Post on 18-Nov-2014
Financial statement Analysis
PROJECT REPORT
ON
FINANCIAL STATEMENT ANALYSIS
1
Financial statement Analysis
FINANCIAL STATEMNET
ANALYSIS
OF
RAFHAN MAIZE co ltd
2
Financial statement Analysis
Group Introduction
NAME Roll#
Zonash Ghaffar 41
Sameen Sajjad 42
Beenish Mukhtar 43
Sara Bashir 31
Qasira Shaukat 23
Maliha Saleem 20
3
Financial statement Analysis
ACKNOWLEDGMENT
All acclamation to Allah who has empowered and enabled us to accomplish the task successfully. First of all we would like to thank our Allah Almighty who really helps us in every problem during the project. We would like to express our sincere and humble gratitude to Almighty who’s Blessings, help and guidance has been a real source of all our achievements in our life.
We would like to admit that we completed this project due to parents who pray for our success.
We also wish to express our appreciation to our supervisor Sir Shahid Imdad who helps us a lot and introduce us to new dimensions of knowledge.
Last but not the least our team efforts, support, cooperation and encouragement showed by each member in the group with each other.
4
Financial statement Analysis
DEDICATION
Our PROJECT is dedicated to our beloved Parents, teachers, brothers, sisters and all of our well wishers.
5
Financial statement Analysis
RESEARCH METHODOLOGY
The research techniques that are adopted for the purpose of this study is
Secondary Data Collection
Internet search
www.rafhanmaize.com
PRFEACE
6
Financial statement Analysis
As the world is growing rapidly, the businesses are also moving to become the huge one. And by that result, more and more people want to become a master in these businesses. The main purpose in the finance field is to know how the financial analysis is done. We all know that finance is the blood of any business and without it no business can run. Financial analysis of a company is very difficult and the most important task and by doing this I am able to know the whole financial position and financial structure of the company.
Simply by looking at how much cash a company has does not provide enough information. The financial statements need to be analyzed to measure a company’s performance and to compare it with other firms in the same industry. The resulting information is intended to be useful to owners, potential investors, creditors, analysts, and others as the analysis evaluates the past performance, future potential and financial position of the firm.
This report is an analysis of financial statements of RAFHAN MAIZE. This report has been prepared with an objective to develop analytical skills required to interpret the information (explicit as well as implicit) provided by the financial statements and to measure the company’s performance during the past few years. The financial statements are analyzed using traditional evaluation techniques such as horizontal analysis, vertical analysis and trend analysis. Ratios are an important tool in analyzing the financial statement. Sincere attempts have been made to make this report error free but if any errors and omissions are found then we apologize for that.
Company Information
7
Financial statement Analysis
Rafhan Maize Products Company Ltd., is located at Faisalabad, about 1100 kilometers north of Karachi, in Pakistan. The Company processes thousands of tons of corn every year to produce high quality food ingredients and industrial products.
Rafhan Maize is the pioneer in producing diversified type of starches and sweeteners for multiple applications in more than 50 types of industries.
8
Financial statement Analysis
Our Core ValuesDefine and direct every decision we make and every action we take at Rafhan Maize.
IntegrityWe adhere to a code of conduct, which produces consistently ethical behavior.ExcellenceWe do the right things in a superior manner while striving for continuous improvement.RespectWe deal with and treat others the way we want to be dealt with and treated.Financial SuccessWe consistently focus on our business to create economic value today and into the future.
9
Integrity
Excellence
Respect
Financial Success
Financial statement Analysis
VALUES AND BUSINESS CONDUCT POLICIESThe Company's Core Values and Business Conduct Policies are considered to be the critical components for our continued success. In order to educate and reinforce our Company Values and Policies on Business Conduct, a training program under the name of “PILLARS - VALUES AND BUSINESS CONDUCT WORKSHOP” has been developed for the employees by Corn Products International. This program is conducted by senior leaders trained as trainers for the workshop by international consultants. The management has conducted 19 such workshops and 663 managers, officers, staff and workers have been trained in 2008. The program will continue in 2009 to promote the values and business ethics as a competitive advantage.
