BALANCE SHEET ANALYSIS OF JOINT STOCK COMPANIES LISTED ON THE KARACHI STOCK EXCHANGE

(1999-2004)

STATE BANK OF PAKISTANSTATISTICS DEPARTMENT

NALYSIS

ANIES

RACHI STOCK

KISTAN

Contents

Introduction Methodology Executive Summary Analytical Tables I. Overall (a) Private Sector (b) Public Sector II. Economic Groups 1. Cotton & other Textiles (a) Cotton Textiles (b) Other Textiles 2. Chemicals 3. Engineering 4. Sugar & Allied Industries 5. Paper & Board 6. Cement 7. Fuel & Energy 8. Transport 9. Miscellaneous (a) Tobacco (b) Jute (c) Vanaspati & Allied Industries (d) Others III. Individual Companies Data IV. Individual Companies Profile V. Appendices i. List of companies, data covered in the Balance Sheet Analysis for the year 2004 ii. List of companies, Profile covered in the Balance Sheet Analysis for the year 2004

Page # iii iv - xiii xiv - xix

1 2 3

4 5 6 7 8 9 10 11 12 13 14 15 16 18 - 468 470 - 697 698 - 701 702 - 705

e Balance

he Balance

The Team

Abdul Hamid Akhtar

abdul.hamid@sbp.org.pk

Muhammad Jaweed Akhtar muhammad.jaweed@sbp.org.pk Musharraf Husain .husain@sbp.org.pk musharraf

mid@sbp.org.pk

ad.jaweed@sbp.org.pk

husain@sbp.org.pk

IntroductionI. Preliminaries

The analysis is based on the published balance sheets of non-financial compan Karachi Stock Exchange during the year 2004. For the purpose of comparison, previous five years data from 1999 through 2004 is also included in the public companies included in the statistical analysis has varied from year to year. All during 2004 have been classified into economic groups based on the classifica Karachi Stock Exchange (except financial sector, grouping Tobacco, Jute, Vana others into miscellaneous). The year-wise distribution of companies classified respective economic group is as under: Table: 1 Distribution of companies according to their economic group Economic Groups Cotton and Other Textiles Chemicals Engineering Sugar and Allied Industries Paper and Board Cement Fuel and Energy Transport Miscellaneous Total: 1999 239 39 47 38 14 21 28 6 98 530 2000 232 39 48 38 14 21 27 7 94 520

During 2004, nine companies were added whereas twenty companies were ex analysis. Balance sheets of twenty-four companies were not available at the ti therefore, to present a comparable and consolidated picture the last available companies have been repeated. The sum of Assets and Liabilities of a company may exhibit minor differences separate items. Ratios and percentages have been worked out after rounding thousands, which may, therefore, slightly differ from ratios obtained from actu amounts. The symbol (..) appearing in the statement stands for the amounts le case of individual companies, the consolidated statements by economic group statements whereas the symbols (-) and N.A. stand for Nil and Not Available re

The publication is based on the two sets of analysis: (a) Overall summary: This gives the consolidated financial analysis of compan

(b)

: Company-wise analysis These provide us financial analysis of the individual comiii

sheets of non-financial companies listed at the For the purpose of comparison, the analysis of the 04 is also included in the publication. The number of as varied from year to year. All the listed companies c groups based on the classification adopted by the r, grouping Tobacco, Jute, Vanaspati & Allied and bution of companies classified according to the

ding to their economic group. Years 2001 225 38 47 37 14 22 26 7 90 506 481 2002 208 36 46 37 14 22 24 7 87 2003 2004 199 189 38 36 44 42 37 35 13 12 22 22 24 25 7 13 79 77 463 451

reas twenty companies were excluded from the nies were not available at the time of the analysis dated picture the last available data in respect of these

may exhibit minor differences due to rounding off een worked out after rounding off the figures in r from ratios obtained from actual balance sheet ement stands for the amounts less than Rs.50,000 in statements by economic groups and the overall tand for Nil and Not Available respectively.

ted financial analysis of companies listed at KSE.

0.0 al 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. Thes actually paid by the shareholders to the institution for acquiring its shares. It i cash (subscribed/right issued), issued as bonus shares and shares issued for c cash (eg. for settlement of receivables/debts or debts redeemable into stock e 2. Reserves

It is evaluated by aggregating all kinds of reserves except depreciation reserv and doubtful debts plus the balance of profit and loss account and subtracting fictitious assets (e.g., goodwill, preliminary expenses, exploration accounts, p adverse balance of profit and loss figures. The reserves entering into the calcu (i) (ii) (iii) (iv) (v) (vi) (vii)

General Capital Development Dividend equalization Proposed issue of bonus shares Profit on re-issue of forfeited shares 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 s value as compared with book value (xvii) Publicity (xviii) Employees housing and welfare fund (xix) Charities (xx) Deferred liabilities (xxi) Taxation reserves including including provision for tax assessed or estimated on act 3. Shareholders Equity This item purports to represent the total stake of the shareholders in the busin obtained by adding the ordinary share capital to the surplus.

iv

t issue of ordinary shares. These are amount of capital ution for acquiring its shares. It includes shares paid in shares and shares issued for consideration other than r debts redeemable into stock etc.).

rves except depreciation reserve and reserve for bad nd loss account and subtracting there from intangible or penses, exploration accounts, patents, trade mark) and reserves entering into the calculation are: -

ale of fixed assets on of Income Tax Act

t including provision for actual shortfall of market book value

deferred taxation reserves, ax assessed or estimated on actual or part of profits

but

not

of the shareholders in the business and has been o the surplus.

4. Preference Shares

As the name indicates these are ordinary shares of a company and pays a fixe company is earning profit or making loss during operation), but its shareholde privilege. In case of liquidation of the company its status is normally considere ordinary shareholders. The difference between ordinary shares and preference shares is as follows: a) Ordinary shareholder will receive dividend, which varies according to the pr the company but preference shareholder will receive a fixed amount dividend b) Ordinary shareholder has a right of voting in the companys annual general while the preference shareholder has no voting right. c) Ordinary shareholders have to claim on the net assets of the company in liquidation, while the claim of the preference shareholders is paid earlier. 5. Debentures

These are bonds/certificates issued by a company to raise funds for long-term than one year) for a specific purpose, sometimes convertible into stock. At pre 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 o of balance sheet, are termed as other fixed liabilities or loan capital. They may 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 significant loss in value. The current assets comprise of liquid assets, inventor assets.

v

es of a company and pays a fixed dividend (whether the g operation), but its shareholders have no voting y its status is normally considered prior to the status of

eference shares is as follows: which varies according to the prosperity of eceive a fixed amount dividend every year. the companys annual general meeting

net assets of the company in case of hareholders is paid earlier.

any to raise funds for long-term period (generally more es convertible into stock. At present, debentures have

ge after a period of more than one year from the date bilities or loan capital. They may consist of the

res and other fixed liabilities.

ixed liabilities.

readily convertible into cash or equivalent without any mprise of liquid assets, inventories and other current

a) Liquid Assets

Broadly speaking, liquid assets comprise of all assets like cash, bank balance, etc., which are easily realisable almost at book value. While there can not be t the status of cash, current accounts and government securities in this context and fixed deposits and of shares of joint stock companies not quoted on stock analyst in doubt. The classification of borderline cases had therefore, to be ma with the objective of the analysis and partly on ones own subjective judgment assets that are also sometimes referred to as liquid capital have been bifurcat 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 g 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 a Alternatively, these cover those obligations whose liquidation is expected to b assets. They are usually incurred in the normal course of business and are req definite dates. The current liability consists of the following items. (a) Sundry Creditors (i) (ii) (iii) (iv) Income tax payable For expenses For other finance Bills payable (v) Advances from customers against orders vi

assets like cash, bank balance, marketable security, value. While there can not be two opinions regarding nment securities in this context, the treatment of savings companies not quoted on stock exchange leaves the e cases had therefore, to be made partly in keeping ones own subjective judgment. For this study, liquid quid capital have been bifurcated as cash and

work in progress and finished goods at the closing

e within one year, are termed as current liabilities. ose liquidation is expected to be made out of current course of business and are required to be paid at fairly he following items.

