Annexures

ANNEXURE A
DG KHAN CEMENT COMPANY LIMITED

BALANCE SHEET
AS AT 30TH JUNE AS AT 30TH JUNE AS AT 30TH JUNE AS AT 30TH JUNE AS AT 30TH JUNE
2010
2009
2008
2007
2006
Rs. '000
Rs. '000
Rs. '000
Rs. '000
Rs. '000
ASSETS
NON CURRENT ASSETS
PROPERTY PLANT & EQUIPMENT
ASSETS SUBJECT TO FINANCE LEASE
CAPITAL WORK IN PROGRESS
INVESTMENTS
LONG TERM LOANS, ADVANCES AND DEPOSITS
-
22,977,894.00
5,135.00
2,488,307.00
6,795,961.00
523,046.00
32,790,343.00
22,117,551.00
133,376.00
1,907,063.00
8,174,474.00
196,913.00
32,529,377.00
7,521,723.00
295,058.00
11,759,677.00
4,482,213.00
335,810.00
24,394,481.00
2,299,250.00
445,856.00
366,173.00
15,082,582.00
782,358.00
226,372.00
19,202,591.00
1,496,291.00
295,140.00
144,245.00
16,933,790.00
229,315.00
116,173.00
19,214,954.00
836,049.00
226,286.00
74,165.00
8,543,763.00
152,465.00
77,167.00
9,909,895.00
51,992,934.00
51,744,331.00
34,304,376.00
9,500,000
500,000
10,000,000
2,535,412.00
27,595,698.00
(50,853.00)
30,080,257.00
9,500,000
500,000
10,000,000
2,535,412.00
29,630,084.00
1,757,689.00
33,923,185.00
9,500,000
500,000
10,000,000
1,843,937.00
8,351.00
15,085,354.00
2,330,558.00
19,268,200.00
8,411,051.00
73,890.00
54,018.00
1,319,000.00
9,857,959.00
8,686,447.00
1,141.00
79,467.00
39,862.00
1,624,000.00
10,430,917.00
7,372,468.00
28,886.00
33,814.00
26,572.00
1,559,000.00
9,020,740.00
1,370,336.00
364,664.00
7,597,020.00
2,687,608.00
35,090.00
12,054,718.00
1,027,274.00
342,612.00
3,942,972.00
2,042,281.00
35,090.00
7,390,229.00
1,406,869.00
340,757.00
2,613,695.00
1,619,025.00
35,090.00
6,015,436.00
51,992,934.00
51,744,331.00
34,304,376.00
CURRENT ASSETS
STORES, SPARES AND LOOSE TOOLS
STOCK-IN-TRADE
TRADE DEBTS
INVESTMENTS
ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES
CASH AND BANK BALANCES
TOTAL ASSETS
EQUITY AND LIABLITIES

CAPITAL AND RESERVES
Authorised capital
950,000,000 (2009: 950,000,000) ordinary shares of Rs 10 each
50,000,000 (2009: 50,000,000) preference shares of Rs 10 each
ISSUED SUBSCRIBED AND PAID UP CAPITAL
SHARE DEPOSIT MONEY
RESERVES
ACCUMULATED PROFIT/(LOSS)
NON-CURRENT LIABILITIES
LONG TERM FINANCES
LAIBILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE
LONG TERM DEPOSITS
RETIREMENT AND OTHER BENEFITS
DEFERRED TAXATION
CURRENT LIABILITIES
TRADE AND OTHER PAYABLES
ACCRUED MARKUP
SHORT TERM BORROWING -SECURED
CURRENT PORTION OF NON CURRENT LIABILITIES
PROVISION FOR TAXATION
CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES
ANNEXURE B
PROFIT & LOSS
FOR THE YEAR
ENDED 30TH
JUNE
2010
Rs. '000
SALES - NET
COST OF SALES
GROSS PROFIT
ADMINISTRATIVE EXPENSES
SELLING AND DISTRIBUTION EXPENSES
OTHER OPERATING EXPENSES
OTHER OPERATING INCOME
IMPAIRMENT ON INVESTMENT
PROFIT FROM OPERATIONS
FINANCE COST
SHARE OF LOSS OF ASSOCIATED COMPANY
PROFIT / (LOSS) BEFORE TAX
TAXATION
PROFIT / (LOSS) FOR THE YEAR
FOR THE YEAR

