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    !V

 ë
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4




 
?    

 
 

 The figure for issued, subscribed and paid-up capital has
increased up to 20% of that in 2009. This increase is because of increase in Shares allotted as bonus
shares for year 2010.

? ü


 V The amount of unappropriated profit has also increase by 12% this year
from Rs. 4,043,176000 to Rs.4, 529,464000.

? †
   There is no hedging reserve for this year which was Rs. 13,062000.



 
 
? 
  


 There is no long term murabaha this year which was Rs.422, 500,000 in
year 2009.

? ´ 


 There is decrease of 7% in deferred taxation when compared to that of 2009,
this is because of decrease in Credit balances arising in respect of accelerated tax depreciation
allowances, Debit balances arising in respect of provision for Slow moving and obsolete stores and
spares
 

 

? 


   

   There is about 18% increase in trade and other
payables this year because of increase in Creditors, Accrued liabilities
Advances from customers in year 2010.

? Ô 
V There is no Accrued markup for year 2010 which was
Rs.8, 914000 in year 2009.

? 


 The taxation liability for the year has decreased by 30% from last
year¶s figure this could solely because of taxation rate on income.

? 
 
  
  


 There is no current maturity of
long term murabaha for this year which was Rs.200, 000,000 in year 2009.


 Ô 

? 
  The fixed assets have increased by 1.23% in year 2010, this is
because of increase in capital- work in process.

? 
 
 
 The figure remains same for Long-term investment for
year 2009 and 2010.

? 
 






  There is decrease of 13% in long term loans and
advances. The decrease in figure is because of decrease in loans and advances to
Executives and Directors in year 2010.

? 
    The figure remains same for Long-term deposits for year
2009 and 2010.
ï  

? 4  


     There is increase in these assets in 2010 with increase in Bricks, stores and loose
tools amount in this year.

? 4

 There is about 40% decrease in stock in trade amount for year 2010 because decrease in Raw
material, packing material, work in process and finished goods.

? 
   
  The trade on considered goods have increased by 19% this year.

? 






  The loans and advances figure for the year 2010 has increased by 76% from last year¶s
figure; this is mainly because of advances to suppliers.

? 4   

 

  There is decrease in short term deposits and prepayments amount for
year 2010 because in this year there prepayments are decreasing.

? Ô 
 V There is about 65% less accrued interest in year 2010 than in 2009 which is because of
interest occurred in year.

?   
   This year there is increase of 6% in other receivable with comparison to last year, it¶s
because of increase in other account of receivables for year 2010.

? 
 
  There is substantial increase of 114% for investment in year 2010 than of 2009, because
investment is made in MCB Cash Management Optimizer, HBL Money Market Fund and IGI Money Market
Fund.

? 


 

 


  There is about 50% decrease in cash and bank balances when compared to last
year. It¶s because of decrease in cash at bank on deposit accounts and on current accounts
 ë
ë inancial
osition (Common Size)

4
 



 

? 
 




 

 The figure for issued, subscribed and paid-up capital has increased
in 2010 which increases its proportion to total equity this year, that is 12.26 this year from last year͛s
10.34.

? ü


V The amount of unappropriated profit has also increased in 2010 which increases
its proportion to total equity this year from 57.98 to 64.16

? †
    There is no hedging reserve for this year which was Rs. 13,062000 with proportion of
0.18 of total equity.

   

?    


 There is no long term murabaha this year which was Rs.422, 500,000 in year 2009
having 6.05 proportion of total equity

? ´


  The deferred taxation proportion to total equity has decreased when compared to that
of 2009. This year͛s proportion is 8.47 which was 9.13 last year; this is because of decrease in Credit
balances arising in respect of accelerated tax depreciation allowances, Debit balances arising in respect of
provision for slow moving and obsolete stores and spares.
  

? 



  

 There is increase in trade and other payables this year
because of increase in Creditors, Accrued liabilities Advances from customers in year
2010 which increased its proportion to total equity from 12.28 to 14.38.

? Ô

V There is no Accrued markup for year 2010 which was Rs.8, 914000
in year 2009 with 0.12 proportion of total equity.

? 

  The taxation liability for the year has decreased which also decreases its
proportion to total equity from 1 to 0.7 in 2010.

?   
     


 There is no current maturity of long term

murabaha for this year which was Rs.200, 000,000 in year 2009 which is 2.86
proportion of total equity.
   Ô

? 

 The fixed assets have increased by 1.23% in year 2010 because of
increase in capital- work in process which has increased its proportion to total assets
from 59.42 to 59.52 in 2010.

?      The proportion of Long-term investment to total assets

remains same for year 2009 and 2010 with 0.6.

?   





 There is decrease in long term loans and advances.
The decrease in figure is because of decrease in loans and advances to Executives and
Directors, which decreases its proportion from 0.23 to 0.27 in year 2010.

?  
 The figure remains same for Long-term deposits, buts it
proportion to total assets have decreased from 0.61 to 0.6 for year 2010.
 
Ô 
? 4


There is increase in these assets in 2010 with increase in Bricks, stores and loose tools amount
in this year, which has increased its proportion to total assets from 8.59 to 9.15 in 2010.

? 4 

There is decrease in stock in trade amount for year 2010 because decrease in Raw material, packing material,
work in process and finished goods which decreases its proportion from 8.8 to 5.8 in year 2010.

