Mubashar Sharif

Umer Shahzad

BALANCE SHEET OF MAPLE LEAF

ASSETS 2009 2008 2007

NON -CURRENT ASSETS …………………….RUPEES IN THOUSAND………………...
Property,Plant And Equipment 20,381,478 20,081,448 19,330,866
Intangible Assets 7,332 15,082 4,578
Investments 0 0 0
Loans to employees 5,666 6,121 6,373
Deposits and prepayments 51,485 54,014 43,200
20,445,961 20,156,665 19,385,017
CURRENT ASSETS
Stores,Spare and loose tools 2,936,194 3,325,744 2,014,580
Stock in trade 650,914 433,952 369,709
trade debts 682,244 743,366 194,587
Fair value derivative financial instruments 0 365,748 242,226
Loans and advances 78,254 82,814 85,544
Investments 406,563 734,859 944,669
Deposits and short term prepayments 143,306 54,532 15,373
Accrued profit 983 763 402
Sale tax,customs and excise duty 16,797 57,769 37,742
Due from gratuity fund trust 8,184 9,768 8,539
Other receivables 29,448 21,780 1,198
Taxation - net 162,058 44,907 14,029
Cash and bank balances 99,932 118,894 123,359
5,214,877 5,994,896 4,051,957

TOTAL ASSETS 25,660,838 26,151,561 23,436,974

EQUITY AND LIABILTIES
Share Capital and Reserves
Authorized Capital 7,000,000 5,000,000 5,000,000
Issued,subscribed and paid up capital 4,264,108 4,264,108 4,264,108
Reserves 4,127,277 4,644,355 4,457,328
Unappropriated profit (1,673,584) (547,574) 271,601
Total Equity 6,717,801 8,360,889 8,993,037

LIABILTIES
NON -CURRENT LIABILTIES
Loans from related parties 0 35,224 250,000
Long Term loans and finance 826,614 241,539 8,576,657
Redeemable capital 7,200,000 8,000,000 0
Syndicated term finance 0 1,000,000 0
Liabilties against assets subject to finance lease 862,214 957,434 268,040
Lease finance advances and accured interest thereon 0 0 679,676
Long Term deposits 2,580 2,582 2,702
Deferred taxation 69,755 154,741 897,183
Employee' compensated absences 18,990 16,688 13,192
8,980,153 10,408,208 10,687,450
CURRENT LIABILTIES
Current portion of:
redeemable capital 800,000 0 0
Long Term loans and finances 128,889 0 1,792,519
syndicated term finace 1,500,000 1,080,000 0
Liabilties against assets subject to finance lease 302,609 188,011 13,858

Short term finance 4,382,322 3,369,738 797,585

Trade and other payable 2,407,870 2,495,559 719,311
Accured profit and interest / mark-up 441,194 194,568 378,675
Taxation -net 0 0
Dividends 54,588 54,539
9,962,884 7,382,464 3,756,487

TOTAL EQUITY AND LIABILTIES 25,660,838 26,151,561 23,436,974

2006

16,088,505
0
368,881
7,127
15,923
16,480,436

1,847,926
200,946
163,459
0
299,257
0
7,314
559
34,611
0
9,452
0
100,938
2,664,462

19,144,898
5,000,000
3,519,581
3,063,529
972,594
7,555,704

0
7,868,948
0
0
12,226
74,146
2,977
971,128
10,250
8,939,675

41,650
538,530
0
4,481

947,160
752,172
279,112
31,828
 54,586
2,649,519

19,144,898
 PROFIT AND LOSS ACCOUNT

2009 2008 2007

…………………….RUPEES IN THOUSAND………………...
Sales 15,251,374 7,815,829 3,711,081
Cost of sales (10,296,865) (6,491,999) (3,401,188)

Gross profit 4,954,509 1,323,830 309,893

Administrative expences (151,584) (121,236) (67,291)
Distribution cost (2,339,833) (834,849) (69,021)
Other operating expences (42,251) (24,838) (18,371)
(2,533,668) (980,923) (154,683)
2,420,841 342,907 155,210
Other operating income 61,749 105,656 43,224
Operating profit from operation 2,482,590 448,563 198,434
Finance cost (3,400,241) (1,812,807) (338,453)

Profit / (Loss) after taxation (917,651) (1,364,244) (140,019)

Taxation
Current 64,321 44,815 (9,477)
Deferred 998 (732,924) (172,589)
65,319 (688,109) (182,066)
Profit after taxation (982,970) (676,135) 42,047
…………………….RUPEES ………………...
Earning Per Share #VALUE! #VALUE! #VALUE!
2006

