final report of A.F.$

8/3/2019 final report of A.F.$

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Assignment on

Analysis Of Financial Statement

Of

Lucky Cement

(2006 & 2007)


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Student Name : Amin Muhammad

RumiSubmited ToSir: Auon Ali

DateMay 2011.


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VISION STATEMENT AND MISSION STATEMENT OF LUCKY

CEMENT LTD.

VISIONOur vision is to supply cement globally at ease, simultaneously publicizing our brand

worldwide and identifying our social responsibility by engaging in a number of social welfare

activities, for the benefit of poor and needy people

MISSION

We are an industrial organization with a big capital base, using state of the art

technology in manufacturing and marketing of cement globally. Our strengthlies in the continuous value addition of the Company through sound

investments in sustainable areas for customers, employees and shareholders.

With no compromise on quality and a vital role to play in social responsibilities

we seek innovative answers to complex problems.


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COMPANY PROFILE

Sponsored by well known Yunus Brothers Group one of

the largest export houses of Pakistan, Lucky Cement

Limited is presently a 21,000 Tons Per Day, dry process

Cement Plant Lucky Cement came into existence in 1996with a daily production capacity of 4200 Tons par day,

currently is an omnipotent cement plant of Pakistan, and

rated amongst the few best Plants in Asia with production

facilities in Pezu (Production capacity: 13,000 Tons per

day) as well as in Karachi (Production capacity: 8000 Tons

per day) it has the tendency to become the hub of cement

production in Asia.


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Vertical and Horizontal Analysis

Of

Lucky Cement


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Vertical Analysis Of LuckyCement

For the Year EndedJune 30, 2007


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Lucky Cements Vertical Analysis

For the year ended June 30, 2007(Rupees '000')

2007 %

Net Sales 12,521,861 100

Cost of sales 8,846,708 70.6501054

Gross Profit 3,675,153 29.3498946

Distribution cost 497,729 3.97488041Administrative expense 111,311 0.88893336

609,040 4.86381377Operating profit 3,066,133 24.4862405

Finance cost 862,847 6.89072495Other operating income -629,289 -5.025523

Other charges 142,204 1.13564589

375,762 3.00084788Profit before taxation 2,690,351 21.4852329

Taxation:Current 63,146 0.50428606

Deferred tax 79,913 0.63818789143,059 1.14247395

Profit after taxation 2,547,292 20.342759

Comments

In year 2007 the grossprofit after taxes isdecreasing from 24% to20%. its increasing in

cost of sale from 62% to70% . But it alsoincreasing in the sale up

to 55%. But operatingprofit is decreasing from37% to 24%. Due toincreasing in the cost of

sale.


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Lucky cement Vertical AnalysisFor the period ended June 30, 2007

2007 %

ASSETSNON-CURRENT

ASSETS

Property, plant andequipment

20,318,908 78.9690227

Long term deposits 2,175 0.00845309

20,321,083 78.9774758

Current Assets

Stores and spares 1,993,573 7.74798092Stock -in- trade 676,256 2.62825519

Trade debts-consideredgoods

476,667 1.8525566

Loan and advances 241,821 0.9398324Trade deposits-Short

term prepayment9,661 0.03754728

Other receivables 183,138 0.71176211Tax refunds due to the

government538,812 2.09408188

Taxation- net 50,057 0.19454551

Cash and bank balances 1,239,158 4.815962365,409,143 21.02252425

TOTAL ASSET 25,730,226 100

Equity and LiabilitiesShare Capital And

Reserves

Share Capital 2,633,750 10.2360158Reserves 6,719,800 26.116366

9,353,550 36.3523818

Non Current Liabilities

Long term finance 8,335,604 32.3961554long term deposits 25,863 0.10051602Deferred liabilities 147,245 0.5722647Deferred Taxation 1,515,535 5.89009595

10,024,247 38.9590321Current Liabilities

Trade and other payables 1,546,699 6.0112142Accrued mark-up 326,181 1.26769582

Short term Borrowings 2,864,397 11.1324207Current portion of long term

finance1,615,152 6.2772554

6,352,429 24.6885861

CONTINGENCIES ANDCOMMITMENTS

TOTAL EQUITY AND 25,730,226 100


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Comment

In year 2007 the current assets are 21% but in

year 2006 the current assets are 18.86% andthe noncurrent assets are 78.97% in 2007 but in2006 they are 81.13%, so its increasing but also

the current liabilities are also increased in 2007

24.68% which is 20.11% in 2006. Thenoncurrent liabilities and equity are alsoincreased in 2007 49.95% and 11.149%. Whichare 38% and 10% in 2006.