ENDED 30TH
JUNE
2009
Rs. '000
FOR THE YEAR FOR THE YEAR FOR THE YEAR

ENDED 30TH
ENDED 30TH
ENDED 30TH
JUNE
JUNE
JUNE
2008
2007
2006
Rs. '000
Rs. '000
Rs. '000
ANNEXURE C
CASH FLOW STATEMENT
FOR THE YEAR FOR THE YEAR
ENDED 30TH
ENDED 30TH
JUNE
JUNE
2010
2009
Rs. '000
Rs. '000
CASH FLOWS FROM OPERATING ACTIVITIES
CASH GENERATED FROM OPERATIONS
FINANCE COST PAID
RETIREMENT AND OTHER BENEFITS PAID
TAXES PAID
NET INCREASE/ (DECREASE) IN LONG TERM DEPOSITS
NET CASH GENERATED OPERATING ACTIVITES
CASH FLOWS FROM INVESTING ACTIVITIES
CAPITAL EXPENDITURE INCLUDING PURCHASE OF PPE
PROCEEDS FROM SALE OF PPE
SALE PROCEEDS OF INVESTMENTS
INVESTMENTS - NET
NET DECREASE IN LONG TERM LOANS, ADVANCES AND DEPOSITS
DIVIDENDS RECEIVED
INTEREST RECEIVED
NET CASH USED IN INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
PROCEEDS FROM ISSUANCE OF SHARE CAPITAL
SHARE CAPITAL DEPOSIT MONEY RECEIVED
PROCEEDS FROM LONG TERM FINANCES
REPAYMENT OF LONG TERM FINANCES
REPAYMENT OF LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE
DIVIDENDS PAID
NET CASH USED IN FINANCING ACTIVITIES
NET DECRESE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS AT THE END OF YEAR
FOR THE YEAR

FOR THE YEAR
ENDED 30TH
ENDED 30TH
JUNE
JUNE
2008
2007
Rs. '000
Rs. '000
FOR THE YEAR

ENDED 30TH
JUNE
2006
Rs. '000
ANNEXURE D
MAPLE LEAF CEMENT FACTORY LIMITED
BALANCE SHEET
AS AT 30TH JUNE
2010
Rs. '000
ASSETS
NON - CURRENT ASSETS
Property, plant and equipment
Intangible assets
Long term investment
Long term loans to employees - secured
Deposits and prepayments
CURRENT ASSETS
Stores, spare parts and loose tools
Stock-in-trade
Trade debts
Loans and advances
Investments
Deposits and short term prepayments
Accrued profit
Sales tax, customs and excise duty
Due from gratuity fund trust
Other receivables
Income tax (net of provisions)
Cash and bank balances
TOTAL ASSETS
21,035,368.00
1,774.00
200.00
3,293.00
51,573.00
21,092,208.00
2,407,410.00
504,718.00
751,400.00
266,642.00
472,338.00
121,824.00
656.00
16,797.00
91,178.00
296,506.00
73,265.00
5,002,734.00
26,094,942.00
EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Authorised capital
600,000,000 (2009: 600,000,000) ordinary shares of Rs. 10 each
100,000,000 (2009: 100,000,000) 9.75% redeemable cumulative preference shares of Rs. 10 each
Issued, subscribed and paid up capital
Reserves
Accumulated loss
Share Deposit Money

NON - CURRENT LIABILITIES
Long term loans from banking company - secured
Redeemable capital - secured
Syndicated term finances - secured
Liabilities against assets subject to finance lease
Long term deposits
Deferred liabilities
Employee benefits
Deferred taxation
Employees' compensated absences
CURRENT LIABILITIES
Trade and other payables
Accrued profit / interest / mark up
Short term borrowings
Current portion of:
Long term loans from banking company - secured
Redeemable capital - secured
Syndicated term finances - secured
Liabilities against assets subject to finance lease

6,000,000
1,000,000
7,000,000
4,264,108.00
4,180,433.00
(4,310,333.00)
4,134,208.00
1,000,000.00
1,100,808.00
8,289,800.00
1,498,200.00
700,743.00
2,739.00
6,864.00
19,629.00
11,618,783.00
3,491,872.00
921,812.00
4,060,838.00
480,231.00
6,800.00
1,200.00
379,198.00
9,341,951.00
26,094,942.00
ANNEXURE E
MAPLE LEAF CEMENT FACTORY LIMITED

PROFIT & LOSS
FOR THE YEAR
ENDED 30TH
JUNE
Sales - net
Cost of sales
Gross profit
Distribution cost
Administrative expenses
Other operating expenses
Other operating income

Finance cost
Loss before taxation
Taxation
Current
Deferred
Loss after taxation
2010
Rs. '000
13,630,511.00
10,691,883.00
2,938,628.00
3,152,889.00
194,161.00
158,641.00
3,505,691.00
(567,063.00)
57,031.00
(510,032.00)
2,059,476.00
(2,569,508.00)
100%
78%
22%
23%
1%
1%
26%
-4%
0%
-4%
15%
-19%
103,122.00
(88,675.00)
14,447.00
(2,583,955.00)
1%
-1%
0%
-19%

