2005 2006 2007 2008
Years
79
Total Assets
The amount of total assets in the first year 2004 was Rs.5910353 and it becomes
And the amount of total assets in the final year 2008 is Rs.12454493
The amount of total assets in the years 2004, 2005, 2006, 2007 and 2008 was 100.00%.

2004 2005 2006 2007 2008
Creditors 0.77% 0.74% 0.96% 1.28% 0.53%
Retention money 0.18% 0.17% 0.21% 0.19% 0.12%
Workers' (Profit) Participation Fund 0.00% 0.64% 1.51% 0.65% 0.20%
Workers' Welfare fund 0.00% 0.00% 0.00% 0.25% 0.20%
80
8.00%
Trade and other payables:
7.00%
Creditors
6.00%
Accrued liabilities
5.00%
Percentage
Retention money
4.00%
Sesurity deposits
3.00%
2.00%
Workers' (Profit)
1.00% Participation Fund
0.00%
Sales tax payable- net
2004 2005 2006 2007 2008
Excise duty payable
Years
Other liabilities
Compensated absences
Unclaimed dividend
Trade and other payables
The amount of trade and other payables in the first year 2004 was Rs.272476 and it
And the amount of trade and other payables in the final year 2008 is Rs.493210
The amount of trade and other payables in the first year 2004 was 4.61% and it becomes
81
And the amount of trade and other payables in the final year 2008 is 3.96%
Creditors
The amount of creditors in the first year 2004 was Rs.45651 and it becomes Rs.45969 in
And the amount of creditors in the final year 2008 is Rs.65997.
The amount of creditors in the first year 2004 was 0.77% and it becomes 0.74% in the
The amount of creditors in the year 2005 was 0.74% and it becomes 0.96% in the year
2008 with decrement of 0.75%
And the amount of creditors in the final year 2008 is 0.53%
Accrued liabilities
The amount of accrued liabilities in the first year 2004 was Rs.63425 and it becomes
82
And the amount of accrued liabilities in the final year 2008 is Rs.174692
The amount of accrued liabilities in the first year 2004 was 1.07% and it becomes 1.08%
The amount of accrued liabilities in the year 2005 was 1.08% and it becomes 1.02% in
And the amount of accrued liabilities in the final year 2008 is 1.40%
Retention money
The amount of retention money in the first year 2004 was Rs.10819 and it becomes
And the amount of retention money in the final year 2008 is Rs.15517
The amount of retention money in the first year 2004 was 0.18% and it becomes 0.17% in
The amount of retention money in the year 2005 was 0.17% and it becomes 0.21% in the
83
And the amount of retention money in the final year 2008 is 0.12%
Security deposits
The amount of security deposits in the first year 2004 was Rs.25462 and it becomes
And the amount of security deposits in the final year 2008 is Rs.36916.
The amount of security deposits in the first year 2004 was 0.43% and it becomes 0.47%
The amount of security deposits in the year 2005 was 0.47% and it becomes 0.61% in the
year 2007.
And the amount of security deposits in the final year 2008 is 0.30%

The amount of advances from customers in the first year 2004 was Rs.23121 and it
84
And the amount of advances from customers in the final year 2008 is Rs.41344.
The amount of advances from customers in the first year 2004 was 0.39% and it becomes
And the amount of advances from customers in the final year 2008 is 0.33%
Workers' (Profit) Participation Fund

The amount of Workers' (Profit) Participation Fund in the first year 2004 was Rs.0 and it
And the amount of Workers' (Profit) Participation Fund in the final year 2008 is
Rs.24413.
85
And the amount of Workers' (Profit) Participation Fund in the final year 2008 is 0.20%

The amount of Workers' Welfare fund in the first three year 2004, 2005 and 2006 was
The amount of Workers' Welfare fund in the year 2007 was Rs.16085 and it becomes
The amount of Workers' Welfare fund in the year 2007 was 0.25% and it becomes 0.20%
And the amount of Workers' Welfare fund in the final year 2008 is 0.20%

2004 2005 2006 2007 2008
Habib Bank Limited 0.00% 14.73% 9.66% 6.75% 2.13%
MCB Bank Limited 0.00% 14.73% 9.66% 6.75% 2.13%
United Bank Limited 0.00% 7.36% 4.83% 3.37% 1.06%
Bank Al Falah Limited 0.00% 7.36% 4.83% 3.37% 1.06%
NIB Bank Limited 0.00% 0.00% 0.00% 2.02% 0.64%
PICIC Commercial Bank Limited 0.00% 4.42% 2.90% 0.00% 0.00%
86
Vertical analysis B-S Long term financing:
Loans from banking companies -

70.00%
Secured:
60.00% Habib Bank Limited
50.00%
Percentage
40.00% MCB Bank Limited
30.00%
United Bank Limited
20.00%
10.00% Bank Al Falah Limited
0.00%
2004 2005 2006 2007 2008 NIB Bank Limited
Years
Habib Bank Limited

The amount of Habib Bank Limited in the first year 2005 was Rs.916667 and it becomes
And the amount of Habib Bank Limited in the final year 2008 is Rs.265152.
The amount of Habib Bank Limited in the first year 2005 was 14.73% and it becomes
The amount of Habib Bank Limited in the year 2006 was 9.66% and it becomes 6.75% in
The amount of Habib Bank Limited in the year 2007 was 6.75% and it becomes 2.13% in
And the amount of Habib Bank Limited in the final year 2008 is 2.13%
MCB Bank Limited

The amount of MCB Bank Limited in the first year 2005 was Rs.916667 and it becomes
87
And the amount of MCB Bank Limited in the final year 2008 is Rs.265152.
The amount of MCB Bank Limited in the first year 2005 was 14.73% and it becomes
The amount of MCB Bank Limited in the year 2006 was 9.66% and it becomes 6.75% in
The amount of MCB Bank Limited in the year 2007 was 6.75% and it becomes 2.13% in
And the amount of MCB Bank Limited in the final year 2008 is 2.13%
United Bank Limited

The amount of United Bank Limited in the first year 2005 was Rs.458333 and it becomes
The amount of United Bank Limited in the year 2006 was 299243 and it becomes
The amount of United Bank Limited in the year 2007 was Rs.215909 and it becomes
And the amount of United Bank Limited in the final year 2008 is Rs.132576
The amount of United Bank Limited in the first year 2005 was 7.36% and it becomes
The amount of United Bank Limited in the year 2006 was 4.83% and it becomes 3.37%
The amount of United Bank Limited in the year 2007 was 3.37% and it becomes 1.06%
And the amount of United Bank Limited in the final year 2008 is 1.06%
88
The amount of Bank Al Falah Limited in the first year 2005 was Rs.458333 and it
The amount of Bank Al Falah Limited in the year 2006 was 299243 and it becomes
The amount of Bank Al Falah Limited in the year 2007 was Rs.215909 and it becomes
And the amount of Bank Al Falah Limited in the final year 2008 is Rs.132576
The amount of Bank Al Falah Limited in the first year 2005 was 7.36% and it becomes
The amount of Bank Al Falah Limited in the year 2006 was 4.83% and it becomes 3.37%
The amount of Bank Al Falah Limited in the year 2007 was 3.37% and it becomes 1.06%
And the amount of Bank Al Falah Limited in the final year 2008 is 1.06%
NIB Bank Limited

The amount of NIB Bank Limited in the year 2007 was Rs.129546 and it becomes
And the amount of NIB Bank Limited in the final year 2008 is Rs.79544.
The amount of NIB Bank Limited in the year 2007 was 2.02% and it becomes 0.64% in
And the amount of NIB Bank Limited in the final year 2008 is 0.64%

The amount of PICIC Commercial Bank Limited in the first year 2005 was Rs.275000
and it becomes Rs.179545 in the year 2006 with decrement of Rs.95455
89
The amount of PICIC Commercial Bank Limited in the year 2006 was Rs.179545 and it
becomes 0 in the year 2007 and 2008.
The amount of PICIC Commercial Bank Limited in the first year 2005 was 4.42% and it
The amount of PICIC Commercial Bank Limited in the year 2006 was 2.90% and it

2004 2005 2006 2007 2008
Fauji Foundation- Unsecured 0.00% 0.80% 0.00% 0.00% 0.00%
amount payable within 12 months
shown under current liabilities 0.00% -8.89% -8.87% -8.59% -4.42%
2.00%
0.00% Loan from related party:
2004 2005 2006 2007 2008
Percentage
-2.00%
-4.00% Fauji Foundation- Unsecured
-6.00%
-8.00% Less:amount payable within

12 months shown under
-10.00% current liabilities
Years
90
The amount of Fauji Foundation- Unsecured in the year 2005 was Rs.50000 and it
becomes Rs.0 in the years 2006, 2007 and 2008.
The amount of Fauji Foundation- Unsecured in the year 2005 was 0.80% and it becomes
0.00% in the years 2006, 2007 and 2008.

2004 2005 2006 2007 2008
Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00%
Vertical Analysis
120.00%
100.00%
Percentages
80.00%
60.00% Total Liabilities
40.00%
20.00%
0.00%
2004 2005 2006 2007 2008
Years
Total Liabilities
The amount of Total Liabilities in the first year 2004 was Rs.3971219 and it becomes
91
And the amount of Total Liabilities in the final year 2008 is Rs.3170512.
The amount of Total Liabilities in the first years 2004.2005, 2006, 2007 and 2008 is
100.00%
92

2004 2005 2006 2007 2008
Net Sales 100.00% 123.90% 186.66% 150.82% 154.42%
Trend Analysis
200.00%
150.00%
Percentages
100.00% Net Sales
50.00%
0.00%
2004 2005 2006 2007 2008
Years
Net Sales
The amount of Net Sales in the year 2004 was Rs.2296231 and it increases to Rs.2845143
in the year 2005 with an increment of Rs.548912
And the amount of Net Sales in the year 2005 was Rs.2845143 and it increases to
The amount of Net Sales in the year 2006 was Rs.4286138 and it decreases to
Rs.3463283 in the year 2007 with and decrement of Rs.822855
The amount of Net Sales in the year 2007 was Rs.3463283 and it increases to
And the amount Net Sales in the final year 2008 is Rs.3545902.
The amount of Net Sales in the year 2004 was 100.00% .and it increases to 123.90% in
93
And the amount of Net Sales in the year 2005 was 123.90% and it increases to 186.66%
The amount of Net Sales in the year 2006 was 186.66% and it decreases to 150.82% in
the year 2007 with and decrement of 35.84%
The amount of Net Sales in the year 2007 was 150.82% and it increases to 154.42% in
And the amount Net Sales in the final year 2008 is 154.42%

2004 2005 2006 2007 2008
Cost of sales 100.00% 113.38% 134.69% 152.49% 185.66%
Trend Analysis
200.00%
180.00%
160.00%
140.00%
Percentages
120.00%
100.00% Cost of sales
80.00%
60.00%
40.00%
20.00%
0.00%
2004 2005 2006 2007 2008
Yeas
94
Cost of sales
The amount of Cost of sales in the year 2004 was Rs.1555407 and it increases to
And the amount of Cost of sales in the year 2005 was Rs.1763567 and it increases to
And the amount Cost of sales in the final year 2008 is 2887790.
The amount of Cost of sales in the year 2004 was 100.00% .and it increases to 113.38%
And the amount of Cost of sales in the year 2005 was 113.38% and it increases to
The amount of Cost of sales in the year 2006 was 134.69% and it increases to 152.49% in
And the amount Cost of sales in the final year 2008 is 185.66%

