BSA 2003-2008

BALANCE SHEET ANALYSIS OF JOINT STOCK COMPANIESLISTED ON THE KARACHI STOCK EXCHANGE

(2003-2008)

STATE BANK OF PAKISTANSTATISTICS AND DWH DEPARTMENT

ContentsPage No. Introduction Methodology Executive Summary Key Performance Indicators Analytical Tables and Profiles: I. Sectors (a) Overall (b) Private (c) Public II. Economic Groups 1. Textile & Other Textiles (a) Textiles (b) Other Textiles 2. Chemicals 3. Engineering 4. Sugar & Allied Industries 5. Paper & Board 6. Cement 7. Fuel & Energy 8. Transport & Communication 9. Other (a) Tobacco (b) Jute (c) Vanaspati & Allied Industries (d) Miscellaneous III. Appendix:1 Appendix:2 587 596 597 609 610 623 624 712 714 - 717 718- 719 7 - 252 253- 288 289 345 346 408 409 466 467 485 486 520 521 565 566 586 12 3-4 5-6 i ii - x xi xv xvi

Statistics & DWH Department Corporate Division

Team Members

Dr. Ishaque Ahmed Ansari

Sr. Joint Director [email protected] Joint Director [email protected] Jr. Joint Director [email protected] Jr. Joint Director [email protected]

Sajjad Hussain

Muhammad Jaweed Akhtar

Muhammad Suhail

Supervisor

Dr. Azizullah Khattak

Director [email protected]

IntroductionI. Preliminaries The analysis is based on the published balance sheets of non-financial companies listed at the Karachi Stock Exchange during the year 2008. For the purpose of comparison, the analysis of the previous five years is also included in the publication. The number of companies included in the statistical analysis varied from year to year. All the listed companies (except financial sector) during 2008 have been classified into economic groups. Tobacco, Jute, Vanaspati & allied and Other groups have been included into the miscellaneous group. The year-wise distribution of companies classified according to the respective economic group is as under: Table: 1 Distribution of companies by economic groups. Economic Groups Cotton and Other Textiles Chemicals Engineering Sugar and Allied Industries Paper and Board Cement Fuel and Energy Transport Miscellaneous Total: Years 2005 2006 182 34 41 35 12 22 28 15 74 443 181 34 41 35 10 22 28 12 73 436

2003 199 38 44 37 13 22 24 7 79 463

2004 189 36 42 35 12 22 25 13 77 451

2007 180 34 41 36 10 20 27 12 77 437

2008 182 35 40 35 10 21 27 12 74 436

During 2008, three companies were added whereas nine companies were excluded from the analysis. Five companies, which are in the default counter of KSE, were also included in the analysis (due to the availability of audited annual reports of the current year and consecutive previous years).Annual reports of thirty four companies (mostly on default counter of KSE) were not available at the time of the analysis therefore, to present a comparable and consolidated picture the last available data in respect of these companies have been repeated. The sum of Assets and Liabilities of a company may exhibit minor differences due to rounding off separate items. Ratios and percentages have been worked out after rounding off the figures in thousands, which may, therefore, slightly differ from ratios obtained from actual amount of balance sheet. The symbol appearing in the analytical tables stand for Not applicable or Not available. The publication is based on the two sets of analysis: (a) Overall summary: This gives the consolidated financial analysis of companies listed at KSE.

(b) Company-wise analysis:This provides financial analysis of the individual companies.

II. Methodology A. Capital Structure 1. Ordinary Share Capital This represents the total paid-up capital against issue of ordinary shares. These are amounts of capital actually paid by the shareholders to the institution for acquiring its shares. It includes shares paid in cash (subscribed/right issued), issued as bonus shares and shares issued for considerations other than cash (eg. for settlement of receivables/debts or debts redeemable into stock etc.). 2. Reserves It is evaluated by aggregating all kinds of reserves except depreciation reserve and reserve for bad and doubtful debts plus the balance of profit and loss account and subtracting there from intangible or fictitious assets (e.g., goodwill, preliminary expenses, exploration accounts, patents, trade mark) and adverse balance of profit and loss figures. The reserves entering into the calculation are: (i) General (ii) Capital (iii) Development (iv) Dividend equalization (v) Proposed issue of bonus shares (vi) Profit on re-issue of forfeited shares (vii) Premium on shares (viii) Capital profit arising from the sale of fixed assets (ix) Special reserves under relevant provision of Income Tax Act (x) Raw material price equalization (xi) Tax equalization (xii) Contingency (xiii) Leave passage (xiv) Workmens compensation fund (xv) Gratuity, pension or provident fund (xvi) Investment depreciation but not including provision for actual shortfall of market value as compared with book value (xvii) Publicity (xviii) Employees housing and welfare fund (xix) Charities (xx) Deferred liabilities (xxi) Taxation reserves including deferred taxation reserves, but not including provision for tax assessed or estimated on actual or part of profits. 3. Shareholders Equity This item purports to represent the total stake of the shareholders in the business and has been obtained by adding the ordinary share capital to the surplus. 4. Preference Shares As the name indicates these are ordinary shares of a company and pays a fixed dividend (whether the company is earning profit or making loss during operation), but its shareholders have no voting privilege. In case of liquidation of the company its status is normally considered prior to the status of ordinary shareholders. The difference between ordinary shares and preference shares is as follows:

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a) Ordinary shareholder will receive dividend, which varies according to the prosperity of the company but preference shareholder will receive a fixed amount dividend every year. b) Ordinary shareholder has a right of voting in the companys annual general meeting while the preference shareholder has no voting right. c) Ordinary shareholders have to claim on the net assets of the company in case of liquidation, while the claim of the preference shareholders is paid earlier. 5. Debentures / TFCs These are bonds/certificates issued by a company to raise funds for long-term period (generally more than one year) for a specific purpose, sometimes convertible into stock. At present, debentures have been replaced by TFCs (Term Finance Certificates). 6. Other Fixed Liabilities The liabilities, which are required to be discharge after a period of more than one year from the date of balance sheet, are termed as other fixed liabilities or loan capital. They may consist of the following items: (i) Loans from financial institutions. (ii) Loans from non bank financial institutions. (iii) Loans from specialized financial institutions (iv) Foreign loans (v) Vendors account 7. Total Fixed Liabilities It is the sum of the preference shares, debentures and other fixed liabilities. 8. Total Capital Employed It is the sum of shareholders equity and total fixed liabilities. B. Liquidity 1. Current Assets An asset is to be a current asset, which can be readily convertible into cash or equivalent without any significant loss in value. The current assets comprise of liquid assets, inventories and other current assets. a) Liquid Assets Broadly speaking, liquid assets comprise of all assets like cash, bank balance, marketable security, etc., which are easily realisable almost at book value. While there can not be two opinions regarding the status of cash, current accounts and government securities in this context, the treatment of savings and fixed deposits and of shares of joint stock companies not quoted on stock exchange leaves the analyst in doubt. The classification of borderline cases had therefore, to be made partly in keeping with the

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objective of the analysis and partly on ones own subjective judgment. For this study, liquid assets that are also sometimes referred to as liquid capital have been bifurcated as cash and investments and comprise of the following items: (i) Cash in hand (ii) Cash in transit (iii) Current deposits (iv) Saving deposits (v) Call deposits (vi) Fixed deposits (vii) Deposits held abroad (viii) Government and corporate securities (ix) Savings and Unit Trust Certificates (x) Debentures stock of local or foreign companies b) Inventories It comprises of stocks of raw material in hand, work in progress and finished goods at the closing date c) Other Current Assets The following items are taken as other current assets: (i) Book debts including bad and doubtful debts (ii) Stores (iii) Work in progress(current) (iv) Advances, prepayments, etc. 9. Current Liabilities All liabilities, which are required to be discharge within one year, are termed as current liabilities. Alternatively, these cover those obligations whose liquidation is expected to be made out of current assets. They are usually incurred in the normal course of business and are required to be paid at fairly definite dates. The current liability consists of the following items. (a) Sundry Creditors (i) (ii) (iii) (iv) (v) Income tax payable For expenses For other finance Bills payable Advances from customers against orders

(b) Payment become due but outstanding (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) Income tax payable Proposed, unpaid and unclaimed dividends Estimated liabilities in respect of outstanding claims whether due or intimated Gratuities becoming payable Provident Fund becoming payable Current installment and interest payable on fixed liabilities Provision for taxation estimated on current profits Workers profit participation fund

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(c) Loans, Deposits and Advances (i) (ii) (iii) (iv) (v) (vi) (vii) Loans secured by stock or other current assets Bank overdrafts and other unsecured loans Short term loans acquired against the security of fixed assets Unsecured loan from directors, parent company, and subordinate loan Due to managing agents Advances by directors Guarantee and security deposits of customers and staff

10. Total Liabilities This item pertains to sum of total fixed liabilities and current liabilities except shareholders equity. 11. Net Current Assets It has been obtained by deducting the amount of current liabilities from current assets. 12. Contractual Liabilities This item pertains to all secured debentures, long-term loans, finance lease, short term secured loans and bank overdraft (Interest bearing secured loans). 13. Net Liquid Assets This is the difference of liquid assets and the current liabilities. C. Fixed Assets 1. Fixed Assets at Cost In contra distinction to current assets, fixed assets consist of items, which are not readily convertible into cash during the course of normal operations of an enterprise. These items are not subject to periodical exchange through sales and purchases. Fixed assets are of permanent nature and are not normally liquidated or intended to be turns into cash except in the form of depreciation, which is added to the cost of goods sold. The following balance sheet items are included in the category of fixed assets: (a)Real Estate (i) (ii) (iii) (iv) Freehold and leasehold land Factory and office buildings Residential buildings Capital projects in progress at cost

(b)Plant, Machinery and Rolling Stock (i) (ii) (iii) (iv) (v) (vi) (vii) All types of plant and machinery used for production and not for sale Crockery, cutlery, silverware and enamelware in hotels Construction tools Livestock in farming company Cars, lorries, trucks, ships, launches etc. Railway siding and trolley lines Computers and other electronic equipments.v

(c) Furniture, Fixtures, Fittings and Allied Equipment (i) (ii) (iii) (iv) Electric fans, refrigerators, air conditioners, electric heating, sanitary and other fittings. Laboratory equipment All types of office furnitures and equipment Advertising, fixtures and fittings.

