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

(2001-2006)

STATE BANK OF PAKISTANSTATISTICS AND DWH DEPARTMENT

Contents

Page 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 585 594 595 607 608 624 625 709 710 - 713 7 - 252 253- 286 287 341 342 406 407 463 464 481 482 517 518 562 563 584 12 3-4 5-6 ii iii - xi xii xvi xvii

The TeamSajjad Hussain Muhammad Jaweed Akhtar Musharraf Hussain sajjad.hussain@sbp.org.pk muhammad.jaweed@sbp.org.pk musharraf.hussain@sbp.org.pk

IntroductionI. Preliminaries The analysis is based on the published balance sheets of non-financial companies listed at the Karachi Stock Exchange during the year 2006. For the purpose of comparison, the analysis of the previous five years from 2001 through 2005 is also included in the publication. The number of companies included in the statistical analysis varied from year to year. All the listed companies during 2006 have been classified into economic groups based on the classification adopted by the Karachi Stock Exchange (except financial sector, grouping of Tobacco, Jute, Vanaspati & Allied and others into miscellaneous). The year-wise distribution of companies classified according to the respective economic group is as under: Table: 1 Distribution of companies by economic group. Economic Group Cotton and Other Textiles Chemicals Engineering Sugar and Allied Industries Paper and Board Cement Fuel and Energy Transport Miscellaneous Total: Year 2003 2004 199 38 44 37 13 22 24 7 79 463 189 36 42 35 12 22 25 13 77 451

2001 225 38 47 37 14 22 26 7 90 506

2002 208 36 46 37 14 22 24 7 87 481

2005 182 34 41 35 12 22 28 15 74 443

2006 181 34 41 35 10 22 28 12 73 436

During 2006, no any companies were added whereas seven companies were excluded from the analysis. Balance sheets of sixteen companies 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.

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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, patents, trade mark) and adverse balance of profit and loss figures. The reserves entering into the calculation are: (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) General Capital Development Dividend equalization Proposed issue of bonus shares Profit on re-issue of forfeited shares Premium on shares Capital profit arising from the sale of fixed assets Special reserves under relevant provision of Income Tax Act

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: 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.

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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 realizable 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 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) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) Cash in hand Cash in transit Current deposits Saving deposits Call deposits Fixed deposits Deposits held abroad Government and corporate securities Savings and Unit Trust Certificates Debentures stock of local or foreign companies

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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) (ii) (iii) (iv) Book debts including bad and doubtful debts Stores Work in progress(current) Advances, prepayments, etc.

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

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(d) Non-Current Liabilities These are liabilities, which are required to be discharged after one year. Usually their maturity time period is more than one year, but less than five years. (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) (xii) (xiii) (xiv) Raw material price equalization Tax equalization Contingency Leave passage Workmens compensation fund Gratuity, pension or provident fund Investment depreciation but not including provision for actual shortfall of market value as compared with book value Publicity Employees housing and welfare fund Charities Deferred liabilities Taxation reserves including deferred taxation reserves, but not including provision for assessed or estimated on actual or part of profits

3. Total Liabilities This item pertains to sum of total fixed liabilities and current liabilities except shareholders equity. 4. Net Current Assets It has been obtained by deducting the amount of current liabilities from current assets. 5. 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). 6. 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: -

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(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.

(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. 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:

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i) ii) iii) iv)

Cost of sales Administrative and general expenses Selling and distribution expenses Other expenses

4. Operating Profit Subtracting overhead and other expenses from gross sales and adding thereto-non-operating income gives operating profit. 5. Financial Expenses These are interest expense incurred on borrowing of long and short terms loans. It includes the following items; (i) (ii) (iii) (iv) (iv) (v) (vi) (vii) (viii) (ix) (x) 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.

6. Net Profit before Tax Provision It is the profit earned by the company during the year before tax provision. 7. Tax Provision It is provision of taxation made on current years profit. 8. Total Amount of Dividend It is the total dividend including interim dividend distributed or proposed to be distribute out of the current years profit 9. 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 (-).

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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. 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.

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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. 7. Cash Flow Ratio This ratio has a purpose somewhat similar to the self-financing ratio described under F.3 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. 11. 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 12. 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.

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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. 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 growth momentum of non-financial companies listed at Karachi Stock Exchange (KSE), which started in 2002 continued during the year 2006. The robust increase was seen in fuel & energy, cement, engineering and textiles. All indicators showed improvement in terms of total capital employed, liquidity, working capital, fixed assets, operational activities, net profit, etc. Brief review of the important indicators during years 2005 and 2006 is given below.

Capital StructureThe overall position of non-financial companies listed at Karachi Stock Exchange (KSE) during 2005 and 2006 indicate that total paid up capital of ordinary shareholders increased by Rs.20.04 billion i.e. 5.68% from Rs.352.88 billion in 2005 to Rs.372.92 billion in 2006,where as the same was increased by Rs.47.28 billion or 15.47% in 2005 over 2004. 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

2006 185,607.0 35,035.9 90,606.6 59,625.3 28,100.5 26,288.0 133,029.9 346,164.0 205,910.0 9,017.1 2,671.4 -573.2 38,228.7 1,159,711.2

2005 151,110.4 33,587.4 85,041.3 47,083.9 24,155.4 14,950.3 81,307.9 342,984.4 185,493.7 7,700.3 1,556.9 -718.1 37,540.5 1,011,794.3

CHANGE (%)

22.83 4.31 6.54 26.64 16.33 75.84 63.83 0.93 11.01 17.10 71.58 20.18 1.83 14.62

Total shareholders equity increased by 11.84% from Rs. 782.66 billion to Rs.875.36 billion during 2006. Total fixed liabilities have been increased by 24.10% with Rs. 229.13 billion in 2005 and Rs.284.36 billion in 2006. A comparison of growth, in the compositions of capital structure in the current year with that of the previous year yields: 2005 over 2004 31.57 % 3.55 % 23.98 % 2006 over 2005 11.84 % 24.10 % 14.62 %