BALANCE SHEET
2010
Rs. '000
2009
Rs. '000
2008
Rs. '000
25,307,302.00
24,345,793.00
22,977,894.00
ASSETS
NON CURRENT ASSETS
5,135.00
465,650.00
1,750,208.00
2,488,307.00
4,696,922.00
3,172,508.00
6,795,961.00
158,677.00
166,940.00
523,046.00
30,628,551.00
29,435,449.00
32,790,343.00
3,017,742.00
2,935,880.00
2,299,250.00
STOCK-IN-TRADE
INVESTMENTS
CURRENT ASSETS
1,036,876.00
899,836.00
445,856.00
TRADE DEBTS
303,949.00
513,966.00
366,173.00
INVESTMENTS
10,740,972.00
7,785,968.00
15,082,582.00
1,087,161.00
908,100.00
782,358.00
230,792.00
243,842.00
226,372.00
16,417,492.00
13,287,592.00
19,202,591.00
47,046,043.00
42,723,041.00
51,992,934.00
3,650,993.00
3,042,494.00
2,535,412.00

TOTAL ASSETS

SHARE DEPOSIT MONEY
RESERVES
22,160,477.00
17,401,220.00
27,595,698.00
707,750.00
474,728.00
26,519,220.00
20,918,442.00
30,080,257.00
5,089,507.00
4,375,837.00
8,411,051.00
(50,853.00)
LONG TERM FINANCES
LONG TERM DEPOSITS
DEFERRED TAXATION
81,138.00
73,765.00
73,890.00
104,029.00
78,622.00
54,018.00
1,465,960.00
1,441,576.00
1,319,000.00
6,740,634.00
5,969,800.00
9,857,959.00
1,679,749.00
1,435,420.00
1,370,336.00
ACCRUED MARKUP
346,425.00
531,772.00
364,664.00
9,585,642.00
9,068,575.00
7,597,020.00
2,139,283.00
4,763,942.00
2,687,608.00
35,090.00
35,090.00
35,090.00
13,786,189.00
15,834,799.00
12,054,718.00
47,046,043.00
42,723,041.00
51,992,934.00
2010
Rs. '000
2009
Rs. '000
2008
Rs. '000
16,275,354.00
18,038,209.00
12,445,996.00
(13,569,994.00)
(12,358,479.00)
(10,530,723.00)
2,705,360.00
5,679,730.00
1,915,273.00


PROFIT & LOSS
SALES - NET
COST OF SALES
GROSS PROFIT
(172,436.00)
(141,852.00)
(111,658.00)
(994,418.00)
(1,871,517.00)
(561,465.00)
(189,015.00)
(795,854.00)
(581,913.00)
770,137.00
847,344.00


FINANCE COST

TAXATION
911,672.00
-
(257,386.00)
2,261,163.00
3,383,258.00
1,507,581.00
(1,902,760.00)
(2,606,358.00)
(1,749,837.00)
(8,674.00)
358,403.00
776,900.00
(250,930.00)
(125,381.00)
(251,319.00)
197,700.00
233,022.00
525,581.00
(53,230.00)
2008
Base Year
2009
Trend Index
2010
100%
106%
110%
100%
0%
0%
100%
70%
19%
100%
47%
69%
100%
32%
30%
100%
90%
93%
100%
128%
131%
100%
202%
233%
100%
140%
83%
100%
52%
71%
100%
116%
139%
100%
108%
102%
100%
69%
85%
100%
82%
90%
100%
120%
144%
N/A
N/A
N/A
100%
63%
80%
100%
-934%
-1392%
100%
70%
88%
100%
52%
61%
N/A
N/A
N/A
100%
100%
110%
100%
146%
193%
100%
109%
111%
100%
61%
68%
100%
105%
123%
100%
146%
95%
100%
119%
126%
100%
177%
80%
100%
100%
100%
100%
131%
114%
N/A
N/A
N/A
100%
82%
90%
2008
Base Year
2009
Trend Index
2010
100%
145%
131%
100%
117%
129%
100%
297%
141%
100%
127%
154%
100%
333%
177%
100%
137%
32%
100%
91%
108%
N/A
N/A
N/A
100%
224%
150%
100%
149%
109%
100%
0%
0%
100%
-310%
-143%
100%
-127%
-63%
100%
-987%
-438%

COMMON SIZE BALANCE SHEET STATEMENT
ASSETS
NON CURRENT ASSETS
INVESTMENTS
CURRENT ASSETS
STOCK-IN-TRADE
TRADE DEBTS
INVESTMENTS
TOTAL ASSETS