2. Fixed Assets After Deducting Accumulated Depreciation Deducting the accumulated depreciation from the fixed assets of the company gives this item. 3. Depreciation for the year It includes all the depreciation charges to the profit and loss account during the year. Owing to the absence of uniform accounting standards, depreciation is a subjective item and very from company to company. It is important for the analyst to know what effect such variation could have on the net profit. 4. Total Assets This item is sum of fixed assets at cost after deducting accumulated depreciation, and current assets. D. Operations 1. Gross Sales This item represents the sale proceeds of the company. Sales revenue is classified as local sales and export sales. 2. Gross Profit Subtracting cost of sales from sales revenue arrives at gross profit. 3. Overhead and Other Expenses These are total expenses that are incurred on the operational activities of a company except financial expenses and include: (i) Cost of sales (ii) Administrative and general expenses (iii) Selling and distribution expenses (iv) Other expenses 5. Operating Profit Subtracting overhead and other expenses from gross sales and adding thereto-non-operating income gives operating profit. 6. Financial Expenses These are interest expense incurred on borrowing of long and short terms loans. It includes the following items;

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(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi)

Mark-up and interest on long term loan Mark-up and interest on debentures and redeemable capital Mark-up and interest on short term loan Interest on private loan Financial charges against assets subject to finance lease Interest and mark-up on supplier credit Interest on workers profit participation fund. Bank charges and commission. Excise duty on long and short-term finance. Discounting charges on receivables. Exchange losses.

7. Net Profit before Tax Provision It is the profit earned by the company during the year before tax provision. 8. Tax Provision It is provision of taxation made on current years profit. 9. Total Amount of Dividend It is the total dividend including interim dividend distributed or proposed to be distribute out of the current years profit 10. Total Value of Bonus Shares Issued This is the total amount of bonus shares issued to the shareholders as appropriation net profit after tax of the company during the year. E. Source of Increase in Capital Employed 1.Increase/ Decrease in Capital Employed The difference in value of total capital employed (i.e., share capital, surplus, preference capital, debentures and other fixed liabilities) at the beginning of the year and the corresponding figures at the end of the year and shown as increase (+)/ decrease (-). 2. Retention in Business This item is obtained by deducting the provision for the tax and the total dividend distributed or proposed to be distributed from the net profit for the year. 3. Finance from outside the company The difference between the increase in the capital employed and the retention in the business is the finance from out side the company. It is possible for this item to be negative. Indeed in some circumstances it is also possible for the increase in the capital employed as well as the retention in business to be negative, for instance where dividends are distributed not out of the current earnings but out of the reserves.

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F. Cash Flow Data 1. Depreciation for the year plus Retention in Business The total funds that corporation generates internally for investment in the modernization and expansion of plant and equipment. 2. Depreciation for the year plus changes in Capital Employed Depreciation for the year is added in the difference of two successive years figures of total capital employed. G. Operating Financial & Investment Ratios 1. Gearing Ratio

This item shows the proportion that the fixed loan capital bears to the total capital employed. Where there is preference capital, there is an item of Gearing i.e., the fixed loan capital plus the preference capital as the ratio of the total capital employed. The justification for taking the preference capital together with the fixed liabilities is that, from the ordinary shareholders point of view, both items represent a fixed charge on the profits. Total capital employed is shareholders equity plus total fixed liabilities. Gearing becomes inapplicable when the shareholders equity becomes zero or negative.2. Current Ratio This item tells a lender about the liquidity of the assets and as a result its ability to pay the short - term debts. 3. Acid Tests or Quick Ratio The acid test or quick ratio is used to determine how quickly a company would be able to pay off its current liabilities if it needs to convert its quick assets into cash. 4. Debt Equity Ratio In debt equity ratio, the total debt is compared with the shareholders equity; the lower the ratio the better the companys solvency, the higher ratio is a risk to a present or future creditor. 5. Return on assets This ratio is considered a measure of how effectively assets are used to generate a return. 6. Self -Financing Ratio The ratio expresses the amounts retained in business as percentage of increase/ decrease in the capital employed.

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7. Cash Flow Ratio This ratio has a purpose somewhat similar to the self-financing ratio. The only difference being that it takes into account the amount of depreciation. 8. Shareholders Equity as % of Ordinary Share Capital It is the shareholders equity to the ordinary share capital, which means the stake of ordinary shareholders in the total equity of the company. 9. Overhead and Other Expenses as % of Gross Sales It shows the ratio of overhead and other expenses to the gross sales. This is an important ratio, which indicates the contribution of operating expenses in the operating revenue through sales of the company. Lowering the percentage, the company is more viable and efficient. 10. Financial Expenses as % of Operating Profit This shows the ratio of financial expenses to operating profit. It identifies how much weight the company will bear from its operating profit before reaching to the net profit before tax. Smaller ratio is a good for a company. 10. Financial Expenses as % of Gross Sales It shows the ratio of financial expenses to gross sales. Lowering the ratio indicates the financial discipline of the company and the increasing ratio indicates that the company is facing financial expense burden out of its gross sales revenue 11. Financial Expenses as % of Contractual Liabilities It shows cost incurred (interest/mark up paid) on contractual liabilities. 13. Tax Provision as % of Net Pre-tax Profit It shows the portion of net profit set aside for tax provisions. 14. Sundry Debtors as % of Gross Sales It is the ratio of outstanding credit (all sales receivables) to the total sale proceeds of the company. Higher the percentage, the company is increasing its debtors and credit risk and reducing its liquidity position. 15. Net Profit as % of Shareholders Equity It is worked out by dividing the net profit before tax by the shareholders equity, expressing the result in percentage.

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H. Key Performance Indicators 1. Dividend Cover Ratio The ratio of net profit after tax to total amount of dividend. 2. Dividend Ratio to Equity This item has been worked out by dividing the total amount of dividend by the shareholders equity, expressing the result in percentage. 3. Net Profit Margin. This ratio shows how much profit comes from every rupee of sales. 4. Earning per Share It has been arrived by dividing the net profit (before/after tax) by the number of ordinary shares. 5. Average annual % Depreciation on Written Down Fixed Assets This item is simple depreciation rate and is intended to give some idea of the companys practice with regard to depreciation. Since there are so many items in the fixed assets schedule, it is not practicable to calculate depreciation rate for all the items individually. Therefore, an aggregate depreciation rate for all the item taken together has been worked out. The method is to take total depreciation provided during the financial year and dividing it by the written down value of the total fixed assets at the beginning of the financial year. The result is expressed in percentage. 6. Sales as % of Total Assets This item indicates how efficiently the business of a company generates sales on each rupee of assets. 7. Sales Growth (Current Years Sales - Last Years Sales) Sales growth is the percentage increase or decrease in sales between two time periods. 8. Break-up Value of Ordinary Shares It is obtained by dividing the sum of ordinary share capital and the surplus by the number of ordinary shares.

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Executive SummaryThe non-financial companies listed at Karachi Stock Exchange (KSE) showed consistently upward growth drive from 2002 to 2006 but a declining trend was observed during 2007 which continued during the year 2008, though an increase was observed in total capital employed, liquidity, working capital, fixed assets, operational activities, etc. especially in sugar and fuel & energy sectors and depression in the areas of textile, other textile, transport & communication sectors, tobacco, paper & board, engineering, chemicals and cement were seen. Brief review of the important indicators during years 2007 and 2008 is given below.

Capital StructureTotal paid up capital of ordinary shareholders increased by Rs.24.91billion or 6.32 percent from Rs.394.51 billion in 2007 to Rs.419.42 billion in 2008, where as it was increased by Rs.22.17 billion or 5.96 percents in 2007 over 2006. Sector wise position of capital structure is as under: Total Capital Employed by Economic Sectors (Million Rupees)TOTAL CAPITAL EMPLOYED ECONOMIC SECTOR

Cotton Textile Other Textile Chemicals Engineering Sugar and allied industries Paper and board Cement Fuel and energy Transport and communications Tobacco Jute Vanaspati and allied industries Others Total

2008 210,425 31,678 149,922 84,344 32,008 40,919 186,979 400,534 198,484 9,612 5,386 -1,225 64,145 1,413,209

2007 207,983 33,888 133,814 76,692 29,075 40,676 167,909 359,027 205,161 9,584 3,385 -1,053 49,118 1,315,258

CHANGE (%)

1.17 -6.52 12.04 9.98 10.09 0.60 11.36 11.56 -3.25 0.29 59.11 -16.34 30.59 7.45

Total shareholders equity increased by 2.80 percent from Rs.953.0 billion to Rs.979.69 billion during 2008. Total fixed liabilities increased by 19.67 percent from Rs.362.25 billion in 2007 to Rs. 433.51 billion in 2008. A comparison of growth, in the compositions of capital structure in the current year with that of the previous year yields: 2008 over 2007 2.80 % 19.67 % 7.45 % 2007 over 2006 9.08 % 26.34 % 13.35 %