2004 2005 2006 2007 2008
Gross profit 100.00% 146.00% 295.77% 147.34% 88.84%
95
Trend Analysis
400.00%
Percentage
300.00%
200.00% Gross profit
100.00%
0.00%
2004 2005 2006 2007 2008
Years
Gross profit
The amount of Gross Profit in the first year 2004 was Rs.740824 and it becomes
The amount of Gross Profit in the year 2005 was Rs.1081576 and it becomes Rs.2191111
in the year 2007 with a decrement of Rs.1099616
And the amount of Gross Profit in the final year 2008 is Rs.658112.
The amount of Gross Profit in the first year 2004 was 100.00% and it becomes 146.00%
The amount of Gross Profit in the year 2005 was 146.00% and it becomes 295.77% in the
And the amount of Gross Profit in the final year 2008 is 88.84%.
96
2004 2005 2006 2007 2008
Other income 100.00% 26.24% 101.35% 172.74% 251.67%
Trend Analysis
300.00%
Percentage
200.00%
Other income
100.00%
0.00%
2004 2005 2006 2007 2008
Years
Other income
The amount of other income in the first year 2004 was Rs.42744 and it becomes
The amount of other income in the year 2005 was Rs.11216 and it becomes Rs.43323 in
the year 2006 with an increment of Rs.32107
the year 2007 with increment of Rs.30512
And the amount of other income in the final year 2008 is Rs.107574
The amount of other income in the first year 2004 was 100.00% and it becomes 26.24%
The amount of other income in the year 2005 was 26.24% and it becomes 101.35% in the
The amount of other income in the year 2006 was 101.35% and it becomes 172.74% in
97
The amount of other income in the year 2007 was 172.74% and it becomes 251.67% in
And the amount of other income in the final year 2008 is 251.67%

2004 2005 2006 2007 2008
Distribution cost 100.00% 104.49% 155.24% 199.08% 261.48%
Trend Analysis
300.00%
250.00%
200.00%
Percentages
150.00% Distribution cost:
100.00%
50.00%
0.00%
2004 2005 2006 2007 2008
Years
Distribution cost
The amount of Distribution cost in the first year 2004 was Rs.20416 and it becomes
The amount of Distribution cost in the year 2005 was 21333 and it becomes Rs.31694 in
the year 2006 with an increment of Rs.10361.
The amount of Distribution cost in the year 2006 was Rs.31694 and it becomes Rs.40645
98
And the amount of Distribution cost in the final year 2008 is Rs.53383.
The amount of Distribution cost in the first year 2004 was 100.00% and it becomes
The amount of Distribution cost in the year 2005 was 104.49% and it becomes 155.24%
And the amount of Distribution cost in the final year 2008 is 261.48%

2004 2005 2006 2007 2008
Administrative expenses 100.00% 106.97% 168.53% 180.35% 193.49%
Trend Analysis
250.00%
200.00%
Percentages
150.00%
Administrative expenses:
100.00%
50.00%
0.00%
2004 2005 2006 2007 2008
Years
99
Administrative expenses
The amount of Administrative expenses in the first year 2004 was Rs.39535 and it
The amount of Administrative expenses in the year 2005 was Rs.42292 and it becomes
And the amount of Administrative expenses in the final year 2008 is Rs.76495.
The amount of Administrative expenses in the first year 2004 was 100.00% and it
The amount of Administrative expenses in the year 2005 was 106.97% and it becomes
And the amount of Administrative expenses in the final year 2008 is 193.49%
100
2004 2005 2006 2007 2008
Other Operating expenses 100.00% 7597.19% 17659.85% 10900.19% 6433.40%
Trend Analysis
20000.00%
18000.00%
16000.00%
14000.00%
Percentages
12000.00%
10000.00% Other Operating expenses:
8000.00%
6000.00%
4000.00%
2000.00%
0.00%
2004 2005 2006 2007 2008
Years
Other Operating expenses

The amount of Other Operating expenses in the first year 2004 was Rs.533 and it
The amount of Other Operating expenses in the year 2005 was Rs.40493 and it becomes
And the amount of Other Operating expenses in the final year 2008 is Rs.3429.
The amount of Other Operating expenses in the first year 2004 was 100.00% and it
101
The amount of Other Operating expenses in the year 2005 was 7597.19% and it becomes
The amount of Other Operating expenses in the year 2006 was 17659.85% and it
The amount of Other Operating expenses in the year 2007 was 10900.19% and it
And the amount of Other Operating expenses in the final year 2008 is 6433.40%

2004 2005 2006 2007 2008
Finance Cost 100.00% 112.44% 129.42% 101.41% 71.96%
Trend Analysis
140.00%
120.00%
100.00%
Percentages
80.00%
Finance Cost:
60.00%
40.00%
20.00%
0.00%
2004 2005 2006 2007 2008
Years
102
Finance Cost
The amount of Finance Cost in the first year 2004 was Rs.204222 and it becomes
The amount of Finance Cost in the year 2005 was Rs.229633 and it becomes Rs.264296
in the year 2006 with an increment of Rs.34633.
And the amount of Finance Cost in the final year 2008 is Rs.146954
The amount of Finance Cost in the first year 2004 was 100.00% and it becomes 112.44%
The amount of Finance Cost in the year 2005 was 112.44% and it becomes 129.42% in
The amount of Finance Cost in the year 2006 was 129.42% and it becomes 101.41% in
The amount of Finance Cost in the year 2007 was 101.41% and it becomes 71.96% in the
And the amount of Finance Cost in the final year 2008 is 71.96%
103
2004 2005 2006 2007 2008
Net profit before taxation 100.00% -311.99% -730.69% -323.97% -186.84%
Trend Analysis
200.00%
0.00%
Percentage
-200.00% 2004 2005 2006 2007 2008

Net profit before taxation
-400.00%
-600.00%
-800.00%
Years

The amount of Net profit before taxation in the first year 2004 was Rs.-243290 and it
becomes 759041 in the year 2005
The amount of Net profit before taxation in the year 2005 was Rs.759041 and it becomes
Rs.1777690 in the year 2006
The amount of Net profit before taxation in the year 2006 was Rs.1777690 and it
becomes Rs.788180 in the year 2007
The amount of Net profit before taxation in the first year 2004 was 100.00% and it
becomes -311.99% in the year 2005
The amount of Net profit before taxation in the year 2005 was -311.99% and it becomes
-730.69% in the year 2006
104
The amount of Net profit before taxation in the year 2006 was -730.69% and it becomes
-323.97% in the year 2007
The amount of Net profit before taxation in the year 2007 was -323.97% and it becomes -
186.84% in the year 2008.

2004 2005 2006 2007 2008
Net profit after taxation 100.00% 162.50% 383.17% 205.74% 131.66%
Trend Analysis
500.00%
Percentage
400.00%
300.00%
Net profit after taxation
200.00%
100.00%
0.00%
2004 2005 2006 2007 2008
Years

The amount of Net profit after taxation in the first year 2004 was Rs.314149 and it
The amount of Net profit after taxation in the year 2005 was RS.510493 and it becomes
The amount of Net profit after taxation in the year 2006 was Rs.1203739 and it becomes
And the amount of Net profit after taxation in the final year 2008 is Rs.413598.
105
The amount of Net profit after taxation in the first year 2004 was 100.00% and it
The amount of Net profit after taxation in the year 2005 was 162.50% and it becomes
And the amount of Net profit after taxation in the final year 2008 is 131.66%

2004 2005 2006 2007 2008
Earning per share - Basic 100.00% 162.50% 383.17% 203.69% 99.72%
Trend Analysis
500.00%
Percentage
400.00%
300.00% Earning per share -
200.00% Basic
100.00%
0.00%
2004 2005 2006 2007 2008
Years
106
Earning per share – Basic
The amount of Earning per share - Basic in the first year 2004 was Rs.0.85 and it
becomes Rs.1.38 in the year 2005 with increment of Rs.0.53
The amount of Earning per share - Basic in the year 2005 was Rs.1.38 and it becomes
Rs.3.25 in the year 2006 with an increment of Rs.1.87
Rs.1.73 in the year 2007 with decrement of Rs.1.52
And the amount of Earning per share - Basic in the final year 2008 is Rs.0.85
The amount of Earning per share - Basic in the first year 2004 was 100.00% and it
The amount of Earning per share - Basic in the year 2005 was 162.50% and it becomes
And the amount of Earning per share - Basic in the final year 2008 is 99.72%
107
2004 2005 2006 2007 2008
Earning per share - Diluted 100.00% 162.50% 383.17% 203.69% 102.55%
Trend Analysis
500.00%
Percentage
400.00%
300.00%
Earning per share - Diluted
200.00%
100.00%
0.00%
2004 2005 2006 2007 2008
Years
Earning per share – Diluted

The amount of Earning per share - Diluted in the first year 2004 was Rs.0.75 and it
The amount of Earning per share - Diluted in the year 2005 was Rs.1.22 and it becomes
And the amount of Earning per share - Diluted in the final year 2008 is Rs.0.77.
The amount of Earning per share - Diluted in the first year 2004 was 100.00% and it
The amount of Earning per share - Diluted in the year 2005 was 162.50% and it becomes
108
And the amount of Earning per share - Diluted in the final year 2008 is 102.55%
109

2004 2005 2006 2007 2008
Net Sales 70.71% 72.55% 75.41% 72.45% 74.66%
Vertical Analysis
76.00%
Percentage
74.00%
72.00% Net Sales
70.00%
68.00%
2004 2005 2006 2007 2008
Years
Net Sales
The amount of Net Sales in the year 2004 was Rs.2296231 and it increases to Rs.2845143
And the amount of Net Sales in the year 2005 was Rs.2845143 and it increases to
The amount of Net Sales in the year 2006 was Rs.4286138 and it decreases to
Rs.3463283 in the year 2007 with and decrement of Rs.822855
The amount of Net Sales in the year 2007 was Rs.3463283 and it increases to
And the amount Net Sales in the final year 2008 is Rs.3545902.
The amount of Net Sales in the year 2004 was 70.71% .and it increases to 72.55% in the
And the amount of Net Sales in the year 2005 was 72.55% and it increases to 75.41% in
110
The amount of Net Sales in the year 2006 was 75.41% and it decreases to 72.45% in the
The amount of Net Sales in the year 2007 was 72.41% and it increases to 74.66% in the
And the amount Net Sales in the final year 2008 is 74.66%

2004 2005 2006 2007 2008
Cost of sales 47.90% 44.97% 36.86% 49.62% 60.81%
VErtical Analysis
70.00%
60.00%
50.00%
Percentages
40.00%
Less: Cost of sales
30.00%
20.00%
10.00%
0.00%
2004 2005 2006 2007 2008
Years
Cost of sales
And the amount of Cost of sales in the year 2005 was Rs.1763567 and it increases to
111
And the amount Cost of sales in the final year 2008 is 2887790.
The amount of Cost of sales in the year 2004 was 47.90% .and it decreases to 44.97% in
And the amount of Cost of sales in the year 2005 was 44.97% and it decreases to 36.86%
And the amount Cost of sales in the final year 2008 is 11.19%

