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Financial Ratios 2010 2011

PROFITABILITY

Operating Profit Margin 35% 44%

Net Profit Margin 20% 15%

Net Income/Net Worth 0.27 0.25

TURNOVER EFFICIENCY

Days Receivable 6.77 1.67

Days Inventory (CGS) 82.98 145.90

Days Payable (CGS) 362.45 409.86LIQUIDITY

Current Ratio 0.83 0.81

Quick Ratio 0.77 0.71

LEVERAGE

Total Liabilities/Net Worth 6.19 4.42

Long Term Liab./Net Worth 5.00 3.47

Debt Service Coverage Ratio 5.48 2.23

Interest Coverage 4.85 1.90

Total Liabilities/Total Assets 0.86 0.82

Total LT Liabilities/Total Assets 0.70 0.64

Balance Sheet 2010 2011 YOY

Cash & Marketable Securities 1,835,951 592,873 -68%

Short-Term Investment 2,452,285 3,901,719 59%

Receivables 352,944 143,379 -59%

Income Statement 2010 2011 YOY

NET SALES 19,017,508 100% 31,352,880 100% 65%

Cost Of Goods Sold (excl. Depr. & RM) 3,938,835 21% 4,589,011 15%17%

Raw Material 5,379,537 28% 6,898,995 22%

Administration, Selling & General Expense (excl.

HTP) 1,365,716 7% 1,654,392 5% 21%

Handling and Transportation of Product (HTP) 928,738 5% 1,140,151 4%

Depreciation 789,448 4% 3,132,016 10% 297%

OPERATING PROFIT 6,615,234 35% 13,938,315 44% 111%

Other Operating Income 457,989 2% 1,164,479 4% 154%

Other Expenses 516,124 3% 581,947 2% 13%

PROFIT BEFORE INTEREST & TAXES 6,557,099 34% 14,520,847 46% 121%Interest 1,351,108 7% 7,643,994 24% 466%

PROFIT BEFORE TAX 5,205,991 27% 6,876,853 22% 32%

Tax Current Payable 1,476,395 8% 2,288,567 7% 55%

NET INCOME 3,729,596 20% 4,588,286 15% 23%

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Inventory 895,457 1,834,393 105%

Stores & Spares 3,392,080 4,209,593 24%

Advances to Associated Undertakings 2,638 183,713 6864%

Prepaid Expenses, Advances & Deposits 2,609,327 1,410,513 -46%

Disputed Tax/CED Payments 1,770,476 1,869,058 6%

Other Receivables 111,349 192,171 73%TOTAL CURRENT ASSETS 13,422,507 14,337,412 7%

Net Fixed Assets 84,370,221 86,332,162 2%

Long-term loans & advances 111,515 72,651 -35%

Intangible Assets 149,238 134,769 -10%

TOTAL LONG TERM ASSETS 84,630,974 86,539,582 2%

TOTAL ASSETS 98,053,481 100,876,994 3%

Short Term Debt 970,126 3,780 -100%Accounts Payable 3,911,349 5,153,078 32%

Accrued mark-up on loans 1,981,620 2,087,719 5%

Derivative Financial Instruments 673,387 424,659 -37%

Long Term Debt - Current Portion 8,672,182 10,019,444 16%

TOTAL CURRENT LIABILITIES 16,208,664 17,688,680 9%

Borrowings 62,660,140 56,398,432 -10%

Subordinated Loan 1,500,000 3,000,000 100%

Derivative Financial Instruments\ 1,061,732 544,951 -49%

Deferred Liabilities 2,580,644 4,521,281 75%

Employee Housing Subsidy 347,886 19,144 -94%

Retirement Benefits 54,823 87,448 60%

TOTAL LONG TERM LIABILITIES 68,205,225 64,571,256 -5%

TOTAL LIABILITIES 84,413,889 82,259,936 -3%

Share Capital 10,728,000 10,728,000 0%

Share Premium 11,144 11,144 0%

Employee Reserve 58673 58,397 0%

Hedging Reserve (887,277) (497,821) -44%Unappropriated Profit 3,729,052 8,317,338 123%

TOTAL NET WORTH 13,639,592 18,617,058 36%

TOTAL LIABILITIES & EQUITY 98,053,481 100,876,994