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2010 2009

ASSETS

Property, plant and equipment 13,993,518Goodwill 1,569,234Long term investments 7,727,528Long term loans and advances 337,541Long term deposits 6,305

25,,837,214 23,634,126

Stores, spares and loose tools 2,996,633Stock-in-trade 144,087Trade debts 256,886loans n advances 130,219deposits and prepayments 37,653other receivable 734,062Short term investments 6,768,568Cash and bank balances 3,849,348

17,223,642 14,917,456

TOTAL ASSETS 43,060,856 38,551,582

Equity

Share Capital and ReserveShare capital 6,785,271

Capital Reserve 160,000Revenue Rserve 6,137,171

15,447,547 13,082,442

Non-Current Assets

Current Assets

EQIUTY & LIABILITIES

15,933,588

1,569,234

7,870,027

455,328

9,037

2440201

211,720

357,956

336,269

50,188

617,664

12,020,581

1,189,063

6785271

160,000

8,502,276

BALANCE SHEET

FFC

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Liabilities

Non-Current Liabilities

Long term borrowing 4578809

deferred taxation 3,035,757

7,035,226 7,614,566Current Liabilities

Trade and other payables 8,002,897

Mark up accrued 147,329

short term borrowing 6,088,348

current portion of long term borrowing 1,799,405

Provison for income tax - net 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

3,819,405

3,215,821

9,614,026

137,968

5,640,420

1,759,405

3,426,264

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2008 2007

12,730,813 10,390,4901,569,234 1,569,2347,744,779 6,325,129

163,102 142,7821,524 2144

22,209,452 18,429,779

3,034,268 2,407,988258,094 642,836495,929 1,722,602136,944 83917107,369 33,665

1,233,479 1,542,7633,511,563 3,027,664

931,865 1,350,000

9,709,511 10,811,435

31,918,963 29,241,214

4,934,742 4,934,742

160,000 160,0007,190,471 7,635,303

12,285,213 12,730,045

amount in '000

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5,378,214 2,671,250

2,431,895 2,363,526

7,810,109 5,034,776

5,993,674 5,815,276

194,570 184,430

3,114,000 3,141,081

743,036 1,022,500

1,778,361 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

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Sales 44,874,359 36,163,174

Cost of Sales -25,310,406 (20,515,044)

Gross Profit 19,563,953 15,648,130

Distribution cost 3,944,473 (3,174,505)

15,619,480 12,473,625

Other operating charges -1,376,000 (1,272,448)

Other operating income 3,153,110 2,800,987

EBIT 17396590 14,002,164

Financial charges 1,086,741 (944,947)

Profit before taxation 16,309,849 13,057,217

Txation 5,281,000 (4,234,111)

Profit after taxation 11,028,849 8,823,106

Earnings per share basic and

diluted 16.25 13

Interest cost 1079447 935,083

Dividend Paid 10,622,306 6,447,973

2010 2009Profit Loss Account

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30,592,806 28,429,005

(18,234,692) (18,311,525)

12,358,114 10,117,480

(2,668,571) (2,418,793)

9,689,543 7,698,687

(895,647) (845,327)

1,942,558 1,665,205

10,736,454 8,518,565

(695,371) (703,612)

10,041,083 7,814,953

(3,516,000) (2,454,000)

6,525,083 5,360,953

9.62 10.86

618,732 655,666

7,025,915 5,976,382

2008 2007

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19563953 15,648,130

44874359 36,163,174

17,389,326 13,992,300

44874359 36,163,174

17,396,590 14,002,164

44,874,359 36,163,174

11028849 8823106

44874359 36163174

39%

2002010Profitability Ratios

Gross Profit Margin =Gross Profit / Sales43%

24%

Operating Profir Margin=Operating Income / Sales39%

Pre-Tax Margin= EBT / Sales

Net Profit Margin= Net Income / Sales

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12,358,114 10,117,480

30,592,806 28,429,005

10,659,815 8,470,619

30,592,806 28,429,005

10,736,454 8,518,565

30,592,806 28,429,005

6525083 5360953

30592806 2842900524%

30%35%39%

39% 35% 30%

2008 2007

43% 40% 36%

21% 19%

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17,223,64220,578,083

13,567,600

20,578,083

44,874,359

307421

360146

25310406

25310406177904

360

142.27

1189063

17223642

1189063

20578083

Inventory Turnover - days = No of Days in YearInventory Turnover-In Times

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= CashCurrent Asset

Cash to Current Liabilities= CashCurrent Liabilities

Inventory Turnover - in times= Cos of Good SoldAve. Invetory

Account Payable Turnover - in times= Net Credit PurchasesAve.A/C Payables

Account Payable Turnover - days= No of days in yearA/C Payables in time

Account Receivable Turnover - in times = Net Credit SalesAve. A/C Receievables

Account Receivable Turnover - days = No. of days in yearA/C Receievables-in times