SHARE DEPOSIT MONEY
RESERVES
LONG TERM FINANCES
LONG TERM DEPOSITS
DEFERRED TAXATION
ACCRUED MARKUP


COMMON SIZE STATEMENT PROFIT & LOSS STATEMENT
SALES - NET
COST OF SALES
GROSS PROFIT
FINANCE COST
TAXATION
2010
Rs. '000
25,307,302.00
2009
Rs. '000
2008
Rs. '000
2008
2009
Percentage
2010
465,650.00
4,696,922.00
158,677.00
30,628,551.00
24,345,793.00
1,750,208.00
3,172,508.00
166,940.00
29,435,449.00
22,977,894.00
5,135.00
2,488,307.00
6,795,961.00
523,046.00
32,790,343.00
44%
0%
5%
13%
1%
63%
57%
NIL
4%
7%
0%
69%
54%
NIL
1%
10%
0%
65%
3,017,742.00
1,036,876.00
303,949.00
10,740,972.00
1,087,161.00
230,792.00
16,417,492.00
2,935,880.00
899,836.00
513,966.00
7,785,968.00
908,100.00
243,842.00
13,287,592.00
2,299,250.00
445,856.00
366,173.00
15,082,582.00
782,358.00
226,372.00
19,202,591.00
4%
1%
1%
29%
2%
0%
37%
7%
2%
1%
18%
2%
1%
31%
6%
2%
1%
23%
2%
0%
35%
47,046,043.00
42,723,041.00
51,992,934.00
100%
100%
100%
3,650,993.00
22,160,477.00
707,750.00
26,519,220.00
3,042,494.00
17,401,220.00
474,728.00
20,918,442.00
2,535,412.00
27,595,698.00
(50,853.00)
30,080,257.00
5%
NIL
53%
0%
58%
7%
NIL
41%
1%
49%
8%
NIL
47%
2%
56%
5,089,507.00
81,138.00
104,029.00
1,465,960.00
6,740,634.00
4,375,837.00
73,765.00
78,622.00
1,441,576.00
5,969,800.00
8,411,051.00
73,890.00
54,018.00
1,319,000.00
9,857,959.00
16%
NIL
0%
0%
3%
19%
10%
NIL
0%
0%
3%
14%
11%
NIL
0%
0%
3%
14%
1,679,749.00
346,425.00
9,585,642.00
2,139,283.00
1,435,420.00
531,772.00
9,068,575.00
4,763,942.00
1,370,336.00
364,664.00
7,597,020.00
2,687,608.00
3%
1%
15%
5%
3%
1%
21%
11%
4%
1%
20%
5%
35,090.00
13,786,189.00
35,090.00
15,834,799.00
35,090.00
12,054,718.00
47,046,043.00
42,723,041.00
51,992,934.00
2010
Rs. '000
16,275,354.00
(13,569,994.00)
2,705,360.00
(172,436.00)
(994,418.00)
(189,015.00)
911,672.00
2,261,163.00
(1,902,760.00)
358,403.00
(125,381.00)
233,022.00
2009
Rs. '000
18,038,209.00
(12,358,479.00)
5,679,730.00
(141,852.00)
(1,871,517.00)
(795,854.00)
770,137.00
(257,386.00)
3,383,258.00
(2,606,358.00)
776,900.00
(251,319.00)
525,581.00
2008
Rs. '000
12,445,996.00
(10,530,723.00)
1,915,273.00
(111,658.00)
(561,465.00)
(581,913.00)
847,344.00
1,507,581.00
(1,749,837.00)
(8,674.00)
(250,930.00)
197,700.00
(53,230.00)
0%
23%
0%
37%
0%
29%
NIL
NIL
NIL
100%
100%
100%
2008
100%
-85%
15%
-1%
-5%
-5%
7%
NIL
12%
-14%
0%
-2%
2%
0%
2009
100%
-69%
31%
-1%
-10%
-4%
4%
-1%
19%
-14%
NIL
4%
-1%
3%
2010
100%
-83%
17%
-1%
-6%
-1%
6%
NIL
14%
-12%
NIL
2%
-1%
1%
ANNEXURE B
Ratio Analysis Of DG Khan Cement Limited (DGKC) and Maple Leaf Cement Factory Limited (MLCF)
Competitive Analysis For 2010
Financial Ratios
Formula
Unit
DGKC
MLCF
Profitability Ratios
Gross Profit Margin
Gross Profit / Net Sales x 100
#DIV/0!
Operating Profit Margin
Net Profit Before Interest And Tax / Sales x 100
#DIV/0!
21.56%
-3.74%
Net Profit After Tax Margin
Net Profit After Tax / Sales x 100
#DIV/0!
-18.96%
Return On Capital Employed
Net Profit Before Tax / Net Capital Employed x 100
1.08%
-15.42%
Return On Assets
Net Profit After Tax / Total Assets x 100
#DIV/0!
-9.90%
Total Assets Turnover
Turnover / Total Assets
Times
#DIV/0!
0.52
Current Ratio
Current Assets / Current Liabilities
Ratio
#DIV/0!
0.54
Quick Ratio
Current Assets - Stocks / Current Liabilities
Ratio
#DIV/0!
0.48
Cash Ratio
Cash / Current Liabilities
Ratio
#DIV/0!
0.01
Inventory Turnover Period
Inventory / Cost of Sales x 365
Days
#DIV/0!
17
Debtors Collection Period
Debtors / Sales x 365
Days
#DIV/0!
20
Creditors Payment Period
Creditors / Cost of Sales x 365
Days
#DIV/0!
119
Cash Operating Cycle
Debtors + Inventory - Creditors Days
Days
#DIV/0!
(82)
Net Working Capital
Current Assets - Current liabilities
(4,339,217)
Net Working Capital Turnover
Cost Of Sales / Net Working Capital
Net Working Capital To Total Assets
Net Working Capital / Total Assets x 100
Liquidity & Working Capital Ratios
Rs. '000
Times
#DIV/0!
(2.46)
#DIV/0!
-16.63%
Investor Ratios
Earnings Per Share
Net Profit After Tax / No. Of Ordinary Shares
Rs.
(4.31)
Price Earnings Ratio
Market Value Per Share / Earnings Per Share
Times
#DIV/0!
(2.25)
Dividends Per Share
Dividends / No. Of Ordinary Shares
Rs.
0.03
Dividend Yield
Dividends Per Share / Market Value Per Share x 100
-0.07%
Earnings Yield
Earnings Per Share / Market Value Per Share x 100
0.00%
(0.44)
Dividend Cover
Earnings Per Share / Dividends Per Share
Dividend Payout Ratio
Dividends Per Share / Earnings Per Share x 100
Break-Up Value Per Share
Market Value Per Share
Times
#DIV/0!
37.28
9.7
Rs.
Debt / Gearing Ratios