Shareholders equity Total fixed liabilities Total capital employed

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This shows that decline in the growth have been observed in all areas. The pace of growth remained sluggish during the year particularly in case of the shareholders equity. The growth of total fixed liabilities remained high. This indicates that the demand of finance from banks and other financial institutions continued at high side. The increase in ordinary share capital and reserve & surplus during the year were 6.32 percents and 0.32 percent respectively. The growth in reserves & surplus in the previous year were 11.40 percent and showed a sharp decline in the current year 2008. The main sectors contributed in the decline of reserve & surplus were transport & communication, cement, chemicals, textile and engineering.Figure 1: Capital Structure of Non-Financial sector-20081600 1400 1200 1413.2 979.7

Billion Rupees

1000 800 600 400 200 0 Paid-up Capital Surplus Shareholders equity Total fixed liabilities Total capital employed 419.4 560.3 433.5

LiquidityThe analysis indicates that the overall liquid assets of non-financial sector increased by 0.18 percent from Rs.409.16 billion in 2007 to Rs.409.91 billion in 2008,whereas the growth of the Figure 2: Aggregate Composition of Assets previous year was 8.63 450 percent. The 400 major increase 350 300 during the year 250 was in the 200 sectors of fuel & 150 100 energy by Rs. 50 29.20 billion, 0 2003 2004 2005 2006 2007 2008 miscellaneous Cash and bank balances 97.23 160.86 188.31 184.14 169.69 167.18 by Rs.3.80 Investments 65.24 80.33 112.57 192.52 239.47 242.73 billion and Liquid Assets 162.47 241.18 300.87 376.66 409.16 409.91 textile by Working capital 23.50 95.79 159.71 143.81 154.91 76.45 Rs.1.40 billion, while a decrease of Rs.13.20 billion in transport & communication sector, Rs.9.50 billion in engineering sector, Rs.4.60 billion in engineering sector and Rs.3.60 billion in chemical sector have been witnessed. Cash and bank balance showed a decrease of Rs.2.51 billion i.e.1.48 percent in 2008 against a decrease of 7.85 percent in 2007, whereas short-term investment increased byBillion Rupees

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1.36 percent to Rs.3.26 billion in 2008 as against an increase of 24.39 percent in 2007. The position of working capital (net current assets) was Rs.76.45 billion and shows a decrease of 50.65 percent in 2008 from Rs. 154.91 billion in 2007. Further, it is mentioned that the total liabilities of corporate sector increased by 31.47 percent i.e Rs.1,845.37 billion in 2008 from Rs.1,403.59 billion in 2007 and financial expenses increased by 44.46 percent from Rs.67.13 billion in 2007 to Rs.96.97 billion in 2008.

Fixed AssetsThe fixed assets after deducting accumulated depreciation (book value) of overall position amounted to Rs. 1,336.75billion in 2008. The increase was noted to be Rs. 176.41 billion or 15.20 percent Figure 3: Composition of Assets in 2008 over the previous 3000 year 2007. 2500 The total 2000 assets which are at 1500 Rs.2,825.06 1000 billion in 500 2008, show an increase 0 2003 2004 2005 2006 2007 2008 of 19.88 Fixed Assets (book value) 619.78 720.33 858.60 1016.57 1160.35 1336.75 percent in Total assets 1129.11 1413.01 1703.46 2048.42 2356.60 2825.06 current year from Rs.2,356.60

billion in 2007. This indicates that during current year the amount invested in the capital expenditure showed a positive growth as compared to the previous year which was 14.14 percent. Comparison of fixed assets (book value) with total assets from 2003 through 2008 is illustrated in figure3.

Operational ActivitiesThe gross sales of all non-financial listed companies were Rs.3,417.23 billion in 2008 as against Rs. Figure 4: Gross Sales and Cost of Sales 2,837.92 billion in 2007, 4000 showing an 3500 increase of 3000 Rs.633.31 2500 billion or 2000 22.32 percent. 1500 The local sale 1000 500 increased by 0 Rs.594.92 2003 2004 2005 2006 2007 2008 billion or Gross sales 1382.48 1632.83 2031.22 2570.95 2837.92 3471.23 22.60 percent Cost of sales 1172.44 1360.16 1672.72 2166.35 2431.13 2964.60 at Rs.3,227.62 billion in 2008Billion Rupees

Billion Rupees

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against Rs.2,632.70 billion in 2007 whereas the export sales increased by Rs.38.39 billion or 18.71 percent in the current year. Cost of goods sold stood at Rs.2,964.60 billion in 2008, showing an increase of 21.94 percent compared with the previous year. The gross profit increased by Rs.99.83 billion or 24.54 percent from Rs.406.80 billion in 2007 to Rs.506.63 billion in 2008. The major sectors which contributed in the growth of gross profit during current year were sugar by 143.36 percent, fuel & energy by 50.77 percent and vanaspati & allied industries by 36.26 percent and sectors which participated in the gross loss were other textile by 37.63 percent ,transport & communication by 9.31 percent and other engineering by 8.76 percent. Net profit before taxes, which stood at Rs.229.30 billion in 2007, decreased by Rs.24.30 billion or 14.52 percent to Rs.205.00 billion in 2008. Fuel & energy and sugar & allied sectors showed a profit of Rs. 57.50 billion and Rs.1.30 billion respectively, whereas a sharp decline in the net profit before taxes has been witnessed in transport & communication with Rs.55.30 billion, cement with Rs.8.90 billion and chemicals with Rs.5.90 billion. Out of the profit, the amount retained in the business were Rs.4.48 billion in 2008 as against Rs.71.08 billion in 2007 showing a decrease of Rs.66.60 billion or 93.70 percent. The finance inducted from outside source of the business increased by 9.67 percent at Rs.93.47 billion in 2008 from Rs.83.80 billion in 2007, whereas it increased 22.77 percent in the previous year. This indicates that overall Figure 5: Net Profit and Retention non-financial listed 300 companies, expansion of 250 business remained 200 sluggish during the 150 year and its 100 pace remained slow as 50 compared to the previous 0 year, i.e. 2003 2004 2005 2006 2007 2008 dependencies Net profit (before taxes) 98.90 175.45 224.98 256.70 229.30 205.00 on debts from Retention in business 10.67 52.13 92.28 81.04 71.08 4.48 banks and financial institutions declined due to increasing financial expenses ( as the growth of financial expenses was noted 44.46 percent in current year as compared to a growth of 36.18 percent in the previous year) and also contracting their equity base. Return on assets, which was 9.70 percent in 2007 decreased to 7.30 percent in 2008. This shows that the capital market in the country which started declining, during the previous year, also continued downturn moment during the current year. .Billion Rupees

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Key Financial RatiosSundry debtors ratio to gross sales indicates a growth of 20.45 percent, at 10.60 percent in 2008 from 8.80 percent in 2007. This is not a good sign for corporate business, it means that the growth of debt receivable on sales have been increased in current year as compared with the previous year, which was 12.82 percent. Dividend ratio to equity, Figure 6: Key Financial Ratios12 10

Percent

8 6 4 2 0 2003 2004 7.00 12.40 2005 7.80 8.90 2006 7.80 11.70 2007 8.80 10.20 2008 10.60 10.80

Sundry debtots as % of gross sales Dividend ratio to equity

8.00 11.70

which was 10.20 percent in 2007 increased to 10.80 percent in 2008. This is also not a good indicator, it shows that with a growth of 6.32 percent in paid-up capital, corporate sectors dividend payout have been grown only by 5.88 percent during the current year. It is to be noted that companies issued 57.91 percents more bonus shares during the year 2008 as compared with the previous year. Earning per share after tax, which was Rs.4.30 per share in 2007, decreased to Rs.2.60 per share in 2008 (i.e. net decrease of 39.53 percent in the value per share during the current year). The ratio of gross sales to total assets , which was 120.4 percent in 2007, increased to 122.9 percent in 2008. This is a positive sign for the growth of corporate sector that rising assets sucessed to promote more sales, which showed negative relation in the previous year. Overall it is evident that during the year 2008 the listed companies of non- financial sector shows a mixed trend in all areas of financial analysis as compared to the previous year.