2004 2005 2006 2007 2008
Gross profit 22.81% 27.58% 38.55% 22.83% 13.86%
Vertical Analysis
50.00%
Percentage
40.00%
30.00%
Gross profit
20.00%
10.00%
0.00%
2004 2005 2006 2007 2008
Years
112
Gross profit
The amount of Gross Profit in the first year 2004 was Rs.740824 and it becomes
in the year 2007 with a decrement of Rs.1099616
And the amount of Gross Profit in the final year 2008 is Rs.658112.
The amount of Gross Profit in the first year 2004 was 22.81% and it becomes 27.58% in
And the amount of Gross Profit in the final year 2008 is 13.86%
113
2004 2005 2006 2007 2008
Other income 1.32% 0.29% 0.76% 1.54% 2.27%
Vertical Analysis
2.50%
Percentage
2.00%
1.50%
Other income
1.00%
0.50%
0.00%
2004 2005 2006 2007 2008
years
Other income
The amount of other income in the first year 2004 was Rs.42744 and it becomes
the year 2006 with an increment of Rs.32107
And the amount of other income in the final year 2008 is Rs.107574
The amount of other income in the first year 2004 was 1.32% and it becomes 0.29% in
114
And the amount of other income in the final year 2008 is 2.27%

2004 2005 2006 2007 2008
Distribution cost 0.63% 0.54% 0.56% 0.85% 1.12%
Vertical Analysis
1.20%
1.00%
0.80%
Percentages
0.60% Distribution cost:
0.40%
0.20%
0.00%
2004 2005 2006 2007 2008
Years
Distribution cost
The amount of Distribution cost in the first year 2004 was Rs.20416 and it becomes
The amount of Distribution cost in the year 2005 was 21333 and it becomes Rs.31694 in
the year 2006 with an increment of Rs.10361.
115
And the amount of Distribution cost in the final year 2008 is Rs.53383.
The amount of Distribution cost in the first year 2004 was 0.63% and it becomes 0.54%
The amount of Distribution cost in the year 2005 was 0.54% and it becomes 0.56% in the
And the amount of Distribution cost in the final year 2008 is 1.12%

2004 2005 2006 2007 2008
Administrative expenses 1.22% 1.08% 1.17% 1.49% 1.61%
116
Vertical Analysis
1.80%
1.60%
1.40%
1.20%
Percentages
1.00%
Administrative expenses:
0.80%
0.60%
0.40%
0.20%
0.00%
2004 2005 2006 2007 2008
Years
Administrative expenses
The amount of Administrative expenses in the first year 2004 was Rs.39535 and it
And the amount of Administrative expenses in the final year 2008 is Rs.76495.
The amount of Administrative expenses in the first year 2004 was 1.22% and it becomes
117
And the amount of Administrative expenses in the final year 2008 is 1.61%

2004 2005 2006 2007 2008
Other Operating expenses 0.02% 1.03% 1.66% 1.22% 0.72%
Vertical analysis
1.80%
1.60%
1.40%
1.20%
Percentages
1.00%
Other Operating expenses:
0.80%
0.60%
0.40%
0.20%
0.00%
2004 2005 2006 2007 2008
Years
Other Operating expenses

The amount of Other Operating expenses in the first year 2004 was Rs.533 and it
118
And the amount of Other Operating expenses in the final year 2008 is Rs.3429.
The amount of Other Operating expenses in the first year 2004 was 0.02% and it becomes
And the amount of Other Operating expenses in the final year 2008 is 0.72%

2004 2005 2006 2007 2008
Finance Cost 6.29% 5.86% 4.65% 4.33% 3.09%
Vertical Analysis
7.00%
6.00%
5.00%
Percentages
4.00%
Finance Cost:
3.00%
2.00%
1.00%
0.00%
2004 2005 2006 2007 2008
Years
119
Finance Cost
The amount of Finance Cost in the first year 2004 was Rs.204222 and it becomes
in the year 2006 with an increment of Rs.34633.
And the amount of Finance Cost in the final year 2008 is Rs.146954
The amount of Finance Cost in the first year 2004 was 6.29% and it becomes 5.86% in
And the amount of Finance Cost in the final year 2008 is 3.09%
120
2004 2005 2006 2007 2008
Net profit before taxation -7.49% 19.36% 31.28% 16.49% 9.57%
Vertical Analysis
40.00%
30.00%
Percentage
20.00%
10.00%
0.00%
-10.00% 2004 2005 2006 2007 2008
Years

The amount of Net profit before taxation in the first year 2004 was Rs.-243290 and it
becomes 759041 in the year 2005
The amount of Net profit before taxation in the year 2006 was Rs.1777690 and it
becomes Rs.788180 in the year 2007
The amount of Net profit before taxation in the first year 2004 was -7.49% and it
The amount of Net profit before taxation in the year 2005 was 19.36% and it 31.28% in
The amount of Net profit before taxation in the year 2006 was 31.28% and it becomes
121
The amount of Net profit before taxation in the year 2007 was 16.49% and it becomes
And the amount of Net profit before taxation in the final year 2008 is 9.57%

2004 2005 2006 2007 2008
Vertical Analysis
25.00%
Percentage
20.00%
15.00% Net profit after taxation
10.00%
5.00%
0.00%
2004 2005 2006 2007 2008
Years

The amount of Net profit after taxation in the first year 2004 was Rs.314149 and it
The amount of Net profit after taxation in the year 2005 was RS.510493 and it becomes
And the amount of Net profit after taxation in the final year 2008 is Rs.413598.
122
The amount of Net profit after taxation in the first year 2004 was 9.67% and it becomes
And the amount of Net profit after taxation in the final year 2008 is 8.17%

2004 2005 2006 2007 2008
Earning per share - Basic 0.00% 0.00% 0.00% 0.00% 0.00%
Vertical Analysis
0.00%
Percentage
0.00%
Earning per share - Basic
0.00%
0.00%
2004 2005 2006 2007 2008
Years
123
Earning per share – Basic
The amount of Earning per share - Basic in the first year 2004 was Rs.0.85 and it
And the amount of Earning per share - Basic in the final year 2008 is Rs.0.85
The amount of earning per share - Basic in the first year 2004, 2005, 2006, 2007 and
2008 was 0.00%

2004 2005 2006 2007 2008
Earning per share - Diluted 0.00% 0.00% 0.00% 0.00% 0.00%
Vertical Analysis
0.00%
Percentage
0.00%
Earning per share - Diluted
0.00%
0.00%
2004 2005 2006 2007 2008
Years
124
Earning per share – Diluted
The amount of Earning per share - Diluted in the first year 2004 was Rs.0.75 and it
And the amount of Earning per share - Diluted in the final year 2008 is Rs.0.77.
The amount of earning per share - Diluted in the first year 2004, 2005, 2006, 2007 and
2008 was 0.00%
125
126
Ratio Analysis
CurrentAssets
Current ratio =
CurrentLiabilities

Liquidity Ratio Analysis
2004 2005 2006 2007 2008
CURRENT RATIO 1.54 0.97 1.25 1.35 2.16
CURRENT ASSETS 574460 1172765 1579382 1953527 5294083
CURRENT LIABILITIES 372116 1206946 1267198 1442287 2454761
liquidity Ratio
2.50
2.16
2.00
1.54
1.50 1.35
1.25
Ratios
Current Ratio
0.97
1.00
0.50
0.00
2004 2005 2006 2007 2008
Years
The amount of Current Assets in the year 2004 was Rs.574460 and the amount of current
liabilities in the first year 2004 was Rs.372116 and current ratio was 1.54 in the year
2004.
And the amount current assets increases to Rs.1172765 in the year 2005 with an
increment of Rs.598305 and the amount of current liabilities becomes Rs.1206946 in the
year 2005 with increment of Rs.834830 and current ratio becomes 0.97 in the year 2005.
And the amount of current assets increases to Rs.1579382 in the year 2006 with an
increment of Rs.406617 and the amount current liabilities becomes Rs.1267198 in the
127
year 2006 with increment of Rs.60252 and the current ratio becomes 1.25 in the year
2006.
The amount of current assets increases to Rs.1953527 in the year 2007 with an increment
of Rs.374145 and the amount of current liabilities becomes Rs.1442287 in the year 2007
with increment of Rs.175089 and current ratio becomes 1.35 in the year 2007.
year 2008 with increment of Rs.1012474 and the current ratio becomes 2.16 in the year
2008.
Net Working Capital = current assets – current liabilities

Liquidity Ratios Analysis
2004 2005 2006 2007 2008
Net Working Capital 202344 -34181 312184 511240 2839322
CURRENT ASSETS 574460 1172765 1579382 1953527 5294083
Liquidity Ratio
3000000 2839322
2500000
Net Working Captical
2000000
1500000
Net Working Capital
1000000
511240
500000 312184
202344
0
2004 -34181
2005 2006 2007 2008
-500000
Years
128
liabilities in the first year 2004 was Rs.372116 and Net Working Capital was 202344 in
the year 2004.
year 2005 with increment of Rs.834830 and Net Working Capital becomes -34181 in the
year 2005.
year 2006 with increment of Rs.60252 and the Net Working Capital becomes 312184 in
the year 2006.
year 2007 with increment of Rs.175089 and Net Working Capital becomes 511240 in the
year 2007.
year 2008 with increment of Rs.1012474 and the Net Working Capital becomes 2839322
in the year 2008.
(CurrentAsset − Inventory)
Acid ratio =
CurrentLiabilities

2004 2005 2006 2007 2008
Acid Ratio 1.38 0.93 1.13 1.23 2.06
CURRENT ASSETS 574460 1172765 1579382 1953527 5294083
STOCK IN TRADE 61600 55931 145090 183309 230089
129
Liquidity Ratio
2.50
2.06
2.00
1.50 1.38
1.23
Ratio
1.13 Acid Ratio

0.93
1.00
0.50
0.00
2004 2005 2006 2007 2008
Years
liabilities in the first year 2004 was Rs.372116 and the amount of Stock In Trade in the
first year 2004 was Rs.61600 due to witch the Acid Ratio becomes 1.38 in the year 2004
year 2005 with increment of Rs.834830 and the amount of Stock In Trade decreases to
Rs.55931 in the year 2005 with decrement of Rs.5669 and the Acid Ratio becomes 0.93
in 2005.
year 2006 with increment of Rs.60252 and the amount of Stock In Trade increases to
Rs.145090 in the year 2006 with increment of Rs.55931 and the Acid Ratio becomes 1.13
in 2006.
The amount of current assets increases to Rs.1953527 in the year 2007 with an increment
of Rs.374145 and the amount of current liabilities becomes Rs.1442287 in the year 2007
with increment of Rs.175089 and the amount of Stock In Trade becomes Rs.183309 in
the year 2007 with increment of Rs.38219 and the Acid Ratio becomes 1.23 in 2007.
year 2008 with increment of Rs.1012474 and the amount of Stock In Trade becomes
130
Rs.230089 in the year 2008 with increment of Rs.46780 and Acid Ratio becomes 2.06 in
2008.
(cash & cashequilent + marketable sec urities)