Debt To Equity Ratio
Long Term Debts / Total Equity
Ratio
#DIV/0!
Debt Ratio
Total Debt / Total Equity
Times
#DIV/0!
2.26
Gearing Ratio
Long Term Debts / Total Equity + Long Term Debts x 100
#DIV/0!
Interest Cover
Profit Before Interest And Tax / Interest
Times
#DIV/0!
(0.25)
Leverage Ratio
Total Equity / Total Equity + Long Term Debts x 100
#DIV/0!
30.65%
Equity Multiplier
Total Assets / Total Equity
Times
#DIV/0!
4.08
44.53%
5.08
ANNEXURE A
BALANCE SHEET
2010
Rs. '000
2009
Rs. '000
25,307,302.00
24,345,793.00
2008
2008
Rs. '000 Base Year
TREND INDEX
2009
2010
2008
COMMON SIZE
2009
Percentage
2010
ASSETS
NON CURRENT ASSETS
22,977,894.00
100%
106%
110%
5,135.00
100%
0%
0%
465,650.00
1,750,208.00
2,488,307.00
100%
70%
19%
4,696,922.00
3,172,508.00
6,795,961.00
100%
47%
69%
158,677.00
166,940.00
523,046.00
100%
32%
30%
30,628,551.00
29,435,449.00
32,790,343.00
100%
90%
93%
3,017,742.00
2,935,880.00
2,299,250.00
100%
128%
131%
STOCK-IN-TRADE
1,036,876.00
899,836.00
445,856.00
100%
202%
233%
83%
INVESTMENTS
44%
0%
5%
13%
1%
63%
57%
NIL
4%
7%
0%
69%
54%
NIL
1%
10%
0%
65%
7%
2%
1%
18%
2%
1%
31%
6%
2%
1%
23%
2%
0%
35%
CURRENT ASSETS
TRADE DEBTS
INVESTMENTS
TOTAL ASSETS
230,792.00
243,842.00
226,372.00
100%
108%
102%
16,417,492.00
13,287,592.00
19,202,591.00
100%
69%
85%
4%
1%
1%
29%
2%
0%
37%
47,046,043.00
42,723,041.00
51,992,934.00
100%
82%
90%
100%
100%
100%
3,650,993.00
3,042,494.00
2,535,412.00
100%
120%
144%
N/A
N/A
N/A
5%
NIL
53%
0%
58%
7%
NIL
41%
1%
49%
8%
NIL
47%
2%
56%
16%
NIL
0%
0%
3%
19%
10%
NIL
0%
0%
3%
14%
11%
NIL
0%
0%
3%
14%
3%
1%
21%
11%
0%
37%
4%
1%
20%
5%
0%
29%
303,949.00
513,966.00
366,173.00
100%
140%
10,740,972.00
7,785,968.00
15,082,582.00
100%
52%
71%
1,087,161.00
908,100.00
782,358.00
100%
116%
139%

SHARE DEPOSIT MONEY
RESERVES
22,160,477.00
17,401,220.00
27,595,698.00
100%
63%
80%
707,750.00
474,728.00
(50,853.00)
100%
-934%
-1392%
26,519,220.00
20,918,442.00
30,080,257.00
100%
70%
88%
5,089,507.00
4,375,837.00
8,411,051.00
100%
52%
61%
N/A
N/A
N/A
LONG TERM FINANCES
LONG TERM DEPOSITS
81,138.00
73,765.00
73,890.00
100%
100%
110%
104,029.00
78,622.00
54,018.00
100%
146%
193%
1,465,960.00
1,441,576.00
1,319,000.00
100%
109%
111%
6,740,634.00
5,969,800.00
9,857,959.00
100%
61%
68%
1,679,749.00
1,435,420.00
1,370,336.00
100%
105%
123%
346,425.00
531,772.00
364,664.00
100%
146%
95%
9,585,642.00
9,068,575.00
7,597,020.00
100%
119%
126%
2,139,283.00
4,763,942.00
2,687,608.00
100%
177%
80%
35,090.00
35,090.00
35,090.00
100%
100%
100%
13,786,189.00
15,834,799.00
12,054,718.00
100%
131%
114%
3%
1%
15%
5%
0%
23%
N/A
N/A
N/A
NIL
NIL
NIL
100%
82%
90%
100%
100%
100%