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Table: Key performance Indicators by Economic Groups for the Year 2008(Million Rupees)

Economic Groups Paper and Board Communications Sugar and Allied Vanaspati & Allied Industries281.5 0.0 0.0 10.2

Fuel and Energy

Other Textiles

Textile Sector

Engineering

Overall

Transport &

Key Performance Indicators

Chemicals

Industires

Tobacco

Cement

Paid -up-Capital

419,424.4

35,318.2

9,392.9

42,072.0

11,371.7

7,334.3

2,164.2

54,881.2

149,185.1 92,442.1

3,188.8

607.6

11,184.9

Total amount of dividend Total value of bonus shares issued Increace/ Decrease(-) in capitral employed Dividend cover ratio (%) Dividend ratio to equity (%) Net profit margin (%) Return on equity (%)

105,519.8

1,445.1

202.8

15,101.5

3,925.3

521.7

123.9

648.1

74,716.9

791.4

2,999.8

5,043.2

4,730.7

615.1

962.5

205.8

527.0

177.2

105.6

117.1

1,579.9

239.0

0.0

60.9

97,950.7

2,441.8

-2,209.5

16,108.4

7,651.1

2,932.9

242.7

19,069.7

41,506.8 -6,676.9

28.1

2,000.9

-172.2

15,027.4

104.2

-534.6

-1,233.6

160.0

256.9

54.8

93.8

-739.2

157.4 -5,277.5

129.0

0.0

-

10.8

1.1

1.0

13.7

5.4

2.9

0.5

0.5

22.5

0.9

31.2

0.0

0.0

5.9

2.5

-3.5

12.5

5.1

0.9

1.4

-3.9

9.3

-18.2

7.6

9.7

0.0

Others130.5 191.4 10.1 8.3 27.3 12.1 8.6 8.0 142.7 23.5 44.5

20.9

5.8

-

31.6

20.0

4.0

1.4

-

51.9

-

58.8

Earning per share before tax (Rs./share) Earning per share after tax (Rs./share) Avg. Annual depreciation as % of fixed assets (Book Value) Sale as % of

4.9

2.2

-2.1

8.3

12.8

1.0

1.5

-0.8

11.5

-4.3

17.7

Jute21.6 17.6

0.0

2.6

-2.2

-2.7

5.7

8.9

0.4

0.5

-0.9

7.9

-4.5

12.1

17.5

-1.4

8.3

8.0

10.5

8.5

10.2

6.6

4.6

4.4

8.1

11.4

12.5

11.1

3.9

122.9

75.3

81.9

109.3

171.9

98.1

43.0

42.2

186.1

57.9

372.2

138.8

221.7

total assets Sales growth (%)22.3 9.3 6.3 28.3 5.0 34.5 20.9 33.9 27.7 14.6 17.0 41.7 35.7

Breakup value of ordinary shares (in Rs)

23.4

38.0

22.1

26.3

64.2

24.4

106.1

22.0

22.3

9.2

30.1

81.6

-51.7

xvi

OverallItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

2003246857.4 200606.5 447463.9 1083.4 40128.1 154612.0 195823.5 643287.4 162465.4 97228.2 65237.2 234267.6 112597.1 509330.1 485825.3 681648.8 23504.8 341082.2 -323359.9 1070184.5 619782.4 54992.4 1129112.5 1382479.4 1266939.7 115539.7 1172438.6 210040.8 1277734.1 130931.4 32029.6 98901.8 36045.8 52182.3 1240.2 27265.8 10673.7 16592.1 65666.1 82258.4 30.4 104.8 81.7 152.3 8.8 39.1 79.8 181.3 92.4 24.5 2.3 9.4 36.5 8.0 22.1 120.5 11.7 7.2 4.0 2.6 9.1 122.4 29.0 13.1 18.1

2004305607.6 289229.7 594837.3 1083.4 23473.5 196727.2 221284.1 816121.4 241184.3 160856.8 80327.5 267962.8 183539.6 692686.7 596893.4 818177.5 95793.3 373561.8 -355709.1 1150211.4 720328.2 60445.2 1413014.9 1632833.9 1507135.3 125698.6 1360160.9 272673.0 1471056.3 199205.3 23751.7 175453.6 49604.0 73715.2 2263.2 172834.0 52134.4 120699.6 112579.6 233279.2 27.1 116.0 85.3 137.5 12.4 30.2 48.3 194.6 90.1 11.9 1.5 6.4 28.3 7.0 29.5 170.7 12.4 10.7 5.7 4.1 9.2 115.6 39.0 18.1 19.5

2005354203.5 430745.5 784949.0 3628.2 30904.9 198830.9 233364.0 1018313.0 300873.5 188306.3 112567.2 337303.3 206674.0 844850.8 685142.3 918506.3 159708.5 445335.7 -384268.8 1458664.4 858604.5 69186.1 1703455.3 2031217.2 1898311.0 132906.2 1672723.8 358493.4 1814613.0 254458.2 29473.3 224984.9 62677.7 70028.1 3398.8 202191.6 92279.1 109912.5 161465.2 271377.7 22.9 123.3 93.1 117.0 13.2 45.6 59.5 221.6 89.3 11.6 1.5 6.6 27.9 7.8 28.7 231.8 8.9 11.1 6.4 4.6 9.2 119.2 12.3 24.4 22.2

2006372335.5 501329.3 873664.8 3519.3 31265.3 251932.6 286717.2 1160382.0 376657.8 184141.8 192516.0 414622.0 240567.9 1031847.7 888036.0 1174753.2 143811.7 556211.5 -511378.2 1671976.7 1016570.4 75870.1 2048418.1 2570950.5 2406191.2 164759.3 2166348.2 404602.3 2328818.5 305994.2 49293.8 256700.4 73133.2 102525.7 5763.8 142069.0 81041.5 61027.5 156911.6 217939.1 24.7 116.2 89.1 134.5 12.5 57.0 72.0 234.6 90.6 16.1 1.9 8.9 28.5 7.8 29.4 179.0 11.7 10.0 6.9 4.9 8.8 125.5 7.8 26.6 23.5

(Million Rupees) 2007 2008394509.6 558499.1 953008.7 10168.4 45095.4 306985.9 362249.7 1315258.4 419424.4 560270.3 979694.7 9445.9 49585.9 374482.6 433514.4 1413209.1

409161.4 409910.9 169690.2 167179.8 239471.2 242731.1 515561.9 704003.1 271532.6 374396.1 1196255.9 1488310.1 1041342.7 1411855.6 1403592.4 1845370.0 154913.2 76454.5 646344.5 851131.7 -632181.3 -1001944.7 1863049.7 1160345.2 86225.3 2356601.1 2837922.7 2632698.1 205224.6 2431127.0 406795.7 2616505.1 296425.9 67127.4 229298.5 60628.3 97589.8 2995.8 154876.4 71080.4 83796.0 157305.7 241101.7 27.5 114.9 88.8 147.3 9.7 45.9 65.2 241.6 92.2 22.6 2.4 10.4 26.4 8.8 24.1 172.8 10.2 8.1 5.8 4.3 8.6 120.4 -15.9 10.4 24.2 2087349.4 1336754.6 96851.9 2825064.7 3471233.0 3227616.2 243616.8 2964603.8 506629.2 3239172.1 301973.5 96973.0 205000.5 95000.0 105519.8 4730.7 97950.7 4480.7 93470.0 101332.6 194802.6 30.7 105.4 78.9 188.4 7.3 4.6 52.0 233.6 93.3 32.1 2.8 11.4 46.3 10.6 20.9 104.2 10.8 5.9 4.9 2.6 8.3 122.9 -15.5 22.3 23.4

1

OverallOperating, Financial & Investment Ratios 200 180 160 140 120

% 10080 60 40 20 0 2003 2004 2005 2006 2007 2008

Gearing ratio

Debt to equity ratio

Current ratio

Key performance indicators

Key prformance ratios

25

14 12

20 10

Rupees

15 8 % 10 6 4 2 0 2003 2004 2005 2006 2007 2008 0 2003 2004 2005 2006 2007 2008

5

EPS (Before tax)

EPS (After tax)

Break-up value per share Dividend ratio to equity Net profit margin

2

PrivateItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

2003135930.3 135265.9 271196.2 1082.4 22739.8 112764.5 136586.6 407828.8

2004189177.8 211634.0 400811.8 1082.4 7546.9 131238.9 139868.2 540680.0

2005220928.2 319837.8 540766.0 3627.2 16484.7 161820.7 181932.6 722698.6

2006

(Million Rupees) 2007 2008

236670.1 308092.5 331719.5 402749.4 479868.0 496546.8 639419.5 787960.5 828266.3 3518.3 10168.4 9445.9 18018.3 31384.0 37155.7 184310.6 231063.9 269600.5 205847.2 272616.3 316202.1 845266.7 1060576.8 1144468.4

105348.1 160047.9 224657.7 266378.1 340787.9 342240.7 53645.4 90921.4 139135.3 108408.3 140648.6 139481.9 51702.7 69126.5 85522.4 157969.8 200139.3 202758.8 130407.7 168720.4 208525.6 260344.2 347485.0 483766.9 99210.3 144697.0 179421.2 200624.0 235366.3 306459.9 334966.1 473465.3 612604.5 727346.3 923639.2 1132467.5 314100.3 393110.6 486178.7 585272.5 784171.9 1050081.5 450686.9 532978.8 668111.3 791119.7 1056788.2 1366283.6 20865.8 80354.7 126425.8 142073.8 139467.3 82386.0 255371.0 270828.5 374633.0 430169.6 511631.4 680680.4 -208752.2 -233062.7 -261521.0 -318894.4 -443384.0 -707840.8 616267.3 386917.0 29158.0 721883.1 724104.7 932476.7 1072793.1 1473687.2 1638845.3 460325.2 596272.5 703192.7 921109.6 1062082.4 37306.1 41702.7 47779.6 66432.8 74855.9 933790.5 1208877.0 1430539.0 1844748.8 2194549.9 2366426.0 2122809.2 243616.8 2039578.0 326848.0 2230507.3 186097.2 82617.3 103479.9 54699.6 45618.6 3907.7 11810.3 3161.7 8648.6 78017.6 86666.2 27.6 107.8 78.7 165.0 4.7 26.8 90.0 249.7 94.3 44.4 3.5 12.1 52.9 9.9 12.5 106.9 5.5 4.4 3.1 1.5 8.0 107.8 -48.3 23.5 25.0

