BALANCE SHEET

FFC
2010

2009

amount in '00
ASSETS
Non-Current Assets
Property, plant and equipment
Goodwill
Long term investments
Long term loans and advances
Long term deposits

Current Assets
Stores, spares and loose tools
Stock-in-trade
Trade debts
loans n advances
deposits and prepayments
other receivable
Short term investments
Cash and bank balances

TOTAL ASSETS

15,933,588
1,569,234
7,870,027
455,328
9,037

13,993,518
1,569,234
7,727,528
337,541
6,305

25,,837,214

23,634,126

2440201
211,720
357,956
336,269
50,188
617,664
12,020,581
1,189,063

2,996,633
144,087
256,886
130,219
37,653
734,062
6,768,568
3,849,348

17,223,642

14,917,456

43,060,856

38,551,582

EQIUTY & LIABILITIES

Equity
Share Capital and Reserve
Share capital
Capital Reserve
Revenue Rserve

6785271
160,000
8,502,276

6,785,271
160,000
6,137,171

15,447,547

13,082,442

Liabilities
Non-Current Liabilities
Long term borrowing
deferred taxation

Current Liabilities
Trade and other payables
Mark up accrued
short term borrowing
current portion of long term borrowing
Provison for income tax - net

3,819,405
3,215,821

4578809
3,035,757

7,035,226

7,614,566

9,614,026
137,968
5,640,420
1,759,405
3,426,264

8,002,897
147,329
6,088,348
1,799,405
1,816,595

20,578,083

17,854,574

Total Liabilities

43,060,856

25,469,140

Contingencies and commitments

TOTAL EQUITY AND LIABILITIES

43,060,856

38,551,582

Creditors

435,463

Cash Generated from Operations

20,241,360

14,487,016

Cash flow from Operating Activites

14,628,659

8,919,075

2008
amount in '000

2007

12,730,813
1,569,234
7,744,779
163,102
1,524

10,390,490
1,569,234
6,325,129
142,782
2144

22,209,452

18,429,779

3,034,268
258,094
495,929
136,944
107,369
1,233,479
3,511,563
931,865

2,407,988
642,836
1,722,602
83917
33,665
1,542,763
3,027,664
1,350,000

9,709,511

10,811,435

31,918,963

29,241,214

4,934,742
160,000
7,190,471

4,934,742
160,000
7,635,303

12,285,213

12,730,045

5,378,214
2,431,895

7,810,109

2,671,250
2,363,526

5,034,776

5,993,674
194,570
3,114,000
743,036
1,778,361

5,815,276
184,430
3,141,081
1,022,500
1,313,106

11,823,641

11,476,393

19,633,750

16,511,169

31,918,963

29,241,214

313,505

428,757

13,067,512

9,641,517

8,165,914

5,913,601

Profit Loss Account

Sales
Cost of Sales
Gross Profit
Distribution cost
Other operating charges
Other operating income
EBIT
Financial charges
Profit before taxation
Txation
Profit after taxation
Earnings per share basic and
diluted

Interest cost
Dividend Paid

2010

2009

44,874,359
-25,310,406
19,563,953
3,944,473
15,619,480
-1,376,000
3,153,110
17396590
1,086,741
16,309,849
5,281,000
11,028,849

36,163,174
(20,515,044)
15,648,130
(3,174,505)
12,473,625
(1,272,448)
2,800,987
14,002,164
(944,947)
13,057,217
(4,234,111)
8,823,106

16.25

13

1079447

935,083

10,622,306

6,447,973

2008

2007

30,592,806
(18,234,692)
12,358,114
(2,668,571)
9,689,543
(895,647)
1,942,558
10,736,454
(695,371)
10,041,083
(3,516,000)
6,525,083

28,429,005
(18,311,525)
10,117,480
(2,418,793)
7,698,687
(845,327)
1,665,205
8,518,565
(703,612)
7,814,953
(2,454,000)
5,360,953

9.62

10.86

618,732

655,666

7,025,915

5,976,382

Profitability Ratios

2010

2009

19563953
44874359

43%

15,648,130
36,163,174

Operating Profir Margin=Operating Income / Sales

17,389,326
44874359

39%

13,992,300
36,163,174

Pre-Tax Margin= EBT / Sales

17,396,590
44,874,359

39%

14,002,164
36,163,174

Net Profit Margin= Net Income / Sales

11028849
44874359

24%

8823106
36163174

Gross Profit Margin =Gross Profit / Sales

2009

2008

2007

43%

12,358,114
30,592,806

40%

10,117,480
28,429,005

36%

39%

10,659,815
30,592,806

35%

8,470,619
28,429,005

30%

39%

10,736,454
30,592,806

35%

8,518,565
28,429,005

30%

24%

6525083
30592806

21%

5360953
28429005

19%

Liquidity Ratios

2010

CurrentRatio = Current Asset / Current Liabilities

Acid Test(Quick Ratio)=Current assets - Inventory - Prepaid & Other receivable

Current Liabilities

Account Receivable Turnover - in times = Net Credit Sales

Ave. A/C Receievables

Account Receivable Turnover - days = No. of days in year

A/C Receievables-in times

Account Payable Turnover - in times= Net Credit Purchases

Ave.A/C Payables

17,223,642
20,578,083

13,567,600
20,578,083

44,874,359
307421

360
146

25310406

Account Payable Turnover - days = No of days in year

A/C Payables in time

Inventory Turnover - in times = Cos of Good Sold

Ave. Invetory

Inventory Turnover - days = No of Days in Year

Inventory Turnover-In Times

25310406
177904

360
142.27

Approximated Conversion Period (Operating Cycle)