DEFERRED TAXATION
ACCRUED MARKUP

47,046,043.00
42,723,041.00
2010
Rs. '000
2009
Rs. '000
51,992,934.00

PROFIT & LOSS
SALES - NET
COST OF SALES
GROSS PROFIT
2008
2008
Rs. '000 Base Year
TREND INDEX
2009
2010
16,275,354.00
18,038,209.00
12,445,996.00
100%
145%
131%
(13,569,994.00)
(12,358,479.00)
(10,530,723.00)
100%
117%
129%
2,705,360.00
5,679,730.00
1,915,273.00
100%
297%
141%
(172,436.00)
(141,852.00)
(111,658.00)
100%
127%
154%
(994,418.00)
(1,871,517.00)
(561,465.00)
100%
333%
177%
(189,015.00)
(795,854.00)
(581,913.00)
100%
137%
32%
911,672.00
770,137.00
847,344.00
100%
91%
108%


FINANCE COST

TAXATION
N/A
N/A
N/A
2,261,163.00
3,383,258.00
1,507,581.00
100%
224%
150%
(1,902,760.00)
(2,606,358.00)
(1,749,837.00)
100%
149%
109%
(8,674.00)
100%
0%
0%
-143%
(257,386.00)
358,403.00
776,900.00
(250,930.00)
100%
-310%
(125,381.00)
(251,319.00)
197,700.00
100%
-127%
-63%
233,022.00
525,581.00
(53,230.00)
100%
-987%
-438%
2008
COMMON SIZE
2009
100%
-85%
15%
-1%
-5%
-5%
7%
NIL
12%
-14%
0%
-2%
2%
0%
100%
-69%
31%
-1%
-10%
-4%
4%
-1%
19%
-14%
NIL
4%
-1%
3%
2010
100%
-83%
17%
-1%
-6%
-1%
6%
NIL
14%
-12%
NIL
2%
-1%
1%
ANNEXURE C
Financial Ratios
Formula
Unit
FORMAULA SHEET
2006
Profitability Ratios
Gross Profit Margin
Gross Profit / Net Sales x 100
='DGKC-P & L'!F8/'DGKC-P & L'!F6
Operating Profit Margin
Net Profit Before Interest And Tax / Sales x 100
Net Profit After Tax Margin
Net Profit After Tax / Sales x 100
Return On Capital Employed
Net Profit After Tax / Net Capital Employed x 100
='DGKC-P & L'!F19/('DGKC-Balance Sheet'!F24-'DGKC-Balance Sheet'!F53)
Total Assets Turnover
Sales / Total Assets
Return On Assets
EBITDA / Total Assets x 100
Times
='DGKC-P & L'!F6/'DGKC-Balance Sheet'!F24
='DGKC-P & L'!F14/'DGKC-Balance Sheet'!F24
Liquidity & Working Capital Ratios

Current Ratio
Current Assets / Current Liabilities
Ratio
='DGKC-Balance Sheet'!F22/'DGKC-Balance Sheet'!F53
Quick Ratio
Current Assets - Stocks / Current Liabilities
Ratio
=('DGKC-Balance Sheet'!F22-'DGKC-Balance Sheet'!F17)/'DGKC-Balance Sheet'!F53
Cash Ratio
Cash / Current Liabilities
Ratio
Inventory Turnover Period
Inventory / Cost of Sales x 365
Days
='DGKC-Balance Sheet'!F17/'DGKC-P & L'!F7*365
Debtors Collection Period
Debtors / Sales x 365
Days
Creditors Payment Period
Creditors / Cost of Sales x 365
Days
Cash Operating Cycle
Debtors + Inventory - Creditors Days
Days
=G22-G21-G20
Net Working Capital
Current Assets - Current liabilities
Net Working Capital Turnover
Cost Of Sales/ Net Working Capital

Net Working Capital To Total Assets
Net Working Capital / Total Assets x 100
Rs. '000
Times
%
='DGKC-Balance Sheet'!F22-'DGKC-Balance Sheet'!F53

='DGKC-P & L'!E7/('DGKC-Balance Sheet'!E22-'DGKC-Balance Sheet'!F53)
=('DGKC-Balance Sheet'!F22-'DGKC-Balance Sheet'!F53)/'DGKC-Balance Sheet'!F24
Investor Ratios
Earnings Per Share
Net Profit After Tax / No. Of Ordinary Shares
Rs.
Price Earnings Ratio
Market Value Per Share / Earnings Per Share
Times
Dividends Per Share
Dividends / No. Of Ordinary Shares
Dividend Yield
Dividends Per Share / Market Value Per Share x 100
=G31/G36
Earnings Yield
Earnings Per Share / Market Value Per Share x 100
=G29/G36
Dividend Cover
Earnings Per Share / Dividends Per Share
Times
=G29/G31
Dividend Payout Ratio
Dividends Per Share / Earnings Per Share x 100
=G31/G29
Break-Up Value Per Share
Market Value Per Share
Rs.
Rs.
='DGKC-P & L'!F19/950000