(b) Payment become due but outstanding (i) (ii)

Income tax payable Proposed, unpaid and unclaimed dividends (iii) Estimated liabilities in respect of outstanding claims whether due or intimate (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) Loans secured by stock or other current assets (ii) Bank overdrafts and other unsecured loans (iii) Short term loans acquired against the security of fixed assets (iv) Unsecured loan from directors, parent company, and subordinate loan (v) Due to managing agents (vi) Advances by directors (vii) Guarantee and security deposits of customers and staff 3. Total Liabilities

This item pertains to sum of total fixed liabilities and current liabilities except shareholder 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 se 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 into cash during the course of normal operations of an enterprise. These items are not sub periodical exchange through sales and purchases. Fixed assets are of permanent nature a normally liquidated or intended to be turns into cash except in the form of depreciation, w added to the cost of goods sold. The following balance sheet items are included in the cat fixed assets: vii

claims whether due or intimated

ixed liabilities

ed assets d subordinate loan

nt liabilities except shareholders equity.

abilities from current assets.

ans, finance lease, short term secured loans

of items, which are not readily convertible erprise. These items are not subject to ssets are of permanent nature and are not pt in the form of depreciation, which is et items are included in the category of

(a)

Real Estate

(i) Freehold and leasehold land (ii) Factory and office buildings (iii) Residential buildings (iv) Capital projects in progress at cost (b) Plant, Machinery and Rolling Stock

(i) All types ofplant and machinery used for production and (ii) Crockery, cutlery, silverware and enamelware in hotels (iii) Construction tools (iv) Livestock in farming company (v) Cars, lorries, trucks, ships, launches etc. (vi) Railway siding and trolley lines (vii) Computers and other electronic equipments. (c) Furniture, Fixtures, Fittings and Allied Equipment (i) Electric fans, refrigerators, air conditioners, electric heating, sanitary and (ii) Laboratory equipment (iii) All types of office furnitures and equipment (iv) Advertising, fixtures and fittings 2. Fixed Assets After Deducting Accumulated Depreciation

Deducting the accumulated depreciation from the fixed assets of the company 3. Depreciation for the year

It includes all the depreciation charges to the profit and loss account. Owing to uniform accounting standards, depreciation is a subjective item and very from It is important for the analyst to know what effect such variation could have on 4. Total Assets

This item is sum of fixed assets at cost after deducting accumulated depreciat D. Operations 1. Gross Sales

This item represents the sale proceeds of the company. Sales revenue is class export sales. 2. Gross Profit Subtracting cost of sales from sales revenue arrives at gross profit. viii

achinery used for production and not for sale ware in hotels

ied Equipment

s, electric heating, sanitary and other fittings

ted Depreciation

the fixed assets of the company gives this item.

rofit and loss account. Owing to the absence of a subjective item and very from company to company. ect such variation could have on the net profit.

ducting accumulated depreciation, and current assets.

ompany. Sales revenue is classified as local sales and

rives at gross profit.

3. Overhead and Other Expenses

These are total expenses that are incurred on the operational activities of a co expenses and include: i) Cost of sales ii) Administrative and general expenses iii) Selling and distribution expenses iv) Other expenses 4. Operating Profit

Subtracting overhead and other expenses from gross sales and adding thereto gives operating profit. 5. Financial Expenses

These are interest expense incurred on borrowing of long and short terms loan following items; (i) Mark-up and interest on long term loan (ii) Mark-up and interest on debentures and red (iii) Mark-up and interest on short term loan (iv) Interest on private loan (iv) Financial charges against assets subject to finance lease (v) Interest and mark-up on supplier credit (vi) Interest on workers profit participation fund (vii) Bank charges and commission. (viii) Excise duty on long and short-term finance. (ix) Discounting charges on receivables. (x) 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 current years profit 9. Total Value of Bonus Shares Issued

This is the total amount of bonus shares issued to the shareholders as appropr of the company during the year. ix

he operational activities of a company except financial

ve and general expenses distribution expenses

m gross sales and adding thereto-non-operating income

ing of long and short terms loans. It includes the

interest on long term loan interest on debentures and redeemable capital interest on short term loan rivate loan ubject to finance lease mark-up on supplier credit workers profit participation fund. s and commission. on long and short-term finance. charges on receivables.

he year before tax provision.

nd distributed or proposed to be distribute out of the

to the shareholders as appropriation net profit after tax

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, p debentures and other fixed liabilities) at the beginning of the year and the cor 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 divid 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 finance from out side the company. It is possible for this item to be negative. I circumstances it is also possible for the increase in the capital employed as we business to be negative, for instance where dividends are distributed not out o 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 mod 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 fi employed. G. Operating Financial & Investment Ratios 1. Gearing Ratio

This item shows the proportion that the loan capital bears to the total ca

Where there is preference capital, there is an item of Gearing i.e., the lo preference capital as the ratio of the total capital employed. The justific preference capital together with the fixed liabilities is that, from the ord point of view, both items represent a fixed charge on the profits. Total c shareholders equity plus total fixed liabilities.

2. Current Ratio This item tells a lender about the liquidity of the assets and as a result its abili debts. x

d (i.e., share capital, surplus, preference capital, ginning of the year and the corresponding figures at the

n for the tax and the total dividend distributed or or the year.

ital employed and the retention in the business is the le for this item to be negative. Indeed in some e in the capital employed as well as the retention in vidends are distributed not out of the current earnings

n in Business

rnally for investment in the modernization and

in Capital Employed

ence of two successive years figures of total capital

n capital bears to the total capital employed.

an item of Gearing i.e., the loan capital plus the capital employed. The justification for taking the iabilities is that, from the ordinary shareholders charge on the profits. Total capital employed is

e assets and as a result its ability to pay the short- term

3. Acid Tests or Quick Ratio The acid test or quick ratio is used to determine how quickly a company would be able to 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 th 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 employed.

7. Cash Flow Ratio This ratio has a purpose somewhat similar to the self-financing ratio described under F.3 t 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 ordin 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 indicates the contribution of operating expenses in the operating revenue through sales o 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 weigh company will bear from its operating profit before reaching to the net profit before tax. Sm 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 fin discipline of the company and the increasing ratio indicates that the company is facing fin expense burden out of its gross sales revenue

xi

ly a company would be able to pay off its

areholders equity; the lower the ratio the a present or future creditor.

ts are used to generate a return.

ercentage of increase/ decrease in the capital

cing ratio described under F.3 the only epreciation.

which means the stake of ordinary

gross sales. This is an important ratio, which erating revenue through sales of the viable and efficient.

fit. It identifies how much weight the g to the net profit before tax. Smaller ratio

ering the ratio indicates the financial s that the company is facing financial

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 Higher the percentage, the company is increasing its debtors and credit risk and reducing position. 15. Net Profit as % of Shareholders Equity

It is worked out by dividing the net profit before tax by the shareholders equity, expressin 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 shareholde expressing the result in percentage 3 Net Profit Margin0 0

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 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 with regard to depreciation. Since there are so many items in the fixed assets schedule, it practicable to calculate depreciation rate for all the items individually. Therefore, an aggr depreciation rate for all the item taken together has been worked out. The method is to ta depreciation provided during the financial year and dividing it by the written down value o total fixed assets at the beginning of the financial year. The result is expressed in percent

xii

ual liabilities.

o the total sale proceeds of the company. ors and credit risk and reducing its liquidity

e shareholders equity, expressing the result

nt of dividend by the shareholders equity,

tax) by the number of ordinary shares. Fixed Assets

ve some idea of the companys practice s in the fixed assets schedule, it is not individually. Therefore, an aggregate worked out. The method is to take total g it by the written down value of the e result is expressed in percentage

0

6. Sales as % of Total Assets

:

This item indicates how efficiently the business of a company generates sales on each ru 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 0

It is obtained by dividing the sum of ordinary share capital and the surplus by the number shares.

xiii

any generates sales on each rupee of assets.

ales between two time periods.

and the surplus by the number of ordinary

Executive Summary

The growth momentum of non-financial companies listed at Karachi Sto (KSE), which started in 2002 also continued during the year 2004. The r seen in fuel & energy, transport & communication, textiles, and enginee showed improvement in terms of total capital employed, liquidity, worki assets, operational activities, net profit, etc. Brief review of the importan years 2003 and 2004 is given below.

Capital Structure

The overall position of non-financial companies listed at Karachi Stock E during 2003 and 2004 indicates that total paid up capital of ordinary sha by Rs.58.7 billion i.e. 23.8 % from Rs.246.9 billion in 2003 to Rs.305.6 bi

2004,where as the same was increased by Rs.18.8 billion or 8.2% in 200 Sector wise position of capital structure is as under: Total Capital Employed by Economic Sectors

TOTAL CAPITAL EMPLOYED ECONOMIC SECTOR

Cotton Textile Other Textile Chemicals 78,962.8 Engineering 36,717.4 Sugar and allied industries Paper and board

2004 113,768.4 32,213.7

19,081.1 9,514

Cement 58,940.8 Fuel and energy 263,597.5 Transport and communications 170,475.1 Tobacco 5,750.8 Jute 814.1 Vanaspati and allied industries -2,197.3 Others 28,483.0

Total shareholders equity increased by 32.9% from Rs. 447.5 billion to R during 2004. Total fixed liabilities have been increased by 13.0% with R 2003 and Rs.221.3 billion in 2004. A comparison of growth, in the comp structure in the current year with that of the previous year yields: Shareholders equity Total fixed liabilities Total capital employed 2003 over 2002 3.4 % 6.9 % 4.4 % xiv

