Rafhan Maize Project of Financial Statement Analysis

Financial statement Analysis

PROJECT REPORT

ON

FINANCIAL STATEMENT ANALYSIS

1


FINANCIAL STATEMNET

ANALYSIS

OF

RAFHAN MAIZE co ltd

2


Group Introduction

NAME Roll#

Zonash Ghaffar 41

Sameen Sajjad 42

Beenish Mukhtar 43

Sara Bashir 31

Qasira Shaukat 23

Maliha Saleem 20

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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.

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DEDICATION

Our PROJECT is dedicated to our beloved Parents, teachers, brothers, sisters and all of our well wishers.

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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

http://www.rafhanmaize.com/


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

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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.

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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.

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Integrity

Excellence

Respect

Financial Success


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.

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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.

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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.

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Building On strength

People Technology innovation

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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

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BALANCE SHEET

OF

RAFHAN MAIZE

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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


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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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%

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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%


Deferred taxation 93% 133% 132%

SHARE CAPITAL AND RESERVES

Share capital 100% 100% 100%

Reserves 119% 111% 107%

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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%

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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%


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%

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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%

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INDEX ANALYSIS

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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%

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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

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Rafhan Maize Project of Financial Statement Analysis

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