841226.5 1031308.4 1287627.4 1640222.3 1952451.1 732742.5 913080.1 1167237.6 1496605.1 1747226.5 108483.9 118228.3 120389.8 143617.2 205224.6 719248.3 853942.3 1040154.0 1337243.2 1678945.1 121978.2 177366.1 247473.4 302979.1 273506.0 781340.1 922263.0 1116097.4 1427524.6 1812290.0 71311.7 126206.0 195110.0 249914.7 196526.6 23339.4 18046.2 23992.7 38928.3 55508.7 47972.4 108159.8 171117.3 210986.4 141017.9 14716.4 26730.9 39922.5 51181.0 33043.0 25468.9 39909.3 60169.1 89644.3 49877.3 747.4 2206.0 3340.5 3988.0 2252.8 4168.5 7787.1 -3618.6 36945.1 33326.5 33.4 106.7 75.1 166.2 6.7 186.8 110.9 199.5 92.9 32.7 2.8 9.1 30.7 5.9 17.7 130.7 9.4 5.7 3.5 2.5 7.7 116.5 20.7 13.1 20.0 133840.3 41519.6 92320.7 78825.7 171146.4 25.9 120.4 83.6 133.0 11.6 31.0 46.1 211.9 89.4 14.3 1.7 6.7 24.7 6.9 27.0 204.0 10.0 10.5 5.7 4.3 8.9 110.4 54.1 22.8 21.2 182018.6 71025.7 110992.9 112728.4 223721.3 25.2 126.0 89.1 123.5 14.2 39.0 50.4 244.8 86.7 12.3 1.9 6.4 23.3 7.2 31.6 218.0 11.1 13.3 7.7 5.9 8.3 106.5 35.1 24.9 24.5 122568.1 70161.1 52407.0 117940.7 170347.7 24.4 124.3 90.0 123.7 14.7 57.2 69.2 270.2 87.0 15.6 2.4 9.0 24.3 7.3 33.0 178.3 14.0 12.9 8.9 6.8 8.0 114.7 15.6 27.4 27.0 215310.1 58097.6 157212.5 124530.4 281742.9 25.7 117.8 87.8 134.1 7.6 27.0 44.2 255.8 92.8 28.2 2.8 10.8 23.4 8.2 17.9 216.5 6.3 7.2 4.6 3.5 8.4 105.8 -48.3 19.0 25.6

3

PrivateOperating, Financial & Investment Ratios

200 180 160 140 120

%

100 80 60 40 20 0 2003 2004Gearing ratio

2005

2006

2007

2008


Current ratio


Key performance ratios

30 16 25 14 12 20 10

Rupees

15

%

8 6

10 4 5 2 0 2003 2004 2005 2006 2007 2008EPS (Before tax) EPS (After tax) Break-up value per share Dividend ratio to equity Net profit margin

0

2003

2004

2005

2006

2007

2008

4

PublicItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

2003110927.1 65340.6 176267.7 1.0 17388.2 41847.5 59236.7 235504.4

2004116429.8 77595.7 194025.5 1.0 15926.7 65488.4 81416.1 275441.6

2005133275.3 110907.7 244183.0 1.0 14420.3 37010.2 51431.5 295614.5

2006135665.4 98580.0 234245.4 1.0 13247.0 67622.0 80870.0 315115.4

(Million Rupees) 2007 200886417.0 78631.1 165048.1 0.0 13711.4 75922.0 89633.4 254681.5 87704.9 63723.6 151428.5 0.0 12430.1 104882.1 117312.2 268740.7

57117.3 81136.3 76215.7 110279.7 68373.6 67670.2 43582.8 69935.3 49171.0 75733.5 29041.7 27698.0 13534.5 11201.0 27044.7 34546.2 39331.9 39972.2 103859.9 99242.3 128777.7 154277.8 168076.9 220236.2 13386.8 38842.6 27252.7 39943.9 36166.4 67936.2 174364.0 219221.2 232246.1 304501.4 272616.9 355842.6 171725.0 203782.8 198963.7 302763.6 257170.8 361774.1 230961.7 285198.9 250395.2 383633.6 346804.2 479086.3 2639.0 15438.4 33282.4 1737.8 15446.1 -5931.5 85711.1 102733.5 70702.8 126042.0 134713.1 170451.2 -114607.7 -122646.5 -122748.0 -192483.9 -188797.2 -294103.9 453917.3 232865.4 25834.4 407229.4 541252.9 534197.2 7055.7 453190.3 88062.6 496394.0 59619.5 8690.2 50929.3 21329.3 26713.5 492.8 23097.4 2886.5 20210.9 28720.9 48931.8 25.2 101.5 93.7 131.0 12.5 12.5 58.7 158.9 91.7 14.6 1.6 10.1 41.9 11.2 28.9 110.8 15.2 9.4 4.6 2.7 11.5 132.9 43.8 13.1 15.9 426106.6 260003.1 23139.1 479224.3 601525.5 594055.2 7470.3 506218.6 95306.9 548793.3 72999.2 5705.4 67293.8 22873.1 33805.9 57.2 39937.2 10614.8 29322.4 33753.9 63076.3 29.6 107.6 88.5 147.0 14.0 26.6 53.5 166.6 91.2 7.8 0.9 5.6 34.0 7.1 34.7 131.4 17.4 11.2 5.8 3.8 9.7 125.5 26.1 11.1 16.7 526187.7 262331.9 27483.4 494578.0 743589.7 731073.3 12516.4 632569.8 111019.9 698515.7 59348.0 5480.6 53867.4 22755.1 9859.0 58.3 20172.9 21253.3 -1080.4 48736.7 47656.3 17.4 116.7 103.0 102.5 10.9 105.4 102.3 183.2 93.9 9.2 0.7 7.8 42.2 8.9 22.1 315.6 4.0 7.2 4.0 2.3 10.9 150.3 -31.0 23.6 18.3 599183.6 313377.6 28090.5 617879.0 930728.2 909586.1 21142.1 829105.0 101623.2 901293.9 56079.5 10365.5 45714.0 21952.1 12881.4 1775.8 19500.9 10880.5 8620.4 38971.0 47591.4 25.7 100.6 87.4 163.8 7.4 55.8 81.9 172.7 96.8 18.5 1.1 8.2 48.0 8.6 19.5 184.5 5.5 4.9 3.4 1.8 10.4 150.6 -15.0 25.2 17.3 389362.5 239235.6 19792.6 511852.5 448504.1 274672.2 21996.0 630514.8

885471.6 1104807.1 885471.6 1104807.1 0.0 0.0 752181.9 925025.8 133289.7 179781.3 804215.1 1008664.8 99899.3 115876.4 11618.8 14355.8 88280.5 101520.6 27585.3 40300.4 47712.5 59901.1 743.0 823.0 -60433.9 12982.7 -73416.6 32775.3 -40641.3 35.2 106.0 91.9 210.1 17.2 -21.5 -80.6 191.0 90.8 11.6 1.3 8.6 31.2 10.0 53.5 127.2 28.9 10.0 10.2 7.0 9.7 173.0 200.0 -4.9 19.1 86140.4 1319.1 84821.3 23315.1 108136.4 43.7 98.4 79.6 316.4 16.1 1.5 21.6 172.7 91.3 12.4 1.3 8.4 39.7 12.1 67.0 102.2 39.6 9.2 11.6 7.0 9.5 175.2 157.8 20.0 17.3

5

PublicOperating, Financial & Investment Ratios

350 300 250 200

%150 100 50 0 2003 2004Gearing ratio

2005

2006

2007

2008


Current ratio



20 18 16

40 35 30

14

Rupees

12 10 8 6 4 2 0 2003 2004 2005 2006 2007 2008 %

25 20 15 10 5 0 2003 2004 2005 2006 2007 2008

EPS (Before tax)

EPS (After tax)


6

TEXTILE SECTOR

Textile SectorItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

(Million Rupees) 2003 2004 2005 2006 2007 2008

21783.6 23063.4 23232.7 30692.3 32773.5 35318.2 37219.4 46532.9 66875.1 82835.2 103273.6 98892.1 59003.0 69596.3 90107.8 113527.5 136047.1 134210.3 241.9 241.9 1589.6 1632.7 2432.7 1650.0 3821.8 1232.3 3809.7 8509.3 10540.8 4526.2 32490.0 42697.9 56145.9 61886.5 58962.1 70038.0 36553.7 44172.1 61545.2 72028.5 71935.6 76214.2 95556.7 113768.4 151653.0 185556.0 207982.7 210424.5 16460.1 4272.0 12188.1 40714.2 31851.3 89025.6 90334.5 126888.2 -1308.9 89737.3 -73874.4 18250.6 4183.1 14067.5 47823.8 48221.5 114295.9 110989.6 155161.7 3306.3 106246.1 -92739.0 21657.9 5119.6 16538.3 45580.3 65966.8 133205.0 130940.0 192485.2 2265.0 149646.0 -109282.1 42084.2 4836.7 37247.5 51999.6 65342.5 159426.3 150625.6 222654.1 8800.7 173336.9 -108541.4 45664.5 4469.9 41194.6 80538.1 69284.4 195487.0 181364.5 253300.1 14122.5 168521.5 -135700.0 47108.2 3540.6 43567.6 90277.7 91663.7 229049.6 208507.1 284721.3 20542.5 206997.3 -161398.9