=G36/G29
=345738000/950000000
43.34
Debt / Gearing Ratios

Debt To Equity Ratio
Long Term Debts / Total Equity
Ratio
Debt Ratio
Total Debt / Total Equity
Times
=('DGKC-Balance Sheet'!F45+'DGKC-Balance Sheet'!F53)/'DGKC-Balance Sheet'!F37
Gearing Ratio
Long Term Debts / Total Equity + Long Term Debts x 100
Interest Cover
Profit Before Interest And Tax / Interest
Leverage Ratio
Total Equity / Total Equity + Long Term Debts x 100
Equity Multiplier
Total Assets / Total Equity
%
Times
%
Times

='DGKC-Balance Sheet'!F37/('DGKC-Balance Sheet'!F37+'DGKC-Balance Sheet'!F45)
ANNEXURE C
FORMAULA SHEET
Ratio Analysis Of DG Khan Cement Limited (DGKC)

Ratio Analysis For 2006-2010
2007
2008
='DGKC-P & L'!E8/'DGKC-P & L'!E6
='DGKC-P & L'!D8/'DGKC-P & L'!D6
='DGKC-P & L'!E19/('DGKC-Balance Sheet'!E24-'DGKC-Balance Sheet'!E53)
='DGKC-P & L'!D19/('DGKC-Balance Sheet'!D24-'DGKC-Balance Sheet'!D53)
='DGKC-P & L'!E6/'DGKC-Balance Sheet'!E24
='DGKC-P & L'!D6/'DGKC-Balance Sheet'!D24
='DGKC-P & L'!E14/'DGKC-Balance Sheet'!E24
='DGKC-P & L'!D14/'DGKC-Balance Sheet'!D24
='DGKC-Balance Sheet'!E22/'DGKC-Balance Sheet'!E53
='DGKC-Balance Sheet'!D22/'DGKC-Balance Sheet'!D53
=('DGKC-Balance Sheet'!E22-'DGKC-Balance Sheet'!E17)/'DGKC-Balance Sheet'!E53
=('DGKC-Balance Sheet'!D22-'DGKC-Balance Sheet'!D17)/'DGKC-Balance Sheet'!D53
='DGKC-Balance Sheet'!E17/'DGKC-P & L'!E7*365
='DGKC-Balance Sheet'!D17/'DGKC-P & L'!D7*365
=H22-H21-H20
=I22-I21-I20
='DGKC-Balance Sheet'!E22-'DGKC-Balance Sheet'!E53
='DGKC-Balance Sheet'!D22-'DGKC-Balance Sheet'!D53
='DGKC-P & L'!E7/('DGKC-Balance Sheet'!E22-'DGKC-Balance Sheet'!E53)
='DGKC-P & L'!D7/('DGKC-Balance Sheet'!D22-'DGKC-Balance Sheet'!D53)
=('DGKC-Balance Sheet'!E22-'DGKC-Balance Sheet'!E53)/'DGKC-Balance Sheet'!E24
=('DGKC-Balance Sheet'!D22-'DGKC-Balance Sheet'!D53)/'DGKC-Balance Sheet'!D24
='DGKC-P & L'!E19/950000
='DGKC-P & L'!D19/950000
=H36/H29
=I36/I29
=380312000/950000000
=0/950000
=H31/H36
=I31/I36
=H29/H36
=I29/I36
=H29/H31
=I29/I31
=H31/H29
=I31/I29
43.6
41.89
=('DGKC-Balance Sheet'!E45+'DGKC-Balance Sheet'!E53)/'DGKC-Balance Sheet'!E37
=('DGKC-Balance Sheet'!D45+'DGKC-Balance Sheet'!D53)/'DGKC-Balance Sheet'!D37
='DGKC-Balance Sheet'!E37/('DGKC-Balance Sheet'!E37+'DGKC-Balance Sheet'!E45)
='DGKC-Balance Sheet'!D37/('DGKC-Balance Sheet'!D37+'DGKC-Balance Sheet'!D45)
ANNEXURE C
FORMAULA SHEET
2009
2010
='DGKC-P & L'!C8/'DGKC-P & L'!C6
='DGKC-P & L'!B8/'DGKC-P & L'!B6
='DGKC-P & L'!C19/('DGKC-Balance Sheet'!C24-'DGKC-Balance Sheet'!C53)
='DGKC-P & L'!B19/('DGKC-Balance Sheet'!B24-'DGKC-Balance Sheet'!B53)
='DGKC-P & L'!C6/'DGKC-Balance Sheet'!C24
='DGKC-P & L'!B6/'DGKC-Balance Sheet'!B24
='DGKC-P & L'!C14/'DGKC-Balance Sheet'!C24
='DGKC-P & L'!B14/'DGKC-Balance Sheet'!B24
='DGKC-Balance Sheet'!C22/'DGKC-Balance Sheet'!C53
='DGKC-Balance Sheet'!B22/'DGKC-Balance Sheet'!B53
=('DGKC-Balance Sheet'!C22-'DGKC-Balance Sheet'!C17)/'DGKC-Balance Sheet'!C53
=('DGKC-Balance Sheet'!B22-'DGKC-Balance Sheet'!B17)/'DGKC-Balance Sheet'!B53
='DGKC-Balance Sheet'!C17/'DGKC-P & L'!C7*365
='DGKC-Balance Sheet'!B17/'DGKC-P & L'!B7*365
=J22-J21-J20
=K22-K21-K20
='DGKC-Balance Sheet'!C22-'DGKC-Balance Sheet'!C53
='DGKC-Balance Sheet'!B22-'DGKC-Balance Sheet'!B53
='DGKC-P & L'!C7/('DGKC-Balance Sheet'!C22-'DGKC-Balance Sheet'!C53)
='DGKC-P & L'!B7/('DGKC-Balance Sheet'!B22-'DGKC-Balance Sheet'!B53)
=('DGKC-Balance Sheet'!C22-'DGKC-Balance Sheet'!C53)/'DGKC-Balance Sheet'!C24
=('DGKC-Balance Sheet'!B22-'DGKC-Balance Sheet'!B53)/'DGKC-Balance Sheet'!B24
='DGKC-P & L'!C19/950000
='DGKC-P & L'!B19/950000
=J36/J29
=K36/K29
=0/950000
=0/950000
=J31/J36
=K31/K36
=J29/J36
=K29/K36
=J29/J31
=K29/K31
=J31/J29
=K31/K29
39.97
37.28
=('DGKC-Balance Sheet'!C45+'DGKC-Balance Sheet'!C53)/'DGKC-Balance Sheet'!C37
=('DGKC-Balance Sheet'!B45+'DGKC-Balance Sheet'!B53)/'DGKC-Balance Sheet'!B37
='DGKC-Balance Sheet'!C37/('DGKC-Balance Sheet'!C37+'DGKC-Balance Sheet'!C45)
='DGKC-Balance Sheet'!B37/('DGKC-Balance Sheet'!B37+'DGKC-Balance Sheet'!B45)