Shareholders equity Total fixed liabilities Total capital employed

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This shows that growth have been observed in all areas. The pace of growth remained sluggish during the year particularly in case of the shareholders equity. The reason was non induction of new company at KSE during the year. The growth of total fixed liabilities was very high. This indicates that the demand of finance from banks and other financial institutions have been raised sharply. The increase in ordinary share capital and reserve & surpluses during the year was 5.68% and 16.91% respectively. The main sectors contributed in the increase of reserve & surplus were jute by 118.02%, cement by 102.93% and paper & board by 57.11%.Figure 1: Capital Structure of Non-Financial sector-20061200 1000 1159.7

Billion Rupees

800 600 400 372.9 200 0 Paid-up Capita l Surplus 502.4

875.4

284.3

Sha reholders equityTotal fixed liabilities

Total capital employed

LiquidityThe analysis indicates that the overall liquid assets of non-financial sector increased by 26.01% from Rs.299.53 billion in 2005to Rs.377.43 billion in 2006. The major increases were in the sectors of fuel & Figure 2: Aggregate Composition of Assets energy by Rs. 29.61 billion, 400.0 textiles by Rs. 300.0 21.09 billion, cement by 200.0 Rs.12.29 billion, 100.0 transport & communication 0.0 by Rs. 9.5 billion, -100.0 and paper & 2001 2002 2003 2004 2005 2006 board by Rs.3.03 70.6 74.3 97.2 160.9 188.2 184.9 Ca sh and bank balances billion where as a 36.9 45.6 65.2 80.3 111.3 192.5 Investments decrease of 107.5 119.9 162.5 241.1 299.5 377.4 Liquid Assets Rs.2.72 billion -46.4 10.2 23.6 95.8 161.1 145.1 Working capital has been witnessed in the engineering sector. The position of cash and bank balance showed a decrease of Rs.3.21 billion i.e.1.71% and short-term investment increased by Rs.91.11 billion i.e.72.85% during the year under review.Billion Rupees

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The position of working capital (net current assets) was Rs. 145.05 billion in 2006 which decreased by 9.96% during the year. The total liabilities of corporate sector (non-financial) increased by 28.39% i.e from Rs.910.38 billion in 2005 to Rs.1,168.84 billion in 2006, and financial expenses increased by 68.53% from Rs.29.17 billion in 2005 to Rs.49.16 billion in 2006.

Fixed AssetsThe fixed assets (overall) after deducting accumulated depreciation (book value) amounted to Rs.850.70 billion in 2005 which increased by 19.27%. to Rs.1,014,.66 billion in 2006. The total assets Figure 3 : Compo sition of Assets which were 2500.0 Rs.1,693.05 2000.0 billion in 2005 1500.0 increased by 20.71% to 1000.0 Rs.2,044.21 500.0 billion in 2006. This 0.0 2001 2002 2003 2004 2005 2006 indicates that 591.5 605.8 619.8 720.3 850.7 1014.7 during Fixed Assets (book value) current year 1043.6 1070.0 1129.1 1413.0 1693.0 2044.2 Total a ssets although the amount invested in the capital expenditure was increased and the pace remained same as in the previous year i.e 19.82%. Comparison of fixed assets in terms of book value and market value from 2001 through 2006 is illustrated in figure3.

Operational ActivitiesThe gross sales of all non-financial listed companies were Rs.2,026.66 billion in 2005 which Figure 4: Gross Sales and Cost of Sales increased by Rs.541.47 3000.0 billion or 2500.0 26.72% to 2000.0 Rs.2,568.13 billion in 2006. 1500.0 The local sale 1000.0 increased by 500.0 Rs.510.64 0.0 2001 2002 2003 2004 2005 2006 billion or 1177.5 1222.5 1382.4 1632.8 2026.7 2568.1 Gross sales 26.96% i.e 1025.7 1035.7 1172.4 1360.2 1668.5 2163.0 Cost of sales from Rs.1,893.75 billion in 2005 to Rs.2,404.39 billion in 2006.B illion Rupee

Billion Rupees

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Export sales increased by Rs.30.83 billion or 23.20% in the current year over the preceding year. Cost of goods sold stood at Rs.2,163.05 billion in 2006, showing an increase of 29.64% compared with the previous year. The gross profit increased by Rs.46.94 billion or 13.11%, from Rs.358.14 billion in 2005 to Rs.405.08 billion in 2006. The major sectors which contributed in increase were fuel and energy by Rs.27.18billion, cement by Rs.10.01 billion, textile by Rs.7.81 billion and engineering by Rs.7.31 billion. Net profit before taxes at Rs.224.97 billion in 2005, increased by Rs.32.43 billion or 14.42% to Rs.257.40 billion in 2006. Major sectors contributed in the increase were fuel and energy Rs.34.55 billion, cement Rs.6.61 billion and engineering Rs.6.20 billion. A sharp decrease in profit has been witnessed in the sectors of transport & communication Rs.19.39 billion and textile Rs.1.92 billion. Out of the profit amount retained in the business was Rs.99.28 billion in 2005 which decreased by Rs.17.89 billion or 18.02% to Rs.81.39 billion in 2006. The finance inducted from outside sources of of the business Figure 5: Net Profit and Retention was Rs.103.39 billion in 2005, 300 .0 decreased by 35.66% to 250 .0 Rs.66.52 200 .0 billion in 2006 as compared 150 .0 with a decrease 100 .0 of 14.37% in the previous 50 .0 year. This indicates that 0 .0 for listed -50 .0 companies, 2001 200 2 2 003 2004 2005 20 06 expansion of 54.5 6 9.7 98.9 1 75.4 225.0 257 .4 business slow Net pr ofit ( befo re taxes) downed during -5.4 -0.2 10.7 52.1 92 .3 81.4 Reten tion in business the year, i.e. dependencies on debts from banks and financial institutions declined due to increasing financial expenses ( an increase of 68.52% during the year) and also decreasing in their equity base. Return on assets, which was 13.3% in 2005 decreased up to 12.6% in 2006. This shows downfall of capital market in the country during the year.

