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BALANCE SHEET ANALYSIS

OF

JOINT STOCK COMPANIES

LISTED ON THE KARACHI STOCK EXCHANGE

(2003-2008)

STATE BANK OF PAKISTAN


STATISTICS AND DWH DEPARTMENT
Contents

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

Team Members

 Dr. Ishaque Ahmed Ansari Sr. Joint Director


ishaque.ahmed@sbp.org.pk

 Sajjad Hussain Joint Director


sajjad.hussain@sbp.org.pk

 Muhammad Jaweed Akhtar Jr. Joint Director


muhammad.jaweed@sbp.org.pk

 Muhammad Suhail Jr. Joint Director


suhail.laghari@sbp.org.pk

Supervisor

 Dr. Azizullah Khattak Director


aziz.khattak@sbp.org.pk
Introduction
I. Preliminaries

The analysis is based on the published balance sheets of non-financial companies listed at the
Karachi Stock Exchange during the year 2008. For the purpose of comparison, the analysis of the previous
five years is also included in the publication. The number of companies included in the statistical analysis
varied from year to year. All the listed companies (except financial sector) during 2008 have been
classified into economic groups. Tobacco, Jute, Vanaspati & allied and Other groups have been included
into the miscellaneous group. The year-wise distribution of companies classified according to the
respective economic group is as under: -
Table: 1 Distribution of companies by economic groups.

Years
Economic Groups
2003 2004 2005 2006 2007 2008

Cotton and Other Textiles 199 189 182 181 180 182
Chemicals 38 36 34 34 34 35
Engineering 44 42 41 41 41 40
Sugar and Allied Industries 37 35 35 35 36 35
Paper and Board 13 12 12 10 10 10
Cement 22 22 22 22 20 21
Fuel and Energy 24 25 28 28 27 27
Transport 7 13 15 12 12 12
Miscellaneous 79 77 74 73 77 74

Total: 463 451 443 436 437 436

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

The publication is based on the two sets of analysis:

(a) Overall summary:


This gives the consolidated financial analysis of companies listed at KSE.

(b) Company-wise analysis:


This provides financial analysis of the individual companies.
II. Methodology
A. Capital Structure

1. Ordinary Share Capital

This represents the total paid-up capital against issue of ordinary shares. These are amounts of capital
actually paid by the shareholders to the institution for acquiring its shares. It includes shares paid in
cash (subscribed/right issued), issued as bonus shares and shares issued for considerations other than
cash (eg. for settlement of receivables/debts or debts redeemable into stock etc.).

2. Reserves

It is evaluated by aggregating all kinds of reserves except depreciation reserve and reserve for bad and
doubtful debts plus the balance of profit and loss account and subtracting there from intangible or
fictitious assets (e.g., goodwill, preliminary expenses, exploration accounts, patents, trade mark) and
adverse balance of profit and loss figures. The reserves entering into the calculation are: -
(i) General
(ii) Capital
(iii) Development
(iv) Dividend equalization
(v) Proposed issue of bonus shares
(vi) Profit on re-issue of forfeited shares
(vii) Premium on shares
(viii) Capital profit arising from the sale of fixed assets
(ix) Special reserves under relevant provision of Income Tax Act
(x) Raw material price equalization
(xi) Tax equalization
(xii) Contingency
(xiii) Leave passage
(xiv) Workmen‟s compensation fund
(xv) Gratuity, pension or provident fund
(xvi) Investment depreciation but not including provision for actual shortfall of market value as
compared with book value
(xvii) Publicity
(xviii) Employees‟ housing and welfare fund
(xix) Charities
(xx) Deferred liabilities
(xxi) Taxation reserves including deferred taxation reserves, but not including provision for tax
assessed or estimated on actual or part of profits.

3. Shareholders’ Equity

This item purports to represent the total stake of the shareholders in the business and has been
obtained by adding the ordinary share capital to the surplus.

4. Preference Shares

As the name indicates these are ordinary shares of a company and pays a fixed dividend (whether the
company is earning profit or making loss during operation), but its shareholders have no voting privilege.
In case of liquidation of the company its status is normally considered prior to the status of ordinary
shareholders. The difference between ordinary shares and preference shares is as follows:

ii
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 company‟s annual general meeting while the
preference shareholder has no voting right.
c) Ordinary shareholders have to claim on the net assets of the company in case of liquidation,
while the claim of the preference shareholders is paid earlier.

5. Debentures / TFC’s

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 TFC‟s (Term Finance Certificates).

6. Other Fixed Liabilities

The liabilities, which are required to be discharge after a period of more than one year from the date of
balance sheet, are termed as other fixed liabilities or loan capital. They may consist of the
following items:
(i) Loans from financial institutions.
(ii) Loans from non bank financial institutions.
(iii) Loans from specialized financial institutions
(iv) Foreign loans
(v) Vendors‟ account

7. Total Fixed Liabilities

It is the sum of the preference shares, debentures and other fixed liabilities.

8. Total Capital Employed

It is the sum of shareholders‟ equity and total fixed liabilities.

B. Liquidity

1. Current Assets

An asset is to be a current asset, which can be readily convertible into cash or equivalent without any
significant loss in value. The current assets comprise of liquid assets, inventories and other current
assets.

a) Liquid Assets

Broadly speaking, liquid assets comprise of all assets like cash, bank balance, marketable security, etc.,
which are easily realisable almost at book value. While there can not be two opinions regarding the
status of cash, current accounts and government securities in this context, the treatment of savings and
fixed deposits and of shares of joint stock companies not quoted on stock exchange leaves the analyst
in doubt. The classification of borderline cases had therefore, to be made partly in keeping with the

iii
objective of the analysis and partly on one‟s own subjective judgment. For this study, liquid assets that
are also sometimes referred to as liquid capital have been bifurcated as cash and investments
and comprise of the following items: -
(i) Cash in hand
(ii) Cash in transit
(iii) Current deposits
(iv) Saving deposits
(v) Call deposits
(vi) Fixed deposits
(vii) Deposits held abroad
(viii) Government and corporate securities
(ix) Savings and Unit Trust Certificates
(x) Debentures stock of local or foreign companies

b) Inventories

It comprises of stocks of raw material in hand, work in progress and finished goods at the closing
date

c) Other Current Assets

The following items are taken as other current assets:


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

9. Current Liabilities

All liabilities, which are required to be discharge within one year, are termed as current liabilities.
Alternatively, these cover those obligations whose liquidation is expected to be made out of current
assets. They are usually incurred in the normal course of business and are required to be paid at fairly
definite dates. The current liability consists of the following items.

(a) Sundry Creditors

(i) 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

iv
(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

10. Total Liabilities

This item pertains to sum of total fixed liabilities and current liabilities except shareholder‟s equity.

11. Net Current Assets

It has been obtained by deducting the amount of current liabilities from current assets.

12. Contractual Liabilities

This item pertains to all secured debentures, long-term loans, finance lease, short term secured loans
and bank overdraft (Interest bearing secured loans).

13. Net Liquid Assets

This is the difference of liquid assets and the current liabilities.

C. Fixed Assets

1. Fixed Assets at Cost

In contra distinction to current assets, fixed assets consist of items, which are not readily convertible
into cash during the course of normal operations of an enterprise. These items are not subject to
periodical exchange through sales and purchases. Fixed assets are of permanent nature and are not
normally liquidated or intended to be turns into cash except in the form of depreciation, which is
added to the cost of goods sold. The following balance sheet items are included in the category of
fixed assets: -

(a)Real Estate

(i) 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 of plant and machinery used for production and not for sale
(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.

v
(c) Furniture, Fixtures, Fittings and Allied Equipment

(i) Electric fans, refrigerators, air conditioners, electric heating, sanitary and other
fittings.
(ii) Laboratory equipment
(iii) All types of office furniture‟s 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 gives this item.

3. Depreciation for the year

It includes all the depreciation charges to the profit and loss account during the year. Owing to the
absence of uniform accounting standards, depreciation is a subjective item and very from company to
company. It is important for the analyst to know what effect such variation could have on the net
profit.

4. Total Assets

This item is sum of fixed assets at cost after deducting accumulated depreciation, and current assets.

D. Operations

1. Gross Sales

This item represents the sale proceeds of the company. Sales revenue is classified as local sales and
export sales.

2. Gross Profit

Subtracting cost of sales from sales revenue arrives at gross profit.

3. Overhead and Other Expenses

These are total expenses that are incurred on the operational activities of a company except financial
expenses and include:
(i) Cost of sales
(ii) Administrative and general expenses
(iii) Selling and distribution expenses
(iv) Other expenses

5. Operating Profit

Subtracting overhead and other expenses from gross sales and adding thereto-non-operating income
gives operating profit.

6. Financial Expenses

These are interest expense incurred on borrowing of long and short terms loans. It includes the
following items;

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(i) Mark-up and interest on long term loan
(ii) Mark-up and interest on debentures and redeemable capital
(iii) Mark-up and interest on short term loan
(iv) Interest on private loan
(v) Financial charges against assets subject to finance lease
(vi) Interest and mark-up on supplier credit
(vii) Interest on worker‟s profit participation fund.
(viii) Bank charges and commission.
(ix) Excise duty on long and short-term finance.
(x) Discounting charges on receivables.
(xi) Exchange losses.

7. Net Profit before Tax Provision

It is the profit earned by the company during the year before tax provision.

8. Tax Provision

It is provision of taxation made on current year‟s profit.

9. Total Amount of Dividend

It is the total dividend including interim dividend distributed or proposed to be distribute out of the
current year‟s profit

10. Total Value of Bonus Shares Issued

This is the total amount of bonus shares issued to the shareholders as appropriation net profit after tax of
the company during the year.

E. Source of Increase in Capital Employed

1.Increase/ Decrease in Capital Employed

The difference in value of total capital employed (i.e., share capital, surplus, preference capital,
debentures and other fixed liabilities) at the beginning of the year and the corresponding figures at the end
of the year and shown as increase (+)/ decrease (-).

2. Retention in Business

This item is obtained by deducting the provision for the tax and the total dividend distributed or
proposed to be distributed from the net profit for the year.

3. Finance from outside the company

The difference between the increase in the capital employed and the retention in the business is the
finance from out side the company. It is possible for this item to be negative. Indeed in some
circumstances it is also possible for the increase in the capital employed as well as the retention in
business to be negative, for instance where dividends are distributed not out of the current earnings but
out of the reserves.

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F. Cash Flow Data

1. Depreciation for the year plus Retention in Business

The total funds that corporation generates internally for investment in the modernization and
expansion of plant and equipment.

2. Depreciation for the year plus changes in Capital Employed

Depreciation for the year is added in the difference of two successive years‟ figures of total capital
employed.

G. Operating Financial & Investment Ratios

1. Gearing Ratio

This item shows the proportion that the fixed loan capital bears to the total capital employed.
Where there is preference capital, there is an item of Gearing i.e., the fixed loan capital plus the
preference capital as the ratio of the total capital employed. The justification for taking the
preference capital together with the fixed liabilities is that, from the ordinary
shareholders‟ point of view, both items represent a fixed charge on the profits. Total capital
employed is shareholders equity plus total fixed liabilities. Gearing becomes inapplicable
when the shareholders‟ equity becomes zero or negative.

2. Current Ratio

This item tells a lender about the liquidity of the assets and as a result its ability to pay the short - term
debts.

3. Acid Tests or Quick Ratio

The acid test or quick ratio is used to determine how quickly a company would be able to pay off its
current liabilities if it needs to convert its “quick” assets into cash.

4. Debt Equity Ratio

In debt equity ratio, the total debt is compared with the shareholder’s equity; the lower the ratio the
better the company’s solvency, the higher ratio is a risk to a present or future creditor.

5. Return on assets

This ratio is considered a measure of how effectively assets are used to generate a return.

6. Self -Financing Ratio

The ratio expresses the amounts retained in business as percentage of increase/ decrease in the capital
employed.

viii
7. Cash Flow Ratio

This ratio has a purpose somewhat similar to the self-financing ratio. The only difference being that it
takes into account the amount of depreciation.

8. Shareholders’ Equity as % of Ordinary Share Capital

It is the shareholder’s equity to the ordinary share capital, which means the stake of ordinary
shareholders in the total equity of the company.

9. Overhead and Other Expenses as % of Gross Sales

It shows the ratio of overhead and other expenses to the gross sales. This is an important ratio, which
indicates the contribution of operating expenses in the operating revenue through sales of the
company. Lowering the percentage, the company is more viable and efficient.

10. Financial Expenses as % of Operating Profit

This shows the ratio of financial expenses to operating profit. It identifies how much weight the
company will bear from its operating profit before reaching to the net profit before tax. Smaller ratio is a
good for a company.

10. Financial Expenses as % of Gross Sales

It shows the ratio of financial expenses to gross sales. Lowering the ratio indicates the financial
discipline of the company and the increasing ratio indicates that the company is facing financial
expense burden out of its gross sales revenue

11. Financial Expenses as % of Contractual Liabilities

It shows cost incurred (interest/mark up paid) on contractual liabilities.

13. Tax Provision as % of Net Pre-tax Profit

It shows the portion of net profit set aside for tax provisions.

14. Sundry Debtors as % of Gross Sales

It is the ratio of outstanding credit (all sales receivables) to the total sale proceeds of the company.
Higher the percentage, the company is increasing its debtors and credit risk and reducing its liquidity
position.

15. Net Profit as % of Shareholders’ Equity

It is worked out by dividing the net profit before tax by the shareholder’s equity, expressing the result in
percentage.

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H. Key Performance Indicators

1. Dividend Cover Ratio

The ratio of net profit after tax to total amount of dividend.

2. Dividend Ratio to Equity

This item has been worked out by dividing the total amount of dividend by the shareholder’s 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 company‟s 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 Year’s Sales - Last Year’s 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.

x
Executive Summary

The non-financial companies listed at Karachi Stock Exchange (KSE) showed


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

Capital Structure
Total paid up capital of ordinary shareholders increased by Rs.24.91billion or 6.32
percent from Rs.394.51 billion in 2007 to Rs.419.42 billion in 2008, where as it was
increased by Rs.22.17 billion or 5.96 percents in 2007 over 2006. Sector wise position of
capital structure is as under:
Total Capital Employed by Economic Sectors
(Million Rupees)
TOTAL CAPITAL EMPLOYED
ECONOMIC SECTOR 2008 2007 CHANGE (%)
Cotton Textile 210,425 207,983 1.17
Other Textile 31,678 33,888 -6.52
Chemicals 149,922 133,814 12.04
Engineering 84,344 76,692 9.98
Sugar and allied industries 32,008 29,075 10.09
Paper and board 40,919 40,676 0.60
Cement 186,979 167,909 11.36
Fuel and energy 400,534 359,027 11.56
Transport and communications 198,484 205,161 -3.25
Tobacco 9,612 9,584 0.29
Jute 5,386 3,385 59.11
Vanaspati and allied industries -1,225 -1,053 -16.34
Others 64,145 49,118 30.59
Total 1,413,209 1,315,258 7.45

Total shareholder’s equity increased by 2.80 percent from Rs.953.0 billion to


Rs.979.69 billion during 2008. Total fixed liabilities increased by 19.67 percent from
Rs.362.25 billion in 2007 to Rs. 433.51 billion in 2008. A comparison of growth, in
the compositions of capital structure in the current year with that of the previous year yields:

2008 over 2007 2007 over 2006


Shareholders equity 2.80 % 9.08 %
Total fixed liabilities 19.67 % 26.34 %
Total capital employed 7.45 % 13.35 %

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

1600 1413.2
1400
1200 979.7
Billion Rupees

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

Liquidity
The analysis indicates that the overall liquid assets of non-financial sector increased by
0.18 percent from Rs.409.16 billion in 2007 to Rs.409.91 billion in 2008,whereas the
growth of the
previous year Figure 2: Aggregate Composition of Assets
was 8.63
percent. The 450
400
major increase 350
Billion Rupees

during the year 300


250
was in the 200
sectors of fuel & 150
energy by Rs. 100
50
29.20 billion, 0
miscellaneous 2003 2004 2005 2006 2007 2008

by Rs.3.80 Cash and bank balances 97.23 160.86 188.31 184.14 169.69 167.18

billion and Investments 65.24 80.33 112.57 192.52 239.47 242.73

textile by Liquid Assets 162.47 241.18 300.87 376.66 409.16 409.91

Rs.1.40 billion, Working capital 23.50 95.79 159.71 143.81 154.91 76.45

while a decrease
of Rs.13.20
billion in transport & communication sector, Rs.9.50 billion in engineering sector, Rs.4.60
billion in engineering sector and Rs.3.60 billion in chemical sector have been witnessed.
Cash and bank balance showed a decrease of Rs.2.51 billion i.e.1.48 percent in 2008
against a decrease of 7.85 percent in 2007, whereas short-term investment increased by

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

Fixed Assets
The fixed assets after deducting accumulated depreciation (book value) of overall position
amounted to Rs. 1,336.75billion in 2008. The increase was noted to be Rs. 176.41 billion or
15.20 percent
in 2008 over Figure 3: Composition of Assets
the previous 3000
year 2007.
2500
The total
Billion Rupees

assets which 2000


are at 1500
Rs.2,825.06
1000
billion in
2008, show 500
an increase 0
of 19.88 2003 2004 2005 2006 2007 2008
percent in Fixed Assets (book value) 619.78 720.33 858.60 1016.57 1160.35 1336.75
current year Total assets 1129.11 1413.01 1703.46 2048.42 2356.60 2825.06
from Rs.
2,356.60
billion in 2007. This indicates that during current year the amount invested in the capital
expenditure showed a positive growth as compared to the previous year which was 14.14
percent. Comparison of fixed assets (book value) with total assets from 2003 through 2008
is illustrated in figure3.

Operational Activities
The gross sales of all non-financial listed companies were Rs.3,417.23 billion in 2008 as
against Rs.
Figure 4: Gross Sales and Cost of Sales
2,837.92
billion in 2007,
showing an 4000
3500
increase of
3000
Billion Rupees

Rs.633.31 2500
billion or 2000
22.32 percent. 1500
The local sale 1000
increased by 500
Rs.594.92 0
2003 2004 2005 2006 2007 2008
billion or Gross sales 1382.48 1632.83 2031.22 2570.95 2837.92 3471.23
22.60 percent Cost of sales 1172.44 1360.16 1672.72 2166.35 2431.13 2964.60
at Rs.3,227.62
billion in 2008
xiii
against Rs.2,632.70 billion in 2007 whereas the export sales increased by Rs.38.39 billion
or 18.71 percent in the current year. Cost of goods sold stood at Rs.2,964.60 billion in
2008, showing an increase of 21.94 percent compared with the previous year. The gross
profit increased by Rs.99.83 billion or 24.54 percent from Rs.406.80 billion in 2007 to
Rs.506.63 billion in 2008. The major sectors which contributed in the growth of gross
profit during current year were sugar by 143.36 percent, fuel & energy by 50.77 percent
and vanaspati & allied industries by 36.26 percent and sectors which participated in the
gross loss were other textile by 37.63 percent ,transport & communication by 9.31 percent
and other engineering by 8.76 percent. Net profit before taxes, which stood at Rs.229.30
billion in 2007, decreased by Rs.24.30 billion or 14.52 percent to Rs.205.00 billion in
2008. Fuel & energy and sugar & allied sectors showed a profit of Rs. 57.50 billion and
Rs.1.30 billion respectively, whereas a sharp decline in the net profit before taxes has been
witnessed in transport & communication with Rs.55.30 billion, cement with Rs.8.90 billion
and chemicals with Rs.5.90 billion. Out of the profit, the amount retained in the business
were Rs.4.48 billion in 2008 as against Rs.71.08 billion in 2007 showing a decrease of
Rs.66.60 billion or 93.70 percent. The finance inducted from outside source
of the business increased by 9.67 percent at Rs.93.47 billion in 2008 from Rs.83.80
billion in 2007, whereas it increased 22.77 percent in the previous year. This indicates
that overall Figure 5: Net Profit and Retention
non-financial
listed
300
companies,
“expansion of
250
business”
remained 200
Billion Rupees

sluggish
during the 150
year and its
pace remained 100
slow as
compared to 50
the previous
0
year, i.e. 2003 2004 2005 2006 2007 2008
dependencies Net profit (before taxes) 98.90 175.45 224.98 256.70 229.30 205.00
on debts from Retention in business 10.67 52.13 92.28 81.04 71.08 4.48
banks and
financial
institutions
declined due to increasing financial expenses ( as the growth of financial expenses was
noted 44.46 percent in current year as compared to a growth of 36.18 percent in the
previous year) and also contracting their equity base. Return on assets, which was 9.70
percent in 2007 decreased to 7.30 percent in 2008. This shows that the capital market in
the country which started declining, during the previous year, also continued downturn
moment during the current year.
.

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

Figure 6: Key Financial Ratios

12

10

8
Percent

0
2003 2004 2005 2006 2007 2008
Sundry debtots as % of gross sales 8.00 7.00 7.80 7.80 8.80 10.60
Dividend ratio to equity 11.70 12.40 8.90 11.70 10.20 10.80

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

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

Paper and Board

Communications
Sugar and Allied

Allied Industries
Fuel and Energy
Performance

Other Textiles
Textile Sector
Indicators

Transport &

Vanaspati &
Overall

Engineering
Chemicals

Industires

Tobacco
Cement

Others
Jute
Paid -up-Capital 419,424.4 35,318.2 9,392.9 42,072.0 11,371.7 7,334.3 2,164.2 54,881.2 149,185.1 92,442.1 3,188.8 607.6 281.5 11,184.9

Total amount 105,519.8 1,445.1 202.8 15,101.5 3,925.3 521.7 123.9 648.1 74,716.9 791.4 2,999.8 0.0 0.0 5,043.2

of dividend

Total value of 4,730.7 615.1 962.5 205.8 527.0 177.2 105.6 117.1 1,579.9 239.0 0.0 60.9 10.2 130.5

bonus shares issued

Increace/ Decrease(-) 97,950.7 2,441.8 -2,209.5 16,108.4 7,651.1 2,932.9 242.7 19,069.7 41,506.8 -6,676.9 28.1 2,000.9 -172.2 15,027.4

in capitral employed

Dividend cover 104.2 -534.6 -1,233.6 160.0 256.9 54.8 93.8 -739.2 157.4 -5,277.5 129.0 0.0 - 191.4

ratio (%)

Dividend ratio to 10.8 1.1 1.0 13.7 5.4 2.9 0.5 0.5 22.5 0.9 31.2 0.0 0.0 10.1

equity (%)

Net profit 5.9 2.5 -3.5 12.5 5.1 0.9 1.4 -3.9 9.3 -18.2 7.6 9.7 0.0 8.3

margin (%)

Return on equity (%) 20.9 5.8 - 31.6 20.0 4.0 1.4 - 51.9 - 58.8 21.6 - 27.3

Earning per share 4.9 2.2 -2.1 8.3 12.8 1.0 1.5 -0.8 11.5 -4.3 17.7 17.6 0.0 12.1

before tax (Rs./share)

Earning per share 2.6 -2.2 -2.7 5.7 8.9 0.4 0.5 -0.9 7.9 -4.5 12.1 17.5 -1.4 8.6

after tax (Rs./share)

Avg. Annual depreciation 8.3 8.0 10.5 8.5 10.2 6.6 4.6 4.4 8.1 11.4 12.5 11.1 3.9 8.0

as % of fixed assets

(Book Value)

Sale as % of 122.9 75.3 81.9 109.3 171.9 98.1 43.0 42.2 186.1 57.9 372.2 138.8 221.7 142.7

total assets
Sales growth (%)
22.3 9.3 6.3 28.3 5.0 34.5 20.9 33.9 27.7 14.6 17.0 41.7 35.7 23.5

Breakup value of 23.4 38.0 22.1 26.3 64.2 24.4 106.1 22.0 22.3 9.2 30.1 81.6 -51.7 44.5

ordinary shares (in Rs)

xvi
Overall (Million Rupees)
Items 2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 246857.4 305607.6 354203.5 372335.5 394509.6 419424.4
2.Surplus 200606.5 289229.7 430745.5 501329.3 558499.1 560270.3
3.Shareholder's Equity (A1+A2) 447463.9 594837.3 784949.0 873664.8 953008.7 979694.7
4.Prefrence Shares 1083.4 1083.4 3628.2 3519.3 10168.4 9445.9
5.Debentures 40128.1 23473.5 30904.9 31265.3 45095.4 49585.9
6.Other Fixed Laibilities 154612.0 196727.2 198830.9 251932.6 306985.9 374482.6
7.Total Fixed Laibilities (A4+A5+A6) 195823.5 221284.1 233364.0 286717.2 362249.7 433514.4
8.Total Capital Employed (A3+A7) 643287.4 816121.4 1018313.0 1160382.0 1315258.4 1413209.1
B.Liquidity:
1.Liquid Assets: 162465.4 241184.3 300873.5 376657.8 409161.4 409910.9
(i)Cash 97228.2 160856.8 188306.3 184141.8 169690.2 167179.8
(ii)Investments 65237.2 80327.5 112567.2 192516.0 239471.2 242731.1
2.Other Current Assets 234267.6 267962.8 337303.3 414622.0 515561.9 704003.1
3.Inventories 112597.1 183539.6 206674.0 240567.9 271532.6 374396.1
4.Current Assets (B1+B2+B3) 509330.1 692686.7 844850.8 1031847.7 1196255.9 1488310.1
5.Current Liabilities 485825.3 596893.4 685142.3 888036.0 1041342.7 1411855.6
6.Total Liabilities(A7+B5) 681648.8 818177.5 918506.3 1174753.2 1403592.4 1845370.0
7.Net Current Assets(B4-B5) 23504.8 95793.3 159708.5 143811.7 154913.2 76454.5
8.Contractual Liabilities 341082.2 373561.8 445335.7 556211.5 646344.5 851131.7
9.Net liquid assets (B1-B5) -323359.9 -355709.1 -384268.8 -511378.2 -632181.3 -1001944.7
C.Fixed Assets:
1.Fixed Asset At Cost 1070184.5 1150211.4 1458664.4 1671976.7 1863049.7 2087349.4
2.Fixed assets after deducting accumulated depreciation 619782.4 720328.2 858604.5 1016570.4 1160345.2 1336754.6
3.Depreciation for the year 54992.4 60445.2 69186.1 75870.1 86225.3 96851.9
4.Total assets (B4+C2) 1129112.5 1413014.9 1703455.3 2048418.1 2356601.1 2825064.7
D.Operation:
1.Gross sales 1382479.4 1632833.9 2031217.2 2570950.5 2837922.7 3471233.0
(i)Local sales 1266939.7 1507135.3 1898311.0 2406191.2 2632698.1 3227616.2
(ii)Export sales 115539.7 125698.6 132906.2 164759.3 205224.6 243616.8
2.Cost of Sales 1172438.6 1360160.9 1672723.8 2166348.2 2431127.0 2964603.8
3.Gross profit 210040.8 272673.0 358493.4 404602.3 406795.7 506629.2
4.Overhead and Other Expenses 1277734.1 1471056.3 1814613.0 2328818.5 2616505.1 3239172.1
5.Operating profit 130931.4 199205.3 254458.2 305994.2 296425.9 301973.5
6.Financial expenses 32029.6 23751.7 29473.3 49293.8 67127.4 96973.0
7.Net profit before tax (D5-D6) 98901.8 175453.6 224984.9 256700.4 229298.5 205000.5
8.Tax provision 36045.8 49604.0 62677.7 73133.2 60628.3 95000.0
9.Total amount of dividend 52182.3 73715.2 70028.1 102525.7 97589.8 105519.8
10.Total value of bonus shares issued 1240.2 2263.2 3398.8 5763.8 2995.8 4730.7
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 27265.8 172834.0 202191.6 142069.0 154876.4 97950.7
2.Retention in business (D7-D8-D9) 10673.7 52134.4 92279.1 81041.5 71080.4 4480.7
3.Finance from outside the company (E1-E2) 16592.1 120699.6 109912.5 61027.5 83796.0 93470.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 65666.1 112579.6 161465.2 156911.6 157305.7 101332.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 82258.4 233279.2 271377.7 217939.1 241101.7 194802.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 30.4 27.1 22.9 24.7 27.5 30.7
2.Current ratio (B4 as % of B5) 104.8 116.0 123.3 116.2 114.9 105.4
3.Acid test or Quick ratio (B4-B3 as % B5) 81.7 85.3 93.1 89.1 88.8 78.9
4.Debt equity ratio (B6 as % of A3) 152.3 137.5 117.0 134.5 147.3 188.4
5.Return on assets (D7 as % of C4) 8.8 12.4 13.2 12.5 9.7 7.3
6.Self financing ratio (E2 as % of E1) 39.1 30.2 45.6 57.0 45.9 4.6
7.Cash flow ratio F1 as % of F2 79.8 48.3 59.5 72.0 65.2 52.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 181.3 194.6 221.6 234.6 241.6 233.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 92.4 90.1 89.3 90.6 92.2 93.3
10.Financial expenses as % of operating profit (D6 as % of D5) 24.5 11.9 11.6 16.1 22.6 32.1
11.Financial expense as % of gross sales (D6 as % of D1) 2.3 1.5 1.5 1.9 2.4 2.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.4 6.4 6.6 8.9 10.4 11.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 36.5 28.3 27.9 28.5 26.4 46.3
14.Sundry debtors as % of gross sales 8.0 7.0 7.8 7.8 8.8 10.6
15.Return on Equity (D7 as % of A3) 22.1 29.5 28.7 29.4 24.1 20.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 120.5 170.7 231.8 179.0 172.8 104.2
2.Dividend ratio to equity (D9 as % of A3) 11.7 12.4 8.9 11.7 10.2 10.8
3.Net profit margin (D7 as % of D1) 7.2 10.7 11.1 10.0 8.1 5.9
4.Earning per share before tax (D7/No. of ordinary shares) 4.0 5.7 6.4 6.9 5.8 4.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.6 4.1 4.6 4.9 4.3 2.6
6.Average annual % depreciation on written down fixed assets 9.1 9.2 9.2 8.8 8.6 8.3
7.Sales as % of total assets (D1 as % of C4) 122.4 115.6 119.2 125.5 120.4 122.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 29.0 39.0 12.3 7.8 -15.9 -15.5
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 13.1 18.1 24.4 26.6 10.4 22.3
10.Break-up value of ordinary shares (in rupees) 18.1 19.5 22.2 23.5 24.2 23.4

1
Overall

Operating, Financial & Investment Ratios


200

180

160

140

120
% 100
80

60

40

20

0
2003 2004 2005 2006 2007 2008

Gearing ratio Debt to equity ratio Current ratio

Key performance indicators Key prformance ratios

25 14

12
20

10

15
Rupees

8
%
10 6

4
5

2
0
2003 2004 2005 2006 2007 2008 0
2003 2004 2005 2006 2007 2008

EPS (Before tax) EPS (After tax) Break-up value per share
Dividend ratio to equity Net profit margin

2
Private (Million Rupees)
Items 2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 135930.3 189177.8 220928.2 236670.1 308092.5 331719.5
2.Surplus 135265.9 211634.0 319837.8 402749.4 479868.0 496546.8
3.Shareholder's Equity (A1+A2) 271196.2 400811.8 540766.0 639419.5 787960.5 828266.3
4.Prefrence Shares 1082.4 1082.4 3627.2 3518.3 10168.4 9445.9
5.Debentures 22739.8 7546.9 16484.7 18018.3 31384.0 37155.7
6.Other Fixed Laibilities 112764.5 131238.9 161820.7 184310.6 231063.9 269600.5
7.Total Fixed Laibilities (A4+A5+A6) 136586.6 139868.2 181932.6 205847.2 272616.3 316202.1
8.Total Capital Employed (A3+A7) 407828.8 540680.0 722698.6 845266.7 1060576.8 1144468.4
B.Liquidity:
1.Liquid Assets: 105348.1 160047.9 224657.7 266378.1 340787.9 342240.7
(i)Cash 53645.4 90921.4 139135.3 108408.3 140648.6 139481.9
(ii)Investments 51702.7 69126.5 85522.4 157969.8 200139.3 202758.8
2.Other Current Assets 130407.7 168720.4 208525.6 260344.2 347485.0 483766.9
3.Inventories 99210.3 144697.0 179421.2 200624.0 235366.3 306459.9
4.Current Assets (B1+B2+B3) 334966.1 473465.3 612604.5 727346.3 923639.2 1132467.5
5.Current Liabilities 314100.3 393110.6 486178.7 585272.5 784171.9 1050081.5
6.Total Liabilities(A7+B5) 450686.9 532978.8 668111.3 791119.7 1056788.2 1366283.6
7.Net Current Assets(B4-B5) 20865.8 80354.7 126425.8 142073.8 139467.3 82386.0
8.Contractual Liabilities 255371.0 270828.5 374633.0 430169.6 511631.4 680680.4
9.Net liquid assets (B1-B5) -208752.2 -233062.7 -261521.0 -318894.4 -443384.0 -707840.8
C.Fixed Assets:
1.Fixed Asset At Cost 616267.3 724104.7 932476.7 1072793.1 1473687.2 1638845.3
2.Fixed assets after deducting accumulated depreciation 386917.0 460325.2 596272.5 703192.7 921109.6 1062082.4
3.Depreciation for the year 29158.0 37306.1 41702.7 47779.6 66432.8 74855.9
4.Total assets (B4+C2) 721883.1 933790.5 1208877.0 1430539.0 1844748.8 2194549.9
D.Operation:
1.Gross sales 841226.5 1031308.4 1287627.4 1640222.3 1952451.1 2366426.0
(i)Local sales 732742.5 913080.1 1167237.6 1496605.1 1747226.5 2122809.2
(ii)Export sales 108483.9 118228.3 120389.8 143617.2 205224.6 243616.8
2.Cost of Sales 719248.3 853942.3 1040154.0 1337243.2 1678945.1 2039578.0
3.Gross profit 121978.2 177366.1 247473.4 302979.1 273506.0 326848.0
4.Overhead and Other Expenses 781340.1 922263.0 1116097.4 1427524.6 1812290.0 2230507.3
5.Operating profit 71311.7 126206.0 195110.0 249914.7 196526.6 186097.2
6.Financial expenses 23339.4 18046.2 23992.7 38928.3 55508.7 82617.3
7.Net profit before tax (D5-D6) 47972.4 108159.8 171117.3 210986.4 141017.9 103479.9
8.Tax provision 14716.4 26730.9 39922.5 51181.0 33043.0 54699.6
9.Total amount of dividend 25468.9 39909.3 60169.1 89644.3 49877.3 45618.6
10.Total value of bonus shares issued 747.4 2206.0 3340.5 3988.0 2252.8 3907.7
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 4168.5 133840.3 182018.6 122568.1 215310.1 11810.3
2.Retention in business (D7-D8-D9) 7787.1 41519.6 71025.7 70161.1 58097.6 3161.7
3.Finance from outside the company (E1-E2) -3618.6 92320.7 110992.9 52407.0 157212.5 8648.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 36945.1 78825.7 112728.4 117940.7 124530.4 78017.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 33326.5 171146.4 223721.3 170347.7 281742.9 86666.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 33.4 25.9 25.2 24.4 25.7 27.6
2.Current ratio (B4 as % of B5) 106.7 120.4 126.0 124.3 117.8 107.8
3.Acid test or Quick ratio (B4-B3 as % B5) 75.1 83.6 89.1 90.0 87.8 78.7
4.Debt equity ratio (B6 as % of A3) 166.2 133.0 123.5 123.7 134.1 165.0
5.Return on assets (D7 as % of C4) 6.7 11.6 14.2 14.7 7.6 4.7
6.Self financing ratio (E2 as % of E1) 186.8 31.0 39.0 57.2 27.0 26.8
7.Cash flow ratio F1 as % of F2 110.9 46.1 50.4 69.2 44.2 90.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 199.5 211.9 244.8 270.2 255.8 249.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 92.9 89.4 86.7 87.0 92.8 94.3
10.Financial expenses as % of operating profit (D6 as % of D5) 32.7 14.3 12.3 15.6 28.2 44.4
11.Financial expense as % of gross sales (D6 as % of D1) 2.8 1.7 1.9 2.4 2.8 3.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.1 6.7 6.4 9.0 10.8 12.1
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 30.7 24.7 23.3 24.3 23.4 52.9
14.Sundry debtors as % of gross sales 5.9 6.9 7.2 7.3 8.2 9.9
15.Return on Equity (D7 as % of A3) 17.7 27.0 31.6 33.0 17.9 12.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 130.7 204.0 218.0 178.3 216.5 106.9
2.Dividend ratio to equity (D9 as % of A3) 9.4 10.0 11.1 14.0 6.3 5.5
3.Net profit margin (D7 as % of D1) 5.7 10.5 13.3 12.9 7.2 4.4
4.Earning per share before tax (D7/No. of ordinary shares) 3.5 5.7 7.7 8.9 4.6 3.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.5 4.3 5.9 6.8 3.5 1.5
6.Average annual % depreciation on written down fixed assets 7.7 8.9 8.3 8.0 8.4 8.0
7.Sales as % of total assets (D1 as % of C4) 116.5 110.4 106.5 114.7 105.8 107.8
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 20.7 54.1 35.1 15.6 -48.3 -48.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 13.1 22.8 24.9 27.4 19.0 23.5
10.Break-up value of ordinary shares (in rupees) 20.0 21.2 24.5 27.0 25.6 25.0

3
Private

Operating, Financial & Investment Ratios


200
180
160
140
120
% 100
80
60
40
20
0
2003 2004 2005 2006 2007 2008
Gearing ratio Debt to equity ratio Current ratio

Key performance indicators Key performance ratios

30
16

25 14

12
20
10
Rupees

15 %
8

6
10

5
2

0
0
2003 2004 2005 2006 2007 2008
2003 2004 2005 2006 2007 2008

EPS (Before tax) EPS (After tax) Break-up value per share
Dividend ratio to equity Net profit margin

4
Public (Million Rupees)
Items 2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 110927.1 116429.8 133275.3 135665.4 86417.0 87704.9
2.Surplus 65340.6 77595.7 110907.7 98580.0 78631.1 63723.6
3.Shareholder's Equity (A1+A2) 176267.7 194025.5 244183.0 234245.4 165048.1 151428.5
4.Prefrence Shares 1.0 1.0 1.0 1.0 0.0 0.0
5.Debentures 17388.2 15926.7 14420.3 13247.0 13711.4 12430.1
6.Other Fixed Laibilities 41847.5 65488.4 37010.2 67622.0 75922.0 104882.1
7.Total Fixed Laibilities (A4+A5+A6) 59236.7 81416.1 51431.5 80870.0 89633.4 117312.2
8.Total Capital Employed (A3+A7) 235504.4 275441.6 295614.5 315115.4 254681.5 268740.7
B.Liquidity:
1.Liquid Assets: 57117.3 81136.3 76215.7 110279.7 68373.6 67670.2
(i)Cash 43582.8 69935.3 49171.0 75733.5 29041.7 27698.0
(ii)Investments 13534.5 11201.0 27044.7 34546.2 39331.9 39972.2
2.Other Current Assets 103859.9 99242.3 128777.7 154277.8 168076.9 220236.2
3.Inventories 13386.8 38842.6 27252.7 39943.9 36166.4 67936.2
4.Current Assets (B1+B2+B3) 174364.0 219221.2 232246.1 304501.4 272616.9 355842.6
5.Current Liabilities 171725.0 203782.8 198963.7 302763.6 257170.8 361774.1
6.Total Liabilities(A7+B5) 230961.7 285198.9 250395.2 383633.6 346804.2 479086.3
7.Net Current Assets(B4-B5) 2639.0 15438.4 33282.4 1737.8 15446.1 -5931.5
8.Contractual Liabilities 85711.1 102733.5 70702.8 126042.0 134713.1 170451.2
9.Net liquid assets (B1-B5) -114607.7 -122646.5 -122748.0 -192483.9 -188797.2 -294103.9
C.Fixed Assets:
1.Fixed Asset At Cost 453917.3 426106.6 526187.7 599183.6 389362.5 448504.1
2.Fixed assets after deducting accumulated depreciation 232865.4 260003.1 262331.9 313377.6 239235.6 274672.2
3.Depreciation for the year 25834.4 23139.1 27483.4 28090.5 19792.6 21996.0
4.Total assets (B4+C2) 407229.4 479224.3 494578.0 617879.0 511852.5 630514.8
D.Operation:
1.Gross sales 541252.9 601525.5 743589.7 930728.2 885471.6 1104807.1
(i)Local sales 534197.2 594055.2 731073.3 909586.1 885471.6 1104807.1
(ii)Export sales 7055.7 7470.3 12516.4 21142.1 0.0 0.0
2.Cost of Sales 453190.3 506218.6 632569.8 829105.0 752181.9 925025.8
3.Gross profit 88062.6 95306.9 111019.9 101623.2 133289.7 179781.3
4.Overhead and Other Expenses 496394.0 548793.3 698515.7 901293.9 804215.1 1008664.8
5.Operating profit 59619.5 72999.2 59348.0 56079.5 99899.3 115876.4
6.Financial expenses 8690.2 5705.4 5480.6 10365.5 11618.8 14355.8
7.Net profit before tax (D5-D6) 50929.3 67293.8 53867.4 45714.0 88280.5 101520.6
8.Tax provision 21329.3 22873.1 22755.1 21952.1 27585.3 40300.4
9.Total amount of dividend 26713.5 33805.9 9859.0 12881.4 47712.5 59901.1
10.Total value of bonus shares issued 492.8 57.2 58.3 1775.8 743.0 823.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 23097.4 39937.2 20172.9 19500.9 -60433.9 86140.4
2.Retention in business (D7-D8-D9) 2886.5 10614.8 21253.3 10880.5 12982.7 1319.1
3.Finance from outside the company (E1-E2) 20210.9 29322.4 -1080.4 8620.4 -73416.6 84821.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 28720.9 33753.9 48736.7 38971.0 32775.3 23315.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 48931.8 63076.3 47656.3 47591.4 -40641.3 108136.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 25.2 29.6 17.4 25.7 35.2 43.7
2.Current ratio (B4 as % of B5) 101.5 107.6 116.7 100.6 106.0 98.4
3.Acid test or Quick ratio (B4-B3 as % B5) 93.7 88.5 103.0 87.4 91.9 79.6
4.Debt equity ratio (B6 as % of A3) 131.0 147.0 102.5 163.8 210.1 316.4
5.Return on assets (D7 as % of C4) 12.5 14.0 10.9 7.4 17.2 16.1
6.Self financing ratio (E2 as % of E1) 12.5 26.6 105.4 55.8 -21.5 1.5
7.Cash flow ratio F1 as % of F2 58.7 53.5 102.3 81.9 -80.6 21.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 158.9 166.6 183.2 172.7 191.0 172.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 91.7 91.2 93.9 96.8 90.8 91.3
10.Financial expenses as % of operating profit (D6 as % of D5) 14.6 7.8 9.2 18.5 11.6 12.4
11.Financial expense as % of gross sales (D6 as % of D1) 1.6 0.9 0.7 1.1 1.3 1.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 10.1 5.6 7.8 8.2 8.6 8.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 41.9 34.0 42.2 48.0 31.2 39.7
14.Sundry debtors as % of gross sales 11.2 7.1 8.9 8.6 10.0 12.1
15.Return on Equity (D7 as % of A3) 28.9 34.7 22.1 19.5 53.5 67.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 110.8 131.4 315.6 184.5 127.2 102.2
2.Dividend ratio to equity (D9 as % of A3) 15.2 17.4 4.0 5.5 28.9 39.6
3.Net profit margin (D7 as % of D1) 9.4 11.2 7.2 4.9 10.0 9.2
4.Earning per share before tax (D7/No. of ordinary shares) 4.6 5.8 4.0 3.4 10.2 11.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.7 3.8 2.3 1.8 7.0 7.0
6.Average annual % depreciation on written down fixed assets 11.5 9.7 10.9 10.4 9.7 9.5
7.Sales as % of total assets (D1 as % of C4) 132.9 125.5 150.3 150.6 173.0 175.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 43.8 26.1 -31.0 -15.0 200.0 157.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 13.1 11.1 23.6 25.2 -4.9 20.0
10.Break-up value of ordinary shares (in rupees) 15.9 16.7 18.3 17.3 19.1 17.3

5
Public

Operating, Financial & Investment Ratios


350

300

250

200
%
150

100

50

0
2003 2004 2005 2006 2007 2008
Gearing ratio Debt to equity ratio Current ratio

Key performance indicators Key performance ratios

20 40

18 35
16
30
14

12 25
Rupees

10 %
20
8
15
6

4 10

2
5
0
2003 2004 2005 2006 2007 2008 0
2003 2004 2005 2006 2007 2008

EPS (Before tax) EPS (After tax) Break-up value per share
Dividend ratio to equity Net profit margin

6
TEXTILE SECTOR
Textile Sector (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 21783.6 23063.4 23232.7 30692.3 32773.5 35318.2
2.Surplus 37219.4 46532.9 66875.1 82835.2 103273.6 98892.1
3.Shareholder's Equity (A1+A2) 59003.0 69596.3 90107.8 113527.5 136047.1 134210.3
4.Prefrence Shares 241.9 241.9 1589.6 1632.7 2432.7 1650.0
5.Debentures 3821.8 1232.3 3809.7 8509.3 10540.8 4526.2
6.Other Fixed Laibilities 32490.0 42697.9 56145.9 61886.5 58962.1 70038.0
7.Total Fixed Laibilities (A4+A5+A6) 36553.7 44172.1 61545.2 72028.5 71935.6 76214.2
8.Total Capital Employed (A3+A7) 95556.7 113768.4 151653.0 185556.0 207982.7 210424.5
B.Liquidity:
1.Liquid Assets: 16460.1 18250.6 21657.9 42084.2 45664.5 47108.2
(i)Cash 4272.0 4183.1 5119.6 4836.7 4469.9 3540.6
(ii)Investments 12188.1 14067.5 16538.3 37247.5 41194.6 43567.6
2.Other Current Assets 40714.2 47823.8 45580.3 51999.6 80538.1 90277.7
3.Inventories 31851.3 48221.5 65966.8 65342.5 69284.4 91663.7
4.Current Assets (B1+B2+B3) 89025.6 114295.9 133205.0 159426.3 195487.0 229049.6
5.Current Liabilities 90334.5 110989.6 130940.0 150625.6 181364.5 208507.1
6.Total Liabilities(A7+B5) 126888.2 155161.7 192485.2 222654.1 253300.1 284721.3
7.Net Current Assets(B4-B5) -1308.9 3306.3 2265.0 8800.7 14122.5 20542.5
8.Contractual Liabilities 89737.3 106246.1 149646.0 173336.9 168521.5 206997.3
9.Net liquid assets (B1-B5) -73874.4 -92739.0 -109282.1 -108541.4 -135700.0 -161398.9
C.Fixed Assets:
1.Fixed Asset At Cost 151305.8 169461.8 218342.7 258252.5 278657.2 278261.3
2.Fixed assets after deducting accumulated depreciation 96865.6 110462.1 149387.9 176755.2 193860.4 189881.9
3.Depreciation for the year 8218.3 11239.1 7960.9 11748.3 13181.5 14572.4
4.Total assets (B4+C2) 185891.2 224758.0 282592.9 336181.5 389347.4 418931.5
D.Operation:
1.Gross sales 188662.0 227136.5 187364.1 250294.5 288506.1 315252.1
(i)Local sales 94170.1 123172.6 98149.2 139938.1 144851.5 166366.0
(ii)Export sales 94491.9 103963.9 89214.9 110356.4 143654.6 148886.1
2.Cost of Sales 168848.0 207428.3 164218.8 220338.1 253538.6 278619.8
3.Gross profit 19814.0 19708.2 23145.3 29956.4 34967.5 36632.3
4.Overhead and Other Expenses 177097.3 216704.8 173186.0 232406.4 266942.1 294700.4
5.Operating profit 13855.5 12821.1 17159.6 21874.9 27381.2 32805.1
6.Financial expenses 7208.6 5788.8 7029.6 14715.2 19380.4 25074.1
7.Net profit before tax (D5-D6) 6646.9 7032.3 10130.0 7159.7 8000.8 7731.0
8.Tax provision 1471.3 4212.5 1393.1 2072.0 4605.7 15456.2
9.Total amount of dividend 1517.2 1124.2 1341.7 1457.6 853.7 1445.1
10.Total value of bonus shares issued 65.8 101.6 572.2 520.0 51.1 615.1
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 15739.3 18211.7 37884.6 33903.0 22426.7 2441.8
2.Retention in business (D7-D8-D9) 3658.4 1695.6 7395.2 3630.1 2541.4 -9170.3
3.Finance from outside the company (E1-E2) 12080.9 16516.1 30489.4 30272.9 19885.3 11612.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 11876.7 12934.7 15356.1 15378.4 15722.9 5402.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 23957.6 29450.8 45845.5 45651.3 35608.2 17014.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 38.3 38.8 40.6 38.8 34.6 36.2
2.Current ratio (B4 as % of B5) 98.6 103.0 101.7 105.8 107.8 109.9
3.Acid test or Quick ratio (B4-B3 as % B5) 63.3 59.5 51.4 62.5 69.6 65.9
4.Debt equity ratio (B6 as % of A3) 215.1 222.9 213.6 196.1 186.2 212.1
5.Return on assets (D7 as % of C4) 3.6 3.1 3.6 2.1 2.1 1.8
6.Self financing ratio (E2 as % of E1) 23.2 9.3 19.5 10.7 11.3 -375.6
7.Cash flow ratio F1 as % of F2 49.6 43.9 33.5 33.7 44.2 31.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 270.9 301.8 387.8 369.9 415.1 380.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 93.9 95.4 92.4 92.9 92.5 93.5
10.Financial expenses as % of operating profit (D6 as % of D5) 52.0 45.2 41.0 67.3 70.8 76.4
11.Financial expense as % of gross sales (D6 as % of D1) 3.8 2.5 3.8 5.9 6.7 8.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.0 5.4 4.7 8.5 11.5 12.1
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 22.1 59.9 13.8 28.9 57.6 199.9
14.Sundry debtors as % of gross sales 10.2 10.7 13.2 11.2 11.5 12.7
15.Return on Equity (D7 as % of A3) 11.3 10.1 11.2 6.3 5.9 5.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 341.1 250.8 651.2 349.0 397.7 -534.6
2.Dividend ratio to equity (D9 as % of A3) 2.6 1.6 1.5 1.3 0.6 1.1
3.Net profit margin (D7 as % of D1) 3.5 3.1 5.4 2.9 2.8 2.5
4.Earning per share before tax (D7/No. of ordinary shares) 3.1 3.0 4.4 2.3 2.4 2.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.4 1.2 3.8 1.7 1.0 -2.2
6.Average annual % depreciation on written down fixed assets 9.6 11.9 6.9 8.3 7.3 8.0
7.Sales as % of total assets (D1 as % of C4) 101.5 101.1 66.3 74.5 74.1 75.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 287.5 -3.2 46.7 -47.7 4.3 -8.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 7.5 20.4 -17.5 33.6 15.3 9.3
10.Break-up value of ordinary shares (in rupees) 27.1 30.2 38.8 37.0 41.5 38.0