Lucky cement Vertical Analysis

For the period ended June 30, 2007


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Lucky Cements Vertical Analysis

For the year ended June 30, 2006(Rupees '000')

2006 %

Net Sales 8,054,101 100

Cost of sales 5,073,797 62.9964412

Gross Profit 2,980,304 37.0035588

Distribution cost 103,489 1.28492305Administrative expense 106,740 1.32528758

210,229 2.61021062Operating profit 2,770,075 34.3933482

Finance cost 82,809 1.02815944Other operating income 203 0.00252046

Other charges 134,493 1.6698698217,099 2.69550878Profit before taxation 2,552,976 31.6978394

Taxation:Current 39,923 0.49568537

Deferred tax 577,103 7.16533105617,026 7.66101642

Profit after taxation 1,935,950 24.036823

Comments

In year 2006 theprofit after taxes

is 24.03%.Because the costof sales is 62.99%end of this year.

Operating profit ofthis year is34.393% and EBTis 31.69%.


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2006 %

ASSETSNON-CURRENTASSETS

Property, plant andequipment

19,165,108 81.1297842

Long term deposits 2,175 0.0092072219,167,283 81.1389914

Current Assets

Stores and spares 1,267,000 5.36346764Stock -in- trade 431,418 1.82627978


98,389 0.41650057

Loan and advances 202,238 0.85611442Trade deposits-Shortterm prepayment

285,121 1.20697495

Other receivables 83,912 0.35521649Taxation- net 23,661 0.10016181

Cash and bank balances 2,063,755 8.736292944,455,494 18.8610086

TOTAL ASSET 23,622,777 100


Reserves

Share Capital 2,633,750 11.1491972Reserves 4,435,883 18.7779913

7,069,633 29.9271885


Long term finance 10,156,595 42.9949239

long term deposits 27,269 0.1154352Deferred liabilities 181,623 0.76884695Deferred Taxation 1,435,622 6.07727872

11,801,109 49.9564848

Current LiabilitiesTrade and other payables 1,451,086 6.14274097

Accrued mark-up 190,130 0.8048588

Short term Borrowings 645,872 2.734107Current portion of long termfinance

2,382,576 10.0859268

Sales tax payable 82,371 0.348693134,752,035 20.1163267

CONTINGENCIES ANDCOMMITMENTS

TOTAL EQUITY ANDLIABILITIES

23,622,777 100


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Comments

In year 2006 the current assets are18.86% and the non current Assets are81.13%. In this year the current liabilitiesare 20.11%. which is more then thecurrent assets .The non current liabilities

are 49.95% and the equity is 11.149%.


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Horizontal Analysis

Of Lucky Cement

2007 vs 2006


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Lucky Cements Horizontal Analysis

Year vs. Year

(2007 vs. 2006)2006 2007 2007

(% increase ordecrease)

Net Sales 8,054,101 12,521,861 55.47186458

Cost of sales 5,073,797 8,846,708 74.36070067

Gross Profit 2,980,304 3,675,153 23.31470212Distribution cost 103,489 497,729 380.9486999

Administrative expense 106,740 111,311 4.282368372210,229 609,040 189.7031332

Operating profit 2,770,075 3,066,133 10.68772506

Finance cost 82,809 862,847 941.9724909Other operating income -203 -629,289 309894.5813

Other charges 134,493 142,204 5.733383894217,099 375,762 73.08324773

Profit before taxation 2,552,976 2,690,351 5.380974988

Taxation:

Current 39,923 63,146 58.16947624Deferred tax 577,103 79,913 -86.15273183

617,026 143,059 -76.81475335

Profit after taxation 1,935,950 2,547,292 31.5783982

Comment

When we comparisonthe income statementof both year 2006and 2007. In 2007 theEAT is increasing by31.57% because ofincreasing in net sale

which is 55.47%. In2007 the cost of saleis increasing becauseof increasing in net

sale.