Key Financial RatiosSundry debtors ratio to gross sales indicates a decrease of 0.1%, from 7.9% in 2005 to 7.8% in 2006. This is a good sign for corporate business that debt receivable on sales has declined consistently during the preceding years. Dividend ratio to equity, which was 8.9% in 2005 increased up to 11.7% in 2006.

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This is also a good indicator that with the increase of only 5.68% in paid-up capital, corporate sectors dividend payout have been increased by 2.8%. It is to be noted that companies issued bonus shares during the year which is 79.0% more than what was issued in the previous year. Earning per share after tax, which was Rs.4.6 per share in 2005, increased to Rs.4.9 per share in 2006 (i.e. net increase of 6.52% in the value per share during the

Figure 6: Key Financial Ratios14 .0 12 .0

Percentage

10 .0 8 .0 6 .0 4 .0 2 .0 0 .0 2001 2002 9.3 10.3 2003 8.0 11.7 2 004 7 .0 12.4 20 05 7.9 8.9 2006 7.8 11 .7

Sund ry deb tots as % of gross sales Dividend ratio to eq uity

10.2 11.3

current year). The ratio of gross sales to total assets, which was 119.7% in 2005, increased to 125.6% in 2006. This is a positive sign for the growth of corporate sector that rising assets succeeded in promoting more sales. Overall it is evident that during the year 2006 the listed companies of non- financial sector performed well in many respects although there has been noted a decline in the retained earnings as compared to the previous year.

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Table: Key performance Indicators By Economic Groups for the Year 2006(Million Rupees)

Economic Groups Key Performance Indicators

Paper and Board

Sugar and Allied

Other Textiles

Textile Sector

Overall

Allied Industries

Fuel and Energy

Vanaspati &

Engineering

Chemicals

Transport

Industires

Tobacco

Cement

Paid -up-Capital

352,886.1

31,304.3

9,581.3

39,943.9

9,236.1

6,189.4

1,659.6

34,864.8

142,310.7

86,429.0

3,188.8

437.9

367.4

7,266.5

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

70,028.1

1,457.6

269.6

12,223.7

6,441.1

261.2

729.1

2,289.0

66,237.2

408.9

2,661.0

1.9

0.0

9,782.4

3,398.8

766.7

0.0

632.7

1,233.4

146.8

8.2

687.5

1,811.9

358.8

123.2

13.9

0.0

195,672.7

34,496.6

1,448.5

5,565.3

12,541.4

3,941.5

5,436.3

51,722.0

3,179.6

20,416.3

1,316.8

1,114.5

144.9

231.8

408.1

703.4

194.3

220.1

418.1

238.5

691.8

140.2

2,541.9

133.2

30,736.8

-

Others 201.2 688.2 75.4 29.6 9.0 29.3 13.3 10.1 8.0 144.0 23.5 45.4

8.9

1.3

1.1

15.0

12.8

1.6

5.6

3.1

21.3

0.3

29.5

Jute 0.1

11.1

3.3

4.3

15.2

8.3

2.3

14.6

21.1

10.2

12.6

9.3

13.1

-1.0

28.7

7.1

9.5

37.1

41.9

9.4

18.3

22.9

42.5

15.7

58.2

34.1

Earning per share before tax Earning per share after tax Avg. Annual depreciation as % of fixed assets Sale as % of total assets Sales growth

6.4

2.6

2.5

7.6

22.9

2.4

14.4

4.9

9.3

2.5

16.5

20.3

-0.1

4.6

1.9

2.0

5.9

15.3

1.8

10.5

4.5

6.5

1.2

11.1

13.3

-1.8

9.2

8.3

9.3

8.9

8.4

6.7

10.4

3.9

9.2

11.6

14.7

9.5

4.3

119.7

75.0

84.1

119.3

181.7

102.0

80.8

45.5

194.1

57.4

383.9

145.5

241.7

24.1

34.6

5.8

9.2

25.5

38.9

15.5

37.8

36.0

-2.0

4.4

38.6

2.0

Breakup value of ordinary shares (in Rs)

22.2

36.8

26.3

20.4

54.7

25.9

78.3

21.4

21.9

15.9

28.3

59.4

-30.7

xvii

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: (1)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 (1)Local sales (2)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) 2001189760.6 128977.1 318737.7 187.2 53363.9 172799.3 226350.4 545088.1 107563.7 70642.3 36921.4 344591.7 0.0 452155.4 498535.8 724886.2 -46380.4 419627.3 -390972.1

2002228069.5 204867.4 432936.9 889.6 43881.9 138313.0 183084.5 616021.4 119967.8 74346.5 45621.3 344220.7 0.0 464188.5 453948.4 637032.9 10240.1 331725.1 -333980.6

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

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

2005352886.1 429775.3 782661.4 3556.2 28054.2 197522.3 229132.7 1011794.1 299530.0 188180.2 111349.8 336626.2 206191.0 842347.2 681253.6 910386.3 161093.6 440415.5 -381723.6

2006372923.7 502441.2 875364.9 2242.3 31265.3 250838.7 284346.3 1159711.2 377435.3 184970.3 192465.0 413204.0 238909.3 1029548.6 884494.5 1168840.8 145054.1 552697.7 -507059.2

955846.4 1018106.4 1070184.5 1150211.4 1447298.8 1667290.6 591468.6 605781.2 619782.4 720328.2 850700.4 1014657.0 50577.8 58696.6 54992.4 60445.2 68785.1 75694.0 1043624.0 1069969.7 1129112.5 1413014.9 1693047.6 2044205.6 1177502.5 1062582.4 114920.1 1025683.9 151818.6 1091766.7 108926.0 54376.9 54549.1 23956.0 35969.6 3258.2 -8848.1 -5376.5 -3471.6 1222526.2 1114222.2 108304.0 1035742.9 186783.3 1124120.7 117713.5 47999.2 69714.3 25405.3 44537.1 1878.8 70933.3 -228.1 71161.4 1382479.4 1266939.7 115539.7 1172438.6 210040.8 1277734.1 130931.4 32029.6 98901.8 36045.8 52182.3 1240.2 1632833.9 1507135.3 125698.6 1360160.9 272673.0 1471056.3 199205.3 23751.7 175453.6 49604.0 73715.2 2263.2 2026658.5 1893752.3 132906.2 1668514.2 358144.3 1810272.8 254141.3 29172.7 224968.6 62660.2 70028.1 3398.8 2568130.5 2404393.5 163737.0 2163050.7 405079.8 2325427.9 306556.7 49160.0 257396.7 73446.0 102554.8 6077.0