2004 over 200 32.9 % 13.0 % 26.9 %

mpanies listed at Karachi Stock Exchange d during the year 2004. The robust increase was nication, textiles, and engineering. All indicators tal employed, liquidity, working capital, fixed c. Brief review of the important indicators during

nies listed at Karachi Stock Exchange (KSE) paid up capital of ordinary shareholders increased billion in 2003 to Rs.305.6 billion in

Rs.18.8 billion or 8.2% in 2003 over 2002. as under:

ectors ) (Million Rupees

ITAL EMPLOYED

2003 CHANGE (%) 95,556.6 19.1 27,070.2 19 70,021.4 12.8 27,119.4 35.4 13,650.5 39.8 7,779.2 22.3 60,560.4 185,726.4 131,574.2 4,932.5 704 -2,119.9 20,712.6 -2.7 41.9 29.6 16.6 15.6 3.7 37.5

9% from Rs. 447.5 billion to Rs.594.8 billion n increased by 13.0% with Rs.195.8 billion in arison of growth, in the compositions of capital e previous year yields: 2004 over 2003 32.9 % 13.0 % 26.9 %

r 2002 % % %

This shows that significant improvement have been seen in all areas pa growth of shareholders equity which remained more than the demand o banks and other financial institutions. The increase in ordinary share ca and 44.2% in reserve & surpluses during the current year. This was due OGDC as listed company with paid-up capital of Rs.43.6 billion

Figure 1: Capital Structure of Non-Financial sector-200 900 800 700 600 500 400 Billion Rupees 300 200 100 0 Paid-up Capital Surplus Shareholders equity

305.6

289.2

Liquidity

The analysis indicates that the overall liquid assets of non-financial sect 48.4% with Rs. 162.5 billion in 2003 to Rs. 241.2 billion in 2004. The ma were in the sectors of fuel & Figure 2: Aggregate Compositio energy by Rs. 35.9 billion, 300 transport and communicate-on 200 by Rs.15.1 100 billion, chemicals by Rs. 9.0 billion, cotton and other textile by Rs. 7.6 billion and engineering by Rs.4.5 billion. The position of cash and bankBillion Rupees -100 Cash and bank balances Investments Liquid Assets Working capital

balance showed an increase of Rs.63.7 billion i.e.65.5% and short-term investment increased by Rs.15. during the year under review.

ave been seen in all areas particularly the ned more than the demand of finance from ncrease in ordinary share capital was 23.8% e current year. This was due to the induction of al of Rs.43.6 billion

ure of Non-Financial sector-2004

816.1

594.8

221.3

hareholders equity

Total fixed liabilities

Total capital employed

d assets of non-financial sector increased by 241.2 billion in 2004. The major increases

igure 2: Aggregate Composition of Assets

0 1999 55.8 24.5 80.3 -6.5 2000 60.9 32.7 93.6 -30 2001 70.6 36.9 107.5 -46.4 2002 74.3 45.6 119.9 10.2 2003 97.2 65.2 162.5 23.6 2004 160.9 80.3 241.1 95.8

estment increased by Rs.15.1 billion-i.e.23.2% xv

The position of working capital (net current assets) was Rs.23.5 billion in increased by 307.7% to Rs.95.8 billion in 2004. Further, it is mentioned liabilities of corporate sector increased from Rs.681.6 billion in 2003 to R 2004, i.e by 20.0%, while financial expenses decreased from Rs.32.0 bil Rs.23.8 billion in 2004. This means that companies increased their liabil on the increase in equity level than obtaining finance from banks and fin

Fixed Assets

The fixed assets after deducting accumulated depreciation (book value) amounted to Rs.619.8 billion in 2003 and increased to Rs.720.3 billion in The total assets which Figure 3: Composition of Assets were 1600 Rs.1,129.1 1400 billion in 1200 2003 1000 increased by 800 25.1% with 600 amount of Billion Rupees 400 Rs.1,413.0 200 billion in 0 2004. This indicates that Fixed Assets (book value) during Total assets

current year the amount invested in the capital expenditure was significantly high as compared t Comparison of fixed assets in terms of book value and market value fro 2004 is illustrated in figure3.

Operational Activities

The gross sales of all non-financial listed companies were Rs.1,382.4 bil increased by Rs.250.4 billion Figure 4: Gross Sales and Cost o i.e.18.1% to Rs.1,632.8 1,800 billion in 2004. 1,300 The local sale increased by 800 Rs.240.2 Billion Rupee 300 billion or 19.0% with -200 Rs.1,266.9 1999 billion in 2003 Gross sales 861.4 to Rs.1,507.1 Cost of sales 728.8 billion in 2004

assets) was Rs.23.5 billion in 2003 and 004. Further, it is mentioned that the total m Rs.681.6 billion in 2003 to Rs.818.2 billion in s decreased from Rs.32.0 billion in 2003 to mpanies increased their liabilities, relying more ng finance from banks and financial institutions.

ed depreciation (book value) of overall position ncreased to Rs.720.3 billion in 2004 by 16.2%.

igure 3: Composition of Assets

1999 567.2 950.5

2000 583.9 986.8

2001 591.5 1,043.6

2002 605.8 1,070

2003 619.8 1,129.1

2004 720.3 1,413

nificantly high as compared to the previous year. k value and market value from 1999 through

ompanies were Rs.1,382.4 billion in 2003 and

igure 4: Gross Sales and Cost of Sales

2000 2001 2002 2003 2004 1,003.2 1,177.5 1,222.5 1,382.4 1,632.8 853.3 1,025.7 1,035.7 1,172.4 1,360.2

xvi

and export sales increased only by Rs.10.2 billion or 8.8% in the curre preceding year. Cost of goods sold stood at Rs.1,360.2 billion in 2004, s of 16.0% compared with the previous year. The gross profit also increas billion or 29.9% with Rs.210.0 billion in 2003 and Rs.272.7 billion in 2004 sectors which contributed in increase were fuel and energy by Rs.40.8 b by Rs.9.7, cement by Rs.6.0 billion and engineering by Rs.2.1 billion. Ne taxes, which stood at Rs.98.9 billion in 2003, increased by Rs.76.6 billion Rs.175.5 billion in 2004 (i.e. 77.5% increase during the year). Major sect increased were fuel and energy with Rs.40.8 billion, chemicals with 18.6 & communication with Rs.6.2 billion and cement with Rs.5.6 billion. Out of the profit amount retained in the business were Rs.10.7 billion in increased by 386.9% to Rs.41.4 billion, amounting to Rs.52.1 billion in 2 inducted from outside source Figure 5: Net Profit and Retention of the business was Rs.16.6 200 billion in 2003, stood at 150 Rs.120.7 billion in 2004 100 (i.e. an increase of 50 627.1% in Billion Rupee current year as 0 compared to a decrease of-50

76.7% in the 1999 previous year Net profit (before 36.4 2003). This taxes) indicates that Retention in business 4.1 overall listed companies, expansion of business got flourished during the year, i.e. increasing d debts from banks and financial institutions and also widening their equit assets, which was 8.8% in 2003 increased by 12.4% in 2004. This is only emerging culture of capital market in the country during the year.

Key Financial Ratios

Sundry debtors ratio to gross sales indicates a decrease of 1.0%, from 8 7.0% in 2004. This is a good sign for corporate business that debt receiv have declined and more sales been settled as cash transactions. Divide which was 11.7% in 2003 increased up to 12.4% in 2004. This is also a g that although paid-up capital of corporate sectors increased by 23.8%, b xvii

billion or 8.8% in the current year over the t Rs.1,360.2 billion in 2004, showing an increase The gross profit also increased by Rs.62.7 3 and Rs.272.7 billion in 2004. The major fuel and energy by Rs.40.8 billion, chemicals ineering by Rs.2.1 billion. Net profit before 3, increased by Rs.76.6 billion and amounted to e during the year). Major sectors whose profit 8 billion, chemicals with 18.6 billion, transport ment with Rs.5.6 billion. siness were Rs.10.7 billion in 2003 and ounting to Rs.52.1 billion in 2004. The financeRetention

2000 37.7 -12.1

2001 54.5 -5.4

2002 69.7 -.2

2003 98.9 10.7

2004 175.4 52.1

ng the year, i.e. increasing dependencies on and also widening their equity base. Return on by 12.4% in 2004. This is only due to the ountry during the year.

es a decrease of 1.0%, from 8.0% in 2003 to ate business that debt receivable on sales as cash transactions. Dividend ratio to equity, 12.4% in 2004. This is also a good indicator sectors increased by 23.8%, but increase in

dividend yield remained consistent. Earning per share after tax, which w share in 2003, increased to Rs.4.1 per share in 2004 (i.e. net increase o value per share during the current year). The ratio of gross sales to tota Figure 6: Key Financial Ratios14 12 10 8 6

Percentage4 2 0 1999 Sundry debtots as % of gross sales Dividend ratio to equity 12.1 7.2 2000 10.7

was 122.4% in 2003, was decreased to 115.6% in 2004. This is a causat growth of corporate sector that rising assets failed to promote more sale Overall it is evident that during the year 2004 the listed companies of n performed well in all respective areas of financial analysis as compared year.