9
Cotton Textiles

Operating, Financial & Investment Ratios


250

200

150

%
100

50

0
2003 2004 2005 2006 2007 2008

Gearing ratio Debt to equity ratio Current ratio

Key performance indicators Key performance ratios

45 6
40

35 5

30
4
25
Rupees

20
%
3
15

10
2
5

0 1
-5
2003 2004 2005 2006 2007 2008
0
2003 2004 2005 2006 2007 2008

EPS (Before tax) EPS (After tax) Break-up value per share
Dividend ratio to equity Net profit margin

10
(Colony) Sarhad Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 40.0 40.0 40.0 40.0 40.0 40.0
2.Surplus 87.1 75.8 63.5 38.9 13.3 9.2
3.Shareholder's Equity (A1+A2) 127.1 115.8 103.5 78.9 53.3 49.2
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 343.2 343.2 343.9 343.9 27.4 304.7
7.Total Fixed Laibilities (A4+A5+A6) 343.2 343.2 343.9 343.9 27.4 304.7
8.Total Capital Employed (A3+A7) 470.3 459.0 447.4 422.8 80.7 353.9
B.Liquidity:
1.Liquid Assets: 5.4 5.5 5.3 5.3 0.2 16.7
(i)Cash 0.4 0.5 0.3 0.3 0.2 0.2
(ii)Investments 5.0 5.0 5.0 5.0 0.0 16.5
2.Other Current Assets 110.4 116.4 110.1 109.7 120.7 115.3
3.Inventories 109.3 102.2 109.9 99.7 84.0 84.0
4.Current Assets (B1+B2+B3) 225.1 224.1 225.3 214.7 204.9 216.0
5.Current Liabilities 149.0 157.3 167.9 180.2 510.8 247.8
6.Total Liabilities(A7+B5) 492.2 500.5 511.8 524.1 538.2 552.5
7.Net Current Assets(B4-B5) 76.1 66.8 57.4 34.5 -305.9 -31.8
8.Contractual Liabilities 343.2 343.2 343.9 343.9 27.4 304.7
9.Net liquid assets (B1-B5) -143.6 -151.8 -162.6 -174.9 -510.6 -231.1
C.Fixed Assets:
1.Fixed Asset At Cost 510.1 510.1 510.1 510.1 510.1 509.8
2.Fixed assets after deducting accumulated depreciation 394.2 392.2 390.0 388.3 386.6 385.6
3.Depreciation for the year 2.3 2.0 1.4 1.8 3.3 0.9
4.Total assets (B4+C2) 619.3 616.3 615.3 603.0 591.5 601.6
D.Operation:
1.Gross sales 137.0 115.0 56.7 60.2 36.0 0.0
(i)Local sales 137.0 115.0 56.7 60.2 36.0 0.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 140.8 112.2 58.6 71.6 47.4 5.6
3.Gross profit -3.8 2.8 -1.9 -11.4 -11.4 -5.6
4.Overhead and Other Expenses 146.4 119.0 63.9 77.9 51.7 8.9
5.Operating profit -9.0 -3.6 -6.7 -17.4 -14.4 -7.8
6.Financial expenses 6.6 7.0 5.2 7.0 7.0 7.0
7.Net profit before tax (D5-D6) -15.6 -10.6 -11.9 -24.4 -21.4 -14.8
8.Tax provision 0.6 0.5 0.2 0.3 0.0 0.0
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 32.5
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -19.0 -11.3 -11.6 -24.6 -342.1 273.2
2.Retention in business (D7-D8-D9) -16.2 -11.1 -12.1 -24.7 -21.4 -14.8
3.Finance from outside the company (E1-E2) -2.8 -0.2 0.5 0.1 -320.7 288.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -13.9 -9.1 -10.7 -22.9 -18.1 -13.9
2.Depreciation for the year plus changes in capital employed (C3+E1) -16.7 -9.3 -10.2 -22.8 -338.8 274.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 73.0 74.8 76.9 81.3 34.0 86.1
2.Current ratio (B4 as % of B5) 151.1 142.5 134.2 119.1 40.1 87.2
3.Acid test or Quick ratio (B4-B3 as % B5) 77.7 77.5 68.7 63.8 23.7 53.3
4.Debt equity ratio (B6 as % of A3) 387.3 432.2 494.5 664.3 1009.8 1123.0
5.Return on assets (D7 as % of C4) -2.5 -1.7 -1.9 -4.0 -3.6 -2.5
6.Self financing ratio (E2 as % of E1) - - - 100.4 6.3 -5.4
7.Cash flow ratio F1 as % of F2 - - - 100.4 5.3 -5.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 317.8 289.5 258.8 197.3 133.3 123.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 106.9 103.5 112.7 129.4 143.6 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) - - - -40.2 -48.6 -89.7
11.Financial expense as % of gross sales (D6 as % of D1) 4.8 6.1 9.2 11.6 19.4 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 1.9 2.0 1.5 2.0 25.5 2.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -1.2 0.0 0.0
14.Sundry debtors as % of gross sales 0.8 1.2 0.2 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) -12.3 -9.2 -11.5 -30.9 -40.2 -30.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -11.4 -9.2 -21.0 -40.5 -59.4 0.0
4.Earning per share before tax (D7/No. of ordinary shares) -3.9 -2.7 -3.0 -6.1 -5.4 -3.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -4.1 -2.8 -3.0 -6.2 -5.4 -3.7
6.Average annual % depreciation on written down fixed assets 0.6 0.5 3.6 0.5 0.8 0.2
7.Sales as % of total assets (D1 as % of C4) 22.1 18.7 9.2 10.0 6.1 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 62.5 -30.8 11.1 103.3 -11.5 -31.5
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 42.9 -16.1 -50.7 6.2 -40.2 -100.0
10.Break-up value of ordinary shares (in rupees) 31.8 29.0 25.9 19.7 13.3 12.3

11
(Colony) Thal Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 55.7 55.7 55.7 55.7 55.7 55.7
2.Surplus 16.7 79.5 82.2 101.5 52.5 18.1
3.Shareholder's Equity (A1+A2) 72.4 135.2 137.9 157.2 108.2 73.8
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 138.6 135.8 162.2 157.1 275.0 203.1
7.Total Fixed Laibilities (A4+A5+A6) 138.6 135.8 162.2 157.1 275.0 203.1
8.Total Capital Employed (A3+A7) 211.0 271.0 300.1 314.3 383.2 276.9
B.Liquidity:
1.Liquid Assets: 11.9 34.6 7.1 3.9 1.6 3.3
(i)Cash 11.9 34.6 7.1 3.9 1.6 3.3
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 28.7 50.1 40.1 34.8 53.7 47.9
3.Inventories 10.1 24.7 75.5 95.9 85.2 52.6
4.Current Assets (B1+B2+B3) 50.7 109.4 122.7 134.6 140.5 103.8
5.Current Liabilities 87.7 219.3 225.7 197.3 138.1 195.1
6.Total Liabilities(A7+B5) 226.3 355.1 387.9 354.4 413.1 398.2
7.Net Current Assets(B4-B5) -37.0 -109.9 -103.0 -62.7 2.4 -91.3
8.Contractual Liabilities 158.4 161.2 251.2 266.0 359.3 276.4
9.Net liquid assets (B1-B5) -75.8 -184.7 -218.6 -193.4 -136.5 -191.8
C.Fixed Assets:
1.Fixed Asset At Cost 324.7 487.9 470.3 461.7 478.8 479.6
2.Fixed assets after deducting accumulated depreciation 248.0 380.8 403.3 377.1 380.8 368.2
3.Depreciation for the year 10.7 10.6 10.2 13.2 14.0 13.4
4.Total assets (B4+C2) 298.7 490.2 526.0 511.7 521.3 472.0
D.Operation:
1.Gross sales 215.4 369.6 542.2 881.4 777.4 374.9
(i)Local sales 0.0 369.6 542.2 881.4 777.4 374.9
(ii)Export sales 215.4 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 221.8 361.4 516.1 831.3 748.5 374.1
3.Gross profit -6.4 8.2 26.1 50.1 28.9 0.8
4.Overhead and Other Expenses 232.3 383.6 531.2 868.4 765.1 383.6
5.Operating profit -16.9 -12.9 15.2 13.2 12.3 -8.7
6.Financial expenses 10.4 8.0 10.8 19.7 25.9 23.9
7.Net profit before tax (D5-D6) -27.3 -20.9 4.4 -6.5 -13.6 -32.6
8.Tax provision 1.1 0.0 2.4 4.4 3.9 1.9
9.Total amount of dividend 0.0 0.0 0.0 0.6 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 22.2
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 0.1 60.0 29.1 14.2 68.9 -106.3
2.Retention in business (D7-D8-D9) -28.4 -20.9 2.0 -11.5 -17.5 -34.5
3.Finance from outside the company (E1-E2) 28.5 80.9 27.1 25.7 86.4 -71.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -17.7 -10.3 12.2 1.7 -3.5 -21.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 10.8 70.6 39.3 27.4 82.9 -92.9
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 65.7 50.1 54.0 50.0 71.8 73.3
2.Current ratio (B4 as % of B5) 57.8 49.9 54.4 68.2 101.7 53.2
3.Acid test or Quick ratio (B4-B3 as % B5) 46.3 38.6 20.9 19.6 40.0 26.2
4.Debt equity ratio (B6 as % of A3) 312.6 262.6 281.3 225.4 381.8 539.6
5.Return on assets (D7 as % of C4) -9.1 -4.3 0.8 -1.3 -2.6 -6.9
6.Self financing ratio (E2 as % of E1) -28400.0 -34.8 6.9 -81.0 -25.4 32.5
7.Cash flow ratio F1 as % of F2 -163.9 -14.6 31.0 6.2 -4.2 22.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 130.0 242.7 247.6 282.2 194.3 132.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 107.8 103.8 98.0 98.5 98.4 102.3
10.Financial expenses as % of operating profit (D6 as % of D5) - - 71.1 149.2 210.6 -274.7
11.Financial expense as % of gross sales (D6 as % of D1) 4.8 2.2 2.0 2.2 3.3 6.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.6 5.0 4.3 7.4 7.2 8.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 54.5 -67.7 -28.7 -5.8
14.Sundry debtors as % of gross sales 3.2 3.5 5.0 1.8 2.4 6.0
15.Return on Equity (D7 as % of A3) -37.7 -15.5 3.2 -4.1 -12.6 -44.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - -1816.7 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.4 0.0 0.0
3.Net profit margin (D7 as % of D1) -12.7 -5.7 0.8 -0.7 -1.7 -8.7
4.Earning per share before tax (D7/No. of ordinary shares) -4.9 -3.8 0.8 -1.2 -2.4 -5.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -5.1 -3.8 0.4 -2.0 -3.1 -6.2
6.Average annual % depreciation on written down fixed assets 4.1 4.3 2.7 3.3 3.7 3.5
7.Sales as % of total assets (D1 as % of C4) 72.1 75.4 103.1 172.2 149.1 79.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 69.0 -22.4 -121.1 -250.0 100.0 145.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -32.3 71.6 46.7 62.6 -11.8 -51.8
10.Break-up value of ordinary shares (in rupees) 13.0 24.3 24.8 28.2 19.4 13.2

12
Accord Textiles Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 93.0 93.0 93.0 93.0 93.0 93.0
2.Surplus -481.2 -319.2 -81.8 -405.2 -437.5 -443.7
3.Shareholder's Equity (A1+A2) -388.2 -226.2 11.2 -312.2 -344.5 -350.7
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 320.4 418.5 179.3 81.0 285.1 229.8
7.Total Fixed Laibilities (A4+A5+A6) 320.4 418.5 179.3 81.0 285.1 229.8
8.Total Capital Employed (A3+A7) -67.8 192.3 190.5 -231.2 -59.4 -120.9
B.Liquidity:
1.Liquid Assets: 14.1 8.2 2.7 2.2 1.1 0.4
(i)Cash 14.1 8.2 2.7 2.2 1.1 0.4
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 15.4 28.0 21.2 28.9 36.1 6.8
3.Inventories 11.4 47.5 63.0 69.0 13.0 11.6
4.Current Assets (B1+B2+B3) 40.9 83.7 86.9 100.1 50.2 18.8
5.Current Liabilities 432.2 198.7 199.5 618.9 383.1 399.6
6.Total Liabilities(A7+B5) 752.6 617.2 378.8 699.9 668.2 629.4
7.Net Current Assets(B4-B5) -391.3 -115.0 -112.6 -518.8 -332.9 -380.8
8.Contractual Liabilities 425.8 607.0 216.9 192.2 290.7 234.0
9.Net liquid assets (B1-B5) -418.1 -190.5 -196.8 -616.7 -382.0 -399.2
C.Fixed Assets:
1.Fixed Asset At Cost 449.9 449.6 457.1 456.5 456.5 456.5
2.Fixed assets after deducting accumulated depreciation 323.5 307.2 302.9 287.8 273.5 259.9
3.Depreciation for the year 17.1 16.2 11.8 15.1 14.2 13.6
4.Total assets (B4+C2) 364.4 390.9 389.8 387.9 323.7 278.7
D.Operation:
1.Gross sales 268.5 273.2 192.4 269.3 387.9 378.8
(i)Local sales 268.5 273.2 192.4 269.3 387.9 378.8
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 304.3 303.0 210.4 306.9 415.4 380.9
3.Gross profit -35.8 -29.8 -18.0 -37.6 -27.5 -2.1
4.Overhead and Other Expenses 304.3 308.9 214.4 311.6 419.8 384.5
5.Operating profit -35.7 -16.5 -22.0 1.5 -31.6 -5.7
6.Financial expenses 0.0 1.1 0.0 2.6 0.9 0.5
7.Net profit before tax (D5-D6) -35.7 -17.6 -22.0 -1.1 -32.5 -6.2
8.Tax provision 1.3 1.4 0.8 1.3 1.9 1.9
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -100.7 260.1 -1.8 -421.7 171.8 -61.5
2.Retention in business (D7-D8-D9) -37.0 -19.0 -22.8 -2.4 -34.4 -8.1
3.Finance from outside the company (E1-E2) -63.7 279.1 21.0 -419.3 206.2 -53.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -19.9 -2.8 -11.0 12.7 -20.2 5.5
2.Depreciation for the year plus changes in capital employed (C3+E1) -83.6 276.3 10.0 -406.6 186.0 -47.9
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - 217.6 94.1 0.0 0.0 0.0
2.Current ratio (B4 as % of B5) 9.5 42.1 43.6 16.2 13.1 4.7
3.Acid test or Quick ratio (B4-B3 as % B5) 6.8 18.2 12.0 5.0 9.7 1.8
4.Debt equity ratio (B6 as % of A3) - - 3382.1 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -9.8 -4.5 -5.6 -0.3 -10.0 -2.2
6.Self financing ratio (E2 as % of E1) - -7.3 - 0.6 -20.0 13.2
7.Cash flow ratio F1 as % of F2 - -1.0 -110.0 -3.1 -10.9 -11.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -417.4 -243.2 12.0 -335.7 -370.4 -377.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 113.3 113.1 111.4 115.7 108.2 101.5
10.Financial expenses as % of operating profit (D6 as % of D5) - - - 173.3 -2.8 -8.8
11.Financial expense as % of gross sales (D6 as % of D1) 0.0 0.4 0.0 1.0 0.2 0.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 0.0 0.2 0.0 1.4 0.3 0.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -118.2 -5.8 -30.6
14.Sundry debtors as % of gross sales 3.4 0.8 1.1 0.9 1.4 0.4
15.Return on Equity (D7 as % of A3) - - -196.4 0.0 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -13.3 -6.4 -11.4 -0.4 -8.4 -1.6
4.Earning per share before tax (D7/No. of ordinary shares) -3.8 -1.9 -2.4 -0.1 -3.5 -0.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -4.0 -2.0 -2.5 -0.3 -3.7 -0.9
6.Average annual % depreciation on written down fixed assets 5.0 5.0 3.8 5.0 4.9 5.0
7.Sales as % of total assets (D1 as % of C4) 73.7 69.9 49.4 69.4 119.8 135.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 5.4 -50.0 26.3 -95.8 3400.0 -80.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 5.9 1.8 -29.6 40.0 44.0 -2.3
10.Break-up value of ordinary shares (in rupees) -41.7 -24.3 1.2 -33.6 -37.0 -37.7

13
Adil Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 77.3 77.3 77.3 77.3 77.3 77.3
2.Surplus 32.2 34.3 34.3 10.5 -26.1 -52.0
3.Shareholder's Equity (A1+A2) 109.5 111.6 111.6 87.8 51.2 25.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 94.2 102.8 93.7 85.6 53.6 23.6
7.Total Fixed Laibilities (A4+A5+A6) 94.2 102.8 93.7 85.6 53.6 23.6
8.Total Capital Employed (A3+A7) 203.7 214.4 205.3 173.4 104.8 48.9
B.Liquidity:
1.Liquid Assets: 0.6 0.4 33.5 0.3 0.2 0.0
(i)Cash 0.6 0.4 33.5 0.3 0.2 0.0
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 26.1 32.5 37.9 36.8 37.2 47.2
3.Inventories 37.6 96.3 181.0 74.2 51.1 17.6
4.Current Assets (B1+B2+B3) 64.3 129.2 252.4 111.3 88.5 64.8
5.Current Liabilities 274.7 351.5 506.9 411.9 436.5 449.4
6.Total Liabilities(A7+B5) 368.9 454.3 600.6 497.5 490.1 473.0
7.Net Current Assets(B4-B5) -210.4 -222.3 -254.5 -300.6 -348.0 -384.6
8.Contractual Liabilities 201.5 172.8 342.8 270.3 130.7 65.3
9.Net liquid assets (B1-B5) -274.1 -351.1 -473.4 -411.6 -436.3 -449.4
C.Fixed Assets:
1.Fixed Asset At Cost 632.7 658.3 713.1 743.8 740.2 740.2
2.Fixed assets after deducting accumulated depreciation 414.1 436.6 459.6 473.9 452.7 433.3
3.Depreciation for the year 20.6 19.6 15.6 19.8 20.5 20.5
4.Total assets (B4+C2) 478.4 565.8 712.0 585.2 541.2 498.1
D.Operation:
1.Gross sales 125.6 371.8 316.0 310.6 210.7 44.1
(i)Local sales 62.6 185.6 205.1 257.9 210.7 44.1
(ii)Export sales 63.0 186.2 110.9 52.7 0.0 0.0
2.Cost of Sales 446.5 367.0 292.8 290.4 210.0 62.5
3.Gross profit -320.9 4.8 23.2 20.2 0.7 -18.4
4.Overhead and Other Expenses 461.4 385.4 304.5 306.9 218.1 68.4
5.Operating profit -335.6 -12.7 12.7 5.5 -6.5 -24.1
6.Financial expenses 13.6 8.7 11.7 26.5 29.0 1.5
7.Net profit before tax (D5-D6) -349.2 -21.4 1.0 -21.0 -35.5 -25.6
8.Tax provision 2.1 1.7 1.5 1.6 1.1 0.2
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -177.5 10.7 -9.1 -31.9 -68.6 -55.9
2.Retention in business (D7-D8-D9) -351.3 -23.1 -0.5 -22.6 -36.6 -25.8
3.Finance from outside the company (E1-E2) 173.8 33.8 -8.6 -9.3 -32.0 -30.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -330.7 -3.5 15.1 -2.8 -16.1 -5.3
2.Depreciation for the year plus changes in capital employed (C3+E1) -156.9 30.3 6.5 -12.1 -48.1 -35.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 46.2 47.9 45.6 49.4 51.1 48.3
2.Current ratio (B4 as % of B5) 23.4 36.8 49.8 27.0 20.3 14.4
3.Acid test or Quick ratio (B4-B3 as % B5) 9.7 9.4 14.1 9.0 8.6 10.5
4.Debt equity ratio (B6 as % of A3) 336.9 407.1 538.2 566.6 957.2 1869.6
5.Return on assets (D7 as % of C4) -73.0 -3.8 0.1 -3.6 -6.6 -5.1
6.Self financing ratio (E2 as % of E1) - -215.9 - 70.8 53.4 46.2
7.Cash flow ratio F1 as % of F2 - -11.6 232.3 23.1 33.5 15.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 141.7 144.4 144.4 113.6 66.2 32.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 367.4 103.7 96.4 98.8 103.5 155.1
10.Financial expenses as % of operating profit (D6 as % of D5) - - 92.1 481.8 -446.2 -6.2
11.Financial expense as % of gross sales (D6 as % of D1) 10.8 2.3 3.7 8.5 13.8 3.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.7 5.0 3.4 9.8 22.2 2.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 150.0 -7.6 -3.1 -0.8
14.Sundry debtors as % of gross sales 0.8 0.8 4.1 2.2 3.3 37.4
15.Return on Equity (D7 as % of A3) -318.9 -19.2 0.9 -23.9 -69.3 -101.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -278.0 -5.8 0.3 -6.8 -16.8 -58.0
4.Earning per share before tax (D7/No. of ordinary shares) -45.2 -2.8 0.1 -2.7 -4.6 -3.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -45.4 -3.0 -0.1 -2.9 -4.7 -3.3
6.Average annual % depreciation on written down fixed assets 3.8 4.7 3.6 4.3 4.3 4.5
7.Sales as % of total assets (D1 as % of C4) 26.3 65.7 44.4 53.1 38.9 8.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 6357.1 -93.8 -103.6 -2800.0 70.4 -28.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -76.3 196.0 -15.0 -1.7 -32.2 -79.1
10.Break-up value of ordinary shares (in rupees) 14.2 14.4 14.4 11.4 6.6 3.3

14
Ahmed Hassan Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 113.9 125.3 125.3 125.3 144.1 144.1
2.Surplus 198.8 221.7 275.4 245.0 225.7 691.5
3.Shareholder's Equity (A1+A2) 312.7 347.0 400.7 370.3 369.8 835.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 260.8 216.0 464.9 431.7 453.2 676.6
7.Total Fixed Laibilities (A4+A5+A6) 260.8 216.0 464.9 431.7 453.2 676.6
8.Total Capital Employed (A3+A7) 573.5 563.0 865.6 802.0 823.0 1512.2
B.Liquidity:
1.Liquid Assets: 0.6 0.2 0.6 8.4 5.3 1.3
(i)Cash 0.6 0.2 0.6 8.4 5.0 1.0
(ii)Investments 0.0 0.0 0.0 0.0 0.3 0.3
2.Other Current Assets 143.3 202.2 214.8 223.9 236.9 268.9
3.Inventories 131.0 228.6 414.9 432.5 426.1 582.8
4.Current Assets (B1+B2+B3) 274.9 431.0 630.3 664.8 668.3 853.0
5.Current Liabilities 336.0 500.7 726.8 860.3 1033.3 1357.8
6.Total Liabilities(A7+B5) 596.8 716.7 1191.7 1292.0 1486.5 2034.4
7.Net Current Assets(B4-B5) -61.1 -69.7 -96.5 -195.5 -365.0 -504.8
8.Contractual Liabilities 452.4 555.7 1036.6 1099.1 959.3 1573.6
9.Net liquid assets (B1-B5) -335.4 -500.5 -726.2 -851.9 -1028.0 -1356.5
C.Fixed Assets:
1.Fixed Asset At Cost 932.1 995.1 1372.0 1505.6 1726.2 2651.5
2.Fixed assets after deducting accumulated depreciation 634.7 632.7 962.2 997.6 1188.1 2017.0
3.Depreciation for the year 55.2 66.3 47.6 99.6 107.8 121.3
4.Total assets (B4+C2) 909.6 1063.7 1592.5 1662.4 1856.4 2870.0
D.Operation:
1.Gross sales 1305.4 1845.7 1386.0 2054.6 2169.7 2556.3
(i)Local sales 629.4 826.6 727.1 1081.3 1101.8 1279.8
(ii)Export sales 676.0 1019.1 658.9 973.3 1067.9 1276.5
2.Cost of Sales 1190.0 1748.4 1247.0 1855.9 1988.7 2350.5
3.Gross profit 115.4 97.3 139.0 198.7 181.0 205.8
4.Overhead and Other Expenses 1229.6 1795.2 1286.3 1907.1 2037.1 2473.6
5.Operating profit 80.3 51.6 100.3 150.4 133.5 84.6
6.Financial expenses 38.9 36.0 40.2 121.6 130.7 188.3
7.Net profit before tax (D5-D6) 41.4 15.6 60.1 28.8 2.8 -103.7
8.Tax provision 13.6 5.7 7.4 11.7 0.0 13.2
9.Total amount of dividend 13.7 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 110.2 -10.5 302.6 -63.6 21.0 689.2
2.Retention in business (D7-D8-D9) 14.1 9.9 52.7 17.1 2.8 -116.9
3.Finance from outside the company (E1-E2) 96.1 -20.4 249.9 -80.7 18.2 806.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 69.3 76.2 100.3 116.7 110.6 4.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 165.4 55.8 350.2 36.0 128.8 810.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 45.5 38.4 53.7 53.8 55.1 44.7
2.Current ratio (B4 as % of B5) 81.8 86.1 86.7 77.3 64.7 62.8
3.Acid test or Quick ratio (B4-B3 as % B5) 42.8 40.4 29.6 27.0 23.4 19.9
4.Debt equity ratio (B6 as % of A3) 190.9 206.5 297.4 348.9 402.0 243.5
5.Return on assets (D7 as % of C4) 4.6 1.5 3.8 1.7 0.2 -3.6
6.Self financing ratio (E2 as % of E1) 12.8 - 17.4 -26.9 13.3 -17.0
7.Cash flow ratio F1 as % of F2 41.9 136.6 28.6 324.2 85.9 0.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 274.5 276.9 319.8 295.5 256.6 579.9
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.2 97.3 92.8 92.8 93.9 96.8
10.Financial expenses as % of operating profit (D6 as % of D5) 48.4 69.8 40.1 80.9 97.9 222.6
11.Financial expense as % of gross sales (D6 as % of D1) 3.0 2.0 2.9 5.9 6.0 7.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.6 6.5 3.9 11.1 13.6 12.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 32.9 36.5 12.3 40.6 0.0 -12.7
14.Sundry debtors as % of gross sales 4.8 5.3 6.9 5.4 4.7 6.3
15.Return on Equity (D7 as % of A3) 13.2 4.5 15.0 7.8 0.8 -12.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 202.9 - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 4.4 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 3.2 0.8 4.3 1.4 0.1 -4.1
4.Earning per share before tax (D7/No. of ordinary shares) 3.6 1.2 4.8 2.3 0.2 -7.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.4 0.8 4.2 1.4 0.2 -8.1
6.Average annual % depreciation on written down fixed assets 11.2 10.4 7.5 10.4 10.6 10.2
7.Sales as % of total assets (D1 as % of C4) 143.5 173.5 87.0 123.6 116.9 89.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 20.0 -66.7 300.0 -52.1 -91.3 -3700.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.4 41.4 -24.9 48.2 5.6 17.8
10.Break-up value of ordinary shares (in rupees) 27.5 27.7 32.0 29.6 25.7 58.0

15
Al-Azhar Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 85.5 85.5 85.5 85.5 85.5 85.5
2.Surplus -58.3 -52.1 -57.1 -57.1 -99.9 -99.9
3.Shareholder's Equity (A1+A2) 27.2 33.4 28.4 28.4 -14.4 -14.4
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 26.1 0.0 24.6 24.6 0.0 0.0
6.Other Fixed Laibilities 382.0 361.8 287.8 287.8 326.2 326.2
7.Total Fixed Laibilities (A4+A5+A6) 408.1 361.8 312.4 312.4 326.2 326.2
8.Total Capital Employed (A3+A7) 435.3 395.2 340.8 340.8 311.8 311.8
B.Liquidity:
1.Liquid Assets: 1.5 4.5 5.5 5.5 1.9 1.9
(i)Cash 1.5 4.5 5.5 5.5 1.9 1.9
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 26.5 32.5 30.1 30.1 110.6 110.6
3.Inventories 31.0 80.6 49.2 49.2 2.0 2.0
4.Current Assets (B1+B2+B3) 59.0 117.6 84.8 84.8 114.5 114.5
5.Current Liabilities 72.0 130.1 127.8 127.8 201.7 201.7
6.Total Liabilities(A7+B5) 480.1 491.9 440.2 440.2 527.9 527.9
7.Net Current Assets(B4-B5) -13.0 -12.5 -43.0 -43.0 -87.2 -87.2
8.Contractual Liabilities 447.1 390.8 421.1 421.1 326.2 326.2
9.Net liquid assets (B1-B5) -70.5 -125.6 -122.3 -122.3 -199.8 -199.8
C.Fixed Assets:
1.Fixed Asset At Cost 722.8 712.8 726.6 726.6 431.0 431.0
2.Fixed assets after deducting accumulated depreciation 448.2 407.7 383.8 383.8 398.9 398.9
3.Depreciation for the year 44.9 40.5 27.7 27.7 32.1 32.1
4.Total assets (B4+C2) 507.2 525.3 468.6 468.6 513.4 513.4
D.Operation:
1.Gross sales 488.3 650.7 375.9 375.9 555.1 555.1
(i)Local sales 480.2 564.1 113.2 113.2 549.1 549.1
(ii)Export sales 8.1 86.6 262.7 262.7 6.0 6.0
2.Cost of Sales 507.7 634.2 367.3 367.3 549.0 549.0
3.Gross profit -19.4 16.5 8.6 8.6 6.1 6.1
4.Overhead and Other Expenses 513.5 640.8 377.2 377.2 560.7 560.7
5.Operating profit -23.4 10.4 -0.1 -0.1 -5.6 -5.6
6.Financial expenses 11.5 34.5 25.0 25.0 23.9 23.9
7.Net profit before tax (D5-D6) -34.9 -24.1 -25.1 -25.1 -29.5 -29.5
8.Tax provision 2.4 2.9 1.7 1.7 0.0 0.0
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -33.5 -40.1 -54.4 0.0 -29.0 0.0
2.Retention in business (D7-D8-D9) -37.3 -27.0 -26.8 -26.8 -29.5 -29.5
3.Finance from outside the company (E1-E2) 3.8 -13.1 -27.6 26.8 0.5 29.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 7.6 13.5 0.9 0.9 2.6 2.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 11.4 0.4 -26.7 27.7 3.1 32.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 93.8 91.5 91.7 91.7 104.6 104.6
2.Current ratio (B4 as % of B5) 81.9 90.4 66.4 66.4 56.8 56.8
3.Acid test or Quick ratio (B4-B3 as % B5) 38.9 28.4 27.9 27.9 55.8 55.8
4.Debt equity ratio (B6 as % of A3) 1765.1 1472.8 1550.0 1550.0 0.0 0.0
5.Return on assets (D7 as % of C4) -6.9 -4.6 -5.4 -5.4 -5.7 -5.7
6.Self financing ratio (E2 as % of E1) - - - 0.0 101.7 0.0
7.Cash flow ratio F1 as % of F2 66.7 3375.0 - 3.2 83.9 8.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 31.8 39.1 33.2 33.2 -16.8 -16.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 105.2 98.5 100.3 100.3 101.0 101.0
10.Financial expenses as % of operating profit (D6 as % of D5) - 331.7 - -25000.0 -426.8 -426.8
11.Financial expense as % of gross sales (D6 as % of D1) 2.4 5.3 6.7 6.7 4.3 4.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 2.6 8.8 5.9 5.9 7.3 7.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -6.8 0.0 0.0
14.Sundry debtors as % of gross sales 0.3 1.6 3.0 3.0 11.6 11.6
15.Return on Equity (D7 as % of A3) -128.3 -72.2 -88.4 -88.4 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -7.1 -3.7 -6.7 -6.7 -5.3 -5.3
4.Earning per share before tax (D7/No. of ordinary shares) -4.1 -2.8 -2.9 -2.9 -3.5 -3.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -4.4 -3.2 -3.1 -3.1 -3.5 -3.5
6.Average annual % depreciation on written down fixed assets 9.2 9.0 6.8 6.8 0.0 0.0
7.Sales as % of total assets (D1 as % of C4) 96.3 123.9 80.2 80.2 108.1 108.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -295.2 -31.7 3.6 0.0 20.7 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -1.1 33.3 -42.2 0.0 47.7 0.0
10.Break-up value of ordinary shares (in rupees) 3.2 3.9 3.3 3.3 -1.7 -1.7

16
Al-Qadir Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 75.6 75.6 75.6 75.6 75.6 75.6
2.Surplus 201.4 200.5 285.4 209.8 249.4 13.7
3.Shareholder's Equity (A1+A2) 277.0 276.1 361.0 285.4 325.0 89.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 140.7 124.7 0.0 0.0 0.0 67.5
7.Total Fixed Laibilities (A4+A5+A6) 140.7 124.7 0.0 0.0 0.0 67.5
8.Total Capital Employed (A3+A7) 417.7 400.8 361.0 285.4 325.0 156.8
B.Liquidity:
1.Liquid Assets: 28.0 13.0 5.2 8.1 7.6 6.0
(i)Cash 28.0 13.0 5.2 8.1 7.6 6.0
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 82.5 32.3 73.3 32.7 70.1 24.3
3.Inventories 28.6 84.4 118.7 188.2 103.4 182.5
4.Current Assets (B1+B2+B3) 139.1 129.7 197.2 229.0 181.1 212.8
5.Current Liabilities 132.2 119.5 254.4 345.5 259.5 454.9
6.Total Liabilities(A7+B5) 272.9 244.2 254.4 345.5 259.5 522.4
7.Net Current Assets(B4-B5) 6.9 10.2 -57.2 -116.5 -78.4 -242.1
8.Contractual Liabilities 199.8 158.9 180.8 175.9 0.2 229.5
9.Net liquid assets (B1-B5) -104.2 -106.5 -249.2 -337.4 -251.9 -448.9
C.Fixed Assets:
1.Fixed Asset At Cost 0.0 792.8 820.0 433.3 460.3 482.2
2.Fixed assets after deducting accumulated depreciation 410.8 390.6 418.3 401.9 403.4 399.0
3.Depreciation for the year 0.0 23.3 19.6 0.6 27.8 27.6
4.Total assets (B4+C2) 549.9 520.3 615.5 630.9 584.5 611.8
D.Operation:
1.Gross sales 787.7 946.4 747.4 876.6 861.1 828.5
(i)Local sales 430.4 592.0 455.4 502.9 405.1 603.4
(ii)Export sales 357.3 354.4 292.0 373.7 456.0 225.1
2.Cost of Sales 737.5 901.0 663.1 790.8 783.5 788.9
3.Gross profit 50.2 45.4 84.3 85.8 77.6 39.6
4.Overhead and Other Expenses 759.5 917.7 692.4 819.5 824.6 806.7
5.Operating profit 30.1 29.0 87.6 58.5 39.3 17.2
6.Financial expenses 29.7 24.6 16.2 24.4 23.9 28.4
7.Net profit before tax (D5-D6) 0.4 4.4 71.4 34.1 15.4 -11.2
8.Tax provision 6.3 4.3 3.5 5.5 6.8 2.2
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -25.0 -16.9 -39.8 -75.6 39.6 -168.2
2.Retention in business (D7-D8-D9) -5.9 0.1 67.9 28.6 8.6 -13.4
3.Finance from outside the company (E1-E2) -19.1 -17.0 -107.7 -104.2 31.0 -154.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -5.9 23.4 87.5 29.2 36.4 14.2
2.Depreciation for the year plus changes in capital employed (C3+E1) -25.0 6.4 -20.2 -75.0 67.4 -140.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 33.7 31.1 0.0 0.0 0.0 43.0
2.Current ratio (B4 as % of B5) 105.2 108.5 77.5 66.3 69.8 46.8
3.Acid test or Quick ratio (B4-B3 as % B5) 83.6 37.9 30.9 11.8 29.9 6.7
4.Debt equity ratio (B6 as % of A3) 98.5 88.4 70.5 121.1 79.8 585.0
5.Return on assets (D7 as % of C4) 0.1 0.8 11.6 5.4 2.6 -1.8
6.Self financing ratio (E2 as % of E1) - - - -37.8 21.7 8.0
7.Cash flow ratio F1 as % of F2 - 365.6 - -38.9 54.0 -10.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 366.4 365.2 477.5 377.5 429.9 118.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 96.4 97.0 92.6 93.5 95.8 97.4
10.Financial expenses as % of operating profit (D6 as % of D5) 98.7 84.8 18.5 41.7 60.8 165.1
11.Financial expense as % of gross sales (D6 as % of D1) 3.8 2.6 2.2 2.8 2.8 3.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 14.9 15.5 9.0 13.9 11950.0 12.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 1575.0 97.7 4.9 16.1 44.2 -19.6
14.Sundry debtors as % of gross sales 8.1 2.5 9.0 2.4 1.7 0.0
15.Return on Equity (D7 as % of A3) 0.1 1.6 19.8 11.9 4.7 -12.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 0.1 0.5 9.6 3.9 1.8 -1.4
4.Earning per share before tax (D7/No. of ordinary shares) 0.1 0.6 9.4 4.5 2.0 -1.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.8 0.0 9.0 3.8 1.1 -1.8
6.Average annual % depreciation on written down fixed assets 0.0 5.7 5.0 0.1 6.9 6.8
7.Sales as % of total assets (D1 as % of C4) 143.2 181.9 121.4 138.9 147.3 135.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -50.0 500.0 1466.7 -52.1 -55.6 -175.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 11.1 20.1 -21.0 17.3 -1.8 -3.8
10.Break-up value of ordinary shares (in rupees) 36.6 36.5 47.8 37.8 43.0 11.8

17
Al-Qaim Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 74.5 74.5 74.5 74.5 74.5 74.5
2.Surplus -21.2 279.9 260.6 191.0 191.0 191.0
3.Shareholder's Equity (A1+A2) 53.3 354.4 335.1 265.5 265.5 265.5
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 1.7 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 95.4 121.5 65.3 43.8 43.8 43.8
7.Total Fixed Laibilities (A4+A5+A6) 95.4 123.2 65.3 43.8 43.8 43.8
8.Total Capital Employed (A3+A7) 148.7 477.6 400.4 309.3 309.3 309.3
B.Liquidity:
1.Liquid Assets: 0.1 3.3 0.2 0.1 0.1 0.1
(i)Cash 0.1 3.3 0.2 0.1 0.1 0.1
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 20.9 7.3 10.0 16.4 16.4 16.4
3.Inventories 0.0 9.6 11.4 6.7 6.7 6.7
4.Current Assets (B1+B2+B3) 21.0 20.2 21.6 23.2 23.2 23.2
5.Current Liabilities 103.1 35.7 97.3 170.3 170.3 170.3
6.Total Liabilities(A7+B5) 198.5 158.9 162.6 214.1 214.1 214.1
7.Net Current Assets(B4-B5) -82.1 -15.5 -75.7 -147.1 -147.1 -147.1
8.Contractual Liabilities 107.0 154.2 93.2 65.3 65.3 65.3
9.Net liquid assets (B1-B5) -103.0 -32.4 -97.1 -170.2 -170.2 -170.2
C.Fixed Assets:
1.Fixed Asset At Cost 379.6 652.7 496.8 499.2 499.2 499.2
2.Fixed assets after deducting accumulated depreciation 230.9 493.3 476.3 456.4 456.4 456.4
3.Depreciation for the year 11.8 11.1 17.7 22.3 22.3 22.3
4.Total assets (B4+C2) 251.9 513.5 497.9 479.6 479.6 479.6
D.Operation:
1.Gross sales 232.1 307.6 229.3 232.1 232.1 232.1
(i)Local sales 232.1 307.6 229.3 232.1 232.1 232.1
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 242.0 290.1 226.1 262.8 262.8 262.8
3.Gross profit -9.9 17.5 3.2 -30.7 -30.7 -30.7
4.Overhead and Other Expenses 248.0 297.9 232.2 271.2 271.2 271.2
5.Operating profit 2.3 11.5 -2.9 -39.1 -39.1 -39.1
6.Financial expenses 6.8 5.3 3.2 4.9 4.9 4.9
7.Net profit before tax (D5-D6) -4.5 6.2 -6.1 -44.0 -44.0 -44.0
8.Tax provision 1.2 1.5 1.0 1.2 1.2 1.2
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -12.7 328.9 -77.2 -91.1 0.0 0.0
2.Retention in business (D7-D8-D9) -5.7 4.7 -7.1 -45.2 -45.2 -45.2
3.Finance from outside the company (E1-E2) -7.0 324.2 -70.1 -45.9 45.2 45.2
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 6.1 15.8 10.6 -22.9 -22.9 -22.9
2.Depreciation for the year plus changes in capital employed (C3+E1) -0.9 340.0 -59.5 -68.8 22.3 22.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 64.2 25.8 16.3 14.2 14.2 14.2
2.Current ratio (B4 as % of B5) 20.4 56.6 22.2 13.6 13.6 13.6
3.Acid test or Quick ratio (B4-B3 as % B5) 20.4 29.7 10.5 9.7 9.7 9.7
4.Debt equity ratio (B6 as % of A3) 372.4 44.8 48.5 80.6 80.6 80.6
5.Return on assets (D7 as % of C4) -1.8 1.2 -1.2 -9.2 -9.2 -9.2
6.Self financing ratio (E2 as % of E1) - 1.4 - 49.6 0.0 0.0
7.Cash flow ratio F1 as % of F2 - 4.6 - 33.3 -102.7 -102.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 71.5 475.7 449.8 356.4 356.4 356.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 106.9 96.8 101.3 116.8 116.8 116.8
10.Financial expenses as % of operating profit (D6 as % of D5) 295.7 46.1 - -12.5 -12.5 -12.5
11.Financial expense as % of gross sales (D6 as % of D1) 2.9 1.7 1.4 2.1 2.1 2.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.4 3.4 3.4 7.5 7.5 7.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 24.2 - -2.7 -2.7 -2.7
14.Sundry debtors as % of gross sales 1.6 1.5 4.0 2.3 2.3 2.3
15.Return on Equity (D7 as % of A3) -8.4 1.7 -1.8 -16.6 -16.6 -16.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -1.9 2.0 -2.7 -19.0 -19.0 -19.0
4.Earning per share before tax (D7/No. of ordinary shares) -0.6 0.8 -0.8 -5.9 -5.9 -5.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.8 0.6 -1.0 -6.1 -6.1 -6.1
6.Average annual % depreciation on written down fixed assets 4.9 4.8 3.6 4.7 4.7 4.7
7.Sales as % of total assets (D1 as % of C4) 92.1 59.9 46.1 48.4 48.4 48.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -14.3 -233.3 -200.0 637.5 0.0 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 7.5 32.5 -25.5 1.2 0.0 0.0
10.Break-up value of ordinary shares (in rupees) 7.2 47.6 45.0 35.6 35.6 35.6

18
Ali Asghar Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 95.7 191.5 191.5 191.5 191.5 222.1
2.Surplus -187.7 -212.4 215.1 347.2 237.2 197.0
3.Shareholder's Equity (A1+A2) -92.0 -20.9 406.6 538.7 428.7 419.1
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 43.5 73.5 92.8 210.5 295.0 326.8
7.Total Fixed Laibilities (A4+A5+A6) 43.5 73.5 92.8 210.5 295.0 326.8
8.Total Capital Employed (A3+A7) -48.5 52.6 499.4 749.2 723.7 745.9
B.Liquidity:
1.Liquid Assets: 18.9 13.3 1.5 1.2 10.1 1.5
(i)Cash 18.9 13.3 1.5 1.2 10.1 1.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 113.9 77.3 179.6 180.0 214.9 183.8
3.Inventories 163.4 145.2 155.4 135.3 135.5 185.0
4.Current Assets (B1+B2+B3) 296.2 235.8 336.5 316.5 360.5 370.3
5.Current Liabilities 473.9 374.7 476.1 439.1 519.0 488.7
6.Total Liabilities(A7+B5) 517.4 448.2 568.9 649.6 814.0 815.5
7.Net Current Assets(B4-B5) -177.7 -138.9 -139.6 -122.6 -158.5 -118.4
8.Contractual Liabilities 223.6 272.1 356.7 452.4 476.8 544.8
9.Net liquid assets (B1-B5) -455.0 -361.4 -474.6 -437.9 -508.9 -487.2
C.Fixed Assets:
1.Fixed Asset At Cost 229.0 301.2 756.7 978.3 998.8 1002.9
2.Fixed assets after deducting accumulated depreciation 129.2 191.5 639.0 871.9 882.1 864.3
3.Depreciation for the year 5.6 12.5 10.7 13.1 34.6 26.9
4.Total assets (B4+C2) 425.4 427.3 975.5 1188.4 1242.6 1234.6
D.Operation:
1.Gross sales 366.6 462.5 442.6 589.4 550.8 485.8
(i)Local sales 335.0 458.8 440.1 571.1 538.0 481.0
(ii)Export sales 31.6 3.7 2.5 18.3 12.8 4.8
2.Cost of Sales 341.1 416.5 387.8 510.0 489.5 433.7
3.Gross profit 25.5 46.0 54.8 79.4 61.3 52.1
4.Overhead and Other Expenses 357.9 431.8 405.5 530.1 513.7 462.7
5.Operating profit 9.5 32.1 37.2 64.8 48.5 31.4
6.Financial expenses 21.8 33.3 31.4 52.7 75.2 69.2
7.Net profit before tax (D5-D6) -12.3 -1.2 5.8 12.1 -26.7 -37.8
8.Tax provision 1.8 2.3 2.1 2.9 2.8 2.4
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -8.4 101.1 446.8 249.8 -25.5 22.2
2.Retention in business (D7-D8-D9) -14.1 -3.5 3.7 9.2 -29.5 -40.2
3.Finance from outside the company (E1-E2) 5.7 104.6 443.1 240.6 4.0 62.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -8.5 9.0 14.4 22.3 5.1 -13.3
2.Depreciation for the year plus changes in capital employed (C3+E1) -2.8 113.6 457.5 262.9 9.1 49.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - 139.7 18.6 28.1 40.8 43.8
2.Current ratio (B4 as % of B5) 62.5 62.9 70.7 72.1 69.5 75.8
3.Acid test or Quick ratio (B4-B3 as % B5) 28.0 24.2 38.0 41.3 43.4 37.9
4.Debt equity ratio (B6 as % of A3) - - 139.9 120.6 189.9 194.6
5.Return on assets (D7 as % of C4) -2.9 -0.3 0.6 1.0 -2.1 -3.1
6.Self financing ratio (E2 as % of E1) - -3.5 0.8 3.7 115.7 -181.1
7.Cash flow ratio F1 as % of F2 - 7.9 3.1 8.5 56.0 -27.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -96.1 -10.9 212.3 281.3 223.9 188.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 97.6 93.4 91.6 89.9 93.3 95.2
10.Financial expenses as % of operating profit (D6 as % of D5) 229.5 103.7 84.4 81.3 155.1 220.4
11.Financial expense as % of gross sales (D6 as % of D1) 5.9 7.2 7.1 8.9 13.7 14.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.7 12.2 8.8 11.6 15.8 12.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 36.2 24.0 -10.5 -6.3
14.Sundry debtors as % of gross sales 6.6 6.5 25.1 21.7 28.1 0.0
15.Return on Equity (D7 as % of A3) - - 1.4 2.2 -6.2 -9.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -3.4 -0.3 1.3 2.1 -4.8 -7.8
4.Earning per share before tax (D7/No. of ordinary shares) -1.3 -0.1 0.3 0.6 -1.4 -1.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.5 -0.2 0.2 0.5 -1.5 -1.8
6.Average annual % depreciation on written down fixed assets 50.5 9.7 5.6 2.1 4.0 3.0
7.Sales as % of total assets (D1 as % of C4) 86.2 108.2 45.4 49.6 44.3 39.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -244.4 -92.3 -400.0 100.0 -333.3 21.4
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -2.6 26.2 -4.3 33.2 -6.5 -11.8
10.Break-up value of ordinary shares (in rupees) -9.6 -1.1 21.2 28.1 22.4 18.9

