BALANCE SHEET OF MAPLE LEAF

ASSETS 2010 2009

NON -CURRENT ASSETS …………………….RUPEES IN THOUSAND………………...
Property,Plant And Equipment 20,081,448 19,330,866
Intangible Assets 15,082 4,578
Investments - -
Loans to employees 6,121 6,373
Deposits and prepayments 54,014 43,200
20,156,665 19,385,017
CURRENT ASSETS
Stores,Spare and loose tools 3,325,744 2,014,580
Stock in trade 433,952 369,709
trade debts 743,366 194,587
Fair value derivative financial instruments 365,748 242,226
Loans and advances 82,814 85,544
Investments 734,859 944,669
Deposits and short term prepayments 54,532 15,373
Accrued profit 763 402
Sale tax,customs and excise duty 57,769 37,742
Due from gratuity fund trust 9,768 8,539
Other receivables 21,780 1,198
Taxation - net 44,907 14,029
Cash and bank balances 118,894 123,359
5,994,896 4,051,957

TOTAL ASSETS 26,151,561 23,436,974

EQUITY AND LIABILTIES
Share Capital and Reserves
Authorized Capital 5,000,000 5,000,000
Issued,subscribed and paid up capital 4,264,108 4,264,108
Reserves 4,644,355 4,457,328
Unappropriated profit (547,574) 271,601
Total Equity 8,360,889 8,993,037

LIABILTIES
NON -CURRENT LIABILTIES
Loans from related parties 35,224 250,000
Long Term loans and finance 241,539 8,576,657
Redeemable capital 8,000,000 -
Syndicated term finance 1,000,000 -
Liabilties against assets subject to finance lease 957,434 268,040
Lease finance advances and accured interest thereon - 679,676
Long Term deposits 2,582 2,702
Deferred taxation 154,741 897,183
Employee' compensated absences 16,688 13,192
10,408,208 10,687,450
CURRENT LIABILTIES
Current portion of:
redeemable capital - -
Long Term loans and finances - 1,792,519
syndicated term finace 1,080,000 -
Liabilties against assets subject to finance lease 188,011 13,858

Short term finance 3,369,738 797,585

Trade and other payable 2,495,559 719,311
Accured profit and interest / mark-up 194,568 378675
Taxation -net - 0
Dividends 54,588 54,539
7,382,464 3,756,487

TOTAL EQUITY AND LIABILTIES 26,151,561 23,436,974

 PROFIT AND LOSS ACCOUNT

2008 2007 2006

RUPEES IN THOUSAND
Sales 7,815,829 3,711,081 5,709,792
Cost of sales (6,491,999) (3,401,188) (3,561,212)

Gross profit 1,323,830 309,893 2,148,580

Administrative expences (121,236) (67,291) (60,474)
Distribution cost (834,849) (69,021) (20,961)
Other operating expences (24,838) (18,371) (118,024)
(980,923) (154,683) (199,459)
342,907 155,210 1,949,121
Other operating income 105,656 43,224 26,671
Operating profit from operation 448,563 198,434 1,975,792
Finance cost (1,812,807) (338,453) (340,978)

Profit / (Loss) after taxation (1,364,244) (140,019) 1,634,814

Taxation
Current 44,815 (9,477) (28,536)
Deferred (732,924) (172,589) (547,038)
(688,109) (182,066) (575,574)
Profit after taxation (676,135) 42,047 1,059,240
………RUPEES……….
Earning Per Share #REF! #REF! #REF!
 DIFFERENT RATIO
2008 2007
Liquidity / Solvencey Ratio
Current Ratio 0.81 1.08
Acid test quick Ratio 0.75 0.98
Cash Ratio 0.02 0.03
Net Working Capital -0.188 0.079
Debt Ratio
Debt To Total Asset Ratio 0.68 0.62
Debt To Total Equity Ratio 2.13 1.61
Long term debt to total asset 0.40 0.46
Long term debt to equity 1.24 1.19
Capital structure ratio 0.55 0.54
Coverage Ratio
Interest Coverage
Financial Coverage Ratio 0.25 0.59
Activity Efficencey / Asset management Ratio
Inventory Turnover ratio 14.96 9.20
Receiveable turnover ratio 10.51 19.07
Payable Turnover 2.60 4.73
Receiveable Turnover in Days 34.24 18.88
Inventory Turnover in Days 24.06 39.13
Fixed Asset Turnover 0.39 0.19
Total Asset Turnover 0.30 0.16
Profitability Ratio % %
Gross Profit Margin 16.94 8.35
Net Profit Margin -8.65 1.13
Return on Asset -2.59 0.18
Return on Equity -8.09 0.47
TIO
2006

