Quasem Drycells Ltd.

Income Statement
Particulars 2005 2006 2007 2008 2009
Turnover 642456844 745458040 739716298 640329379 969204292
Cost of goods sold 521501526 641585813 629738795 520134367 797390224
Depreciation 32355032 28770910 25994750 27058629 24476574
Other Expenses 489146494 612814903 603744045 493075738 772913650
Gross profit 120955318 103872227 109977503 120195012 171814068
Operating expenses 105733509 103470735 106951313 89642389 138494406
Administrative expenses 44720159 43299481 39079432 32448321 54202402
Depreciation 3693127 3288104 2970829 1349659 1305336
Other Expenses 41027032 40011377 36108603 31098662 52897066
Selling and distribution expenses 39735477 34800176 35500836 24003223 48631194
Depreciation 883091 822026 742708 1035445 1233068
Other Expenses 38852386 33978150 34758128 22967778 47398126
financial expenses 21277873 25371078 32371045 33190845 35660810
Operating Profit 15221809 401492 3026190 30552623 33319662
Non operating income 505132 1549752 1390902 3452907 3489878
Net profit before WPPF 15726941 1951244 4417092 34005530 36809540
Contribution to WPPF 748902 92916 210337 1619311 1752835
Net profit before income tax 14978039 1858328 4206755 32386219 35056705
Provision for tax 4394455 743331 1262027 8906211 9295933
Deffered tax 344661
Income tax 4394455 743331 1262027 8906211 9640594
Net profit after income tax 10583584 1114997 2944728 23480008 25760772
Add/(Loss) Prior Years Adjustment -262067 154542 -517752 511539
Net profit after prior years adjustment 10321517 1269539 2426976 23991547 25760772
Add: Realisation of revaluation surplus 2710290 2585082 2465878 2352382 2244315
Net profit for the year 13031807 3854621 4892854 26343929 28005087
Unappropriated Surplus brought forward 21145625 13477431 15332052 1024905 4328834
Surplus available for appropriation 34177432 17332052 20224906 27368834 32333921
Less: Proposed dividend 19200000 19200000 23040000 28800000
Less: Income tax`reserve 1500000 2000000
Unappropriated Surplus carried forward 13477432 15332052 1024906 4328834 3533921
2010E 2011E 2012E 2013E 2014E
1098108463 1244156888 1409629755 1597110512 1809526210
892231945 1005551270 1134494914 1281095972 1447661429
20992691 18437195 16094666 13948492 11983334
871239254 987114075 1118400247 1267147480 1435678095
205876518 238605618 275134841 316014540 361864781
116955106 130214990 154302197 163827167 185144971
61046307 68692106 77403735 87318969 98594221
1858261 1632050 1424691 1234713 1060758
59188046 67060056 75979044 86084257 97533463
53001005 59863918 67658851 76508198 86550751
731042 642050 560475 485737 417303
52269963 59221868 67098376 76022460 86133448
2907795 1658965 9239611 0 0
88921411 108390629 120832644 152187374 176719810
2964893 3359224 3806000 4312198 4885721
91886304 111749852 124638645 156499572 181605530
4375538 5321422 5935174 7452361 8647882
87510766 106428431 118703471 149047211 172957648
24065461 29267818 32643455 40987983 47563353

24065461 29267818 32643455 40987983 47563353

63445305 77160612 86060016 108059228 125394295

63445305 77160612 86060016 108059228 125394295

63445305 77160612 86060016 108059228 125394295

3533921 23442729 35211170 42444915 52676450
66979226 100603341 121271186 150504143 178070745
43536497 65392172 78826271 97827693 115745984