19
Allawasaya Textile & Finishing Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 8.0 8.0 8.0 8.0 8.0 8.0
2.Surplus 101.1 115.7 129.3 116.8 115.9 75.9
3.Shareholder's Equity (A1+A2) 109.1 123.7 137.3 124.8 123.9 83.9
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.5 0.0 0.0 0.0 0.0 84.4
7.Total Fixed Laibilities (A4+A5+A6) 0.5 0.0 0.0 0.0 0.0 84.4
8.Total Capital Employed (A3+A7) 109.6 123.7 137.3 124.8 123.9 168.3
B.Liquidity:
1.Liquid Assets: 5.9 12.6 4.6 7.0 9.5 5.4
(i)Cash 5.9 10.9 2.9 5.3 7.2 3.1
(ii)Investments 0.0 1.7 1.7 1.7 2.3 2.3
2.Other Current Assets 52.9 38.9 77.2 76.0 72.1 82.9
3.Inventories 47.1 71.2 41.6 126.7 95.8 255.6
4.Current Assets (B1+B2+B3) 105.9 122.7 123.4 209.7 177.4 343.9
5.Current Liabilities 94.3 84.9 85.5 187.7 152.2 384.4
6.Total Liabilities(A7+B5) 94.8 84.9 85.5 187.7 152.2 468.8
7.Net Current Assets(B4-B5) 11.6 37.8 37.9 22.0 25.2 -40.5
8.Contractual Liabilities 41.5 60.8 45.0 131.5 86.6 413.8
9.Net liquid assets (B1-B5) -88.4 -72.3 -80.9 -180.7 -142.7 -379.0
C.Fixed Assets:
1.Fixed Asset At Cost 259.3 255.9 278.0 292.3 297.8 407.8
2.Fixed assets after deducting accumulated depreciation 98.0 85.8 99.3 102.8 98.8 209.0
3.Depreciation for the year 10.9 9.9 8.6 12.4 11.4 11.7
4.Total assets (B4+C2) 203.9 208.5 222.7 312.5 276.2 552.9
D.Operation:
1.Gross sales 714.2 864.0 684.7 790.8 827.4 865.7
(i)Local sales 714.2 864.0 684.7 790.8 827.4 865.7
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 694.1 822.9 643.8 751.1 792.1 848.2
3.Gross profit 20.1 41.1 40.9 39.7 35.3 17.5
4.Overhead and Other Expenses 706.2 835.3 658.0 772.2 810.7 871.0
5.Operating profit 9.3 30.3 27.4 19.5 17.3 -4.8
6.Financial expenses 5.0 3.5 4.7 11.9 10.8 26.2
7.Net profit before tax (D5-D6) 4.3 26.8 22.7 7.6 6.5 -31.0
8.Tax provision 3.1 0.0 7.4 4.0 4.1 4.3
9.Total amount of dividend 1.0 1.0 1.0 3.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 3.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 1.2 14.1 13.6 -12.5 -0.9 44.4
2.Retention in business (D7-D8-D9) 0.2 25.8 14.3 0.6 2.4 -35.3
3.Finance from outside the company (E1-E2) 1.0 -11.7 -0.7 -13.1 -3.3 79.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 11.1 35.7 22.9 13.0 13.8 -23.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 12.1 24.0 22.2 -0.1 10.5 56.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.5 0.0 0.0 0.0 0.0 50.1
2.Current ratio (B4 as % of B5) 112.3 144.5 144.3 111.7 116.6 89.5
3.Acid test or Quick ratio (B4-B3 as % B5) 62.4 60.7 95.7 44.2 53.6 23.0
4.Debt equity ratio (B6 as % of A3) 86.9 68.6 62.3 150.4 122.8 558.8
5.Return on assets (D7 as % of C4) 2.1 12.9 10.2 2.4 2.4 -5.6
6.Self financing ratio (E2 as % of E1) 16.7 183.0 105.1 -4.8 -266.7 -79.5
7.Cash flow ratio F1 as % of F2 91.7 148.8 103.2 -13000.0 131.4 -42.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 1363.8 1546.3 1716.3 1560.0 1548.8 1048.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 98.9 96.7 96.1 97.6 98.0 100.6
10.Financial expenses as % of operating profit (D6 as % of D5) 53.8 11.6 17.2 61.0 62.4 -545.8
11.Financial expense as % of gross sales (D6 as % of D1) 0.7 0.4 0.7 1.5 1.3 3.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 12.0 5.8 10.4 9.0 12.5 6.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 72.1 0.0 32.6 52.6 63.1 -13.9
14.Sundry debtors as % of gross sales 3.3 3.4 7.2 6.7 6.3 5.7
15.Return on Equity (D7 as % of A3) 3.9 21.7 16.5 6.1 5.2 -36.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 120.0 2680.0 1530.0 120.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.9 0.8 0.7 2.4 0.0 0.0
3.Net profit margin (D7 as % of D1) 0.6 3.1 3.3 1.0 0.8 -3.6
4.Earning per share before tax (D7/No. of ordinary shares) 5.4 33.5 28.4 9.5 8.1 -38.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 1.5 33.5 19.1 4.5 3.0 -44.1
6.Average annual % depreciation on written down fixed assets 10.9 10.4 10.0 12.5 11.1 11.8
7.Sales as % of total assets (D1 as % of C4) 350.3 414.4 307.5 253.1 299.6 156.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -85.2 520.4 -15.2 -66.5 -14.7 -579.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 14.6 21.0 -20.8 15.5 4.6 4.6
10.Break-up value of ordinary shares (in rupees) 136.4 154.6 171.6 156.0 154.9 104.9

20
Amin Spinning Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 51.8 51.8 51.8 51.8 51.8 51.8
2.Surplus -542.2 -359.6 -382.1 -134.0 -156.5 -167.9
3.Shareholder's Equity (A1+A2) -490.4 -307.8 -330.3 -82.2 -104.7 -116.1
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 106.7 381.1 75.4 100.5 100.5 113.2
7.Total Fixed Laibilities (A4+A5+A6) 106.7 381.1 75.4 100.5 100.5 113.2
8.Total Capital Employed (A3+A7) -383.7 73.3 -254.9 18.3 -4.2 -2.9
B.Liquidity:
1.Liquid Assets: 0.1 0.5 0.7 0.1 0.3 0.4
(i)Cash 0.1 0.5 0.7 0.1 0.3 0.4
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 32.7 10.0 5.7 8.8 12.2 11.7
3.Inventories 0.0 12.6 16.4 16.8 18.5 14.4
4.Current Assets (B1+B2+B3) 32.8 23.1 22.8 25.7 31.0 26.5
5.Current Liabilities 547.5 68.1 413.3 129.2 149.4 133.5
6.Total Liabilities(A7+B5) 654.2 449.2 488.7 229.7 249.9 246.7
7.Net Current Assets(B4-B5) -514.7 -45.0 -390.5 -103.5 -118.4 -107.0
8.Contractual Liabilities 174.9 389.5 100.5 100.5 100.5 113.2
9.Net liquid assets (B1-B5) -547.4 -67.6 -412.6 -129.1 -149.1 -133.1
C.Fixed Assets:
1.Fixed Asset At Cost 249.0 249.5 277.0 271.6 276.2 277.5
2.Fixed assets after deducting accumulated depreciation 130.9 118.2 135.6 121.6 114.1 103.9
3.Depreciation for the year 14.6 13.1 10.1 13.7 12.2 11.5
4.Total assets (B4+C2) 163.7 141.3 158.4 147.3 145.1 130.4
D.Operation:
1.Gross sales 197.3 221.9 141.2 278.2 306.0 330.8
(i)Local sales 197.3 221.9 141.2 278.2 306.0 330.8
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 219.1 243.9 152.5 275.9 294.0 325.1
3.Gross profit -21.8 -22.0 -11.3 2.3 12.0 5.7
4.Overhead and Other Expenses 229.5 252.3 160.4 293.8 313.1 342.6
5.Operating profit -31.8 201.9 -18.6 249.5 -6.7 -11.6
6.Financial expenses 29.1 2.8 3.4 0.1 0.1 0.2
7.Net profit before tax (D5-D6) -60.9 199.1 -22.0 249.4 -6.8 -11.8
8.Tax provision 1.0 1.1 0.6 1.4 1.5 1.7
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -68.3 457.0 -328.2 273.2 -22.5 1.3
2.Retention in business (D7-D8-D9) -61.9 198.0 -22.6 248.0 -8.3 -13.5
3.Finance from outside the company (E1-E2) -6.4 259.0 -305.6 25.2 -14.2 14.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -47.3 211.1 -12.5 261.7 3.9 -2.0
2.Depreciation for the year plus changes in capital employed (C3+E1) -53.7 470.1 -318.1 286.9 -10.3 12.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - 519.9 - 549.2 0.0 0.0
2.Current ratio (B4 as % of B5) 6.0 33.9 5.5 19.9 20.7 19.9
3.Acid test or Quick ratio (B4-B3 as % B5) 6.0 15.4 1.5 6.9 8.4 9.1
4.Debt equity ratio (B6 as % of A3) - - - 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -37.2 140.9 -13.9 169.3 -4.7 -9.0
6.Self financing ratio (E2 as % of E1) - 43.3 - 90.8 36.9 -1038.5
7.Cash flow ratio F1 as % of F2 - 44.9 - 91.2 -37.9 -15.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -946.7 -594.2 -637.6 -158.7 -202.1 -224.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 116.3 113.7 113.6 105.6 102.3 103.6
10.Financial expenses as % of operating profit (D6 as % of D5) - 1.4 - 0.0 -1.5 -1.7
11.Financial expense as % of gross sales (D6 as % of D1) 14.7 1.3 2.4 0.0 0.0 0.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 16.6 0.7 3.4 0.1 0.1 0.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 0.6 - 0.6 -22.1 -14.4
14.Sundry debtors as % of gross sales 2.0 7.3 2.5 0.3 1.1 0.6
15.Return on Equity (D7 as % of A3) - - - 0.0 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -30.9 89.7 -15.6 89.6 -2.2 -3.6
4.Earning per share before tax (D7/No. of ordinary shares) -11.8 38.4 -4.2 48.1 -1.3 -2.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -11.9 38.2 -4.4 47.9 -1.6 -2.6
6.Average annual % depreciation on written down fixed assets 10.1 10.0 8.5 10.1 10.0 10.1
7.Sales as % of total assets (D1 as % of C4) 120.5 157.0 89.1 188.9 210.9 253.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 21.6 -425.4 -110.9 -1245.2 -102.7 76.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -11.6 12.5 -36.4 97.0 10.0 8.1
10.Break-up value of ordinary shares (in rupees) -94.7 -59.4 -63.8 -15.9 -20.2 -22.4

21
Annoor Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 8.7 8.7 8.7 8.7 8.7 8.7
2.Surplus -10.3 -11.0 -12.1 -12.1 -31.2 -33.6
3.Shareholder's Equity (A1+A2) -1.6 -2.3 -3.4 -3.4 -22.5 -24.9
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 5.2 2.9 2.9 5.5 18.9
7.Total Fixed Laibilities (A4+A5+A6) 0.0 5.2 2.9 2.9 5.5 18.9
8.Total Capital Employed (A3+A7) -1.6 2.9 -0.5 -0.5 -17.0 -6.0
B.Liquidity:
1.Liquid Assets: 0.2 0.4 0.2 0.2 0.2 0.2
(i)Cash 0.2 0.4 0.2 0.2 0.2 0.2
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 13.6 10.1 17.7 17.7 16.2 16.2
3.Inventories 0.0 0.0 12.3 12.3 0.0 0.0
4.Current Assets (B1+B2+B3) 13.8 10.5 30.2 30.2 16.4 16.4
5.Current Liabilities 17.9 26.5 58.5 58.5 55.9 42.6
6.Total Liabilities(A7+B5) 17.9 31.7 61.4 61.4 61.4 61.5
7.Net Current Assets(B4-B5) -4.1 -16.0 -28.3 -28.3 -39.5 -26.2
8.Contractual Liabilities 0.0 8.2 6.9 6.9 5.5 18.9
9.Net liquid assets (B1-B5) -17.7 -26.1 -58.3 -58.3 -55.7 -42.4
C.Fixed Assets:
1.Fixed Asset At Cost 11.8 28.8 36.9 36.9 36.9 36.9
2.Fixed assets after deducting accumulated depreciation 2.5 21.8 27.7 27.7 22.4 20.2
3.Depreciation for the year 0.2 0.1 2.2 2.2 2.5 2.2
4.Total assets (B4+C2) 16.3 31.9 57.9 57.9 38.8 36.6
D.Operation:
1.Gross sales 0.0 0.0 27.6 27.6 0.0 0.0
(i)Local sales 0.0 0.0 27.6 27.6 0.0 0.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 0.2 0.0 28.0 28.0 2.5 0.0
3.Gross profit -0.2 0.0 -0.4 -0.4 -2.5 0.0
4.Overhead and Other Expenses 0.3 8.7 28.6 28.6 2.8 0.1
5.Operating profit 0.0 2.6 -1.0 -1.0 -2.8 -0.1
6.Financial expenses 0.0 0.0 0.0 0.0 0.0 0.0
7.Net profit before tax (D5-D6) -0.5 -8.7 -1.0 -1.0 -2.8 -0.1
8.Tax provision 0.0 0.0 0.1 0.1 0.0 0.0
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 0.0 0.0 -3.4 0.0 -16.5 11.0
2.Retention in business (D7-D8-D9) 0.5 11.3 -1.1 -1.1 -2.8 -0.1
3.Finance from outside the company (E1-E2) -0.5 -11.3 -2.3 1.1 -13.7 11.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 0.7 11.4 1.1 1.1 -0.3 2.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 0.2 0.1 -1.2 2.2 -14.0 13.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - 179.3 - 0.0 0.0 0.0
2.Current ratio (B4 as % of B5) 0.0 0.0 51.6 51.6 29.3 38.5
3.Acid test or Quick ratio (B4-B3 as % B5) 0.0 0.0 30.6 30.6 29.3 38.5
4.Debt equity ratio (B6 as % of A3) - - - 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) 0.0 8.2 -1.7 -1.7 -7.2 -0.3
6.Self financing ratio (E2 as % of E1) - - - 0.0 17.0 -0.9
7.Cash flow ratio F1 as % of F2 350.0 11400.0 - 50.0 2.1 15.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -18.4 -26.4 -39.1 -39.1 -258.6 -286.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - 103.6 103.6 0.0 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) - 0.0 - 0.0 0.0 0.0
11.Financial expense as % of gross sales (D6 as % of D1) - - 0.0 0.0 0.0 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) - 27.4 0.0 0.0 0.0 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -10.0 0.0 0.0
14.Sundry debtors as % of gross sales - - 29.7 29.7 0.0 0.0
15.Return on Equity (D7 as % of A3) - - - 0.0 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) - - -3.6 -3.6 0.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) 0.0 0.3 -1.1 -1.1 -3.2 -0.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.0 0.3 -1.3 -1.3 -3.2 -0.1
6.Average annual % depreciation on written down fixed assets 7.7 4.0 10.1 10.1 10.0 9.8
7.Sales as % of total assets (D1 as % of C4) 0.0 0.0 47.7 47.7 0.0 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - -84.3 0.0 190.9 -96.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 0.0 0.0 - 0.0 -100.0 -
10.Break-up value of ordinary shares (in rupees) -1.8 -2.6 -3.9 -3.9 -25.9 -28.6

22
Apollo Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 82.8 82.8 82.8 82.8 82.8 82.8
2.Surplus 172.8 173.8 792.7 581.7 576.0 628.9
3.Shareholder's Equity (A1+A2) 255.6 256.6 875.5 664.5 658.8 711.7
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 205.4 457.1 934.4 786.5 680.0 363.3
7.Total Fixed Laibilities (A4+A5+A6) 205.4 457.1 934.4 786.5 680.0 363.3
8.Total Capital Employed (A3+A7) 461.0 713.7 1809.9 1451.0 1338.8 1075.0
B.Liquidity:
1.Liquid Assets: 9.4 73.7 23.2 90.4 8.2 15.6
(i)Cash 6.1 68.9 22.3 90.4 8.2 9.9
(ii)Investments 3.3 4.8 0.9 0.0 0.0 5.7
2.Other Current Assets 195.6 459.7 347.6 414.7 523.0 286.9
3.Inventories 244.7 228.2 502.6 532.8 676.5 1201.7
4.Current Assets (B1+B2+B3) 449.7 761.6 873.4 1037.9 1207.7 1504.2
5.Current Liabilities 509.4 755.5 867.3 1339.8 1512.0 1990.4
6.Total Liabilities(A7+B5) 714.8 1212.6 1801.7 2126.3 2192.0 2353.7
7.Net Current Assets(B4-B5) -59.7 6.1 6.1 -301.9 -304.3 -486.2
8.Contractual Liabilities 612.1 1039.8 1682.3 1646.5 1715.3 1754.6
9.Net liquid assets (B1-B5) -500.0 -681.8 -844.1 -1249.4 -1503.8 -1974.8
C.Fixed Assets:
1.Fixed Asset At Cost 960.6 985.2 1833.7 1886.9 1765.0 1918.3
2.Fixed assets after deducting accumulated depreciation 520.7 707.6 1803.8 1752.9 1643.1 1561.3
3.Depreciation for the year 56.9 53.7 43.0 128.8 134.4 126.4
4.Total assets (B4+C2) 970.4 1469.2 2677.2 2790.8 2850.8 3065.5
D.Operation:
1.Gross sales 1041.6 1343.2 1089.0 1783.7 1864.6 1137.6
(i)Local sales 415.9 642.8 312.7 504.3 413.0 524.6
(ii)Export sales 625.7 700.4 776.3 1279.4 1451.6 613.0
2.Cost of Sales 931.7 1244.1 935.5 1527.3 1521.3 899.3
3.Gross profit 109.9 99.1 153.5 256.4 343.3 238.3
4.Overhead and Other Expenses 962.3 1277.6 1002.8 1615.8 1612.5 957.4
5.Operating profit 94.8 65.6 86.8 173.3 253.2 184.9
6.Financial expenses 79.5 51.9 58.7 144.4 251.5 228.2
7.Net profit before tax (D5-D6) 15.3 13.7 28.1 28.9 1.7 -43.3
8.Tax provision 9.0 10.8 11.1 18.3 23.8 8.7
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 84.9 252.7 1096.2 -358.9 -112.2 -263.8
2.Retention in business (D7-D8-D9) 6.3 2.9 17.0 10.6 -22.1 -52.0
3.Finance from outside the company (E1-E2) 78.6 249.8 1079.2 -369.5 -90.1 -211.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 63.2 56.6 60.0 139.4 112.3 74.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 141.8 306.4 1139.2 -230.1 22.2 -137.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 44.6 64.0 51.6 54.2 50.8 33.8
2.Current ratio (B4 as % of B5) 88.3 100.8 100.7 77.5 79.9 75.6
3.Acid test or Quick ratio (B4-B3 as % B5) 40.2 70.6 42.8 37.7 35.1 15.2
4.Debt equity ratio (B6 as % of A3) 279.7 472.6 205.8 320.0 332.7 330.7
5.Return on assets (D7 as % of C4) 1.6 0.9 1.0 1.0 0.1 -1.4
6.Self financing ratio (E2 as % of E1) 7.4 1.1 1.6 -3.0 19.7 19.7
7.Cash flow ratio F1 as % of F2 44.6 18.5 5.3 -60.6 505.9 -54.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 308.7 309.9 1057.4 802.5 795.7 859.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 92.4 95.1 92.1 90.6 86.5 84.2
10.Financial expenses as % of operating profit (D6 as % of D5) 83.9 79.1 67.6 83.3 99.3 123.4
11.Financial expense as % of gross sales (D6 as % of D1) 7.6 3.9 5.4 8.1 13.5 20.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.0 5.0 3.5 8.8 14.7 13.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 58.8 78.8 39.5 63.3 1400.0 -20.1
14.Sundry debtors as % of gross sales 12.0 17.1 15.4 11.4 13.4 10.6
15.Return on Equity (D7 as % of A3) 6.0 5.3 3.2 4.3 0.3 -6.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.5 1.0 2.6 1.6 0.1 -3.8
4.Earning per share before tax (D7/No. of ordinary shares) 1.8 1.7 3.4 3.5 0.2 -5.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.8 0.4 2.1 1.3 -2.7 -6.3
6.Average annual % depreciation on written down fixed assets 12.0 10.3 6.1 7.1 7.7 7.7
7.Sales as % of total assets (D1 as % of C4) 107.3 91.4 40.7 63.9 65.4 37.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 12.5 -5.6 100.0 2.9 -94.3 -2700.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 14.3 29.0 -18.9 63.8 4.5 -39.0
10.Break-up value of ordinary shares (in rupees) 30.9 31.0 105.7 80.3 79.6 86.0

23
Artistic Denim Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 140.0 140.0 140.0 140.0 700.0 840.0
2.Surplus 462.1 606.4 1229.1 1589.5 1423.3 1632.8
3.Shareholder's Equity (A1+A2) 602.1 746.4 1369.1 1729.5 2123.3 2472.8
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 40.6 75.0 625.0 1044.4 881.0 842.4
7.Total Fixed Laibilities (A4+A5+A6) 40.6 75.0 625.0 1044.4 881.0 842.4
8.Total Capital Employed (A3+A7) 642.7 821.4 1994.1 2773.9 3004.3 3315.2
B.Liquidity:
1.Liquid Assets: 2.9 42.1 22.9 275.9 9.9 67.3
(i)Cash 2.9 42.1 22.9 275.9 9.9 67.3
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 180.4 320.3 309.2 248.2 514.0 458.2
3.Inventories 131.3 296.1 295.5 355.1 567.7 796.6
4.Current Assets (B1+B2+B3) 314.6 658.5 627.6 879.2 1091.6 1322.1
5.Current Liabilities 479.4 601.0 704.9 813.9 1202.4 1267.6
6.Total Liabilities(A7+B5) 520.0 676.0 1329.9 1858.3 2083.4 2110.0
7.Net Current Assets(B4-B5) -164.8 57.5 -77.3 65.3 -110.8 54.5
8.Contractual Liabilities 343.4 355.0 1116.9 1731.1 1816.1 1888.9
9.Net liquid assets (B1-B5) -476.5 -558.9 -682.0 -538.0 -1192.5 -1200.3
C.Fixed Assets:
1.Fixed Asset At Cost 1215.5 1254.2 2643.6 3477.0 3582.6 4328.4
2.Fixed assets after deducting accumulated depreciation 807.3 763.9 2071.3 2708.6 3115.0 3260.8
3.Depreciation for the year 226.1 82.0 82.1 200.0 185.4 172.0
4.Total assets (B4+C2) 1121.9 1422.4 2698.9 3587.8 4206.6 4582.9
D.Operation:
1.Gross sales 1351.0 1843.7 3202.7 2491.5 2499.5 2461.8
(i)Local sales 56.8 63.6 22.2 28.5 56.8 102.0
(ii)Export sales 1294.2 1780.1 3180.5 2463.0 2442.7 2359.8
2.Cost of Sales 1091.0 1516.5 2346.2 1746.5 1758.0 1823.9
3.Gross profit 260.0 327.2 856.5 745.0 741.5 637.9
4.Overhead and Other Expenses 1158.4 1614.5 2515.4 1882.6 1903.1 1969.5
5.Operating profit 205.3 237.3 707.0 617.1 610.5 538.8
6.Financial expenses 25.1 19.8 55.2 116.5 172.1 165.2
7.Net profit before tax (D5-D6) 180.2 217.5 651.8 500.6 438.4 373.6
8.Tax provision 13.7 18.5 32.1 29.5 30.0 24.7
9.Total amount of dividend 56.0 56.0 56.0 112.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 140.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 76.2 178.7 1172.7 779.8 230.4 310.9
2.Retention in business (D7-D8-D9) 110.5 143.0 563.7 359.1 408.4 348.9
3.Finance from outside the company (E1-E2) -34.3 35.7 609.0 420.7 -178.0 -38.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 336.6 225.0 645.8 559.1 593.8 520.9
2.Depreciation for the year plus changes in capital employed (C3+E1) 302.3 260.7 1254.8 979.8 415.8 482.9
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 6.3 9.1 31.3 37.7 29.3 25.4
2.Current ratio (B4 as % of B5) 65.6 109.6 89.0 108.0 90.8 104.3
3.Acid test or Quick ratio (B4-B3 as % B5) 38.2 60.3 47.1 64.4 43.6 41.5
4.Debt equity ratio (B6 as % of A3) 86.4 90.6 97.1 107.4 98.1 85.3
5.Return on assets (D7 as % of C4) 16.1 15.3 24.2 14.0 10.4 8.2
6.Self financing ratio (E2 as % of E1) 145.0 80.0 48.1 46.1 177.3 112.2
7.Cash flow ratio F1 as % of F2 111.3 86.3 51.5 57.1 142.8 107.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 430.1 533.1 977.9 1235.4 303.3 294.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 85.7 87.6 78.5 75.6 76.1 80.0
10.Financial expenses as % of operating profit (D6 as % of D5) 12.2 8.3 7.8 18.9 28.2 30.7
11.Financial expense as % of gross sales (D6 as % of D1) 1.9 1.1 1.7 4.7 6.9 6.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.3 5.6 4.9 6.7 9.5 8.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 7.6 8.5 4.9 5.9 6.8 6.6
14.Sundry debtors as % of gross sales 8.9 11.4 6.4 8.0 17.0 15.0
15.Return on Equity (D7 as % of A3) 29.9 29.1 47.6 28.9 20.6 15.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 297.3 355.4 1106.6 420.6 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 9.3 7.5 4.1 6.5 0.0 0.0
3.Net profit margin (D7 as % of D1) 13.3 11.8 20.4 20.1 17.5 15.2
4.Earning per share before tax (D7/No. of ordinary shares) 12.9 15.5 46.6 35.8 6.3 4.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 11.9 14.2 44.3 33.7 5.8 4.2
6.Average annual % depreciation on written down fixed assets 40.4 10.2 10.7 9.7 6.8 5.5
7.Sales as % of total assets (D1 as % of C4) 120.4 129.6 118.7 69.4 59.4 53.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -16.8 20.2 200.6 -23.2 -82.4 -30.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 1.7 36.5 73.7 -22.2 0.3 -1.5
10.Break-up value of ordinary shares (in rupees) 43.0 53.3 97.8 123.5 30.3 29.4

24
Aruj Garment Accessories Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 27.5 27.5 61.5 61.5 61.5 61.5
2.Surplus 10.2 11.2 13.7 20.3 29.7 30.3
3.Shareholder's Equity (A1+A2) 37.7 38.7 75.2 81.8 91.2 91.8
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 9.9 4.8 2.0 4.4 5.9 31.1
7.Total Fixed Laibilities (A4+A5+A6) 9.9 4.8 2.0 4.4 5.9 31.1
8.Total Capital Employed (A3+A7) 47.6 43.5 77.2 86.2 97.1 122.9
B.Liquidity:
1.Liquid Assets: 1.6 1.7 5.6 3.3 6.7 6.3
(i)Cash 1.6 1.7 5.6 3.3 6.7 6.3
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 7.7 12.3 16.6 27.1 28.8 25.2
3.Inventories 7.8 15.8 28.8 44.8 65.6 61.7
4.Current Assets (B1+B2+B3) 17.1 29.8 51.0 75.2 101.1 93.2
5.Current Liabilities 36.5 47.6 55.5 73.6 92.8 90.1
6.Total Liabilities(A7+B5) 46.4 52.4 57.5 78.0 98.7 121.2
7.Net Current Assets(B4-B5) -19.4 -17.8 -4.5 1.6 8.3 3.1
8.Contractual Liabilities 18.3 12.3 14.6 20.9 37.0 66.9
9.Net liquid assets (B1-B5) -34.9 -45.9 -49.9 -70.3 -86.1 -83.8
C.Fixed Assets:
1.Fixed Asset At Cost 115.4 115.4 141.0 151.1 161.9 201.8
2.Fixed assets after deducting accumulated depreciation 67.2 61.3 81.8 84.7 88.7 119.9
3.Depreciation for the year 6.6 5.9 5.4 7.3 8.2 8.7
4.Total assets (B4+C2) 84.3 91.1 132.8 159.9 189.8 213.1
D.Operation:
1.Gross sales 46.8 80.5 84.8 193.6 231.2 263.4
(i)Local sales 1.5 62.5 71.1 171.6 205.9 56.3
(ii)Export sales 45.3 18.0 13.7 22.0 25.3 207.1
2.Cost of Sales 44.5 71.9 75.7 166.8 202.3 236.0
3.Gross profit 2.3 8.6 9.1 26.8 28.9 27.4
4.Overhead and Other Expenses 48.7 76.4 80.5 174.3 210.9 244.4
5.Operating profit -1.9 4.2 4.5 19.3 21.0 19.0
6.Financial expenses 1.7 2.2 1.4 1.9 4.7 6.9
7.Net profit before tax (D5-D6) -3.6 2.0 3.1 17.4 16.3 12.1
8.Tax provision 0.2 0.9 0.4 3.4 4.1 1.3
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 4.5 -4.1 33.7 9.0 10.9 25.8
2.Retention in business (D7-D8-D9) -3.8 1.1 2.7 14.0 12.2 10.8
3.Finance from outside the company (E1-E2) 8.3 -5.2 31.0 -5.0 -1.3 15.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.8 7.0 8.1 21.3 20.4 19.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 11.1 1.8 39.1 16.3 19.1 34.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 20.8 11.0 2.6 5.1 6.1 25.3
2.Current ratio (B4 as % of B5) 46.8 62.6 91.9 102.2 108.9 103.4
3.Acid test or Quick ratio (B4-B3 as % B5) 25.5 29.4 40.0 41.3 38.3 35.0
4.Debt equity ratio (B6 as % of A3) 123.1 135.4 76.5 95.4 108.2 132.0
5.Return on assets (D7 as % of C4) -4.3 2.2 2.3 10.9 8.6 5.7
6.Self financing ratio (E2 as % of E1) -84.4 - 8.0 155.6 111.9 41.9
7.Cash flow ratio F1 as % of F2 25.2 388.9 20.7 130.7 106.8 56.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 137.1 140.7 122.3 133.0 148.3 149.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 104.1 94.9 94.9 90.0 91.2 92.8
10.Financial expenses as % of operating profit (D6 as % of D5) - 52.4 31.1 9.8 22.4 36.3
11.Financial expense as % of gross sales (D6 as % of D1) 3.6 2.7 1.7 1.0 2.0 2.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.3 17.9 9.6 9.1 12.7 10.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 45.0 12.9 19.5 25.2 10.7
14.Sundry debtors as % of gross sales 5.6 4.8 5.1 1.6 2.0 0.5
15.Return on Equity (D7 as % of A3) -9.5 5.2 4.1 21.3 17.9 13.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -7.7 2.5 3.7 9.0 7.1 4.6
4.Earning per share before tax (D7/No. of ordinary shares) -1.3 0.7 0.5 2.8 2.7 2.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.4 0.4 0.4 2.3 2.0 1.8
6.Average annual % depreciation on written down fixed assets 13.0 8.8 8.8 8.9 9.7 9.8
7.Sales as % of total assets (D1 as % of C4) 55.5 88.4 63.9 121.1 121.8 123.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -262.5 -153.8 -28.6 460.0 -3.6 -25.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -16.7 72.0 5.3 128.3 19.4 13.9
10.Break-up value of ordinary shares (in rupees) 13.7 14.1 12.2 13.3 14.8 14.9

25
Ashfaq Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 70.0 70.0 70.0 70.0 70.0 70.0
2.Surplus 2.7 11.0 26.4 34.3 30.9 85.0
3.Shareholder's Equity (A1+A2) 72.7 81.0 96.4 104.3 100.9 155.0
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 25.0 33.6 79.3 56.6 22.1 5.6
7.Total Fixed Laibilities (A4+A5+A6) 25.0 33.6 79.3 56.6 22.1 5.6
8.Total Capital Employed (A3+A7) 97.7 114.6 175.7 160.9 123.0 160.6
B.Liquidity:
1.Liquid Assets: 1.8 6.6 4.0 29.4 21.4 2.7
(i)Cash 1.8 6.6 4.0 29.4 21.4 2.7
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 64.9 76.9 107.1 96.4 92.6 95.7
3.Inventories 58.0 94.8 127.2 138.5 138.6 156.6
4.Current Assets (B1+B2+B3) 124.7 178.3 238.3 264.3 252.6 255.0
5.Current Liabilities 163.3 228.7 341.3 411.0 476.7 436.4
6.Total Liabilities(A7+B5) 188.3 262.3 420.6 467.6 498.8 442.0
7.Net Current Assets(B4-B5) -38.6 -50.4 -103.0 -146.7 -224.1 -181.4
8.Contractual Liabilities 144.1 145.1 248.2 288.3 235.7 215.8
9.Net liquid assets (B1-B5) -161.5 -222.1 -337.3 -381.6 -455.3 -433.7
C.Fixed Assets:
1.Fixed Asset At Cost 190.7 225.2 347.3 388.8 353.6 362.7
2.Fixed assets after deducting accumulated depreciation 136.3 165.1 278.6 307.6 347.1 342.1
3.Depreciation for the year 6.4 6.1 9.7 12.6 14.5 15.0
4.Total assets (B4+C2) 261.0 343.4 516.9 571.9 599.7 597.1
D.Operation:
1.Gross sales 310.7 449.2 757.8 876.7 595.7 485.7
(i)Local sales 54.0 33.7 18.6 13.7 18.4 19.2
(ii)Export sales 256.7 415.5 739.2 863.0 577.3 466.5
2.Cost of Sales 261.4 388.7 663.2 761.5 510.2 410.9
3.Gross profit 49.3 60.5 94.6 115.2 85.5 74.8
4.Overhead and Other Expenses 287.9 425.7 720.4 827.5 554.8 448.9
5.Operating profit 22.8 23.3 37.4 49.2 40.9 37.3
6.Financial expenses 13.8 10.9 15.4 27.4 26.6 27.8
7.Net profit before tax (D5-D6) 9.0 12.4 22.0 21.8 14.3 9.5
8.Tax provision 3.2 4.4 7.2 10.3 7.4 4.6
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -31.2 16.9 61.1 -14.8 -37.9 37.6
2.Retention in business (D7-D8-D9) 5.8 8.0 14.8 11.5 6.9 4.9
3.Finance from outside the company (E1-E2) -37.0 8.9 46.3 -26.3 -44.8 32.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 12.2 14.1 24.5 24.1 21.4 19.9
2.Depreciation for the year plus changes in capital employed (C3+E1) -24.8 23.0 70.8 -2.2 -23.4 52.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 25.6 29.3 45.1 35.2 18.0 3.5
2.Current ratio (B4 as % of B5) 76.4 78.0 69.8 64.3 53.0 58.4
3.Acid test or Quick ratio (B4-B3 as % B5) 40.8 36.5 32.6 30.6 23.9 22.5
4.Debt equity ratio (B6 as % of A3) 259.0 323.8 436.3 448.3 494.4 285.2
5.Return on assets (D7 as % of C4) 3.4 3.6 4.3 3.8 2.4 1.6
6.Self financing ratio (E2 as % of E1) - 47.3 24.2 -77.7 -18.2 13.0
7.Cash flow ratio F1 as % of F2 - 61.3 34.6 -1095.5 -91.5 37.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 103.9 115.7 137.7 149.0 144.1 221.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 92.7 94.8 95.1 94.4 93.1 92.4
10.Financial expenses as % of operating profit (D6 as % of D5) 60.5 46.8 41.2 55.7 65.0 74.5
11.Financial expense as % of gross sales (D6 as % of D1) 4.4 2.4 2.0 3.1 4.5 5.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.6 7.5 6.2 9.5 11.3 12.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 35.6 35.5 32.7 47.2 51.7 48.4
14.Sundry debtors as % of gross sales 8.4 5.4 6.5 6.4 9.6 14.9
15.Return on Equity (D7 as % of A3) 12.4 15.3 22.8 20.9 14.2 6.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 2.9 2.8 2.9 2.5 2.4 2.0
4.Earning per share before tax (D7/No. of ordinary shares) 1.3 1.8 3.1 3.1 2.0 1.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.8 1.1 2.1 1.6 1.0 0.7
6.Average annual % depreciation on written down fixed assets 4.8 4.5 5.9 4.5 4.7 4.3
7.Sales as % of total assets (D1 as % of C4) 119.0 130.8 146.6 153.3 99.3 81.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 18.2 38.5 72.2 0.0 -35.5 -30.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -2.8 44.6 68.7 15.7 -32.1 -18.5
10.Break-up value of ordinary shares (in rupees) 10.4 11.6 13.8 14.9 14.4 22.1

26
Asim Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 151.8 151.8 151.8 151.8 151.8 151.8
2.Surplus -177.8 -216.5 -256.5 -370.4 -371.3 -367.4
3.Shareholder's Equity (A1+A2) -26.0 -64.7 -104.7 -218.6 -219.5 -215.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 415.0 415.0 415.0 415.0 504.7 415.0
7.Total Fixed Laibilities (A4+A5+A6) 415.0 415.0 415.0 415.0 504.7 415.0
8.Total Capital Employed (A3+A7) 389.0 350.3 310.3 196.4 285.2 199.4
B.Liquidity:
1.Liquid Assets: 18.6 3.7 16.4 2.6 9.8 141.8
(i)Cash 18.6 3.7 16.4 2.6 9.8 141.8
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 24.7 19.5 22.3 26.1 28.0 3.0
3.Inventories 15.5 31.8 33.6 60.9 46.5 90.8
4.Current Assets (B1+B2+B3) 58.8 55.0 72.3 89.6 84.3 235.6
5.Current Liabilities 157.0 168.7 213.0 330.0 222.1 333.6
6.Total Liabilities(A7+B5) 572.0 583.7 628.0 745.0 726.8 748.6
7.Net Current Assets(B4-B5) -98.2 -113.7 -140.7 -240.4 -137.8 -98.0
8.Contractual Liabilities 415.0 417.5 415.0 417.5 504.7 417.5
9.Net liquid assets (B1-B5) -138.4 -165.0 -196.6 -327.4 -212.3 -191.8
C.Fixed Assets:
1.Fixed Asset At Cost 572.9 574.2 576.8 585.4 593.6 594.7
2.Fixed assets after deducting accumulated depreciation 487.1 464.1 450.9 436.8 423.0 297.5
3.Depreciation for the year 25.7 24.6 17.5 22.6 22.0 21.3
4.Total assets (B4+C2) 545.9 519.1 523.2 526.4 507.3 533.1
D.Operation:
1.Gross sales 404.3 497.3 285.5 515.3 536.3 630.0
(i)Local sales 389.6 493.2 275.1 502.5 513.2 630.0
(ii)Export sales 14.7 4.1 10.4 12.8 23.1 0.0
2.Cost of Sales 408.2 491.8 298.5 500.1 529.1 620.1
3.Gross profit -3.9 5.5 -13.0 15.2 7.2 9.9
4.Overhead and Other Expenses 416.3 500.5 304.3 510.1 538.9 627.6
5.Operating profit -11.9 -3.1 -18.7 5.2 -2.6 2.4
6.Financial expenses 39.1 32.5 20.8 23.1 0.1 0.0
7.Net profit before tax (D5-D6) -51.0 -35.6 -39.5 -17.9 -2.7 2.4
8.Tax provision 2.0 2.0 1.4 2.6 2.7 3.2
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -53.3 -38.7 -40.0 -113.9 88.8 -85.8
2.Retention in business (D7-D8-D9) -53.0 -37.6 -40.9 -20.5 -5.4 -0.8
3.Finance from outside the company (E1-E2) -0.3 -1.1 0.9 -93.4 94.2 -85.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -27.3 -13.0 -23.4 2.1 16.6 20.5
2.Depreciation for the year plus changes in capital employed (C3+E1) -27.6 -14.1 -22.5 -91.3 110.8 -64.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 106.7 118.5 133.7 211.3 177.0 208.1
2.Current ratio (B4 as % of B5) 37.5 32.6 33.9 27.2 38.0 70.6
3.Acid test or Quick ratio (B4-B3 as % B5) 27.6 13.8 18.2 8.7 17.0 43.4
4.Debt equity ratio (B6 as % of A3) - - - 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -9.3 -6.9 -7.5 -3.4 -0.5 0.5
6.Self financing ratio (E2 as % of E1) - - - 18.0 -6.1 0.9
7.Cash flow ratio F1 as % of F2 - - - -2.3 15.0 -31.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -17.1 -42.6 -69.0 -144.0 -144.6 -142.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 103.0 100.6 106.6 99.0 100.5 99.6
10.Financial expenses as % of operating profit (D6 as % of D5) - - - 444.2 -3.8 0.0
11.Financial expense as % of gross sales (D6 as % of D1) 9.7 6.5 7.3 4.5 0.0 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.4 7.8 5.0 5.5 0.0 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -14.5 -100.0 133.3
14.Sundry debtors as % of gross sales 0.6 0.5 0.2 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) - - - 0.0 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -12.6 -7.2 -13.8 -3.5 -0.5 0.4
4.Earning per share before tax (D7/No. of ordinary shares) -3.4 -2.3 -2.6 -1.2 -0.2 0.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.5 -2.5 -2.7 -1.4 -0.4 -0.1
6.Average annual % depreciation on written down fixed assets 5.0 5.1 3.8 5.0 5.0 5.0
7.Sales as % of total assets (D1 as % of C4) 74.1 95.8 54.6 97.9 105.7 118.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 17.2 -32.4 13.0 -53.8 -83.3 -200.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -1.6 23.0 -42.6 80.5 4.1 17.5
10.Break-up value of ordinary shares (in rupees) -1.7 -4.3 -6.9 -14.4 -14.5 -14.2

27
Ayesha Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 14.0 14.0 14.0 14.0 14.0 14.0
2.Surplus 278.0 318.3 348.0 1386.5 1158.4 1088.6
3.Shareholder's Equity (A1+A2) 292.0 332.3 362.0 1400.5 1172.4 1102.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 18.1 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 153.8 190.2 142.9 199.4 492.2 452.2
7.Total Fixed Laibilities (A4+A5+A6) 153.8 208.3 142.9 199.4 492.2 452.2
8.Total Capital Employed (A3+A7) 445.8 540.6 504.9 1599.9 1664.6 1554.8
B.Liquidity:
1.Liquid Assets: 35.9 31.7 30.0 55.8 28.2 37.8
(i)Cash 32.4 28.2 26.5 52.3 6.8 21.5
(ii)Investments 3.5 3.5 3.5 3.5 21.4 16.3
2.Other Current Assets 208.5 195.7 167.8 299.8 275.7 334.3
3.Inventories 124.8 303.9 271.3 218.7 262.9 355.6
4.Current Assets (B1+B2+B3) 369.2 531.3 469.1 574.3 566.8 727.7
5.Current Liabilities 447.8 530.6 531.7 679.7 685.3 946.1
6.Total Liabilities(A7+B5) 601.6 738.9 674.6 879.1 1177.5 1398.3
7.Net Current Assets(B4-B5) -78.6 0.7 -62.6 -105.4 -118.5 -218.4
8.Contractual Liabilities 215.5 509.4 516.9 523.4 811.8 895.4
9.Net liquid assets (B1-B5) -411.9 -498.9 -501.7 -623.9 -657.1 -908.3
C.Fixed Assets:
1.Fixed Asset At Cost 958.0 1024.5 1094.1 1724.7 1925.2 1967.8
2.Fixed assets after deducting accumulated depreciation 524.3 539.8 567.6 1705.4 1783.2 1773.4
3.Depreciation for the year 49.6 54.9 42.3 66.8 133.4 69.6
4.Total assets (B4+C2) 893.5 1071.1 1036.7 2279.7 2350.0 2501.1
D.Operation:
1.Gross sales 1654.6 2360.5 1298.3 1920.8 2117.1 2119.1
(i)Local sales 1175.4 1981.4 1156.4 1508.0 1725.4 1870.0
(ii)Export sales 479.2 379.1 141.9 412.8 391.7 249.1
2.Cost of Sales 1548.5 2241.9 1200.7 1804.3 2076.9 2066.3
3.Gross profit 106.1 118.6 97.6 116.5 40.2 52.8
4.Overhead and Other Expenses 1584.6 2268.4 1223.0 1842.8 2111.4 2106.6
5.Operating profit 70.1 92.2 75.5 78.1 17.8 7.8
6.Financial expenses 43.6 43.5 36.8 64.4 78.1 73.6
7.Net profit before tax (D5-D6) 26.5 48.7 38.7 13.7 -60.3 -65.8
8.Tax provision 11.5 13.7 7.5 9.4 10.4 10.5
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 102.4 94.8 -35.7 1095.0 64.7 -109.8
2.Retention in business (D7-D8-D9) 15.0 35.0 31.2 4.3 -70.7 -76.3
3.Finance from outside the company (E1-E2) 87.4 59.8 -66.9 1090.7 135.4 -33.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 64.6 89.9 73.5 71.1 62.7 -6.7
2.Depreciation for the year plus changes in capital employed (C3+E1) 152.0 149.7 6.6 1161.8 198.1 -40.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 34.5 38.5 28.3 12.5 29.6 29.1
2.Current ratio (B4 as % of B5) 82.4 100.1 88.2 84.5 82.7 76.9
3.Acid test or Quick ratio (B4-B3 as % B5) 54.6 42.9 37.2 52.3 44.3 39.3
4.Debt equity ratio (B6 as % of A3) 206.0 222.4 186.4 62.8 100.4 126.8
5.Return on assets (D7 as % of C4) 3.0 4.5 3.7 0.6 -2.6 -2.6
6.Self financing ratio (E2 as % of E1) 14.6 36.9 - 0.4 -109.3 69.5
7.Cash flow ratio F1 as % of F2 42.5 60.1 1113.6 6.1 31.7 16.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 2085.7 2373.6 2585.7 10003.6 8374.3 7875.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.8 96.1 94.2 95.9 99.7 99.4
10.Financial expenses as % of operating profit (D6 as % of D5) 62.2 47.2 48.7 82.5 438.8 943.6
11.Financial expense as % of gross sales (D6 as % of D1) 2.6 1.8 2.8 3.4 3.7 3.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 20.2 8.5 7.1 12.3 9.6 8.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 43.4 28.1 19.4 68.6 -17.2 -16.0
14.Sundry debtors as % of gross sales 7.8 6.2 7.4 4.8 4.4 7.7
15.Return on Equity (D7 as % of A3) 9.1 14.7 10.7 1.0 -5.1 -6.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.6 2.1 3.0 0.7 -2.8 -3.1
4.Earning per share before tax (D7/No. of ordinary shares) 18.9 34.8 27.6 9.8 -43.1 -47.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 10.7 25.0 22.3 3.1 -50.5 -54.5
6.Average annual % depreciation on written down fixed assets 12.1 10.5 7.8 11.8 7.8 3.9
7.Sales as % of total assets (D1 as % of C4) 185.2 220.4 125.2 84.3 90.1 84.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 15.2 84.1 -20.7 -64.5 -539.8 9.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 19.2 42.7 -45.0 47.9 10.2 0.1
10.Break-up value of ordinary shares (in rupees) 208.6 237.4 258.6 1000.4 837.4 787.6