5,709,792
(3,561,212)

2,148,580
(60,474)
(20,961)
(118,024)
(199,459)
1,949,121
26,671
1,975,792
(340,978)

1,634,814

(28,536)
(547,038)
(575,574)
1,059,240

#VALUE!
 DIFFERENT RATIO
2009 2008
Liquidity / Solvencey Ratio
Current Ratio 0.52 0.81
Acid test quick Ratio 0.46 0.75
Cash Ratio 0.01 0.02
Net Working Capital -0.477 -0.188
Debt Ratio
Debt To Total Asset Ratio 0.74 0.68
Debt To Total Equity Ratio 2.82 2.13
Long term debt to total asset 0.35 0.40
Long term debt to equity 1.34 1.24
Capital structure ratio 0.57 0.55
Coverage Ratio
Interest Coverage
Financial Coverage Ratio 0.73 0.25
Activity Efficencey / Asset management Ratio
Inventory Turnover ratio 15.82 14.96
Receiveable turnover ratio 22.35 10.51
Payable Turnover 4.28 2.60
Receiveable Turnover in Days 16.10 34.24
Inventory Turnover in Days 22.76 24.06
Fixed Asset Turnover 0.75 0.39
Total Asset Turnover 0.59 0.30
Profitability Ratio % %
Gross Profit Margin 32.49 16.94
Net Profit Margin -6.45 -8.65
Return on Asset -3.83 -2.59
Return on Equity -14.63 -8.09
RENT RATIO
2007 2006

1.08 1.01
0.98 0.93
0.03 0.04
0.079 0.006

0.62 0.61
1.61 1.53
0.46 0.47
1.19 1.18
0.54 0.54

0.59 5.79

9.20 17.72
19.07 34.93
4.73 4.73
18.88 10.31
39.13 20.31
0.19 0.35
0.16 0.30
% %
8.35 37.63
1.13 18.55
0.18 5.53
0.47 14.02
 Common Size A

Horizanta

(Rupees in Thousands)
ASSETS 2,009 2,008
NON -CURRENT ASSETS …………………….RUPEES IN THOUSAND………………..
% %
Property,Plant And Equipment 79.43 76.79
Intangible Assets 0.03 0.06
Investments 0.00 0.00
Loans to employees 0.02 0.02
Deposits and prepayments 0.20 0.21

CURRENT ASSETS
Stores,Spare and loose tools 11.44 12.72
Stock in trade 2.54 1.66
trade debts 2.66 2.84
Fair value derivative financial instruments 0.00 1.40
Loans and advances 0.30 0.32
Investments 1.58 2.81
Deposits and short term prepayments 0.56 0.21
Accrued profit 0.00 0.00
Sale tax,customs and excise duty 0.07 0.22
Due from gratuity fund trust 0.03 0.04
Other receivables 0.11 0.08
Taxation - net 0.63 0.17
Cash and bank balances 0.39 0.45

TOTAL ASSETS 100.00 100.00

EQUITY AND LIABILTIES

Share Capital and Reserves
Authorized Capital ------- ------- -------
Issued,subscribed and paid up capital 16.62 16.31
Reserves 16.08 17.76
Unappropriated profit (6.52) (2.09)
Total Equity 26.18 31.97

LIABILTIES
NON -CURRENT LIABILTIES
Loans from related parties 0.00 0.13
Long Term loans and finance 3.22 0.92
Redeemable capital 28.06 30.59
Syndicated term finance 0.00 3.82
Liabilties against assets subject to finance lease 3.36 3.66
Lease finance advances and accured interest thereon 0.00 0.00
Long Term deposits 0.01 0.01
Deferred taxation 0.27 0.59
Employee' compensated absences 0.07 0.06

CURRENT LIABILTIES
Current portion of:
redeemable capital 3.12 0.00
Long Term loans and finances 0.50 0.00
syndicated term finace 5.85 4.13
Liabilties against assets subject to finance lease 1.18 0.72

Short term finance 17.08 12.89

Trade and other payable 9.38 9.54
Accured profit and interest / mark-up 1.72 0.74
Taxation -net 0.00 0.00
Dividends 0.00 0.21