23442729 35211170 42444915 52676450 62324761

Qasem Drycell
2005 2006 2007 2008 2009
Assets 752906155 801823702 834734301 818321292 850897245
Non current assets 499728042 508940374 503540513 509534831 500364677
Gross Fixed Asset 819519850 797998342 731114464 754699828 757797640
Less: Accumulated depreciation 351731293 365016620 394724908 423275017 449536287
Net Fixed Assets 467788557 432981722 336389556 331424811 308261353
Capital work in progress 26021765 70322734 161768556 172955784 187154436
Miscellaneous assets 4917720 4635918 4382401 4154236 3948888
Investment 1000000 1000000 1000000 1000000 1000000
Current assets 253178113 292883328 331193788 308786461 350532568
Inventories 129420083 165365857 185623836 162993485 185830294
Sundry Debtors 21319887 23135591 30010178 28089012 31272784
Advance, Deposit & prepayments 79390373 80898860 83369026 91703766 99778054
Advance Income tax 17768556 15670080 21026748 20144511 26749309
Cash & bank balances 5279214 7812940 11164000 5855687 6902127

Liabilities & Owners equity 752906155 801823702 834734301 818321292 850897245

Shareholders Equity 512955286 492117148 494544124 497200184 499920955
Share Capital 192000000 192000000 192000000 192000000 192000000
Share Premium 198000000 198000000 198000000 198000000 198000000
Revaluation Surplus 67517430 64932347 62466469 60114087 57869772
Reserve & Surplus 55437856 37184801 42077655 47086097 52051183
Non-current Liabilities 0 31831319 26496514 21554035 19413823
Secured Loan 31831319 26496514 19418548 17622997
Deferred tax liability 2135487 1790826
Current Liabilities 239950869 277875235 313693663 299567073 331562467
Bank loan, Cash credit & overdraft 183269173 215285530 238455252 244157144 255358944
Liabilities for goods supplied 12091040 25889195 28710507 10917434 15671790
Liabilities for expenses 16817453 15898904 26876411 16420481 22292448
Liabilities for other finance 10177801 7976422 5884282 10495515 11022192
Provision for income tax 17595402 12825184 13767211 17576499 27217093
2010E 2011E 2012E 2013E 2014E
869366526 928813892 1006669792 1105374046 1227858704
500072650 510403931 532611305 568265781 619315039
743854163 730167247 716732169 703544298 690599082
473118281 493829576 511909407 527578349 541039744
270735883 236337671 204822762 175965949 149559339
224585323 269502388 323402865 388083438 465700126
3751444 3563871 3385678 3216394 3055574
1000000 1000000 1000000 1000000 1000000
369293876 418409962 474058486 537108265 608543664
246086107 278815559 315898028 357912466 405514824
39751526 45038479 51028597 57815401 65504849
53587693 60714856 68789932 77938993 88304879
29868550 33841067.4 38341929 43441405.9 49219112.9
0 0 0 0 0

869366526 928813892 1006669792 1105374046 1227858704

514848998 548473113 569140958 598373915 625940517
192000000 192000000 192000000 192000000 192000000
198000000 198000000 198000000 198000000 198000000
57869772 57869772 57869772 57869772 57869772
66979226 100603341 121271186 150504143 178070745
11845162 3027670.86 1790826 1790826 1790826
10054336 1236845 0 0 0
1790826 1790826 1790826 1790826 1790826
342672366 377313108 435738008 505209305 600127361
221110871 217136695 232327877 248812423 282572520
27452712 31103922 35240744 39927763 45238155
29099874 32970158 37355188 42323429 47952445
13726356 15551961 17620372 19963881 22619078
51282554 80550372 113193827 154181810 201745163
Forecast assumption