28
Azam Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 132.8 132.8 132.8 132.8 132.8 132.8
2.Surplus 38.2 117.7 99.4 54.4 57.8 -45.9
3.Shareholder's Equity (A1+A2) 171.0 250.5 232.2 187.2 190.6 86.9
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 95.0 202.8 116.0 84.7 59.7 57.9
7.Total Fixed Laibilities (A4+A5+A6) 95.0 202.8 116.0 84.7 59.7 57.9
8.Total Capital Employed (A3+A7) 266.0 453.3 348.2 271.9 250.3 144.8
B.Liquidity:
1.Liquid Assets: 74.4 0.6 2.8 1.8 4.7 4.5
(i)Cash 1.0 0.6 2.8 1.8 4.7 4.5
(ii)Investments 73.4 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 0.0 38.3 122.7 90.0 98.1 65.8
3.Inventories 70.6 122.5 108.0 126.5 136.0 139.8
4.Current Assets (B1+B2+B3) 145.0 161.4 233.5 218.3 238.8 210.1
5.Current Liabilities 305.7 168.2 365.7 416.7 446.7 505.8
6.Total Liabilities(A7+B5) 400.7 371.0 481.7 501.4 506.4 563.7
7.Net Current Assets(B4-B5) -160.7 -6.8 -132.2 -198.4 -207.9 -295.7
8.Contractual Liabilities 219.1 321.0 294.4 236.7 202.6 153.5
9.Net liquid assets (B1-B5) -231.3 -167.6 -362.9 -414.9 -442.0 -501.3
C.Fixed Assets:
1.Fixed Asset At Cost 756.5 546.1 580.2 593.5 605.1 610.3
2.Fixed assets after deducting accumulated depreciation 426.7 460.1 480.3 470.2 458.1 440.5
3.Depreciation for the year 22.7 24.3 17.3 24.4 24.4 23.8
4.Total assets (B4+C2) 571.7 621.5 713.8 688.5 696.9 650.6
D.Operation:
1.Gross sales 822.1 326.2 260.8 428.6 476.3 456.4
(i)Local sales 609.1 326.2 260.8 428.6 476.3 456.4
(ii)Export sales 213.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 816.7 308.8 236.8 373.2 423.5 400.6
3.Gross profit 5.4 17.4 24.0 55.4 52.8 55.8
4.Overhead and Other Expenses 843.3 325.8 247.0 392.7 442.1 421.3
5.Operating profit -19.1 1.0 14.0 36.1 34.4 35.6
6.Financial expenses 32.7 17.5 13.6 30.2 28.2 25.1
7.Net profit before tax (D5-D6) -51.8 -16.5 0.4 5.9 6.2 10.5
8.Tax provision 3.7 1.7 1.5 2.5 2.7 2.6
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -86.3 187.3 -105.1 -76.3 -21.6 -105.5
2.Retention in business (D7-D8-D9) -55.5 -18.2 -1.1 3.4 3.5 7.9
3.Finance from outside the company (E1-E2) -30.8 205.5 -104.0 -79.7 -25.1 -113.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -32.8 6.1 16.2 27.8 27.9 31.7
2.Depreciation for the year plus changes in capital employed (C3+E1) -63.6 211.6 -87.8 -51.9 2.8 -81.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 35.7 44.7 33.3 31.2 23.9 40.0
2.Current ratio (B4 as % of B5) 47.4 96.0 63.9 52.4 53.5 41.5
3.Acid test or Quick ratio (B4-B3 as % B5) 24.3 23.1 34.3 22.0 23.0 13.9
4.Debt equity ratio (B6 as % of A3) 234.3 148.1 207.5 267.8 265.7 648.7
5.Return on assets (D7 as % of C4) -9.1 -2.7 0.1 0.9 0.9 1.6
6.Self financing ratio (E2 as % of E1) - -9.7 - -4.5 -16.2 -7.5
7.Cash flow ratio F1 as % of F2 - 2.9 - -53.6 996.4 -38.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 128.8 188.6 174.8 141.0 143.5 65.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 102.6 99.9 94.7 91.6 92.8 92.3
10.Financial expenses as % of operating profit (D6 as % of D5) - 1750.0 97.1 83.7 82.0 70.5
11.Financial expense as % of gross sales (D6 as % of D1) 4.0 5.4 5.2 7.0 5.9 5.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 14.9 5.5 4.6 12.8 13.9 16.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 375.0 42.4 43.5 24.8
14.Sundry debtors as % of gross sales 1.3 0.1 4.4 4.2 3.8 1.4
15.Return on Equity (D7 as % of A3) -30.3 -6.6 0.2 3.2 3.3 12.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -6.3 -5.1 0.2 1.4 1.3 2.3
4.Earning per share before tax (D7/No. of ordinary shares) -3.9 -1.2 0.0 0.4 0.5 0.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -4.2 -1.4 -0.1 0.3 0.3 0.6
6.Average annual % depreciation on written down fixed assets 5.0 5.7 3.8 5.1 5.2 5.2
7.Sales as % of total assets (D1 as % of C4) 143.8 52.5 36.5 62.3 68.3 70.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 143.8 -69.2 -100.0 0.0 25.0 60.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 36.2 -60.3 -20.0 64.3 11.1 -4.2
10.Break-up value of ordinary shares (in rupees) 12.9 18.9 17.5 14.1 14.4 6.5

29
Azgard Nine Ltd.(Legler-Nafees Denim Mills Ltd.) (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 868.7 1737.3 868.7 3127.1 3127.1 3827.1
2.Surplus 754.0 991.0 1563.3 2102.5 2017.4 6482.8
3.Shareholder's Equity (A1+A2) 1622.7 2728.3 2432.0 5229.6 5144.5 10309.9
4.Prefrence Shares 0.0 0.0 868.7 661.7 661.7 0.0
5.Debentures 0.0 0.0 2393.7 7713.0 10404.3 3962.5
6.Other Fixed Laibilities 803.9 866.5 324.7 3536.3 3037.2 2712.1
7.Total Fixed Laibilities (A4+A5+A6) 803.9 866.5 3587.1 11911.0 14103.2 6674.6
8.Total Capital Employed (A3+A7) 2426.6 3594.8 6019.1 17140.6 19247.7 16984.5
B.Liquidity:
1.Liquid Assets: 24.3 132.7 807.1 1133.0 1513.1 11622.6
(i)Cash 21.6 20.9 46.3 1133.0 630.1 82.1
(ii)Investments 2.7 111.8 760.8 0.0 883.0 11540.5
2.Other Current Assets 1191.4 1749.2 1984.8 3025.6 5406.0 3027.8
3.Inventories 1265.8 1394.7 2123.7 2904.0 2532.1 4034.1
4.Current Assets (B1+B2+B3) 2481.5 3276.6 4915.6 7062.6 9451.2 18684.5
5.Current Liabilities 2388.6 2614.0 4491.0 9935.8 10686.3 10353.8
6.Total Liabilities(A7+B5) 3192.5 3480.5 8078.1 21846.8 24789.5 17028.4
7.Net Current Assets(B4-B5) 92.9 662.6 424.6 -2873.2 -1235.1 8330.7
8.Contractual Liabilities 2381.0 2649.1 6250.7 19127.0 18870.7 13976.9
9.Net liquid assets (B1-B5) -2364.3 -2481.3 -3683.9 -8802.8 -9173.2 1268.8
C.Fixed Assets:
1.Fixed Asset At Cost 2917.5 3693.2 6913.3 26418.5 27786.2 11275.7
2.Fixed assets after deducting accumulated depreciation 2333.8 2932.2 5594.5 20013.9 20482.7 8653.6
3.Depreciation for the year 147.4 177.9 264.3 535.2 729.6 538.5
4.Total assets (B4+C2) 4815.3 6208.8 10510.1 27076.5 29933.9 27338.1
D.Operation:
1.Gross sales 2689.0 3304.0 4662.2 6624.7 12937.0 11827.0
(i)Local sales 1072.3 1613.2 791.6 2492.8 7504.5 11724.8
(ii)Export sales 1616.7 1690.8 3870.6 4131.9 5432.5 102.2
2.Cost of Sales 2042.9 2584.0 3523.7 4732.0 8362.6 8238.4
3.Gross profit 646.1 720.0 1138.5 1892.7 4574.4 3588.6
4.Overhead and Other Expenses 2256.0 2791.5 3887.5 5295.2 9204.4 9327.4
5.Operating profit 434.1 522.4 1080.6 1401.1 4068.8 3159.6
6.Financial expenses 185.6 123.7 290.5 1187.2 2152.4 4617.3
7.Net profit before tax (D5-D6) 248.5 398.7 790.1 213.9 1916.4 -1457.7
8.Tax provision 20.3 20.0 47.9 123.6 100.4 13287.6
9.Total amount of dividend 0.0 86.9 164.6 210.5 344.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 1644.7 1168.2 2424.3 11121.5 2107.1 -2263.2
2.Retention in business (D7-D8-D9) 228.2 291.8 577.6 -120.2 1472.0 -14745.3
3.Finance from outside the company (E1-E2) 1416.5 876.4 1846.7 11241.7 635.1 12482.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 375.6 469.7 841.9 415.0 2201.6 -14206.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 1792.1 1346.1 2688.6 11656.7 2836.7 -1724.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 33.1 24.1 59.6 69.5 73.3 39.3
2.Current ratio (B4 as % of B5) 103.9 125.3 109.5 71.1 88.4 180.5
3.Acid test or Quick ratio (B4-B3 as % B5) 50.9 72.0 62.2 41.9 64.7 141.5
4.Debt equity ratio (B6 as % of A3) 196.7 127.6 332.2 417.8 481.9 165.2
5.Return on assets (D7 as % of C4) 5.2 6.4 7.5 0.8 6.4 -5.3
6.Self financing ratio (E2 as % of E1) 13.9 25.0 23.8 -1.1 69.9 651.5
7.Cash flow ratio F1 as % of F2 21.0 34.9 31.3 3.6 77.6 823.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 186.8 157.0 280.0 167.2 164.5 269.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 83.9 84.5 83.4 79.9 71.1 78.9
10.Financial expenses as % of operating profit (D6 as % of D5) 42.8 23.7 26.9 84.7 52.9 146.1
11.Financial expense as % of gross sales (D6 as % of D1) 6.9 3.7 6.2 17.9 16.6 39.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.8 4.7 4.6 6.2 11.4 33.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 8.2 5.0 6.1 57.8 5.2 -911.5
14.Sundry debtors as % of gross sales 20.0 28.6 22.2 23.0 18.3 0.0
15.Return on Equity (D7 as % of A3) 15.3 14.6 32.5 4.1 37.3 -14.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - 435.8 450.9 42.9 527.9 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 3.2 6.8 4.0 6.7 0.0
3.Net profit margin (D7 as % of D1) 9.2 12.1 16.9 3.2 14.8 -12.3
4.Earning per share before tax (D7/No. of ordinary shares) 2.9 2.3 9.1 0.7 6.1 -3.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.6 2.2 8.5 0.3 5.8 -38.5
6.Average annual % depreciation on written down fixed assets 7.6 7.6 9.0 9.6 3.7 6.9
7.Sales as % of total assets (D1 as % of C4) 55.8 53.2 44.4 24.5 43.2 43.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 45.0 -20.7 295.7 -92.3 771.4 -162.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 109.6 22.9 41.1 42.1 95.3 -8.6
10.Break-up value of ordinary shares (in rupees) 18.7 15.7 28.0 16.7 16.5 26.9

30
Babri Cotton Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 20.0 20.0 20.0 20.0 20.0 29.0
2.Surplus 143.2 230.0 281.7 182.7 300.0 285.0
3.Shareholder's Equity (A1+A2) 163.2 250.0 301.7 202.7 320.0 314.0
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 59.7 251.6 249.5 86.5 341.4
7.Total Fixed Laibilities (A4+A5+A6) 0.0 59.7 251.6 249.5 86.5 341.4
8.Total Capital Employed (A3+A7) 163.2 309.7 553.3 452.2 406.5 655.4
B.Liquidity:
1.Liquid Assets: 5.1 5.5 18.8 19.2 20.4 27.8
(i)Cash 1.1 1.5 0.7 0.4 0.6 5.5
(ii)Investments 4.0 4.0 18.1 18.8 19.8 22.3
2.Other Current Assets 75.0 72.5 61.9 21.3 20.1 25.6
3.Inventories 102.4 108.5 210.8 215.9 264.4 332.4
4.Current Assets (B1+B2+B3) 182.5 186.5 291.5 256.4 304.9 385.8
5.Current Liabilities 219.5 251.1 384.5 447.5 723.8 524.6
6.Total Liabilities(A7+B5) 219.5 310.8 636.1 697.0 810.3 866.0
7.Net Current Assets(B4-B5) -37.0 -64.6 -93.0 -191.1 -418.9 -138.8
8.Contractual Liabilities 120.6 157.0 531.4 553.8 375.1 758.7
9.Net liquid assets (B1-B5) -214.4 -245.6 -365.7 -428.3 -703.4 -496.8
C.Fixed Assets:
1.Fixed Asset At Cost 334.0 524.7 818.9 869.7 994.8 999.5
2.Fixed assets after deducting accumulated depreciation 200.2 374.2 646.3 643.4 825.4 794.3
3.Depreciation for the year 17.1 19.5 21.4 57.3 32.2 35.9
4.Total assets (B4+C2) 382.7 560.7 937.8 899.8 1130.3 1180.1
D.Operation:
1.Gross sales 465.7 553.0 402.4 610.9 746.9 739.9
(i)Local sales 465.7 553.0 402.4 610.9 746.9 739.9
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 416.7 486.8 394.5 580.0 672.2 694.2
3.Gross profit 49.0 66.2 7.9 30.9 74.7 45.7
4.Overhead and Other Expenses 437.6 513.4 412.7 605.5 700.0 719.9
5.Operating profit 30.1 44.2 -4.5 3.5 54.5 23.1
6.Financial expenses 6.7 4.6 11.9 55.7 68.8 67.2
7.Net profit before tax (D5-D6) 23.4 39.6 -16.4 -52.2 -14.3 -44.1
8.Tax provision 5.5 10.7 1.8 3.1 3.7 3.7
9.Total amount of dividend 5.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 14.1 146.5 243.6 -101.1 -45.7 248.9
2.Retention in business (D7-D8-D9) 12.9 28.9 -18.2 -55.3 -18.0 -47.8
3.Finance from outside the company (E1-E2) 1.2 117.6 261.8 -45.8 -27.7 296.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 30.0 48.4 3.2 2.0 14.2 -11.9
2.Depreciation for the year plus changes in capital employed (C3+E1) 31.2 166.0 265.0 -43.8 -13.5 284.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 19.3 45.5 55.2 21.3 52.1
2.Current ratio (B4 as % of B5) 83.1 74.3 75.8 57.3 42.1 73.5
3.Acid test or Quick ratio (B4-B3 as % B5) 36.5 31.1 21.0 9.1 5.6 10.2
4.Debt equity ratio (B6 as % of A3) 134.5 124.3 210.8 343.9 253.2 275.8
5.Return on assets (D7 as % of C4) 6.1 7.1 -1.7 -5.8 -1.3 -3.7
6.Self financing ratio (E2 as % of E1) 91.5 19.7 -7.5 54.7 39.4 -19.2
7.Cash flow ratio F1 as % of F2 96.2 29.2 1.2 -4.6 -105.2 -4.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 816.0 1250.0 1508.5 1013.5 1600.0 1082.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.0 92.8 102.6 99.1 93.7 97.3
10.Financial expenses as % of operating profit (D6 as % of D5) 22.3 10.4 - 1591.4 126.2 290.9
11.Financial expense as % of gross sales (D6 as % of D1) 1.4 0.8 3.0 9.1 9.2 9.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.6 2.9 2.2 10.1 18.3 8.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 23.5 27.0 - -5.9 -25.9 -8.4
14.Sundry debtors as % of gross sales 0.5 0.0 0.0 0.7 0.0 0.1
15.Return on Equity (D7 as % of A3) 14.3 15.8 -5.4 -25.8 -4.5 -14.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 358.0 - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 3.1 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 5.0 7.2 -4.1 -8.5 -1.9 -6.0
4.Earning per share before tax (D7/No. of ordinary shares) 11.7 19.8 -8.2 -26.1 -7.2 -15.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 9.0 14.5 -9.1 -27.7 -9.0 -16.5
6.Average annual % depreciation on written down fixed assets 9.3 9.7 5.7 8.9 5.0 4.3
7.Sales as % of total assets (D1 as % of C4) 121.7 98.6 42.9 67.9 66.1 62.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -10.0 69.2 -141.4 218.3 -72.4 111.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -1.2 18.7 -27.2 51.8 22.3 -0.9
10.Break-up value of ordinary shares (in rupees) 81.6 125.0 150.9 101.4 160.0 108.3

31
Baig Spinning Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 91.0 91.0 91.0 91.0 91.0 91.0
2.Surplus -3.9 117.0 79.3 -56.1 -59.3 -64.9
3.Shareholder's Equity (A1+A2) 87.1 208.0 170.3 34.9 31.7 26.1
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 197.3 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 4.9 130.9 127.6 101.1 1.8 1.9
7.Total Fixed Laibilities (A4+A5+A6) 202.2 130.9 127.6 101.1 1.8 1.9
8.Total Capital Employed (A3+A7) 289.3 338.9 297.9 136.0 33.5 28.0
B.Liquidity:
1.Liquid Assets: 7.9 5.5 6.9 0.9 1.0 35.9
(i)Cash 7.9 5.5 6.9 0.9 1.0 35.9
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 56.0 55.5 31.0 44.5 1.3 1.5
3.Inventories 28.8 123.1 166.7 79.5 0.0 0.0
4.Current Assets (B1+B2+B3) 92.7 184.1 204.6 124.9 2.3 37.4
5.Current Liabilities 158.5 228.7 284.5 272.9 132.8 13.0
6.Total Liabilities(A7+B5) 360.7 359.6 412.1 374.0 134.6 14.9
7.Net Current Assets(B4-B5) -65.8 -44.6 -79.9 -148.0 -130.5 24.4
8.Contractual Liabilities 313.0 268.3 248.8 197.4 35.8 1.9
9.Net liquid assets (B1-B5) -150.6 -223.2 -277.6 -272.0 -131.8 22.9
C.Fixed Assets:
1.Fixed Asset At Cost 424.6 461.4 470.4 352.9 348.9 5.2
2.Fixed assets after deducting accumulated depreciation 355.1 383.6 377.8 284.1 164.1 3.5
3.Depreciation for the year 24.0 22.5 14.8 19.5 1.5 0.7
4.Total assets (B4+C2) 447.8 567.7 582.4 409.0 166.4 40.9
D.Operation:
1.Gross sales 567.7 683.9 489.6 616.8 84.4 0.0
(i)Local sales 567.7 683.9 489.6 616.8 84.4 0.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 525.6 653.1 449.1 592.7 91.1 0.0
3.Gross profit 42.1 30.8 40.5 24.1 -6.7 0.0
4.Overhead and Other Expenses 533.7 660.9 455.7 719.4 99.0 4.6
5.Operating profit 34.1 22.9 33.9 -101.0 37.0 132.5
6.Financial expenses 32.8 21.8 16.7 30.7 12.0 0.2
7.Net profit before tax (D5-D6) 1.3 1.1 17.2 -131.7 25.0 132.3
8.Tax provision 2.8 3.1 2.3 3.4 0.4 0.0
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 26.1 49.6 -41.0 -161.9 -102.5 -5.5
2.Retention in business (D7-D8-D9) -1.5 -2.0 14.9 -135.1 24.6 132.3
3.Finance from outside the company (E1-E2) 27.6 51.6 -55.9 -26.8 -127.1 -137.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 22.5 20.5 29.7 -115.6 26.1 133.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 50.1 72.1 -26.2 -142.4 -101.0 -4.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 69.9 38.6 42.8 74.3 5.4 6.8
2.Current ratio (B4 as % of B5) 58.5 80.5 71.9 45.8 1.7 287.7
3.Acid test or Quick ratio (B4-B3 as % B5) 40.3 26.7 13.3 16.6 1.7 287.7
4.Debt equity ratio (B6 as % of A3) 414.1 172.9 242.0 1071.6 424.6 57.1
5.Return on assets (D7 as % of C4) 0.3 0.2 3.0 -32.2 15.0 323.5
6.Self financing ratio (E2 as % of E1) -5.7 -4.0 - 83.4 -24.0 -2405.5
7.Cash flow ratio F1 as % of F2 44.9 28.4 - 81.2 -25.8 -2770.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 95.7 228.6 187.1 38.4 34.8 28.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.0 96.6 93.1 116.6 117.3 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) 96.2 95.2 49.3 -30.4 32.4 0.2
11.Financial expense as % of gross sales (D6 as % of D1) 5.8 3.2 3.4 5.0 14.2 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 10.5 8.1 6.7 15.6 33.5 10.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 215.4 281.8 13.4 -2.6 1.6 0.0
14.Sundry debtors as % of gross sales 6.2 5.2 3.6 4.1 0.0 0.0
15.Return on Equity (D7 as % of A3) 1.5 0.5 10.1 -377.4 78.9 506.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 0.2 0.2 3.5 -21.4 29.6 0.0
4.Earning per share before tax (D7/No. of ordinary shares) 0.1 0.1 1.9 -14.5 2.7 14.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.2 -0.2 1.6 -14.8 2.7 14.5
6.Average annual % depreciation on written down fixed assets 6.9 6.3 3.9 5.2 0.5 0.4
7.Sales as % of total assets (D1 as % of C4) 126.8 120.5 84.1 150.8 50.7 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -83.3 0.0 1800.0 -863.2 -118.6 437.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 20.5 20.5 -28.4 26.0 -86.3 -100.0
10.Break-up value of ordinary shares (in rupees) 9.6 22.9 18.7 3.8 3.5 2.9

32
Bhanero Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 30.0 30.0 30.0 30.0 30.0 30.0
2.Surplus 530.9 578.8 671.2 707.2 823.4 959.6
3.Shareholder's Equity (A1+A2) 560.9 608.8 701.2 737.2 853.4 989.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 13.1 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 100.3 208.4 775.1 1167.2 794.0 797.1
7.Total Fixed Laibilities (A4+A5+A6) 113.4 208.4 775.1 1167.2 794.0 797.1
8.Total Capital Employed (A3+A7) 674.3 817.2 1476.3 1904.4 1647.4 1786.7
B.Liquidity:
1.Liquid Assets: 11.6 6.5 12.5 24.3 56.0 18.9
(i)Cash 11.3 6.2 12.2 23.9 55.6 18.5
(ii)Investments 0.3 0.3 0.3 0.4 0.4 0.4
2.Other Current Assets 240.6 264.5 260.7 300.8 511.1 574.9
3.Inventories 162.8 363.0 809.5 594.0 838.6 961.8
4.Current Assets (B1+B2+B3) 415.0 634.0 1082.7 919.1 1405.7 1555.6
5.Current Liabilities 241.5 536.8 914.6 1166.1 1762.8 1616.5
6.Total Liabilities(A7+B5) 354.9 745.2 1689.7 2333.3 2556.8 2413.6
7.Net Current Assets(B4-B5) 173.5 97.2 168.1 -247.0 -357.1 -60.9
8.Contractual Liabilities 236.5 540.0 1488.5 1891.4 1717.0 1844.6
9.Net liquid assets (B1-B5) -229.9 -530.3 -902.1 -1141.8 -1706.8 -1597.6
C.Fixed Assets:
1.Fixed Asset At Cost 968.6 1234.0 1866.8 2869.1 2913.3 2946.2
2.Fixed assets after deducting accumulated depreciation 500.8 719.9 1308.1 2151.4 2004.5 1847.5
3.Depreciation for the year 53.1 66.6 52.1 163.0 203.2 187.3
4.Total assets (B4+C2) 915.8 1353.9 2390.8 3070.5 3410.2 3403.1
D.Operation:
1.Gross sales 1448.1 1751.6 1316.5 2692.9 3547.1 3510.4
(i)Local sales 762.6 989.7 1316.5 2692.9 2369.1 1633.6
(ii)Export sales 685.5 761.9 0.0 0.0 1178.0 1876.8
2.Cost of Sales 1226.5 1613.0 1109.1 2270.8 3070.5 3101.0
3.Gross profit 221.6 138.6 207.4 422.1 476.6 409.4
4.Overhead and Other Expenses 1296.0 1666.5 1165.7 2351.6 3161.9 3199.5
5.Operating profit 168.4 87.5 151.4 357.9 386.6 320.8
6.Financial expenses 31.8 31.3 48.7 184.4 201.0 220.9
7.Net profit before tax (D5-D6) 136.6 56.2 102.7 173.5 185.6 99.9
8.Tax provision 23.3 14.7 6.3 20.9 17.7 18.1
9.Total amount of dividend 30.0 15.0 15.0 7.5 0.0 6.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 111.6 142.9 659.1 428.1 -257.0 139.3
2.Retention in business (D7-D8-D9) 83.3 26.5 81.4 145.1 167.9 75.8
3.Finance from outside the company (E1-E2) 28.3 116.4 577.7 283.0 -424.9 63.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 136.4 93.1 133.5 308.1 371.1 263.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 164.7 209.5 711.2 591.1 -53.8 326.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 16.8 25.5 52.5 61.3 48.2 44.6
2.Current ratio (B4 as % of B5) 171.8 118.1 118.4 78.8 79.7 96.2
3.Acid test or Quick ratio (B4-B3 as % B5) 104.4 50.5 29.9 27.9 32.2 36.7
4.Debt equity ratio (B6 as % of A3) 63.3 122.4 241.0 316.5 299.6 243.9
5.Return on assets (D7 as % of C4) 14.9 4.2 4.3 5.7 5.4 2.9
6.Self financing ratio (E2 as % of E1) 74.6 18.5 12.4 33.9 -65.3 54.4
7.Cash flow ratio F1 as % of F2 82.8 44.4 18.8 52.1 -689.8 80.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 1869.7 2029.3 2337.3 2457.3 2844.7 3298.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 89.5 95.1 88.5 87.3 89.1 91.1
10.Financial expenses as % of operating profit (D6 as % of D5) 18.9 35.8 32.2 51.5 52.0 68.9
11.Financial expense as % of gross sales (D6 as % of D1) 2.2 1.8 3.7 6.8 5.7 6.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.4 5.8 3.3 9.7 11.7 12.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 17.1 26.2 6.1 12.0 9.5 18.1
14.Sundry debtors as % of gross sales 11.2 7.6 11.8 6.7 10.5 11.9
15.Return on Equity (D7 as % of A3) 24.4 9.2 14.6 23.5 21.7 10.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 377.7 276.7 642.7 2034.7 0.0 1363.3
2.Dividend ratio to equity (D9 as % of A3) 5.3 2.5 2.1 1.0 0.0 0.6
3.Net profit margin (D7 as % of D1) 9.4 3.2 7.8 6.4 5.2 2.8
4.Earning per share before tax (D7/No. of ordinary shares) 45.5 18.7 34.2 57.8 61.9 33.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 37.8 13.8 32.1 50.9 56.0 27.3
6.Average annual % depreciation on written down fixed assets 11.2 13.3 7.2 12.5 9.4 9.3
7.Sales as % of total assets (D1 as % of C4) 158.1 129.4 55.1 87.7 104.0 103.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 88.0 -58.9 82.9 69.0 7.1 -46.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.4 21.0 -24.8 104.5 31.7 -1.0
10.Break-up value of ordinary shares (in rupees) 187.0 202.9 233.7 245.7 284.5 329.9

33
Bilal Fibres Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 141.0 141.0 141.0 141.0 141.0 141.0
2.Surplus 78.9 -16.2 81.5 64.0 -37.5 54.1
3.Shareholder's Equity (A1+A2) 219.9 124.8 222.5 205.0 103.5 195.1
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 57.2 45.5 113.0 63.5 288.4 354.7
7.Total Fixed Laibilities (A4+A5+A6) 57.2 45.5 113.0 63.5 288.4 354.7
8.Total Capital Employed (A3+A7) 277.1 170.3 335.5 268.5 391.9 549.8
B.Liquidity:
1.Liquid Assets: 13.0 6.5 8.8 3.9 28.3 3.5
(i)Cash 13.0 6.5 8.8 3.9 28.3 3.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 53.9 80.1 64.2 68.9 87.3 119.2
3.Inventories 47.6 77.0 68.9 112.0 114.7 168.2
4.Current Assets (B1+B2+B3) 114.5 163.6 141.9 184.8 230.3 290.9
5.Current Liabilities 154.0 349.1 334.1 470.5 384.6 468.4
6.Total Liabilities(A7+B5) 211.2 394.6 447.1 534.0 673.0 823.1
7.Net Current Assets(B4-B5) -39.5 -185.5 -192.2 -285.7 -154.3 -177.5
8.Contractual Liabilities 134.6 160.0 297.6 299.4 374.1 546.6
9.Net liquid assets (B1-B5) -141.0 -342.6 -325.3 -466.6 -356.3 -464.9
C.Fixed Assets:
1.Fixed Asset At Cost 346.4 405.4 544.6 594.3 587.5 759.0
2.Fixed assets after deducting accumulated depreciation 316.5 355.7 527.6 554.4 546.1 727.4
3.Depreciation for the year 16.9 19.8 16.9 23.1 26.2 29.4
4.Total assets (B4+C2) 431.0 519.3 669.5 739.2 776.4 1018.3
D.Operation:
1.Gross sales 521.5 677.5 507.1 764.5 785.0 905.2
(i)Local sales 447.0 518.6 470.3 659.0 669.2 711.9
(ii)Export sales 74.5 158.9 36.8 105.5 115.8 193.3
2.Cost of Sales 478.9 646.0 467.5 717.6 785.3 865.9
3.Gross profit 42.6 31.5 39.6 46.9 -0.3 39.3
4.Overhead and Other Expenses 492.7 663.3 484.1 741.1 813.1 909.5
5.Operating profit 28.8 14.9 24.2 56.2 -27.5 -3.5
6.Financial expenses 13.5 12.3 14.5 39.7 46.4 57.4
7.Net profit before tax (D5-D6) 15.3 2.6 9.7 16.5 -73.9 -60.9
8.Tax provision 2.6 3.1 2.3 4.1 4.3 36.5
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 8.0 -106.8 165.2 -67.0 123.4 157.9
2.Retention in business (D7-D8-D9) 12.7 -0.5 7.4 12.4 -78.2 -97.4
3.Finance from outside the company (E1-E2) -4.7 -106.3 157.8 -79.4 201.6 255.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 29.6 19.3 24.3 35.5 -52.0 -68.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 24.9 -87.0 182.1 -43.9 149.6 187.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 20.6 26.7 33.7 23.6 73.6 64.5
2.Current ratio (B4 as % of B5) 74.4 46.9 42.5 39.3 59.9 62.1
3.Acid test or Quick ratio (B4-B3 as % B5) 43.4 24.8 21.8 15.5 30.1 26.2
4.Debt equity ratio (B6 as % of A3) 96.0 316.2 200.9 260.5 650.2 421.9
5.Return on assets (D7 as % of C4) 3.5 0.5 1.4 2.2 -9.5 -6.0
6.Self financing ratio (E2 as % of E1) 158.8 - 4.5 -18.5 -63.4 -61.7
7.Cash flow ratio F1 as % of F2 118.9 - 13.3 -80.9 -34.8 -36.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 156.0 88.5 157.8 145.4 73.4 138.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.5 97.9 95.5 96.9 103.6 100.5
10.Financial expenses as % of operating profit (D6 as % of D5) 46.9 82.6 59.9 70.6 -168.7 -1640.0
11.Financial expense as % of gross sales (D6 as % of D1) 2.6 1.8 2.9 5.2 5.9 6.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 10.0 7.7 4.9 13.3 12.4 10.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 17.0 119.2 23.7 24.8 -5.8 -59.9
14.Sundry debtors as % of gross sales 2.1 1.9 1.5 1.3 0.7 3.8
15.Return on Equity (D7 as % of A3) 7.0 2.1 4.4 8.0 -71.4 -31.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 2.9 0.4 1.9 2.2 -9.4 -6.7
4.Earning per share before tax (D7/No. of ordinary shares) 1.1 0.2 0.7 1.2 -5.2 -4.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.9 0.0 0.5 0.9 -5.5 -6.9
6.Average annual % depreciation on written down fixed assets 5.6 6.3 4.8 4.4 4.7 5.4
7.Sales as % of total assets (D1 as % of C4) 121.0 130.5 75.7 103.4 101.1 88.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -52.2 -81.8 250.0 71.4 -533.3 -17.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 24.3 29.9 -25.2 50.8 2.7 15.3
10.Break-up value of ordinary shares (in rupees) 15.6 8.9 15.8 14.5 7.3 13.8

34
Blessed Textiles Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 64.3 64.3 64.3 64.3 64.3 64.3
2.Surplus 292.0 342.3 427.4 558.7 639.3 777.2
3.Shareholder's Equity (A1+A2) 356.3 406.6 491.7 623.0 703.6 841.5
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 12.5 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 542.4 514.8 613.3 871.9 533.9 587.7
7.Total Fixed Laibilities (A4+A5+A6) 554.9 514.8 613.3 871.9 533.9 587.7
8.Total Capital Employed (A3+A7) 911.2 921.4 1105.0 1494.9 1237.5 1429.2
B.Liquidity:
1.Liquid Assets: 19.4 26.9 49.2 14.1 40.8 33.9
(i)Cash 19.4 26.9 49.2 14.1 40.8 33.9
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 230.3 299.2 336.4 278.8 351.6 290.8
3.Inventories 181.0 174.7 300.8 489.6 532.4 846.3
4.Current Assets (B1+B2+B3) 430.7 500.8 686.4 782.5 924.8 1171.0
5.Current Liabilities 324.9 416.6 660.5 945.7 1327.4 1365.8
6.Total Liabilities(A7+B5) 879.8 931.4 1273.8 1817.6 1861.3 1953.5
7.Net Current Assets(B4-B5) 105.8 84.2 25.9 -163.2 -402.6 -194.8
8.Contractual Liabilities 761.7 684.8 1118.4 1656.1 1252.0 1508.7
9.Net liquid assets (B1-B5) -305.5 -389.7 -611.3 -931.6 -1286.6 -1331.9
C.Fixed Assets:
1.Fixed Asset At Cost 1130.4 1224.3 1512.2 2234.3 2388.5 2535.5
2.Fixed assets after deducting accumulated depreciation 805.5 837.1 1079.1 1658.2 1640.0 1624.1
3.Depreciation for the year 68.5 79.6 59.8 146.4 173.8 173.4
4.Total assets (B4+C2) 1236.2 1337.9 1765.5 2440.7 2564.8 2795.1
D.Operation:
1.Gross sales 1355.3 2250.9 1652.8 2948.0 2703.7 2994.3
(i)Local sales 224.7 606.7 276.6 430.5 1457.2 1724.2
(ii)Export sales 1130.6 1644.2 1376.2 2517.5 1246.5 1270.1
2.Cost of Sales 1172.9 2089.4 1449.9 2531.2 2308.1 2628.6
3.Gross profit 182.4 161.5 202.9 416.8 395.6 365.7
4.Overhead and Other Expenses 1225.6 2143.5 1500.2 2626.4 2399.3 2729.5
5.Operating profit 133.4 108.7 152.6 322.0 305.0 275.0
6.Financial expenses 41.6 31.8 48.6 151.5 180.0 159.3
7.Net profit before tax (D5-D6) 91.8 76.9 104.0 170.5 125.0 115.7
8.Tax provision 14.4 0.0 16.4 40.7 18.8 20.2
9.Total amount of dividend 9.6 4.8 4.8 4.8 4.8 6.4
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 609.6 10.2 183.6 389.9 -257.4 191.7
2.Retention in business (D7-D8-D9) 67.8 72.1 82.8 125.0 101.4 89.1
3.Finance from outside the company (E1-E2) 541.8 -61.9 100.8 264.9 -358.8 102.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 136.3 151.7 142.6 271.4 275.2 262.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 678.1 89.8 243.4 536.3 -83.6 365.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 60.9 55.9 55.5 58.3 43.1 41.1
2.Current ratio (B4 as % of B5) 132.6 120.2 103.9 82.7 69.7 85.7
3.Acid test or Quick ratio (B4-B3 as % B5) 76.9 78.3 58.4 31.0 29.6 23.8
4.Debt equity ratio (B6 as % of A3) 246.9 229.1 259.1 291.7 264.5 232.1
5.Return on assets (D7 as % of C4) 7.4 5.7 5.9 7.0 4.9 4.1
6.Self financing ratio (E2 as % of E1) 11.1 706.9 45.1 32.1 -39.4 46.5
7.Cash flow ratio F1 as % of F2 20.1 168.9 58.6 50.6 -329.2 71.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 554.1 632.3 764.7 968.9 1094.2 1308.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 90.4 95.2 90.8 89.1 88.7 91.2
10.Financial expenses as % of operating profit (D6 as % of D5) 31.2 29.3 31.8 47.0 59.0 57.9
11.Financial expense as % of gross sales (D6 as % of D1) 3.1 1.4 2.9 5.1 6.7 5.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.5 4.6 4.3 9.1 14.4 10.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 15.7 0.0 15.8 23.9 15.0 17.5
14.Sundry debtors as % of gross sales 10.8 9.4 14.6 4.7 9.1 6.0
15.Return on Equity (D7 as % of A3) 25.8 18.9 21.2 27.4 17.8 13.7
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 806.3 1602.1 1825.0 2704.2 2212.5 1492.2
2.Dividend ratio to equity (D9 as % of A3) 2.7 1.2 1.0 0.8 0.7 0.8
3.Net profit margin (D7 as % of D1) 6.8 3.4 6.3 5.8 4.6 3.9
4.Earning per share before tax (D7/No. of ordinary shares) 14.3 12.0 16.2 26.5 19.4 18.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 12.0 12.0 13.6 20.2 16.5 14.9
6.Average annual % depreciation on written down fixed assets 29.1 9.9 7.1 13.6 10.5 10.6
7.Sales as % of total assets (D1 as % of C4) 109.6 168.2 93.6 120.8 105.4 107.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 60.7 -16.1 35.0 63.6 -26.8 -7.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 95.7 66.1 -26.6 78.4 -8.3 10.7
10.Break-up value of ordinary shares (in rupees) 55.4 63.2 76.5 96.9 109.4 130.9

35
Brothers Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 98.0 98.0 98.0 98.0 98.0 98.0
2.Surplus 40.4 58.4 52.1 32.4 -60.8 -103.6
3.Shareholder's Equity (A1+A2) 138.4 156.4 150.1 130.4 37.2 -5.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 26.2 47.1 72.0 53.4 42.7 37.0
7.Total Fixed Laibilities (A4+A5+A6) 26.2 47.1 72.0 53.4 42.7 37.0
8.Total Capital Employed (A3+A7) 164.6 203.5 222.1 183.8 79.9 31.4
B.Liquidity:
1.Liquid Assets: 5.5 4.2 6.4 3.5 2.6 0.8
(i)Cash 5.5 4.2 6.4 3.5 2.6 0.8
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 293.8 297.8 287.4 280.7 282.6 278.8
3.Inventories 32.6 70.2 75.9 81.2 44.9 0.0
4.Current Assets (B1+B2+B3) 331.9 372.2 369.7 365.4 330.1 279.6
5.Current Liabilities 362.3 383.7 348.5 373.8 428.4 389.8
6.Total Liabilities(A7+B5) 388.5 430.8 420.5 427.2 471.1 426.8
7.Net Current Assets(B4-B5) -30.4 -11.5 21.2 -8.4 -98.3 -110.2
8.Contractual Liabilities 104.3 133.6 184.4 206.4 118.9 85.8
9.Net liquid assets (B1-B5) -356.8 -379.5 -342.1 -370.3 -425.8 -389.0
C.Fixed Assets:
1.Fixed Asset At Cost 446.7 446.5 485.1 482.5 487.5 438.5
2.Fixed assets after deducting accumulated depreciation 195.0 215.0 200.9 192.1 178.1 141.8
3.Depreciation for the year 21.8 19.8 16.0 21.2 19.3 8.5
4.Total assets (B4+C2) 526.9 587.2 570.6 557.5 508.2 421.4
D.Operation:
1.Gross sales 406.7 614.7 343.5 459.8 484.0 166.6
(i)Local sales 367.7 603.2 338.3 456.1 450.7 166.6
(ii)Export sales 39.0 11.5 5.2 3.7 33.3 0.0
2.Cost of Sales 412.6 620.6 326.9 458.2 502.6 176.2
3.Gross profit -5.9 -5.9 16.6 1.6 -18.6 -9.6
4.Overhead and Other Expenses 424.7 635.2 338.3 475.6 521.4 187.9
5.Operating profit -17.6 -19.5 6.5 -8.2 -36.5 -20.8
6.Financial expenses 18.2 15.7 14.3 27.4 24.7 11.4
7.Net profit before tax (D5-D6) -35.8 -35.2 -7.8 -35.6 -61.2 -32.2
8.Tax provision 2.0 2.7 1.7 3.2 2.4 0.8
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -46.4 38.9 18.6 -38.3 -103.9 -48.5
2.Retention in business (D7-D8-D9) -37.8 -37.9 -9.5 -38.8 -63.6 -33.0
3.Finance from outside the company (E1-E2) -8.6 76.8 28.1 0.5 -40.3 -15.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -16.0 -18.1 6.5 -17.6 -44.3 -24.5
2.Depreciation for the year plus changes in capital employed (C3+E1) -24.6 58.7 34.6 -17.1 -84.6 -40.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 15.9 23.1 32.4 29.1 53.4 117.8
2.Current ratio (B4 as % of B5) 91.6 97.0 106.1 97.8 77.1 71.7
3.Acid test or Quick ratio (B4-B3 as % B5) 82.6 78.7 84.3 76.0 66.6 71.7
4.Debt equity ratio (B6 as % of A3) 280.7 275.4 280.1 327.6 1266.4 0.0
5.Return on assets (D7 as % of C4) -6.8 -6.0 -1.4 -6.4 -12.0 -7.6
6.Self financing ratio (E2 as % of E1) - -97.4 -51.1 101.3 61.2 68.0
7.Cash flow ratio F1 as % of F2 - -30.8 18.8 102.9 52.4 61.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 141.2 159.6 153.2 133.1 38.0 -5.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 104.4 103.3 98.5 103.4 107.7 112.8
10.Financial expenses as % of operating profit (D6 as % of D5) - - 220.0 -334.1 -67.7 -54.8
11.Financial expense as % of gross sales (D6 as % of D1) 4.5 2.6 4.2 6.0 5.1 6.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 17.4 11.8 7.8 13.3 20.8 13.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -9.0 -3.9 -2.5
14.Sundry debtors as % of gross sales 1.2 1.2 1.0 0.7 0.2 0.0
15.Return on Equity (D7 as % of A3) -25.9 -22.5 -5.2 -27.3 -164.5 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -8.8 -5.7 -2.3 -7.7 -12.6 -19.3
4.Earning per share before tax (D7/No. of ordinary shares) -3.7 -3.6 -0.8 -3.6 -6.2 -3.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.9 -3.9 -1.0 -4.0 -6.5 -3.4
6.Average annual % depreciation on written down fixed assets 10.1 10.2 7.4 10.6 10.0 4.8
7.Sales as % of total assets (D1 as % of C4) 77.2 104.7 60.2 82.5 95.2 39.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 2.8 -2.7 -77.8 350.0 72.2 -46.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -6.7 51.1 -44.1 33.9 5.3 -65.6
10.Break-up value of ordinary shares (in rupees) 14.1 16.0 15.3 13.3 3.8 -0.6

36
Carvan East Fabrics Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 100.0 100.0 100.0 100.0 100.0 100.0
2.Surplus -215.0 -214.1 -60.2 -60.2 -60.2 -60.2
3.Shareholder's Equity (A1+A2) -115.0 -114.1 39.8 39.8 39.8 39.8
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 3.6 0.1 0.1 0.1 0.1
7.Total Fixed Laibilities (A4+A5+A6) 0.0 3.6 0.1 0.1 0.1 0.1
8.Total Capital Employed (A3+A7) -115.0 -110.5 39.9 39.9 39.9 39.9
B.Liquidity:
1.Liquid Assets: 4.5 2.6 1.2 1.2 1.2 1.2
(i)Cash 4.5 2.6 1.2 1.2 1.2 1.2
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 10.2 12.1 9.8 9.8 9.8 9.8
3.Inventories 0.6 0.5 0.6 0.6 0.6 0.6
4.Current Assets (B1+B2+B3) 15.3 15.2 11.6 11.6 11.6 11.6
5.Current Liabilities 217.7 211.7 50.8 50.8 50.8 50.8
6.Total Liabilities(A7+B5) 217.7 215.3 50.9 50.9 50.9 50.9
7.Net Current Assets(B4-B5) -202.4 -196.5 -39.2 -39.2 -39.2 -39.2
8.Contractual Liabilities 115.0 31.5 19.5 19.5 19.5 19.5
9.Net liquid assets (B1-B5) -213.2 -209.1 -49.6 -49.6 -49.6 -49.6
C.Fixed Assets:
1.Fixed Asset At Cost 159.6 164.0 160.0 160.0 160.0 160.0
2.Fixed assets after deducting accumulated depreciation 87.5 86.0 79.1 79.1 79.1 79.1
3.Depreciation for the year 7.3 7.0 6.2 6.2 6.2 6.2
4.Total assets (B4+C2) 102.8 101.2 90.7 90.7 90.7 90.7
D.Operation:
1.Gross sales 43.1 48.1 37.8 37.8 37.8 37.8
(i)Local sales 43.1 48.1 37.8 37.8 37.8 37.8
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 40.2 44.4 39.5 39.5 39.5 39.5
3.Gross profit 2.9 3.7 -1.7 -1.7 -1.7 -1.7
4.Overhead and Other Expenses 51.5 53.7 48.4 48.4 48.4 48.4
5.Operating profit -6.6 4.2 7.5 7.5 7.5 7.5
6.Financial expenses 0.1 0.1 0.0 0.0 0.0 0.0
7.Net profit before tax (D5-D6) -6.7 4.1 7.5 7.5 7.5 7.5
8.Tax provision 0.3 0.4 0.3 0.3 0.3 0.3
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -12.9 4.5 150.4 0.0 0.0 0.0
2.Retention in business (D7-D8-D9) -7.0 3.7 7.2 7.2 7.2 7.2
3.Finance from outside the company (E1-E2) -5.9 0.8 143.2 -7.2 -7.2 -7.2
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 0.3 10.7 13.4 13.4 13.4 13.4
2.Depreciation for the year plus changes in capital employed (C3+E1) -5.6 11.5 156.6 6.2 6.2 6.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - 0.3 0.3 0.3 0.3
2.Current ratio (B4 as % of B5) 7.0 7.2 22.8 22.8 22.8 22.8
3.Acid test or Quick ratio (B4-B3 as % B5) 6.8 6.9 21.7 21.7 21.7 21.7
4.Debt equity ratio (B6 as % of A3) - - 127.9 127.9 127.9 127.9
5.Return on assets (D7 as % of C4) -6.5 4.1 8.3 8.3 8.3 8.3
6.Self financing ratio (E2 as % of E1) - 82.2 4.8 0.0 0.0 0.0
7.Cash flow ratio F1 as % of F2 - 93.0 8.6 216.1 216.1 216.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -115.0 -114.1 39.8 39.8 39.8 39.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 119.5 111.6 128.0 128.0 128.0 128.0
10.Financial expenses as % of operating profit (D6 as % of D5) - 2.4 0.0 0.0 0.0 0.0
11.Financial expense as % of gross sales (D6 as % of D1) 0.2 0.2 0.0 0.0 0.0 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 0.1 0.3 0.0 0.0 0.0 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 9.8 4.0 4.0 4.0 4.0
14.Sundry debtors as % of gross sales 16.2 11.9 19.6 19.6 19.6 19.6
15.Return on Equity (D7 as % of A3) - - 18.8 18.8 18.8 18.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -15.5 8.5 19.8 19.8 19.8 19.8
4.Earning per share before tax (D7/No. of ordinary shares) -0.7 0.4 0.8 0.8 0.8 0.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.7 0.4 0.7 0.7 0.7 0.7
6.Average annual % depreciation on written down fixed assets 7.7 8.0 7.2 7.2 7.2 7.2
7.Sales as % of total assets (D1 as % of C4) 41.9 47.5 41.7 41.7 41.7 41.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -75.9 -157.1 100.0 0.0 0.0 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -1.6 11.6 -21.4 0.0 0.0 0.0
10.Break-up value of ordinary shares (in rupees) -11.5 -11.4 4.0 4.0 4.0 4.0