TOTAL EQUITY AND LIABILTIES 100.00 100.00

Income Statement
Sales 100.00 100.00
Cost of sales (67.51) (83.06)
Gross profit 32.49 16.94
Administrative expences (0.99) (1.55)
Distribution cost (15.34) (10.68)
Other operating expences (0.28) (0.32)
(16.61) (12.55)
Subtotal 15.87 4.39
Other operating income 0.40 1.35
Operating profit from operation 16.28 5.74
Finance cost (22.29) (23.19)

Profit / (Loss) after taxation (6.02) (17.45)

Taxation
Current 0.42 0.57
Deferred 0.01 (9.38)
6,544.99 93.89
Profit after taxation (6.45) (8.65)

Earning Per Share

Common Size Analysis Index Analysis

Horizantal Vertical

(Rupees in Thousands) (Rupees in Thousands)

2,007 2,006 2,009 2,008 2,007 2,006
ES IN THOUSAND………………... …………………….RUPEES IN THOUSAND………………...
% % % % % %
82.48 84.04 105.43 124.82 120.15 100.00
0.02 0.00 160.16 0.00 0.00 0.00
0.00 1.93 0.00 0.00 0.00 100.00
0.03 0.04 88.91 85.88 89.42 100.00
0.18 0.08 119.18 339.22 271.31 100.00

8.60 9.65 145.75 179.97 109.02 100.00

1.58 1.05 176.06 215.95 183.98 100.00
0.83 0.85 350.61 454.77 119.04 100.00
1.03 0.00 0.00 0.00 0.00 0.00
0.36 1.56 91.48 27.67 28.59 100.00
4.03 0.00 43.04 0.00 0.00 -
0.07 0.04 932.19 745.58 210.19 100.00
0.00 0.00 244.53 136.49 71.91 100.00
0.16 0.18 44.50 166.91 109.05 100.00
0.04 0.00 95.84 0.00 0.00 -
0.01 0.05 2,458.10 230.43 12.67 100.00
0.06 0.00 1,155.16 0.00 0.00 -
0.53 0.53 81.01 117.79 122.21 100.00

100.00 100.00 109.49 136.60 122.42 100.00

------ -------
18.19 18.38 100.00 121.15 121.15 100.00
 19.02 16.00 92.60 151.60 145.50 100.00
1.16 5.08 (616.19) (56.30) 27.93 100.00
38.37 39.47 74.70 110.66 119.02 100.00

1.07 0.00 0.00 0.00 0.00 -

36.59 41.10 9.64 3.07 108.99 100.00
0.00 0.00 0.00 0.00 0.00 -
0.00 0.00 0.00 0.00 0.00 -
1.14 0.06 321.67 7,831.13 2,192.38 100.00
2.90 0.39 0.00 0.00 916.67 100.00
0.01 0.02 95.48 86.73 90.76 100.00
3.83 5.07 7.77 15.93 92.39 100.00
0.06 0.05 143.95 162.81 128.70 100.00

0.00 0.22 0.00 0.00 0.00 100.00

7.65 2.81 7.19 0.00 332.85 100.00
0.00 0.00 0.00 0.00 0.00 -
0.06 0.02 2,183.64 4,195.74 309.26 100.00

3.40 4.95 549.45 355.77 84.21 100.00

3.07 3.93 334.75 331.78 95.63 100.00
1.62 1.46 116.51 69.71 135.67 100.00
0.00 0.17 0.00 0.00 0.00 100.00
0.23 0.29 0.00 100.00 99.91 100.00

100.00 100.00 109.49 136.60 122.42 100.00

Statement
100.00 100.00 410.97 136.88 65.00 100.00
(91.65) 100.00 302.74 182.30 95.51 100.00
8.35 100.00 1,598.78 61.61 14.42 100.00
(1.81) 100.00 225.27 200.48 111.27 100.00
(1.86) 100.00 3,390.03 3,982.87 329.28 100.00
(0.50) 100.00 229.99 21.04 15.57 100.00
(4.17) 100.00 1,637.97 491.79 77.55 100.00
4.18 100.00 1,559.72 17.59 7.96 100.00
 1.16 100.00 142.86 396.15 162.06 100.00
5.35 100.00 1,251.09 22.70 10.04 100.00
(9.12) 100.00 1,004.64 531.65 99.26 100.00

(3.77) 100.00 655.38 (83.45) (8.56) 100.00

(0.26) 100.00 (678.71) (157.05) 33.21 100.00

(4.65) 100.00 (0.58) 133.98 31.55 100.00
105.49 100.00 (35.88) 119.55 31.63 100.00
1.13 100.00 (2,337.79) (63.83) 3.97 100.00
Analysis