BUSINESS REVIEWRafhan maize come a long way in producing agriculturally based products and ingredients and have established ourselves as a progressive trendsetter and a reliable solution provider to various types of industries. A major key to success has been constant innovation in the product line, catering services to different functionalities in the market. We strive to meet and exceed customer expectations by delivering the best products and services to our valued customers through value, dependability, technical service, consistent quality and long term relationships.
FOOD BUSINESSThe food business displayed favorable growth due to sustained performance of the confectionery industry, which consumed good volumes of liquid glucose. The export led confectionery sector performed better, whereas unorganized units faced the issue of the energy crisis. The vibrant demand for food grade starches from different applications in food processing also contributed to volume growth. However, inflationary pressures on the prices of utilities and essential food items are unsettling consumers' buying patterns and squeezing their purchasing power.
ANIMAL NUTRITION & HEALTH BUSINESSThe animal nutrition ingredients business continued to perform well, led by the poultry, livestock and aquaculture sectors. A shortage of grains and other substitute feed ingredients in the country provided a strong demand for our animal nutrition ingredients. The poultry business has shown resilience despite high inflation. Similarly growing areas of fish farming and the popularity of cattle feed rationing kept demand of our Prairie Gold® and Rafhan® Maize Gluten Meals, Buffalo™ Maize Bran, Enzose® Hydrol and Rafhan® Maize Oil Cake strong.
ENVIRONMENTAL STEWARDSHIP PROGRAMOur environmental commitment extends to every part of our operations. Our plants have Environment Committees to manage routine environment issues and review performance. An environmental impact assessment is done in advance for every new project and measures are adopted to minimize adverse impacts on the environment. Our employees regularly undergo training to improve awareness about environment-friendly practices.
10
Financial statement Analysis
OCCUPATIONAL SAFETY AND HEALTHSafety is our core priority. Safety values are demonstrated in our day-to-day activities through lead-by-example approach. Health, safety and environmental concerns are always among our key focal points. We are committed to provide clean, healthy and safe conditions for our employees, contractors, visitors and the community in which we operate. The Safety, Training and Environment Management Program developed over a period of time in line with our processes
INFORMATION TECHNOLOGYInformation technology is considered the backbone of our Company. Dealings with such a large number of suppliers, dealers, customers and other contractors can only be conducted in a fair manner with the help of strong IT system. Your Company has a custom designed IT system which integrates all sorts of operations to ensure smooth, timely and fair flow of information. The production facilities and our offices in different locations are connected through dedicated communication channels.
RESEARCH AND DEVELOPMENTOur flexible and dynamic corporate strategy strives to enhance customer satisfaction through continuous improvement and value added benefits. Our range of products is constantly expanding, supported by extensive development work. We consider diversification of our product line to be a major tool for success in the ever changing market scenario. Over the years, we have come up with significant innovations in our product line, which have added value to our products for different consuming segments.
SOCIAL RESPONSIBILITY AND COMMUNITY WORKRafhan aim to play a positive role in the communities in which we operate. We are committed to follow the highest social standards as a good corporate citizen in our society for long term success.
TRAINING AND MANAGEMENT DEVELOPMENTThe training program of the Company is designed on an annual basis focusing on the customer and business needs and challenges. Developing our people is a top priority. Over the years, we have maintained a distinctive corporate culture driven and influenced by our dedicated and energetic workforce. Our employees are given opportunities for self-development and career growth. This is achieved through delegation of responsibility and regular training opportunities, both within the country and in appropriate cases, abroad.