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Year vs. Year

(2007 vs. 2006)

Lucky cement2006 2007 2007

(% increaseor decrease)

ASSETSNON-CURRENT

ASSETS

Property, plant and

equipment

19,165,108 20,318,908 6.020315669

Long term deposits 2,175 2,175 019,167,283 20,321,083 6.019632517

Current Assets

Stores and spares 1,267,000 1,993,573 57.34593528Stock -in- trade 431,418 676,256 56.75192041


98,389 476,667 384.4718414

Loan and advances 202,238 241,821 19.57248391Trade deposits-Short

term prepayment285,121 9,661 -

96.61161402Other receivables 83,912 183,138 118.2500715

Tax refunds due to thegovernment

538,812

Taxation- net 23,661 50,057 111.5591057Cash and bank balances 2,063,755 1,239,158 -39.9561479

4,455,494 5,409,143 21.40388922

TOTAL ASSET 23,622,777 25,730,226 8.921258496


Reserves

Share Capital 2,633,750 2,633,750 0Reserves 4,435,883 6,719,800 51.4873138

7,069,633 9,353,550 32.30601928


Long term finance 10,156,595 8,335,604 -17.9291485long term deposits 27,269 25,863 -

5.156037992Deferred liabilities 181,623 147,245 -

18.92821944Deferred Taxation 1,435,622 1,515,535 5.566437405

Current Liabilities

Trade and other payables 1,451,086 1,546,699 6.589065018Accrued mark-up 190,130 326,181 71.55682954

Short term Borrowings 645,872 2,864,397 343.4929831Current portion of long

term finance2,382,576 1,615,152 -

32.20984346Sales tax payable 82,371 -100

4,752,035 6,352,429 33.67807687

TOTAL EQUITY ANDLIABILITIES

23,622,777 25,730,226 8.921258496


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Year vs. Year

(2007 vs. 2006)

Comment

When we comparison the balance sheet ofboth year in, current assets its increasing21.4% but its increasing 33.6% in currentliabilities. In year 207 the non currentliabilities increasing by 33.6780% and non

current assets are increasing by 6%.


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Liquidity Ratios :

A class of financial metrics that is used to determine a company's ability to payoff its short-terms debts obligations. Generally, the higher the value of the ratio,the larger the margin of safety that the company possesses to cover short-term

debts

Comments

Current ratios measures whether or not acompany has enough resources to pay its shortterm debt over the next business cycle with itsshort term assets by comparing firms currentassets to its current liabilities. In year 2006 the

current ratio was 0.937 : 1 and in 2007 .0.8515 :1.The ratio is decline because increasing incurrent liabilities. There is also increasing incurrent assets but its more increasing in currentliabilities. Thats why it decline in currentratio. Although in both years the position of thecompany to pay off its short term debt is notvery good. It is necessary for the company

that its current ratio remains above 1 time tomeet its short term obligations and in the caseof lucky cement the current of year 2007 isdeclining because the short obligations(liabilities) are increasing at a faster pace thanits current assets.

Current ratio

Current Ratio =Current Assets / Current Liabilities2007 Lucky Cement

Current Assets 5,409,143

Current Liabilities 6,352,429

Current Ratio 0.8515:1

2006 Lucky Cement

Current assets 4,455,494

Current liabilities 4,752,035

Current Ratio 0.937:1


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Quick/Acid test ratio:Quick Ratio: Quick Assets (cash + marketable securities +

receivables) / Current Liabilities

Comments

Current ratios measures whether or not acompany has enough resources to pay its shortterm debt over the next business cycle with itsshort term assets by comparing firms current

assets to its current liabilities. In year 2006 thecurrent ratio was 0.937 : 1 and in 2007 .0.8515:1 .The ratio is decline because

increasing incurrent liabilities. There is also increasing incurrent assets but its more increasing in currentliabilities. Thats why it decline in current ratio.

Although in both years the position of thecompany to pay off its short term debt is not

verygood. It is necessary for the company that itscurrent ratio remains above 1 time to meet itsshort term obligations and in the case of luckycement the current of year 2007 is decliningbecause the short obligations (liabilities) are

increasing at a faster pace than its currentassets.

2007 Lucky Cement

Quick assets 4,732,887


Acid test ratio 0.745:1

2006 Lucky Cement

Quick Assets 4024076


Acid test ratio 0.846:1


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Operating/Activity Ratios:Accounting ratios that measure a firm's ability to convert different accounts

within their balance sheets into cash or sales.Inventory turnover

Inventory Turnover = Cost of Good sold / Average Inventory

Comments

Inventory turn over ratio is one of theefficiency ratios and measure the no ofturns on average inventory is sold andConnected into cash during the fiscal year.In year 2006 the inventory turns over was18.54 times and in 2007 its 15.97 times.