27265.8 172834.0 195672.7 147917.1 10673.7 52134.4 92280.3 81395.9 16592.1 120699.6 103392.4 66521.2 65666.1 112579.6 161065.4 157089.9 82258.4 233279.2 264457.8 223611.1 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 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 22.6 123.6 93.4 116.3 13.3 47.2 60.9 221.8 89.3 11.5 1.4 6.6 27.9 7.9 28.7 231.8 8.9 11.1 6.4 4.6 9.2 119.7 12.3 24.1 22.2 24.5 116.4 89.4 133.5 12.6 55.0 70.3 234.7 90.5 16.0 1.9 8.9 28.5 7.8 29.4 179.4 11.7 10.0 6.9 4.9 8.8 125.6 7.8 26.7 23.5

45201.3 58468.5 41729.7 129629.9 41.5 90.7 90.7 227.4 5.2 108.3 168.0 92.7 49.9 4.6 13.0 43.9 10.2 17.1 85.1 11.3 4.6 2.9 1.6 8.8 112.8 42.4 17.4 16.8 29.7 102.3 102.3 147.1 6.5 -0.3 45.1 189.8 92.0 40.8 3.9 14.5 36.4 9.3 16.1 99.5 10.3 5.7 3.1 1.9 10.0 114.3 6.9 3.8 19.0

1

OverallOperating, Financial & Investment Ratios 250

200

150

%100

50

0 2001 2002 2003 2004 2005 2006

Gearing ratio

Debt to equity ratio

Current ratio

Key performance indicators

Key prforman ce ratios

25

14 12

20

10

Rupees

15

8 %10

6 4 2

5

0 200 1 2002 2003 2004 EPS (Before tax) Break-up value per share 2005 2006

0 2001 2002 2003 2004 2005 2006

EP S (After tax)

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: (1)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 (1)Local sales (2)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) 2001113610.2 109625.3 223235.5 36.2 34612.7 109051.9 143700.8 366936.3 64541.1 37403.9 27137.2 220787.8 0.0 285328.9 285710.7 429411.5 -381.8 278989.4 -221169.6

2002130775.8 120089.6 250865.4 738.6 31593.9 120416.4 152748.9 403614.3 80406.8 46443.6 33963.2 220198.3 0.0 300605.1 277107.6 429856.5 23497.5 263751.9 -196700.8

2003135930.3 135265.9 271196.2 1082.4 22739.8 112764.5 136586.6 407828.8 105348.1 53645.4 51702.7 130407.7 99210.3 334966.1 314100.3 450686.9 20865.8 255371.0 -208752.2

2004189177.8 211634.0 400811.8 1082.4 7546.9 131238.9 139868.2 540680.0 160047.9 90921.4 69126.5 168720.4 144697.0 473465.3 393110.6 532978.8 80354.7 270828.5 -233062.7

2005219610.8 318867.6 538478.4 3555.2 13634.0 160512.1 177701.3 716179.7 223314.4 139009.3 84305.1 207848.5 178938.3 610101.2 482289.9 659991.2 127811.3 369712.8 -258975.5

2006237013.2 403528.7 640541.9 2241.3 18018.3 183171.9 203431.5 843973.4 267141.7 109222.8 157918.9 258777.9 198682.7 724602.3 581435.2 784866.7 143167.1 426368.0 -314293.5

548059.5 578171.1 616267.3 724104.7 921111.1 1069443.1 367318.1 380116.7 386917.0 460325.2 588368.5 700806.6 26683.1 31051.2 29158.0 37306.1 41301.7 47590.1 652647.0 680721.8 721883.1 933790.5 1198469.7 1425408.9 715948.8 607178.3 108770.5 617179.8 98769.0 661119.0 69947.9 38658.5 31289.4 10491.0 18811.1 1687.6 6140.8 1987.3 4153.5 28670.4 32823.9 39.2 99.9 99.9 192.4 4.8 32.4 87.3 196.5 92.3 55.3 5.4 13.9 33.5 7.7 14.0 110.6 8.4 4.4 2.8 1.8 7.6 109.7 33.3 14.3 19.7 744098.0 639188.0 104910.0 634151.0 109947.0 683603.1 70507.6 32093.8 38413.8 10924.4 24450.2 1592.9 36678.0 3039.2 33638.8 34090.4 67729.2 37.8 108.5 108.5 171.3 5.6 8.3 50.3 191.8 91.9 45.5 4.3 12.2 28.4 6.5 15.3 112.4 9.7 5.2 2.9 2.1 8.5 109.3 3.6 3.9 19.2 841226.5 732742.5 108483.9 719248.3 121978.2 781340.1 71311.7 23339.4 47972.4 14716.4 25468.9 747.4 1031308.4 913080.1 118228.3 853942.3 177366.1 922263.0 126206.0 18046.2 108159.8 26730.9 39909.3 2206.0 1283068.8 1162679.0 120389.8 1035944.4 247124.4 1111757.2 194793.2 23692.1 171101.1 39905.1 60169.1 3340.5 1636818.1 1494226.2 142591.9 1333439.6 303378.5 1423625.6 250402.5 38741.8 211660.7 51491.0 89673.4 4301.2