11
Financial statement Analysis
BUSINESS RISKS, CHALLENGES AND FUTURE PROSPECTS
The business environment of the country is expected to remain extremely challenging in the year 2009. Any improvement in the business environment will largely depend on the economic policies of the government and improvement in the global economy. Pakistan's economy has undergone a testing time - going forward business conditions may be tougher. The high inflation rate, rising energy deficit, volatile political situation, unfavorable trade balance and escalation in input costs may lead to a slowdown in the economic growth and performance of the industrial sector. The purchasing power of the consuming segments is already eroded by the continued increase in prices of essential commodities, utilities and necessities of life.
The government has increased the minimum support price of wheat from Rs.625 to Rs.950 to induce the farmers to grow more wheat. With the increase in the price of wheat, the same price trend is foreseen for maize having the same cultivation season. The high price of wheat may also shift demand of livestock sector to maize, creating a tough competition and increase in prices. Continuous energy crisis and high labor costs, coupled with above factors, are likely to continue to affect the manufacturing sector resulting in an increase in cost of other raw materials, manufacturing supplies and engineering.
Consequently, it will be difficult to pass on the total impact on your Company's cost of production to the customers. Despite a difficult and challenging business environment, Company is fully aware and cognizant of market dynamics and is committed to maintain its focus on further improving operational efficiencies, cost rationalization, customer services and exploring new opportunities. Our belief is based on the inherent strength of your Company and we are confident that we will, InshAllah, be able to withstand the emerging and diverse challenges to achieve your Company's objectives and deliver exceptional value to our customers and shareholders.
12
Financial statement Analysis
Building On strength
People Technology innovation
13
Financial statement Analysis
PROFIT & LOSS ACCOUNTOF RAFHAN MAIZE
2006 2007 2008
Sales 6,127,127 7,578,339 10,746,826
Cost of Goods Sold 4,556,068 5,480,167 8,005,580
Gross Profit 1,571,059 2,098,172 2,741,246
Operating Expense
Distribution cost 106,664 190,583 160,563
Admin Expenses 143,530 152,950 165,510
Operating Income 1,320,865 1,754,639 2,415,173
Other Operating Incomes 44,489 62,862 90,911
Sub total 1,365,354 1,817,501 2,506,084
Other Operating Expenses 92,555 124,593 170,896
E.B.I.T 1,272,799 1,692,908 2,335,188
Other Expenses
Finance cost 20,405 11,807 36,123
E.B.T 1,252,394 1,681,101 2,299,065
Taxation 443,115 591,917 806,700
Profit After Taxation 809,279 1,089,184 1,492,365
Earnings Per Share 88 118 162
14
Financial statement Analysis
BALANCE SHEET
OF
RAFHAN MAIZE
15
Financial statement Analysis
CURRENT ASSET 2006 2007 2008
stores&spares 175,653 218,821 279,768
stock in trade 1,160,613 1,361,821 2,406,062
trade debts 266,787 328,389 343,604
loan,advances,deposits,prepayments
&other receivables 38,043 42,534 56,131
cash&bank balances 236,295 305,420 13,730
TOTAL CURRENT ASSETS (A) 1,877,391 2,256,985 3,099,295
CURRENT LIABILITIES
trade&other payables 552,982 589,359 765,924
mark up accrued on short term running
finance 2,197 61 8,522
short term running finance secured 493,709
provision for taxation 54,629 78,158 146,889
TOTAL CURRENT LIABILITIES (B) 609,808 667,578 1,415,044
WORKING CAPITAL (A-B) = C 1,267,583 1,589,407 1,684,251
NON-CURRENT ASSETS
property plant&equipments 1,342,425 1,501,737 1,553,156
capital work in progress 271,086 88,892 503,559
long term loans 2,511 1,460 791
employes retirement benefits 33,235 96,537 71,957
TOTAL NON-CURRENT ASSETS (D) 1,649,257 1,688,626 2,129,463
NET ASSETS/TOTAL ASSSETS (C+D) = (E) 2,916,858 3,278,033 3,813,714
NON CURRENT LIABILITIES
Defferd liabilities
defferd taxation 190,195 252,337 235,273
TOTAL NON CURRENT LIABILITIES (F) 190,195 252,337 235,273
NET WORTH (E-F) 2,726,645 3,025,696 3,578,441
REPRESENTED BY
share capital 92,364 92,364 92,364
reserves 2,634,281 2,933,332 3,486,077
TOTAL 2,726,645 3,025,696 3,578,441
RATIO ANALYSIS16
Financial statement Analysis
It’s a tool which enables the banker or lender to arrive at the following factors:
• Liquidity position• Profitability• Solvency• Financial Stability• Quality of the Management• Safety & Security of the loans & advances to be or already been provided
Ratios Analysis will cover following ratios:
a) Liquidity Ratiosb) Leverage Ratiosc) Profitability Ratiosd) Activity Ratiose) Market Ratios