0.0

g per share after tax, which was Rs.2.6 per e in 2004 (i.e. net increase of 57.7% in the The ratio of gross sales to total assets, which

Key Financial Ratios

2001 10.2 9 11.3

2002 9.3 10.3

2003 8 11.7

2004 7 12.4

5.6% in 2004. This is a causative sign for the s failed to promote more sales. 04 the listed companies of non-financial sector ancial analysis as compared to the previous

xviii

Table: Key performance Indicators According to Econom

Key Performance Indicators Paid -up-Capital Total amount of dividend Total value of bonus shares issued Return on capitral employed Dividend cover ratio Dividend ratio to equity Net profit margin

Overall

Textile Sector 305,607.6 23,063.4 9,061.4 36,404.8 7,223.1 5,002.5 1,421.0 27,287.3 73715.2 2263.2 172,834.0 18,211.7 5,143.5 1124.2 101.6 212.5 255.6

170.7 12.4 10.7 29.5 5.7 3.1 3 4.1 1.2 2.3 9.2 11.9 9.5 115.6 18.1 20.4 17.3 19.5

250.8 1.6 3.1 10.1

980 1.1 4.5 13.8

Net profit as% of shareholders' equity Earning per share before tax Earning per share after tax Depreciation charge as % of fixed assets Sale as % of total assets Sales growth Breakup value of ordinary shares (in Rs)

101.1

107.5

30.2

22.1

(xix)

cators According to Economic Groups for the Year 2004

Other Textiles Chemicals Engineering 7,223.1 5,002.5 1,421.0 27,287.3 109,308.0 76,325.2 3,086.1 6,678.4 2,608.7 671.8 240.6 187.6 5.2

Industires

8,941.4 9,598.0 5,430.6 1,734.8

318.1

309.9

220.7

9.8 8.6 2.1 16.2 39.2 7.4 5.8 8.9 115.4 19.2 18.8 8.7 39.7 16.8 11.2 12.5 158.4 41 42.2 1.8 7.5 1.3 0.8 7.7 88.3 1.4 17.9

(Million Rupees) Economic Groups

Paper and Board Cement

Fuel and Energy Transport

Tobacco 437.9 391.4 6,595.6 88.8 0 110.1

729.3 12.2

1131.9 677.8 -1619.6

31441.2 124.3 77871.1

25628.6 57.2 38901

897.2 0 818.3

229 8.1 15.3 24.1 15.2 11.8 9.7 97.2 3 63.2

360.2 148.5 121.8 263.1 3.2 10.3 13.3 1.7 1.5 4.1 53.8 18.8 12.9 148.2 15.6 17.6 17.6 18.9 15.9 18.6 15.2 9.3 29.6 5.6 6.3 9.7 4.3 4.1 7.6 8.4 10.7 12.8 63.8 21.2 29.9 39.6

353 5336.7 15.6 11.3 6.6 52 -0.1 12.4 56.7 10.2 7.2 8.4 375.4 142 245.6 14.8 18

Million Rupees)

Jute 37.9 391.4 6,595.6 3.0 2,983.7 0

Others Vanaspati & Allied Industries

116.9

-77.5 7,770.4

160.5 13.5 3.4 -7.7 5.5 4.1 2.9 9.1 10 7.3 147.9 11.2 33.5 6 -71.6 11.2 33.5

ANALYTICAL TABLES

TABLES

OverallItems A.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) 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) 1

1999

2000

2001 228069.5 204867.4 432936.9 187.2 53,363.9 138313.0 183084.5 616021.4

2002

(Million Rupees) 2003

2004

184691.2 191622.5 189760.6 124072.1 126645.4 128977.1 308763.3 318267.9 318737.7 187.2 194.4 38,816 41,441 212910.0 194032.9 172799.3 251913.2 235668.3 226350.4 560676.1 553936.2 545088.1

246857.4 305607.6 200606.5 289229.7 447463.9 594837.3 889.6 1,083.4 43,881.9 40,128.1 154612.0 196727.2 195823.5 221284.1 643287.4 816121.4

1,083.4 23,473.5

80,253.7 93648.7 107563.7 119967.8 162465.4 241184.3 55,763.6 60,933.5 70,642.3 74,346.5 97228.2 160856.8 24,490.7 32,715.2 36,921.4 45,621.3 65,237.2 80,327.5 303019.9 309237.1 344591.7 344220.7 234267.6 267962.8 112597.1 183539.6 383273.5 402885.8 452155.4 464188.5 509330.1 692686.7 389788.0 432861.7 498535.8 453948.4 485825.3 596893.4 641701.2 668530.0 724886.2 637032.9 681648.8 818177.5 -6,514.5 -29,975.9 -46,380.4 10,240.1 23,504.8 95,793.3 251,442 419627.3 331725.1 341082.2 373561.8 -309534.6 -339213.0 -390972.1 -333980.6 -323359.9 -355709.1 843925.8 897625.4 955846.4 1018106.4 1070184.5 1150211.4 567191.3 583912.1 591468.6 605781.2 619782.4 720328.2 45,222.7 44,451.7 50,577.8 58,696.6 54,992.4 950464.8 986797.9 1043624.0 1069969.7 1129112.5 1413014.9

60,445.2

861391.4 1003217.3 1177502.5 1222526.2 1382479.4 1632833.9 1062582.4 1114222.2 1266939.7 1507135.3 114920.1 108304.0 115539.7 125698.6 728772.4 853298.0 1025683.9 1035742.9 1172438.6 1360160.9 132619.2 149919.3 151818.6 186783.3 210040.8 272673.0 1091766.7 1124120.7 1277734.1 1471056.3 108926.0 117713.5 130931.4 199205.3 54,376.9 47,999.2 32,029.6 23,751.7 36,377.7 37,659.6 54,549.1 69,714.3 98901.8 175453.6 10,128.9 21,014.8 23,956 25,405.3 36,045.8 49,604 22,125.6 28,783.7 35,969.6 44,537.1 52,182.3 73,715.2 2,137.5 3,791.8 3,258.2 1,878.8 1,240.2 2,263.2 41,399.3 4,123.4 37,276.4 49,376.1 86,653 44.9 98.3 98.3 207.8 3.8 10 56.9 167.4 -6,740.4 -12,138.9 5,398.4 -8,848.1 -5,376.5 -3,471.6 70,933.3 27265.8 172834.0 -228.1 10,673.7 52,134.4 71,161.4 16592.1 120699.6

32,312.8 45,201.3 58,468.5 65666.1 112579.6 37,711.3 41729.7 129629.9 82258.4 233279.2 42.5 93.1 93.1 210.1 3.8 180.1 85.7 166.1 41.5 90.7 90.7 227.4 5.2 60.8 108.3 168 92.7 49.9 4.6 13 43.9 10.2 17.1 29.7 102.3 102.3 147.1 6.5 -.3 45.1 189.8 92 40.8 3.9 14.5 36.4 9.3 16.1 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 22.1 27.1 116 85.3 137.5 12.4 30.2 48.3 194.6 90.1 11.9 1.5 6.4 28.3 7 29.5

27.8 12.1 11.8

55.8 10.7 11.8

118.6 7.2 4.2 2 1.4 8.3 90.7 5.2 -.7 16.7

57.8 9 3.8 2 .9 8.3 101.7 16.5 16.6

85.1 11.3 4.6 2.9 1.6 8.8 112.8 42.4 17.4 16.8

99.5 10.3 5.7 3.1 1.9 10 114.3 6.9 3.8 19

120.5 11.7 7.2 4 2.6 9.1 122.4 29 13.1 18.1

170.7 12.4 10.7 5.7 4.1 9.2 115.6 39 18.1 19.5

OverallOperating, Financial & Investment Ratios 250

200 150

%100

50 0 1999 2000 2001

Gearing ratio Debt to equity ratio

Key performance indicators

20 18 16 14 12 10 Rupees 6 4 2 0

14 12 10 8 % 6 4 2 1999 2000 2001 2002 2003 2004 0

8

EPS (Before tax) Break-up value per share

EPS (After tax)

inancial & Investment Ratios

2002

2003

2004

ebt to equity ratio

Current ratio

Key prformance ratios

1999

2000

2001

2002

2003

2004

Dividend ratio to equity

Net profit margin

PrivateItems A.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)

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) 2

1999

2000

2001

2002

(Million Rupees) 2003

2004

111878.5 117117.5 113610.2 130775.8 135930.3 189177.8 89,783.2 98858.0 109625.3 120089.6 135265.9 211634.0 201661.7 215975.5 223235.5 250865.4 271196.2 400811.8 36.2 43.4 36.2 738.6 1,082.4 15,872.7 21,443 34,612.7 31,593.9 22,739.8 130119.1 123333.6 109051.9 120416.4 112764.5 131238.9 146028.0 144820.0 143700.8 152748.9 136586.6 139868.2 347689.7 360795.5 366936.3 403614.3 407828.8 540680.0 50,453.3 58,616 30,897.2 31,614.5 19,556.1 27,001.5 192256.9 195408.9 220787.8