1. Turnover will increase by 13.30% each year

2. Depreciation will be 7.65% of net fixed aseet of the previous year
3.Cost of goods sold
Out of total depreciation factory depreciation is 89.02%.
Other expenses will be 79.34% of turnover
4. Administrative expenses
Out of total depreciation administrative depreciation is 7.88%%.
Other expenses will be 5.39% of turnover
5. Selling and distribution expense
Out of total depreciation Selling and distribution depreciation is 3.10%%.
Other expenses will be 4.76% of turnover
6. Financial expenses will be 16.50% of the outstanding loan balance which is indicated in the annual report
7. Non operating income will be 0.27% of turnover
8. Contribution to WPPF has been made at 5% of net profit after charging such contribution
9. Income tax is payable on net profit before tax @27.50%
10. Gross fixed`asset will continue to grow at a rate of -1.84%
11. Capital work in progress will grow at a rate of 20%
12. Miscellanous assets will continue to decrease at a rate of 5%.
13. Investment will remain fixed at 1000000.
14. Each year an installment of 10476456 will be paid to the lender which includes both interest and principal repayment
15. paid up capital and share premium will remain unchanged throughout the forecasting period
16. The company will not revalue its asstes within the forecasting timeframe. So the revaluation surplus will remain fixed at th
17. Inventory will be 22.41% of turnover
18. Sundry debtors will be 3.62% of turnover
19. Advance deposit and prepayment will be 4.88% of turnover
20. advance income tax will be 2.72% of sales
21. Liabilities for goods supplied will be 2.5% of turnover
22. Liabilities for expenses is 2.65% of turnover
23. Liabilities for other finance will be 1.25% of turnover
24. Provision for income tax will be 2.37% of turnover
25. Dividend payout ratio has been assumed as 65% of surplus available for appropriation
26. Deferred tax liability will remain same throughout the forecasted period
Quasem Drycells Ltd.

Income Statement
Particulars 2005 2006 2007 2008 2009 Mean
Turnover 100% 100% 100% 100% 100% 100%
Cost of goods sold 81.17% 86.07% 85.13% 81.23% 82.27% 83.17%
Depreciation 5.04% 3.86% 3.51% 4.23% 2.53% 3.83%
Other Expenses 76.14% 82.21% 81.62% 77.00% 79.75% 79.34%
Gross profit 18.83% 13.93% 14.87% 18.77% 17.73% 16.83%
Operating expenses 16.46% 13.88% 14.46% 14.00% 14.29% 14.62%
Administrative expenses 6.96% 5.81% 5.28% 5.07% 5.59% 5.74%
Depreciation 0.57% 0.44% 0.40% 0.21% 0.13% 0.35%
Other Expenses 6.39% 5.37% 4.88% 4.86% 5.46% 5.39%
Selling and distribution expenses 6.18% 4.67% 4.80% 3.75% 5.02% 4.88%
Depreciation 0.14% 0.11% 0.10% 0.16% 0.13% 0.13%
Other Expenses 6.05% 4.56% 4.70% 3.59% 4.89% 4.76%
financial expenses 3.31% 3.40% 4.38% 5.18% 3.68% 3.99%
Operating Profit 2.37% 0.05% 0.41% 4.77% 3.44% 2.21%
Non operating income 0.08% 0.21% 0.19% 0.54% 0.36% 0.27%
Net profit before WPPF 2.45% 0.26% 0.60% 5.31% 3.80% 2.48%
Contribution to WPPF 0.12% 0.01% 0.03% 0.25% 0.18% 0.12%
Net profit before income tax 2.33% 0.25% 0.57% 5.06% 3.62% 2.36%
Provision for tax 0.68% 0.10% 0.17% 1.39% 0.96% 0.66%
Net profit after income tax 1.65% 0.15% 0.40% 3.67% 2.66% 1.70%

Balance Sheet
Assets 117.19% 107.56% 112.85% 127.80% 87.79% 110.64%
Non current assets 77.78% 68.27% 68.07% 79.57% 51.63% 69.07%
Gross Fixed Asset 127.56% 107.05% 98.84% 117.86% 78.19% 105.90%
Less: Accumulated depreciation 54.75% 48.97% 53.36% 66.10% 46.38% 53.91%
Net Fixed Assets 72.81% 58.08% 45.48% 51.76% 31.81% 51.99%
Capital work in progress 4.05% 9.43% 21.87% 27.01% 19.31% 16.33%
Miscellaneous assets 0.77% 0.62% 0.59% 0.65% 0.41% 0.61%
Investment 20.14% 22.18% 25.09% 25.45% 19.17% 22.41%
Current assets 39.41% 39.29% 44.77% 48.22% 36.17% 41.57%
Inventories 20.14% 22.18% 25.09% 25.45% 19.17% 22.41%
Sundry Debtors 3.32% 3.10% 4.06% 4.39% 3.23% 3.62%
Advance, Deposit & prepayments 6.18% 4.67% 4.80% 3.75% 5.02% 4.88%
Advance Income tax 2.77% 2.10% 2.84% 3.15% 2.76% 2.72%
Cash & bank balances 0.82% 1.05% 1.51% 0.91% 0.71% 1.00%