4168.5 133840.3 175499.7 127793.7 7787.1 41519.6 71026.9 70496.3 -3618.6 92320.7 104472.8 57297.4 36945.1 78825.7 112328.6 118086.4 33326.5 171146.4 216801.4 175383.8 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 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 24.8 126.5 89.4 122.6 14.3 40.5 51.8 245.2 86.6 12.2 1.8 6.4 23.3 7.2 31.8 218.0 11.2 13.3 7.8 6.0 8.3 107.1 36.8 24.4 24.5 24.1 124.6 90.5 122.5 14.8 55.2 67.3 270.3 87.0 15.5 2.4 9.1 24.3 7.3 33.0 178.6 14.0 12.9 8.9 6.8 8.0 114.8 14.1 27.6 27.0

3

Private

Operating, Financial & Investment Ratios

350 300 250 200

%150 100 50 0 2001 2002 2003 2004 2005 2006Current ratio Gearing ratio Debt to equity ratio

Key performance indicators

Key performance ratios

10

20

8

15

Rupees

6 %

104

5

2

0 2001 2002 2003 2004 2005 2006 EPS (Before tax) Break-up value per share EPS (Af ter tax)

0 2001 2002 2003 2004 2005 2006

Dividend ratio to equity

Net profit margin

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: (1)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 (1)Local sales (2)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) 2001 2002 2003 2004 2005 2006

76150.4 97293.6 110927.1 116429.8 133275.3 135910.4 19351.8 84777.8 65340.6 77595.7 110907.7 98912.5 95502.2 182071.4 176267.7 194025.5 244183.0 234822.9 151.0 151.0 1.0 1.0 1.0 1.0 18751.3 12287.9 17388.2 15926.7 14420.3 13247.0 63747.4 17896.7 41847.5 65488.4 37010.2 67666.7 82649.7 30335.6 59236.7 81416.1 51431.5 80914.7 178151.9 212407.0 235504.4 275441.6 295614.5 315737.6 43022.6 33238.4 9784.2 123803.8 0.0 166826.4 212825.1 295474.8 -45998.7 140638.0 -169802.5 39561.0 27902.9 11658.1 124022.4 0.0 163583.4 176840.8 207176.4 -13257.4 67973.2 -137279.8 57117.3 43582.8 13534.5 103859.9 13386.8 174364.0 171725.0 230961.7 2639.0 85711.1 -114607.7 81136.3 69935.3 11201.0 99242.3 38842.6 219221.2 203782.8 285198.9 15438.4 102733.5 -122646.5 76215.7 49171.0 27044.7 128777.7 27252.7 232246.1 198963.7 250395.2 33282.4 70702.8 -122748.0 110293.8 75747.6 34546.2 154426.1 40226.5 304946.4 303059.2 383973.9 1887.2 126329.6 -192765.4

407786.9 439935.3 453917.3 426106.6 526187.7 597847.5 224150.5 225664.5 232865.4 260003.1 262331.9 313850.4 23894.6 27645.4 25834.4 23139.1 27483.4 28103.9 390976.9 389247.9 407229.4 479224.3 494578.0 618796.8 461553.7 455404.2 6149.6 408504.1 53049.7 430647.7 38978.1 15718.3 23259.8 13465.0 17158.6 1570.5 -14988.7 -7363.8 -7624.9 16530.8 8905.9 46.4 78.4 78.4 309.4 5.9 185.6 125.4 93.3 40.3 3.4 11.2 57.9 14.2 24.4 57.1 18.0 5.0 3.1 1.3 10.5 118.1 82.4 22.5 12.5 478428.2 475034.2 3394.0 401591.9 76836.3 440517.6 47205.9 15905.4 31300.5 14480.9 20086.9 285.9 34255.1 -3267.3 37522.4 24378.1 61900.5 14.3 92.5 92.5 113.8 8.0 -9.5 39.4 187.1 92.1 33.7 3.3 23.4 46.3 13.6 17.2 83.7 11.0 6.5 3.2 1.7 12.3 122.9 3.2 3.7 18.7 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 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 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 931312.3 910167.3 21145.0 829611.1 101701.2 901802.2 56154.1 10418.2 45735.9 21955.1 12881.4 1775.8 20123.1 10899.4 9223.7 39003.3 48227.0 25.6 100.6 87.3 163.5 7.4 54.2 80.9 172.8 96.8 18.6 1.1 8.2 48.0 8.6 19.5 184.6 5.5 4.9 3.4 1.7 10.4 150.5 -15.0 25.2 17.3

5

Public

Operating, Financial & Investment Ratios

350 300 250 200

%150 100 50 0 2001 2002 2003 2004 2005 2006Current ratio Gearing ratio Debt to equity ratio

Key performance indicators

Key performance ratios

20 18 16 14

20 18 16 14 12%

Rupees

12 10 8 6 4

10 8 6 4

2

20 2001 2002 2003 2004 2005 2006

0 2001 2002 2003 2004 2005 2006

EPS (Before tax) Break-up value per share

EPS (After tax) Dividend ratio to equity Net profit margin

6

TEXTILESECTOR

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: (1)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 (1)Local sales (2)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.Net profit as % of shareholders' equity (D7 as % of A3) 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) 200122257.7 24090.5 46348.2 0.0 5054.9 25895.9 30950.8 77299.0

200221457.3 27871.6 49328.9 241.9 3103.3 27143.3 30488.5 79817.4

2003

2004

2005

2006

21783.6 23063.4 23112.7 31304.3 37219.4 46532.9 66841.4 83989.3 59003.0 69596.3 89954.1 115293.6 241.9 241.9 1589.6 1032.7 3821.8 1232.3 3809.7 8509.3 32490.0 42697.9 55757.0 60771.4 36553.7 44172.1 61156.3 70313.4 95556.7 113768.4 151110.4 185607.0 42751.6 5485.0 37266.6 51416.1 64266.9 158434.6 148610.5 218923.9 9824.1 171083.0 -105858.9