1,082.4 7,546.9

64,541.1 80406.8 105348.1 160047.9 37,403.9 46,443.6 53,645.4 90,921.4 27,137.2 33,963.2 51,702.7 69,126.5 220198.3 130407.7 168720.4 99210.3 144697.0 242710.2 254024.9 285328.9 300605.1 334966.1 473465.3 233042.9 248883.5 285710.7 277107.6 314100.3 393110.6 379070.9 393703.5 429411.5 429856.5 450686.9 532978.8 9,667.3 5,141.4 -381.8 23,497.5 20,865.8 80,354.7 278989.4 263751.9 255371.0 270828.5 -182589.6 -190267.5 -221169.6 -196700.8 -208752.2 -233062.7 473791.4 506006.0 548059.5 338022.4 355654.2 367318.1 24,926.1 21,873.7 580732.6 609679.1 652647.0 578171.1 616267.3 724104.7 380116.7 386917.0 460325.2 26,683.1 31,051.2 29,158 680721.8 721883.1 933790.5

37,306.1

550526.2 626320.7 715948.8 744098.0 841226.5 1031308.4 607178.3 639188.0 732742.5 913080.1 108770.5 104910.0 108483.9 118228.3 468363.5 523772.4 617179.8 634151.0 719248.3 853942.3 82162.6 102548.3 98769.0 109947.0 121978.2 177366.1 661119.0 683603.1 781340.1 922263.0 69,947.9 70,507.6 71311.7 126206.0 38,658.5 32,093.8 23,339.4 18,046.2 20,758.8 24,896.9 31,289.4 38,413.8 47972.4 108159.8 7,425.3 9,885.2 10,491 10,924.4 14,716.4 26,730.9 11,221.1 14,904 18,811.1 24,450.2 25,468.9 39,909.3 940.2 2,128.5 1,687.6 1,592.9 747.4 2,206 17,578.7 2,110.2 15,468.5 27,036.3 42,504.8 42 104.2 104.2 188 3.6 12 63.6 180.6 13,105.9 107.8 12,998.1 21,981.5 34,979.6 40.1 102.1 102.1 182.3 4.1 .8 62.8 184.4 6,140.8 1,987.3 4,153.5 28,670.4 32,823.9 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 36,678 4168.5 133840.3 3,039.2 7,787.1 41,519.6 33,638.8 -3,618.6 92,320.7 34,090.4 36,945.1 78,825.7 67,729.2 33326.5 171146.4 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 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 25.9 120.4 83.6 133 11.6 31 46.1 211.9 89.4 14.3 1.7 6.7 24.7 6.9 27

35.8 8.6 10.3

39.7 7.5 11.5

118.8 5.6 3.8 1.9 1.2 7.8 94.8 5.6 1 18.1

100.7 6.9 4 2.1 1.3 7.1 102.7 10.5 13.8 18.4

110.6 8.4 4.4 2.8 1.8 7.6 109.7 33.3 14.3 19.7

112.4 9.7 5.2 2.9 2.1 8.5 109.3 3.6 3.9 19.2

130.7 9.4 5.7 3.5 2.5 7.7 116.5 20.7 13.1 20

204 10 10.5 5.7 4.3 8.9 110.4 54.1 22.8 21.2

Private

Operating, Financial & Investment Ratios

350 300 250 200

%150 100 50 0 1999 2000 2001Debt to equity ratio Gearing ratio

Key performance indicators 10 20

15

% Rupees 10

5

0 1999 2000 2001 2002 2003 2004 EPS (Before tax) EPS (After tax) Break-up value per share

inancial & Investment Ratios

2002

2003

2004Current ratio

ebt to equity ratio

Key performance ratios

8

6

4 2

0

1999

2000

2001

2002 2003 2004

Dividend ratio to equity

Net profit margin

PublicItems A.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)

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) 3

1999

2000

2001

2002

(Million Rupees) 2003

2004

72,812.7 74,505 76,150.4 97293.6 110927.1 116429.8 34,288.9 27,787.4 19,351.8 84,777.8 65,340.6 107101.6 102292.4 95502.2 182071.4 176267.7 194025.5 151 151 151 151 1 22,943.4 19,998 18,751.3 12,287.9 17,388.2 82,790.9 70,699.2 63,747.4 17,896.7 41,847.5 105,885.3 90,848.2 82,649.7 30,335.6 59,236.7 212986.9 193140.6 178151.9 212407.0 235504.4 275441.6 29,800.3 35,032.7 43,022.6 39,561 24,865.8 29,319 33,238.4 27,902.9 4,934.5 5,713.7 9,784.2 11,658.1 110763.0 113828.2 123803.8 124022.4 103859.9 140563.3 148860.9 166826.4 156745.3 183978.1 212825.1 262630.6 274826.3 295474.8 -16,182 -35,117.2 57,117.3 43,582.8 13,534.5

77,595.7 1 15,926.7 65,488.4 81,416.1

13,386.8 163583.4 174364.0 219221.2 176840.8 171725.0 203782.8 207176.4 230961.7 285198.9 -45,998.7 -13,257.4 2,639 15,438.4 140,638 67,973.2 85711.1 102733.5 -126945.0 -148945.4 -169802.5 -137279.8 -114607.7 -122646.5 370134.3 391619.4 407786.9 229168.9 228257.9 224150.5 20,327.3 22,578 369732.2 377118.8 390976.9 439935.3 453917.3 426106.6 225664.5 232865.4 260003.1 23,894.6 27,645.4 25,834.4 389247.9 407229.4 479224.3

81,136.3 69,935.3 11,201 99,242.3 38,842.6

23,139.1

310865.6 376896.6 461553.7 478428.2 541252.9 601525.5 455404.2 475034.2 534197.2 594055.2 6,149.6 3,394 7,055.7 260408.9 329525.6 408504.1 401591.9 453190.3 506218.6 50,456.7 47,371 53,049.7 76,836.3 88,062.6 430647.7 440517.6 496394.0 548793.3 38,978.1 47,205.9 59,619.5 15,718.3 15,905.4 8,690.2 15,619.1 12,762.7 23,259.8 31,300.5 50,929.3 2,701.4 11,129.6 13,465 14,480.9 21,329.3 10,904.5 13,879.7 17,158.6 20,086.9 26,713.5 1,197.2 1,663.3 1,570.5 285.9 492.8 23,820.9 2,013.2 21,807.9 22,340.5 44,148.2 49.7 89.7 89.7 245.2 4.2 8.5 50.6 147.1 -19,846.3 -12,246.6 -7,599.7 10,331.4 2,731.7 47 80.9 80.9 268.7 3.4 61.7 378.2 137.3 -14,988.7 -7,363.8 -7,624.9 16,530.8 8,905.9 46.4 78.4 78.4 309.4 5.9 49.1 185.6 125.4 93.3 40.3 3.4 11.2 57.9 14.2 24.4 34,255.1 -3,267.3 37,522.4 24,378.1 61,900.5 14.3 92.5 92.5 113.8 8 -9.5 39.4 187.1 92.1 33.7 3.3 23.4 46.3 13.6 17.2 23,097.4 2,886.5 20,210.9 28,720.9 48,931.8 25.2 101.5 93.7 131 12.5 12.5 58.7 158.9 91.7 14.6 1.6 10.1 41.9 11.2 28.9

7,470.3 95,306.9 72,999.2 5,705.4 67,293.8 22,873.1 33,805.9 57.2 39,937.2 10,614.8 29,322.4 33,753.9 63,076.3 29.6 107.6 88.5 147 14 26.6 53.5 166.6 91.2 7.8 .9 5.6 34 7.1 34.7

17.3 18.4 14.6

87.2 15.9 12.5

118.5 10.2 5 2.2 1.8 8.9 84.1 last year EPS/ last year EPS) -3.6 14.7

11.8 13.6 3.4 1.7 .2 9.9 99.9 -22.7 21.2 13.7

57.1 18 5 3.1 1.3 10.5 118.1 82.4 22.5 12.5

83.7 11 6.5 3.2 1.7 12.3 122.9 3.2 3.7 18.7

110.8 15.2 9.4 4.6 2.7 11.5 132.9 43.8 13.1 15.9

131.4 17.4 11.2 5.8 3.8 9.7 125.5 26.1 11.1 16.7

Operating, Financial & Investme

350 300 250 200

%150 100 50 0 1999 2000Gearing ratio

Key performance indicators

20 18 16 14 12 10 Rupees 8 6 4 2 0 1999 2000 2001 2002 2003 2004 EPS (Before tax) Break-up value per share EPS (After tax)

Public

Operating, Financial & Investment Ratios

2001Debt to equity ratio

2002

2003Current ratio

ance indicators

Key performance ratios

20 18 16 14 12 % 10 8 6 4 2 0 1999 2000 2001 2002 2003

01 2002 2003 2004

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

2004

2004

Textile SectorItems A.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) 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) 4