Cash ratio =
currentliabilities

2004 2005 2006 2007 2008
Cash Ratio 0.53 0.50 0.67 0.29 1.54
Cash and bank balances 197088 603110 847590 423133 3783909
Liquidity Ratio
1.80
1.54
1.60
1.40
1.20
1.00
Ratio
Cash Ratio
0.80 0.67
0.60 0.53 0.50
0.40 0.29
0.20
0.00
2004 2005 2006 2007 2008
Years
The amount of Cash and bank balances in the year 2004 was Rs.197088 and the amount
of current liabilities in the first year 2004 was Rs.372116 due to which the Cash Ratio
becomes 0.53 in the year 2004.
And the amount of Cash and bank balances increases to Rs.603110 in the year 2005 with
an increment of Rs.406022 and the amount of current liabilities becomes Rs.1206946 in
131
the year 2005 with increment of Rs.834830 and Cash Ratio becomes 0.50 in the year
2005.
And the amount of Cash and bank balances increases to Rs.847590 in the year 2006 with
an increment of Rs.244480 and the amount current liabilities becomes Rs.1267198 in the
year 2006 with an increment of Rs.60252 and the Cash Ratio becomes 0.67 in the year
2006.
The amount of Cash and bank balances decreases to Rs.423133 in the year 2007 with
decrement of Rs.424457 and the amount of current liabilities becomes Rs.1442287 in the
year 2007 with an increment of Rs.175089 and Cash Ratio becomes 0.29 in the year
2007.
And the amount of Cash and bank balances increases to Rs.3783909 in the year 2008
with an increment of Rs.3360776 and the amount of current liabilities becomes
Rs.2454761 in the year 2008 with an increment of Rs.1012474 and the Cash Ratio
totalliabilities
Debt/equity ratio =
shareholder ' sequity

2004 2005 2006 2007 2008
Debt/Equity Ratio 3.05 2.54 1.89 1.71 1.34
Total Liabilities 5910353 6223788 6198108 6400688 12454493
SHARE CAPITAL AND RESERVES 1939134 2449624 3282616 3735206 9283981
132
Debt Ratio
3.50
3.05
3.00
2.54
2.50
1.89
2.00 1.71
Ratios
Debt/Equity Ratio
1.50 1.34
1.00
0.50
0.00
2004 2005 2006 2007 2008
Years
The amount of Total liabilities in the first year 2004 was Rs.5910353 and the amount of
SHARE CAPITAL AND RESERVES was Rs.1939134 due to which Debt/Equity Ratio
And the amount of Total liabilities becomes Rs.6223788 in the year 2005 with an
increment of Rs.313435 and the amount of SHARE CAPITAL AND RESERVES
becomes Rs.2449624 in the year 2005 with an increment of Rs.510490 and the
Debt/Equity Ratio becomes 2.54 in the year 2005.
And the amount of Total liabilities becomes Rs.6198108 in the year 2006 with decrement
of Rs.25680 and the amount of SHARE CAPITAL AND RESERVES becomes
Rs.3282616 in the year 2006 with an increment of Rs.832992 and the Debt/Equity Ratio
133
totalliabilities
Debt to tangible net worth =
( shareholder ' sequity − int angibleassets)

2004 2005 2006 2007 2008
Debt to tangible net worth 3.05 2.54 1.89 1.71 1.34
Intangible assets 0 0 0 0 0
Debt Ratio
3.50
3.05
3.00
2.54
2.50
1.89
2.00 1.71
Ratios
Debt to tangible net worth

1.50 1.34
1.00
0.50
0.00
2004 2005 2006 2007 2008
Years
The amount of Total liabilities in the first year 2004 was Rs.5910353 and the amount of
SHARE CAPITAL AND RESERVES was Rs.1939134 due to which Debt/Equity Ratio
134
And the amount of Total liabilities becomes Rs.6198108 in the year 2006 with decrement
of Rs.25680 and the amount of SHARE CAPITAL AND RESERVES becomes
Rs.3282616 in the year 2006 with an increment of Rs.832992 and the Debt/Equity Ratio
averagegrossaccountreceivable
Day’s Sales in account receivable =
(netsales / 365)

2004 2005 2006 2007 2008
Day's Sales in account receivable 7.12 13.76 2.17 2.06 2.77
TRADE DEBTS 44789 107231 25475 19558 26927
Net Sales 2296231 2845143 4286138 3463283 3545902
135
Activity Ratio
16.00
13.76
14.00
12.00
10.00
Ratios
8.00 7.12 Day's Sales in account receivable

6.00
4.00 2.77
2.17 2.06
2.00
0.00
2004 2005 2006 2007 2008
Years
The amount of Trade debts in the year 2004 was Rs.44789 and the amount of Net Sales in
the first year 2004 was Rs.2296231 and the Day's Sales in account receivable becomes
7.12 in the year 2004.
And the amount Trade debts increases to Rs.107231 in the year 2005 with an increment
of Rs.62442 and the amount of Net Sales becomes Rs.2845143 in the year 2005 with
increment of Rs.548912 and the Day's Sales in account receivable becomes 13.76 in the
year 2005.
And the amount Trade debts decreases to Rs.25475 in the year 2006 with decrement of
Rs.81756 and the amount of Net Sales becomes Rs.4286138 in the year 2006 with
year 2006.
decrement of Rs.8228885 and the Day's Sales in account receivable becomes 2.06 in the
year 2007.
And the amount Trade debts increases to Rs.26927 in the year 2008 with increment of
year 2008.
136
netsales
Account receivable turn over=
averageaccountreceivables

2004 2005 2006 2007 2008
Account Receivable Turn Over 51.27 26.53 168.25 177.08 131.69
Net Sales 2296231 2845143 4286138 3463283 3545902
TRADE DEBTS 44789 107231 25475 19558 26927
Activity Ratio
200.00
177.08
180.00 168.25
160.00
140.00 131.69
120.00
Ratios
100.00 Account Receivable Turn Over

80.00
60.00 51.27
40.00 26.53
20.00
0.00
2004 2005 2006 2007 2008
Years
The amount of Trade debts in the year 2004 was Rs.44789 and the amount of Net Sales in
the first year 2004 was Rs.2296231 and the Account Receivable Turn Over becomes 5.27
in the year 2004.
And the amount Trade debts increases to Rs.107231 in the year 2005 with an increment
increment of Rs.548912 and the Account Receivable Turn Over becomes 26.53 in the
year 2005.
137
year 2006.
decrement of Rs.8228885 and the Account Receivable Turn Over becomes 177.08 in the
year 2007.
And the amount Trade debts increases to Rs.26927 in the year 2008 with increment of
year 2008.
endinginventiry
Day’s sales in inventory =
(CGS / 365)

2004 2005 2006 2007 2008
Day's sales in inventory 14.46 11.58 25.28 28.21 29.08
STOCK IN TRADE 61600 55931 145090 183309 230089
Cost of sales 1555407 1763567 2095027 2371788 2887790
Activity Ratio
35.00
28.21 29.08
30.00
25.28
25.00
20.00
Ratios
14.46 Day's sales in inventory

15.00 11.58
10.00
5.00
0.00
2004 2005 2006 2007 2008
Years
138
The amount of Stock In trade in the year 2004 was Rs.61600 and the amount of Cost of
sales in the first year 2004 was Rs.1555407 and the Day's sale in inventory was 14.46 in
the year 2004.
And the amount Stock in trade decreases to Rs.55931 in the year 2005 with decrement of
Rs.5669 and the amount of Cost of sales becomes Rs.1763567 in the year 2005 with an
increment of Rs.208160 and the Day's sale in inventory becomes 11.58 in the year 2005.
And the amount Stock in trade increases to Rs.145090 in the year 2006 with an increment
of Rs.89159 and the amount of Cost of sales becomes Rs.2095027 in the year 2006 with
an increment of Rs.331460 and the Day's sale in inventory becomes 25.28 in the year
2006.
2007.
2008.
CGS
Inventory turn over =
averageinventory

2004 2005 2006 2007 2008
Inventory turnover 61.46 79.34 85.08 70.21 63.86
Cost of sales 1555407 1763567 2095027 2371788 2887790
STOCK IN TRADE 61600 55931 145090 183309 230089
139
Activity Ratio
90.00 85.08
79.34
80.00
70.21
70.00 61.46 63.86
60.00
Ratios
50.00
Inventory turnover
40.00
30.00
20.00
10.00
0.00
2004 2005 2006 2007 2008
Years
The amount of Stock In trade in the year 2004 was Rs.61600 and the amount of Cost of
sales in the first year 2004 was Rs.1555407 and the Inventory turnover was 61.46 in the
year 2004.
And the amount Stock in trade decreases to Rs.55931 in the year 2005 with decrement of
Rs.5669 and the amount of Cost of sales becomes Rs.1763567 in the year 2005 with an
increment of Rs.208160 and the Inventory turnover becomes 79.34 in the year 2005.
an increment of Rs.331460 and the Inventory turnover becomes 85.08 in the year 2006.
140
netsales
Total asset turn over =
averagetotalassets

2004 2005 2006 2007 2008
Total asset turnover 0.39 0.46 0.69 0.54 0.28
Net Sales 2296231 2845143 4286138 3463283 3545902
Total Assets 5910353 6223788 6198108 6400688 12454493
Activity Ratio
0.80
0.69
0.70
0.60 0.54
0.50 0.46
Ratios
0.39
0.40 Total asset turnover
0.28
0.30
0.20
0.10
0.00
2004 2005 2006 2007 2008
Years
The amount of Net Sales in the year 2004 was Rs.2296231 and the amount of Total
Assets in the first year 2004 was Rs.5910353 and Total asset turnover was 0.39 in the
year 2004.
And the amount Net Sales increases to Rs.2845143 in the year 2005 with an increment of
Rs.548912 and the amount of Total Assets becomes Rs.6223788 in the year 2005 with
increment of Rs.313435 and Total asset turnover becomes 0.46 in the year 2005.
decrement of Rs.25680 and Total asset turnover becomes 0.69 in the year 2006.
141
And the amount Net Sales decreases to Rs.3463283 in the year 2007 with decrement of
grossprofit
Gross profit margin =
netsales

2004 2005 2006 2007 2008
Gross profit margin (%) 32.26% 38.01% 51.12% 31.52% 18.56%
Gross profit 740824 1081576 2191111 1091495 658112
Net Sales 2296231 2845143 4286138 3463283 3545902
Profitability Ratio
60.00%
51.12%
50.00%
38.01%
40.00%
32.26% 31.52%
Ratios
30.00% Gross profit margin

18.56%
20.00%
10.00%
0.00%
2004 2005 2006 2007 2008
Years
142
The amount of Gross Profit in the year 2004 was Rs.740824 and the amount of Net Sales
in the first year 2004 was Rs.2296231 and Gross Profit Margin was 32.26% in the year
2004.
And the amount of Gross Profit increases to Rs.1081576 in the year 2005 with an
increment of Rs.340752 and the amount of Net Sales becomes Rs.2845143 in the year
2005 with increment of Rs.548912 and the Gross Profit Margin becomes 38.01% in the
year 2005.
And the amount of Gross Profit increases to Rs.2191111 in the year 2006 with an
2006 with increment of Rs.1440995 and the Gross Profit Margin becomes 51.12% in the
year 2006.
And the amount of Gross Profit decreases to Rs.1091495 in the year 2007 with decrement
decrement of Rs.822855 and the Gross Profit Margin becomes 31.52% in the year 2007.
And the amount of Gross Profit decreases to Rs.658112 in the year 2008 with decrement
increment of Rs.82619 and the Gross Profit Margin becomes 18.56% in the year 2008.
operatingincome
Operating income margin =
netsales