In here the inventory turn over aredecreasing because it purchased excessinventory or absolute inventory. Absoluteinventory should be write off. Another

possible reason of low inventory turnoverfor decreasing is that a low turn over isindicates the poor liquidity. But it alsoindicates the planned inventory build up inthe case of material shortages or inanticipation of rapidly rising prices.

2007 Lucky Cement

COGS 8,846,708

Average

inventory

(431,418+676,256)/2

Inventory

turnover

15.97times

2006 Lucky Cement

Cost of goodssold

5,673,797

Average

inventory

(431,418+115,771)/2

Inventory

turnover

18.54times


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No. Of Days in inventoryNo. of days in inventory = 365 / inventory turnover

Comments

A financial measure of acompanys performance that

gives investors an idea of howlong it takes a company to turnits inventory into sale. It is alsopresent the process of thingraw materials into cash. In year2006 the no of days in inventoryare sale in 19.68 days but in

2007 it sale in 22.85 days. Thisis not good sing for company.Because when the no of daysare increasing its decreasing in

inventory turn over in times

2007 Lucky Cement

No. of days in an year 365

Inventory turnover 15.97

No. of days in inventory 22.85days

2006 Lucky Cement


Inventory turnover 18.54

No. of days in inventory 19.68days


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Receivable turnover:Receivable turnover = Net credit sales / average net

receivables

Comments

Receivable ratios used toquantity a firms effectiveness inextending credit as well as

collecting debts. This ratioindicates measures no of timeson average receivables arecollected during paid. Its showshow successful the firm is in itscollection. In year 2006 thereceivables turn over was 132.9time and in 2007 its 43.55 time.The receivable turn over isdecline due the increasing moreincreasing in credit net sale anddecreasing in net averagereceivable.

2007 Lucky Cement

Net credit sales 12,521,861

Avg. net receivables (476,667+98,389)/2

receivable turnover 43.55times

2006 Lucky Cement

Net credit sales 8,054,101

Avg. net receivables (98,389+22,808)/2

receivable turnover 132.90times


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No. of days in receivables:

No of days in receivable: 365 / Debtor turnoverComments

Credit policy is defined as themaximum time period allowed to thecustomer to pay back.

The average collection period in the

year 2006 was 2.746 days whichmeans that the firm is able to collect itsreceivables within approximately 5days. However, in 2007, the averagecollection period increased to 8.381days, thus now the company iscollecting its receivable withinapproximately 10 days. There could be

many reasons for this increase inaverage collection period such as,problem in management, lack ofincentive given to its customers orundependable customer. . This is notgood for company future because inthis case the payment of company isblocked for more days may be infuture company facing the problem ofcash shortage.

2007 Lucky Cement


receivable turnover 43.55

No. of days in receivables 8.381days

2006 Lucky CementNo. of days in an year 365

receivable turnover 132.90

No. of days in receivables 2.746days


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Total Assets turnover:

Total Assets Turnover = Net sales / Average AssetsComments

It is an efficiency ratio thatmeasures the ability of a companyto use its assets to generatesales. The final asset

management ratio the total assetturn over ratio measures theturnover of all the firm assets andhelp us to identify when problemoccur that is a problem in fixedassets or in current assets.. In2006, it was 0.341 times and inyear 2007 is 0.487. Total assetsturn over ratio of lucky cement iscontinued to improve. It had beenincreasing due to high growth insales revenue as compared togrowth in assets.

2007 Lucky Cement

Net sales 12,521,861

Avg. assets 25,730,226

Total assets turnover 0.4866 : 1

2006 Lucky Cement

Net sales 8054,101


Total assets turnover 0.3409 : 1


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Fixed assets turnover:Fixed Asset turnover = Net Sales / Fixed Assets

CommentsThe fixed turnover ratiomeasures how effectivethe firm uses plant andequipment.

The role of fixed asset isto support the sales. Thefixed Asset turnover ratioof year 2007 is 0.616

times and in year 2006was 0.42 this shows thatas the fixed assetincreases there is alsoan increase in the sales.