151305.8 169461.8 218342.7 258252.5 278657.2 278261.3 96865.6 110462.1 149387.9 176755.2 193860.4 189881.9 8218.3 11239.1 7960.9 11748.3 13181.5 14572.4 185891.2 224758.0 282592.9 336181.5 389347.4 418931.5 188662.0 94170.1 94491.9 168848.0 19814.0 177097.3 13855.5 7208.6 6646.9 1471.3 1517.2 65.8 15739.3 3658.4 12080.9 11876.7 23957.6 38.3 98.6 63.3 215.1 3.6 23.2 49.6 270.9 93.9 52.0 3.8 8.0 22.1 10.2 11.3 341.1 2.6 3.5 3.1 2.4 9.6 101.5 287.5 7.5 27.1 227136.5 187364.1 250294.5 288506.1 315252.1 123172.6 98149.2 139938.1 144851.5 166366.0 103963.9 89214.9 110356.4 143654.6 148886.1 207428.3 164218.8 220338.1 253538.6 278619.8 19708.2 23145.3 29956.4 34967.5 36632.3 216704.8 173186.0 232406.4 266942.1 294700.4 12821.1 17159.6 21874.9 27381.2 32805.1 5788.8 7029.6 14715.2 19380.4 25074.1 7032.3 10130.0 7159.7 8000.8 7731.0 4212.5 1393.1 2072.0 4605.7 15456.2 1124.2 1341.7 1457.6 853.7 1445.1 101.6 572.2 520.0 51.1 615.1 18211.7 1695.6 16516.1 12934.7 29450.8 38.8 103.0 59.5 222.9 3.1 9.3 43.9 301.8 95.4 45.2 2.5 5.4 59.9 10.7 10.1 250.8 1.6 3.1 3.0 1.2 11.9 101.1 -3.2 20.4 30.2 37884.6 7395.2 30489.4 15356.1 45845.5 40.6 101.7 51.4 213.6 3.6 19.5 33.5 387.8 92.4 41.0 3.8 4.7 13.8 13.2 11.2 651.2 1.5 5.4 4.4 3.8 6.9 66.3 46.7 -17.5 38.8 33903.0 3630.1 30272.9 15378.4 45651.3 38.8 105.8 62.5 196.1 2.1 10.7 33.7 369.9 92.9 67.3 5.9 8.5 28.9 11.2 6.3 349.0 1.3 2.9 2.3 1.7 8.3 74.5 -47.7 33.6 37.0 22426.7 2541.4 19885.3 15722.9 35608.2 34.6 107.8 69.6 186.2 2.1 11.3 44.2 415.1 92.5 70.8 6.7 11.5 57.6 11.5 5.9 397.7 0.6 2.8 2.4 1.0 7.3 74.1 4.3 15.3 41.5 2441.8 -9170.3 11612.1 5402.1 17014.2 36.2 109.9 65.9 212.1 1.8 -375.6 31.8 380.0 93.5 76.4 8.0 12.1 199.9 12.7 5.8 -534.6 1.1 2.5 2.2 -2.2 8.0 75.3 -8.3 9.3 38.0

9

Cotton TextilesOperating, Financial & Investment Ratios 250

200

150

%100

50

0 2003 2004 2005 2006 2007 2008

Gearing ratio


Current ratio



45 40 35 30 25

6

5

4 %

Rupees

20 15 10 5 0 -5 2003 2004 2005 2006 2007 2008

3

2

1

0 2003 2004 2005 2006 2007 2008

EPS (Before tax)

EPS (After tax)


10

(Colony) Sarhad Textile Mills Ltd.ItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

(Million Rupees) 200340.0 87.1 127.1 0.0 0.0 343.2 343.2 470.3 5.4 0.4 5.0 110.4 109.3 225.1 149.0 492.2 76.1 343.2 -143.6 510.1 394.2 2.3 619.3 137.0 137.0 0.0 140.8 -3.8 146.4 -9.0 6.6 -15.6 0.6 0.0 0.0 -19.0 -16.2 -2.8 -13.9 -16.7 73.0 151.1 77.7 387.3 -2.5 317.8 106.9 4.8 1.9 0.8 -12.3 0.0 -11.4 -3.9 -4.1 0.6 22.1 62.5 42.9 31.8

200440.0 75.8 115.8 0.0 0.0 343.2 343.2 459.0 5.5 0.5 5.0 116.4 102.2 224.1 157.3 500.5 66.8 343.2 -151.8 510.1 392.2 2.0 616.3 115.0 115.0 0.0 112.2 2.8 119.0 -3.6 7.0 -10.6 0.5 0.0 0.0 -11.3 -11.1 -0.2 -9.1 -9.3 74.8 142.5 77.5 432.2 -1.7 289.5 103.5 6.1 2.0 1.2 -9.2 0.0 -9.2 -2.7 -2.8 0.5 18.7 -30.8 -16.1 29.0

200540.0 63.5 103.5 0.0 0.0 343.9 343.9 447.4 5.3 0.3 5.0 110.1 109.9 225.3 167.9 511.8 57.4 343.9 -162.6 510.1 390.0 1.4 615.3 56.7 56.7 0.0 58.6 -1.9 63.9 -6.7 5.2 -11.9 0.2 0.0 0.0 -11.6 -12.1 0.5 -10.7 -10.2 76.9 134.2 68.7 494.5 -1.9 258.8 112.7 9.2 1.5 0.2 -11.5 0.0 -21.0 -3.0 -3.0 3.6 9.2 11.1 -50.7 25.9

200640.0 38.9 78.9 0.0 0.0 343.9 343.9 422.8 5.3 0.3 5.0 109.7 99.7 214.7 180.2 524.1 34.5 343.9 -174.9 510.1 388.3 1.8 603.0 60.2 60.2 0.0 71.6 -11.4 77.9 -17.4 7.0 -24.4 0.3 0.0 0.0 -24.6 -24.7 0.1 -22.9 -22.8 81.3 119.1 63.8 664.3 -4.0 100.4 100.4 197.3 129.4 -40.2 11.6 2.0 -1.2 0.0 -30.9 0.0 0.0 -40.5 -6.1 -6.2 0.5 10.0 103.3 6.2 19.7

200740.0 13.3 53.3 0.0 0.0 27.4 27.4 80.7 0.2 0.2 0.0 120.7 84.0 204.9 510.8 538.2 -305.9 27.4 -510.6 510.1 386.6 3.3 591.5 36.0 36.0 0.0 47.4 -11.4 51.7 -14.4 7.0 -21.4 0.0 0.0 0.0 -342.1 -21.4 -320.7 -18.1 -338.8 34.0 40.1 23.7 1009.8 -3.6 6.3 5.3 133.3 143.6 -48.6 19.4 25.5 0.0 0.0 -40.2 0.0 0.0 -59.4 -5.4 -5.4 0.8 6.1 -11.5 -40.2 13.3

200840.0 9.2 49.2 0.0 0.0 304.7 304.7 353.9 16.7 0.2 16.5 115.3 84.0 216.0 247.8 552.5 -31.8 304.7 -231.1 509.8 385.6 0.9 601.6 0.0 0.0 0.0 5.6 -5.6 8.9 -7.8 7.0 -14.8 0.0 0.0 32.5 273.2 -14.8 288.0 -13.9 274.1 86.1 87.2 53.3 1123.0 -2.5 -5.4 -5.1 123.0 0.0 -89.7 0.0 2.3 0.0 0.0 -30.1 0.0 0.0 0.0 -3.7 -3.7 0.2 0.0 -31.5 -100.0 12.3

11

(Colony) Thal Textile Mills Ltd.ItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

(Million Rupees) 200355.7 16.7 72.4 0.0 0.0 138.6 138.6 211.0 11.9 11.9 0.0 28.7 10.1 50.7 87.7 226.3 -37.0 158.4 -75.8 324.7 248.0 10.7 298.7 215.4 0.0 215.4 221.8 -6.4 232.3 -16.9 10.4 -27.3 1.1 0.0 0.0 0.1 -28.4 28.5 -17.7 10.8 65.7 57.8 46.3 312.6 -9.1 -28400.0 -163.9 130.0 107.8 4.8 6.6 3.2 -37.7 0.0 -12.7 -4.9 -5.1 4.1 72.1 69.0 -32.3 13.0

200455.7 79.5 135.2 0.0 0.0 135.8 135.8 271.0 34.6 34.6 0.0 50.1 24.7 109.4 219.3 355.1 -109.9 161.2 -184.7 487.9 380.8 10.6 490.2 369.6 369.6 0.0 361.4 8.2 383.6 -12.9 8.0 -20.9 0.0 0.0 0.0 60.0 -20.9 80.9 -10.3 70.6 50.1 49.9 38.6 262.6 -4.3 -34.8 -14.6 242.7 103.8 2.2 5.0 3.5 -15.5 0.0 -5.7 -3.8 -3.8 4.3 75.4 -22.4 71.6 24.3

200555.7 82.2 137.9 0.0 0.0 162.2 162.2 300.1 7.1 7.1 0.0 40.1 75.5 122.7 225.7 387.9 -103.0 251.2 -218.6 470.3 403.3 10.2 526.0 542.2 542.2 0.0 516.1 26.1 531.2 15.2 10.8 4.4 2.4 0.0 0.0 29.1 2.0 27.1 12.2 39.3 54.0 54.4 20.9 281.3 0.8 6.9 31.0 247.6 98.0 71.1 2.0 4.3 54.5 5.0 3.2 0.0 0.8 0.8 0.4 2.7 103.1 -121.1 46.7 24.8

200655.7 101.5 157.2 0.0 0.0 157.1 157.1 314.3 3.9 3.9 0.0 34.8 95.9 134.6 197.3 354.4 -62.7 266.0 -193.4 461.7 377.1 13.2 511.7 881.4 881.4 0.0 831.3 50.1 868.4 13.2 19.7 -6.5 4.4 0.6 0.0 14.2 -11.5 25.7 1.7 27.4 50.0 68.2 19.6 225.4 -1.3 -81.0 6.2 282.2 98.5 149.2 2.2 7.4 -67.7 1.8 -4.1 -1816.7 0.4 -0.7 -1.2 -2.0 3.3 172.2 -250.0 62.6 28.2