2004 2005 2006 2007 2008
Operating income margin (%) 1.70% 34.75% 47.64% 28.74% 16.96%
Operating Profit 39068 988673 2041984 995285 601518
Net Sales 2296231 2845143 4286138 3463283 3545902
143
Profitability ratio
60.00%
47.64%
50.00%
40.00% 34.75%
Ratios
28.74%
30.00% Operating income margin
20.00% 16.96%
10.00%
1.70%
0.00%
2004 2005 2006 2007 2008
Years
The amount of Operating Profit in the year 2004 was Rs.39068 and the amount of Net
Sales in the first year 2004 was Rs.2296231 and Operating Income Margin was 1.70% in
the year 2004.
And the amount of Operating Profit increases to Rs.988673 in the year 2005 with an
2005 with increment of Rs.548912 and the Operating Income Margin becomes 34.75% in
the year 2005.
And the amount of Operating Profit increases to Rs.2041984 in the year 2006 with an
2006 with increment of Rs.1440995 and the Operating Income Margin becomes 47.64%
in the year 2006.
And the amount of Operating Profit decreases to Rs.995285 in the year 2007 with
decrement of Rs.1046699 and the amount of Net Sales becomes Rs.3463283 in the year
2007 with decrement of Rs.822855 and the Operating Income Margin becomes 28.74%
in the year 2007.
And the amount of Operating Profit decreases to Rs.601518 in the year 2008 with
2008 with increment of Rs.82619 and the Operating Income Margin becomes 16.96% in
the year 2008
144
netincome
Net profit margin =
netsales

2004 2005 2006 2007 2008
Net profit margin 13.68% 17.94% 28.08% 18.66% 11.66%
Net profit after taxation 314149 510493 1203739 646323 413598
Net Sales 2296231 2845143 4286138 3463283 3545902
Profitability Ratio
30.00% 28.08%
25.00%
20.00% 17.94% 18.66%

Ratios
15.00% 13.68% Net profit margin

11.66%
10.00%
5.00%
0.00%
2004 2005 2006 2007 2008
Years
The amount of Net Profit after taxation in the year 2004 was Rs.314149 and the amount
of Net Sales in the first year 2004 was Rs.2296231 and Net Profit Margin was 13.68% in
the year 2004.
And the amount of Net profit after taxation increases to Rs.510493 in the year 2005 with
an increment of Rs.196344 and the amount of Net Sales becomes Rs.2845143 in the year
2005 with increment of Rs.548912 and the Net Profit Margin becomes 17.94% in the
year 2005.
an increment of Rs.693246 and the amount of Net Sales becomes Rs.4286138 in the year
145
2006 with increment of Rs.1440995 and the Net Profit Margin becomes 28.08% in the
year 2006.
And the amount of Net profit after taxation decreases to Rs.646323 in the year 2007 with
2007 with decrement of Rs.822855 and the Net Profit Margin becomes 18.66% in the
year 2007.
2008 with increment of Rs.82619 and the Net Profit Margin becomes 11.66% in the year
2008
netincome
Return on asset =
averagetotalassets

Ratio Analysis
2004 2005 2006 2007 2008
Return on asset (%) 5.32% 8.20% 19.42% 10.10% 3.32%
Total Assets 5910353 6223788 6198108 6400688 12454493
Profitability Ratio
25.00%
19.42%
20.00%
15.00%
Ratios
10.10% Return on asset

10.00% 8.20%
5.32%
5.00% 3.32%
0.00%
2004 2005 2006 2007 2008
Years
146
of Total Assets in the first year 2004 was Rs.5910353 and the Return on asset was 5.32%
in the year 2004.
an increment of Rs.196344 and the amount of Total Assets becomes Rs.6223788 in the
year 2005 with increment of Rs.313435 and the Return on asset becomes 8.20% in the
year 2005.
an increment of Rs.693246 and the amount of Total Assets becomes Rs.6198108 in the
year 2006 with decrement of Rs.25680 and the Return on asset becomes 19.42% in the
year 2006.
decrement of Rs.557416 and the amount of Total Assets becomes Rs.6400688 in the year
2007 with increment of Rs.202580 and the Return on asset becomes 10.10% in the year
2007.
decrement of Rs.232725 and the amount of Total Assets becomes Rs.12454493 in the
year 2008 with increment of Rs.6053805 and the Return on asset becomes 3.32% in the
year 2008
netsales
Return on sales to fixed assets =
averagetotalfixedassets

Ratio Analysis
2004 2005 2006 2007 2008
Return on Sales to fixed assets 0.49 0.61 0.94 0.79 0.50
Net Sales 2296231 2845143 4286138 3463283 3545902
FIXED ASSETS - Tangible 4729254 4658272 4563115 4392450 7106599
147
Profitability Ratio
1.00 0.94
0.90
0.79
0.80
0.70 0.61
0.60 0.50
Ratios
0.49
0.50 Return on Sales to fixed assets
0.40
0.30
0.20
0.10
0.00
2004 2005 2006 2007 2008
Years
The amount of Net Sales in the year 2004 was Rs.2296231 and the amount of Fixed
Assets in the first year 2004 was Rs.4729254 and the Return on Sales to fixed assets was
0.49 in the year 2004.
Rs.548912 and the amount of Fixed Assets becomes Rs.4658272 in the year 2005 with
decrement of Rs.70982 and the Return on Sales to fixed assets becomes 0.61 in the year
2005.
2006.
And the amount Net Sales decreases to Rs.3463283 in the year 2007 with decrement of
2007.
increment of Rs.2714149 and the Return on Sales to fixed assets becomes 0.50 in the
year 2008.
148
netincome − redeemablepreferredstockdividend
Return on total equity =
averagetotalequity

Ratio Analysis
2004 2005 2006 2007 2008
Return on total equity 16.20% 20.84% 36.67% 17.30% 4.45%
Profitability Ratio
40.00% 36.67%
35.00%
30.00%
25.00% 20.84%
Ratios
20.00% 16.20% 17.30% Return on total equity

15.00%
10.00%
4.45%
5.00%
0.00%
2004 2005 2006 2007 2008
Years
of Share Capital and Reserves in the first year 2004 was Rs.1939134 and the Return on
total equity was 16.20% in the year 2004.
an increment of Rs.196344 and the amount of Share Capital and Reserves becomes
Rs.2449624 in the year 2005 with increment of Rs.510490 and the Return on total equity
becomes 20.84% in the year 2005.
an increment of Rs.693246 and the amount of Share Capital and Reserves becomes
149
decrement of Rs.557416 and the amount of Share Capital and Reserves becomes
decrement of Rs.232725 and the amount of Share Capital and Reserves becomes
Rs.9283981 in the year 2008 with increment of Rs.5548775 and the Return on total
equity becomes 4.45% in the year 2008
netincome − preferreddividend
Earning Per Common Share =
weightaveragenoofcommonshareouts tan ding

Ratio Analysis
2004 2005 2006 2007 2008
Earning per common share 0.85 1.38 3.25 1.73 0.85
No. of common shares 370743 370743 370743 374473 489456
Profitability Ratio
3.50 3.25
3.00
2.50
2.00 1.73
Ratios
1.38 Earning per common share

1.50
1.00 0.85 0.85
0.50
0.00
2004 2005 2006 2007 2008
Years
150
The amount of Net Profit after taxation in the year 2004 was Rs.314149 and the Number
of common shares in the first year 2004 was 370743 and the Earning per common share
was 0.85 in the year 2004.
an increment of Rs.196344 and the Number of common shares becomes 370743 in the
year 2005 and the Earning per common share becomes 1.38 in the year 2005.
an increment of Rs.693246 and the Number of common shares becomes 370743 in the
year 2006 and the Earning per common share becomes 3.25 in the year 2006.
decrement of Rs.557416 and the Number of common shares becomes 374473 in the year
2007 with increment of 3730 and the Earning per common share becomes 1.73 in the
year 2007.
decrement of Rs.232725 and the Number of common shares becomes 489456 in the year
2008 with increment of 114983 and the Earning per common share becomes 0.85 in the
year 2008
Market Pr icePerCommonShare
Price/earning ratio =
DilutedEPS

Ratio Analysis
2004 2005 2006 2007 2008
Price/earning ratio 18.89 10.48 6.75 13.17 20.91
Market price 14.15 12.76 19.38 20.09 16.06
Earning per share - Diluted 0.75 1.22 2.87 1.53 0.77
151
Profitability Ratio
25.00
20.91
20.00 18.89
15.00 13.17
Ratios
10.48 Price/earning ratio

10.00
6.75
5.00
0.00
2004 2005 2006 2007 2008
Years
The market price in the year 2004 was Rs.14.15 and the Earning per share in the first year
2004 was 0.75 and Price/earning ratio was 18.89 in the year 2004.
And the market price decreases to 12.76 in the year 2005 with decrement of 1.39 and the
Earning per share becomes 1.22 in the year 2005 with increment of 0.47 and the
Price/earning ratio becomes 10.48 in the year 2005.
And the market price increases to 19.38 in the year 2006 with increment of 6.62 and the
Earning per share becomes 2.87 in the year 2006 with increment of 1.65 and the
And the market price increases to 20.09 in the year 2007 with increment of 0.71 and the
Earning per share becomes 1.53 in the year 2007 with decrement of 1.34 and the
And the market price decreases to 16.06 in the year 2008 with decrement of 4.03 and the
Earning per share becomes 0.77 in the year 2008 with decrement of 0.76 and the
%changeinnetincome
Degree of financial leverage =
%chandeinEBIT
152
Ratio Analysis
2004 2005 2006 2007 2008
Degree of financial leverage 0.20 0.68 0.56 0.70
Net profit before taxation -243290 759041 1777690 788180 454564
Ratio Analysis
0.8
0.7
0.6
Degree of financial leverage
0.5
Ratios
0.4
0.3
0.2
0.1
0
2004 2005 2006 2007 2008
Years
153
154
SWOT Analysis
Strengths
o Capturing giant’s share in export market
o Fauji Foundation Group becoming a key success factor
o Sea route trading becoming a vital and cost efficient strategy
o Consistency in clinker exports in Mid East and India
Weaknesses
o Fuel costs to dampen the core earnings
o Expansive export market inflating the distribution costs
Opportunities
African Market proving to be a buffer after Indian demands Subsides
Threats
o Excessive regional capacity posing threat
o Cut in PSDP depressing local demand
155
156
BCG Matrix
157
The four segments of the BCG Matrix
Placing products in the BCG matrix provides 4 categories in a portfolio of a company:
• Stars (high growth, high market share)

o Stars are using large amounts of cash. Stars are leaders in the business.
Therefore they should also generate large amounts of cash.
o Stars are frequently roughly in balance on net cash flow. However if
needed any attempt should be made to hold your market share in Stars,
because the rewards will be Cash Cows if market share is kept.
• Cash Cows (low growth, high market share)
o Profits and cash generation should be high. Because of the low growth,
investments which are needed should be low.
o Cash Cows are often the stars of yesterday and they are the foundation of a
company.
• Dogs (low growth, low market share)
o Avoid and minimize the number of Dogs in a company.
o Watch out for expensive ‘rescue plans’.
o Dogs must deliver cash, otherwise they must be liquidated.
• Question Marks (high growth, low market share)
o Question Marks have the worst cash characteristics of all, because they
have high cash demands and generate low returns, because of their low
market share.
o If the market share remains unchanged, Question Marks will simply
absorb great amounts of cash.
o Either invests heavily, or sells off, or invests nothing and generates any
cash that you can. Increase market share or deliver cash.
The BCG Matrix and one size fits all strategies
158
The BCG Matrix method can help to understand a frequently made strategy mistake:
having a one size fits all strategy approach, such as a generic growth target (9 percent per
year) or a generic return on capital of say 9,5% for an entire corporation.
In such a scenario:
• Cash Cows Business Units will reach their profit target easily. Their management
has an easy job. The executives are often praised anyhow. Even worse, they are
often allowed to reinvest substantial cash amounts in their mature businesses.
• Dogs Business Units are fighting an impossible battle and, even worse, now and
then investments are made. These are hopeless attempts to "turn the business
around".
• As a result all Question Marks and Stars receive only mediocre investment funds.
In this way they can never become Cash Cows. These inadequate invested sums
of money are a waste of money. Either these SBUs should receive enough
investment funds to enable them to achieve a real market dominance and become
Cash Cows (or Stars), or otherwise companies are advised to disinvest. They can
then try to get any possible cash from the Question Marks that were not selected.
Other uses and benefits of the BCG Matrix
• If a company is able to use the experience curve to its advantage, it should be able
to manufacture and sell new products at a price that is low enough to get early
market share leadership. Once it becomes a star, it is destined to be profitable.
• BCG model is helpful for managers to evaluate balance in the firm’s current
portfolio of Stars, Cash Cows, Question Marks and Dogs.
• BCG method is applicable to large companies that seek volume and experience
effects.
• The model is simple and easy to understand.
• It provides a base for management to decide and prepare for future actions.
Limitations of the BCG Matrix
159
Some limitations of the Boston Consulting Group Matrix include:
• It neglects the effects of synergy between business units.