1.01
0.93
0.04
0.006

0.61
1.53
0.47
1.18
0.54

5.79

17.72
34.93
4.73
10.31
20.31
0.35
0.30
%
37.63
18.55
5.53
14.02
 Common Size Analysis

Horizantal

(Rupees in Thousands)
ASSETS 2,008.00 2,007.00
NON -CURRENT ASSETS …………………….RUPEES IN THOUSAND………………..
% %
Property,Plant And Equipment 76.79 82.48
Intangible Assets 0.06 0.02
Investments 0.00 0.00
Loans to employees 0.02 0.03
Deposits and prepayments 0.21 0.18

CURRENT ASSETS
Stores,Spare and loose tools 12.72 8.60
Stock in trade 1.66 1.58
trade debts 2.84 0.83
Fair value derivative financial instruments 1.40 1.03
Loans and advances 0.32 0.36
Investments 2.81 4.03
Deposits and short term prepayments 0.21 0.07
Accrued profit 0.00 0.00
Sale tax,customs and excise duty 0.22 0.16
Due from gratuity fund trust 0.04 0.04
Other receivables 0.08 0.01
Taxation - net 0.17 0.06
Cash and bank balances 0.45 0.53

TOTAL ASSETS 100.00 100.00

EQUITY AND LIABILTIES

Share Capital and Reserves
Authorized Capital ------- ------
Issued,subscribed and paid up capital 16.31 18.19
Reserves 17.76 19.02
Unappropriated profit (2.09) 1.16
Total Equity 31.97 38.37

LIABILTIES
NON -CURRENT LIABILTIES
Loans from related parties 0.13 1.07
Long Term loans and finance 0.92 36.59
Redeemable capital 30.59 0.00
Syndicated term finance 3.82 0.00
Liabilties against assets subject to finance lease 3.66 1.14
Lease finance advances and accured interest thereon 0.00 2.90
Long Term deposits 0.01 0.01
Deferred taxation 0.59 3.83
Employee' compensated absences 0.06 0.06

CURRENT LIABILTIES
Current portion of:
redeemable capital 0.00 0.00
Long Term loans and finances 0.00 7.65
syndicated term finace 4.13 0.00
Liabilties against assets subject to finance lease 0.72 0.06

Short term finance 12.89 3.40

Trade and other payable 9.54 3.07
Accured profit and interest / mark-up 0.74 1.62
Taxation -net 0.00 0.00
Dividends 0.21 0.23

TOTAL EQUITY AND LIABILTIES 100.00 100.00

Sales 100.00 100.00

Cost of sales (83.06)
Gross profit 16.94
Administrative expences (1.55)
Distribution cost (10.68)
Other operating expences (0.32)
(12.55)
4.39
Other operating income 1.35
Operating profit from operation 5.74
Finance cost (23.19)

Profit / (Loss) after taxation (17.45)

Taxation
Current 0.57
Deferred (9.38)
93.89
Profit after taxation (8.65)

Earning Per Share

 Size Analysis Common Size Analysis

zantal Vertical

n Thousands) (Rupees in Thousands)

2,006.00 2,008.00 2,007.00 2,006.00
N THOUSAND………………... …………………….RUPEES IN THOUSAND………………...
% % % %
84.04 100.00
0.00 0.00
1.93 100.00
0.04 100.00
0.08 100.00

9.65 100.00
1.05 100.00
0.85 100.00
0.00 0.00
1.56 100.00
0.00 -
0.04 100.00
0.00 100.00
0.18 100.00
0.00 -
0.05 100.00
0.00 -
0.53 100.00

100.00 100.00

-------
18.38 100.00
 16.00 100.00
5.08 100.00
39.47 100.00

0.00 -
41.10 100.00
0.00 -
0.00 -
0.06 100.00
0.39 100.00
0.02 100.00
5.07 100.00
0.05 100.00

0.22 100.00
2.81 100.00
0.00 -
0.02 100.00

4.95 100.00
3.93 100.00
1.46 100.00
0.17 100.00
0.29 100.00

100.00 100.00

100.00