Liquidity Ratios
17
Financial statement Analysis
1. Current Ratio It is the relationship between the current assets and current liabilities of a concern.
Current Ratio = Current Assets/Current Liabilities
Year 2006 2007 2008
Current Assets 1877391 2256985 3099295
Current Liabilities 609808 667578 1415044
Current ratio 3.08 3.38 2.12
2006 2007 20080
1
2
3
4
Current Ratio
Years
Valu
es
2. Quick Ratio It is the relationship b/w current assets less inventories over current liabilities of a concern
18
Financial statement Analysis
Current assets – inventories / current liabilities
Year 2006 2007 2008
Current Assets less inventories
716778 895164 693233
Current Liabilities 609808 667578 1415055
Quick Ratio 1.18 1.34 0.49
2006 2007 20080
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
Quick Ratio
Years
Valu
es
Leverage Ratios
1. Debt to Equity Ratio
19
Financial statement Analysis
The debt to equity ratio gives the proportion of a company (or person's) assets that are financed by debt versus equity s
Debt to Equity Ratio = Total debt / Total Equity
Year 2006 2007 2008
Debt To Equity Ratio
8.66 9.66 17.87
2006 2007 20080
5
10
15
20Debts to Equity
Years
Valu
es
2. Debt Ratio
The proportion of a firm's total assets that are being financed with borrowed funds
20
Financial statement Analysis
Debt Ratio = Total Debt / Total Assets
Year 2006 2007 2008
Debt Ratio 0.23 0.23 0.32
2006 2007 20080
0.05
0.1
0.15
0.2
0.25
0.3
0.35
Debts to total Assets
Years
Valu
es
Capitalization Ratio
21
Financial statement Analysis
It show’s the Extent to which Long term Debts & Share holder’s Equity involve in company’s Capitalization.
1. Coverage Ratio Its show’s that at what level the company capable of cover or pay off interest and financial charges.
Year 2006 2007 2008
Coverage ratio 62.38 143.38 64.6
2006 2007 20080
20
40
60
80
100
120
140
160
Coverage ratio
Years
Valu
es
22
Financial statement Analysis
Profitability Ratios
1. Net Profit Margin
Net Profit margin = Net Profit / Sales x 100
Year 2006 2007 2008
Net Profit 809279 1089184 1492365
Sales 6127127 7578339 10746826
Net Profit Margin 13% 14% 14%
2006 2007 200812%
14%
16%
Net Profit Margin
Years
Pers
enta
ge
23
Financial statement Analysis
2. Return on Equity (ROE)
Return on Total Equity = Profit after taxation x 100 Total Equity
Year 2006 2007 2008
ROE 8.76 11.79 16.16
2006 2007 200802468
1012141618
R.O.E
Years
Valu
es
3. Return on Investment
24
Financial statement Analysis
Return on Assets (ROA) = Profit after Taxation / Total assets x 100
Year 2006 2007 2008
Net income 809279 1089184 1492365
Total assets 3526648 3945611 5228758
ROA 23% 28% 29%
2006 2007 20080%
5%
10%
15%
20%
25%
30%
35%
R.I.O
Years
Pers
enta
ge
Activity/Turnover Ratio
25
Financial statement Analysis
Its shows at what level the company active in pay off Account Payable and collect Account Receivable or Converting inventory into cash.