10422.9 10620.6 16460.1 18250.6 21656.8 4072.5 3492.4 4272.0 4183.1 5118.5 6350.4 7128.2 12188.1 14067.5 16538.3 65932.8 63049.8 40714.2 47823.8 45525.7 0.0 0.0 31851.3 48221.5 65691.3 76355.7 73670.4 89025.6 114295.9 132873.8 82664.2 80747.1 90334.5 110989.6 130339.7 113615.0 111235.6 126888.2 155161.7 191496.0 -6308.5 -7076.7 -1308.9 3306.3 2534.1 82175.5 76386.6 89737.3 106246.1 148929.0 -72241.3 -70126.5 -73874.4 -92739.0 -108682.9

132902.2 138188.2 151305.8 169461.8 217467.7 257976.5 83607.6 86894.1 96865.6 110462.1 148576.5 175782.8 6694.2 7381.4 8218.3 11239.1 7899.7 11630.8 159963.3 160564.5 185891.2 224758.0 281450.3 334217.4 180500.2 175510.6 188662.0 227136.5 186278.1 250768.9 89464.5 88314.0 94170.1 123172.6 97063.2 140261.6 91035.7 87196.6 94491.9 103963.9 89214.9 110507.3 156204.7 156573.9 168848.0 207428.3 163189.9 219870.1 24295.5 18936.7 19814.0 19708.2 23088.2 30898.8 164807.1 165213.1 177097.3 216704.8 172147.2 232011.7 17398.9 11882.6 13855.5 12821.1 17111.2 22765.3 12697.4 10089.3 7208.6 5788.8 6997.1 14566.4 4701.5 1793.3 6646.9 7032.3 10114.1 8198.9 1580.8 1424.3 1471.3 4212.5 1387.6 2249.9 2268.3 1372.7 1517.2 1124.2 1341.7 1457.6 49.0 324.7 65.8 101.6 572.2 766.7 5514.9 852.4 4662.5 7546.6 12209.1 40.0 92.4 92.4 245.1 2.9 15.5 61.8 208.2 91.3 73.0 7.0 15.5 33.6 11.4 10.1 137.6 4.9 2.6 416.1 276.2 9.0 112.8 -68.1 11.5 20.8 2518.4 -1003.7 3522.1 6377.7 9899.8 38.2 91.2 91.2 225.5 1.1 -39.9 64.4 229.9 94.1 84.9 5.7 13.2 79.4 8.9 3.6 26.9 2.8 1.0 0.8 0.2 9.1 109.3 -61.9 -2.8 23.0 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 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 37342.0 7384.8 29957.2 15284.5 45241.7 40.5 101.9 51.5 212.9 3.6 19.8 33.8 389.2 92.4 40.9 3.8 4.7 13.7 13.3 11.2 650.4 1.5 5.4 4.4 3.8 6.9 66.2 46.7 -18.0 38.9 408.1 1.3 3.3 2.6 1.9 8.3 75.0 -40.9 34.6 36.8 34496.6 4491.4 30005.2 16122.2 46127.4 37.9 106.6 63.4 189.9 2.5 13.0 35.0 368.3 92.5 64.0 5.8 8.5 27.4 11.0 7.1

9

Cotton TextilesOperating, Financial & Investment Ratios 4 50 4 00 3 50 3 00 2 50

%2 00 1 50 1 00 50 0 2 001 2002 2003 2004 2005 2006

Gearing ratio

Debt to equity ratio

Current ratio

Key perf ormance indicators

Key performance ratios

40 35 30 25

6

5

4

Rupees

20 15

%

3

2 10 5 0 2001 2002 2003 EPS (Before tax) Break-up value per share 2004 2005 2006 0 2001 EP S (After tax) Dividend ratio to equity Net profit margin 2002 2003 2004 2005 2006 1

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: (1)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 (1)Local sales (2)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) 200140.0 116.0 156.0 0.0 0.0 343.9 343.9 499.9 6.0 1.0 5.0 220.3 0.0 226.3 125.5 469.4 100.8 396.2 -119.5 512.9 399.2 4.3 625.5 132.5 132.5 0.0 137.4 -4.9 143.7 -10.6 3.1 -13.7 0.6 0.0 0.0 -41.9 -14.3 -27.6 -10.0 -37.6 68.8 180.3 180.3 300.9 -2.2 390.0 108.5 2.3 0.8 0.1 -8.8 0.0 -10.3 -3.4 -3.6 1.1 21.2 -41.4 87.9 39.0

200240.0 105.4 145.4 0.0 0.0 343.9 343.9 489.3 5.6 0.6 5.0 222.4 0.0 228.0 134.4 478.3 93.6 396.2 -128.8 510.1 395.7 2.2 623.7 95.9 95.9 0.0 100.3 -4.4 104.9 -6.6 3.0 -9.6 0.4 0.0 0.0 -10.6 -10.0 -0.6 -7.8 -8.4 70.3 169.6 169.6 329.0 -1.5 363.5 109.4 3.1 0.8 3.0 -6.6 0.0 -10.0 -2.4 -2.5 0.6 15.4 -29.4 -27.6 36.4

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

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: (1)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 (1)Local sales (2)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) 200155.7 63.2 118.9 0.0 0.0 30.4 30.4 149.3 1.5 1.5 0.0 39.6 0.0 41.1 158.1 188.5 -117.0 112.8 -156.6 380.3 266.2 13.0 307.3 500.9 500.9 0.0 461.5 39.4 474.2 27.5 15.3 12.2 2.5 0.0 0.0 -13.2 9.7 -22.9 22.7 -0.2 20.4 26.0 26.0 158.5 4.0 213.5 94.7 55.6 3.1 13.6 20.5 2.2 10.3 0.0 2.4 2.2 1.7 4.8 163.0 -21.4 34.4 21.3

200255.7 45.3 101.0 0.0 0.0 109.9 109.9 210.9 0.2 0.2 0.0 39.8 0.0 40.0 88.4 198.3 -48.4 147.1 -88.2 324.4 259.3 11.4 299.3 318.0 318.0 0.0 315.8 2.2 326.8 -4.9 11.0 -15.9 1.6 0.0 0.0 61.6 -17.5 79.1 -6.1 73.0

