Financial Report of Rafhan Maize

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10 Years at a Glance

2009

2008

2007

2006

2005

2004

2003

2002*

2001

2000

Net Sales
Rs. Million

11,428 8,993 2,435 21 1,297 848 831 900 140.43

10,747 8,006 2,741 26 1,492 606 924 1,000 161.57

7,578 5,480 2,098 28 1,089 114 831 900 117.92

6,127 4,556 1,571 26 809 122 647 700 87.62

5,194 3,997 1,198 23 615 302 323 350 66.57

4,534 3,259 1,275 28 670 448 286 310 72.51

4,031 3,001 1,030 26 521 415 259 280 56.43

4,390 3,329 1,061 24 527 239 259 280 57.06

3,126 2,345 781 25 347 121 134 145 37.62

2,806 2,134 672 24 307 90 125 135 33.26

Cost of Sales
Rs. Million

Gross Profit
Rs. Million

%age of Sales Profit After Tax
Rs. Million

Capital Expenditure
Rs. Million

Dividend Amount
Rs. Million

Dividend Percentage Earnings per Share
Rupees * Data for 15 months

1

Contents

In the name of Allah The Most Merciful, The Compassionate

02 03 06 15 16 17 18 25 26 27 28 29 30 31 32 34 35 36 37 38 61

Company Information Notice of Meeting Chief Executive’s Review Major Events 2009 Horizontal Analysis - P&L and B / S Vertical Analysis - P&L and B / S Directors’ Report Forward Looking Statement Stakeholders’ Information Summary of Cash Flow Statements Statement of Value Added & its Distribution Review Report Statement of Compliance Auditors’ Report Balance Sheet Profit and Loss Account Statement of Comprehensive Income Cash Flow Statement Statement of Changes in Equity Notes to the Financial Statements Pattern of Shareholding Proxy Form

2 Rafhan Maize Products Co. Ltd.

Company Information

Chairman John F. Saucier Vice Chairman Rashid Ali Non-Executive Non-Executive

Business Strategy and Planning Committee John F. Saucier Rashid Ali Ansar Yahya Anis A. Khan Shares Transfer Committee Rashid Ali Ansar Yahya Anis A. Khan Sh. Gulzar Hussain Bankers Citibank, N.A. Habib Bank Ltd. Meezan Bank Ltd. MCB Bank Ltd. National Bank of Pakistan Standard Chartered Bank (Pakistan) Ltd. Auditors KPMG Taseer Hadi & Co. Chartered Accountants Lahore – Karachi Non-Executive Non-Executive Non-Executive Non-Executive Legal Advisor M. Ali Seena C/o Surridge & Beecheno, Karachi

Shares Registrar FAMCO Associates (Pvt.) Ltd. 1st Floor, State Life Building 1-A, I.I. Chundrigar Road, Karachi-74000: Tel: (92-21) 32427012 - 32425467 Fax: (92-21) 32426752 - 32428310 Registered Office 1st Floor, Finlay House, I.I. Chundrigar Road, Karachi-74000, Pakistan Ph: (92-21) 32442516 – 32410848 Fax: (92-21) 32428651 Head Office & Shares Department Rakh Canal East Road, Faisalabad, Pakistan Ph: (92-41) 8540121-22-23 Fax: (92-41) 8711016 - 8502197 Website: www.rafhanmaize.com E-mail: corporate@rafhanmaize.com

Chief Executive & Managing Director Ansar Yahya Directors Cheryl K. Beebe Mary A. Hynes Zulfikar Mannoo Mian M. Adil Mannoo Wisal A. Mannoo Anis A. Khan Sh. Gulzar Hussain Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Executive Non-Executive Executive

Chief Financial Officer Anis A. Khan Secretary M. Yasin Anwar Audit Committee Cheryl K. Beebe Rashid Ali Zulfikar Mannoo Sh. Gulzar Hussain

Annual Report

for the year ended December 31, 2009

3

Notice of Meeting
Notes: 1. The Share Transfer Book of the Company will remain closed from 20th to 29th March, 2010 (both days inclusive) and no transfer will be accepted for registration during this period. A member entitled to attend, speak and vote at the meeting shall be entitled to appoint another person as his/her proxy to attend, speak and vote instead of him/her, and a proxy so appointed shall have such rights with respect to attending, speaking and voting at the meeting as are available to a member. Proxies in order to be effective must be received by the Company not less than 48 hours before the meeting. A proxy need not be a member of the Company. Form of proxy is attached. Shareholders are requested to notify change of address, if any, to Company’s Shares Registrar immediately. CDC...
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