Liquidity Ratios

CurrentRatio = Current Asset / Current Liabilities

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

2010

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20241360

19216329

Net Working Capital = Current Asset - Current Liabilities

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

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14,917,456 9,709,511 10,811,43517,854,574 11,823,641 11,476,393

10,874,802 0.61 4,939,357 0.42 6,100,266 0.53

17,854,574 11,823,641 11,476,393

36,163,174 96.07 30,592,806 27.58 28,429,005 21.18

376,408 1,109,266 1,342,015

360 3.7471 360 13.0533 180 8.497096.07 27.58 21.18

20,515,044 54.7822 18,234,692 49.1328 18,311,525 50.5780

374,484 371,131 362,046

360 6.5715 360 7.3271 180 3.5589

54.782 49.133 50.578

20,515,044 102.0190 18,234,692 40.4797 18,311,525 22.9505201,091 450,465 797,871

360 3.5288 360 8.8933 180 7.8430

102.019 40.480 22.950

7.28 21.95 16.34

0.70 14.62 12.78

3,849,348 25.80% 931,865 9.60% 1,350,000 12.49%

14,917,456 9,709,511 10,811,435

3,849,348 21.56% 931,865 7.88% 1,350,000 11.76%

17,854,574 11,823,641 11,476,3935.80%

6.90%

4.99

142.27

2009 2008

0.84

2.46

2007

0.84 0.82 0.94

0.66

2.53

146

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-3354441 (2,937,118) (2,114,130) (664,958)

14,487,016 97.63% 13,067,512 112.17% 9,641,517 86.24%

14,839,108 11,650,017 11,180,191105%

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27,613,309 25,469,140 19,633,750

15447547 13,082,442 12,285,213

27,613,309 25,469,140 19,633,750

43,060,856 38,551,582 31,918,963

15,933,588 13,993,518 12,730,813

15,447,547 13,082,442 12,285,213

20,588,083 17,854,574 11,823,64

27,613,309 25,469,140 19,633,750

13,992,300 10,659,815

935,083 618,732

14,088,269 12,300,646

935,083 618,732

Cash flow to fixed charges

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

Int. Exp

1.79

0.64

1.03

0.75

15.07

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 =PAT+Tax. Exp+Int. Exp

(earnings to fixed charges) Int.Exp

1.07

0.70

14.96

Solvency Ratios2009 22010

1.95

0.66

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11028849

14264995

11730490

21589891

406543

14264995

54%

Equity Growth Rate = Net Income-Dividend Paid

Ave. Common Equity

77%

3%

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

LTD & Equity Ave. Long Term Liabilities+Ave. Equity

Return on =Net Income-Prefrd Dividend

Common Equity (ROCE) Average Common Equity

2010

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8,823,106 6,525,083 5,360,953

12,683,828 12,507,629 12,843,294

9,430,910 6,927,259 37% 5,787,136 34%

20,396,165 18,930,072 17,155,557

2,375,133 (500,832) (615,429)

12,683,828 12,507,629 12,843,294-5%

2009 2007

52% 42%70%

-4%

2008

19%

46%

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44,874,359

15,933,588

44,874,359

-3354441

Asset Utilization 2010

Sales to PP&E = Sales

Property plant & Equipment

Sales to Net Working Capital = Sales

Net Working Capital 1338.00%

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36,163,174 30,592,806 28,429,005

13,993,518 12,730,813 10,390,490

36,163,174 30,592,806 28,429,005

(2,937,118) (2,114,130) (664,958)-4275%

274%

20082009 2007

-1447%

240%

-1231%

258%

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Altman Z-score Ratio

Z-score = 11.2 a + 1.4 b + 3.3 c + d

e2010 2009 2008

a = working capital -3354441 (2,937,118) -2114130

b = retained earnings 406543 2375133 -500832

c = operating income 17396590 140002164 10636454

d = sales 44874359 36163171 30592806

e = total assets 43060856 38551582 31918963

g = total debt 27613309 25469140 19633750

Z srore 2.66474 1.7415 1.0054

0

0.5

1

1.5

2

2.5

3

2010 2009 2008

Z srore

low

High r

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2010 2009 2008

Z srore 2.66474 1.7415 1.0054

Z srore

range area

ange area

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2010 2009 2008

FFC FFC 2.66474 1.7415 1.0054

Engro Z-score 5.241 3.1245 4.1245

0

1

2

3

4

5

6

2010

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2009 2008

FFC

Engro

Z-Score