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

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

52.1 65.7 45.2 57.8 45.2 46.3 196.3 312.6 -5.3 -9.1 -28.4 -28400.0 -8.4 -163.9 181.3 130.0 102.8 107.8 3.5 4.8 7.5 6.6 3.7 3.2 -15.7 -37.7 0.0 -5.0 -2.9 -3.1 4.3 106.2 -231.8 -36.5 18.1 0.0 -12.7 -4.9 -5.1 4.1 72.1 69.0 -32.3 13.0

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: (1)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 (1)Local sales (2)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) 200193.0 -394.8 -301.8 0.0 0.0 414.7 414.7 112.9 2.5 2.5 0.0 42.7 0.0 45.2 291.1 705.8 -245.9 480.6 -288.6 450.4 358.7 19.1 403.9 277.3 277.3 0.0 295.8 -18.5 301.7 -22.5 7.5 -30.0 1.2 0.0 0.0 -76.8 -31.2 -45.6 -12.1 -57.7 367.3 15.5 15.5 -7.4 -324.5 108.8 2.7 1.6 1.1 -10.8 -3.2 -3.4 5.1 68.7 -557.1 26.4 -32.5

200293.0 -427.3 -334.3 0.0 0.0 367.2 367.2 32.9 0.4 0.4 0.0 27.6 0.0 28.0 336.0 703.2 -308.0 430.4 -335.6 450.7 340.9 18.1 368.9 253.5 253.5 0.0 275.8 -22.3 282.4 -26.5 8.0 -34.5 1.1 0.0 0.0 -80.0 -35.6 -44.4 -17.5 -61.9 1116.1 8.3 8.3 -9.4 -359.5 111.4 3.2 1.9 3.0 -13.6 -3.7 -3.8 5.0 68.7 15.6 -8.6 -35.9

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

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: (1)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 (1)Local sales (2)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) 200177.3 40.4 117.7 0.0 0.0 313.7 313.7 431.4 0.6 0.6 0.0 156.4 0.0 157.0 272.5 586.2 -115.5 476.7 -271.9 745.1 546.8 28.1 703.8 636.8 603.1 33.7 579.2 57.6 592.7 44.6 25.1 19.5 3.2 3.9 0.0 -9.8 12.4 -22.2 40.5 18.3 72.7 57.6 57.6 498.0 2.8 221.3 152.3 93.1 56.3 3.9 5.3 16.4 1.4 16.6 417.9 3.3 3.1 2.5 2.1 5.2 90.5 -63.2 33.3 15.2

200277.3 32.1 109.4 0.0 0.0 271.8 271.8 381.2 1.3 1.3 0.0 137.3 0.0 138.6 295.6 567.4 -157.0 404.6 -294.3 762.6 538.2 27.0 676.8 529.3 400.0 129.3 488.7 40.6 508.1 22.1 27.1 -5.0 3.5 0.0 0.0 -50.2 -8.5 -41.7 18.5 -23.2 71.3 46.9 46.9 518.6 -0.7 141.5 96.0 122.6 5.1 6.7 0.7 -4.6 0.0 -0.9 -0.6 -1.1 4.9 78.2 -127.9 -16.9 14.2

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

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: (1)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 (1)Local sales (2)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) 2001113.9 160.1 274.0 0.0 0.0 200.0 200.0 474.0 0.1 0.1 0.0 133.0 0.0 133.1 147.1 347.1 -14.0 258.2 -147.0 695.0 488.0 21.2 621.1 875.5 473.0 402.5 787.5 88.0 813.2 62.3 23.6 38.7 12.2 12.5 0.0 255.4 14.0 241.4 35.2 276.6 42.2 90.5 90.5 126.7 6.2 5.5 12.7 240.6 92.9 37.9 2.7 9.1 31.5 5.7 14.1 212.0 4.6 4.4 3.4 2.3 10.9 141.0 -77.9 20.0 24.1

2002113.9 176.0 289.9 0.0 0.0 173.4 173.4 463.3 0.1 0.1 0.0 154.5 0.0 154.6 185.6 359.0 -31.0 266.5 -185.5 745.5 494.3 44.8 648.9 1182.7 543.1 639.6 1055.7 127.0 1100.4 83.1 49.3 33.8 4.2 13.7 0.0 -10.7 15.9 -26.6 60.7 34.1 37.4 83.3 83.3 123.8 5.2 178.0 254.5 93.0 59.3 4.2 18.5 12.4 3.0 11.7 216.1 4.7 2.9 3.0 2.6 9.2 182.3 -11.8 35.1 25.5

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

15

Ahmed Spinning 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: (1)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 (1)Local sales (2)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) 20014.0 8.8 12.8 0.0 0.0 0.0 0.0 12.8 8.2 0.0 8.2 0.2 0.0 8.4 1.3 1.3 7.1 0.1 6.9 16.1 5.5 0.0 13.9 0.0 0.0 0.0 0.0 0.0 0.1 -0.1 0.0 -0.1 0.0 0.0 0.0 0.0 -0.1 0.1 -0.1 0.0 0.0 646.2 646.2 10.2 -0.7 320.0 0.0 -0.8 0.0 -0.3 -0.3 0.0 0.0 -114.3 32.0

20024.0 7.1 11.1 0.0 0.0 0.0 0.0 11.1 6.7 0.0 6.7 0.2 0.0 6.9 1.4 1.4 5.5 0.0 5.3 16.1 5.5 0.0 12.4 0.0 0.0 0.0 0.0 0.0 1.7 -1.7 0.0 -1.7 0.0 0.0 0.0 -1.7 -1.7 0.0 -1.7 -1.7 0.0 492.9 492.9 12.6 -13.7 277.5 -15.3 0.0 -4.3 -4.3 0.0 0.0 4100.0 27.8