2007 Lucky Cement


Fixed assets 20,321,083

Fixed assets turnover 0.616 : 1

2006 Lucky Cement

Net sales 8,054,101

Fixed assets 19,167,283

Fixed assets turnover 0.4202 : 1


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Profitability Ratios:A class of financial metrics that are used to assess a business's ability to

generate earnings as compared to its expenses and other relevant costs incurred during aspecific period of time. For most of these ratios, having a higher value relative to a

competitor's ratio or the same ratio from a previous period is indicative that the company is

doing well.

Gross profit to sales:

Gross profit Margin =Gross profit / netsales

Comments

Gross profit margin measuresthe percent of each sales

dollar remaining after the firmhas paid for its goods. Thehigher the GPM the lower therelative cost of merchandisesold. Gross profit margin of

year 2007 declined because ofthe high cost which occursbecause of inefficientoperations and heavy use ofdebt.

2007 Lucky Cement

Gross profit 3,675,153


Profit margin ratio 29.34%

2006 Lucky Cement

Gross profit 2,980,304

Net sales 8,054,101

Profit margin ratio 37.00%


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Operating Profit MarginOperating Profit Margin = Operating Profit / Sales

CommentsOperating profit margin gives anidea of how much a companymakes (before interest andtaxes) on each dollar of sale. A

healthy operating profit margin isrequired for a company to beable to pay for its fixed cost.Such as interest on debt.Operating profit margin of year2007 declined because of thehigh cost which occurs becauseof inefficient operations andheavy use of debt. And also saleis decreasing in 2007

2007 Lucky Cement

Operating Profit 3,066,113

Sales 12,521,861

Operating Profit Margin 24.48%

2006 Lucky Cement

Operating Profit 2,770,075

Sales 8,054,101

Operating Profit Margin 34.39%


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Net profit after tax to sales:Net Profit Margin = Net profit after tax / net sales

Comments

Net profit margin measureshow much of each dollarearned by the company istranslated into profit (after

reduction all the expenses andincome tax) . In 2006 profitmargin for lucky cement is24.03% and in 2007 it is20.34%. Net profit after tax isdecline in year 2007 because

the net sale is decreasing in2007 compared to 2006.

2007 Lucky Cement

Net profit after tax 2,547,292


Net profit after tax to sales 20.34%

2006 Lucky Cement

Net profit after tax 1,935,950

Net sales 8,054,101

Net profit after tax to sales 24.03%


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Return on Equity after tax:ROE = Net income after tax / avg. common stockholders

equity

Comments

Return on equity measures acorporations profitability byrevealing how much profit a

company generates withmoney share holders haveinterested. In return of equityafter tax is almost samebecause the net income aftertax is increased in 2007 but

also the average commonstockholder equity is alsoincreasing in year 2007.

2007 Lucky Cement

Net income after tax 2,547,292

Avg. comm. stockholders equity 9,353,550

Return on equity after tax 27.23%

2006 Lucky Cement

Net income after tax 1,935,950

Avg. comm. stockholders equity 7,069,633

Return on equity after tax 27.38%


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Return on assets:

ROA = Net Income / Total Assets

Comments

Return on assets gives anidea as to how efficientmanagement is at using its

assets to generate earnings.In 2006 the return of assets is8.195% and it decreased in2007 is 4.89%. Because in2007 the total assets arerapidly increasing then the net

income. Thats why the returnof assets is decline in 2007

2007 Lucky Cement

Net income 2,547,292

Avg. assets 3825,730,226

Return on assets 4.89%

2006 Lucky Cement



Return on assets 8.195%


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Debt Ratios:One of many ratios used to measure a company's ability to meet long-term obligations. The

solvency ratio measures the size of a company's after-tax income, excluding non-cashdepreciation expenses, as compared to the firm's total debt obligations. It provides a

measurement of how likely a company will be to continue meeting its debt obligations.