1. Turnover Account receivable
Year 2006 2007 2008A/R Turnover 25.36 25.47 31.98
2006 2007 20080
5
10
15
20
25
30
35
Turn over A/R
Years
Valu
es
2. Average Payable turnover
Year 2006 2007 2008
26
Financial statement Analysis
Average payble turnover
6 7.16 9.14
2006 2007 20080123456789
10
Average Payable turnover
Years
Valu
es
3. Inventory turnoverYear 2006 2007 2008Inventory turnover ratio
3.59 4.35 4.25
2006 2007 20080
0.51
1.52
2.53
3.54
4.55
Inventory turn over
Years
Valu
es
27
Financial statement Analysis
Operating Cycle
The length of time from the commitment of cash for purchase until the collection of receivable resulting from the sale of goods or services.
ITO in days + RTO in days
Year 2006 2007 2008Operating
cycle160 days 98 days 97 days
Cash Cycle
The length of time when actually cash receive and pay.
Operating cycle – payable turn over in days
Year 2006 2007 2008Cash Cycle 56 days 47 days 58 days
28
Financial statement Analysis
Horizontal Analysis of Profit and Loss Account
2008 2007 2006
Sales 142% 124% 118%
Cost of sales 146% 120% 114%
Gross profit 131% 134% 131%
Distribution cost 84% 179% 128%
Administrative expenses 108% 107% 105%
Operating profit 138% 133% 135%
Other operating income 145% 141% 95%
Finance cost 306% 58% 247%
Other operating expenses 137% 135% 145%
Profit before taxation 137% 134% 131%
Taxation 136% 134% 131%
Profit after taxation 137% 135% 132%
29
Financial statement Analysis
Horizontal Analysis of Balance Sheet2008 2007 2006
NON CURRENT ASSETS
Property, plant and equipment 103% 112% 113%
Capital work-in-progress 566% 33% 55%
EMPLOYEES RETIREMENT BENEFITS 75% 290% 94%
LONG TERM LOANS 54% 58% 103%
CURRENT ASSETS
Stores and spares 128% 125% 109%
Stock in trade 177% 117% 84%
Trade debts 105% 123% 123%
Loans, advances, deposits, prepayments and other receivables 132% 112% 97%
Cash and bank balances 4% 129% 1631%
TOTAL ASSETS 133% 112% 100%
CURRENT LIABILITIES
Trade and other payables 130% 107% 99%
Mark up accrued on short term running finances 13970% 3% 61%
Short term running finances - secured - - -
Provision for taxation 188% 143% 84%
NON CURRENT LIABILITIES
Deferred taxation 93% 133% 132%
SHARE CAPITAL AND RESERVES
Share capital 100% 100% 100%
Reserves 119% 111% 107%
30
Financial statement Analysis
TOTAL LIABILITIES 133% 112% 100%
Vertical Analysis of Profit and Loss Account
2008 2007 2006
Sales 100% 100% 100%
Cost of sales 74.5% 72.3% 74.4%
Gross profit 25.5% 27.7% 25.6%
Distribution cost 1.5% 2.5% 1.7%
Administrative expenses 22.5% 23.2% 21.6%
Operating profit 0.8% 0.8% 0.7%
Other operating income 145% 141% 95%
Finance cost 0.3% 0.2% 0.3%
Other operating expenses 1.6% 1.6% 1.5%
Profit before taxation 21.4% 22.2% 20.4%
Taxation 7.5% 7.8% 7.2%
Profit after taxation 13.9% 14.4% 13.2%