20034.0 6.3 10.3 0.0 0.0 0.0 0.0 10.3 6.1 0.0 6.1 0.2 0.0 6.3 1.5 1.5 4.8 0.0 4.6 16.1 5.5 0.0 11.8 0.0 0.0 0.0 0.0 0.0 0.1 -0.8 0.0 -0.8 0.0 0.0 0.0 -0.8 -0.8 0.0 -0.8 -0.8 0.0 420.0 420.0 14.6 -6.8 257.5 -7.8 0.0 -2.0 -2.0 0.0 0.0 -54.5 25.8

20044.0 8.8 12.8 0.0 0.0 0.0 0.0 12.8 9.1 0.0 9.1 0.3 0.0 9.4 2.0 2.0 7.4 0.0 7.1 12.3 5.5 0.0 14.9 0.0 0.0 0.0 0.0 0.0 0.5 -0.5 0.0 -0.5 0.0 0.0 0.0 2.5 -0.5 3.0 -0.5 2.5 0.0 470.0 470.0 15.6 -3.4 -20.0 -20.0 320.0 -3.9 0.0 -1.3 -1.3 0.0 0.0 -35.0 32.0

20054.0 5.4 9.4 0.0 0.0 0.0 0.0 9.4 9.2 0.2 9.0 0.1 0.0 9.3 1.3 1.3 8.0 0.0 7.9 16.1 1.3 0.0 10.6 0.0 0.0 0.0 0.0 0.0 4.2 0.6 0.0 0.6 0.0 0.0 0.0 -3.4 0.6 -4.0 0.6 -3.4 0.0 715.4 715.4 13.8 5.7 235.0 0.0 0.0 6.4 0.0 1.5 1.5 0.0 0.0 -215.4 23.5

20064.0 5.7 9.7 0.0 0.0 0.0 0.0 9.7 9.5 0.5 9.0 0.1 0.0 9.6 1.2 1.2 8.4 0.0 8.3 3.2 1.3 0.1 10.9 0.0 0.0 0.0 0.0 0.0 0.9 0.5 0.0 0.5 0.2 0.0 0.0 0.3 0.3 0.0 0.4 0.4 0.0 800.0 800.0 12.4 4.6 100.0 100.0 242.5 0.0 0.0 0.0 0.0 40.0 0.0 5.2 0.0 0.0 0.0 1.3 0.8 7.7 0.0 -13.3 24.3

16

Aisha Cotton 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: (1)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 (1)Local sales (2)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) 2001119.4 -361.8 -242.4 0.0 0.0 262.0 262.0 19.6 3.3 3.3 0.0 144.8 0.0 148.1 506.3 768.3 -358.2 378.4 -503.0 473.0 377.8 22.9 525.9 442.4 270.3 172.1 404.5 37.9 427.5 15.1 8.3 6.8 2.2 4.5 0.0 -317.5 0.1 -317.6 23.0 -294.6 1336.7 29.3 29.3 1.3 -203.0 96.6 55.0 1.9 2.2 32.4 15.3 102.2 1.5 0.6 0.4 5.7 84.1 20.0 28.8 -20.3

2002119.4 -386.2 -266.8 0.0 0.0 230.4 230.4 -36.4 0.3 0.3 0.0 159.1 0.0 159.4 583.1 813.5 -423.7 315.9 -582.8 502.0 387.2 19.7 546.6 428.8 176.7 252.1 413.2 15.6 441.5 -12.7 16.1 -28.8 2.1 0.0 0.0 -56.0 -30.9 -25.1 -11.2 -36.3 27.3 27.3 -5.3 -223.5 103.0 3.8 5.1 17.1 -6.7 -2.4 -2.6 5.2 78.4 -500.0 -3.1 -22.3

2003119.4 -401.5 -282.1 0.0 0.0 200.4 200.4 -81.7 2.9 2.9 0.0 73.9 175.1 251.9 709.3 909.7 -457.4 314.8 -706.4 505.0 375.7 14.6 627.6 257.7 252.6 5.1 235.8 21.9 247.9 10.0 24.2 -14.2 1.3 0.0 0.0 -45.3 -15.5 -29.8 -0.9 -30.7 35.5 10.8 -2.3 -236.3 96.2 242.0 9.4 7.7 5.5 -5.5 -1.2 -1.3 3.8 41.1 -50.0 -39.9 -23.6

2004119.4 -404.5 -285.1 0.0 0.0 50.9 50.9 -234.2 0.1 0.1 0.0 54.3 46.1 100.5 705.1 756.0 -604.6 101.4 -705.0 505.0 370.5 5.5 471.0 131.8 131.8 0.0 194.7 -62.9 202.7 -70.3 7.5 -77.8 0.7 0.0 0.0 -152.5 -78.5 -74.0 -73.0 -147.0 14.3 7.7 -16.5 -238.8 153.8 5.7 7.4 2.3 -59.0 -6.5 -6.6 1.5 28.0 441.7 -48.9 -23.9

2005119.4 -397.2 -277.8 0.0 0.0 0.0 0.0 -277.8 0.2 0.2 0.0 21.1 33.0 54.3 662.6 662.6 -608.3 83.4 -662.4 466.9 330.5 1.9 384.8 46.6 46.6 0.0 46.1 0.5 51.1 52.8 8.1 44.7 0.2 0.0 0.0 -43.6 44.5 -88.1 46.4 -41.7 8.2 3.2 11.6 -232.7 109.7 15.3 17.4 9.7 0.4 20.0 95.9 3.7 3.7 0.5 12.1 -156.9 -64.6 -23.3

2006119.4 -397.2 -277.8 0.0 0.0 0.0 0.0 -277.8 0.2 0.2 0.0 21.1 33.0 54.3 662.6 662.6 -608.3 83.4 -662.4 466.9 330.5 1.9 384.8 46.6 46.6 0.0 46.1 0.5 51.1 52.8 8.1 44.7 0.2 0.0 0.0 0.0 44.5 -44.5 46.4 1.9 0.0 8.2 3.2 0.0 11.6 0.0 2442.1 -232.7 109.7 15.3 17.4 9.7 0.4 20.0 0.0 0.0 0.0 95.9 3.7 3.7 0.5 12.1 0.0 0.0 -23.3

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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: (1)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 (1)Local sales (2)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