37
Chakwal Spinning Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 113.3 113.3 113.3 400.0 400.0 400.0
2.Surplus -87.9 -160.8 -109.8 -198.5 -186.3 -185.4
3.Shareholder's Equity (A1+A2) 25.4 -47.5 3.5 201.5 213.7 214.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 153.2 255.5 30.2 402.6 52.2 149.4
7.Total Fixed Laibilities (A4+A5+A6) 153.2 255.5 30.2 402.6 52.2 149.4
8.Total Capital Employed (A3+A7) 178.6 208.0 33.7 604.1 265.9 364.0
B.Liquidity:
1.Liquid Assets: 103.2 125.9 2.1 35.8 39.7 34.4
(i)Cash 89.9 125.9 2.1 35.8 39.7 34.4
(ii)Investments 13.3 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 170.8 67.6 97.9 105.0 142.6 131.9
3.Inventories 49.6 213.3 155.6 120.8 150.8 206.3
4.Current Assets (B1+B2+B3) 323.6 406.8 255.6 261.6 333.1 372.6
5.Current Liabilities 619.8 770.5 783.4 373.3 819.9 794.2
6.Total Liabilities(A7+B5) 773.0 1026.0 813.6 775.9 872.1 943.6
7.Net Current Assets(B4-B5) -296.2 -363.7 -527.8 -111.7 -486.8 -421.6
8.Contractual Liabilities 282.2 439.6 213.2 558.5 257.4 374.9
9.Net liquid assets (B1-B5) -516.6 -644.6 -781.3 -337.5 -780.2 -759.8
C.Fixed Assets:
1.Fixed Asset At Cost 870.6 995.0 1005.0 1189.3 1265.2 1337.8
2.Fixed assets after deducting accumulated depreciation 474.7 571.5 561.5 715.7 752.6 785.7
3.Depreciation for the year 28.8 32.6 25.3 37.2 46.5 47.5
4.Total assets (B4+C2) 798.3 978.3 817.1 977.3 1085.7 1158.3
D.Operation:
1.Gross sales 970.1 779.8 637.6 711.6 853.1 875.5
(i)Local sales 730.5 717.7 612.5 92.8 659.5 775.8
(ii)Export sales 239.6 62.1 25.1 618.8 193.6 99.7
2.Cost of Sales 827.8 758.3 594.1 683.1 783.3 809.1
3.Gross profit 142.3 21.5 43.5 28.5 69.8 66.4
4.Overhead and Other Expenses 864.5 786.9 615.8 709.8 814.2 872.0
5.Operating profit 112.6 11.9 25.8 9.2 41.1 11.4
6.Financial expenses 31.4 22.6 19.6 30.2 35.3 34.4
7.Net profit before tax (D5-D6) 81.2 -10.7 6.2 -21.0 5.8 -23.0
8.Tax provision 3.7 3.4 2.8 3.5 48.3 4.4
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 107.6 29.4 -174.3 570.4 -338.2 98.1
2.Retention in business (D7-D8-D9) 77.5 -14.1 3.4 -24.5 -42.5 -27.4
3.Finance from outside the company (E1-E2) 30.1 43.5 -177.7 594.9 -295.7 125.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 106.3 18.5 28.7 12.7 4.0 20.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 136.4 62.0 -149.0 607.6 -291.7 145.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 85.8 122.8 89.6 66.6 19.6 41.0
2.Current ratio (B4 as % of B5) 52.2 52.8 32.6 70.1 40.6 46.9
3.Acid test or Quick ratio (B4-B3 as % B5) 44.2 25.1 12.8 37.7 22.2 20.9
4.Debt equity ratio (B6 as % of A3) 3043.3 - 23245.7 385.1 408.1 439.7
5.Return on assets (D7 as % of C4) 10.2 -1.1 0.8 -2.1 0.5 -2.0
6.Self financing ratio (E2 as % of E1) 72.0 -48.0 - -4.3 12.6 -27.9
7.Cash flow ratio F1 as % of F2 77.9 29.8 - 2.1 -1.4 13.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 22.4 -41.9 3.1 50.4 53.4 53.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 89.1 100.9 96.6 99.7 95.4 99.6
10.Financial expenses as % of operating profit (D6 as % of D5) 27.9 189.9 76.0 328.3 85.9 301.8
11.Financial expense as % of gross sales (D6 as % of D1) 3.2 2.9 3.1 4.2 4.1 3.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) 11.1 5.1 9.2 5.4 13.7 9.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 4.6 - 45.2 -16.7 832.8 -19.1
14.Sundry debtors as % of gross sales 9.7 2.5 3.6 3.0 2.3 4.9
15.Return on Equity (D7 as % of A3) 319.7 - 177.1 -10.4 2.7 -10.7
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 - 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 8.4 -1.4 1.0 -3.0 0.7 -2.6
4.Earning per share before tax (D7/No. of ordinary shares) 7.2 -0.9 0.5 -0.5 0.1 -0.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.8 -1.2 0.3 -0.6 -1.1 -0.7
6.Average annual % depreciation on written down fixed assets 6.3 6.9 9.3 6.6 6.5 6.0
7.Sales as % of total assets (D1 as % of C4) 121.5 79.7 78.0 72.8 78.6 75.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -523.5 -112.5 -155.6 -200.0 -120.0 -700.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 29.3 -19.6 -18.2 11.6 19.9 2.6
10.Break-up value of ordinary shares (in rupees) 2.2 -4.2 0.3 5.0 5.3 5.4

38
Chaudhry Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 15.1 15.1 15.1 15.1 15.1 15.1
2.Surplus -60.4 -21.8 -27.0 -23.4 -30.8 -47.6
3.Shareholder's Equity (A1+A2) -45.3 -6.7 -11.9 -8.3 -15.7 -32.5
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 0.0 0.0 0.0 0.0 0.0
7.Total Fixed Laibilities (A4+A5+A6) 0.0 0.0 0.0 0.0 0.0 0.0
8.Total Capital Employed (A3+A7) -45.3 -6.7 -11.9 -8.3 -15.7 -32.5
B.Liquidity:
1.Liquid Assets: 0.4 14.9 2.4 0.8 0.1 69.1
(i)Cash 0.0 14.9 2.4 0.8 0.1 13.7
(ii)Investments 0.4 0.0 0.0 0.0 0.0 55.4
2.Other Current Assets 11.0 13.9 13.2 14.6 13.3 17.5
3.Inventories 0.9 2.0 3.2 5.7 1.2 0.0
4.Current Assets (B1+B2+B3) 12.3 30.8 18.8 21.1 14.6 86.6
5.Current Liabilities 81.5 60.5 53.3 53.2 55.6 124.0
6.Total Liabilities(A7+B5) 81.5 60.5 53.3 53.2 55.6 124.0
7.Net Current Assets(B4-B5) -69.2 -29.7 -34.5 -32.1 -41.0 -37.4
8.Contractual Liabilities 0.0 0.0 0.0 0.0 37.5 0.0
9.Net liquid assets (B1-B5) -81.1 -45.6 -50.9 -52.4 -55.5 -54.9
C.Fixed Assets:
1.Fixed Asset At Cost 72.4 72.1 71.0 73.0 75.1 41.2
2.Fixed assets after deducting accumulated depreciation 23.9 23.1 22.5 23.8 25.2 4.9
3.Depreciation for the year 0.9 0.8 0.5 0.7 1.4 0.5
4.Total assets (B4+C2) 36.2 53.9 41.3 44.9 39.8 91.5
D.Operation:
1.Gross sales 80.7 102.3 78.3 119.7 296.6 20.5
(i)Local sales 80.7 102.3 78.3 119.7 148.5 20.5
(ii)Export sales 0.0 0.0 0.0 0.0 148.1 0.0
2.Cost of Sales 76.7 100.7 70.4 110.8 0.0 35.1
3.Gross profit 4.0 1.6 7.9 8.9 296.6 -14.6
4.Overhead and Other Expenses 82.9 107.6 77.7 119.1 7.4 45.8
5.Operating profit -1.4 -2.7 3.2 2.8 289.7 -15.8
6.Financial expenses 0.1 0.1 0.1 0.1 0.2 0.1
7.Net profit before tax (D5-D6) -1.5 -2.8 3.1 2.7 289.5 -15.9
8.Tax provision 0.4 0.4 0.4 0.6 0.7 0.4
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -1.0 38.6 -5.2 3.6 -7.4 -16.8
2.Retention in business (D7-D8-D9) -1.9 -3.2 2.7 2.1 288.8 -16.3
3.Finance from outside the company (E1-E2) 0.9 41.8 -7.9 1.5 -296.2 -0.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -1.0 -2.4 3.2 2.8 290.2 -15.8
2.Depreciation for the year plus changes in capital employed (C3+E1) -0.1 39.4 -4.7 4.3 -6.0 -16.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - 0.0 0.0 0.0
2.Current ratio (B4 as % of B5) 15.1 50.9 35.3 39.7 26.3 69.8
3.Acid test or Quick ratio (B4-B3 as % B5) 14.0 47.6 29.3 28.9 24.1 69.8
4.Debt equity ratio (B6 as % of A3) - - - 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -4.1 -5.2 7.5 6.0 727.4 -17.4
6.Self financing ratio (E2 as % of E1) - -8.3 - 58.3 -3902.7 97.0
7.Cash flow ratio F1 as % of F2 - -6.1 - 65.1 -4836.7 96.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -300.0 -44.4 -78.8 -55.0 -104.0 -215.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 102.7 105.2 99.2 99.5 2.5 223.4
10.Financial expenses as % of operating profit (D6 as % of D5) - - 3.1 3.6 0.1 -0.6
11.Financial expense as % of gross sales (D6 as % of D1) 0.1 0.1 0.1 0.1 0.1 0.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - 0.0 0.5 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 12.9 22.2 0.2 -2.5
14.Sundry debtors as % of gross sales 5.2 5.8 9.5 7.7 2.8 0.0
15.Return on Equity (D7 as % of A3) - - - 0.0 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -1.9 -2.7 4.0 2.3 97.6 -77.6
4.Earning per share before tax (D7/No. of ordinary shares) -1.0 -1.9 2.1 1.8 191.7 -10.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.3 -2.1 1.8 1.4 191.3 -10.8
6.Average annual % depreciation on written down fixed assets 3.6 3.3 2.2 3.1 5.9 2.0
7.Sales as % of total assets (D1 as % of C4) 222.9 189.8 189.6 266.6 745.2 22.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -65.5 90.0 -210.5 -14.3 10550.0 -105.5
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -18.4 26.8 -23.5 52.9 147.8 -93.1
10.Break-up value of ordinary shares (in rupees) -30.0 -4.4 -7.9 -5.5 -10.4 -21.5

39
Chenab Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 7.0 7.0 7.0 7.0 1150.0 1150.0
2.Surplus -14.1 -15.5 -14.1 -13.2 1970.0 1800.2
3.Shareholder's Equity (A1+A2) -7.1 -8.5 -7.1 -6.2 3120.0 2950.2
4.Prefrence Shares 0.0 0.0 0.0 0.0 800.0 800.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 0.0 0.0 0.0 2352.8 2296.6
7.Total Fixed Laibilities (A4+A5+A6) 0.0 0.0 0.0 0.0 3152.8 3096.6
8.Total Capital Employed (A3+A7) -7.1 -8.5 -7.1 -6.2 6272.8 6046.8
B.Liquidity:
1.Liquid Assets: 0.0 0.0 0.3 2.9 65.2 59.9
(i)Cash 0.0 0.0 0.3 0.1 65.2 59.9
(ii)Investments 0.0 0.0 0.0 2.8 0.0 0.0
2.Other Current Assets 2.8 3.2 2.8 0.2 3464.5 4171.6
3.Inventories 0.7 0.7 0.0 0.0 3997.2 4442.6
4.Current Assets (B1+B2+B3) 3.5 3.9 3.1 3.1 7526.9 8674.1
5.Current Liabilities 42.5 43.5 40.9 40.1 8710.1 10240.4
6.Total Liabilities(A7+B5) 42.5 43.5 40.9 40.1 11862.9 13337.0
7.Net Current Assets(B4-B5) -39.0 -39.6 -37.8 -37.0 -1183.2 -1566.3
8.Contractual Liabilities 1.1 0.0 0.0 0.0 7826.5 10300.8
9.Net liquid assets (B1-B5) -42.5 -43.5 -40.6 -37.2 -8644.9 -10180.5
C.Fixed Assets:
1.Fixed Asset At Cost 43.7 42.9 41.6 41.6 7429.2 8144.8
2.Fixed assets after deducting accumulated depreciation 32.0 31.0 30.9 30.8 7456.0 7613.0
3.Depreciation for the year 0.1 0.1 0.0 0.1 266.8 272.5
4.Total assets (B4+C2) 35.5 34.2 34.0 33.9 14982.9 16287.1
D.Operation:
1.Gross sales 0.0 0.0 0.0 0.0 8338.4 8675.3
(i)Local sales 0.0 0.0 0.0 0.0 621.9 1100.9
(ii)Export sales 0.0 0.0 0.0 0.0 7716.5 7574.4
2.Cost of Sales 0.0 0.0 0.0 0.0 6791.1 6996.0
3.Gross profit 0.0 0.0 0.0 0.0 1547.3 1679.3
4.Overhead and Other Expenses 4.8 4.3 4.9 4.9 7342.0 7574.3
5.Operating profit 0.0 6.9 2.2 0.8 999.3 1109.3
6.Financial expenses 0.0 0.0 0.0 0.0 838.9 1124.6
7.Net profit before tax (D5-D6) 0.0 -4.3 2.2 0.8 160.4 -15.3
8.Tax provision 0.0 0.0 0.8 0.3 85.4 82.4
9.Total amount of dividend 0.0 0.0 0.0 0.0 74.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 1.8 0.0 1.4 0.9 6279.0 -226.0
2.Retention in business (D7-D8-D9) 0.0 11.2 1.4 0.5 1.0 -97.7
3.Finance from outside the company (E1-E2) 1.8 -11.2 0.0 0.4 6278.0 -128.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 0.1 11.3 1.4 0.6 267.8 174.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 1.9 0.1 1.4 1.0 6545.8 46.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - 0.0 50.3 51.2
2.Current ratio (B4 as % of B5) 8.2 457.1 7.6 7.7 86.4 84.7
3.Acid test or Quick ratio (B4-B3 as % B5) 6.6 457.1 7.6 7.7 40.5 41.3
4.Debt equity ratio (B6 as % of A3) - - - 0.0 380.2 452.1
5.Return on assets (D7 as % of C4) 0.0 20.2 6.5 2.4 1.1 -0.1
6.Self financing ratio (E2 as % of E1) 0.0 - 100.0 55.6 0.0 43.2
7.Cash flow ratio F1 as % of F2 5.3 11300.0 100.0 60.0 4.1 375.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -101.4 -121.4 -101.4 -88.6 271.3 256.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - 0.0 88.1 87.3
10.Financial expenses as % of operating profit (D6 as % of D5) - 0.0 0.0 0.0 83.9 101.4
11.Financial expense as % of gross sales (D6 as % of D1) - - - 0.0 10.1 13.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 0.0 - - 0.0 10.7 10.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 36.4 37.5 53.2 -538.6
14.Sundry debtors as % of gross sales - - - 0.0 0.0 28.0
15.Return on Equity (D7 as % of A3) - - - 0.0 5.1 -0.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 101.4 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - 0.0 2.4 0.0
3.Net profit margin (D7 as % of D1) - - - 0.0 1.9 -0.2
4.Earning per share before tax (D7/No. of ordinary shares) 0.0 1.0 3.1 1.1 1.4 -0.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.0 1.0 2.0 0.7 0.7 -0.8
6.Average annual % depreciation on written down fixed assets 0.3 0.3 0.0 0.3 4.4 3.7
7.Sales as % of total assets (D1 as % of C4) 0.0 0.0 0.0 0.0 55.7 53.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - -16.2 -64.5 27.3 -107.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - 0.0 - - - 4.0
10.Break-up value of ordinary shares (in rupees) -10.1 -12.1 -10.1 -8.9 27.1 25.7

40
Colony Mills Ltd. (Colony Textile Mills Ltd.) (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 100.0 100.0 250.0 2441.8 2441.8 2441.8
2.Surplus 724.7 741.6 1077.3 301.4 707.3 464.6
3.Shareholder's Equity (A1+A2) 824.7 841.6 1327.3 2743.2 3149.1 2906.4
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.7 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 506.3 1539.7 1934.9 2248.6 2710.0 4638.6
7.Total Fixed Laibilities (A4+A5+A6) 507.0 1539.7 1934.9 2248.6 2710.0 4638.6
8.Total Capital Employed (A3+A7) 1331.7 2381.3 3262.2 4991.8 5859.1 7545.0
B.Liquidity:
1.Liquid Assets: 2.9 113.2 215.2 819.1 8.9 819.3
(i)Cash 2.0 90.7 65.4 4.4 4.4 32.1
(ii)Investments 0.9 22.5 149.8 814.7 4.5 787.2
2.Other Current Assets 154.6 599.9 839.5 719.4 1903.3 2344.7
3.Inventories 509.2 989.6 1020.8 1298.8 1392.5 1960.3
4.Current Assets (B1+B2+B3) 666.7 1702.7 2075.5 2837.3 3304.7 5124.3
5.Current Liabilities 1012.1 1963.3 2058.8 2798.6 3269.8 5106.3
6.Total Liabilities(A7+B5) 1519.1 3503.0 3993.7 5047.2 5979.8 9744.9
7.Net Current Assets(B4-B5) -345.4 -260.6 16.7 38.7 34.9 18.0
8.Contractual Liabilities 920.2 2446.6 2942.8 4406.9 4302.2 6903.4
9.Net liquid assets (B1-B5) -1009.2 -1850.1 -1843.6 -1979.5 -3260.9 -4287.0
C.Fixed Assets:
1.Fixed Asset At Cost 1994.3 3084.3 3826.9 5702.6 6493.9 7405.7
2.Fixed assets after deducting accumulated depreciation 1677.0 2641.8 3245.6 4953.2 5824.2 7526.9
3.Depreciation for the year 93.4 135.3 141.8 64.7 203.7 242.5
4.Total assets (B4+C2) 2343.7 4344.5 5321.1 7790.5 9128.9 12651.2
D.Operation:
1.Gross sales 2603.2 3641.0 3693.5 2063.3 5799.9 7020.7
(i)Local sales 2553.5 3244.6 2828.4 1318.7 3391.8 7020.7
(ii)Export sales 49.7 396.4 865.1 744.6 2408.1 0.0
2.Cost of Sales 2386.8 3481.6 3323.4 1783.5 5061.7 6026.5
3.Gross profit 216.4 159.4 370.1 279.8 738.2 994.2
4.Overhead and Other Expenses 2440.5 3535.9 3428.9 1850.6 5269.2 6346.0
5.Operating profit 173.8 153.7 310.1 273.7 830.1 854.9
6.Financial expenses 130.4 98.6 129.2 154.4 371.8 491.6
7.Net profit before tax (D5-D6) 43.4 55.1 180.9 119.3 458.3 363.3
8.Tax provision 2.9 19.2 24.5 14.4 29.0 35.9
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 524.8
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 372.1 1049.6 880.9 1729.6 867.3 1685.9
2.Retention in business (D7-D8-D9) 40.5 35.9 156.4 104.9 429.3 -197.4
3.Finance from outside the company (E1-E2) 331.6 1013.7 724.5 1624.7 438.0 1883.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 133.9 171.2 298.2 169.6 633.0 45.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 465.5 1184.9 1022.7 1794.3 1071.0 1928.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 38.1 64.7 59.3 45.0 46.3 61.5
2.Current ratio (B4 as % of B5) 65.9 86.7 100.8 101.4 101.1 100.4
3.Acid test or Quick ratio (B4-B3 as % B5) 15.6 36.3 51.2 55.0 58.5 62.0
4.Debt equity ratio (B6 as % of A3) 184.2 416.2 300.9 184.0 189.9 335.3
5.Return on assets (D7 as % of C4) 1.9 1.3 3.4 1.5 5.0 2.9
6.Self financing ratio (E2 as % of E1) 10.9 3.4 17.8 6.1 49.5 -11.7
7.Cash flow ratio F1 as % of F2 28.8 14.4 29.2 9.5 59.1 2.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 824.7 841.6 530.9 112.3 129.0 119.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 93.8 97.1 92.8 89.7 90.8 90.4
10.Financial expenses as % of operating profit (D6 as % of D5) 75.0 64.2 41.7 56.4 44.8 57.5
11.Financial expense as % of gross sales (D6 as % of D1) 5.0 2.7 3.5 7.5 6.4 7.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 14.2 4.0 4.4 3.5 8.6 7.1
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 6.7 34.8 13.5 12.1 6.3 9.9
14.Sundry debtors as % of gross sales 1.9 1.6 5.2 8.1 5.3 4.7
15.Return on Equity (D7 as % of A3) 5.3 6.5 13.6 4.3 14.6 12.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 62.4
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 18.1
3.Net profit margin (D7 as % of D1) 1.7 1.5 4.9 5.8 7.9 5.2
4.Earning per share before tax (D7/No. of ordinary shares) 4.3 5.5 7.2 0.5 1.9 1.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 4.1 3.6 6.3 0.4 1.8 1.3
6.Average annual % depreciation on written down fixed assets 9.0 8.1 5.4 2.0 4.1 4.2
7.Sales as % of total assets (D1 as % of C4) 111.1 83.8 69.4 26.5 63.5 55.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -20.4 27.9 30.9 -93.1 280.0 -21.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 60.0 39.9 1.4 -44.1 181.1 21.0
10.Break-up value of ordinary shares (in rupees) 82.5 84.2 53.1 11.2 12.9 11.9

41
Crescent Fibers Ltd. (Crescent Boards Ltd.) (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital - - - - 118.3 124.2
2.Surplus - - - - 154.0 103.5
3.Shareholder's Equity (A1+A2) - - - - 272.3 227.7
4.Prefrence Shares - - - - 0.0 0.0
5.Debentures - - - - 0.0 0.0
6.Other Fixed Laibilities - - - - 108.2 67.6
7.Total Fixed Laibilities (A4+A5+A6) - - - - 108.2 67.6
8.Total Capital Employed (A3+A7) - - - - 380.5 295.3
B.Liquidity:
1.Liquid Assets: - - - - 4.8 4.2
(i)Cash - - - - 2.1 1.5
(ii)Investments - - - - 2.7 2.7
2.Other Current Assets - - - - 341.6 539.7
3.Inventories - - - - 109.8 153.5
4.Current Assets (B1+B2+B3) - - - - 456.2 697.4
5.Current Liabilities - - - - 394.0 414.7
6.Total Liabilities(A7+B5) - - - - 502.2 482.3
7.Net Current Assets(B4-B5) - - - - 62.2 282.7
8.Contractual Liabilities - - - - 270.6 262.7
9.Net liquid assets (B1-B5) - - - - -389.2 -410.5
C.Fixed Assets:
1.Fixed Asset At Cost - - - - 875.7 850.1
2.Fixed assets after deducting accumulated depreciation - - - - 318.3 12.5
3.Depreciation for the year - - - - 32.8 31.3
4.Total assets (B4+C2) - - - - 774.5 709.9
D.Operation:
1.Gross sales - - - - 1189.7 1246.8
(i)Local sales - - - - 1189.7 1241.8
(ii)Export sales - - - - 0.0 5.0
2.Cost of Sales - - - - 1073.1 1160.2
3.Gross profit - - - - 116.6 86.6
4.Overhead and Other Expenses - - - - 1122.1 1202.5
5.Operating profit - - - - 76.1 57.2
6.Financial expenses - - - - 36.8 32.0
7.Net profit before tax (D5-D6) - - - - 39.3 25.2
8.Tax provision - - - - 5.9 6.2
9.Total amount of dividend - - - - 0.0 62.1
10.Total value of bonus shares issued - - - - 5.9 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) - - - - 380.5 -85.2
2.Retention in business (D7-D8-D9) - - - - 33.4 -43.1
3.Finance from outside the company (E1-E2) - - - - 347.1 -42.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) - - - - 66.2 -11.8
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - - 413.3 -53.9
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - - 28.4 22.9
2.Current ratio (B4 as % of B5) - - - - 115.8 168.2
3.Acid test or Quick ratio (B4-B3 as % B5) - - - - 87.9 131.2
4.Debt equity ratio (B6 as % of A3) - - - - 184.4 211.8
5.Return on assets (D7 as % of C4) - - - - 5.1 3.5
6.Self financing ratio (E2 as % of E1) - - - - 8.8 50.6
7.Cash flow ratio F1 as % of F2 - - - - 16.0 21.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - - - 230.2 183.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - - 94.3 96.4
10.Financial expenses as % of operating profit (D6 as % of D5) - - - - 48.4 55.9
11.Financial expense as % of gross sales (D6 as % of D1) - - - - 3.1 2.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - - 13.6 12.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - - 15.0 24.6
14.Sundry debtors as % of gross sales - - - - 9.8 7.3
15.Return on Equity (D7 as % of A3) - - - - 14.4 11.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - - 0.0 30.6
2.Dividend ratio to equity (D9 as % of A3) - - - - 0.0 27.3
3.Net profit margin (D7 as % of D1) - - - - 3.3 2.0
4.Earning per share before tax (D7/No. of ordinary shares) - - - - 3.3 2.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - - - 2.8 1.5
6.Average annual % depreciation on written down fixed assets - - - - 10.1 26.5
7.Sales as % of total assets (D1 as % of C4) - - - - 153.6 175.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - - - 230.0 -39.4
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - - - 4.8
10.Break-up value of ordinary shares (in rupees) - - - - 23.0 18.3

42
Crescent Spinning Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 151.5 151.5 151.5 151.5 151.5 151.5
2.Surplus -28.4 -28.4 -28.4 -28.4 -28.4 -28.4
3.Shareholder's Equity (A1+A2) 123.1 123.1 123.1 123.1 123.1 123.1
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 280.9 280.9 280.9 280.9 280.9 280.9
7.Total Fixed Laibilities (A4+A5+A6) 280.9 280.9 280.9 280.9 280.9 280.9
8.Total Capital Employed (A3+A7) 404.0 404.0 404.0 404.0 404.0 404.0
B.Liquidity:
1.Liquid Assets: 1.1 1.1 1.1 1.1 1.1 1.1
(i)Cash 0.5 0.5 0.5 0.5 0.5 0.5
(ii)Investments 0.6 0.6 0.6 0.6 0.6 0.6
2.Other Current Assets 26.7 26.7 26.7 26.7 26.7 26.7
3.Inventories 0.0 0.0 0.0 0.0 0.0 0.0
4.Current Assets (B1+B2+B3) 27.8 27.8 27.8 27.8 27.8 27.8
5.Current Liabilities 147.1 147.1 147.1 147.1 147.1 147.1
6.Total Liabilities(A7+B5) 428.0 428.0 428.0 428.0 428.0 428.0
7.Net Current Assets(B4-B5) -119.3 -119.3 -119.3 -119.3 -119.3 -119.3
8.Contractual Liabilities 304.8 304.8 304.8 304.8 304.8 304.8
9.Net liquid assets (B1-B5) -146.0 -146.0 -146.0 -146.0 -146.0 -146.0
C.Fixed Assets:
1.Fixed Asset At Cost 619.6 619.6 619.6 619.6 619.6 619.6
2.Fixed assets after deducting accumulated depreciation 523.3 523.3 523.3 523.3 523.3 523.3
3.Depreciation for the year 16.1 16.1 16.1 16.1 16.1 16.1
4.Total assets (B4+C2) 551.1 551.1 551.1 551.1 551.1 551.1
D.Operation:
1.Gross sales 321.6 321.6 321.6 321.6 321.6 321.6
(i)Local sales 321.6 321.6 321.6 321.6 321.6 321.6
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 315.0 315.0 315.0 315.0 315.0 315.0
3.Gross profit 6.6 6.6 6.6 6.6 6.6 6.6
4.Overhead and Other Expenses 332.9 332.9 332.9 332.9 332.9 332.9
5.Operating profit -10.8 -10.8 -10.8 -10.8 -10.8 -10.8
6.Financial expenses 10.9 10.9 10.9 10.9 10.9 10.9
7.Net profit before tax (D5-D6) -21.7 -21.7 -21.7 -21.7 -21.7 -21.7
8.Tax provision 1.6 1.6 1.6 1.6 1.6 1.6
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 0.0 0.0 - 0.0 0.0 0.0
2.Retention in business (D7-D8-D9) -23.3 -23.3 -23.3 -23.3 -23.3 -23.3
3.Finance from outside the company (E1-E2) 23.3 23.3 - 23.3 23.3 23.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -7.2 -7.2 -7.2 -7.2 -7.2 -7.2
2.Depreciation for the year plus changes in capital employed (C3+E1) 16.1 16.1 - 16.1 16.1 16.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 69.5 69.5 69.5 69.5 69.5 69.5
2.Current ratio (B4 as % of B5) 18.9 18.9 18.9 18.9 18.9 18.9
3.Acid test or Quick ratio (B4-B3 as % B5) 18.9 18.9 18.9 18.9 18.9 18.9
4.Debt equity ratio (B6 as % of A3) 347.7 347.7 347.7 347.7 347.7 347.7
5.Return on assets (D7 as % of C4) -3.9 -3.9 -3.9 -3.9 -3.9 -3.9
6.Self financing ratio (E2 as % of E1) - - 0.0 0.0 0.0 0.0
7.Cash flow ratio F1 as % of F2 -44.7 -44.7 0.0 -44.7 -44.7 -44.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 81.3 81.3 81.3 81.3 81.3 81.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 103.5 103.5 103.5 103.5 103.5 103.5
10.Financial expenses as % of operating profit (D6 as % of D5) - - - -100.9 -100.9 -100.9
11.Financial expense as % of gross sales (D6 as % of D1) 3.4 3.4 3.4 3.4 3.4 3.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 3.6 3.6 3.6 3.6 3.6 3.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -7.4 -7.4 -7.4
14.Sundry debtors as % of gross sales 1.1 1.1 1.1 1.1 1.1 1.1
15.Return on Equity (D7 as % of A3) -17.6 -17.6 -17.6 -17.6 -17.6 -17.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -6.7 -6.7 -6.7 -6.7 -6.7 -6.7
4.Earning per share before tax (D7/No. of ordinary shares) -1.4 -1.4 -1.4 -1.4 -1.4 -1.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.5 -1.5 -1.5 -1.5 -1.5 -1.5
6.Average annual % depreciation on written down fixed assets 3.0 3.0 3.0 3.0 3.0 3.0
7.Sales as % of total assets (D1 as % of C4) 58.4 58.4 58.4 58.4 58.4 58.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 0.0 0.0 0.0 0.0 0.0 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 0.0 0.0 0.0 0.0 0.0 0.0
10.Break-up value of ordinary shares (in rupees) 8.1 8.1 8.1 8.1 8.1 8.1

43
D.M. Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 30.5 30.5 30.5 30.5 30.5 30.5
2.Surplus 135.0 307.1 369.5 250.1 551.9 527.8
3.Shareholder's Equity (A1+A2) 165.5 337.6 400.0 280.6 582.4 558.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 96.0 83.6 107.2 175.8 150.8 224.3
7.Total Fixed Laibilities (A4+A5+A6) 96.0 83.6 107.2 175.8 150.8 224.3
8.Total Capital Employed (A3+A7) 261.5 421.2 507.2 456.4 733.2 782.6
B.Liquidity:
1.Liquid Assets: 5.9 28.1 19.0 4.0 1.7 4.1
(i)Cash 5.6 27.8 18.6 3.6 1.3 2.4
(ii)Investments 0.3 0.3 0.4 0.4 0.4 1.7
2.Other Current Assets 33.5 50.0 54.1 189.4 132.8 108.4
3.Inventories 25.6 94.1 65.5 176.2 156.0 96.3
4.Current Assets (B1+B2+B3) 65.0 172.2 138.6 369.6 290.5 208.8
5.Current Liabilities 129.9 253.1 163.5 512.9 538.0 389.4
6.Total Liabilities(A7+B5) 225.9 336.7 270.7 688.7 688.8 613.7
7.Net Current Assets(B4-B5) -64.9 -80.9 -24.9 -143.3 -247.5 -180.6
8.Contractual Liabilities 148.4 158.0 191.5 372.3 301.7 371.0
9.Net liquid assets (B1-B5) -124.0 -225.0 -144.5 -508.9 -536.3 -385.3
C.Fixed Assets:
1.Fixed Asset At Cost 528.7 571.0 771.8 861.2 0.0 1245.9
2.Fixed assets after deducting accumulated depreciation 326.6 502.2 532.2 599.8 980.8 963.3
3.Depreciation for the year 13.1 13.1 11.1 17.0 0.0 28.6
4.Total assets (B4+C2) 391.6 674.4 670.8 969.4 1271.3 1172.1
D.Operation:
1.Gross sales 407.3 554.0 456.3 768.1 805.4 867.6
(i)Local sales 363.2 537.8 456.3 768.1 779.3 842.3
(ii)Export sales 44.1 16.2 0.0 0.0 26.1 25.3
2.Cost of Sales 373.0 513.4 413.1 675.9 731.5 801.4
3.Gross profit 34.3 40.6 43.2 92.2 73.9 66.2
4.Overhead and Other Expenses 386.5 526.9 424.5 703.7 774.5 832.2
5.Operating profit 22.5 27.6 32.4 66.7 34.0 37.2
6.Financial expenses 14.2 17.7 12.3 32.9 57.4 54.4
7.Net profit before tax (D5-D6) 8.3 9.9 20.1 33.8 -23.4 -17.2
8.Tax provision 0.0 2.4 2.3 3.9 4.5 4.3
9.Total amount of dividend 0.0 0.0 1.3 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -18.5 159.7 86.0 -50.8 276.8 49.4
2.Retention in business (D7-D8-D9) 8.3 7.5 16.5 29.9 -27.9 -21.5
3.Finance from outside the company (E1-E2) -26.8 152.2 69.5 -80.7 304.7 70.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 21.4 20.6 27.6 46.9 -27.9 7.1
2.Depreciation for the year plus changes in capital employed (C3+E1) -5.4 172.8 97.1 -33.8 276.8 78.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 36.7 19.8 21.1 38.5 20.6 28.7
2.Current ratio (B4 as % of B5) 50.0 68.0 84.8 72.1 54.0 53.6
3.Acid test or Quick ratio (B4-B3 as % B5) 30.3 30.9 44.7 37.7 25.0 28.9
4.Debt equity ratio (B6 as % of A3) 136.5 99.7 67.7 245.4 118.3 109.9
5.Return on assets (D7 as % of C4) 2.1 1.5 3.0 3.5 -1.8 -1.5
6.Self financing ratio (E2 as % of E1) - 4.7 19.2 -58.9 -10.1 -43.5
7.Cash flow ratio F1 as % of F2 - 11.9 28.4 -138.8 -10.1 9.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 542.6 1106.9 1311.5 920.0 1909.5 1830.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.9 95.1 93.0 91.6 96.2 95.9
10.Financial expenses as % of operating profit (D6 as % of D5) 63.1 64.1 38.0 49.3 168.8 146.2
11.Financial expense as % of gross sales (D6 as % of D1) 3.5 3.2 2.7 4.3 7.1 6.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.6 11.2 6.4 8.8 19.0 14.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 0.0 24.2 11.4 11.5 -19.2 -25.0
14.Sundry debtors as % of gross sales 0.2 0.4 0.9 0.4 2.2 0.5
15.Return on Equity (D7 as % of A3) 5.0 2.9 5.0 12.0 -4.0 -3.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 1369.2 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.3 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 2.0 1.8 4.4 4.4 -2.9 -2.0
4.Earning per share before tax (D7/No. of ordinary shares) 2.7 3.2 6.6 11.1 -7.7 -5.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.7 2.5 5.8 9.8 -9.1 -7.0
6.Average annual % depreciation on written down fixed assets 4.0 4.0 2.2 3.2 0.0 2.9
7.Sales as % of total assets (D1 as % of C4) 104.0 82.1 68.0 79.2 63.4 74.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -41.3 18.5 106.3 68.2 -169.4 -27.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.4 36.0 -17.6 68.3 4.9 7.7
10.Break-up value of ordinary shares (in rupees) 54.3 110.7 131.1 92.0 191.0 183.0

44
Dar Es Salaam Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 80.0 80.0 80.0 80.0 80.0 80.0
2.Surplus 16.0 -16.9 143.0 126.0 224.8 127.9
3.Shareholder's Equity (A1+A2) 96.0 63.1 223.0 206.0 304.8 207.9
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 52.5 177.5 181.8 234.3 174.2 191.2
7.Total Fixed Laibilities (A4+A5+A6) 52.5 177.5 181.8 234.3 174.2 191.2
8.Total Capital Employed (A3+A7) 148.5 240.6 404.8 440.3 479.0 399.1
B.Liquidity:
1.Liquid Assets: 5.0 33.5 30.1 1.1 3.2 4.8
(i)Cash 5.0 33.5 30.1 1.1 3.2 4.8
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 94.1 87.2 104.4 87.5 176.9 131.2
3.Inventories 52.2 160.1 136.9 129.3 115.5 188.0
4.Current Assets (B1+B2+B3) 151.3 280.8 271.4 217.9 295.6 324.0
5.Current Liabilities 162.2 311.5 357.4 253.5 472.9 537.9
6.Total Liabilities(A7+B5) 214.7 489.0 539.2 487.8 647.1 729.1
7.Net Current Assets(B4-B5) -10.9 -30.7 -86.0 -35.6 -177.3 -213.9
8.Contractual Liabilities 181.6 413.3 484.9 438.8 484.5 590.8
9.Net liquid assets (B1-B5) -157.2 -278.0 -327.3 -252.4 -469.7 -533.1
C.Fixed Assets:
1.Fixed Asset At Cost 360.9 490.2 597.9 740.8 746.2 968.0
2.Fixed assets after deducting accumulated depreciation 159.6 271.4 490.9 476.0 656.2 613.0
3.Depreciation for the year 18.2 22.2 15.2 43.6 40.5 58.9
4.Total assets (B4+C2) 310.9 552.2 762.3 693.9 951.8 937.0
D.Operation:
1.Gross sales 484.0 653.7 475.6 698.4 779.2 730.7
(i)Local sales 307.8 232.3 182.1 411.4 410.4 454.3
(ii)Export sales 176.2 421.4 293.5 287.0 368.8 276.4
2.Cost of Sales 443.5 612.0 409.4 622.0 716.7 730.2
3.Gross profit 40.5 41.7 66.2 76.4 62.5 0.5
4.Overhead and Other Expenses 470.8 652.3 440.0 662.3 755.3 770.6
5.Operating profit 14.1 2.8 36.2 37.1 24.4 -37.9
6.Financial expenses 19.1 22.6 20.9 56.7 60.9 66.9
7.Net profit before tax (D5-D6) -5.0 -19.8 15.3 -19.6 -36.5 -104.8
8.Tax provision 2.4 6.6 4.3 4.5 5.5 3.7
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 24.4 92.1 164.2 35.5 38.7 -79.9
2.Retention in business (D7-D8-D9) -7.4 -26.4 11.0 -24.1 -42.0 -108.5
3.Finance from outside the company (E1-E2) 31.8 118.5 153.2 59.6 80.7 28.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 10.8 -4.2 26.2 19.5 -1.5 -49.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 42.6 114.3 179.4 79.1 79.2 -21.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 35.4 73.8 44.9 53.2 36.4 47.9
2.Current ratio (B4 as % of B5) 93.3 90.1 75.9 86.0 62.5 60.2
3.Acid test or Quick ratio (B4-B3 as % B5) 61.1 38.7 37.6 35.0 38.1 25.3
4.Debt equity ratio (B6 as % of A3) 223.6 775.0 241.8 236.8 212.3 350.7
5.Return on assets (D7 as % of C4) -1.6 -3.6 2.0 -2.8 -3.8 -11.2
6.Self financing ratio (E2 as % of E1) -30.3 -28.7 6.7 -67.9 -108.5 135.8
7.Cash flow ratio F1 as % of F2 25.4 -3.7 14.6 24.7 -1.9 236.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 120.0 78.9 278.8 257.5 381.0 259.9
9.Overhead and other expenses as % of gross sales (D4 as % D1) 97.3 99.8 92.5 94.8 96.9 105.5
10.Financial expenses as % of operating profit (D6 as % of D5) 135.5 807.1 57.7 152.8 249.6 -176.5
11.Financial expense as % of gross sales (D6 as % of D1) 3.9 3.5 4.4 8.1 7.8 9.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 10.5 5.5 4.3 12.9 12.6 11.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 28.1 -23.0 -15.1 -3.5
14.Sundry debtors as % of gross sales 8.3 5.3 9.8 7.5 16.2 10.3
15.Return on Equity (D7 as % of A3) -5.2 -31.4 6.9 -9.5 -12.0 -50.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -1.0 -3.0 3.2 -2.8 -4.7 -14.3
4.Earning per share before tax (D7/No. of ordinary shares) -0.6 -2.5 1.9 -2.5 -4.6 -13.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.9 -3.3 1.4 -3.0 -5.3 -13.6
6.Average annual % depreciation on written down fixed assets 13.5 13.9 5.6 8.9 8.5 9.0
7.Sales as % of total assets (D1 as % of C4) 155.7 118.4 62.4 100.6 81.9 78.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -175.0 316.7 -176.0 -231.6 84.0 184.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 5.6 35.1 -27.2 46.8 11.6 -6.2
10.Break-up value of ordinary shares (in rupees) 12.0 7.9 27.9 25.8 38.1 26.0

45
Data Textiles Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 99.1 99.1 99.1 99.1 99.1 99.1
2.Surplus 31.3 -94.1 -158.0 38.7 -28.1 -72.2
3.Shareholder's Equity (A1+A2) 130.4 5.0 -58.9 137.8 71.0 26.9
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 10.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.8 72.8 55.6 50.7 65.6 0.0
7.Total Fixed Laibilities (A4+A5+A6) 10.8 72.8 55.6 50.7 65.6 0.0
8.Total Capital Employed (A3+A7) 141.2 77.8 -3.3 188.5 136.6 26.9
B.Liquidity:
1.Liquid Assets: 1.6 1.4 2.3 2.1 0.8 0.7
(i)Cash 1.6 1.4 2.3 2.1 0.8 0.7
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 116.5 37.6 21.6 79.4 66.0 104.2
3.Inventories 19.4 128.3 169.6 70.7 47.4 0.0
4.Current Assets (B1+B2+B3) 137.5 167.3 193.5 152.2 114.2 104.9
5.Current Liabilities 55.2 237.0 356.1 286.1 269.7 153.2
6.Total Liabilities(A7+B5) 66.0 309.8 411.7 336.8 335.3 153.2
7.Net Current Assets(B4-B5) 82.3 -69.7 -162.6 -133.9 -155.5 -48.3
8.Contractual Liabilities 27.8 185.8 207.4 114.4 88.8 0.0
9.Net liquid assets (B1-B5) -53.6 -235.6 -353.8 -284.0 -268.9 -152.5
C.Fixed Assets:
1.Fixed Asset At Cost 207.6 301.6 326.3 522.6 519.9 129.6
2.Fixed assets after deducting accumulated depreciation 58.8 147.4 159.3 322.5 292.0 75.2
3.Depreciation for the year 6.5 6.5 12.9 33.5 29.8 178.1
4.Total assets (B4+C2) 196.3 314.7 352.8 474.7 406.2 180.1
D.Operation:
1.Gross sales 317.5 311.8 241.2 551.1 98.7 0.0
(i)Local sales 317.5 311.8 241.2 551.1 98.7 0.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 314.3 325.1 279.8 555.9 152.0 0.0
3.Gross profit 3.2 -13.3 -38.6 -4.8 -53.3 0.0
4.Overhead and Other Expenses 322.9 334.0 288.5 566.4 155.1 2.0
5.Operating profit 38.8 -22.1 -47.3 -14.9 -56.2 -8.3
6.Financial expenses 6.7 11.1 18.1 26.8 10.2 3.9
7.Net profit before tax (D5-D6) 32.1 -33.2 -65.4 -41.7 -66.4 -12.2
8.Tax provision 1.4 1.4 1.2 2.7 0.5 39.4
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 144.7 -63.4 -81.1 191.8 -51.9 -109.7
2.Retention in business (D7-D8-D9) 30.7 -34.6 -66.6 -44.4 -66.9 -51.6
3.Finance from outside the company (E1-E2) 114.0 -28.8 -14.5 236.2 15.0 -58.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 37.2 -28.1 -53.7 -10.9 -37.1 126.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 151.2 -56.9 -68.2 225.3 -22.1 68.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 7.6 93.6 - 26.9 48.0 0.0
2.Current ratio (B4 as % of B5) 249.1 70.6 54.3 53.2 42.3 68.5
3.Acid test or Quick ratio (B4-B3 as % B5) 213.9 16.5 6.7 28.5 24.8 68.5
4.Debt equity ratio (B6 as % of A3) 50.6 6196.0 - 244.4 472.3 569.5
5.Return on assets (D7 as % of C4) 16.4 -10.5 -18.5 -8.8 -16.3 -6.8
6.Self financing ratio (E2 as % of E1) 21.2 - - -23.1 128.9 47.0
7.Cash flow ratio F1 as % of F2 24.6 - - -4.8 167.9 184.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 131.6 5.0 -59.4 139.1 71.6 27.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 101.7 107.1 119.6 102.8 157.1 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) 17.3 - - -179.9 -18.1 -47.0
11.Financial expense as % of gross sales (D6 as % of D1) 2.1 3.6 7.5 4.9 10.3 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 24.1 6.0 8.7 23.4 11.5 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 4.4 - - -6.5 -0.8 -323.0
14.Sundry debtors as % of gross sales 3.3 3.6 4.6 1.5 0.0 0.0
15.Return on Equity (D7 as % of A3) 24.6 -664.0 - -30.3 -93.5 -45.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 - 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 10.1 -10.6 -27.1 -7.6 -67.3 0.0
4.Earning per share before tax (D7/No. of ordinary shares) 3.2 -3.4 -6.6 -4.2 -6.7 -1.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.1 -3.5 -6.7 -4.5 -6.8 -5.2
6.Average annual % depreciation on written down fixed assets 9.6 11.1 8.8 21.0 9.2 61.0
7.Sales as % of total assets (D1 as % of C4) 161.7 99.1 68.4 116.1 24.3 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -228.0 -206.3 94.1 -36.4 59.5 -82.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 30.2 -1.8 -22.6 128.5 -82.1 -100.0
10.Break-up value of ordinary shares (in rupees) 13.2 0.5 -5.9 13.9 7.2 2.7