31
Financial statement Analysis
Vertical Analysis of Balance Sheet2008 2007 2006
NON CURRENT ASSETS
Property, plant and equipment 29.6% 38.2% 113%
Capital work-in-progress 9.6% 2.3% 7.7%
EMPLOYEES RETIREMENT BENEFITS 1.4% 2.4% 0.9%
LONG TERM LOANS 0.0% 0.0% 0.1%
CURRENT ASSETS
Stores and spares 5.4% 5.5% 5.0%
Stock in trade 46.0% 34.5% 32.8%
Trade debts 6.6% 8.3% 7.6%
Loans, advances, deposits, prepayments and other receivables 1.1% 1.1% 1.1%
Cash and bank balances 0.3% 7.7% 6.7%
TOTAL ASSETS 100% 100% 100%
CURRENT LIABILITIES
Trade and other payables 14.6% 14.9% 15.7%
Mark up accrued on short term running finances 0.2% 0.0% 0.1%
Short term running finances - secured 9.4% 0.0% 0.0%
Provision for taxation 2.8% 2.0% 1.5%
NON CURRENT LIABILITIES
Deferred taxation 4.5% 6.4% 5.4%
SHARE CAPITAL AND RESERVES
Share capital 1.8% 2.3% 2.6%
Reserves 66.7% 74.4% 74.7%
TOTAL LIABILITIES 100% 100% 100%
32
Financial statement Analysis
CONCLUSIONINDEX ANALYSIS
CURRENT ASSET 2006 2007 2008 2006 2007 2008stores&spares 175,653 218,821 279,768 100.00% 124.58% 159.27%stock in trade 1,160,613 1,361,821 2,406,062 100.00% 117.34% 207.31%trade debts 266,787 328,389 343,604 100.00% 123.09% 128.79%loan,advances,deposits,prepayments&other receivables 38,043 42,534 56,131 100.00% 111.81% 147.55%cash&bank balances 236,295 305,420 13,730 100.00% 129.25% 5.81%TOTAL CURRENT ASSETS (A) 1,877,391 2,256,985 3,099,295 100.00% 120.22% 165.09%
CURRENT LIABILITIEStrade&other payables 552,982 589,359 765,924 100.00% 106.58% 138.51%mark up accrued on short term running finance 2,197 61 8,522 100.00% 2.78% 387.89%short term running finance secured 493,709 100.00% 0.00%provision for taxation 54,629 78,158 146,889 100.00% 143.07% 268.88%TOTAL CURRENT LIABILITIES (B) 609,808 667,578 1,415,044 100.00% 232.05%
WORKING CAPITAL (A-B) = C 1,267,583 1,589,407 1,684,251 100.00% 125.39% 132.87%
NON-CURRENT ASSETSproperty plant&equipments 1,342,425 1,501,737 1,553,156 100.00% 111.87% 115.70%capital work in progress 271,086 88,892 503,559 100.00% 32.79% 185.76%long term loans 2,511 1,460 791 100.00% 58.14% 31.50%employes retirement benefits 33,235 96,537 71,957 100.00% 290.47% 216.51%TOTAL NON-CURRENT ASSETS (D) 1,649,257 1,688,626 2,129,463 100.00% 102.39% 129.12%
NET ASSETS/TOTAL ASSSETS (C+D) = (E) 2,916,858 3,278,033 3,813,714 100.00% 112.38% 130.75%
NON CURRENT LIABILITIESDefferd liabilities
defferd taxation 190,195 252,337 235,273 100.00% 132.67% 123.70%TOTAL NON CURRENT LIABILITIES (F) 190,195 252,337 235,273 100.00% 132.67% 123.70%
NET WORTH (E-F) 2,726,645 3,025,696 3,578,441 100.00% 110.97% 131.24%
REPRESENTED BYshare capital 92,364 92,364 92,364 100.00% 100.00% 100.00%reserves 2,634,281 2,933,332 3,486,077 100.00% 111.35% 132.34%TOTAL 2,726,645 3,025,696 3,578,441 100.00% 110.97% 131.24%