=Account Receivable Turnover - days + Inventory Turnover - days

Ave Net Trade Cycle =Operating Cycle - A/P Turnover in days

Cash to Current Assets = Cash
Current Asset

Cash to Current Liabilities = Cash

Current Liabilities

1189063
17223642

1189063
20578083

Net Working Capital = Current Asset - Current Liabilities

%age Cash Provided by Operations to Ave. Current Liabilites
= Cash Generated From Operations / Ave. Current Liabilities

20241360
19216329

2010

2009

2008

0.84

14,917,456
17,854,574

0.66

10,874,802
17,854,574

0.61

4,939,357
11,823,641

0.42

6,100,266
11,476,393

0.53

146

36,163,174
376,408

96.07

30,592,806
1,109,266

27.58

28,429,005
1,342,015

21.18

2.46

360
96.07

3.7471

360
27.58

13.0533

180
21.18

8.4970

20,515,044
374,484

54.7822

18,234,692
371,131

49.1328

18,311,525
362,046

50.5780

360
54.782

6.5715

360
49.133

7.3271

180
50.578

3.5589

20,515,044
201,091

102.0190

18,234,692
450,465

40.4797

18,311,525
797,871

22.9505

360
102.019

3.5288

360
40.480

8.8933

180
22.950

7.8430

142.27

2.53

4.99

0.84

9,709,511
11,823,641

2007

0.82

10,811,435
11,476,393

0.94

7.28

21.95

16.34

0.70

14.62

12.78

6.90%

3,849,348
14,917,456

25.80%

931,865
9,709,511

9.60%

1,350,000
10,811,435

12.49%

5.80%

3,849,348
17,854,574

21.56%

931,865
11,823,641

7.88%

1,350,000
11,476,393

11.76%

-3354441

105%

(2,937,118)

14,487,016
14,839,108

97.63%

(2,114,130)

13,067,512
11,650,017

112.17%

(664,958)

9,641,517
11,180,191

86.24%

Solvency Ratios

2010

Total debt to equity= Total Debt

Equity Capital

Total debt ratio= Total Debt

Total Debt+ Equity

Fixed Assets to Equity= Fixed Asset

Equity

Current Liabilites to toal liabilities= Current Liabilities

Total Liabilities

Intrest Cover Ratio

(earnings to fixed charges)

=PAT+Tax. Exp+Int. Exp

Int.Exp

Cash flow to fixed charges

=Cash Flow from Operations+Current Tax. Exp+Int. Exp.
Int. Exp

2009

2008

2007

27,613,309
15447547

1.79

25,469,140
13,082,442

1.95

19,633,750
12,285,213

1.60

16,511,169
12,730,045

1.30

27,613,309
43,060,856

0.64

25,469,140
38,551,582

0.66

19,633,750
31,918,963

0.62

16,511,169
29,241,214

0.56

15,933,588
15,447,547

1.03

13,993,518
13,082,442

1.07

12,730,813
12,285,213

1.04

10,390,490
12,730,045

0.82

20,588,083
27,613,309

0.75

17,854,574
25,469,140

0.70

11,823,641
19,633,750

0.60

11,476,393
16,511,169

0.70

13,992,300
935,083

14.96

10,659,815
618,732

17.23

8,470,619
655,666

12.92

14,088,269
935,083

15.07

12,300,646
618,732

19.88

9,023,267
655,666

13.76

2010
Return on
=Net Income-Prefrd Dividend
Common Equity (ROCE) Average Common Equity

Return on
LTD & Equity

=Net Income+Int. Exp(1-Tax Rate)+MI

Ave. Long Term Liabilities+Ave. Equity

Equity Growth Rate

= Net Income-Dividend Paid

Ave. Common Equity

11028849
14264995

77%

11730490
21589891

54%

406543
14264995

3%

2009

2008

8,823,106
12,683,828

70%

6,525,083
12,507,629

9,430,910
20,396,165

46%

6,927,259
18,930,072

2,375,133
12,683,828

19%

(500,832)
12,507,629

2007

52%

37%

-4%

5,360,953
12,843,294

5,787,136
17,155,557

(615,429)
12,843,294

42%

34%

-5%

Asset Utilization
Sales to PP&E

2010
=
Sales
Property plant & Equipment

Sales to Net Working Capital =

Sales
Net Working Capital

44,874,359
15,933,588

44,874,359
-3354441

1338.00%

2009

2008

2007

36,163,174
13,993,518

258%

30,592,806
12,730,813

240%

28,429,005
10,390,490

274%

36,163,174
(2,937,118)

-1231%

30,592,806
(2,114,130)

-1447%

28,429,005
(664,958)

-4275%

Altman Z-score Ratio

1.2 a + 1.4 b + 3.3 c + d

Z-score = 1.2a+
e
2010
a = working capital
b = retained earnings
c = operating income
d = sales
e = total assets
g = total debt
Z srore

2009

2008

-3354441 (2,937,118) -2114130

406543
2375133 -500832
17396590 140002164 10636454
44874359
36163171 30592806
43060856
38551582 31918963
27613309
25469140 19633750
2.66474
1.7415
1.0054

Z srore

High range area

3
2.5
2
1.5
1

low range area

0.5
0
2010

2009

2008

Z srore

High range area

Z srore

low range area

2010
2.66474

2009
1.7415

2008
1.0054

FFC
Engro

FFC
Z-score

2010
2.66474
5.241

2009
1.7415
3.1245

2008
1.0054
4.1245

6
5
4
3
2
1
0
2010

Z-Score

FFC
Engro

2009

2008