46
Dawood Lawrencepur Tex.Ltd. (Dawod Coton Mills) (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 222.7 350.8 350.8 385.8 385.8 466.9
2.Surplus 1234.4 3176.5 3510.2 5786.1 5786.1 1115.9
3.Shareholder's Equity (A1+A2) 1457.1 3527.3 3861.0 6171.9 6171.9 1582.8
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 15.8 122.1 87.4 45.7 45.7 0.0
7.Total Fixed Laibilities (A4+A5+A6) 15.8 122.1 87.4 45.7 45.7 0.0
8.Total Capital Employed (A3+A7) 1472.9 3649.4 3948.4 6217.6 6217.6 1582.8
B.Liquidity:
1.Liquid Assets: 1119.2 2411.7 2568.8 4772.7 4772.7 66.3
(i)Cash 8.4 102.2 57.7 34.4 34.4 62.0
(ii)Investments 1110.8 2309.5 2511.1 4738.3 4738.3 4.3
2.Other Current Assets 210.3 589.6 495.1 527.1 527.1 1452.4
3.Inventories 155.8 968.1 1013.3 827.5 827.5 196.1
4.Current Assets (B1+B2+B3) 1485.3 3969.4 4077.2 6127.3 6127.3 1714.8
5.Current Liabilities 175.1 804.6 874.7 711.3 711.3 208.3
6.Total Liabilities(A7+B5) 190.9 926.7 962.1 757.0 757.0 208.3
7.Net Current Assets(B4-B5) 1310.2 3164.8 3202.5 5416.0 5416.0 1506.5
8.Contractual Liabilities 58.7 584.2 786.1 551.2 551.2 0.0
9.Net liquid assets (B1-B5) 944.1 1607.1 1694.1 4061.4 4061.4 -142.0
C.Fixed Assets:
1.Fixed Asset At Cost 454.5 1460.2 1712.0 1783.5 1783.5 464.6
2.Fixed assets after deducting accumulated depreciation 162.6 484.6 745.9 801.6 801.6 76.3
3.Depreciation for the year 18.2 36.9 38.7 77.1 77.1 24.2
4.Total assets (B4+C2) 1647.9 4454.0 4823.1 6928.9 6928.9 1791.1
D.Operation:
1.Gross sales 750.7 1851.4 1376.7 1870.5 1870.5 368.3
(i)Local sales 750.7 1761.2 1238.8 1850.4 1850.4 368.3
(ii)Export sales 0.0 90.2 137.9 20.1 20.1 0.0
2.Cost of Sales 709.5 1705.6 1249.4 1770.2 1770.2 294.4
3.Gross profit 41.2 145.8 127.3 100.3 100.3 73.9
4.Overhead and Other Expenses 735.9 1834.6 1352.5 1918.9 1918.9 318.2
5.Operating profit 90.6 178.0 530.3 72.7 72.7 135.0
6.Financial expenses 7.8 15.2 30.5 75.8 75.8 0.3
7.Net profit before tax (D5-D6) 82.8 162.8 499.8 -3.1 -3.1 134.7
8.Tax provision 6.6 14.1 13.0 14.3 14.3 10.1
9.Total amount of dividend 55.7 87.7 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 35.1 35.1 35.1 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 886.8 2176.5 299.0 2269.2 0.0 -4634.8
2.Retention in business (D7-D8-D9) 20.5 61.0 486.8 -17.4 -17.4 124.6
3.Finance from outside the company (E1-E2) 866.3 2115.5 -187.8 2286.6 17.4 -4759.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 38.7 97.9 525.5 59.7 59.7 148.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 905.0 2213.4 337.7 2346.3 77.1 -4610.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 1.1 3.3 2.2 0.7 0.7 0.0
2.Current ratio (B4 as % of B5) 848.3 493.3 466.1 861.4 861.4 823.2
3.Acid test or Quick ratio (B4-B3 as % B5) 759.3 373.0 350.3 745.1 745.1 729.1
4.Debt equity ratio (B6 as % of A3) 13.1 26.3 24.9 12.3 12.3 13.2
5.Return on assets (D7 as % of C4) 5.0 3.7 10.4 0.0 0.0 7.5
6.Self financing ratio (E2 as % of E1) 2.3 2.8 162.8 -0.8 0.0 -2.7
7.Cash flow ratio F1 as % of F2 4.3 4.4 155.6 2.5 77.4 -3.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 654.3 1005.5 1100.6 1599.8 1599.8 339.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 98.0 99.1 98.2 102.6 102.6 86.4
10.Financial expenses as % of operating profit (D6 as % of D5) 8.6 8.5 5.8 104.3 104.3 0.2
11.Financial expense as % of gross sales (D6 as % of D1) 1.0 0.8 2.2 4.1 4.1 0.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.3 2.6 3.9 13.8 13.8 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 8.0 8.7 2.6 -461.3 -461.3 7.5
14.Sundry debtors as % of gross sales 18.6 15.8 20.7 17.5 17.5 12.7
15.Return on Equity (D7 as % of A3) 5.7 4.6 12.9 -0.1 -0.1 8.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 136.8 169.6 - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 3.8 2.5 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 11.0 8.8 36.3 -0.2 -0.2 36.6
4.Earning per share before tax (D7/No. of ordinary shares) 3.7 4.6 14.2 -0.1 -0.1 2.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.4 4.2 13.9 -0.5 -0.5 2.7
6.Average annual % depreciation on written down fixed assets 10.1 11.6 8.0 10.3 10.3 4.5
7.Sales as % of total assets (D1 as % of C4) 45.6 41.6 28.5 27.0 27.0 20.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -67.5 24.3 208.7 -100.7 0.0 -3000.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 33.0 146.6 -25.6 35.9 0.0 -80.3
10.Break-up value of ordinary shares (in rupees) 65.4 100.6 110.1 160.0 160.0 33.9

47
Dewan Farooque Spinning Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital - - - 600.0 600.0 600.0
2.Surplus - - - 6.8 21.7 52.4
3.Shareholder's Equity (A1+A2) - - - 606.8 621.7 652.4
4.Prefrence Shares - - - 0.0 0.0 0.0
5.Debentures - - - 0.0 0.0 243.8
6.Other Fixed Laibilities - - - 495.9 351.2 442.2
7.Total Fixed Laibilities (A4+A5+A6) - - - 495.9 351.2 686.0
8.Total Capital Employed (A3+A7) - - - 1102.7 972.9 1338.4
B.Liquidity:
1.Liquid Assets: - - - 5.7 1.8 10.0
(i)Cash - - - 5.7 1.8 2.0
(ii)Investments - - - 0.0 0.0 8.0
2.Other Current Assets - - - 160.1 256.8 217.5
3.Inventories - - - 263.0 272.1 325.3
4.Current Assets (B1+B2+B3) - - - 428.8 530.7 552.8
5.Current Liabilities - - - 751.2 890.3 488.4
6.Total Liabilities(A7+B5) - - - 1247.1 1241.5 1174.4
7.Net Current Assets(B4-B5) - - - -322.4 -359.6 64.4
8.Contractual Liabilities - - - 592.0 550.2 975.6
9.Net liquid assets (B1-B5) - - - -745.5 -888.5 -478.4
C.Fixed Assets:
1.Fixed Asset At Cost - - - 1390.4 1390.4 1589.7
2.Fixed assets after deducting accumulated depreciation - - - 1425.0 1332.6 1273.8
3.Depreciation for the year - - - 59.7 140.1 126.4
4.Total assets (B4+C2) - - - 1853.8 1863.3 1826.6
D.Operation:
1.Gross sales - - - 306.8 881.0 1015.8
(i)Local sales - - - 73.9 388.3 383.8
(ii)Export sales - - - 232.9 492.7 632.0
2.Cost of Sales - - - 244.9 745.2 894.8
3.Gross profit - - - 61.9 135.8 121.0
4.Overhead and Other Expenses - - - 248.0 756.6 946.2
5.Operating profit - - - 58.8 124.4 69.6
6.Financial expenses - - - 45.0 118.1 108.0
7.Net profit before tax (D5-D6) - - - 13.8 6.3 -38.4
8.Tax provision - - - 3.4 7.1 96.6
9.Total amount of dividend - - - 0.0 0.0 0.0
10.Total value of bonus shares issued - - - 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) - - - - -129.8 365.5
2.Retention in business (D7-D8-D9) - - - 10.4 -0.8 -135.0
3.Finance from outside the company (E1-E2) - - - - -129.0 500.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) - - - 70.1 139.3 -8.6
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - - 10.3 491.9
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - 45.0 36.1 51.3
2.Current ratio (B4 as % of B5) - - - 57.1 59.6 113.2
3.Acid test or Quick ratio (B4-B3 as % B5) - - - 22.1 29.0 46.6
4.Debt equity ratio (B6 as % of A3) - - - 205.5 199.7 180.0
5.Return on assets (D7 as % of C4) - - - 0.7 0.3 -2.1
6.Self financing ratio (E2 as % of E1) - - - 0.0 0.6 -36.9
7.Cash flow ratio F1 as % of F2 - - - 0.0 1352.4 -1.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - - 101.1 103.6 108.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - 80.8 85.9 93.1
10.Financial expenses as % of operating profit (D6 as % of D5) - - - 76.5 94.9 155.2
11.Financial expense as % of gross sales (D6 as % of D1) - - - 14.7 13.4 10.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - 7.6 21.5 11.1
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - 24.6 112.7 -251.6
14.Sundry debtors as % of gross sales - - - 7.8 9.3 9.4
15.Return on Equity (D7 as % of A3) - - - 2.3 1.0 -5.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) - - - 4.5 0.7 -3.8
4.Earning per share before tax (D7/No. of ordinary shares) - - - 0.2 0.1 -0.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - - 0.2 0.0 -2.3
6.Average annual % depreciation on written down fixed assets - - - 5.0 9.8 9.5
7.Sales as % of total assets (D1 as % of C4) - - - 16.5 47.3 55.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - - -80.0 -50.0 -700.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - - 187.2 15.3
10.Break-up value of ordinary shares (in rupees) - - - 10.1 10.4 10.9

48
Dewan Khalid Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 38.8 42.7 47.0 51.7 56.8 56.8
2.Surplus 253.0 264.9 264.2 241.6 513.1 232.7
3.Shareholder's Equity (A1+A2) 291.8 307.6 311.2 293.3 569.9 289.5
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 34.4 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 85.9 64.5 36.0 20.0 52.2
7.Total Fixed Laibilities (A4+A5+A6) 34.4 85.9 64.5 36.0 20.0 52.2
8.Total Capital Employed (A3+A7) 326.2 393.5 375.7 329.3 589.9 341.7
B.Liquidity:
1.Liquid Assets: 71.3 72.2 68.7 68.4 342.6 170.0
(i)Cash 6.3 7.2 3.7 3.4 2.0 10.2
(ii)Investments 65.0 65.0 65.0 65.0 340.6 159.8
2.Other Current Assets 175.7 192.2 176.9 172.5 149.1 212.9
3.Inventories 570.7 432.3 545.3 583.1 657.2 366.2
4.Current Assets (B1+B2+B3) 817.7 696.7 790.9 824.0 1148.9 749.1
5.Current Liabilities 680.8 544.5 692.0 794.7 855.8 697.5
6.Total Liabilities(A7+B5) 715.2 630.4 756.5 830.7 875.8 749.7
7.Net Current Assets(B4-B5) 136.9 152.2 98.9 29.3 293.1 51.6
8.Contractual Liabilities 484.3 395.4 429.8 402.6 411.1 426.9
9.Net liquid assets (B1-B5) -609.5 -472.3 -623.3 -726.3 -513.2 -527.5
C.Fixed Assets:
1.Fixed Asset At Cost 429.7 521.6 551.1 594.3 476.4 584.9
2.Fixed assets after deducting accumulated depreciation 189.3 241.2 276.7 299.8 296.9 290.1
3.Depreciation for the year 21.1 20.1 14.0 20.0 19.0 18.7
4.Total assets (B4+C2) 1007.0 937.9 1067.6 1123.8 1445.8 1039.2
D.Operation:
1.Gross sales 631.1 881.8 374.1 811.8 565.6 1205.9
(i)Local sales 631.1 881.8 365.3 720.7 534.4 1200.3
(ii)Export sales 0.0 0.0 8.8 91.1 31.2 5.6
2.Cost of Sales 557.9 811.5 322.8 707.2 466.2 1173.2
3.Gross profit 73.2 70.3 51.3 104.6 99.4 32.7
4.Overhead and Other Expenses 574.6 836.2 339.3 749.1 506.1 1223.2
5.Operating profit 56.5 45.6 34.8 62.7 59.5 -17.3
6.Financial expenses 40.4 17.1 22.1 48.7 53.9 56.2
7.Net profit before tax (D5-D6) 16.1 28.5 12.7 14.0 5.6 -73.5
8.Tax provision 3.5 8.1 4.8 5.8 2.8 6.0
9.Total amount of dividend 0.0 0.0 0.0 5.2 0.0 0.0
10.Total value of bonus shares issued 0.0 4.3 4.3 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.7 67.3 -17.8 -46.4 260.6 -248.2
2.Retention in business (D7-D8-D9) 12.6 20.4 7.9 3.0 2.8 -79.5
3.Finance from outside the company (E1-E2) -9.9 46.9 -25.7 -49.4 257.8 -168.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 33.7 40.5 21.9 23.0 21.8 -60.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 23.8 87.4 -3.8 -26.4 279.6 -229.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 10.5 21.8 17.2 10.9 3.4 15.3
2.Current ratio (B4 as % of B5) 120.1 128.0 114.3 103.7 134.2 107.4
3.Acid test or Quick ratio (B4-B3 as % B5) 36.3 48.6 35.5 30.3 57.5 54.9
4.Debt equity ratio (B6 as % of A3) 245.1 204.9 243.1 283.2 153.7 259.0
5.Return on assets (D7 as % of C4) 1.6 3.0 1.2 1.2 0.4 -7.1
6.Self financing ratio (E2 as % of E1) 466.7 30.3 - -6.5 1.1 32.0
7.Cash flow ratio F1 as % of F2 141.6 46.3 - -87.1 7.8 26.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 752.1 720.4 662.1 567.3 1003.3 509.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 91.0 94.8 90.7 92.3 89.5 101.4
10.Financial expenses as % of operating profit (D6 as % of D5) 71.5 37.5 63.5 77.7 90.6 -324.9
11.Financial expense as % of gross sales (D6 as % of D1) 6.4 1.9 5.9 6.0 9.5 4.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.3 4.3 5.1 12.1 13.1 13.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 21.7 28.4 37.8 41.4 50.0 -8.2
14.Sundry debtors as % of gross sales 12.5 13.0 23.7 10.8 11.5 8.9
15.Return on Equity (D7 as % of A3) 5.5 9.3 4.1 4.8 1.0 -25.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 157.7 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 1.8 0.0 0.0
3.Net profit margin (D7 as % of D1) 2.6 3.2 3.4 1.7 1.0 -6.1
4.Earning per share before tax (D7/No. of ordinary shares) 4.1 6.7 2.7 2.7 1.0 -12.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.2 4.8 1.7 1.6 0.5 -14.0
6.Average annual % depreciation on written down fixed assets 10.5 10.6 5.8 7.2 6.3 6.3
7.Sales as % of total assets (D1 as % of C4) 62.7 94.0 35.0 72.2 39.1 116.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 70.8 63.4 -59.7 0.0 -63.0 -1390.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -5.1 39.7 -57.6 117.0 -30.3 113.2
10.Break-up value of ordinary shares (in rupees) 75.2 72.0 66.2 56.7 100.3 51.0

49
Dewan Mushtaq Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 23.5 25.8 28.4 31.2 34.3 34.3
2.Surplus 147.1 165.9 174.5 131.0 307.8 188.4
3.Shareholder's Equity (A1+A2) 170.6 191.7 202.9 162.2 342.1 222.7
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 169.4 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 107.8 61.6 0.0 0.0 0.0
7.Total Fixed Laibilities (A4+A5+A6) 169.4 107.8 61.6 0.0 0.0 0.0
8.Total Capital Employed (A3+A7) 340.0 299.5 264.5 162.2 342.1 222.7
B.Liquidity:
1.Liquid Assets: 45.7 43.6 43.7 48.4 221.1 126.1
(i)Cash 5.7 3.6 3.7 8.4 11.5 27.8
(ii)Investments 40.0 40.0 40.0 40.0 209.6 98.3
2.Other Current Assets 178.9 161.6 152.1 178.3 220.3 174.2
3.Inventories 643.3 650.9 713.1 635.1 571.1 257.2
4.Current Assets (B1+B2+B3) 867.9 856.1 908.9 861.8 1012.5 557.5
5.Current Liabilities 944.6 979.5 1055.5 1091.0 1038.8 673.5
6.Total Liabilities(A7+B5) 1114.0 1087.3 1117.1 1091.0 1038.8 673.5
7.Net Current Assets(B4-B5) -76.7 -123.4 -146.6 -229.2 -26.3 -116.0
8.Contractual Liabilities 472.1 371.0 388.5 307.1 274.5 129.7
9.Net liquid assets (B1-B5) -898.9 -935.9 -1011.8 -1042.6 -817.7 -547.4
C.Fixed Assets:
1.Fixed Asset At Cost 635.5 678.7 698.3 719.6 706.4 738.8
2.Fixed assets after deducting accumulated depreciation 416.6 422.9 411.1 391.4 368.4 338.6
3.Depreciation for the year 37.0 37.0 32.0 40.9 38.5 35.9
4.Total assets (B4+C2) 1284.5 1279.0 1320.0 1253.2 1380.9 896.1
D.Operation:
1.Gross sales 750.2 1117.5 650.4 1066.8 1137.0 1526.8
(i)Local sales 562.0 816.9 635.4 987.5 1046.3 1446.4
(ii)Export sales 188.2 300.6 15.0 79.3 90.7 80.4
2.Cost of Sales 651.8 1030.5 595.0 971.2 1043.4 1510.8
3.Gross profit 98.4 87.0 55.4 95.6 93.6 16.0
4.Overhead and Other Expenses 677.5 1069.4 617.1 1013.8 1093.3 1528.6
5.Operating profit 72.8 48.1 34.0 53.0 44.4 -1.6
6.Financial expenses 52.8 26.0 15.6 33.1 28.6 32.0
7.Net profit before tax (D5-D6) 20.0 22.1 18.4 19.9 15.8 -33.6
8.Tax provision 3.3 5.8 3.1 6.7 10.7 7.9
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 2.3 2.6 2.6 3.1 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 57.7 -40.5 -35.0 -102.3 179.9 -119.4
2.Retention in business (D7-D8-D9) 16.7 16.3 15.3 13.2 5.1 -41.5
3.Finance from outside the company (E1-E2) 41.0 -56.8 -50.3 -115.5 174.8 -77.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 53.7 53.3 47.3 54.1 43.6 -5.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 94.7 -3.5 -3.0 -61.4 218.4 -83.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 49.8 36.0 23.3 0.0 0.0 0.0
2.Current ratio (B4 as % of B5) 91.9 87.4 86.1 79.0 97.5 82.8
3.Acid test or Quick ratio (B4-B3 as % B5) 23.8 20.9 18.6 20.8 42.5 44.6
4.Debt equity ratio (B6 as % of A3) 653.0 567.2 550.6 672.6 303.7 302.4
5.Return on assets (D7 as % of C4) 1.6 1.7 1.4 1.6 1.1 -3.7
6.Self financing ratio (E2 as % of E1) 28.9 - - -12.9 2.8 34.8
7.Cash flow ratio F1 as % of F2 56.7 - - -88.1 20.0 6.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 726.0 743.0 714.4 519.9 997.4 649.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 90.3 95.7 94.9 95.0 96.2 100.1
10.Financial expenses as % of operating profit (D6 as % of D5) 72.5 54.1 45.9 62.5 64.4 -2000.0
11.Financial expense as % of gross sales (D6 as % of D1) 7.0 2.3 2.4 3.1 2.5 2.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 11.2 7.0 4.0 10.8 10.4 24.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 16.5 26.2 16.8 33.7 67.7 -23.5
14.Sundry debtors as % of gross sales 11.1 4.5 6.4 7.2 11.0 8.5
15.Return on Equity (D7 as % of A3) 11.7 11.5 9.1 12.3 4.6 -15.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 2.7 2.0 2.8 1.9 1.4 -2.2
4.Earning per share before tax (D7/No. of ordinary shares) 8.5 8.6 6.5 6.4 4.6 -9.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 7.1 6.3 5.4 4.2 1.5 -12.1
6.Average annual % depreciation on written down fixed assets 8.7 8.9 7.6 9.9 9.8 9.7
7.Sales as % of total assets (D1 as % of C4) 58.4 87.4 49.3 85.1 82.3 170.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 165.6 1.2 -24.4 -1.5 -28.1 -313.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -0.7 49.0 -41.8 64.0 6.6 34.3
10.Break-up value of ordinary shares (in rupees) 72.6 74.3 71.4 52.0 99.7 64.9

50
Dewan Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 92.2 101.5 111.6 122.8 135.0 135.0
2.Surplus 708.4 678.8 715.1 1623.3 1613.4 815.6
3.Shareholder's Equity (A1+A2) 800.6 780.3 826.7 1746.1 1748.4 950.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 275.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 82.1 258.7 263.4 193.1 139.7 745.2
7.Total Fixed Laibilities (A4+A5+A6) 357.1 258.7 263.4 193.1 139.7 745.2
8.Total Capital Employed (A3+A7) 1157.7 1039.0 1090.1 1939.2 1888.1 1695.8
B.Liquidity:
1.Liquid Assets: 216.8 216.8 213.3 1169.4 1114.5 528.7
(i)Cash 6.8 6.8 3.3 1.4 14.3 12.5
(ii)Investments 210.0 210.0 210.0 1168.0 1100.2 516.2
2.Other Current Assets 776.8 756.2 450.6 474.5 520.4 794.7
3.Inventories 730.4 1694.6 1584.6 1456.9 1507.9 1714.9
4.Current Assets (B1+B2+B3) 1724.0 2667.6 2248.5 3100.8 3142.8 3038.3
5.Current Liabilities 1601.7 2709.8 2334.2 2393.1 2460.4 2621.3
6.Total Liabilities(A7+B5) 1958.8 2968.5 2597.6 2586.2 2600.1 3366.5
7.Net Current Assets(B4-B5) 122.3 -42.2 -85.7 707.7 682.4 417.0
8.Contractual Liabilities 1334.5 1888.4 2009.1 1777.5 1640.9 2499.1
9.Net liquid assets (B1-B5) -1384.9 -2493.0 -2120.9 -1223.7 -1345.9 -2092.6
C.Fixed Assets:
1.Fixed Asset At Cost 1763.2 1903.7 2067.6 2215.3 2128.8 2231.6
2.Fixed assets after deducting accumulated depreciation 1035.4 1081.1 1175.7 1231.5 1205.7 1278.8
3.Depreciation for the year 95.1 94.8 69.2 92.0 101.0 109.3
4.Total assets (B4+C2) 2759.4 3748.7 3424.2 4332.3 4348.5 4317.1
D.Operation:
1.Gross sales 2827.5 2860.0 2007.3 2320.8 2576.1 3232.7
(i)Local sales 1639.0 1895.1 1428.6 2320.8 1595.1 1815.3
(ii)Export sales 1188.5 964.9 578.7 0.0 981.0 1417.4
2.Cost of Sales 2520.1 2614.1 1792.4 1973.8 2201.6 3055.4
3.Gross profit 307.4 245.9 214.9 347.0 374.5 177.3
4.Overhead and Other Expenses 2621.4 2712.1 1867.0 2065.4 2309.4 3171.4
5.Operating profit 206.1 154.8 141.4 258.9 271.3 73.2
6.Financial expenses 173.6 98.5 112.1 215.6 244.8 285.9
7.Net profit before tax (D5-D6) 32.5 56.3 29.3 43.3 26.5 -212.7
8.Tax provision 13.1 2.0 13.3 14.4 13.2 18.0
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 9.2 10.1 10.1 12.3 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 100.5 -118.7 51.1 849.1 -51.1 -192.3
2.Retention in business (D7-D8-D9) 19.4 54.3 16.0 28.9 13.3 -230.7
3.Finance from outside the company (E1-E2) 81.1 -173.0 35.1 820.2 -64.4 38.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 114.5 149.1 85.2 120.9 114.3 -121.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 195.6 -23.9 120.3 941.1 49.9 -83.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 30.8 24.9 24.2 10.0 7.4 43.9
2.Current ratio (B4 as % of B5) 107.6 98.4 96.3 129.6 127.7 115.9
3.Acid test or Quick ratio (B4-B3 as % B5) 62.0 35.9 28.4 68.7 66.4 50.5
4.Debt equity ratio (B6 as % of A3) 244.7 380.4 314.2 148.1 148.7 354.1
5.Return on assets (D7 as % of C4) 1.2 1.5 0.9 1.0 0.6 -4.9
6.Self financing ratio (E2 as % of E1) 19.3 - 31.3 3.4 -26.0 120.0
7.Cash flow ratio F1 as % of F2 58.5 - 70.8 12.8 229.1 146.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 868.3 768.8 740.8 1421.9 1295.1 704.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 92.7 94.8 93.0 89.0 89.6 98.1
10.Financial expenses as % of operating profit (D6 as % of D5) 84.2 63.6 79.3 83.3 90.2 390.6
11.Financial expense as % of gross sales (D6 as % of D1) 6.1 3.4 5.6 9.3 9.5 8.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.0 5.2 5.6 12.1 14.9 11.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 40.3 3.6 45.4 33.3 49.8 -8.5
14.Sundry debtors as % of gross sales 13.0 0.0 15.7 15.3 16.7 20.8
15.Return on Equity (D7 as % of A3) 4.1 7.2 3.5 2.5 1.5 -22.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.1 2.0 1.5 1.9 1.0 -6.6
4.Earning per share before tax (D7/No. of ordinary shares) 3.5 5.5 2.6 3.5 2.0 -15.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.1 5.3 1.4 2.4 1.0 -17.1
6.Average annual % depreciation on written down fixed assets 8.7 9.2 6.4 7.8 8.2 9.1
7.Sales as % of total assets (D1 as % of C4) 102.5 76.3 58.6 53.6 59.2 74.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 2.9 57.1 -52.7 34.6 -42.9 -890.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 19.0 1.1 -29.8 15.6 11.0 25.5
10.Break-up value of ordinary shares (in rupees) 86.8 76.9 74.1 142.2 129.5 70.4

51
Din Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 154.4 154.4 185.3 185.3 185.3 185.3
2.Surplus 705.2 664.8 721.4 539.6 705.9 887.7
3.Shareholder's Equity (A1+A2) 859.6 819.2 906.7 724.9 891.2 1073.0
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 9.1 170.0 1250.1 665.3 503.1 263.8
7.Total Fixed Laibilities (A4+A5+A6) 9.1 170.0 1250.1 665.3 503.1 263.8
8.Total Capital Employed (A3+A7) 868.7 989.2 2156.8 1390.2 1394.3 1336.8
B.Liquidity:
1.Liquid Assets: 39.0 61.7 18.8 25.9 8.6 23.6
(i)Cash 39.0 61.7 18.8 25.9 8.6 23.6
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 388.0 508.2 330.3 363.1 503.4 646.7
3.Inventories 180.5 434.5 735.6 538.3 644.7 559.3
4.Current Assets (B1+B2+B3) 607.5 1004.4 1084.7 927.3 1156.7 1229.6
5.Current Liabilities 431.5 838.2 1081.4 1657.6 1767.7 1791.9
6.Total Liabilities(A7+B5) 440.6 1008.2 2331.5 2322.9 2270.8 2055.7
7.Net Current Assets(B4-B5) 176.0 166.2 3.3 -730.3 -611.0 -562.3
8.Contractual Liabilities 287.5 671.6 2076.3 1479.4 1275.3 1035.0
9.Net liquid assets (B1-B5) -392.5 -776.5 -1062.6 -1631.7 -1759.1 -1768.3
C.Fixed Assets:
1.Fixed Asset At Cost 1296.1 1473.4 2852.6 3026.2 3115.8 3207.3
2.Fixed assets after deducting accumulated depreciation 692.7 823.0 2153.5 2120.6 2005.4 1899.2
3.Depreciation for the year 72.5 69.4 92.0 213.8 210.7 200.1
4.Total assets (B4+C2) 1300.2 1827.4 3238.2 3047.9 3162.1 3128.8
D.Operation:
1.Gross sales 1593.5 1815.0 1443.0 2510.9 2772.4 3101.1
(i)Local sales 425.8 649.5 1200.2 2504.5 1295.1 1504.1
(ii)Export sales 1167.7 1165.5 242.8 6.4 1477.3 1597.0
2.Cost of Sales 1370.4 1683.4 1323.9 2277.3 2479.0 2765.9
3.Gross profit 223.1 131.6 119.1 233.6 293.4 335.2
4.Overhead and Other Expenses 1433.8 1751.6 1364.9 2341.6 2552.6 2864.5
5.Operating profit 161.2 66.1 81.6 177.3 227.5 246.6
6.Financial expenses 37.8 28.8 59.0 142.6 137.0 114.2
7.Net profit before tax (D5-D6) 123.4 37.3 22.6 34.7 90.5 132.4
8.Tax provision 11.2 14.6 6.5 2.0 20.3 15.8
9.Total amount of dividend 30.9 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 3.1 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -18.8 120.5 1167.6 -766.6 4.1 -57.5
2.Retention in business (D7-D8-D9) 81.3 22.7 16.1 32.7 70.2 116.6
3.Finance from outside the company (E1-E2) -100.1 97.8 1151.5 -799.3 -66.1 -174.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 153.8 92.1 108.1 246.5 280.9 316.7
2.Depreciation for the year plus changes in capital employed (C3+E1) 53.7 189.9 1259.6 -552.8 214.8 142.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 1.0 17.2 58.0 47.9 36.1 19.7
2.Current ratio (B4 as % of B5) 140.8 119.8 100.3 55.9 65.4 68.6
3.Acid test or Quick ratio (B4-B3 as % B5) 99.0 68.0 32.3 23.5 29.0 37.4
4.Debt equity ratio (B6 as % of A3) 51.3 123.1 257.1 320.4 254.8 191.6
5.Return on assets (D7 as % of C4) 9.5 2.0 0.7 1.1 2.9 4.2
6.Self financing ratio (E2 as % of E1) - 18.8 1.4 -4.3 1712.2 -202.8
7.Cash flow ratio F1 as % of F2 286.4 48.5 8.6 -44.6 130.8 222.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 556.7 530.6 489.3 391.2 480.9 579.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 90.0 96.5 94.6 93.3 92.1 92.4
10.Financial expenses as % of operating profit (D6 as % of D5) 23.4 43.6 72.3 80.4 60.2 46.3
11.Financial expense as % of gross sales (D6 as % of D1) 2.4 1.6 4.1 5.7 4.9 3.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.1 4.3 2.8 9.6 10.7 11.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 9.1 39.1 28.8 5.8 22.4 11.9
14.Sundry debtors as % of gross sales 14.5 18.7 17.2 8.5 0.0 13.4
15.Return on Equity (D7 as % of A3) 14.4 4.6 2.5 4.8 10.2 12.3
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 363.1 - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 3.6 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 7.7 2.1 1.6 1.4 3.3 4.3
4.Earning per share before tax (D7/No. of ordinary shares) 8.0 2.4 1.2 1.9 4.9 7.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 7.3 1.5 0.9 1.8 3.8 6.3
6.Average annual % depreciation on written down fixed assets 11.7 9.9 11.2 9.9 9.9 10.0
7.Sales as % of total assets (D1 as % of C4) 122.6 99.3 44.6 82.4 87.7 99.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -14.9 -70.0 -50.0 58.3 157.9 44.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 1.6 13.9 -20.5 74.0 10.4 11.9
10.Break-up value of ordinary shares (in rupees) 55.7 53.1 48.9 39.1 48.1 57.9

52
Elahi Cotton Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 13.0 13.0 13.0 13.0 13.0 13.0
2.Surplus -82.1 -89.4 -48.3 -55.5 -59.6 -45.7
3.Shareholder's Equity (A1+A2) -69.1 -76.4 -35.3 -42.5 -46.6 -32.7
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 55.9 46.7 18.9 3.8 0.0 4.5
7.Total Fixed Laibilities (A4+A5+A6) 55.9 46.7 18.9 3.8 0.0 4.5
8.Total Capital Employed (A3+A7) -13.2 -29.7 -16.4 -38.7 -46.6 -28.2
B.Liquidity:
1.Liquid Assets: 0.0 0.0 0.2 0.6 1.1 0.6
(i)Cash 0.0 0.0 0.2 0.6 1.1 0.6
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 7.9 3.1 2.0 2.8 2.3 1.8
3.Inventories 1.7 0.0 2.8 4.2 3.3 4.7
4.Current Assets (B1+B2+B3) 9.6 3.1 5.0 7.6 6.7 7.1
5.Current Liabilities 78.3 85.0 70.8 93.0 98.6 78.7
6.Total Liabilities(A7+B5) 134.2 131.7 89.7 96.8 98.6 83.2
7.Net Current Assets(B4-B5) -68.7 -81.9 -65.8 -85.4 -91.9 -71.6
8.Contractual Liabilities 107.3 49.7 49.4 35.5 23.9 4.5
9.Net liquid assets (B1-B5) -78.3 -85.0 -70.6 -92.4 -97.5 -78.1
C.Fixed Assets:
1.Fixed Asset At Cost 123.0 69.6 115.6 106.2 104.5 104.0
2.Fixed assets after deducting accumulated depreciation 55.5 52.2 49.4 46.7 45.3 43.4
3.Depreciation for the year 3.3 2.9 1.9 2.3 2.1 1.9
4.Total assets (B4+C2) 65.1 55.3 54.4 54.3 52.0 50.5
D.Operation:
1.Gross sales 2.0 2.1 9.8 71.1 109.7 148.2
(i)Local sales 2.0 2.1 9.8 71.1 109.7 148.2
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 7.3 5.2 11.7 72.5 111.3 150.5
3.Gross profit -5.3 -3.1 -1.9 -1.4 -1.6 -2.3
4.Overhead and Other Expenses 7.5 6.8 13.1 74.5 112.7 151.9
5.Operating profit -5.3 -3.6 42.9 -0.7 -2.2 15.4
6.Financial expenses 1.3 2.4 1.8 2.4 2.4 0.2
7.Net profit before tax (D5-D6) -6.6 -6.0 41.1 -3.1 -4.6 15.2
8.Tax provision 0.0 0.0 0.1 0.4 0.6 0.7
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -17.6 -16.5 13.3 -22.3 -7.9 18.4
2.Retention in business (D7-D8-D9) -6.6 -6.0 41.0 -3.5 -5.2 14.5
3.Finance from outside the company (E1-E2) -11.0 -10.5 -27.7 -18.8 -2.7 3.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -3.3 -3.1 42.9 -1.2 -3.1 16.4
2.Depreciation for the year plus changes in capital employed (C3+E1) -14.3 -13.6 15.2 -20.0 -5.8 20.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - 0.0 0.0 0.0
2.Current ratio (B4 as % of B5) 12.3 3.6 7.1 8.2 6.8 9.0
3.Acid test or Quick ratio (B4-B3 as % B5) 10.1 3.6 3.1 3.7 3.4 3.0
4.Debt equity ratio (B6 as % of A3) - - - 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -10.1 -10.8 75.6 -5.7 -8.8 30.1
6.Self financing ratio (E2 as % of E1) - - 308.3 15.7 65.8 78.8
7.Cash flow ratio F1 as % of F2 - - 282.2 6.0 53.4 80.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -531.5 -587.7 -271.5 -326.9 -358.5 -251.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 375.0 323.8 133.7 104.8 102.7 102.5
10.Financial expenses as % of operating profit (D6 as % of D5) - - 4.2 -342.9 -109.1 1.3
11.Financial expense as % of gross sales (D6 as % of D1) 65.0 114.3 18.4 3.4 2.2 0.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 1.2 4.8 3.6 6.8 10.0 4.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 0.2 -12.9 -13.0 4.6
14.Sundry debtors as % of gross sales 190.0 0.0 0.0 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) - - - 0.0 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -330.0 -285.7 419.4 -4.4 -4.2 10.3
4.Earning per share before tax (D7/No. of ordinary shares) -5.1 -4.6 31.6 -2.4 -3.5 11.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -5.1 -4.6 31.5 -2.7 -4.0 11.2
6.Average annual % depreciation on written down fixed assets 5.6 5.2 3.6 4.7 4.5 4.2
7.Sales as % of total assets (D1 as % of C4) 3.1 3.8 18.0 130.9 211.0 293.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -51.0 -9.8 -787.0 -107.6 45.8 -434.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -95.5 5.0 366.7 625.5 54.3 35.1
10.Break-up value of ordinary shares (in rupees) -53.2 -58.8 -27.2 -32.7 -35.8 -25.2

53
Ellcot Spinning Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 109.5 109.5 109.5 109.5 109.5 109.5
2.Surplus 150.2 221.1 282.0 284.1 331.6 374.8
3.Shareholder's Equity (A1+A2) 259.7 330.6 391.5 393.6 441.1 484.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 203.5 446.7 517.0 451.2 585.7 471.7
7.Total Fixed Laibilities (A4+A5+A6) 203.5 446.7 517.0 451.2 585.7 471.7
8.Total Capital Employed (A3+A7) 463.2 777.3 908.5 844.8 1026.8 956.0
B.Liquidity:
1.Liquid Assets: 211.6 56.3 49.2 73.4 114.3 53.6
(i)Cash 11.6 6.3 49.2 73.4 114.3 53.6
(ii)Investments 200.0 50.0 0.0 0.0 0.0 0.0
2.Other Current Assets 162.6 130.1 146.3 105.6 294.2 230.0
3.Inventories 157.4 308.0 281.5 249.5 304.5 565.5
4.Current Assets (B1+B2+B3) 531.6 494.4 477.0 428.5 713.0 849.1
5.Current Liabilities 540.1 502.7 455.1 473.8 662.2 850.5
6.Total Liabilities(A7+B5) 743.6 949.4 972.1 925.0 1247.9 1322.2
7.Net Current Assets(B4-B5) -8.5 -8.3 21.9 -45.3 50.8 -1.4
8.Contractual Liabilities 626.1 763.0 825.1 825.9 1056.9 1119.6
9.Net liquid assets (B1-B5) -328.5 -446.4 -405.9 -400.4 -547.9 -796.9
C.Fixed Assets:
1.Fixed Asset At Cost 763.5 1124.3 1278.8 1331.0 1495.2 1578.5
2.Fixed assets after deducting accumulated depreciation 471.8 785.5 886.5 890.2 975.9 957.4
3.Depreciation for the year 31.1 61.9 35.5 87.7 89.5 99.7
4.Total assets (B4+C2) 1003.4 1279.9 1363.5 1318.7 1688.9 1806.5
D.Operation:
1.Gross sales 824.8 1200.4 1003.0 1489.2 1608.3 1841.5
(i)Local sales 398.2 1038.3 868.7 1489.2 1082.3 1226.0
(ii)Export sales 426.6 162.1 134.3 0.0 526.0 615.5
2.Cost of Sales 732.0 1060.7 867.3 1291.8 1412.1 1574.0
3.Gross profit 92.8 139.7 135.7 197.4 196.2 267.5
4.Overhead and Other Expenses 783.1 1104.4 902.9 1336.2 1472.7 1670.7
5.Operating profit 80.6 97.6 101.4 156.6 144.2 179.0
6.Financial expenses 27.6 0.4 36.0 81.8 79.5 94.7
7.Net profit before tax (D5-D6) 53.0 97.2 65.4 74.8 64.7 84.3
8.Tax provision 5.7 5.3 4.5 7.5 8.0 9.2
9.Total amount of dividend 16.4 0.0 21.9 16.4 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 172.1 314.1 131.2 -63.7 182.0 -70.8
2.Retention in business (D7-D8-D9) 30.9 91.9 39.0 50.9 56.7 75.1
3.Finance from outside the company (E1-E2) 141.2 222.2 92.2 -114.6 125.3 -145.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 62.0 153.8 74.5 138.6 146.2 174.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 203.2 376.0 166.7 24.0 271.5 28.9
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 43.9 57.5 56.9 53.4 57.0 49.3
2.Current ratio (B4 as % of B5) 98.4 98.3 104.8 90.4 107.7 99.8
3.Acid test or Quick ratio (B4-B3 as % B5) 69.3 37.1 43.0 37.8 61.7 33.3
4.Debt equity ratio (B6 as % of A3) 286.3 287.2 248.3 235.0 282.9 273.0
5.Return on assets (D7 as % of C4) 5.3 7.6 4.8 5.7 3.8 4.7
6.Self financing ratio (E2 as % of E1) 18.0 29.3 29.7 -79.9 31.2 -106.1
7.Cash flow ratio F1 as % of F2 30.5 40.9 44.7 577.5 53.8 604.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 237.2 301.9 357.5 359.5 402.8 442.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.9 92.0 90.0 89.7 91.6 90.7
10.Financial expenses as % of operating profit (D6 as % of D5) 34.2 0.4 35.5 52.2 55.1 52.9
11.Financial expense as % of gross sales (D6 as % of D1) 3.3 0.0 3.6 5.5 4.9 5.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.4 0.1 4.4 9.9 7.5 8.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 10.8 5.5 6.9 10.0 12.4 10.9
14.Sundry debtors as % of gross sales 0.0 5.0 4.1 3.3 6.1 7.9
15.Return on Equity (D7 as % of A3) 20.4 29.4 16.7 19.0 14.7 17.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 288.4 - 278.1 410.4 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 6.3 0.0 5.6 4.2 0.0 0.0
3.Net profit margin (D7 as % of D1) 6.4 8.1 6.5 5.0 4.0 4.6
4.Earning per share before tax (D7/No. of ordinary shares) 4.8 8.9 6.0 6.8 5.9 7.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 4.3 8.4 5.6 6.1 5.2 6.9
6.Average annual % depreciation on written down fixed assets 10.0 13.1 4.5 9.7 10.1 10.2
7.Sales as % of total assets (D1 as % of C4) 82.2 93.8 73.6 112.9 95.2 101.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.1 85.4 -32.6 13.3 -13.2 30.5
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 7.2 45.5 -16.4 48.5 8.0 14.5
10.Break-up value of ordinary shares (in rupees) 23.7 30.2 35.8 35.9 40.3 44.2

54
Faisal Spinning Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 100.0 100.0 100.0 100.0 100.0 100.0
2.Surplus 459.1 502.9 619.0 748.1 927.9 957.2
3.Shareholder's Equity (A1+A2) 559.1 602.9 719.0 848.1 1027.9 1057.2
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 4.2 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 520.5 879.8 740.6 967.0 631.4 559.4
7.Total Fixed Laibilities (A4+A5+A6) 524.7 879.8 740.6 967.0 631.4 559.4
8.Total Capital Employed (A3+A7) 1083.8 1482.7 1459.6 1815.1 1659.3 1616.6
B.Liquidity:
1.Liquid Assets: 41.0 39.4 27.7 140.8 154.3 167.4
(i)Cash 29.1 27.5 15.8 29.5 24.2 26.6
(ii)Investments 11.9 11.9 11.9 111.3 130.1 140.8
2.Other Current Assets 292.1 328.7 377.0 241.5 404.5 392.8
3.Inventories 315.4 316.8 698.4 588.1 685.8 877.9
4.Current Assets (B1+B2+B3) 648.5 684.9 1103.1 970.4 1244.6 1438.1
5.Current Liabilities 649.5 792.9 1360.3 827.3 1310.6 1425.3
6.Total Liabilities(A7+B5) 1174.2 1672.7 2100.9 1794.3 1942.0 1984.7
7.Net Current Assets(B4-B5) -1.0 -108.0 -257.2 143.1 -66.0 12.8
8.Contractual Liabilities 1008.9 1284.5 1851.3 1573.5 1425.4 1461.9
9.Net liquid assets (B1-B5) -608.5 -753.5 -1332.6 -686.5 -1156.3 -1257.9
C.Fixed Assets:
1.Fixed Asset At Cost 1468.0 2062.8 2258.8 2377.5 2605.6 2667.0
2.Fixed assets after deducting accumulated depreciation 1084.8 1590.7 1716.8 1672.0 1725.3 1603.7
3.Depreciation for the year 88.4 112.1 99.7 180.4 179.0 184.3
4.Total assets (B4+C2) 1733.3 2275.6 2819.9 2642.4 2969.9 3041.8
D.Operation:
1.Gross sales 1864.7 3018.7 2457.8 3236.5 3396.5 3725.5
(i)Local sales 283.1 517.5 514.0 560.1 1523.0 1722.9
(ii)Export sales 1581.6 2501.2 1943.8 2676.4 1873.5 2002.6
2.Cost of Sales 1609.7 2810.9 2154.6 2843.2 3040.3 3353.5
3.Gross profit 255.0 207.8 303.2 393.3 356.2 372.0
4.Overhead and Other Expenses 1687.1 2898.6 2235.5 2939.7 3123.0 3449.2
5.Operating profit 180.1 124.7 224.7 321.9 293.9 296.1
6.Financial expenses 57.6 51.5 83.0 189.3 180.9 188.5
7.Net profit before tax (D5-D6) 122.5 73.2 141.7 132.6 113.0 107.6
8.Tax provision 20.3 33.0 26.3 43.8 25.6 27.8
9.Total amount of dividend 15.0 7.5 7.5 7.5 0.0 1.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 37.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 288.2 398.9 -23.1 355.5 -155.8 -42.7
2.Retention in business (D7-D8-D9) 87.2 32.7 107.9 81.3 87.4 78.8
3.Finance from outside the company (E1-E2) 201.0 366.2 -131.0 274.2 -243.2 -121.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 175.6 144.8 207.6 261.7 266.4 263.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 376.6 511.0 76.6 535.9 23.2 141.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 48.4 59.3 50.7 53.3 38.1 34.6
2.Current ratio (B4 as % of B5) 99.8 86.4 81.1 117.3 95.0 100.9
3.Acid test or Quick ratio (B4-B3 as % B5) 51.3 46.4 29.8 46.2 42.6 39.3
4.Debt equity ratio (B6 as % of A3) 210.0 277.4 292.2 211.6 188.9 187.7
5.Return on assets (D7 as % of C4) 7.1 3.2 5.0 5.0 3.8 3.5
6.Self financing ratio (E2 as % of E1) 30.3 8.2 - 22.9 -56.1 -184.5
7.Cash flow ratio F1 as % of F2 46.6 28.3 271.0 48.8 1148.3 185.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 559.1 602.9 719.0 848.1 1027.9 1057.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 90.5 96.0 91.0 90.8 91.9 92.6
10.Financial expenses as % of operating profit (D6 as % of D5) 32.0 41.3 36.9 58.8 61.6 63.7
11.Financial expense as % of gross sales (D6 as % of D1) 3.1 1.7 3.4 5.8 5.3 5.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.7 4.0 4.5 12.0 12.7 12.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 16.6 45.1 18.6 33.0 22.7 25.8
14.Sundry debtors as % of gross sales 7.5 5.2 6.9 4.9 8.6 7.1
15.Return on Equity (D7 as % of A3) 21.9 12.1 19.7 15.6 11.0 10.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 681.3 536.0 1538.7 1184.0 0.0 7980.0
2.Dividend ratio to equity (D9 as % of A3) 2.7 1.2 1.0 0.9 0.0 0.1
3.Net profit margin (D7 as % of D1) 6.6 2.4 5.8 4.1 3.3 2.9
4.Earning per share before tax (D7/No. of ordinary shares) 12.3 7.3 14.2 13.3 11.3 10.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 10.2 4.0 11.5 8.9 8.7 8.0
6.Average annual % depreciation on written down fixed assets 12.3 10.3 6.3 10.5 10.7 10.7
7.Sales as % of total assets (D1 as % of C4) 107.6 132.7 87.2 122.5 114.4 122.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 59.7 -40.7 94.5 -6.3 -15.0 -4.4
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.8 61.9 -18.6 31.7 4.9 9.7
10.Break-up value of ordinary shares (in rupees) 55.9 60.3 71.9 84.8 102.8 105.7