• High market share is not the only success factor.
• Market growth is not the only indicator for attractiveness of a market.
• Sometimes Dogs can earn even more cash as Cash Cows.
• The problems of getting data on the market share and market growth.
• There is no clear definition of what constitutes a "market".
• A high market share does not necessarily lead to profitability all the time.
• The model uses only two dimensions – market share and growth rate. This may
tempt management to emphasize a particular product, or to divest prematurely.
• A business with a low market share can be profitable too.
• The model neglects small competitors that have fast growing market shares.
As long as the BCG Matrix of Fauji Cement Company Limited is concerned, because the
company is out of danger zone that is why it lies in the category of Question Mark of
BCG Matrix. The reason for lying in the Question Mark field is that because the company
is growing well but it is not capturing high market share because of others cement
companies like D.G. Khan Cement and Lucky Cement etc.
160
161
162
163
164
165
Conclusion
I foresee growth in earrings of cement companies in the years to come. Similarly the said
position will be with FCC. I expect positive earnings of FCCL in the coming years;
currently we maintain our stance by recommend “BUY” on FCCL.
166
167
Recommendations
We recommend “BUY” for the scrip, although we are bullish viewing that most of the
cement stock often trade below the sector PER and this is also true for Fauji Cement, but
as far as growth sector is concerned our stance for fauji cement is neutral, even though
the stock market is currently not at bullish, fauji cement is out of danger zone as they
have reprofiled its debts which ultimately reduce its cost of borrowings thus, moving
towards sound fundamentals.
168
169
Annexure
Balance Sheet

Balance Sheet
As on December….. RS(000)
2004 2005 2006 2007 2008
157938 195352
CURRENT ASSETS 574460 1172765 2 7 5294083
Cash and bank balances 197088 603110 847590 423133 3783909
Deposit accounts 137433 560177 798122 402907 3756611
Current accounts 21326 25840 49253 20048 27039
Collection accounts 38275 16831 0 0 0
Cash in hand 54 262 215 178 259
Advances, Deposits, prepayments and other receivables: 73583 46041 70340 858758 345567
To suppliers 34044 18148 31523 815588 15521
To employees 449 783 1639 621 2473
Due from associated undertaking - unsecured 1127 1125 3190 0 0
Deposits 1313 1486 1865 1795 5737
Prepayments 10606 4314 9937 3125 3966
Excise duty 9911 3057 0 0 0
Advance tax -net 0 7891 13874 13104 23302
Sales tax refundable -net 3774 0 0 0 82719
Derivative foreign currency options used as hedging instrument 0 0 0 0 84364
Interest accrued 2175 1002 5476 5077 14828
Prepaid arrangement fee for loans 0 0 0 11000 74670
Margin on letters of credit 0 0 0 0 29369
Other receivables- Considered goods 645 8235 2836 2084 7179
170
Others 9539 0 0 6364 1439
TRADE DEBTS 44789 107231 25475 19558 26927
Unsecured 23833 25021 27042 16117 4848
Considered goods 22266 23454 25475 7769 0
Considered doubtful 1567 1567 1567 8348 4848
Secure-considered goods 22523 83777 0 11789 26927
Less: Provision for doubtful debts -1567 -1567 -1567 -8348 -4848
STOCK IN TRADE 61600 55931 145090 183309 230089
Raw and packing material 15224 18469 28012 23931 31271
Work in process 27761 11624 93671 115221 152529
Finished goods 18615 25838 23407 44157 46289
STORES, SPARES AND LOOSE TOOLS 197400 360452 490887 468769 907591
Stores 71837 107633 198485 61997 415358
Spares 118324 244514 280183 394046 478579
Loose tools 7239 8305 12219 12726 13654
DEFERRED TAX ASSETS - NET 570039 337140 0 0 0
LONG TERM DEPOSITS 36600 46611 46611 46611 46611
Islamabad Electric Supply Company Limited 21600 21600 21600 21600 21600
Sui Northern Gas Pipelines Limited 15000 25011 25011 25011 25011
LONG TERM ADVANCES - Considered goods 0 9000 9000 8100 7200
Sui Northern Gas Pipelines Limited 0 0 0 9000 8100
Less: Amount receivables within 12 months shown under
current assets 0 0 0 -900 -900
472925 465827 439245
FIXED ASSETS - Tangible: 4 2 4563115 0 7106599
472925 465827 439245
Property, Plant and equipment 4 2 4563115 0 7106599
591035 622378 619810 640068
Total Assets 3 8 8 8 12454493
120694 126719 144228

Current portion of long term financing: 86508 552995 550000 550000 550000
Short term borrowings - secured: 0 308876 236353 375510 1378365
Markup accrued: 13132 69357 59771 48330 33186
Trade and other payables: 272476 275718 421074 468447 493210
Creditors 45651 45969 59763 81766 65997
Accrued liabilities 63425 67119 63470 118828 174692
Retention money 10819 10533 12843 11986 15517
Security deposits 25462 28982 37986 39051 36916
Advances from customers 23121 42444 58744 67770 41344
Workers' (Profit) Participation Fund 0 39949 93562 41483 24413
Workers' Welfare fund 0 0 0 16085 25362
171
Sales tax payable- net 22304 31300 39235 32599 0
Excise duty payable 58 3537 10264 8582 57629
Other liabilities 81636 5885 9052 40708 45323
Compensated absences 0 0 33990 3626 3686
Unclaimed dividend 0 0 2165 5963 2331
359910 256721 164829 122319
NON - CURRENT LIABILITIES 3 8 4 5 715751
Retention money payables: 0 0 0 0 18129
Deferred tax liability - net: 0 0 215381 339918 363154
Deferred liability 40264 45213 7912 8277 9468
355883 252200 142500
Long term financing: 9 5 1 875000 325000
Loans from banking companies - Secured:
Habib Bank Limited 916667 598485 431818 265152
MCB Bank Limited 916667 598485 431818 265152
United Bank Limited 458333 299243 215909 132576
Bank Al Falah Limited 458333 299243 215909 132576
NIB Bank Limited 0 0 129546 79544
PICIC Commercial Bank Limited 275000 179545 0 0
Fauji Foundation- Unsecured 50000 0 0 0
397121 377416 291549 266548
Less: amount payable within 12 months shown under current
liabilities -552995 -550000 -550000 -550000
193913 244962 328261 373520
Reserves: 0 0 0 -459216 1864094
-225528 -174479
Accumulated loss 8 8 -911806 0 0
419442 419442 419442 419442
Share capital: 2 2 2 2 7419887
591035 622378 619810 640068

Total Liabilities + Owner's Equity 3 8 8 8 12454493
172
Income Statement

Income Statement
For the Year Ended June…… RS(000)
2004 2005 2006 2007 2008
324726 392136 568345 478003
Sales 2 2 5 6 4749217
-107621 -139731 -131675 -120331
Less: Government Levies -951031 9 7 3 5
229623 284514 428613 346328
Net Sales 1 3 8 3 3545902
155540 176356 209502 237178
Less: Cost of sales 7 7 7 8 2887790
Raw material Consumed 115164 136819 205751 235379 227413
Packing material consumed 155487 147994 182873 221116 281916
Stores and spares consumed 5285 6573 6052 11171 10914
Spares written off 0 0 18528 931 0
Salaries, wages and benefits 91289 87091 142070 133780 133451
Rent, rates and taxes 952 1378 2562 2213 5284
Insurance 14920 18078 12689 12363 12221
173
Fuel consumed 564591 699818 843909 979044 1441919
Power consumed 310041 332383 393785 431609 451419
Depreciation 243056 251981 261566 276244 290477
Others 63185 72538 104859 110238 85730
156397 175465 217464 241408
0 3 4 8 2940744
Add: Opening work-in-process 5817 27761 11624 93671 115221
Less: Closing work-in-process -27761 -11624 -93671 -115221 -152529
154202 177079 209259 239253
Cost of goods manufactured 6 0 7 8 2903436
Add: Opening finished goods 31996 18615 25838 23407 44157
Less: Closing finished goods -18615 -25838 -23408 -44157 -46289
155540 176356 209502 237178
7 7 7 8 2901304
Less: Own consumption capitalized 0 0 0 0 -13514
155540 176356 209502 237178
7 7 7 8 2887790
108157 109149
Gross profit 740824 6 2191111 5 658112
Other income 42744 11216 43323 73835 107574
Distribution cost: 20416 21333 31694 40645 53383
Export freight and other charges 0 0 0 0 24482
Traveling and entertainment 1034 1857 1488 705 1127
Vehicle running and maintenance expenses 0 0 0 2745 1641
Repairs and maintenance 411 872 625 173 288
Printing and stationery 509 640 403 416 545
Depreciation 781 734 1083 1746 2704
Others 4526 4973 5595 12856 2337
Administrative expenses: 39535 42292 66627 71302 76495
Traveling and entertainment 2053 3319 4769 3487 7483
Vehicle running and maintenance expenses 0 0 0 2385 2145
Insurance 312 356 532 594 602
Repairs and maintenance 711 1110 2304 960 590
Printing and stationery 856 868 1463 1941 1318
Depreciation 1969 3568 3883 5464 9475
Others 10753 9986 13711 8098 7264
Other Operating expenses: 533 40493 94127 58098 34290
Audits' remuneration 533 544 565 530 600
Workers' (Profit) Participation Fund 0 39949 93562 41483 24413
Workers' Welfare Fund 0 0 0 16085 9277
174
Finance Cost: 204222 229633 264296 207105 146954
Fee and charges on loans 11615 10564 500 500 500
Interest/mark-up on long term finance 57324 175784 254030 200642 129928
Interest/mark-up on long term loan from
related party 873 3185 456 0 0
Interest on short term borrowings and other
charges 0 4352 1095 779 11609
Interest on Workers' Profit Participation Fund 0 0 2972 93 0
Guarantee commission 111947 32201 483 972 665
Bank charges and commission 4557 3547 4760 4119 4252
Foreign exchange risk insurance(FERI)
contract 17906 0 0 0 0
Amortization of deferred cost 762152 0 0 0 0
177769
Net profit before taxation -243290 759041 0 788180 454564
Less: Taxation 557439 -248548 -573951 -141857 -40966
120373