33
Financial statement Analysis
INDEX ANALYSIS
34
Financial statement Analysis
COMMON SIZE ANALYSIS
CURRENT ASSET 2006 2007 2008 2006 2007 2008stores&spares 175,653 218,821 279,768 4.98% 5.55% 5.35%stock in trade 1,160,613 1,361,821 2,406,062 32.91% 34.51% 46.02%trade debts 266,787 328,389 343,604 7.56% 8.32% 6.57%loan,advances,deposits,prepayments&other receivables 38,043 42,534 56,131 1.08% 1.08% 1.07%cash&bank balances 236,295 305,420 13,730 6.70% 7.74% 0.26%TOTAL CURRENT ASSETS 1,877,391 2,256,985 3,099,295 53.23% 57.20% 59.27%
CURRENT LIABILITIEStrade&other payables 552,982 589,359 765,924 69.12% 64.07% 46.41%mark up accrued on short term running finance 2,197 61 8,522 0.27% 0.01% 0.52%short term running finance secured 493,709 0.00% 0.00% 29.92%provision for taxation 54,629 78,158 146,889 6.83% 8.50% 8.90%TOTAL CURRENT LIABILITIES 609,808 667,578 1,415,044 910161.19% 72.57% 85.74%
NON-CURRENT ASSETSproperty plant&equipments 1,342,425 1,501,737 1,553,156 38.07% 38.06% 29.70%capital work in progress 271,086 88,892 503,559 7.69% 2.25% 9.63%long term loans 2,511 1,460 791 0.07% 0.04% 0.02%employes retirement benefits 33,235 96,537 71,957 0.94% 2.45% 1.38%TOTAL NON-CURRENT ASSETS 1,649,257 1,688,626 2,129,463 46.77% 42.80% 40.73%
NON CURRENT LIABILITIESDefferd liabilities
defferd taxation 190,195 252,337 235,273 23.77% 27.43% 14.26%TOTAL NON CURRENT LIABILITIES 190,195 252,337 235,273 23.77% 27.43% 14.26%
REPRESENTED BYshare capital 92,364 92,364 92,364 3.39% 3.05% 2.58%reserves 2,634,281 2,933,332 3,486,077 96.61% 96.95% 97.42%TOTAL 2,726,645 3,025,696 3,578,441 100.00% 100.00% 100.00%
35
Financial statement Analysis
2006 2007 2008 2006 2007 2008Sales 6,127,127 7,578,339 10,746,826 100.00% 100.00% 100.00%Cost of Goods Sold 4,556,068 5,480,167 8,005,580 74.36% 72.31% 74.49%Gross Profit 1,571,059 2,098,172 2,741,246 25.64% 27.69% 25.51%Operating ExpensDistribution cost 106,664 190,583 160,563 1.74% 2.51% 1.49%Admin Expenses 143,530 152,950 165,510 2.34% 2.02% 1.54%Operating Income 1,320,865 1,754,639 2,415,173 21.56% 23.15% 22.47%Other Operating Incomes 44,489 62,862 90,911 0.73% 0.83% 0.85%Sub total 1,365,354 1,817,501 2,506,084 22.28% 23.98% 23.32%Other Operating Expenses 92,555 124,593 170,896 1.51% 1.64% 1.59%E.B.I.T 1,272,799 1,692,908 2,335,188 20.77% 22.34% 21.73%Other ExpensesFinance cost 20,405 11,807 36,123 0.33% 0.16% 0.34%E.B.T 1,252,394 1,681,101 2,299,065 20.44% 22.18% 21.39%Taxation 443,115 591,917 806,700 7.23% 7.81% 7.51%Profit After Taxation 809,279 1,089,184 1,492,365 13.21% 14.37% 13.89%
Earning Per Share 88 118 162 2006 2007 2008
Total Assets 3,526,648 3,945,611 5,228,758 Total Liabilities 800,003 919,915 1,650,317
36