200755.7 52.5 108.2 0.0 0.0 275.0 275.0 383.2 1.6 1.6 0.0 53.7 85.2 140.5 138.1 413.1 2.4 359.3 -136.5 478.8 380.8 14.0 521.3 777.4 777.4 0.0 748.5 28.9 765.1 12.3 25.9 -13.6 3.9 0.0 0.0 68.9 -17.5 86.4 -3.5 82.9 71.8 101.7 40.0 381.8 -2.6 -25.4 -4.2 194.3 98.4 210.6 3.3 7.2 -28.7 2.4 -12.6 0.0 0.0 -1.7 -2.4 -3.1 3.7 149.1 100.0 -11.8 19.4

200855.7 18.1 73.8 0.0 0.0 203.1 203.1 276.9 3.3 3.3 0.0 47.9 52.6 103.8 195.1 398.2 -91.3 276.4 -191.8 479.6 368.2 13.4 472.0 374.9 374.9 0.0 374.1 0.8 383.6 -8.7 23.9 -32.6 1.9 0.0 22.2 -106.3 -34.5 -71.8 -21.1 -92.9 73.3 53.2 26.2 539.6 -6.9 32.5 22.7 132.5 102.3 -274.7 6.4 8.6 -5.8 6.0 -44.2 0.0 0.0 -8.7 -5.9 -6.2 3.5 79.4 145.8 -51.8 13.2

12

Accord Textiles Ltd.ItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

(Million Rupees) 200393.0 -481.2 -388.2 0.0 0.0 320.4 320.4 -67.8 14.1 14.1 0.0 15.4 11.4 40.9 432.2 752.6 -391.3 425.8 -418.1 449.9 323.5 17.1 364.4 268.5 268.5 0.0 304.3 -35.8 304.3 -35.7 0.0 -35.7 1.3 0.0 0.0 -100.7 -37.0 -63.7 -19.9 -83.6 9.5 6.8 -9.8 -417.4 113.3 0.0 0.0 3.4 -13.3 -3.8 -4.0 5.0 73.7 5.4 5.9 -41.7

200493.0 -319.2 -226.2 0.0 0.0 418.5 418.5 192.3 8.2 8.2 0.0 28.0 47.5 83.7 198.7 617.2 -115.0 607.0 -190.5 449.6 307.2 16.2 390.9 273.2 273.2 0.0 303.0 -29.8 308.9 -16.5 1.1 -17.6 1.4 0.0 0.0 260.1 -19.0 279.1 -2.8 276.3 217.6 42.1 18.2 -4.5 -7.3 -1.0 -243.2 113.1 0.4 0.2 0.8 -6.4 -1.9 -2.0 5.0 69.9 -50.0 1.8 -24.3

200593.0 -81.8 11.2 0.0 0.0 179.3 179.3 190.5 2.7 2.7 0.0 21.2 63.0 86.9 199.5 378.8 -112.6 216.9 -196.8 457.1 302.9 11.8 389.8 192.4 192.4 0.0 210.4 -18.0 214.4 -22.0 0.0 -22.0 0.8 0.0 0.0 -1.8 -22.8 21.0 -11.0 10.0 94.1 43.6 12.0 3382.1 -5.6 -110.0 12.0 111.4 0.0 0.0 1.1 -196.4 0.0 -11.4 -2.4 -2.5 3.8 49.4 26.3 -29.6 1.2

200693.0 -405.2 -312.2 0.0 0.0 81.0 81.0 -231.2 2.2 2.2 0.0 28.9 69.0 100.1 618.9 699.9 -518.8 192.2 -616.7 456.5 287.8 15.1 387.9 269.3 269.3 0.0 306.9 -37.6 311.6 1.5 2.6 -1.1 1.3 0.0 0.0 -421.7 -2.4 -419.3 12.7 -406.6 0.0 16.2 5.0 0.0 -0.3 0.6 -3.1 -335.7 115.7 173.3 1.0 1.4 -118.2 0.9 0.0 0.0 0.0 -0.4 -0.1 -0.3 5.0 69.4 -95.8 40.0 -33.6

200793.0 -437.5 -344.5 0.0 0.0 285.1 285.1 -59.4 1.1 1.1 0.0 36.1 13.0 50.2 383.1 668.2 -332.9 290.7 -382.0 456.5 273.5 14.2 323.7 387.9 387.9 0.0 415.4 -27.5 419.8 -31.6 0.9 -32.5 1.9 0.0 0.0 171.8 -34.4 206.2 -20.2 186.0 0.0 13.1 9.7 0.0 -10.0 -20.0 -10.9 -370.4 108.2 -2.8 0.2 0.3 -5.8 1.4 0.0 0.0 0.0 -8.4 -3.5 -3.7 4.9 119.8 3400.0 44.0 -37.0

200893.0 -443.7 -350.7 0.0 0.0 229.8 229.8 -120.9 0.4 0.4 0.0 6.8 11.6 18.8 399.6 629.4 -380.8 234.0 -399.2 456.5 259.9 13.6 278.7 378.8 378.8 0.0 380.9 -2.1 384.5 -5.7 0.5 -6.2 1.9 0.0 0.0 -61.5 -8.1 -53.4 5.5 -47.9 0.0 4.7 1.8 0.0 -2.2 13.2 -11.5 -377.1 101.5 -8.8 0.1 0.2 -30.6 0.4 0.0 0.0 0.0 -1.6 -0.7 -0.9 5.0 135.9 -80.0 -2.3 -37.7

13

Adil Textile Mills Ltd.ItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

(Million Rupees) 200377.3 32.2 109.5 0.0 0.0 94.2 94.2 203.7 0.6 0.6 0.0 26.1 37.6 64.3 274.7 368.9 -210.4 201.5 -274.1 632.7 414.1 20.6 478.4 125.6 62.6 63.0 446.5 -320.9 461.4 -335.6 13.6 -349.2 2.1 0.0 0.0 -177.5 -351.3 173.8 -330.7 -156.9 46.2 23.4 9.7 336.9 -73.0 141.7 367.4 10.8 6.7 0.8 -318.9 0.0 -278.0 -45.2 -45.4 3.8 26.3 6357.1 -76.3 14.2

200477.3 34.3 111.6 0.0 0.0 102.8 102.8 214.4 0.4 0.4 0.0 32.5 96.3 129.2 351.5 454.3 -222.3 172.8 -351.1 658.3 436.6 19.6 565.8 371.8 185.6 186.2 367.0 4.8 385.4 -12.7 8.7 -21.4 1.7 0.0 0.0 10.7 -23.1 33.8 -3.5 30.3 47.9 36.8 9.4 407.1 -3.8 -215.9 -11.6 144.4 103.7 2.3 5.0 0.8 -19.2 0.0 -5.8 -2.8 -3.0 4.7 65.7 -93.8 196.0 14.4

200577.3 34.3 111.6 0.0 0.0 93.7 93.7 205.3 33.5 33.5 0.0 37.9 181.0 252.4 506.9 600.6 -254.5 342.8 -473.4 713.1 459.6 15.6 712.0 316.0 205.1 110.9 292.8 23.2 304.5 12.7 11.7 1.0 1.5 0.0 0.0 -9.1 -0.5 -8.6 15.1 6.5 45.6 49.8 14.1 538.2 0.1 232.3 144.4 96.4 92.1 3.7 3.4 150.0 4.1 0.9 0.0 0.3 0.1 -0.1 3.6 44.4 -103.6 -15.0 14.4

200677.3 10.5 87.8 0.0 0.0 85.6 85.6 173.4 0.3 0.3 0.0 36.8 74.2 111.3 411.9 497.5 -300.6 270.3 -411.6 743.8 473.9 19.8 585.2 310.6 257.9 52.7 290.4 20.2 306.9 5.5 26.5 -21.0 1.6 0.0 0.0 -31.9 -22.6 -9.3 -2.8 -12.1 49.4 27.0 9.0 566.6 -3.6 70.8 23.1 113.6 98.8 481.8 8.5 9.8 -7.6 2.2 -23.9 0.0 0.0 -6.8 -2.7 -2.9 4.3 53.1 -2800.0 -1.7 11.4

200777.3 -26.1 51.2 0.0 0.0 53.6 53.6 104.8 0.2 0.2 0.0 37.2 51.1 88.5 436.5 490.1 -348.0 130.7 -436.3 740.2 452.7 20.5 541.2 210.7 210.7 0.0 210.0 0.7 218.1 -6.5 29.0 -35.5 1.1 0.0 0.0 -68.6 -36.6 -32.0 -16.1 -48.1 51.1 20.3 8.6 957.2 -6.6 53.4 33.5 66.2 103.5 -446.2 13.8 22.2 -3.1 3.3 -69.3 0.0 0.0 -16.8 -4.6 -4.7 4.3 38.9 70.4 -32.2 6.6

200877.3 -52.0 25.3 0.0 0.0 23.6 23.6 48.9 0.0 0.0 0.0 47.2 17.6 64.8 449.4 473.0 -384.6 65.3 -449.4 740.2 433.3 20.5 498.1 44.1 44.1 0.0 62.5 -18.4 68.4 -24.1 1.5 -25.6 0.2 0.0 0.0 -55.9 -25.8 -30.1 -5.3 -35.4 48.3 14.4 10.5 1869.6 -5.1 46.2 15.0 32.7 155.1 -6.2 3.4 2.3 -0.8 37.4 -101.2 0.0 0.0 -58.0 -3.3 -3.3 4.5 8.9 -28.3 -79.1 3.3

14

Ahmed Hassan Textile Mills Ltd.ItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