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ANNEXURE A

DG KHAN CEMENT COMPANY LIMITED

EQUITY AND LIABLITIES

CONTINGENCIES AND COMMITMENTS

FOR THE YEAR

FOR THE YEAR FOR THE YEAR FOR THE YEAR

FOR THE YEAR

FOR THE YEAR

EQUITY AND LIABILITIES

Share Deposit Money

CONTINGENCIES AND COMMITMENTS

MAPLE LEAF CEMENT FACTORY LIMITED

Other operating income

DG KHAN CEMENT COMPANY LIMITED

STORES, SPARES AND LOOSE TOOLS

ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

EQUITY AND LIABLITIES

SHORT TERM BORROWING -SECURED

CURRENT PORTION OF NON CURRENT LIABILITIES

PROVISION FOR TAXATION

CONTINGENCIES AND COMMITMENTS

DG KHAN CEMENT COMPANY LIMITED

SELLING AND DISTRIBUTION EXPENSES

OTHER OPERATING EXPENSES

OTHER OPERATING INCOME

PROFIT FROM OPERATIONS

PROFIT / (LOSS) BEFORE TAX

PROFIT / (LOSS) FOR THE YEAR

DG KHAN CEMENT COMPANY LIMITED

EQUITY AND LIABLITIES

PROVISION FOR TAXATION

CONTINGENCIES AND COMMITMENTS

DG KHAN CEMENT COMPANY LIMITED

Gross Profit / Net Sales x 100

Operating Profit Margin

Net Profit Before Interest And Tax / Sales x 100

Net Profit After Tax Margin

Net Profit After Tax / Sales x 100

Return On Capital Employed

Net Profit Before Tax / Net Capital Employed x 100

Net Profit After Tax / Total Assets x 100

Total Assets Turnover

Turnover / Total Assets

Current Assets / Current Liabilities

Current Assets - Stocks / Current Liabilities

Cash / Current Liabilities

Inventory Turnover Period

Inventory / Cost of Sales x 365

Debtors Collection Period

Debtors / Sales x 365

Creditors Payment Period

Creditors / Cost of Sales x 365

Cash Operating Cycle

Debtors + Inventory - Creditors Days

Net Working Capital

Current Assets - Current liabilities

Net Working Capital Turnover

Cost Of Sales / Net Working Capital

Net Working Capital To Total Assets

Net Working Capital / Total Assets x 100

Liquidity & Working Capital Ratios

Net Profit After Tax / No. Of Ordinary Shares

Price Earnings Ratio

Market Value Per Share / Earnings Per Share