2004 2005 2006 2007 2008
100.00
CURRENT ASSETS % 204.15% 274.93% 340.06% 921.58%
100.00
Cash and bank balances % 306.01% 430.06% 214.69% 1919.91%
175
Cash in hand 100.00% 485.19% 398.15% 329.63% 479.63%
100.00
Advances, Deposits, prepayments and other receivables: % 62.57% 95.59% 1167.06% 469.63%
To suppliers 100.00% 53.31% 92.59% 2395.69% 45.59%
To employees 100.00% 174.39% 365.03% 138.31% 550.78%
Due from associated undertaking - unsecured 100.00% 99.82% 283.05% 0.00% 0.00%
Deposits 100.00% 113.18% 142.04% 136.71% 436.94%
Prepayments 100.00% 40.68% 93.69% 29.46% 37.39%
Excise duty 100.00% 30.84% 0.00% 0.00% 0.00%
Advance tax -net 100.00% 175.82% 166.06% 295.30%
Sales tax refundable -net 100.00% 0.00% 0.00% 0.00% 2191.81%
Derivative foreign currency options used as hedging instrument 100.00%
Interest accrued 100.00% 46.07% 251.77% 233.43% 681.75%
Prepaid arrangement fee for loans 100.00% 678.82%
Margin on letters of credit 100.00%
1276.74
Other receivables- Considered goods 100.00% % 439.69% 323.10% 1113.02%
Others 100.00% 0.00% 0.00% 66.72% 15.09%
100.00
TRADE DEBTS % 239.41% 56.88% 43.67% 60.12%
100.00
Unsecured % 104.98% 113.46% 67.62% 20.34%
Less: Provision for doubtful debts 100.00% 100.00% 100.00% 532.74% 309.38%
100.00
STOCK IN TRADE % 90.80% 235.54% 297.58% 373.52%
Work in process 100.00% 41.87% 337.42% 415.05% 549.44%
Finished goods 100.00% 138.80% 125.74% 237.21% 248.67%
100.00
STORES, SPARES AND LOOSE TOOLS % 182.60% 248.68% 237.47% 459.77%
Stores 100.00% 149.83% 276.30% 86.30% 578.20%
Spares 100.00% 206.65% 236.79% 333.02% 404.46%
Loose tools 100.00% 114.73% 168.79% 175.80% 188.62%
100.00
DEFERRED TAX ASSETS - NET % 59.14% 0.00% 0.00% 0.00%
100.00
LONG TERM DEPOSITS % 127.35% 127.35% 127.35% 127.35%
Islamabad Electric Supply Company Limited 100.00% 100.00% 100.00% 100.00% 100.00%
LONG TERM ADVANCES - Considered goods 100.00% 100.00% 90.00% 80.00%
Sui Northern Gas Pipelines Limited 100.00% 90.00%
Less: Amount receivables within 12 months shown under current assets 100.00% 100.00%
100.00
FIXED ASSETS - Tangible: % 98.50% 96.49% 92.88% 150.27%
100.00
Total Assets % 105.30% 104.87% 108.30% 210.72%
176
100.00
CURRENT LIABILITIES % 324.35% 340.54% 387.59% 659.68%
100.00
Current portion of long term financing: % 639.24% 635.78% 635.78% 635.78%
Short term borrowings - secured: 100.00% 76.52% 121.57% 446.25%
100.00
Markup accrued: % 528.15% 455.16% 368.03% 252.71%
100.00
Trade and other payables: % 101.19% 154.54% 171.92% 181.01%
Creditors 100.00% 100.70% 130.91% 179.11% 144.57%
Retention money 100.00% 97.36% 118.71% 110.79% 143.42%
Workers' Welfare fund 100.00% 157.67%
Sales tax payable- net 100.00% 140.33% 175.91% 146.16% 0.00%
6098.28 17696.55 14796.55
Excise duty payable 100.00% % % % 99360.34%
Other liabilities 100.00% 7.21% 11.09% 49.87% 55.52%
Compensated absences 100.00% 10.67% 10.84%
Unclaimed dividend 100.00% 275.43% 107.67%
100.00
NON - CURRENT LIABILITIES % 71.33% 45.80% 33.99% 19.89%
Retention money payables: 100.00%
Deferred tax liability - net: 100.00% 157.82% 168.61%
100.00
Deferred liability % 112.29% 19.65% 20.56% 23.51%
100.00
Long term financing: % 70.87% 40.04% 24.59% 9.13%
Habib Bank Limited 100.00% 65.29% 47.11% 28.93%
MCB Bank Limited 100.00% 65.29% 47.11% 28.93%
United Bank Limited 100.00% 65.29% 47.11% 28.93%
Bank Al Falah Limited 100.00% 65.29% 47.11% 28.93%
NIB Bank Limited 100.00% 61.40%
PICIC Commercial Bank Limited 100.00% 65.29% 0.00% 0.00%
Fauji Foundation- Unsecured 100.00% 0.00% 0.00% 0.00%
Less: amount payable within 12 months shown under current liabilities 100.00% 99.46% 99.46% 99.46%
100.00
SHARE CAPITAL AND RESERVES % 126.33% 169.28% 192.62% 478.77%
Reserves: 100.00% -405.93%
100.00
Accumulated loss % 77.36% 40.43% 0.00% 0.00%
100.00
Share capital: % 100.00% 100.00% 100.00% 176.90%
100.00
Total Liabilities + Owner's Equity % 105.30% 104.87% 108.30% 210.72%
177

2004 2005 2006 2007 2008
CURRENT ASSETS 9.72% 18.84% 25.48% 30.52% 42.51%
Cash in hand 0.00% 0.00% 0.00% 0.00% 0.00%
Advances, Deposits, prepayments and other receivables: 1.24% 0.74% 1.13% 13.42% 2.77%
To suppliers 0.58% 0.29% 0.51% 12.74% 0.12%
To employees 0.01% 0.01% 0.03% 0.01% 0.02%
Due from associated undertaking - unsecured 0.02% 0.02% 0.05% 0.00% 0.00%
Deposits 0.02% 0.02% 0.03% 0.03% 0.05%
Prepayments 0.18% 0.07% 0.16% 0.05% 0.03%
Excise duty 0.17% 0.05% 0.00% 0.00% 0.00%
Advance tax -net 0.00% 0.13% 0.22% 0.20% 0.19%
Sales tax refundable -net 0.06% 0.00% 0.00% 0.00% 0.66%
Derivative foreign currency options used as hedging instrument 0.00% 0.00% 0.00% 0.00% 0.68%
Interest accrued 0.04% 0.02% 0.09% 0.08% 0.12%
Prepaid arrangement fee for loans 0.00% 0.00% 0.00% 0.17% 0.60%
Margin on letters of credit 0.00% 0.00% 0.00% 0.00% 0.24%
Other receivables- Considered goods 0.01% 0.13% 0.05% 0.03% 0.06%
Others 0.16% 0.00% 0.00% 0.10% 0.01%
TRADE DEBTS 0.76% 1.72% 0.41% 0.31% 0.22%
Unsecured 0.40% 0.40% 0.44% 0.25% 0.04%
Less: Provision for doubtful debts -0.03% -0.03% -0.03% -0.13% -0.04%
STOCK IN TRADE 1.04% 0.90% 2.34% 2.86% 1.85%
Work in process 0.47% 0.19% 1.51% 1.80% 1.22%
Finished goods 0.31% 0.42% 0.38% 0.69% 0.37%
STORES, SPARES AND LOOSE TOOLS 3.34% 5.79% 7.92% 7.32% 7.29%
Stores 1.22% 1.73% 3.20% 0.97% 3.34%
Spares 2.00% 3.93% 4.52% 6.16% 3.84%
Loose tools 0.12% 0.13% 0.20% 0.20% 0.11%
DEFERRED TAX ASSETS - NET 9.64% 5.42% 0.00% 0.00% 0.00%
Islamabad Electric Supply Company Limited 0.37% 0.35% 0.35% 0.34% 0.17%
LONG TERM ADVANCES - Considered goods 0.00% 0.14% 0.15% 0.13% 0.06%
178
Less: Amount receivables within 12 months shown under current assets 0.00% 0.00% 0.00% -0.01% -0.01%
100.00 100.00 100.00 100.00
Total Assets % % % % 100.00%
CURRENT LIABILITIES 6.30% 19.39% 20.44% 22.53% 19.71%

Current portion of long term financing: 1.46% 8.89% 8.87% 8.59% 4.42%
Short term borrowings - secured: 0.00% 4.96% 3.81% 5.87% 11.07%
Markup accrued: 0.22% 1.11% 0.96% 0.76% 0.27%
Creditors 0.77% 0.74% 0.96% 1.28% 0.53%
Retention money 0.18% 0.17% 0.21% 0.19% 0.12%
Workers' Welfare fund 0.00% 0.00% 0.00% 0.25% 0.20%
Sales tax payable- net 0.38% 0.50% 0.63% 0.51% 0.00%
Excise duty payable 0.00% 0.06% 0.17% 0.13% 0.46%
Other liabilities 1.38% 0.09% 0.15% 0.64% 0.36%
Compensated absences 0.00% 0.00% 0.55% 0.06% 0.03%
Unclaimed dividend 0.00% 0.00% 0.03% 0.09% 0.02%
NON - CURRENT LIABILITIES 60.89% 41.25% 26.59% 19.11% 5.75%
Retention money payables: 0.00% 0.00% 0.00% 0.00% 0.15%
Deferred tax liability - net: 0.00% 0.00% 3.47% 5.31% 2.92%
Deferred liability 0.68% 0.73% 0.13% 0.13% 0.08%
Long term financing: 60.21% 40.52% 22.99% 13.67% 2.61%
Habib Bank Limited 0.00% 14.73% 9.66% 6.75% 2.13%
MCB Bank Limited 0.00% 14.73% 9.66% 6.75% 2.13%
United Bank Limited 0.00% 7.36% 4.83% 3.37% 1.06%
Bank Al Falah Limited 0.00% 7.36% 4.83% 3.37% 1.06%
NIB Bank Limited 0.00% 0.00% 0.00% 2.02% 0.64%
PICIC Commercial Bank Limited 0.00% 4.42% 2.90% 0.00% 0.00%
Fauji Foundation- Unsecured 0.00% 0.80% 0.00% 0.00% 0.00%
Less: amount payable within 12 months shown under current liabilities 0.00% -8.89% -8.87% -8.59% -4.42%
SHARE CAPITAL AND RESERVES 32.81% 39.36% 52.96% 58.36% 74.54%
Reserves: 0.00% 0.00% 0.00% -7.17% 14.97%
Accumulated loss -38.16% -28.03% -14.71% 0.00% 0.00%
Share capital: 70.97% 67.39% 67.67% 65.53% 59.58%
100.00 100.00 100.00 100.00