Debt : Equity ratio:

Debt to Equity = Total Debt / Total Equity

Comments

Debt to equity ratiosmeasures companys financial

leverage. It indicates whatproposition of equity and debtthe company is using tofinance its assets. In 2006most of the assets of luckycement has finance from debt

.this ratio is very high 234.1%as compare to year 2007 thepercentage of debt to equityratio is decline on 175% dueto rapidly more increasing in

equity

2007 Lucky Cement

Total debt (6,352,429+10,024,247)

Total equity 9,353,550

Debt to equity ratio 175%

2006 Lucky Cement

Total debt (4,752,035+11,801,109)

Total equity 7,069,633

Debt to equity ratio 234.1%


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Debt : Assets Ratio:Debt to Assets ratio = Total Debts / Total Assets

CommentsThis ratio indicates what proportionsof the companys assets are beingfinanced through debt highpercentage indicates that company ishighly debt leverage firm. The debt to

equity ratio in 2006 was 70.1% whichshows that 70.1% of financingthrough debt. However in 2007 thedebt to equity ratio decreased to63.6% which shows that the companycurtails its financing through debtsalthough there is a decline in the riskthe company facing but still the firm

debt financing on the higher side ascompared to ideal situation which is60% equity & 40% debt.

2007 Lucky Cement

Total debt (6,352,429+10,024,247)

Total Assets 25,730,266


2006 Lucky Cement

Total debt (4,752,035+11,801,109)

Total Assets 23,622,777



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Interest Coverage ratio:Interest Coverage ratio = Operating Income / finance cost (interest

expense)

CommentsIndicates a firms ability to cover

the interest charges. Thecoverage aspect of the ratioindicates how many times theinterest could be paid from

available earning. If interestcoverage ratio below 1 indicatesthat the company is notgenerating sufficient revenues tosatisfy interest expenses.

The interest coverage ratio was33.45 in 2006 which havedecreased to 3.55 in 2007therefore the company are notable to cover the interest expenseat a higher margin of safety.

2007 Lucky Cement

Operating Income 3,066,113

Finance cost (Interest Expense) 862,849

Time interest coverage 3.55 times

2006 Lucky Cement

Operating Income 2,770,075

Finance cost (Interest Expense) 82,809

Time interest coverage 33.45 times


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Investment Valuation Ratios:Investment valuation ratios attempt to simplify this evaluation process by

comparing relevant data that help users gain an estimate of valuation.

Earnings per share (after tax):

EPS =Net income / No. of sharesoutstanding

Comments

The portion of a companys

profit allocated to eachoutstanding share of

common stock. Earning pershare serves as indicator ofa companys profitability.

EPS of lucky cement is

positive upward trend during2006 and 2007.Because ofcontinuous increasing in netincome.

2007 Lucky Cement


Avg. comm. Shares outstanding 263,375

EPS (Rupees) 9.67

2006 Lucky Cement


Avg. comm. Shares outstanding 263,375

EPS (Rupees) 7.35


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Price / Earning ratio (after tax):P.E Ratio = Market price per share / EPS

Comments

The price earning ratiohas declined as a result of

the drop in price. Thisdeclined indicates lowershareholder expectationsbut might also indicate a

good time to buy. In year2006 the price earningratio is 13.66% and its

declined in year 2007 on12.72%.

2007 Lucky Cement

Market price per share 123.04

EPS 9.67

Price to earnings ratio(Rupees) 12.72

2006 Lucky Cement


EPS 7.35

Price to earnings ratio(Rupees) 13.66


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Dividend Yield:Dividend Yield = Cash dividend per share / Market price

per share

Comments

Dividend yield is up,

caused by the rise individend and more so bythe drop in price. In year2006 the dividend yield

was .99% and itincreasing in year 2007at 1.01%.

2007 Lucky Cement

Cash dividend per share 1.25


Dividend yield 1.01%

2006 Lucky Cement

Cash dividend per share 1


Dividend yield 0.99%

Di id d P i


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Dividend Payout ratio:Dividend Payout Ratio = Cash dividend per share /

Earnings per share

Comments

In year 2006 the dividend

payout ratio of company is

13.6% which declined in

year 2007 at 12.9%. Due to

decreasing in cashdividend .

2007 Lucky Cement

Cash dividend 1.25

Net income 9.67

Dividend payout ratio 12.9%

2006 Lucky CementCash dividend 1

Net income 7.35

Dividend payout ratio 13.6%


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Market Value Per Share as on 30th June:

Comments

The market price value

is increasing during 2006and 2007. In 2006 themarket price value pershare was 100.42 and in

2007 123.04. It ispositive point forcompany.

2007 Lucky

Cement

Market Value per share(Rupees) 123.04

2006 Lucky Cement

Market Value per share(Rupees) 100.42


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Documents

final report of A.F.$