? 


  


The trade on considered goods have increased this year, which has increased its proportion to
total assets from 0.66 to 0.78 in 2010.

? 





The loans and advances figure for the year 2010 has increased from last year͛s figure; this is mainly
because of advances to suppliers, which has increased its proportion to total assets from 0.37 to 0.65 in 2010.

? 4 



 There is decrease in short term deposits and prepayments amount for year 2010
because in this year there prepayments are decreasing, which decreases its proportion from 0.17 to 0.14 in year 2010.

? Ô
 V There is less accrued interest in year 2010 than in 2009 which is because of interest occurred in year which
decreases its proportion from 0.11 to 0.03 in year 2010.

?  
This year there is increase in other receivable with comparison to last year, it͛s because of increase in
other account of receivables for year 2010, which has increased its proportion to total assets from 0.38 to 0.4 in 2010.

?   There is substantial increase for investment in year 2010 than of 2009, because investment is made in MCB
Cash Management Optimizer, HBL Money Market Fund and IGI Money Market Fund, which has increased its proportion to
total assets from 7.99 to 16.91 in 2010.

? 
 




There decrease in cash and bank balances when compared to last year. It͛s because of decrease in
cash at bank on deposit accounts and on current accounts, which decreases its proportion from 12.5 to 06.26 in year 2010.
 ˜
( 




 Ô

4
V
?  4
 The trend analyses show that net sales have decline to almost 10% when compared to
net sales in 2009 there are many operating and non operating reasons of decrease in sales,
which are effective production and selling.

?   
 There is decrease of 1.57% in cost of sales which is definite with the decrease in
net sales, but it is not decreasing with same proportion as of net sales this is due to marginal
increase in prices of raw material and other items. This decrease in sales is also justifying the
decrease in operating expense and cost of sales in 2010.
=  
? ´  The distribution cost in 2010 has increased to RsV 437194000 which is 6.73%
higher than 2009, this increase in distribution cost is inverse to net sales and cost of sales, which
is due to factors like inflation.

? Ô
 
    The administrative expenses in 2010 is of almost same amount but
when we look net sales in 2010 it has decreased so the again it͛s the other factors like inflation,
which have added to administrative cost.

?   
    The other operating expenses have decreased by 30.15% this which
is also justified by decreased in net sales.


  
? 
  The finance cost has decreased this year by 35%, which is mainly due to decrease in
mark up on long term murabaha and no exchange loss.
?
? 

  Taxation figure in 2010 has decreases by 25% that in 2009, this decrease in taxation this is
because the tax of the year has decreased where as there are no deferred tax payables.

!  
?   In 2009 the gross profit figure has decreased by 27.73 % which is due to substantial
decrease in net sales than the decrease in cost of sales.

?   
    There is increase of 57% in other operating income in 2010 which is
because of substantial increases in Scrap sales, Export rebate, Inland freight subsidy in year.

? 
   there is decrease in operating profit this year of 30% that in 2009. This decrease
in operating profit figure is reflecting decrease in gross profit and operating expense while increase
in distribution cost and operating income.

? !
 

  In 2010 the profit after taxation as compared that in 2009 has decreased by
32%. Though the taxation of year has decreased but because there is decrease in sales and gross
profit with increase in operating income.
 ˜
( 




  )
4
V
?   
 There is decrease in cost of sales which is definite with the
decrease in net sales this year, but there is increase in its proportion to net
sales from 68.16 to 74.46 in year 2010.

=  

? ´  The distribution cost in 2010 has increased which is higher

than 2009, this increase in distribution cost is inverse to net sales and cost of
sales, which is due to factors like inflation, which has increased its
proportion to net sales from 5.13 to 6.08 in this year.

? Ô
 
    The administrative expenses in 2010 is of almost
same amount ,but its proportion to net sales for year has increased from
2.14 to 2.39 in year.

?   
    The other operating expenses have decreased

this year which is also justified by decreased in net sales, which decreases its
proportion to net sales from 1.34 to 1.73 in this year.


  
? 
  The finance cost has decreased this year mainly due to decrease in mark up on long term murabaha
and no exchange loss, which decreases its proportion to net sales from 1.4 to 1.01 in year.

? 

  Taxation figure in 2010 has decreases. This decrease in taxation this is because the tax of the year has
decreased where as there are no deferred tax payables, which decreases its proportion to net sales from 5.82 to
4.84 in year.

!  
?   In 2009 the gross profit figure has decreased which is due to substantial decrease in net sales than
the decrease in cost of sales, which decreases its proportion to net sales from 31.83 to 25.53 in year.

?   
    There is increase in other operating income in 2010 which is because of substantial
increases in Scrap sales, Export rebate, Inland freight subsidy in year, which has increased its proportion to net
sales from 1.95 to 3.41 in this year.

? 
   There is decrease in operating profit this year. This decrease in operating profit figure is
reflecting decrease in gross profit and operating expense while increase in distribution cost and operating income,
which decreases its proportion to net sales from 24.77 to 19.11 in year.

? !
 

  In 2010 the profit after taxation as compared that in 2009 has decreased. Though the
taxation of year has decreased but because there is decrease in sales and gross profit with increase in operating
income, which decreases its proportion to net sales from 17.54 to 13.25 in year.


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