(Million Rupees) 2003113.9 198.8 312.7 0.0 0.0 260.8 260.8 573.5 0.6 0.6 0.0 143.3 131.0 274.9 336.0 596.8 -61.1 452.4 -335.4 932.1 634.7 55.2 909.6 1305.4 629.4 676.0 1190.0 115.4 1229.6 80.3 38.9 41.4 13.6 13.7 0.0 110.2 14.1 96.1 69.3 165.4 45.5 81.8 42.8 190.9 4.6 12.8 41.9 274.5 94.2 48.4 3.0 8.6 32.9 4.8 13.2 202.9 4.4 3.2 3.6 2.4 11.2 143.5 20.0 10.4 27.5

2004125.3 221.7 347.0 0.0 0.0 216.0 216.0 563.0 0.2 0.2 0.0 202.2 228.6 431.0 500.7 716.7 -69.7 555.7 -500.5 995.1 632.7 66.3 1063.7 1845.7 826.6 1019.1 1748.4 97.3 1795.2 51.6 36.0 15.6 5.7 0.0 0.0 -10.5 9.9 -20.4 76.2 55.8 38.4 86.1 40.4 206.5 1.5 136.6 276.9 97.3 69.8 2.0 6.5 36.5 5.3 4.5 0.0 0.8 1.2 0.8 10.4 173.5 -66.7 41.4 27.7

2005125.3 275.4 400.7 0.0 0.0 464.9 464.9 865.6 0.6 0.6 0.0 214.8 414.9 630.3 726.8 1191.7 -96.5 1036.6 -726.2 1372.0 962.2 47.6 1592.5 1386.0 727.1 658.9 1247.0 139.0 1286.3 100.3 40.2 60.1 7.4 0.0 0.0 302.6 52.7 249.9 100.3 350.2 53.7 86.7 29.6 297.4 3.8 17.4 28.6 319.8 92.8 40.1 2.9 3.9 12.3 6.9 15.0 0.0 4.3 4.8 4.2 7.5 87.0 300.0 -24.9 32.0

2006125.3 245.0 370.3 0.0 0.0 431.7 431.7 802.0 8.4 8.4 0.0 223.9 432.5 664.8 860.3 1292.0 -195.5 1099.1 -851.9 1505.6 997.6 99.6 1662.4 2054.6 1081.3 973.3 1855.9 198.7 1907.1 150.4 121.6 28.8 11.7 0.0 0.0 -63.6 17.1 -80.7 116.7 36.0 53.8 77.3 27.0 348.9 1.7 -26.9 324.2 295.5 92.8 80.9 5.9 11.1 40.6 5.4 7.8 0.0 0.0 1.4 2.3 1.4 10.4 123.6 -52.1 48.2 29.6

2007144.1 225.7 369.8 0.0 0.0 453.2 453.2 823.0 5.3 5.0 0.3 236.9 426.1 668.3 1033.3 1486.5 -365.0 959.3 -1028.0 1726.2 1188.1 107.8 1856.4 2169.7 1101.8 1067.9 1988.7 181.0 2037.1 133.5 130.7 2.8 0.0 0.0 0.0 21.0 2.8 18.2 110.6 128.8 55.1 64.7 23.4 402.0 0.2 13.3 85.9 256.6 93.9 97.9 6.0 13.6 0.0 4.7 0.8 0.0 0.0 0.1 0.2 0.2 10.6 116.9 -91.3 5.6 25.7

2008144.1 691.5 835.6 0.0 0.0 676.6 676.6 1512.2 1.3 1.0 0.3 268.9 582.8 853.0 1357.8 2034.4 -504.8 1573.6 -1356.5 2651.5 2017.0 121.3 2870.0 2556.3 1279.8 1276.5 2350.5 205.8 2473.6 84.6 188.3 -103.7 13.2 0.0 0.0 689.2 -116.9 806.1 4.4 810.5 44.7 62.8 19.9 243.5 -3.6 -17.0 0.5 579.9 96.8 222.6 7.4 12.0 -12.7 6.3 -12.4 0.0 0.0 -4.1 -7.2 -8.1 10.2 89.1 -3700.0 17.8 58.0

15

Al-Azhar Textile Mills Ltd.ItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

(Million Rupees) 200385.5 -58.3 27.2 0.0 26.1 382.0 408.1 435.3 1.5 1.5 0.0 26.5 31.0 59.0 72.0 480.1 -13.0 447.1 -70.5 722.8 448.2 44.9 507.2 488.3 480.2 8.1 507.7 -19.4 513.5 -23.4 11.5 -34.9 2.4 0.0 0.0 -33.5 -37.3 3.8 7.6 11.4 93.8 81.9 38.9 1765.1 -6.9 66.7 31.8 105.2 2.4 2.6 0.3 -128.3 0.0 -7.1 -4.1 -4.4 9.2 96.3 -295.2 -1.1 3.2

200485.5 -52.1 33.4 0.0 0.0 361.8 361.8 395.2 4.5 4.5 0.0 32.5 80.6 117.6 130.1 491.9 -12.5 390.8 -125.6 712.8 407.7 40.5 525.3 650.7 564.1 86.6 634.2 16.5 640.8 10.4 34.5 -24.1 2.9 0.0 0.0 -40.1 -27.0 -13.1 13.5 0.4 91.5 90.4 28.4 1472.8 -4.6 3375.0 39.1 98.5 331.7 5.3 8.8 1.6 -72.2 0.0 -3.7 -2.8 -3.2 9.0 123.9 -31.7 33.3 3.9

200585.5 -57.1 28.4 0.0 24.6 287.8 312.4 340.8 5.5 5.5 0.0 30.1 49.2 84.8 127.8 440.2 -43.0 421.1 -122.3 726.6 383.8 27.7 468.6 375.9 113.2 262.7 367.3 8.6 377.2 -0.1 25.0 -25.1 1.7 0.0 0.0 -54.4 -26.8 -27.6 0.9 -26.7

200685.5 -57.1 28.4 0.0 24.6 287.8 312.4 340.8 5.5 5.5 0.0 30.1 49.2 84.8 127.8 440.2 -43.0 421.1 -122.3 726.6 383.8 27.7 468.6 375.9 113.2 262.7 367.3 8.6 377.2 -0.1 25.0 -25.1 1.7 0.0 0.0 0.0 -26.8 26.8 0.9 27.7

200785.5 -99.9 -14.4 0.0 0.0 326.2 326.2 311.8 1.9 1.9 0.0 110.6 2.0 114.5 201.7 527.9 -87.2 326.2 -199.8 431.0 398.9 32.1 513.4 555.1 549.1 6.0 549.0 6.1 560.7 -5.6 23.9 -29.5 0.0 0.0 0.0 -29.0 -29.5 0.5 2.6 3.1 104.6 56.8 55.8 0.0 -5.7 101.7 83.9 -16.8 101.0 -426.8 4.3 7.3 0.0 11.6 0.0 0.0 0.0 -5.3 -3.5 -3.5 0.0 108.1 20.7 47.7 -1.7

200885.5 -99.9 -14.4 0.0 0.0 326.2 326.2 311.8 1.9 1.9 0.0 110.6 2.0 114.5 201.7 527.9 -87.2 326.2 -199.8 431.0 398.9 32.1 513.4 555.1 549.1 6.0 549.0 6.1 560.7 -5.6 23.9 -29.5 0.0 0.0 0.0 0.0 -29.5 29.5 2.6 32.1 104.6 56.8 55.8 0.0 -5.7 0.0 8.1 -16.8 101.0 -426.8 4.3 7.3 0.0 11.6 0.0 0.0 0.0 -5.3 -3.5 -3.5 0.0 108.1 0.0 0.0 -1.7

91.7 91.7 66.4 66.4 27.9 27.9 1550.0 1550.0 -5.4 -5.4 0.0 3.2 33.2 33.2 100.3 100.3 - -25000.0 6.7 6.7 5.9 5.9 -6.8 3.0 3.0 -88.4 -88.4 0.0 -6.7 -2.9 -3.1 6.8 80.2 3.6 -42.2 3.3 0.0 0.0 -6.7 -2.9 -3.1 6.8 80.2 0.0 0.0 3.3

16

Al-Qadir Textile Mills Ltd.ItemsA.Capital Structure: 1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Laibilities 7.Total Fixed Laibilities (A4+A5+A6) 8.Total Capital Employed (A3+A7) B.Liquidity: 1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5) C.Fixed Assets: 1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2) D.Operation: 1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued E.Sources of Increase In Capital Employed: 1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2) F.Cash Flow Data 1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1) G.Operating Financial & Investment Ratios: 1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3) H.Key Performance Indicators: 1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

(Million Rupees) 200375.6 201.4 277.0 0.0 0.0 140.7 140.7 417.7 28.0 28.0 0.0 82.5 28.6 139.1 132.2 272.9 6.9 199.8 -104.2 0.0 410.8 0.0 549.9 787.7 430.4 357.3 737.5 50.2 759.5 30.1 29.7 0.4 6.3 0.0 0.0 -25.0 -5.9 -19.1 -5.9 -25.0 33.7 105.2 83.6 98.5 0.1 366.4 96.4 98.7 3.8 14.9 1575.0 8.1 0.1 0.0 0.1 0.1 -0.8 0.0 143.2 -50.0 11.1 36.6

200475.6 200.5 276.1 0.0 0.0 124.7 124.7 400.8 13.0 13.0 0.0 32.3 84.4 129.7 119.5 244.2 10.2 158.9 -106.5 792.8 390.6 23.3 520.3 946.4 592.0 354.4 901.0 45.4 917.7 29.0 24.6 4.4 4.3 0.0 0.0 -16.9 0.1 -17.0

BSA 2003-2008

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Transcript of BSA 2003-2008