1999 20,815.6 9,531.8 30,347.5 3,168.2 27,783.6 30,951.8 61,299.2 8,002.2 3,749.7 4,252.5 60,050.4

2000 21,439.7 19,220.6 40,660.3 7.2 3,921.3 27,195.3 31,123.8 71,784.1 10,952.2 5,263.1 5,689.1 58,233.6

2001 22,257.7 24,090.5 46,348.2 5,054.9 25,895.9 30,950.8 77,299 10,422.9 4,072.5 6,350.4 65,932.8

2002

(Million Rupees) 2003

2004

21,457.3 21,783.6 23,063.4 27,871.6 37,219.4 46,532.9 49,328.9 59,003 69,596.3 241.9 241.9 241.9 3,103.3 3,821.8 1,232.3 27,143.3 32,490 42,697.9 30,488.5 36,553.7 44,172.1 79,817.4 95556.7 113768.4 16,460.1 18,250.6 4,272 4,183.1 12,188.1 14,067.5 40,714.2 47,823.8 31,851.3 48,221.5 73,670.4 89025.6 114295.9 80,747.1 90334.5 110989.6 126888.2 155161.7 -7,076.7 -1,308.9 3,306.3 76,386.6 89737.3 106246.1 -70,126.5 -73,874.4 -92,739 10,620.6 3,492.4 7,128.2 63,049.8

68,052.6 69,185.8 76,355.7 76,707.7 72,171.4 82,664.2 107659.5 103295.2 113615.0 111235.6 -8,655.1 -2,985.6 -6,308.5 82,175.5 -68,705.5 -61,219.2 -72,241.3

111150.6 121631.1 132902.2 138188.2 151305.8 169461.8 69,954.3 74,769.7 83,607.6 86,894.1 96865.6 110462.1 5,527.3 5,884 6,694.2 7,381.4 8,218.3 11,239.1 138006.9 143955.5 159963.3 160564.5 185891.2 224758.0 145777.0 161834.6 180500.2 175510.6 188662.0 227136.5 89,464.5 88,314 94170.1 123172.6 91,035.7 87,196.6 94491.9 103963.9 127868.8 132578.5 156204.7 156573.9 168848.0 207428.3 17,908.3 29,256.1 24,295.5 18,936.7 19,814 19,708.2 164807.1 165213.1 177097.3 216704.8 17,398.9 11,882.6 13,855.5 12,821.1 12,697.4 10,089.3 7,208.6 5,788.8 2,872.6 13,834.1 4,701.5 1,793.3 6,646.9 7,032.3 998.6 1,764.8 1,580.8 1,424.3 1,471.3 4,212.5 2,235.3 3,886.1 2,268.3 1,372.7 1,517.2 1,124.2 50.8 667.4 49 324.7 65.8 101.6 2,324.5 -361.3 2,685.7 5,166 7,851.7 50.5 88.7 88.7 354.8 2.1 -15.5 65.8 145.8 10,484.8 8,183.2 2,301.6 14,067.2 16,368.8 43.4 95.9 95.9 254 9.6 78 85.9 189.6 5,514.9 852.4 4,662.5 7,546.6 12,209.1 40 92.4 92.4 245.1 2.9 15.5 61.8 208.2 91.3 73 7 15.5 33.6 11.4 2,518.4 -1,003.7 3,522.1 6,377.7 9,899.8 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 15,739.3 3,658.4 12,080.9 11,876.7 23,957.6 38.3 98.6 63.3 215.1 3.6 23.2 49.6 270.9 93.9 52 3.8 8 22.1 10.2 18,211.7 1,695.6 16,516.1 12,934.7 29,450.8 38.8 103 59.5 222.9 3.1 9.3 43.9 301.8 95.4 45.2 2.5 5.4 59.9 10.7

34.8 10.8

12.8 11.5

9.5 83.8 7.4 2 1.4 .9 8.3 105.6 -300 3.4 14.6

34 310.6 9.6 8.5 6.5 5.6 8.5 112.4 364.3 11 19

10.1 137.6 4.9 2.6 416.1 276.2 9 112.8 -68.1 11.5 20.8

3.6 26.9 2.8 1 .8 .2 9.1 109.3 -61.9 -2.8 23

11.3 341.1 2.6 3.5 3.1 2.4 9.6 101.5 287.5 7.5 27.1 250.8

10.1

1.6 3.1 3 1.2 11.9 101.1 -3.2 20.4 30.2

Other Textile SectorItems A.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) 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) 5

1999 10,229.6 6,326.7 16,556.3 26 1,269.6 5,763.7 7,059.2 23,615.5 2,993.2 2,539.5 453.7 11,127.2 14,120.4 12,409.8 19,469 1,710.6 -9,416.6 34,254.3 21,904.9 1,888.7 36,025.3 24,062.5

2000 10,428.6 5,916.6 16,345.2 26 4,285.4 6,940.3 11,251.7 27,596.9 2,915.3 2,560 355.3 14,657.9 17,573.2 17,691.5 28,943.3 -118.4 -14,776.2 43,839.3 27,715.3 1,799.9 45,288.5 29,858.5

2001 8,858.6 8,435.7 17,294.3 26 5,920.3 5,027.3 10,973.6 28,267.9 2,840.5 2,486.1 354.4 15,645.1 18,485.6 17,029.6 28,003.2 1,456 17,597.4 -14,189.1 42,558.7 26,812 2,322.6 45,297.6 44,438.7 40,079.2 4,359.5 38,355.9 6,082.8 40,010.6 4,788.5 1,795.4 2,993.1 397.5 1,068.6 378.6 670.9 1,527 -856.1 3,849.6 2,993.5 38.8 108.5 108.5 161.9 6.6 227.6 128.6 195.2 90 37.5 4 10.2 13.3 3.7

2002 9,300.6 9,679.7 18,980.3 5,245.9 5,110.6 10,356.5 29,336.8 1,849.5 1,429.7 419.8 17,584.3 19,433.8 17,255.3 27,611.8 2,178.5 18,291.6 -15,405.8 44,833.5 27,158.4 2,700.4 46,592.2 44,253.5 38,693.1 5,560.4 38,649 5,604.5 40,254.4 4,142.7 2,055 2,087.7 380.6 995.3

(Million Rupees) 2003 2004 9,231.2 10,436 19,667.3 1,076.3 6,326.7 7,403 27,070.2 2,068.9 1,379.7 689.2 8,580.8 10,042.3 20,692 20,292.3 27,695.2 399.8 16,456.3 -18,223.3 54,458.7 26,670.4 2,706.2 47,362.4 51,727.5 45,081.5 6,645.9 47,064.4 4,663.1 48,863.2 3,067.6 1,661.5 1,406 417.6 887 105.2 -2,266.8 101.4 -2,368.2 2,807.6 439.6 27.4 102 52.5 140.8 3 -4.5 639 213.1 94.5 54.2 3.2 10.1 29.7 6.4 9,061.4 10,936.7 19,998.1 169.6 12,046 12,215.6 32,213.7 7,973.8 1,417.7 6,556.1 8,070.7 13,952 29,996.5 24,230 36,445.6 5,766.5 20,945.5 -16,256.2 47,397.5 26,447.1 2,517.4 56,443.6 60,698.7 57,035.3 3,663.4 54,954.7 5,744 56,975.4 3,898.6 1,145.8 2,752.8 670.4 212.5 255.6 5,143.5 1,869.9 3,273.6 4,387.3 7,660.9 37.9 123.8 66.2 182.2 4.9 36.4 57.3 220.7 93.9 29.4 1.9 5.5 24.4 5.7

21,009.9 3,052.7

25,736.4 4,122.1

637.2 173 597.4 209.2 2,505 -133.2 2,638.1 1,755.5 4,393.7 29.9 113.8 113.8 117.6 1.8 -5.3 40 161.8

1,901.1 264.2 836 1,102.6 3,981.3 800.9 3,180.4 2,600.8 5,781.4 40.8 99.3 99.3 177.1 4.2 20.1 45 156.7

1,068.9 711.8 357.1 3,412.2 3,769.3 35.3 112.6 112.6 145.5 4.5 66.6 90.5 204.1 91 49.6 4.6 11.2 18.2 5.3

27.1 5.3

13.9 4.9

3.9 77.7 3.6 2.7 .6 .5 9.5 66.8 50 -8.9 16.2

11.6 195.8 5.1 6.4 1.8 1.6 8.9 65.9 200 24.1 15.7

17.3 242.9 6.2 6.7 3.4 2.9 9.4 98.1 88.9 48.8 19.5

11 171.5 5.2 4.7 2.2 1.8 10.1 95 -35.3 -.4 20.4

7.2 111.4 4.5 2.7 1.5 1.1 10 109.2 -31.8 16.9 21.3

13.8 980 1.1 4.5 3 2.3 9.5 107.5 100 17.3 22.1

Chemical SectorItems A.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) 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) 6