55
Fateh Sports Wear Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 20.0 20.0 20.0 20.0 20.0 20.0
2.Surplus -11.1 -22.5 -44.2 -61.0 -85.0 -82.5
3.Shareholder's Equity (A1+A2) 8.9 -2.5 -24.2 -41.0 -65.0 -62.5
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 0.0 0.0 0.0 0.0 0.0
7.Total Fixed Laibilities (A4+A5+A6) 0.0 0.0 0.0 0.0 0.0 0.0
8.Total Capital Employed (A3+A7) 8.9 -2.5 -24.2 -41.0 -65.0 -62.5
B.Liquidity:
1.Liquid Assets: 0.2 0.0 0.0 0.0 0.0 0.0
(i)Cash 0.2 0.0 0.0 0.0 0.0 0.0
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 252.1 228.3 215.7 226.6 224.7 250.4
3.Inventories 21.0 21.4 30.2 18.0 14.8 6.0
4.Current Assets (B1+B2+B3) 273.3 249.7 245.9 244.6 239.5 256.4
5.Current Liabilities 302.8 287.7 298.8 312.2 329.0 341.7
6.Total Liabilities(A7+B5) 302.8 287.7 298.8 312.2 329.0 341.7
7.Net Current Assets(B4-B5) -29.5 -38.0 -52.9 -67.6 -89.5 -85.3
8.Contractual Liabilities 113.9 113.5 111.7 111.7 100.3 89.3
9.Net liquid assets (B1-B5) -302.6 -287.7 -298.8 -312.2 -329.0 -341.7
C.Fixed Assets:
1.Fixed Asset At Cost 94.1 94.1 94.1 94.1 94.1 34.1
2.Fixed assets after deducting accumulated depreciation 38.5 35.3 28.6 26.5 24.6 22.9
3.Depreciation for the year 1.7 3.2 2.8 2.1 1.9 1.7
4.Total assets (B4+C2) 311.8 285.0 274.5 271.1 264.1 279.3
D.Operation:
1.Gross sales 0.6 0.0 0.0 0.0 0.0 0.0
(i)Local sales 0.6 0.0 0.0 0.0 0.0 0.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 2.2 0.0 0.0 0.0 0.0 0.0
3.Gross profit -1.6 0.0 0.0 0.0 0.0 0.0
4.Overhead and Other Expenses 8.9 3.4 12.8 5.3 8.3 12.9
5.Operating profit 29.6 1.8 -8.4 -3.6 -7.4 14.8
6.Financial expenses 31.6 13.1 13.2 13.2 16.5 12.3
7.Net profit before tax (D5-D6) -2.0 -11.3 -21.6 -16.8 -23.9 2.5
8.Tax provision 1.1 0.0 0.0 0.0 0.0 0.0
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -3.5 -11.4 -21.7 -16.8 -24.0 2.5
2.Retention in business (D7-D8-D9) -3.1 -11.3 -21.6 -16.8 -23.9 2.5
3.Finance from outside the company (E1-E2) -0.4 -0.1 -0.1 0.0 -0.1 0.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -1.4 -8.1 -18.8 -14.7 -22.0 4.2
2.Depreciation for the year plus changes in capital employed (C3+E1) -1.8 -8.2 -18.9 -14.7 -22.1 4.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 - - 0.0 0.0 0.0
2.Current ratio (B4 as % of B5) 90.3 86.8 82.3 78.3 72.8 75.0
3.Acid test or Quick ratio (B4-B3 as % B5) 83.3 79.4 72.2 72.6 68.3 73.3
4.Debt equity ratio (B6 as % of A3) 3402.2 - - 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -0.6 -4.0 -7.9 -6.2 -9.0 0.9
6.Self financing ratio (E2 as % of E1) - - - 100.0 99.6 100.0
7.Cash flow ratio F1 as % of F2 - - - 100.0 99.5 100.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 44.5 -12.5 -121.0 -205.0 -325.0 -312.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 1483.3 - - 0.0 0.0 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) 106.8 727.8 - -366.7 -223.0 83.1
11.Financial expense as % of gross sales (D6 as % of D1) 5266.7 - - 0.0 0.0 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 27.7 11.5 11.8 11.8 16.5 13.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - 0.0 0.0 0.0
14.Sundry debtors as % of gross sales 27283.3 - - 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) -22.5 - - 0.0 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 - - 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -333.3 - - 0.0 0.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) -1.0 -5.7 -10.8 -8.4 -12.0 1.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.6 -5.7 -10.8 -8.4 -12.0 1.3
6.Average annual % depreciation on written down fixed assets 4.3 8.3 7.9 7.3 7.2 6.9
7.Sales as % of total assets (D1 as % of C4) 0.2 0.0 0.0 0.0 0.0 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -96.0 470.0 89.5 -22.2 42.9 -110.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -94.5 -100.0 - - - -
10.Break-up value of ordinary shares (in rupees) 4.5 -1.3 -12.1 -20.5 -32.5 -31.3

56
Fateh Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 12.5 12.5 12.5 12.5 12.5 12.5
2.Surplus 1463.2 1613.9 1737.7 2800.0 2769.1 2699.2
3.Shareholder's Equity (A1+A2) 1475.7 1626.4 1750.2 2812.5 2781.6 2711.7
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 1987.5 2055.8 1905.1 1865.3 1644.9 1501.5
7.Total Fixed Laibilities (A4+A5+A6) 1987.5 2055.8 1905.1 1865.3 1644.9 1501.5
8.Total Capital Employed (A3+A7) 3463.2 3682.2 3655.3 4677.8 4426.5 4213.2
B.Liquidity:
1.Liquid Assets: 552.1 582.8 548.5 567.1 585.0 538.6
(i)Cash 23.4 59.1 24.8 40.6 56.9 12.6
(ii)Investments 528.7 523.7 523.7 526.5 528.1 526.0
2.Other Current Assets 2377.6 2750.2 2511.6 2582.6 2768.1 4089.3
3.Inventories 1710.5 2267.8 2492.3 2114.2 2267.6 2125.6
4.Current Assets (B1+B2+B3) 4640.2 5600.8 5552.4 5263.9 5620.7 6753.5
5.Current Liabilities 2532.4 3201.1 3179.4 3052.9 3494.4 4680.5
6.Total Liabilities(A7+B5) 4519.9 5256.9 5084.5 4918.2 5139.3 6182.0
7.Net Current Assets(B4-B5) 2107.8 2399.7 2373.0 2211.0 2126.3 2073.0
8.Contractual Liabilities 3224.6 3582.2 3572.8 3505.4 3530.4 4210.1
9.Net liquid assets (B1-B5) -1980.3 -2618.3 -2630.9 -2485.8 -2909.4 -4141.9
C.Fixed Assets:
1.Fixed Asset At Cost 2842.0 2903.1 3004.5 4376.1 4384.7 4386.0
2.Fixed assets after deducting accumulated depreciation 1355.4 1282.5 1282.4 2466.7 2300.1 2140.1
3.Depreciation for the year 147.2 94.1 74.6 105.2 105.7 94.9
4.Total assets (B4+C2) 5995.6 6883.3 6834.8 7730.6 7920.8 8893.6
D.Operation:
1.Gross sales 7179.1 7631.2 5919.7 6730.7 6343.5 4794.2
(i)Local sales 459.9 7631.2 5919.7 6730.7 6343.5 850.4
(ii)Export sales 6719.2 0.0 0.0 0.0 0.0 3943.8
2.Cost of Sales 6307.2 6720.7 5285.0 6063.8 5799.3 4350.4
3.Gross profit 871.9 910.5 634.7 666.9 544.2 443.8
4.Overhead and Other Expenses 6551.2 6988.3 5514.8 6513.9 6004.3 4479.8
5.Operating profit 629.0 651.0 430.4 450.5 461.3 427.7
6.Financial expenses 433.8 418.6 290.3 311.8 359.6 390.1
7.Net profit before tax (D5-D6) 195.2 232.4 140.1 138.7 101.7 37.6
8.Tax provision 43.5 38.0 32.0 38.0 51.0 29.5
9.Total amount of dividend 9.4 9.4 9.4 9.4 0.0 9.4
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -126.0 219.0 -26.9 1022.5 -251.3 -213.3
2.Retention in business (D7-D8-D9) 142.3 185.0 98.7 91.3 50.7 -1.3
3.Finance from outside the company (E1-E2) -268.3 34.0 -125.6 931.2 -302.0 -212.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 289.5 279.1 173.3 196.5 156.4 93.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 21.2 313.1 47.7 1127.7 -145.6 -118.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 57.4 55.8 52.1 39.9 37.2 35.6
2.Current ratio (B4 as % of B5) 183.2 175.0 174.6 172.4 160.8 144.3
3.Acid test or Quick ratio (B4-B3 as % B5) 115.7 104.1 96.2 103.2 96.0 98.9
4.Debt equity ratio (B6 as % of A3) 306.3 323.2 290.5 174.9 184.8 228.0
5.Return on assets (D7 as % of C4) 3.3 3.4 2.0 1.8 1.3 0.4
6.Self financing ratio (E2 as % of E1) - 84.5 - 8.9 -20.2 0.6
7.Cash flow ratio F1 as % of F2 1365.6 89.1 363.3 17.4 -107.4 -79.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 11805.6 13011.2 14001.6 22500.0 22252.8 21693.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 91.3 91.6 93.2 96.8 94.7 93.4
10.Financial expenses as % of operating profit (D6 as % of D5) 69.0 64.3 67.4 69.2 78.0 91.2
11.Financial expense as % of gross sales (D6 as % of D1) 6.0 5.5 4.9 4.6 5.7 8.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.5 11.7 8.1 8.9 10.2 9.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 22.3 16.4 22.8 27.4 50.1 78.5
14.Sundry debtors as % of gross sales 24.5 23.8 32.3 31.7 36.8 80.3
15.Return on Equity (D7 as % of A3) 13.2 14.3 8.0 4.9 3.7 1.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 1613.8 2068.1 1150.0 1071.3 0.0 86.2
2.Dividend ratio to equity (D9 as % of A3) 0.6 0.6 0.5 0.3 0.0 0.3
3.Net profit margin (D7 as % of D1) 2.7 3.0 2.4 2.1 1.6 0.8
4.Earning per share before tax (D7/No. of ordinary shares) 156.2 185.9 112.1 111.0 81.4 30.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 121.4 155.5 86.5 80.6 40.6 6.5
6.Average annual % depreciation on written down fixed assets 10.6 6.9 5.8 7.6 4.3 4.1
7.Sales as % of total assets (D1 as % of C4) 119.7 110.9 86.6 87.1 80.1 53.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 117.9 19.0 -39.7 -1.0 -26.7 -63.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 29.4 6.3 -22.4 13.7 -5.8 -24.4
10.Break-up value of ordinary shares (in rupees) 1180.6 1301.1 1400.2 2250.0 2225.3 2169.4

57
Fatima Enterprises Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 142.3 142.3 142.3 142.3 142.3 142.3
2.Surplus 229.7 285.4 741.0 611.2 618.3 856.9
3.Shareholder's Equity (A1+A2) 372.0 427.7 883.3 753.5 760.6 999.2
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 423.8 475.8 417.8 1010.1 1266.6 1331.0
7.Total Fixed Laibilities (A4+A5+A6) 423.8 475.8 417.8 1010.1 1266.6 1331.0
8.Total Capital Employed (A3+A7) 795.8 903.5 1301.1 1763.6 2027.2 2330.2
B.Liquidity:
1.Liquid Assets: 53.8 28.2 131.5 190.1 155.3 155.6
(i)Cash 49.5 24.7 72.9 131.5 97.1 154.8
(ii)Investments 4.3 3.5 58.6 58.6 58.2 0.8
2.Other Current Assets 540.9 729.6 615.1 1538.1 1358.3 1514.5
3.Inventories 654.5 841.6 1387.1 1421.7 2104.9 3562.3
4.Current Assets (B1+B2+B3) 1249.2 1599.4 2133.7 3149.9 3618.5 5232.4
5.Current Liabilities 1521.8 1806.9 2359.8 3394.8 4449.4 6173.2
6.Total Liabilities(A7+B5) 1945.6 2282.7 2777.6 4404.9 5716.0 7504.2
7.Net Current Assets(B4-B5) -272.6 -207.5 -226.1 -244.9 -830.9 -940.8
8.Contractual Liabilities 1292.0 477.0 2241.5 3579.0 4475.7 6005.5
9.Net liquid assets (B1-B5) -1468.0 -1778.7 -2228.3 -3204.7 -4294.1 -6017.6
C.Fixed Assets:
1.Fixed Asset At Cost 1678.6 1832.6 2341.5 2940.6 3934.2 4601.2
2.Fixed assets after deducting accumulated depreciation 1068.4 1110.9 1527.1 2008.5 2858.2 3271.0
3.Depreciation for the year 89.0 117.3 90.3 119.3 151.8 252.8
4.Total assets (B4+C2) 2317.6 2710.3 3660.8 5158.4 6476.7 8503.4
D.Operation:
1.Gross sales 4973.6 5372.4 3833.0 5347.7 6782.4 9736.4
(i)Local sales 3836.2 4118.6 2598.9 3765.7 5407.6 8167.3
(ii)Export sales 1137.4 1253.8 1234.1 1582.0 1374.8 1569.1
2.Cost of Sales 4714.3 5065.9 3568.5 5090.6 6306.6 8999.8
3.Gross profit 259.3 306.5 264.5 257.1 475.8 736.6
4.Overhead and Other Expenses 4778.7 5144.0 3623.5 5156.7 6386.4 9109.6
5.Operating profit 207.2 244.7 212.3 220.2 401.1 696.3
6.Financial expenses 129.1 102.6 118.0 255.4 374.1 580.6
7.Net profit before tax (D5-D6) 78.1 142.1 94.3 -35.2 27.0 115.7
8.Tax provision 33.1 47.0 43.6 37.7 20.0 49.1
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 7.1
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 159.2 107.7 397.6 462.5 263.6 303.0
2.Retention in business (D7-D8-D9) 45.0 95.1 50.7 -72.9 7.0 59.5
3.Finance from outside the company (E1-E2) 114.2 12.6 346.9 535.4 256.6 243.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 134.0 212.4 141.0 46.4 158.8 312.3
2.Depreciation for the year plus changes in capital employed (C3+E1) 248.2 225.0 487.9 581.8 415.4 555.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 53.3 52.7 32.1 57.3 62.5 57.1
2.Current ratio (B4 as % of B5) 82.1 88.5 90.4 92.8 81.3 84.8
3.Acid test or Quick ratio (B4-B3 as % B5) 39.1 41.9 31.6 50.9 34.0 27.1
4.Debt equity ratio (B6 as % of A3) 523.0 533.7 314.5 584.6 751.5 751.0
5.Return on assets (D7 as % of C4) 3.4 5.2 2.6 -0.7 0.4 1.4
6.Self financing ratio (E2 as % of E1) 28.3 88.3 12.8 -15.8 2.7 19.6
7.Cash flow ratio F1 as % of F2 54.0 94.4 28.9 8.0 38.2 56.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 261.4 300.6 620.7 529.5 534.5 702.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 96.1 95.7 94.5 96.4 94.2 93.6
10.Financial expenses as % of operating profit (D6 as % of D5) 62.3 41.9 55.6 116.0 93.3 83.4
11.Financial expense as % of gross sales (D6 as % of D1) 2.6 1.9 3.1 4.8 5.5 6.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 10.0 21.5 5.3 7.1 8.4 9.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 42.4 33.1 46.2 -107.1 74.1 42.4
14.Sundry debtors as % of gross sales 3.9 4.3 7.4 7.0 9.8 6.9
15.Return on Equity (D7 as % of A3) 21.0 33.2 10.7 -4.7 3.5 11.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 938.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.7
3.Net profit margin (D7 as % of D1) 1.6 2.6 2.5 -0.7 0.4 1.2
4.Earning per share before tax (D7/No. of ordinary shares) 5.5 10.0 6.6 -2.5 1.9 8.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.2 6.7 3.6 -5.1 0.5 4.7
6.Average annual % depreciation on written down fixed assets 11.3 11.0 8.1 7.8 7.6 8.8
7.Sales as % of total assets (D1 as % of C4) 214.6 198.2 104.7 103.7 104.7 114.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -21.4 81.8 -34.0 -137.9 -176.0 326.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 13.7 8.0 -28.7 39.5 26.8 43.6
10.Break-up value of ordinary shares (in rupees) 26.1 30.1 62.1 53.0 53.5 70.2

58
Fawad Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 92.1 92.1 92.1 92.1 92.1 92.1
2.Surplus 75.3 59.5 77.4 408.0 266.3 412.1
3.Shareholder's Equity (A1+A2) 167.4 151.6 169.5 500.1 358.4 504.2
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 96.5 90.6 71.5 57.4 3.0 173.6
7.Total Fixed Laibilities (A4+A5+A6) 96.5 90.6 71.5 57.4 3.0 173.6
8.Total Capital Employed (A3+A7) 263.9 242.2 241.0 557.5 361.4 677.8
B.Liquidity:
1.Liquid Assets: 0.6 1.4 3.1 0.7 3.0 0.8
(i)Cash 0.6 1.4 3.1 0.7 3.0 0.8
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 96.4 88.4 77.9 132.9 222.9 199.0
3.Inventories 44.5 67.8 63.9 174.5 143.0 566.6
4.Current Assets (B1+B2+B3) 141.5 157.6 144.9 308.1 368.9 766.4
5.Current Liabilities 109.5 141.8 160.4 356.2 577.8 682.7
6.Total Liabilities(A7+B5) 206.0 232.4 231.9 413.6 580.8 856.3
7.Net Current Assets(B4-B5) 32.0 15.8 -15.5 -48.1 -208.9 83.7
8.Contractual Liabilities 146.1 149.0 145.1 358.5 283.7 746.9
9.Net liquid assets (B1-B5) -108.9 -140.4 -157.3 -355.5 -574.8 -681.9
C.Fixed Assets:
1.Fixed Asset At Cost 469.7 486.2 531.1 895.8 914.4 987.9
2.Fixed assets after deducting accumulated depreciation 231.9 226.4 256.6 605.6 570.5 594.2
3.Depreciation for the year 24.0 22.5 15.2 26.8 46.3 50.3
4.Total assets (B4+C2) 373.4 384.0 401.5 913.7 939.4 1360.6
D.Operation:
1.Gross sales 556.9 621.9 438.2 571.0 597.3 579.3
(i)Local sales 345.7 456.9 252.9 571.0 416.0 579.3
(ii)Export sales 211.2 165.0 185.3 0.0 181.3 0.0
2.Cost of Sales 513.8 593.9 407.4 523.1 535.0 505.0
3.Gross profit 43.1 28.0 30.8 47.9 62.3 74.3
4.Overhead and Other Expenses 528.3 606.2 423.7 540.3 556.6 521.8
5.Operating profit 28.8 16.2 14.9 34.4 44.7 64.6
6.Financial expenses 19.7 12.9 11.5 25.0 38.4 59.2
7.Net profit before tax (D5-D6) 9.1 3.3 3.4 9.4 6.3 5.4
8.Tax provision 2.8 2.8 2.1 4.6 4.8 2.9
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -25.9 -21.7 -1.2 316.5 -196.1 316.4
2.Retention in business (D7-D8-D9) 6.3 0.5 1.3 4.8 1.5 2.5
3.Finance from outside the company (E1-E2) -32.2 -22.2 -2.5 311.7 -197.6 313.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 30.3 23.0 16.5 31.6 47.8 52.8
2.Depreciation for the year plus changes in capital employed (C3+E1) -1.9 0.8 14.0 343.3 -149.8 366.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 36.6 37.4 29.7 10.3 0.8 25.6
2.Current ratio (B4 as % of B5) 129.2 111.1 90.3 86.5 63.8 112.3
3.Acid test or Quick ratio (B4-B3 as % B5) 88.6 63.3 50.5 37.5 39.1 29.3
4.Debt equity ratio (B6 as % of A3) 123.1 153.3 136.8 82.7 162.1 169.8
5.Return on assets (D7 as % of C4) 2.4 0.9 0.8 1.0 0.7 0.4
6.Self financing ratio (E2 as % of E1) - - - 1.5 -0.8 0.8
7.Cash flow ratio F1 as % of F2 - 2875.0 117.9 9.2 -31.9 14.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 181.8 164.6 184.0 543.0 389.1 547.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.9 97.5 96.7 94.6 93.2 90.1
10.Financial expenses as % of operating profit (D6 as % of D5) 68.4 79.6 77.2 72.7 85.9 91.6
11.Financial expense as % of gross sales (D6 as % of D1) 3.5 2.1 2.6 4.4 6.4 10.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.5 8.7 7.9 7.0 13.5 7.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 30.8 84.8 61.8 48.9 76.2 53.7
14.Sundry debtors as % of gross sales 9.6 0.0 8.9 14.9 19.0 15.9
15.Return on Equity (D7 as % of A3) 5.4 2.2 2.0 1.9 1.8 1.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.6 0.5 0.8 1.6 1.1 0.9
4.Earning per share before tax (D7/No. of ordinary shares) 1.0 0.4 0.4 1.0 0.7 0.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.7 0.1 0.1 0.5 0.2 0.3
6.Average annual % depreciation on written down fixed assets 9.6 9.7 6.7 10.4 7.6 8.8
7.Sales as % of total assets (D1 as % of C4) 149.1 162.0 109.1 62.5 63.6 42.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -47.4 -60.0 0.0 150.0 -30.0 -14.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 26.3 11.7 -29.5 30.3 4.6 -3.0
10.Break-up value of ordinary shares (in rupees) 18.2 16.5 18.4 54.3 38.9 54.7

59
Fazal Cloth Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 123.6 123.6 148.3 163.1 187.6 187.6
2.Surplus 485.1 642.7 804.5 935.1 842.9 3443.5
3.Shareholder's Equity (A1+A2) 608.7 766.3 952.8 1098.2 1030.5 3631.1
4.Prefrence Shares 0.0 0.0 0.0 250.0 250.0 250.0
5.Debentures 27.2 37.5 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 493.4 1004.5 1213.7 1398.4 230.9 2511.6
7.Total Fixed Laibilities (A4+A5+A6) 520.6 1042.0 1213.7 1648.4 480.9 2761.6
8.Total Capital Employed (A3+A7) 1129.3 1808.3 2166.5 2746.6 1511.4 6392.7
B.Liquidity:
1.Liquid Assets: 9.2 9.6 175.8 580.3 546.7 837.4
(i)Cash 9.2 9.6 175.8 327.3 293.7 369.5
(ii)Investments 0.0 0.0 0.0 253.0 253.0 467.9
2.Other Current Assets 303.6 458.5 815.1 591.4 899.8 1100.9
3.Inventories 624.3 1044.0 1187.3 1402.4 1345.3 2012.3
4.Current Assets (B1+B2+B3) 937.1 1512.1 2178.2 2574.1 2791.8 3950.6
5.Current Liabilities 1026.4 1658.8 2174.9 2397.3 6833.9 3318.0
6.Total Liabilities(A7+B5) 1547.0 2700.8 3388.6 4045.7 7314.8 6079.6
7.Net Current Assets(B4-B5) -89.3 -146.7 3.3 176.8 -4042.1 632.6
8.Contractual Liabilities 1318.3 2095.2 2981.7 3103.1 1694.2 4895.3
9.Net liquid assets (B1-B5) -1017.2 -1649.2 -1999.1 -1817.0 -6287.2 -2480.6
C.Fixed Assets:
1.Fixed Asset At Cost 1953.9 2887.6 3250.2 3626.8 6932.3 7396.0
2.Fixed assets after deducting accumulated depreciation 1218.5 1954.9 2163.3 2569.8 5553.5 5760.0
3.Depreciation for the year 126.6 200.1 163.6 250.0 248.3 121.1
4.Total assets (B4+C2) 2155.6 3467.0 4341.5 5143.9 8345.3 9710.6
D.Operation:
1.Gross sales 3176.9 4170.1 3654.0 5238.2 6074.0 7113.9
(i)Local sales 2006.5 2239.0 1675.7 2459.4 2956.9 4003.8
(ii)Export sales 1170.4 1931.1 1978.3 2778.8 3117.1 3110.1
2.Cost of Sales 2858.1 3732.3 3077.3 4512.0 5256.7 6170.2
3.Gross profit 318.8 437.8 576.7 726.2 817.3 943.7
4.Overhead and Other Expenses 2909.4 3892.5 3281.2 4741.4 5519.1 6439.0
5.Operating profit 268.1 278.5 373.3 498.1 582.0 915.9
6.Financial expenses 113.3 97.6 150.9 317.0 399.0 575.6
7.Net profit before tax (D5-D6) 154.8 180.9 222.4 181.1 183.0 340.3
8.Tax provision 17.4 24.8 24.7 41.7 46.8 35.4
9.Total amount of dividend 12.4 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 24.7 24.7 14.8 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 188.6 679.0 358.2 580.1 -1235.2 4881.3
2.Retention in business (D7-D8-D9) 125.0 156.1 197.7 139.4 136.2 304.9
3.Finance from outside the company (E1-E2) 63.6 522.9 160.5 440.7 -1371.4 4576.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 251.6 356.2 361.3 389.4 384.5 426.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 315.2 879.1 521.8 830.1 -986.9 5002.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 46.1 57.6 56.0 60.0 31.8 43.2
2.Current ratio (B4 as % of B5) 91.3 91.2 100.2 107.4 40.9 119.1
3.Acid test or Quick ratio (B4-B3 as % B5) 30.5 28.2 45.6 48.9 21.2 58.4
4.Debt equity ratio (B6 as % of A3) 254.1 352.4 355.6 368.4 709.8 167.4
5.Return on assets (D7 as % of C4) 7.2 5.2 5.1 3.5 2.2 3.5
6.Self financing ratio (E2 as % of E1) 66.3 23.0 55.2 24.0 -11.0 6.2
7.Cash flow ratio F1 as % of F2 79.8 40.5 69.2 46.9 -39.0 8.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 492.5 620.0 642.5 673.3 549.3 1935.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 91.6 93.3 89.8 90.5 90.9 90.5
10.Financial expenses as % of operating profit (D6 as % of D5) 42.3 35.0 40.4 63.6 68.6 62.8
11.Financial expense as % of gross sales (D6 as % of D1) 3.6 2.3 4.1 6.1 6.6 8.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.6 4.7 5.1 10.2 23.6 11.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 11.2 13.7 11.1 23.0 25.6 10.4
14.Sundry debtors as % of gross sales 4.4 5.7 5.9 7.5 9.5 9.8
15.Return on Equity (D7 as % of A3) 25.4 23.6 23.3 16.5 17.8 9.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 1108.1 - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 2.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 4.9 4.3 6.1 3.5 3.0 4.8
4.Earning per share before tax (D7/No. of ordinary shares) 12.5 14.6 15.0 11.1 9.8 18.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 11.1 12.6 13.3 8.5 7.3 16.3
6.Average annual % depreciation on written down fixed assets 11.8 16.4 8.4 11.6 9.7 2.2
7.Sales as % of total assets (D1 as % of C4) 147.4 120.3 84.2 101.8 72.8 73.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 190.7 16.8 2.7 -26.0 -11.7 84.7
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 22.0 31.3 -12.4 43.4 16.0 17.1
10.Break-up value of ordinary shares (in rupees) 49.2 62.0 64.2 67.3 54.9 193.6

60
Fazal Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 61.9 61.9 61.9 61.9 61.9 61.9
2.Surplus 668.4 621.5 741.3 684.0 648.0 658.1
3.Shareholder's Equity (A1+A2) 730.3 683.4 803.2 745.9 709.9 720.0
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 0.0 0.0 0.0 0.0 1079.5
7.Total Fixed Laibilities (A4+A5+A6) 0.0 0.0 0.0 0.0 0.0 1079.5
8.Total Capital Employed (A3+A7) 730.3 683.4 803.2 745.9 709.9 1799.5
B.Liquidity:
1.Liquid Assets: 91.0 9.3 3.5 2.0 1.5 14.6
(i)Cash 91.0 9.3 3.5 2.0 1.5 14.6
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 316.5 510.8 297.9 730.2 751.1 1049.0
3.Inventories 121.0 264.0 728.0 484.3 330.0 601.3
4.Current Assets (B1+B2+B3) 528.5 784.1 1029.4 1216.5 1082.6 1664.9
5.Current Liabilities 378.5 703.7 896.2 1123.0 1114.4 1529.3
6.Total Liabilities(A7+B5) 378.5 703.7 896.2 1123.0 1114.4 2608.8
7.Net Current Assets(B4-B5) 150.0 80.4 133.2 93.5 -31.8 135.6
8.Contractual Liabilities 21.0 340.4 774.4 918.1 747.3 2403.8
9.Net liquid assets (B1-B5) -287.5 -694.4 -892.7 -1121.0 -1112.9 -1514.7
C.Fixed Assets:
1.Fixed Asset At Cost 1207.4 1284.9 1399.4 1407.9 1551.0 1597.1
2.Fixed assets after deducting accumulated depreciation 580.1 602.9 669.9 652.3 741.8 1663.9
3.Depreciation for the year 55.4 60.9 49.7 66.4 76.5 69.7
4.Total assets (B4+C2) 1108.6 1387.0 1699.3 1868.8 1824.4 3328.8
D.Operation:
1.Gross sales 2277.4 2501.2 1803.3 2129.9 2381.2 2582.3
(i)Local sales 916.7 936.0 802.0 801.8 575.4 672.1
(ii)Export sales 1360.7 1565.2 1001.3 1328.1 1805.8 1910.2
2.Cost of Sales 2104.6 2409.4 1641.0 1954.3 2260.0 2442.5
3.Gross profit 172.8 91.8 162.3 175.6 121.2 139.8
4.Overhead and Other Expenses 2155.6 2461.1 1685.7 2008.0 2310.2 2489.8
5.Operating profit 122.7 42.3 119.6 125.5 77.5 96.3
6.Financial expenses 18.7 20.6 41.4 74.1 76.2 69.1
7.Net profit before tax (D5-D6) 104.0 21.7 78.2 51.4 1.3 27.2
8.Tax provision 22.5 17.9 20.2 24.5 28.9 20.8
9.Total amount of dividend 6.2 9.3 9.3 15.5 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 75.7 -46.9 119.8 -57.3 -36.0 1089.6
2.Retention in business (D7-D8-D9) 75.3 -5.5 48.7 11.4 -27.6 6.4
3.Finance from outside the company (E1-E2) 0.4 -41.4 71.1 -68.7 -8.4 1083.2
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 130.7 55.4 98.4 77.8 48.9 76.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 131.1 14.0 169.5 9.1 40.5 1159.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 0.0 0.0 0.0 0.0 60.0
2.Current ratio (B4 as % of B5) 139.6 111.4 114.9 108.3 97.1 108.9
3.Acid test or Quick ratio (B4-B3 as % B5) 107.7 73.9 33.6 65.2 67.5 69.5
4.Debt equity ratio (B6 as % of A3) 51.8 103.0 111.6 150.6 157.0 362.3
5.Return on assets (D7 as % of C4) 9.4 1.6 4.6 2.8 0.1 0.8
6.Self financing ratio (E2 as % of E1) 99.5 - 40.7 -19.9 76.7 0.6
7.Cash flow ratio F1 as % of F2 99.7 395.7 58.1 854.9 120.7 6.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 1179.8 1104.0 1297.6 1205.0 1146.8 1163.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.7 98.4 93.5 94.3 97.0 96.4
10.Financial expenses as % of operating profit (D6 as % of D5) 15.2 48.7 34.6 59.0 98.3 71.8
11.Financial expense as % of gross sales (D6 as % of D1) 0.8 0.8 2.3 3.5 3.2 2.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 89.0 6.1 5.3 8.1 10.2 2.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 21.6 82.5 25.8 47.7 2223.1 76.5
14.Sundry debtors as % of gross sales 10.6 16.5 13.1 30.5 27.2 32.6
15.Return on Equity (D7 as % of A3) 14.2 3.2 9.7 6.9 0.2 3.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 1314.5 40.9 623.7 173.5 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.8 1.4 1.2 2.1 0.0 0.0
3.Net profit margin (D7 as % of D1) 4.6 0.9 4.3 2.4 0.1 1.1
4.Earning per share before tax (D7/No. of ordinary shares) 16.8 3.5 12.6 8.3 0.2 4.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 13.2 0.6 9.4 4.3 -4.5 1.0
6.Average annual % depreciation on written down fixed assets 10.4 10.5 8.2 9.9 11.7 9.4
7.Sales as % of total assets (D1 as % of C4) 205.4 180.3 106.1 114.0 130.5 77.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 64.7 -79.2 260.0 -34.1 -97.6 2100.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 6.0 9.8 -27.9 18.1 11.8 8.4
10.Break-up value of ordinary shares (in rupees) 118.0 110.4 129.8 120.5 114.7 116.3

61
Gadoon Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 234.4 234.4 234.4 234.4 234.4 234.4
2.Surplus 1831.7 1993.2 2087.6 2127.4 2301.8 2079.9
3.Shareholder's Equity (A1+A2) 2066.1 2227.6 2322.0 2361.8 2536.2 2314.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 860.0 680.0 750.0 375.0 50.6 310.3
7.Total Fixed Laibilities (A4+A5+A6) 860.0 680.0 750.0 375.0 50.6 310.3
8.Total Capital Employed (A3+A7) 2926.1 2907.6 3072.0 2736.8 2586.8 2624.6
B.Liquidity:
1.Liquid Assets: 193.7 206.0 276.1 75.6 110.7 254.9
(i)Cash 90.4 206.0 276.1 75.6 95.5 171.6
(ii)Investments 103.3 0.0 0.0 0.0 15.2 83.3
2.Other Current Assets 659.7 700.5 474.6 1170.2 1548.5 1696.7
3.Inventories 898.2 738.6 1957.2 1878.1 1246.9 2527.6
4.Current Assets (B1+B2+B3) 1751.6 1645.1 2707.9 3123.9 2906.1 4479.2
5.Current Liabilities 1761.2 1687.8 2694.0 3407.9 3267.0 4918.4
6.Total Liabilities(A7+B5) 2621.2 2367.8 3444.0 3782.9 3317.6 5228.7
7.Net Current Assets(B4-B5) -9.6 -42.7 13.9 -284.0 -360.9 -439.2
8.Contractual Liabilities 2015.2 1452.2 2811.8 2797.8 1934.5 3989.5
9.Net liquid assets (B1-B5) -1567.5 -1481.8 -2417.9 -3332.3 -3156.3 -4663.5
C.Fixed Assets:
1.Fixed Asset At Cost 4276.7 4580.9 4886.4 5140.2 5338.1 5713.2
2.Fixed assets after deducting accumulated depreciation 2935.7 2950.3 3058.0 3020.8 2947.5 3063.7
3.Depreciation for the year 286.8 304.0 243.3 319.0 307.2 307.2
4.Total assets (B4+C2) 4687.3 4595.4 5765.9 6144.7 5853.6 7542.9
D.Operation:
1.Gross sales 4561.7 7528.0 4455.1 5718.6 5205.8 6857.9
(i)Local sales 2811.3 3899.0 1718.4 3099.4 1611.7 1717.1
(ii)Export sales 1750.4 3629.0 2736.7 2619.2 3594.1 5140.8
2.Cost of Sales 4120.4 5513.5 3913.3 4918.7 4456.0 6112.3
3.Gross profit 441.3 2014.5 541.8 799.9 749.8 745.6
4.Overhead and Other Expenses 4285.5 5721.2 4096.5 5157.5 4747.7 6662.4
5.Operating profit 276.2 1815.9 363.8 567.9 470.1 198.9
6.Financial expenses 98.1 58.9 84.4 204.8 149.8 331.4
7.Net profit before tax (D5-D6) 178.1 1757.0 279.4 363.1 320.3 -132.5
8.Tax provision 22.9 50.1 38.8 77.6 82.0 0.0
9.Total amount of dividend 29.3 58.6 58.6 58.6 0.0 58.6
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 870.0 -18.5 164.4 -335.2 -150.0 37.8
2.Retention in business (D7-D8-D9) 125.9 1648.3 182.0 226.9 238.3 -191.1
3.Finance from outside the company (E1-E2) 744.1 -1666.8 -17.6 -562.1 -388.3 228.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 412.7 1952.3 425.3 545.9 545.5 116.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 1156.8 285.5 407.7 -16.2 157.2 345.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 29.4 23.4 24.4 13.7 2.0 11.8
2.Current ratio (B4 as % of B5) 99.5 97.5 100.5 91.7 89.0 91.1
3.Acid test or Quick ratio (B4-B3 as % B5) 48.5 53.7 27.9 36.6 50.8 39.7
4.Debt equity ratio (B6 as % of A3) 126.9 106.3 148.3 160.2 130.8 225.9
5.Return on assets (D7 as % of C4) 3.8 38.2 4.8 5.9 5.5 -1.8
6.Self financing ratio (E2 as % of E1) 14.5 - 110.7 -67.7 -158.9 -505.6
7.Cash flow ratio F1 as % of F2 35.7 683.8 104.3 -3369.8 347.0 33.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 881.4 950.3 990.6 1007.6 1082.0 987.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 93.9 76.0 92.0 90.2 91.2 97.1
10.Financial expenses as % of operating profit (D6 as % of D5) 35.5 3.2 23.2 36.1 31.9 166.6
11.Financial expense as % of gross sales (D6 as % of D1) 2.2 0.8 1.9 3.6 2.9 4.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.9 4.1 3.0 7.3 7.7 8.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 12.9 2.9 13.9 21.4 25.6 0.0
14.Sundry debtors as % of gross sales 8.3 4.2 3.5 10.9 17.8 14.9
15.Return on Equity (D7 as % of A3) 8.6 78.9 12.0 15.4 12.6 -5.7
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 529.7 2912.8 410.6 487.2 0.0 -226.1
2.Dividend ratio to equity (D9 as % of A3) 1.4 2.6 2.5 2.5 0.0 2.5
3.Net profit margin (D7 as % of D1) 3.9 23.3 6.3 6.3 6.2 -1.9
4.Earning per share before tax (D7/No. of ordinary shares) 7.6 75.0 11.9 15.5 13.7 -5.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.6 72.8 10.3 12.2 10.2 -5.7
6.Average annual % depreciation on written down fixed assets 14.2 10.4 8.2 10.4 10.2 10.4
7.Sales as % of total assets (D1 as % of C4) 97.3 163.8 77.3 93.1 88.9 90.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -29.0 886.8 -84.1 30.3 -11.6 -141.6
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 12.3 65.0 -40.8 28.4 -9.0 31.7
10.Break-up value of ordinary shares (in rupees) 88.1 95.0 99.1 100.8 108.2 98.7

62
Ghazi Fabrics International Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 326.4 326.4 326.4 326.4 326.4 326.4
2.Surplus 497.9 403.1 334.8 270.1 -24.1 -208.4
3.Shareholder's Equity (A1+A2) 824.3 729.5 661.2 596.5 302.3 118.0
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 172.5 356.5 533.1 758.8 451.3 313.5
7.Total Fixed Laibilities (A4+A5+A6) 172.5 356.5 533.1 758.8 451.3 313.5
8.Total Capital Employed (A3+A7) 996.8 1086.0 1194.3 1355.3 753.6 431.5
B.Liquidity:
1.Liquid Assets: 7.7 6.0 14.9 4.6 3.9 0.3
(i)Cash 7.7 6.0 14.9 4.6 3.9 0.3
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 118.6 211.1 175.7 128.2 218.4 210.7
3.Inventories 103.4 299.4 205.1 371.2 359.7 582.3
4.Current Assets (B1+B2+B3) 229.7 516.5 395.7 504.0 582.0 793.3
5.Current Liabilities 628.7 976.9 872.6 985.1 1549.4 2012.3
6.Total Liabilities(A7+B5) 801.2 1333.4 1405.7 1743.9 2000.7 2325.8
7.Net Current Assets(B4-B5) -399.0 -460.4 -476.9 -481.1 -967.4 -1219.0
8.Contractual Liabilities 351.0 649.3 783.9 1161.4 747.9 1071.3
9.Net liquid assets (B1-B5) -621.0 -970.9 -857.7 -980.5 -1545.5 -2012.0
C.Fixed Assets:
1.Fixed Asset At Cost 2087.2 2305.5 2469.3 2729.7 2771.6 2815.3
2.Fixed assets after deducting accumulated depreciation 1395.8 1546.2 1671.2 1836.3 1721.0 1650.4
3.Depreciation for the year 131.9 125.6 118.6 152.9 167.1 156.7
4.Total assets (B4+C2) 1625.5 2062.7 2066.9 2340.3 2303.0 2443.7
D.Operation:
1.Gross sales 1456.6 2079.5 1689.2 2397.8 2715.2 2923.6
(i)Local sales 1161.1 1247.0 775.1 1273.2 1484.2 1778.8
(ii)Export sales 295.5 832.5 914.1 1124.6 1231.0 1144.8
2.Cost of Sales 1442.9 2022.8 1635.6 2211.4 2666.2 2857.8
3.Gross profit 13.7 56.7 53.6 186.4 49.0 65.8
4.Overhead and Other Expenses 1483.3 2087.2 1762.8 2320.1 2782.7 2984.0
5.Operating profit -22.2 -60.4 -69.6 129.1 -63.6 -55.2
6.Financial expenses 21.7 24.1 44.7 100.2 114.8 106.5
7.Net profit before tax (D5-D6) -43.9 -84.5 -114.3 28.9 -178.4 -161.7
8.Tax provision 7.3 10.4 9.9 15.1 14.8 14.6
9.Total amount of dividend 0.0 0.0 0.0 3.2 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 175.8 89.2 108.3 161.0 -601.7 -395.7
2.Retention in business (D7-D8-D9) -51.2 -94.9 -124.2 10.6 -193.2 -176.3
3.Finance from outside the company (E1-E2) 227.0 184.1 232.5 150.4 -408.5 -219.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 80.7 30.7 -5.6 163.5 -26.1 -19.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 307.7 214.8 226.9 313.9 -434.6 -239.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 17.3 32.8 44.6 56.0 59.9 72.7
2.Current ratio (B4 as % of B5) 36.5 52.9 45.3 51.2 37.6 39.4
3.Acid test or Quick ratio (B4-B3 as % B5) 20.1 22.2 21.8 13.5 14.3 10.5
4.Debt equity ratio (B6 as % of A3) 97.2 182.8 212.6 292.4 661.8 1971.0
5.Return on assets (D7 as % of C4) -2.7 -4.1 -5.5 1.2 -7.7 -6.6
6.Self financing ratio (E2 as % of E1) -29.1 -106.4 -114.7 6.6 32.1 44.6
7.Cash flow ratio F1 as % of F2 26.2 14.3 -2.5 52.1 6.0 8.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 252.5 223.5 202.6 182.8 92.6 36.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 101.8 100.4 104.4 96.8 102.5 102.1
10.Financial expenses as % of operating profit (D6 as % of D5) - - - 77.6 -180.5 -192.9
11.Financial expense as % of gross sales (D6 as % of D1) 1.5 1.2 2.6 4.2 4.2 3.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.2 3.7 5.7 8.6 15.3 9.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - 52.2 -8.3 -9.0
14.Sundry debtors as % of gross sales 3.4 3.7 4.7 3.4 5.4 4.1
15.Return on Equity (D7 as % of A3) -5.3 -11.6 -17.3 4.8 -59.0 -137.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 431.3 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.5 0.0 0.0
3.Net profit margin (D7 as % of D1) -3.0 -4.1 -6.8 1.2 -6.6 -5.5
4.Earning per share before tax (D7/No. of ordinary shares) -1.3 -2.6 -3.5 0.9 -5.5 -5.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.6 -2.9 -3.8 0.4 -5.9 -5.4
6.Average annual % depreciation on written down fixed assets 10.9 9.0 7.7 9.1 9.1 9.1
7.Sales as % of total assets (D1 as % of C4) 89.6 100.8 81.7 102.5 117.9 119.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -7.1 100.0 34.6 -125.7 -711.1 11.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 25.8 42.8 -18.8 41.9 13.2 7.7
10.Break-up value of ordinary shares (in rupees) 25.3 22.3 20.3 18.3 9.3 3.6

63
Glamour Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 116.4 116.4 116.4 116.4 116.4 116.4
2.Surplus 83.9 29.0 140.3 110.3 59.4 93.6
3.Shareholder's Equity (A1+A2) 200.3 145.4 256.7 226.7 175.8 210.0
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 249.0 50.0 66.7 35.1 282.8
7.Total Fixed Laibilities (A4+A5+A6) 0.0 249.0 50.0 66.7 35.1 282.8
8.Total Capital Employed (A3+A7) 200.3 394.4 306.7 293.4 210.9 492.8
B.Liquidity:
1.Liquid Assets: 4.0 2.8 9.8 3.9 2.7 2.1
(i)Cash 4.0 2.8 9.8 3.9 2.7 2.1
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 32.3 49.5 55.2 89.1 118.7 138.0
3.Inventories 16.2 52.0 172.5 97.2 96.4 176.0
4.Current Assets (B1+B2+B3) 52.5 104.3 237.5 190.2 217.8 316.1
5.Current Liabilities 333.9 199.7 413.1 416.5 537.8 391.3
6.Total Liabilities(A7+B5) 333.9 448.7 463.1 483.2 572.9 674.1
7.Net Current Assets(B4-B5) -281.4 -95.4 -175.6 -226.3 -320.0 -75.2
8.Contractual Liabilities 0.0 414.1 267.2 182.6 241.5 642.0
9.Net liquid assets (B1-B5) -329.9 -196.9 -403.3 -412.6 -535.1 -389.2
C.Fixed Assets:
1.Fixed Asset At Cost 974.9 997.4 992.0 1060.4 1104.6 176.4
2.Fixed assets after deducting accumulated depreciation 481.6 489.8 482.5 519.7 531.0 568.0
3.Depreciation for the year 43.3 40.1 28.4 35.5 38.8 39.5
4.Total assets (B4+C2) 534.1 594.1 720.0 709.9 748.8 884.1
D.Operation:
1.Gross sales 494.0 659.3 450.2 713.6 766.6 731.1
(i)Local sales 475.9 602.7 318.5 401.2 382.0 663.5
(ii)Export sales 18.1 56.6 131.7 312.4 384.6 67.6
2.Cost of Sales 523.1 729.0 422.6 681.4 750.0 689.7
3.Gross profit -29.1 -69.7 27.6 32.2 16.6 41.4
4.Overhead and Other Expenses 532.1 738.6 437.8 709.9 783.1 709.2
5.Operating profit -40.0 -75.6 12.6 4.6 -15.8 23.2
6.Financial expenses 11.4 18.9 12.8 29.3 29.3 42.9
7.Net profit before tax (D5-D6) -51.4 -94.5 -0.2 -24.7 -45.1 -19.7
8.Tax provision 2.1 2.6 2.1 4.7 5.8 3.7
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -56.6 194.1 -87.7 -13.3 -82.5 281.9
2.Retention in business (D7-D8-D9) -53.5 -97.1 -2.3 -29.4 -50.9 -23.4
3.Finance from outside the company (E1-E2) -3.1 291.2 -85.4 16.1 -31.6 305.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -10.2 -57.0 26.1 6.1 -12.1 16.1
2.Depreciation for the year plus changes in capital employed (C3+E1) -13.3 234.2 -59.3 22.2 -43.7 321.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 63.1 16.3 22.7 16.6 57.4
2.Current ratio (B4 as % of B5) 15.7 52.2 57.5 45.7 40.5 80.8
3.Acid test or Quick ratio (B4-B3 as % B5) 10.9 26.2 15.7 22.3 22.6 35.8
4.Debt equity ratio (B6 as % of A3) 166.7 308.6 180.4 213.1 325.9 321.0
5.Return on assets (D7 as % of C4) -9.6 -15.9 0.0 -3.5 -6.0 -2.2
6.Self financing ratio (E2 as % of E1) - -50.0 - 221.1 61.7 -8.3
7.Cash flow ratio F1 as % of F2 - -24.3 - 27.5 27.7 5.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 172.1 124.9 220.5 194.8 151.0 180.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 107.7 112.0 97.2 99.5 102.2 97.0
10.Financial expenses as % of operating profit (D6 as % of D5) - - 101.6 637.0 -185.4 184.9
11.Financial expense as % of gross sales (D6 as % of D1) 2.3 2.9 2.8 4.1 3.8 5.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) - 4.6 4.8 16.0 12.1 6.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -19.0 -12.9 -18.8
14.Sundry debtors as % of gross sales 3.3 3.6 9.4 8.4 10.5 13.7
15.Return on Equity (D7 as % of A3) -25.7 -65.0 -0.1 -10.9 -25.7 -9.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -10.4 -14.3 0.0 -3.5 -5.9 -2.7
4.Earning per share before tax (D7/No. of ordinary shares) -4.4 -8.1 0.0 -2.1 -3.9 -1.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -4.6 -8.3 -0.2 -2.5 -4.4 -2.0
6.Average annual % depreciation on written down fixed assets 8.7 8.3 5.8 7.4 7.5 7.4
7.Sales as % of total assets (D1 as % of C4) 92.5 111.0 62.5 100.5 102.4 82.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 15.8 84.1 -100.0 0.0 85.7 -56.4
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 44.3 33.5 -31.7 58.5 7.4 -4.6
10.Break-up value of ordinary shares (in rupees) 17.2 12.5 22.1 19.5 15.1 18.0