Total Liabilities + Owner's Equity % % % % 100.00%
179

2004 2005 2006 2007 2008
Sales 100.00% 120.76% 175.02% 147.20% 146.25%
Less: Government Levies 100.00% 113.16% 146.93% 138.46% 126.53%
100.00
Net Sales % 123.90% 186.66% 150.82% 154.42%
100.00
Cost of sales % 113.38% 134.69% 152.49% 185.66%
Raw material Consumed 100.00% 118.80% 178.66% 204.39% 197.47%
Packing material consumed 100.00% 95.18% 117.61% 142.21% 181.31%
Stores and spares consumed 100.00% 124.37% 114.51% 211.37% 206.51%
Spares written off 100.00% 5.02% 0.00%
Salaries, wages and benefits 100.00% 95.40% 155.63% 146.55% 146.19%
Rent, rates and taxes 100.00% 144.75% 269.12% 232.46% 555.04%
Insurance 100.00% 121.17% 85.05% 82.86% 81.91%
Fuel consumed 100.00% 123.95% 149.47% 173.41% 255.39%
Power consumed 100.00% 107.21% 127.01% 139.21% 145.60%
Depreciation 100.00% 103.67% 107.62% 113.65% 119.51%
Others 100.00% 114.80% 165.96% 174.47% 135.68%
100.00% 112.19% 139.05% 154.36% 188.03%
Add: Opening work-in-process 100.00% 477.24% 199.83% 1610.30% 1980.76%
Less: Closing work-in-process 100.00% 41.87% 337.42% 415.05% 549.44%
100.00
Cost of goods manufactured % 114.84% 135.70% 155.16% 188.29%
Add: Opening finished goods 100.00% 58.18% 80.75% 73.16% 138.01%
Less: Closing finished goods 100.00% 138.80% 125.75% 237.21% 248.67%
100.00% 113.38% 134.69% 152.49% 186.53%
Less: Own consumption capitalized 100.00%
100.00% 113.38% 134.69% 152.49% 185.66%
100.00
Gross profit % 146.00% 295.77% 147.34% 88.84%
100.00
Other income % 26.24% 101.35% 172.74% 251.67%
100.00
Distribution cost: % 104.49% 155.24% 199.08% 261.48%
Export freight and other charges 100.00%
Traveling and entertainment 100.00% 179.59% 143.91% 68.18% 108.99%
Vehicle running and maintenance expenses 100.00% 59.78%
180
Repairs and maintenance 100.00% 212.17% 152.07% 42.09% 70.07%
Printing and stationery 100.00% 125.74% 79.17% 81.73% 107.07%
Depreciation 100.00% 93.98% 138.67% 223.56% 346.22%
Others 100.00% 109.88% 123.62% 284.05% 51.63%
100.00
Administrative expenses: % 106.97% 168.53% 180.35% 193.49%
Vehicle running and maintenance expenses 100.00% 89.94%
Insurance 100.00% 114.10% 170.51% 190.38% 192.95%
Depreciation 100.00% 181.21% 197.21% 277.50% 481.21%
Others 100.00% 92.87% 127.51% 75.31% 67.55%
100.00 7597.19 17659.85 10900.19
Other Operating expenses: % % % % 6433.40%
Audits' remuneration 100.00% 102.06% 106.00% 99.44% 112.57%
Workers' Welfare Fund 100.00% 57.67%
100.00
Finance Cost: % 112.44% 129.42% 101.41% 71.96%
Fee and charges on loans 100.00% 90.95% 4.30% 4.30% 4.30%
Interest/mark-up on long term finance 100.00% 306.65% 443.15% 350.01% 226.66%
Interest/mark-up on long term loan from related
party 100.00% 364.83% 52.23% 0.00% 0.00%
Interest on short term borrowings and other
charges 100.00% 25.16% 17.90% 266.75%
Interest on Workers' Profit Participation Fund 100.00% 3.13% 0.00%
Guarantee commission 100.00% 28.76% 0.43% 0.87% 0.59%
Bank charges and commission 100.00% 77.84% 104.45% 90.39% 93.31%
Foreign exchange risk insurance(FERI) contract 100.00% 0.00% 0.00% 0.00% 0.00%
100.00
Amortization of deferred cost % 0.00% 0.00% 0.00% 0.00%
100.00
Net profit before taxation % -311.99% -730.69% -323.97% -186.84%
Less: Taxation 100.00% -44.59% -102.96% -25.45% -7.35%
100.00
Net profit after taxation % 162.50% 383.17% 205.74% 131.66%
181

2004 2005 2006 2007 2008
100.00 100.00 100.00 100.00
Sales % % % % 100.00%
Less: Government Levies -29.29% -27.45% -24.59% -27.55% -25.34%
Net Sales 70.71% 72.55% 75.41% 72.45% 74.66%
Less: Cost of sales 47.90% 44.97% 36.86% 49.62% 60.81%
Raw material Consumed 3.55% 3.49% 3.62% 4.92% 4.79%
Packing material consumed 4.79% 3.77% 3.22% 4.63% 5.94%
Stores and spares consumed 0.16% 0.17% 0.11% 0.23% 0.23%
Spares written off 0.00% 0.00% 0.33% 0.02% 0.00%
Insurance 0.46% 0.46% 0.22% 0.26% 0.26%
Fuel consumed 17.39% 17.85% 14.85% 20.48% 30.36%
Power consumed 9.55% 8.48% 6.93% 9.03% 9.51%
Depreciation 7.48% 6.43% 4.60% 5.78% 6.12%
Others 1.95% 1.85% 1.84% 2.31% 1.81%
48.16% 44.75% 38.26% 50.50% 61.92%
Add: Opening work-in-process 0.18% 0.71% 0.20% 1.96% 2.43%
Less: Closing work-in-process -0.85% -0.30% -1.65% -2.41% -3.21%
Cost of goods manufactured 47.49% 45.16% 36.82% 50.05% 61.14%
Add: Opening finished goods 0.99% 0.47% 0.45% 0.49% 0.93%
Less: Closing finished goods -0.57% -0.66% -0.41% -0.92% -0.97%
47.90% 44.97% 36.86% 49.62% 61.09%
Less: Own consumption capitalized 0.00% 0.00% 0.00% 0.00% -0.28%
47.90% 44.97% 36.86% 49.62% 60.81%
Gross profit 22.81% 27.58% 38.55% 22.83% 13.86%
182
Other income 1.32% 0.29% 0.76% 1.54% 2.27%
Distribution cost: 0.63% 0.54% 0.56% 0.85% 1.12%
Export freight and other charges 0.00% 0.00% 0.00% 0.00% 0.52%
Vehicle running and maintenance expenses 0.00% 0.00% 0.00% 0.06% 0.03%
Depreciation 0.02% 0.02% 0.02% 0.04% 0.06%
Others 0.14% 0.13% 0.10% 0.27% 0.05%
Administrative expenses: 1.22% 1.08% 1.17% 1.49% 1.61%
Vehicle running and maintenance expenses 0.00% 0.00% 0.00% 0.05% 0.05%
Insurance 0.01% 0.01% 0.01% 0.01% 0.01%
Depreciation 0.06% 0.09% 0.07% 0.11% 0.20%
Others 0.33% 0.25% 0.24% 0.17% 0.15%
Other Operating expenses: 0.02% 1.03% 1.66% 1.22% 0.72%
Audits' remuneration 0.02% 0.01% 0.01% 0.01% 0.01%
Workers' Welfare Fund 0.00% 0.00% 0.00% 0.34% 0.20%
Finance Cost: 6.29% 5.86% 4.65% 4.33% 3.09%
Fee and charges on loans 0.36% 0.27% 0.01% 0.01% 0.01%
Interest/mark-up on long term finance 1.77% 4.48% 4.47% 4.20% 2.74%
Interest/mark-up on long term loan from related
party 0.03% 0.08% 0.01% 0.00% 0.00%
Interest on short term borrowings and other charges 0.00% 0.11% 0.02% 0.02% 0.24%
Interest on Workers' Profit Participation Fund 0.00% 0.00% 0.05% 0.00% 0.00%
Guarantee commission 3.45% 0.82% 0.01% 0.02% 0.01%
Bank charges and commission 0.14% 0.09% 0.08% 0.09% 0.09%
Foreign exchange risk insurance(FERI) contract 0.55% 0.00% 0.00% 0.00% 0.00%
Amortization of deferred cost 23.47% 0.00% 0.00% 0.00% 0.00%
Net profit before taxation -7.49% 19.36% 31.28% 16.49% 9.57%
Less: Taxation 17.17% -6.34% -10.10% -2.97% -0.86%
183
Ratio Analysis
2004 2005 2006 2007 2008

Net Working Capital 202344 -34181 312184 511240 2839322
Current Ratio 1.54 0.97 1.25 1.35 2.16
Acid Ratio 1.38 0.93 1.13 1.23 2.06
Cash Ratio 0.53 0.50 0.67 0.29 1.54
Debt/Equity Ratio 3.05 2.54 1.89 1.71 1.34
Debt to tangible net worth 3.05 2.54 1.89 1.71 1.34
13.7565370 2.16940635 2.06124362
Day's Sales in account receivable 7.119486236 2 1 3 2.771750319
51.2677443 26.5328403 168.248792 177.077564
Account Receivable Turn Over 1 2 9 2 131.6857429
14.4553804 25.2778842 28.2098505
Day's sales in inventory 9 11.57586584 5 4 29.08192251
79.3434561 85.0841489 70.2086318
Inventory turnover 61.46396112 6 7 2 63.85666586
Net profit margin 13.68% 17.94% 28.08% 18.66% 11.66%
Total asset turnover 0.39 0.46 0.69 0.54 0.28
Return on asset 5.32% 8.20% 19.42% 10.10% 3.32%
Operating income margin 1.70% 34.75% 47.64% 28.74% 16.96%
0.48553767 0.61077219 0.93930089 0.78846270
Return on Sales to fixed assets 7 2 4 3 0.498959066
Return on total equity 16.20% 20.84% 36.67% 17.30% 4.45%
Gross profit margin 32.26% 38.01% 51.12% 31.52% 18.56%
Degree of financial leverage 0.20 0.68 0.56 0.70
Earning per common share 0.85 1.38 3.25 1.73 0.85
Price/earning ratio 18.89 10.48 6.75 13.17 20.91
184
185
186
187

Fauji Cement by Azzam Jafar

Загружено:

Сведения о документе

Исходное описание:

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

Fauji Cement by Azzam Jafar

Загружено:

Авторское право:

Доступные форматы

Fauji Cement Company Limited

Mr. Yasir Ghafoor

Muhammad Azzam Jafar

Roll No. 126

BBA (Hons.) 8th Semester (2005-09)

Department Of Management Sciences

UNIVERSITY OF EDUCATION OKARA

I dedicate this project to my Parents, Teachers and Friend.

Sr.No. Details Page No.

Lt Gen Syed Arif Hasan, HI (M) (Retired) Chairman

Chief Financial Officer:

Registered Office and Sales Department:

Registration & Shares Transfer Officer:

o Increase in GDP 6% per annum

Pakistan is considered as developing country. Although it is nuclear power yet it lacks

3000.00% Cash and bank balances

Cash and Bank balances

Advance tax -net

Fauji Cement Company Limited

Trend analysis TRADE DEBTS

400.00% Considered goods

Provision for doubtful debts

Raw and packing material

Fauji Cement Company Limited

800.00% STORES, SPARES AND

600.00% LOOSE TOOLS

Islamabad Electric Supply

LONG TERM DEPOSITS

Sui Northern Gas Pipelines Limited

Fauji Cement Company Limited

LONG TERM ADVANCES - Considered goods

Sui Northern Gas Pipelines Limited

FIXED ASSETS – Tangible

Fauji Cement Company Limited

Trend analysis Trade and other payables:

Sales tax payable- net

Excise duty payable

Advances from customers

Workers' (Profit) Participation Fund

Workers' Welfare fund

MCB Bank Limited

Habib Bank Limited

MCB Bank Limited

United Bank Limited

Bank Al Falah Limited

PICIC Commercial Bank Limited

Trend analysis B-S

150.00% Loan from related party:

Fauji Foundation- Unsecured

Fauji Cement Company Limited

Vertical analysis B-S

Cash and Bank balances

Fauji Cement Company Limited

Vertical analysis B-S

16.00% Advances, Deposits, prepayments

0.00% Excise duty

Derivative foreign currency options

Prepaid arrangement fee for loans

Margin on letters of credit

Vertical analysis B-S TRADE DEBTS

Provision for doubtful debts

Vertical analysis B-S

2.00% Raw and packing material