1999 23,877.8 17,489.9 41,367.6 8,211.4 18,843.3 27,054.7 68,422.3 15,212.3 7,320.2 7,892.1 26,279.6 41,491.9 39,775.6 66,830.3 1,716.2 -24,563.3

2000 24,788.6 21,264.4 46,053 9,524.9 15,284 24,808.9 70,861.9 18,503.2 4,775.9 13,727.3 29,813.4 48,316.6 49,579.4 74,388.3 -1,262.8 -31,076.2

2001 19,387.6 21,576 40,963.6 9,272.3 11,499.2 20,771.5 61,735.1 19,804.4 7,910.6 11,893.8 32,610.6 52,415 58,387 79,158.5 -5,972 47,751.8 -38,582.6

2002 34,352.1 20,738.2 55,090.3 10,009.5 18,155 28,164.5 83,254.8 27,958.8 10,852.3 17,106.5 30,619.4 58,578.2 49,098.5 77,263 9,479.7 45,527.9 -21,139.7

(Million Rupees) 2003 2004 36,530.3 18,531.3 55,061.6 4,198.5 10,761.3 14,959.9 70,021.4 34,136.5 13,724.7 20,411.8 20,109 11,832.4 66,077.9 60,326.5 75,286.4 5,751.4 29,101.2 -26,190 36,404.8 31,887.1 68,291.9 499.3 10,171.6 10,670.9 78,962.8 43,067.2 17,981.7 25,085.5 20,776.4 15,574.4 79,418 64,149.9 74,820.8 15,268.1 23,612.4 -21,082.7

90,654.5 93099.0 105693.3 118343.7 111878.8 116523.5 66,706.1 72,124.7 67,707.1 73,775 64,270 4,514.5 3,342.1 6,283 6,822.1 6,153.3 108197.9 120441.2 120122.1 132353.2 130348.0 143112.7 66,118.7 74,912.3 93249.3 109271.5 138487.1 165091.0 88968.2 104898.9 137468.2 163942.3 4,281.1 4,372.6 1,018.9 57,643 73,951.3 83888.0 108796.1 125739.3 17,269.3 19,298 25,383.5 29,691 84,627.6 96727.0 130004.6 142173.0 11,042.9 15,323.2 11,154.5 8,216.8 5,266.1 2,930.3 4,111 2,826.1 10,057.1 8,224.2 3,225.9 3,663.8 4,392.6 5,075.5 4,272.9 5,328 5,600.8 6,573.9 173.8 454.2 440.2 226.8 2,439.6 -3,387.9 5,827.5 -45.8 5,781.7 35 97.5 97.5 161.5 3.4 -138.9 -.8 185.8 -9,126.8 -6,165.7 -2,961.1 117.3 -2,843.7 33.6 89.8 89.8 193.2 2.4 67.6 -4.1 211.3 90.8 74.4 8.8 17.2 129.6 6.4 21,519.7 63.7 21,456 6,885.8 28,341.8 33.8 119.3 119.3 140.2 7.6 .3 24.3 160.4 88.5 34.4 4.8 11.6 43.7 6.7 -13,233.3 -3,425.2 -9,808.1 2,728.1 -7,080 21.4 109.5 89.9 136.7 6.3 25.9 -38.9 150.7 93.9 26.3 2.1 10.1 61.7 5.3

63,694.7 5,705.7

1,148.7 39,351.7 29,403.5 2,622.3 26,781.2 5,534 6,678.4 671.8 8,941.4 14,568.8 -5,627.4 20,274.5 14,647.1 13.5 123.8 99.5 109.6 18.7 162.9 138.4 187.6 86.1 8.9 1.6 11.1 20.7 4.3

49,522.1 16,596.6

4,579.2 2,750.3 3,957.6 294.7 -9.4 -2,128.6 2,119.3 2,385.9 4,505.1 39.5 104.3 104.3 161.6 4.2 22,765.9 53 173.3

60.1 7.2

78.5 7.3

11.1 46.2 9.6 6.9 1.9 .8 7.1 61.1 -51.3 -1.3 17.3

8.9 20.7 9.3 5.5 1.7 .4 8.4 62.2 -10.5 13.3 18.6

6.9 -15.7 13 3 1.5 -.4 9.3 77.6 -11.8 24.5 21.1

18.3 101.1 10.2 9.2 2.9 1.6 10.1 82.6 93.3 17.2 16

14.9 47.4 11.9 5.9 2.3 .9 8.3 106.2 -20.7 26.7 15.1

39.2 318.1 9.8 16.2 7.4 5.8 8.9 115.4 221.7 19.2 18.8

Engineering SectorItems A.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) 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) 7

1999 5,640.4 6,891.9 12,532.3 943.7 4,574 5,517.7 18,050 5,445.4 3,767.6 1,677.8 24,750.4 30,195.8 25,652.5 31,170.2 4,543.3 5,517.7 -20,207.1 22,788.1 13,506.7 1,204.4 43,702.5 56,633.6 56,633.6 49,883.8 6,749.8 56,436.3 1,104.3 1,104.3 1,168 976.7 90.2

2000 6,688 7,647.8 14,335.9 1,170.1 4,932.6 6,102.7 20,438.5 5,266.4 3,966.8 1,299.7 24,728.1 29,994.5 25,510.7 31,613.3 4,483.8 -20,244.2 26,133.2 15,954.7 1,316.7 45,949.2 62,583.2

2001 6,602.8 9,386.5 15,989.3 386.3 5,452.8 5,839.1 21,828.4 5,460.4 3,437.5 2,022.9 24,621.8 30,082.2 24,907.9 30,747 5,174.3 14,537.6 -19,447.5 27,565.5 16,654.1 1,329.6 46,736.2 59,971.2 58,397.9 1,573.3 52,631 7,340.2 56,463.9 4,537.4 1,888 2,649.3 1,357.8 1,111.8 15.4 1,389.8 179.7 1,210.1 1,509.3 2,719.5 26.8 120.8 120.8 192.3 5.7 12.9 55.5 242.2 94.2 41.6 3.2 13 51.3 8

2002 6,654.1 11,000.1 17,654.2

(Million Rupees) 2003 2004 7,032.1 14,760.7 21,792.8 7,223.1 23,270.8 30,493.9 296 5,927.5 6,223.5 36,717.4 27,015.7 23,007.7 4,008 16,798.1 23,183.8 66,997.6 51,414.1 57,637.6 15,583.5 15,796.1 -24,398.4 34,333.6 21,134 2,018 88,131.6

5,434.7 5,434.7 23,088.9 13,512.3 11,148.4 2,363.9 25,589.4 39,101.7 32,358.9 37,793.6 6,742.7 12,416.6 -18,846.6 27,204 16,346.2 1,757.6 55,447.8 74,827.3 73,546.6 1,280.7 64,880.7 9,946.6 69,304.5 6,671.1 1,850 4,821 1,868.6 1,608.8 158.9 1,260.6 1,343.7 -83.1 3,101.3 3,018.1 23.5 120.8 120.8 214.1 8.7 106.6 102.8 265.3 92.6 27.7 2.5 14.9 38.8 7

5,326.6 5,326.6 27,119.4 22,471.9 17,355.5 5,116.4 12,852.8 15,608.6 50,933.4 40,387.6 45,714.2 10,545.8 13,451.5 -17,915.7 30,313.7 16,573.6 1,754.9 67,507

54,973.2 7,610

2,272.8 1,266.7 1,028 83.6 2,388.6 -21.9 2,410.5 1,294.8 3,705.3 29.9 117.6 117.6 220.5 5 -.9 35 214.4

99059.9 139637.5 97572.3 138285.1 1,487.5 1,352.4 83969.1 122465.6 15,090.7 17,171.9 89058.7 128362.3 12,300.8 13,104.2 1,478.3 995.4 10,822.4 12,108.8 2,808.2 4,025.6 2,551.2 2,608.7 64.4 240.6 4,030.5 5,463 -1,432.5 7,217.9 5,785.4 19.6 126.1 87.5 209.8 16 135.5 124.8 309.9 89.9 12 1.5 11 25.9 5.9 9,598 5,474.5 4,123.5 7,492.5 11,616 16.9 130.3 85.2 189 13.7 57 64.5 422.2 91.9 7.6 .7 6.3 33.2 4.3

-1,040.4

164

30.6 117.7 117.7 248.7 2.5

222.2 99.7

105.8 10.5

55.7 10.4

8.8 -6.5 7.8 1.9 2 -.1 10.7 129.6 -242.9 14.7 22.2

15.9 97.9 7.2 3.6 3.4 1.5 9.9 136.2 70 10.5 21.4

16.6 116.2 7 4.4 4 2 8.6 128.3 17.7 -4.2 24.2

27.3 183.5 9.1 6.4 7.3 4.4 10.7 135 82.5 24.8 26.5

49.7 314.1 11.7 10.9 15.4 11.4 10.9 146.7 111 32.4 31

39.7 309.9 8.6 8.7 16.8 11.2 12.5 158.4 9.1 41 42.2

Sugar SectorItems A.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) 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) 8