Liabilities & Owners equity 117.19% 107.56% 112.85% 127.80% 87.79% 110.64%
Shareholders Equity 79.84% 66.02% 66.86% 77.65% 51.58% 68.39%
Share Capital 29.89% 25.76% 25.96% 29.98% 19.81% 26.28%
Share Premium 30.82% 26.56% 26.77% 30.92% 20.43% 27.10%
Revaluation Surplus 10.51% 8.71% 8.44% 9.39% 5.97% 8.60%
Reserve & Surplus 8.63% 4.99% 5.69% 7.35% 5.37% 6.41%
Non-current Liabilities 0.00% 4.27% 3.58% 3.37% 2.00% 2.64%
Secured Loan 0.00% 4.27% 3.58% 3.03% 1.82% 2.54%
Deferred tax liability 0.00% 0.00% 0.00% 0.33% 0.18% 0.10%
Current Liabilities 37.35% 37.28% 42.41% 46.78% 34.21% 39.61%
Bank loan, Cash credit & overdraft 28.53% 28.88% 32.24% 38.13% 26.35% 30.82%
Liabilities for goods supplied 1.88% 3.47% 3.88% 1.70% 1.62% 2.51%
Liabilities for expenses 2.62% 2.13% 3.63% 2.56% 2.30% 2.65%
Liabilities for other finance 1.58% 1.07% 0.80% 1.64% 1.14% 1.25%
Provision for income tax 2.74% 1.72% 1.86% 2.74% 2.81% 2.37%
Particulars 2004 2005 2006 2007
Turnover 642456844 745458040 739716298
Growth in turnover 16.03% -0.77%

DEPRECIATION 36931250 32881040 29708287

Factory 32355032 28770910 25994750
Head Office 3693127 3288104 2970829
Sales office 883091 822026 742708
Net Fixed Asset 493696377 467788557 432981722 336389556
DEPRECIATION Rate 7.48% 7.03% 6.86%
%of factory depreciation out of total depreciation 87.61% 87.50% 87.50%
% of administrative depreciation 10.00% 10.00% 10.00%
% of selling & distribution depreciation 2.39% 2.50% 2.50%
Capital work in progress 26021765 70322734 161768556
Growth in capital work in progress 170.25% 130.04%

Gross fixed asset 819519850 797998342 731114464

Growth rate -2.63% -8.38%

Miscellaneous assets 4917720 4635918 4382401

Growth rate -5.73% -5.47%

Accumulated depreciation 449536287 473118281 493829576 511909407

Total Depreciation 23581993.5 20711295 18079831.9
Factory 20992691 18437195 16094666
Head office 1858261 1632050 1424691
Selling 731042 642050 560475
23581994 20711295 18079832

Beginning installment interest

Secured loan 17622997 10476456 2907795
10054336 10476456 1658965
1236845 10476456 9239611

Dividend payout ratio 0.56 0.00 0.95 0.84

 2008 2009 Mean
640329379 969204292
-13.44% 51.36% 13.30%

29443733 27014978
27058629 24476574
1349659 1305336
1035445 1233068
331424811 308261353
8.75% 8.15% 7.65%
91.90% 90.60% 89.02%
4.58% 4.83% 7.88%
3.52% 4.56% 3.09%
172955784 187154436
6.92% 8.21% 78.85%

754699828 757797640
3.23% 0.41% -1.84%

4154236 3948888
-5.21% -4.94% -5.34%

527578348.699 541039743.786
15668941.2988 13461395.0877
13948491.5442 11983333.907
1234713 1060758
485737 417303
15668941 13461395

principal repay ending balance 10054336

7568661 10054336 1236845
8817491 1236845
1236845

0.89 65%