1999 5,018 4,253.9 9,271.9 5.5 1,065.1 4,854.6 5,925.2 15,197.1 1,961.5 1,245.2 716.3 7,780.2 9,741.6 12,355.9 18,281.1 -2,614.2 -10,394.4 28,509.1 17,811.2 1,186.8 27,552.9 35,930.1

2000 5,031.7 4,066.5 9,098.2 5.5 920.1 6,119.4 7,045 16,143.2 2,825.1 1,953.7 871.5 6,368.1 9,193.3 11,331.9 18,376.9 -2,138.6 -8,506.8 30,098 18,281.9 1,233.1 27,475.1 32,828.4

2001 5,040.1 2,957.1 7,997.2 5.5 1,613.9 4,662.1 6,281.5 14,278.7 2,177.2 1,139.8 1,037.3 11,675.3 13,852.5 16,903 23,184.5 -3,050.5 15,638.4 -14,725.9 30,289.2 17,329.2 1,235.6 31,181.7 39,422.6 37,381.4 2,041.2 36,345.7 3,076.9 38,157.4 1,746.1 2,559 -812.9 276.5 243.6 80.4 -1,864.5 -1,332.9 -531.5 -97.4 -629 44 82 82 289.9 -2.6 71.5 15.5 158.7 96.8 146.6 6.5 16.4 -34 2

2002 5,040.6 1,885 6,925.6 5 998.4 4,590 5,593.4 12,519 2,386.9 1,116.7 1,270.2 10,987.4 13,374.3 18,756.6 24,350 -5,382.3 14,299.9 -16,369.7 30,737.3 17,901.2 1,157.9 31,275.5 36,142.6 33,392.9 2,749.7 33,244.8 2,897.8 34,962.1 1,848.3 2,305.1 -456.8 263.5 383.2

(Million Rupees) 2003 2004 5,045.6 1,782.8 6,828.4 716.2 6,105.9 6,822.1 13,650.5 2,696.5 824.8 1,871.7 6,108 5,793.2 14,597.7 20,658.6 27,480.7 -6,060.9 15,802.8 -17,962.1 34,726.3 19,711.2 1,378.4 34,308.9 36,542.7 35,221.3 1,321.4 34,266.9 2,275.8 35,929 1,382.4 1,647.7 -265.3 283.6 233.4 5,002.5 3,974.8 8,977.3 501.5 9,602.3 10,103.8 19,081.1 5,164.7 1,359.8 3,804.9 7,566.8 5,608.7 18,340.2 22,900 33,003.8 -4,559.8 19,225 -17,735.3 37,619.3 23,641 1,445.9 41,981.2 37,058.8 34,105.6 2,953.2 34,223.6 2,835.2 35,953 1,882.1 1,207.9 674.2 260.2 187.6 5.2 5,430.6 226.4 5,204.2 1,672.3 6,876.5 53 80.1 55.6 367.6 1.6 4.2 24.3 179.5 97 64.2 3.3 6.3 38.6 1.9

31,906.3 4,023.8

29,134.5 3,693.9

187.5 266.1 338.8 16.7 721 -417.3 1,138.3 769.5 1,097.8 39 78.8 78.8 197.2 .7 -57.9 40.3 184.8

197.6 298.7 491 13.8 946.2 -592.1 1,538.2 641 2,179.2 43.6 81.1 81.1 202 .7 -62.6 29.4 180.8

-1,759.7 -1,103.5 -656.2 54.4 -601.8 44.7 71.3 71.3 351.6 -1.5 62.7 -9 137.4 96.7 124.7 6.4 16.1 -57.7 2.7

1,131.5 -782.3 1,913.8 596.1 2,509.9 50 70.7 42.6 402.4 -.8 -69.1 23.7 135.3 98.3 119.2 4.5 10.4 -106.9 2

141.9 2

151.2 1.7

2 -23.2 3.7 .5 .4 -.2 6.9 130.4 -122.2 9.2 18.5

2.2 -20.6 5.4 .6 .4 -.2 6.9 119.5 -8.6 18.1

-10.2 -447.2 3 -2.1 -1.6 -2.2 7.1 126.4 -500 20.1 15.9

-6.6 -188 5.5 -1.3 -.9 -1.4 6.7 115.6 -43.8 -8.3 13.7

-3.9 -235.2 3.4 -.7 -.5 -1.1 7.7 106.5 -44.4 1.1 13.5

7.5 220.7 2.1 1.8 1.3 .8 7.7 88.3 -360 1.4 17.9

Paper And Board SectorItems A.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) 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) 9

1999 1,297.2 3,094.8 4,391.9 210.1 1,896 2,106.1 6,498.1 1,963.9 1,070.8 893.1 4,194.5 6,158.4 4,113.4 6,219.5 2,044.9 -2,149.6 8,058.3 4,453.1 473.7 10,611.5 9,680.7

2000 1,302.2 3,779.4 5,081.5 350.8 1,241.2 1,591.9 6,673.5 2,000.2 840.4 1,159.8 3,758.1 5,758.3 3,620.5 5,212.4 2,137.9 -1,620.3 8,579.4 4,535.6 521.1 10,293.9 9,940.4

2001 1,409.9 4,217.9 5,627.8 1,144.1 293.7 1,437.8 7,065.6 2,207.2 1,052.8 1,154.4 3,680.7 5,887.9 3,605.2 5,043 2,282.7 3,336.6 -1,398 9,511.1 4,782.9 528.8 10,670.8 11,782.1 11,399.8 382.3 9,815.5 1,966.6 10,698.7 1,844.9 494.5 1,350.4 317.7 460.3 66.6 392.1 572.5 -180.4 1,101.3 921 20.4 163.3 163.3 89.6 12.7 146 119.6 399.2 90.8 26.8 4.2 14.8 23.5 10.1

2002 1,414.9 5,001.5 6,416.4 854.1 403.2 1,257.3 7,673.7 1,403.7 264.4 1,139.3 3,782.5 5,186.2 3,144.3 4,401.6 2,041.9 2,579.7 -1,740.6 10,808.2 5,631.9 567.3 10,818.1 11,796.1 11,593 203.1 9,611 2,185.1 10,506.6 2,028.3 294 1,734.3 416.6 645.5 5 608.1 672.2 -64.1 1,239.5 1,175.4 16.4 164.9 164.9 68.6 16 110.5 105.5 453.5 89.1 14.5 2.5 11.4 24 12.2

(Million Rupees) 2003 2004 1,431 5,690.7 7,121.6 4.1 653.4 657.5 7,779.2 1,459.9 363 1,096.9 2,231.2 1,721.3 5,412.4 4,875.8 5,533.3 536.7 1,972.8 -3,415.8 12,811.3 7,242.5 616.7 12,654.9 13,748.1 13,527.5 220.6 10,947.2 2,800.9 11,993 2,729.9 282.6 2,447.3 488.6 776.4 1,421 7,565 8,986

528 528 9,514 1,986.7 492.9 1,493.8 2,484.3 2,407.9 6,878.9 5,043.5 5,571.5 1,835.4 1,798.2 -3,056.8 12,857.1 7,678.6 729.4 14,557.5 14,153.7 13,940.6 213.1 11,551.2 2,602.5 12,555.2 2,388.5 221.6 2,166.9 497.1 729.3 12.2 1,734.8 940.5 794.3 1,669.9 2,464.2 5.5 136.4 88.6 62 14.9 54.2 67.8 632.4 88.7 9.3 1.6 12.3 22.9 9.5

7,825.6 1,855

8,048.6 1,891.8

1,088.1 249.4 353 85.8 -26.7 485.7 -512.4 959.4 447 32.4 149.7 149.7 141.6 10.3 -1,819 214.6 338.6

1,428.1 152.8 436.1 5 175.4 839.2 -663.8 1,360.4 696.6 23.9 159.1 159.1 102.6 13.9 478.2 195.3 390.2

105.4 1,182.3 -1,076.9 1,799 722.1 8.5 111 75.7 77.7 19.3 1,120.7 249.1 497.7 87.2 10.4 2.1 14.3 20 7.8

22.9 9.9

10.7 10.6

24.8 237.6 8 11.2 8.4 6.5 10.9 91.2 82.6 1.8 33.9

28.1 292.5 8.6 14.4 11 9.8 11.7 96.6 31 2.7 39

24 224.4 8.2 11.5 9.6 7.3 11.6 110.4 -12.7 18.5 39.9

27 204.1 10.1 14.7 12.3 9.3 11.8 109 28.1 .1 45.3

34.4 252.3 10.9 17.8 17.1 13.7 11 108.6 39 16.6 49.8

24.1 229 8.1 15.3 15.2 11.8 9.7 97.2 -11.1 3 63.2

Cement SectorItems A.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