64
Globe Textile Mills (OE) Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 44.4 44.4 44.4 46.6 46.6 46.6
2.Surplus 38.7 32.8 51.6 23.6 23.6 23.6
3.Shareholder's Equity (A1+A2) 83.1 77.2 96.0 70.2 70.2 70.2
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 77.2 98.7 147.0 104.7 104.7 104.7
7.Total Fixed Laibilities (A4+A5+A6) 77.2 98.7 147.0 104.7 104.7 104.7
8.Total Capital Employed (A3+A7) 160.3 175.9 243.0 174.9 174.9 174.9
B.Liquidity:
1.Liquid Assets: 4.3 1.4 1.3 1.3 1.3 1.3
(i)Cash 4.3 1.4 1.3 1.3 1.3 1.3
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 86.8 109.3 92.6 120.4 120.4 120.4
3.Inventories 79.1 132.7 138.7 186.5 186.5 186.5
4.Current Assets (B1+B2+B3) 170.2 243.4 232.6 308.2 308.2 308.2
5.Current Liabilities 182.1 243.7 229.9 371.7 371.7 371.7
6.Total Liabilities(A7+B5) 259.3 342.4 376.9 476.4 476.4 476.4
7.Net Current Assets(B4-B5) -11.9 -0.3 2.7 -63.5 -63.5 -63.5
8.Contractual Liabilities 231.9 258.5 313.1 425.2 425.2 425.2
9.Net liquid assets (B1-B5) -177.8 -242.3 -228.6 -370.4 -370.4 -370.4
C.Fixed Assets:
1.Fixed Asset At Cost 282.2 294.8 371.7 389.3 389.3 389.3
2.Fixed assets after deducting accumulated depreciation 172.1 176.2 240.3 238.5 238.5 238.5
3.Depreciation for the year 9.0 8.5 13.3 16.4 16.4 16.4
4.Total assets (B4+C2) 342.3 419.6 472.9 546.7 546.7 546.7
D.Operation:
1.Gross sales 420.2 560.3 454.2 215.9 215.9 215.9
(i)Local sales 420.2 560.3 454.2 215.9 215.9 215.9
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 397.7 523.8 424.1 214.6 214.6 214.6
3.Gross profit 22.5 36.5 30.1 1.3 1.3 1.3
4.Overhead and Other Expenses 411.1 537.8 434.1 227.0 227.0 227.0
5.Operating profit 9.4 22.6 20.4 1.6 1.6 1.6
6.Financial expenses 8.1 17.8 12.9 25.5 25.5 25.5
7.Net profit before tax (D5-D6) 1.3 4.8 7.5 -23.9 -23.9 -23.9
8.Tax provision 2.1 2.4 2.0 1.1 1.1 1.1
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 46.5 15.6 67.1 -68.1 0.0 0.0
2.Retention in business (D7-D8-D9) -0.8 2.4 5.5 -25.0 -25.0 -25.0
3.Finance from outside the company (E1-E2) 47.3 13.2 61.6 -43.1 25.0 25.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 8.2 10.9 18.8 -8.6 -8.6 -8.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 55.5 24.1 80.4 -51.7 16.4 16.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 48.2 56.1 60.5 59.9 59.9 59.9
2.Current ratio (B4 as % of B5) 93.5 99.9 101.2 82.9 82.9 82.9
3.Acid test or Quick ratio (B4-B3 as % B5) 50.0 45.4 40.8 32.7 32.7 32.7
4.Debt equity ratio (B6 as % of A3) 312.0 443.5 392.6 678.6 678.6 678.6
5.Return on assets (D7 as % of C4) 0.4 1.1 1.6 -4.4 -4.4 -4.4
6.Self financing ratio (E2 as % of E1) -1.7 15.4 8.2 36.7 0.0 0.0
7.Cash flow ratio F1 as % of F2 14.8 45.2 23.4 16.6 -52.4 -52.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 187.2 173.9 216.2 150.6 150.6 150.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 97.8 96.0 95.6 105.1 105.1 105.1
10.Financial expenses as % of operating profit (D6 as % of D5) 86.2 78.8 63.2 1593.8 1593.8 1593.8
11.Financial expense as % of gross sales (D6 as % of D1) 1.9 3.2 2.8 11.8 11.8 11.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 3.5 6.9 4.1 6.0 6.0 6.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 161.5 50.0 26.7 -4.6 -4.6 -4.6
14.Sundry debtors as % of gross sales 5.6 4.0 6.1 11.8 11.8 11.8
15.Return on Equity (D7 as % of A3) 1.6 6.2 7.8 -34.0 -34.0 -34.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 0.3 0.9 1.7 -11.1 -11.1 -11.1
4.Earning per share before tax (D7/No. of ordinary shares) 0.3 1.1 1.7 -5.1 -5.1 -5.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.2 0.5 1.2 -5.4 -5.4 -5.4
6.Average annual % depreciation on written down fixed assets 7.4 4.9 7.5 6.8 6.8 6.8
7.Sales as % of total assets (D1 as % of C4) 122.8 133.5 96.0 39.5 39.5 39.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -78.6 266.7 54.5 -400.0 0.0 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 4.7 33.3 -18.9 -52.5 0.0 0.0
10.Break-up value of ordinary shares (in rupees) 18.7 17.4 21.6 15.1 15.1 15.1

65
Globe Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 155.9 155.9 155.9 163.7 163.7 163.7
2.Surplus 156.8 100.8 482.7 -77.8 -180.3 -204.4
3.Shareholder's Equity (A1+A2) 312.7 256.7 638.6 85.9 -16.6 -40.7
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 300.9 199.2 367.5 408.4 534.0 460.5
7.Total Fixed Laibilities (A4+A5+A6) 300.9 199.2 367.5 408.4 534.0 460.5
8.Total Capital Employed (A3+A7) 613.6 455.9 1006.1 494.3 517.4 419.8
B.Liquidity:
1.Liquid Assets: 1.8 2.4 2.8 0.4 1.8 0.0
(i)Cash 1.8 2.4 2.8 0.4 1.8 0.0
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 396.1 522.1 334.7 290.7 141.6 136.6
3.Inventories 249.7 641.0 829.4 246.8 0.0 0.0
4.Current Assets (B1+B2+B3) 647.6 1165.5 1166.9 537.9 143.4 136.6
5.Current Liabilities 685.0 1264.0 1079.3 927.7 343.3 320.4
6.Total Liabilities(A7+B5) 985.9 1463.2 1446.8 1336.1 877.3 780.9
7.Net Current Assets(B4-B5) -37.4 -98.5 87.6 -389.8 -199.9 -183.8
8.Contractual Liabilities 821.8 1025.4 1195.6 999.8 554.7 481.8
9.Net liquid assets (B1-B5) -683.2 -1261.6 -1076.5 -927.3 -341.5 -320.4
C.Fixed Assets:
1.Fixed Asset At Cost 1349.8 1308.0 1717.1 1730.7 1455.8 1159.2
2.Fixed assets after deducting accumulated depreciation 650.9 554.3 918.5 884.0 717.3 603.5
3.Depreciation for the year 65.9 54.9 45.3 55.7 95.8 33.0
4.Total assets (B4+C2) 1298.5 1719.8 2085.4 1421.9 860.7 740.1
D.Operation:
1.Gross sales 1179.4 1390.0 837.7 499.5 219.7 0.0
(i)Local sales 559.9 929.6 498.7 346.3 219.7 0.0
(ii)Export sales 619.5 460.4 339.0 153.2 0.0 0.0
2.Cost of Sales 1054.5 1241.5 749.5 590.1 301.3 43.2
3.Gross profit 124.9 148.5 88.2 -90.6 -81.6 -43.2
4.Overhead and Other Expenses 1103.4 1287.1 778.2 958.6 314.6 53.4
5.Operating profit 84.5 102.9 60.4 -455.7 -69.1 -9.9
6.Financial expenses 73.9 80.2 54.4 94.5 32.3 14.2
7.Net profit before tax (D5-D6) 10.6 22.7 6.0 -550.2 -101.4 -24.1
8.Tax provision 5.9 6.3 3.9 2.5 1.1 0.0
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 46.4 -157.7 550.2 -511.8 23.1 -97.6
2.Retention in business (D7-D8-D9) 4.7 16.4 2.1 -552.7 -102.5 -24.1
3.Finance from outside the company (E1-E2) 41.7 -174.1 548.1 40.9 125.6 -73.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 70.6 71.3 47.4 -497.0 -6.7 8.9
2.Depreciation for the year plus changes in capital employed (C3+E1) 112.3 -102.8 595.5 -456.1 118.9 -64.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 49.0 43.7 36.5 82.6 103.2 109.7
2.Current ratio (B4 as % of B5) 94.5 92.2 108.1 58.0 41.8 42.6
3.Acid test or Quick ratio (B4-B3 as % B5) 58.1 41.5 31.3 31.4 41.8 42.6
4.Debt equity ratio (B6 as % of A3) 315.3 570.0 226.6 1555.4 0.0 0.0
5.Return on assets (D7 as % of C4) 0.8 1.3 0.3 -38.7 -11.8 -3.3
6.Self financing ratio (E2 as % of E1) 10.1 - 0.4 108.0 -443.7 24.7
7.Cash flow ratio F1 as % of F2 62.9 - 8.0 109.0 -5.6 -13.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 200.6 164.7 409.6 52.5 -10.1 -24.9
9.Overhead and other expenses as % of gross sales (D4 as % D1) 93.6 92.6 92.9 191.9 143.2 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) 87.5 77.9 90.1 -20.7 -46.7 -143.4
11.Financial expense as % of gross sales (D6 as % of D1) 6.3 5.8 6.5 18.9 14.7 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.0 7.8 4.6 9.5 5.8 2.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 55.7 27.8 65.0 -0.5 -1.1 0.0
14.Sundry debtors as % of gross sales 9.8 11.2 20.3 15.3 24.3 0.0
15.Return on Equity (D7 as % of A3) 3.4 8.8 0.9 -640.5 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 0.9 1.6 0.7 -110.2 -46.2 0.0
4.Earning per share before tax (D7/No. of ordinary shares) 0.7 1.5 0.4 -33.6 -6.2 -1.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.3 1.1 0.1 -33.8 -6.3 -1.5
6.Average annual % depreciation on written down fixed assets 10.6 8.4 8.2 6.1 10.8 4.6
7.Sales as % of total assets (D1 as % of C4) 90.8 80.8 40.2 35.1 25.5 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -41.7 114.3 -73.3 -8500.0 -81.5 -75.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -3.6 17.9 -39.7 -40.4 -56.0 -100.0
10.Break-up value of ordinary shares (in rupees) 20.1 16.5 41.0 5.2 -1.0 -2.5

66
Gul Ahmed Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 340.7 340.7 383.3 460.0 552.0 552.0
2.Surplus 1780.1 1962.8 1953.7 1886.2 2076.8 2181.8
3.Shareholder's Equity (A1+A2) 2120.8 2303.5 2337.0 2346.2 2628.8 2733.8
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 948.0 1386.9 2036.3 2151.3 1772.0 2484.6
7.Total Fixed Laibilities (A4+A5+A6) 948.0 1386.9 2036.3 2151.3 1772.0 2484.6
8.Total Capital Employed (A3+A7) 3068.8 3690.4 4373.3 4497.5 4400.8 5218.4
B.Liquidity:
1.Liquid Assets: 679.3 704.2 725.4 524.5 86.3 127.5
(i)Cash 86.3 99.0 115.5 39.9 27.8 69.0
(ii)Investments 593.0 605.2 609.9 484.6 58.5 58.5
2.Other Current Assets 1556.4 2858.5 2304.3 2157.0 3010.5 3498.8
3.Inventories 935.1 2043.9 2747.0 2887.2 2254.1 2915.6
4.Current Assets (B1+B2+B3) 3170.8 5606.6 5776.7 5568.7 5350.9 6541.9
5.Current Liabilities 3027.7 5385.8 5432.0 5481.4 5653.0 7151.1
6.Total Liabilities(A7+B5) 3975.7 6772.7 7468.3 7632.7 7425.0 9635.7
7.Net Current Assets(B4-B5) 143.1 220.8 344.7 87.3 -302.1 -609.2
8.Contractual Liabilities 3209.2 5928.9 6486.1 6811.6 5782.2 7699.0
9.Net liquid assets (B1-B5) -2348.4 -4681.6 -4706.6 -4956.9 -5566.7 -7023.6
C.Fixed Assets:
1.Fixed Asset At Cost 5097.7 5909.0 6730.2 6590.6 7929.9 9200.5
2.Fixed assets after deducting accumulated depreciation 2925.7 3469.6 4028.5 4410.2 4702.8 5827.6
3.Depreciation for the year 294.5 328.2 274.7 379.3 412.3 514.6
4.Total assets (B4+C2) 6096.5 9076.2 9805.2 9978.9 10053.7 12369.5
D.Operation:
1.Gross sales 5581.6 6680.9 5893.1 8245.8 9872.0 11752.0
(i)Local sales 2282.3 1791.1 2394.5 3617.3 4091.6 4852.2
(ii)Export sales 3299.3 4889.8 3498.6 4628.5 5780.4 6899.8
2.Cost of Sales 4512.8 5625.3 4929.8 7081.2 8446.1 10052.9
3.Gross profit 1068.8 1055.6 963.3 1164.6 1425.9 1699.1
4.Overhead and Other Expenses 5024.7 6329.2 5541.1 7704.7 9139.8 10834.5
5.Operating profit 593.0 363.2 358.7 548.6 738.5 934.3
6.Financial expenses 211.1 108.5 236.9 536.3 476.2 732.5
7.Net profit before tax (D5-D6) 381.9 254.7 121.8 12.3 262.3 201.8
8.Tax provision 75.0 60.1 39.0 47.0 67.4 66.0
9.Total amount of dividend 102.2 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 38.3 38.3 0.0 132.3
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 404.7 621.6 682.9 124.2 -96.7 817.6
2.Retention in business (D7-D8-D9) 204.7 194.6 82.8 -34.7 194.9 135.8
3.Finance from outside the company (E1-E2) 200.0 427.0 600.1 158.9 -291.6 681.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 499.2 522.8 357.5 344.6 607.2 650.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 699.2 949.8 957.6 503.5 315.6 1332.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 30.9 37.6 46.6 47.8 40.3 47.6
2.Current ratio (B4 as % of B5) 104.7 104.1 106.3 101.6 94.7 91.5
3.Acid test or Quick ratio (B4-B3 as % B5) 73.8 66.1 55.8 48.9 54.8 50.7
4.Debt equity ratio (B6 as % of A3) 187.5 294.0 319.6 325.3 282.4 352.5
5.Return on assets (D7 as % of C4) 6.3 2.8 1.2 0.1 2.6 1.6
6.Self financing ratio (E2 as % of E1) 50.6 31.3 12.1 -27.9 -201.6 16.6
7.Cash flow ratio F1 as % of F2 71.4 55.0 37.3 68.4 192.4 48.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 622.5 676.1 609.7 510.0 476.2 495.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 90.0 94.7 94.0 93.4 92.6 92.2
10.Financial expenses as % of operating profit (D6 as % of D5) 35.6 29.9 66.0 97.8 64.5 78.4
11.Financial expense as % of gross sales (D6 as % of D1) 3.8 1.6 4.0 6.5 4.8 6.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.6 1.8 3.7 7.9 8.2 9.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 19.6 23.6 32.0 382.1 25.7 32.7
14.Sundry debtors as % of gross sales 18.1 30.8 32.7 22.3 21.9 21.2
15.Return on Equity (D7 as % of A3) 18.0 11.1 5.2 0.5 10.0 7.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 300.3 - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 4.8 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 6.8 3.8 2.1 0.1 2.7 1.7
4.Earning per share before tax (D7/No. of ordinary shares) 11.2 7.5 3.2 0.3 4.8 3.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 9.0 5.7 2.2 -0.8 3.5 2.5
6.Average annual % depreciation on written down fixed assets 11.5 11.2 7.9 9.5 9.3 10.9
7.Sales as % of total assets (D1 as % of C4) 91.6 73.6 60.1 82.6 98.2 95.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -5.1 -33.0 -57.3 -90.6 1500.0 -22.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -3.4 19.7 -11.8 39.9 19.7 19.0
10.Break-up value of ordinary shares (in rupees) 62.2 67.6 61.0 51.0 47.6 49.5

67
Gulistan Spinning Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 100.0 100.0 100.0 100.0 110.0 110.0
2.Surplus 122.2 121.8 134.6 216.6 213.6 213.6
3.Shareholder's Equity (A1+A2) 222.2 221.8 234.6 316.6 323.6 323.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 173.9 137.8 172.0 246.0 60.4 60.4
7.Total Fixed Laibilities (A4+A5+A6) 173.9 137.8 172.0 246.0 60.4 60.4
8.Total Capital Employed (A3+A7) 396.1 359.6 406.6 562.6 384.0 384.0
B.Liquidity:
1.Liquid Assets: 53.7 50.0 40.9 76.2 93.0 93.0
(i)Cash 44.8 40.1 30.4 55.0 69.7 69.7
(ii)Investments 8.9 9.9 10.5 21.2 23.3 23.3
2.Other Current Assets 189.1 191.4 137.0 220.3 261.3 261.3
3.Inventories 76.4 295.3 396.0 313.4 419.4 419.4
4.Current Assets (B1+B2+B3) 319.2 536.7 573.9 609.9 773.7 773.7
5.Current Liabilities 212.8 518.6 560.2 626.2 961.2 961.2
6.Total Liabilities(A7+B5) 386.7 656.4 732.2 872.2 1021.6 1021.6
7.Net Current Assets(B4-B5) 106.4 18.1 13.7 -16.3 -187.5 -187.5
8.Contractual Liabilities 356.3 584.4 680.3 808.8 553.6 553.6
9.Net liquid assets (B1-B5) -159.1 -468.6 -519.3 -550.0 -868.2 -868.2
C.Fixed Assets:
1.Fixed Asset At Cost 583.5 666.1 742.1 966.9 999.7 999.7
2.Fixed assets after deducting accumulated depreciation 289.8 341.6 392.9 578.9 571.6 571.6
3.Depreciation for the year 27.7 28.1 19.9 39.2 44.4 44.4
4.Total assets (B4+C2) 609.0 878.3 966.8 1188.8 1345.3 1345.3
D.Operation:
1.Gross sales 724.2 856.3 609.1 930.9 1067.2 1067.2
(i)Local sales 238.5 360.4 195.8 930.9 332.2 332.2
(ii)Export sales 485.7 495.9 413.3 0.0 735.0 735.0
2.Cost of Sales 645.6 800.3 536.4 791.5 912.4 912.4
3.Gross profit 78.6 56.0 72.7 139.4 154.8 154.8
4.Overhead and Other Expenses 666.2 818.2 550.1 828.7 959.1 959.1
5.Operating profit 58.1 38.3 59.1 109.6 115.2 115.2
6.Financial expenses 44.8 33.0 40.7 87.2 404.2 404.2
7.Net profit before tax (D5-D6) 13.3 5.3 18.4 22.4 -289.0 -289.0
8.Tax provision 6.1 6.2 5.2 9.6 10.9 10.9
9.Total amount of dividend 7.5 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 10.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 108.1 -36.5 47.0 156.0 -178.6 0.0
2.Retention in business (D7-D8-D9) -0.3 -0.9 13.2 12.8 -299.9 -299.9
3.Finance from outside the company (E1-E2) 108.4 -35.6 33.8 143.2 121.3 299.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 27.4 27.2 33.1 52.0 -255.5 -255.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 135.8 -8.4 66.9 195.2 -134.2 44.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 43.9 38.3 42.3 43.7 15.7 15.7
2.Current ratio (B4 as % of B5) 150.0 103.5 102.4 97.4 80.5 80.5
3.Acid test or Quick ratio (B4-B3 as % B5) 114.1 46.5 31.8 47.3 36.9 36.9
4.Debt equity ratio (B6 as % of A3) 174.0 295.9 312.1 275.5 315.7 315.7
5.Return on assets (D7 as % of C4) 2.2 0.6 1.9 1.9 -21.5 -21.5
6.Self financing ratio (E2 as % of E1) -0.3 - 28.1 8.2 167.9 0.0
7.Cash flow ratio F1 as % of F2 20.2 - 49.5 26.6 190.4 -575.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 222.2 221.8 234.6 316.6 294.2 294.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 92.0 95.6 90.3 89.0 89.9 89.9
10.Financial expenses as % of operating profit (D6 as % of D5) 77.1 86.2 68.9 79.6 350.9 350.9
11.Financial expense as % of gross sales (D6 as % of D1) 6.2 3.9 6.7 9.4 37.9 37.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) 12.6 5.6 6.0 10.8 73.0 73.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 45.9 117.0 28.3 42.9 -3.8 -3.8
14.Sundry debtors as % of gross sales 7.0 9.6 11.5 9.8 13.5 13.5
15.Return on Equity (D7 as % of A3) 6.0 2.4 7.8 7.1 -89.3 -89.3
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 96.0 - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 3.4 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.8 0.6 3.0 2.4 -27.1 -27.1
4.Earning per share before tax (D7/No. of ordinary shares) 1.3 0.5 1.8 2.2 -26.3 -26.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.7 -0.1 1.3 1.3 -27.3 -27.3
6.Average annual % depreciation on written down fixed assets 9.6 9.7 5.8 10.0 7.7 7.7
7.Sales as % of total assets (D1 as % of C4) 118.9 97.5 63.0 78.3 79.3 79.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -1400.0 -61.5 260.0 22.2 -1295.5 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 0.5 18.2 -28.9 52.8 14.6 0.0
10.Break-up value of ordinary shares (in rupees) 22.2 22.2 23.5 31.7 29.4 29.4

68
Gulistan Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 126.4 126.4 126.4 132.7 145.9 160.5
2.Surplus 852.0 826.3 941.9 2126.9 2333.7 2371.8
3.Shareholder's Equity (A1+A2) 978.4 952.7 1068.3 2259.6 2479.6 2532.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 605.5 0.0 52.9 0.0 0.0 0.0
6.Other Fixed Laibilities 153.0 601.9 595.8 841.0 756.8 629.3
7.Total Fixed Laibilities (A4+A5+A6) 758.5 601.9 648.7 841.0 756.8 629.3
8.Total Capital Employed (A3+A7) 1736.9 1554.6 1717.0 3100.6 3236.4 3161.6
B.Liquidity:
1.Liquid Assets: 379.4 391.9 402.3 1319.7 1515.9 1517.7
(i)Cash 47.1 35.8 38.7 34.8 55.4 28.8
(ii)Investments 332.3 356.1 363.6 1284.9 1460.5 1488.9
2.Other Current Assets 695.7 833.9 793.9 1083.8 1252.8 1351.8
3.Inventories 585.8 1097.3 1407.5 1573.2 1892.0 2872.1
4.Current Assets (B1+B2+B3) 1660.9 2323.1 2603.7 3976.7 4660.7 5741.6
5.Current Liabilities 1263.7 2056.5 2362.7 2656.4 3402.8 4660.3
6.Total Liabilities(A7+B5) 2022.2 2658.4 3011.4 3497.4 4159.6 5289.6
7.Net Current Assets(B4-B5) 397.2 266.6 241.0 1320.3 1257.9 1081.3
8.Contractual Liabilities 1853.4 2156.3 2786.5 3115.0 3281.1 4009.3
9.Net liquid assets (B1-B5) -884.3 -1664.6 -1960.4 -1336.7 -1886.9 -3142.6
C.Fixed Assets:
1.Fixed Asset At Cost 2363.1 2410.8 2680.3 3100.8 3238.6 3505.0
2.Fixed assets after deducting accumulated depreciation 1339.6 1288.0 1476.0 1780.3 1978.5 2080.4
3.Depreciation for the year 118.3 123.8 88.1 135.4 140.3 89.6
4.Total assets (B4+C2) 3000.5 3611.1 4079.7 5757.0 6639.2 7822.0
D.Operation:
1.Gross sales 3129.4 3904.4 2705.6 3651.7 4326.5 5249.8
(i)Local sales 1720.6 2335.2 1502.8 3651.7 2900.4 3517.5
(ii)Export sales 1408.8 1569.2 1202.8 0.0 1426.1 1732.3
2.Cost of Sales 2791.8 3615.1 2415.0 3082.9 3756.5 4513.1
3.Gross profit 337.6 289.3 290.6 568.8 570.0 736.7
4.Overhead and Other Expenses 2856.5 3688.4 2471.4 3219.4 3926.4 4667.4
5.Operating profit 295.3 256.3 250.7 447.4 459.9 660.0
6.Financial expenses 225.1 197.8 180.3 350.3 401.4 535.7
7.Net profit before tax (D5-D6) 70.2 58.5 70.4 97.1 58.5 124.3
8.Tax provision 22.1 20.1 15.3 18.7 21.6 26.2
9.Total amount of dividend 12.6 9.5 9.5 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 13.3 0.0 112.8
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 253.9 -182.3 162.4 1383.6 135.8 -74.8
2.Retention in business (D7-D8-D9) 35.5 28.9 45.6 78.4 36.9 98.1
3.Finance from outside the company (E1-E2) 218.4 -211.2 116.8 1305.2 98.9 -172.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 153.8 152.7 133.7 213.8 177.2 187.7
2.Depreciation for the year plus changes in capital employed (C3+E1) 372.2 -58.5 250.5 1519.0 276.1 14.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 43.7 38.7 37.8 27.1 23.4 19.9
2.Current ratio (B4 as % of B5) 131.4 113.0 110.2 149.7 137.0 123.2
3.Acid test or Quick ratio (B4-B3 as % B5) 85.1 59.6 50.6 90.5 81.4 61.6
4.Debt equity ratio (B6 as % of A3) 206.7 279.0 281.9 154.8 167.8 208.9
5.Return on assets (D7 as % of C4) 2.3 1.6 1.7 1.7 0.9 1.6
6.Self financing ratio (E2 as % of E1) 14.0 - 28.1 5.7 27.2 -131.1
7.Cash flow ratio F1 as % of F2 41.3 - 53.4 14.1 64.2 1268.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 774.1 753.7 845.2 1702.8 1699.5 1577.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 91.3 94.5 91.3 88.2 90.8 88.9
10.Financial expenses as % of operating profit (D6 as % of D5) 76.2 77.2 71.9 78.3 87.3 81.2
11.Financial expense as % of gross sales (D6 as % of D1) 7.2 5.1 6.7 9.6 9.3 10.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 12.1 9.2 6.5 11.2 12.2 13.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 31.5 34.4 21.7 19.3 36.9 21.1
14.Sundry debtors as % of gross sales 12.5 13.7 23.9 19.8 20.7 18.9
15.Return on Equity (D7 as % of A3) 7.2 6.1 6.6 4.3 2.4 4.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 381.7 404.2 580.0 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 1.3 1.0 0.9 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 2.2 1.5 2.6 2.7 1.4 2.4
4.Earning per share before tax (D7/No. of ordinary shares) 5.6 4.6 5.6 7.3 4.0 7.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.8 3.0 4.4 5.9 2.5 6.1
6.Average annual % depreciation on written down fixed assets 9.1 9.1 6.8 9.2 7.9 4.5
7.Sales as % of total assets (D1 as % of C4) 104.3 108.1 66.3 63.4 65.2 67.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -8.2 -17.9 21.7 30.4 -45.2 92.5
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 23.9 24.8 -30.7 35.0 18.5 21.3
10.Break-up value of ordinary shares (in rupees) 77.4 75.4 84.5 170.3 170.0 157.8

69
Gulshan Spinning Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 126.5 126.5 126.5 126.5 139.2 153.1
2.Surplus 444.5 455.3 484.7 758.0 778.1 811.9
3.Shareholder's Equity (A1+A2) 571.0 581.8 611.2 884.5 917.3 965.0
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 400.0 479.2 127.9 0.0 0.0 0.0
6.Other Fixed Laibilities 65.9 23.8 502.2 645.6 466.1 592.7
7.Total Fixed Laibilities (A4+A5+A6) 465.9 503.0 630.1 645.6 466.1 592.7
8.Total Capital Employed (A3+A7) 1036.9 1084.8 1241.3 1530.1 1383.4 1557.7
B.Liquidity:
1.Liquid Assets: 89.0 74.8 47.8 200.7 194.8 236.7
(i)Cash 67.4 47.8 21.5 74.1 88.8 129.2
(ii)Investments 21.6 27.0 26.3 126.6 106.0 107.5
2.Other Current Assets 333.0 396.0 388.6 573.8 572.0 618.9
3.Inventories 539.9 664.5 936.8 815.4 1159.7 1302.4
4.Current Assets (B1+B2+B3) 961.9 1135.3 1373.2 1589.9 1926.5 2158.0
5.Current Liabilities 948.0 1092.5 1338.8 1547.3 2006.9 2043.4
6.Total Liabilities(A7+B5) 1413.9 1595.5 1968.9 2192.9 2473.0 2636.1
7.Net Current Assets(B4-B5) 13.9 42.8 34.4 42.6 -80.4 114.6
8.Contractual Liabilities 1274.1 1379.0 1810.4 1992.3 1699.9 1843.5
9.Net liquid assets (B1-B5) -859.0 -1017.7 -1291.0 -1346.6 -1812.1 -1806.7
C.Fixed Assets:
1.Fixed Asset At Cost 1832.3 1939.2 2159.7 2545.0 2604.1 2654.1
2.Fixed assets after deducting accumulated depreciation 1023.0 1042.0 1206.9 1487.4 1463.8 1443.1
3.Depreciation for the year 85.0 93.1 71.3 108.8 118.0 68.7
4.Total assets (B4+C2) 1984.9 2177.3 2580.1 3077.3 3390.3 3601.1
D.Operation:
1.Gross sales 1848.2 2077.5 1658.6 2304.9 2003.9 2210.9
(i)Local sales 782.3 1292.8 904.0 1140.1 643.1 670.8
(ii)Export sales 1065.9 784.7 754.6 1164.8 1360.8 1540.1
2.Cost of Sales 1660.6 1921.1 1481.1 1959.6 1653.4 1805.1
3.Gross profit 187.6 156.4 177.5 345.3 350.5 405.8
4.Overhead and Other Expenses 1695.6 1959.8 1521.1 2047.5 1758.9 1901.1
5.Operating profit 166.1 123.1 143.1 265.4 258.3 316.0
6.Financial expenses 122.7 100.6 100.4 206.5 229.4 253.7
7.Net profit before tax (D5-D6) 43.4 22.5 42.7 58.9 28.9 62.3
8.Tax provision 13.6 9.7 9.6 14.6 20.3 15.1
9.Total amount of dividend 9.5 0.0 9.5 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 12.7 0.0 13.9
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 354.3 47.9 156.5 288.8 -146.7 174.3
2.Retention in business (D7-D8-D9) 20.3 12.8 23.6 44.3 8.6 47.2
3.Finance from outside the company (E1-E2) 334.0 35.1 132.9 244.5 -155.3 127.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 105.3 105.9 94.9 153.1 126.6 115.9
2.Depreciation for the year plus changes in capital employed (C3+E1) 439.3 141.0 227.8 397.6 -28.7 243.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 44.9 46.4 50.8 42.2 33.7 38.0
2.Current ratio (B4 as % of B5) 101.5 103.9 102.6 102.8 96.0 105.6
3.Acid test or Quick ratio (B4-B3 as % B5) 44.5 43.1 32.6 50.1 38.2 41.9
4.Debt equity ratio (B6 as % of A3) 247.6 274.2 322.1 247.9 269.6 273.2
5.Return on assets (D7 as % of C4) 2.2 1.0 1.7 1.9 0.9 1.7
6.Self financing ratio (E2 as % of E1) 5.7 26.7 15.1 15.3 -5.9 27.1
7.Cash flow ratio F1 as % of F2 24.0 75.1 41.7 38.5 -441.1 47.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 451.4 459.9 483.2 699.2 659.0 630.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 91.7 94.3 91.7 88.8 87.8 86.0
10.Financial expenses as % of operating profit (D6 as % of D5) 73.9 81.7 70.2 77.8 88.8 80.3
11.Financial expense as % of gross sales (D6 as % of D1) 6.6 4.8 6.1 9.0 11.4 11.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.6 7.3 5.5 10.4 13.5 13.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 31.3 43.1 22.5 24.8 70.2 24.2
14.Sundry debtors as % of gross sales 8.6 11.2 18.0 17.1 18.5 18.0
15.Return on Equity (D7 as % of A3) 7.6 3.9 7.0 6.7 3.2 6.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 313.7 - 348.4 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 1.7 0.0 1.6 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 2.3 1.1 2.6 2.6 1.4 2.8
4.Earning per share before tax (D7/No. of ordinary shares) 3.4 1.8 3.4 4.7 2.1 4.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.4 1.0 2.6 3.5 0.6 3.1
6.Average annual % depreciation on written down fixed assets 9.6 9.1 6.8 9.0 7.9 4.7
7.Sales as % of total assets (D1 as % of C4) 93.1 95.4 64.3 74.9 59.1 61.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 209.1 -47.1 88.9 38.2 -55.3 95.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 21.5 12.4 -20.2 39.0 -13.1 10.3
10.Break-up value of ordinary shares (in rupees) 45.1 46.0 48.3 69.9 65.9 63.0

70
Hafiz Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital - - - 12.0 12.0 12.0
2.Surplus - - - -123.0 -120.2 -19.8
3.Shareholder's Equity (A1+A2) - - - -111.0 -108.2 -7.8
4.Prefrence Shares - - - 0.0 0.0 0.0
5.Debentures - - - 0.0 0.0 0.0
6.Other Fixed Laibilities - - - 127.9 126.8 0.0
7.Total Fixed Laibilities (A4+A5+A6) - - - 127.9 126.8 0.0
8.Total Capital Employed (A3+A7) - - - 16.9 18.6 -7.8
B.Liquidity:
1.Liquid Assets: - - - 0.5 0.2 0.7
(i)Cash - - - 0.5 0.2 0.7
(ii)Investments - - - 0.0 0.0 0.0
2.Other Current Assets - - - 3.2 2.5 1.6
3.Inventories - - - 0.0 0.0 0.0
4.Current Assets (B1+B2+B3) - - - 3.7 2.7 2.3
5.Current Liabilities - - - 80.9 76.5 102.0
6.Total Liabilities(A7+B5) - - - 208.8 203.3 102.0
7.Net Current Assets(B4-B5) - - - -77.2 -73.8 -99.7
8.Contractual Liabilities - - - 207.2 202.4 0.0
9.Net liquid assets (B1-B5) - - - -80.4 -76.3 -101.3
C.Fixed Assets:
1.Fixed Asset At Cost - - - 165.4 170.6 171.7
2.Fixed assets after deducting accumulated depreciation - - - 94.1 92.3 91.8
3.Depreciation for the year - - - 1.9 1.8 92.3
4.Total assets (B4+C2) - - - 97.8 95.0 94.1
D.Operation:
1.Gross sales - - - 0.0 0.0 0.0
(i)Local sales - - - 0.0 0.0 0.0
(ii)Export sales - - - 0.0 0.0 0.0
2.Cost of Sales - - - 0.0 0.0 0.0
3.Gross profit - - - 0.0 0.0 0.0
4.Overhead and Other Expenses - - - 3.5 4.3 3.4
5.Operating profit - - - 0.2 0.4 1.1
6.Financial expenses - - - 0.0 0.0 0.0
7.Net profit before tax (D5-D6) - - - 0.2 0.4 1.1
8.Tax provision - - - 0.8 0.2 0.2
9.Total amount of dividend - - - 0.0 0.0 0.0
10.Total value of bonus shares issued - - - 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) - - - - - -26.4
2.Retention in business (D7-D8-D9) - - - -0.6 0.2 0.9
3.Finance from outside the company (E1-E2) - - - - - -27.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) - - - 1.3 2.0 93.2
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - - - 65.9
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - 756.8 681.7 0.0
2.Current ratio (B4 as % of B5) - - - 4.6 3.5 2.3
3.Acid test or Quick ratio (B4-B3 as % B5) - - - 4.6 3.5 2.3
4.Debt equity ratio (B6 as % of A3) - - - 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) - - - 0.2 0.4 1.2
6.Self financing ratio (E2 as % of E1) - - - 0.0 0.0 -3.4
7.Cash flow ratio F1 as % of F2 - - - 0.0 0.0 141.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - - -925.0 -901.7 -65.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - 0.0 0.0 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) - - - 0.0 0.0 0.0
11.Financial expense as % of gross sales (D6 as % of D1) - - - 0.0 0.0 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - 0.0 0.0 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - 400.0 50.0 18.2
14.Sundry debtors as % of gross sales - - - 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) - - - 0.0 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) - - - 0.0 0.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) - - - 0.2 0.3 0.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - - -0.5 0.2 0.8
6.Average annual % depreciation on written down fixed assets - - - 2.0 1.9 0.0
7.Sales as % of total assets (D1 as % of C4) - - - 0.0 0.0 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - - -80.0 -70.0 200.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - - - -
10.Break-up value of ordinary shares (in rupees) - - - -92.5 -90.2 -6.5

71
Haji Mohammad Ismail Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 99.8 99.8 99.8 99.8 119.8 119.8
2.Surplus 33.2 33.9 36.9 50.8 54.3 22.1
3.Shareholder's Equity (A1+A2) 133.0 133.7 136.7 150.6 174.1 141.9
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 40.7 27.0 16.4 10.3 3.3 21.6
7.Total Fixed Laibilities (A4+A5+A6) 40.7 27.0 16.4 10.3 3.3 21.6
8.Total Capital Employed (A3+A7) 173.7 160.7 153.1 160.9 177.4 163.5
B.Liquidity:
1.Liquid Assets: 24.1 22.4 22.1 18.3 2.2 0.1
(i)Cash 2.5 0.6 0.6 1.4 2.2 0.1
(ii)Investments 21.6 21.8 21.5 16.9 0.0 0.0
2.Other Current Assets 72.6 65.6 44.1 84.8 63.0 42.1
3.Inventories 54.8 117.1 148.1 106.0 64.2 27.9
4.Current Assets (B1+B2+B3) 151.5 205.1 214.3 209.1 129.4 70.1
5.Current Liabilities 84.0 179.9 223.0 211.0 173.8 125.3
6.Total Liabilities(A7+B5) 124.7 206.9 239.4 221.3 177.1 146.9
7.Net Current Assets(B4-B5) 67.5 25.2 -8.7 -1.9 -44.4 -55.2
8.Contractual Liabilities 78.3 88.5 117.9 154.9 83.6 67.9
9.Net liquid assets (B1-B5) -59.9 -157.5 -200.9 -192.7 -171.6 -125.2
C.Fixed Assets:
1.Fixed Asset At Cost 206.8 244.4 278.5 289.0 367.5 367.5
2.Fixed assets after deducting accumulated depreciation 106.1 135.7 161.7 162.8 221.7 218.7
3.Depreciation for the year 7.2 9.7 8.2 12.4 20.1 5.8
4.Total assets (B4+C2) 257.6 340.8 376.0 371.9 351.1 288.8
D.Operation:
1.Gross sales 264.7 460.9 366.1 625.3 265.3 70.5
(i)Local sales 262.5 460.9 334.9 520.9 248.8 70.5
(ii)Export sales 2.2 0.0 31.2 104.4 16.5 0.0
2.Cost of Sales 261.4 445.4 354.1 605.0 247.8 79.5
3.Gross profit 3.3 15.5 12.0 20.3 17.5 -9.0
4.Overhead and Other Expenses 268.1 454.1 360.4 619.6 260.5 84.2
5.Operating profit -2.9 11.0 5.8 13.6 4.8 -13.7
6.Financial expenses 5.2 0.0 0.7 3.8 38.4 9.3
7.Net profit before tax (D5-D6) -8.1 11.0 5.1 9.8 -33.6 -23.0
8.Tax provision 1.3 2.3 1.6 3.1 1.3 0.4
9.Total amount of dividend 0.0 0.0 1.7 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 77.1 -13.0 -7.6 7.8 16.5 -13.9
2.Retention in business (D7-D8-D9) -9.4 8.7 1.8 6.7 -34.9 -23.4
3.Finance from outside the company (E1-E2) 86.5 -21.7 -9.4 1.1 51.4 9.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -2.2 18.4 10.0 19.1 -14.8 -17.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 84.3 -3.3 0.6 20.2 36.6 -8.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 23.4 16.8 10.7 6.4 1.9 13.2
2.Current ratio (B4 as % of B5) 180.4 114.0 96.1 99.1 74.5 55.9
3.Acid test or Quick ratio (B4-B3 as % B5) 115.1 48.9 29.7 48.9 37.5 33.7
4.Debt equity ratio (B6 as % of A3) 93.8 154.7 175.1 146.9 101.7 103.5
5.Return on assets (D7 as % of C4) -3.1 3.2 1.4 2.6 -9.6 -8.0
6.Self financing ratio (E2 as % of E1) -12.2 - - 85.9 -211.5 168.3
7.Cash flow ratio F1 as % of F2 -2.6 - 1666.7 94.6 -40.4 217.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 133.3 134.0 137.0 150.9 145.3 118.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 101.3 98.5 98.4 99.1 98.2 119.4
10.Financial expenses as % of operating profit (D6 as % of D5) - 0.0 12.1 27.9 800.0 -67.9
11.Financial expense as % of gross sales (D6 as % of D1) 2.0 0.0 0.2 0.6 14.5 13.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.6 0.0 0.6 2.5 45.9 13.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 20.9 31.4 31.6 -3.9 -1.7
14.Sundry debtors as % of gross sales 10.2 9.7 8.7 5.0 10.0 30.1
15.Return on Equity (D7 as % of A3) -6.1 8.2 3.7 6.5 -19.3 -16.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 205.9 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 1.2 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -3.1 2.4 1.4 1.6 -12.7 -32.6
4.Earning per share before tax (D7/No. of ordinary shares) -0.8 1.1 0.5 1.0 -2.8 -1.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.9 0.9 0.4 0.7 -2.9 -2.0
6.Average annual % depreciation on written down fixed assets 8.2 9.1 6.0 7.7 12.3 2.6
7.Sales as % of total assets (D1 as % of C4) 102.8 135.2 97.4 168.1 75.6 24.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -55.6 -237.5 -54.5 100.0 -380.0 -32.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 1.4 74.1 -20.6 70.8 -57.6 -73.4
10.Break-up value of ordinary shares (in rupees) 13.3 13.4 13.7 15.1 14.5 11.8

72
Hajra Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 68.8 68.8 68.8 137.5 137.5 137.5
2.Surplus 2.4 -20.9 -39.4 -87.5 -158.8 -201.4
3.Shareholder's Equity (A1+A2) 71.2 47.9 29.4 50.0 -21.3 -63.9
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 192.2 218.5 220.6 34.6 24.7 196.5
7.Total Fixed Laibilities (A4+A5+A6) 192.2 218.5 220.6 34.6 24.7 196.5
8.Total Capital Employed (A3+A7) 263.4 266.4 250.0 84.6 3.4 132.6
B.Liquidity:
1.Liquid Assets: 6.1 15.1 12.1 35.1 35.6 4.3
(i)Cash 1.1 10.1 7.1 30.1 35.6 4.3
(ii)Investments 5.0 5.0 5.0 5.0 0.0 0.0
2.Other Current Assets 52.0 51.8 15.0 53.1 63.6 51.4
3.Inventories 42.2 76.0 91.5 52.2 60.8 86.7
4.Current Assets (B1+B2+B3) 100.3 142.9 118.6 140.4 160.0 142.4
5.Current Liabilities 199.2 266.9 320.1 505.3 590.0 547.0
6.Total Liabilities(A7+B5) 391.4 485.4 540.7 539.9 614.7 743.5
7.Net Current Assets(B4-B5) -98.9 -124.0 -201.5 -364.9 -430.0 -404.6
8.Contractual Liabilities 257.7 292.8 309.1 104.9 95.0 283.0
9.Net liquid assets (B1-B5) -193.1 -251.8 -308.0 -470.2 -554.4 -542.7
C.Fixed Assets:
1.Fixed Asset At Cost 598.8 631.1 704.5 721.5 724.3 724.4
2.Fixed assets after deducting accumulated depreciation 362.3 390.4 451.5 449.5 433.4 537.3
3.Depreciation for the year 16.1 17.5 12.3 19.1 19.2 18.5
4.Total assets (B4+C2) 462.6 533.3 570.1 589.9 593.4 679.7
D.Operation:
1.Gross sales 640.1 862.9 563.5 624.1 507.5 665.2
(i)Local sales 640.1 862.9 563.5 624.1 507.5 665.2
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 638.8 848.8 562.1 622.3 554.4 667.5
3.Gross profit 1.3 14.1 1.4 1.8 -46.9 -2.3
4.Overhead and Other Expenses 649.5 865.7 571.9 637.8 567.2 694.0
5.Operating profit -18.3 -2.8 -8.2 43.1 -59.7 -28.2
6.Financial expenses 12.5 12.0 11.0 13.2 9.4 15.0
7.Net profit before tax (D5-D6) -30.8 -14.8 -19.2 29.9 -69.1 -43.2
8.Tax provision 3.2 3.7 2.5 3.1 2.5 3.3
9.Total amount of dividend 34.4 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 151.3 3.0 -16.4 -165.4 -81.2 129.2
2.Retention in business (D7-D8-D9) -68.4 -18.5 -21.7 26.8 -71.6 -46.5
3.Finance from outside the company (E1-E2) 219.7 21.5 5.3 -192.2 -9.6 175.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -52.3 -1.0 -9.4 45.9 -52.4 -28.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 167.4 20.5 -4.1 -146.3 -62.0 147.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 73.0 82.0 88.2 40.9 726.5 148.2
2.Current ratio (B4 as % of B5) 50.4 53.5 37.1 27.8 27.1 26.0
3.Acid test or Quick ratio (B4-B3 as % B5) 29.2 25.1 8.5 17.5 16.8 10.2
4.Debt equity ratio (B6 as % of A3) 549.7 1013.4 1839.1 1079.8 0.0 0.0
5.Return on assets (D7 as % of C4) -6.7 -2.8 -3.4 5.1 -11.6 -6.4
6.Self financing ratio (E2 as % of E1) -45.2 -616.7 - -16.2 88.2 -36.0
7.Cash flow ratio F1 as % of F2 -31.2 -4.9 - -31.4 84.5 -19.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 103.5 69.6 42.7 36.4 -15.5 -46.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 101.5 100.3 101.5 102.2 111.8 104.3
10.Financial expenses as % of operating profit (D6 as % of D5) - - - 30.6 -15.7 -53.2
11.Financial expense as % of gross sales (D6 as % of D1) 2.0 1.4 2.0 2.1 1.9 2.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.9 4.1 3.6 12.6 9.9 5.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - 10.4 -3.6 -7.6
14.Sundry debtors as % of gross sales 1.1 0.3 0.4 2.0 2.1 0.9
15.Return on Equity (D7 as % of A3) -43.3 -30.9 -65.3 59.8 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] -98.8 - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 48.3 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -4.8 -1.7 -3.4 4.8 -13.6 -6.5
4.Earning per share before tax (D7/No. of ordinary shares) -4.5 -2.2 -2.8 2.2 -5.0 -3.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -4.9 -2.7 -3.2 1.9 -5.2 -3.4
6.Average annual % depreciation on written down fixed assets 4.2 4.8 3.2 4.2 4.3 4.3
7.Sales as % of total assets (D1 as % of C4) 138.4 161.8 98.8 105.8 85.5 97.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -509.1 -51.1 27.3 -178.6 -327.3 -38.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 7.9 34.8 -34.7 10.8 -18.7 31.1
10.Break-up value of ordinary shares (in rupees) 10.3 7.0 4.3 3.6 -1.5 -4.6

73
Hala Enterprises Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 37.8 37.8 37.8 37.8 37.8 37.8
2.Surplus -44.8 -21.0 -1.0 19.2 32.0 20.3
3.Shareholder's Equity (A1+A2) -7.0 16.8 36.8 57.0 69.8 58.1
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 15.2 56.2 34.0 28.0 14.9 68.4
7.Total Fixed Laibilities (A4+A5+A6) 15.2 56.2 34.0 28.0 14.9 68.4
8.Total Capital Employed (A3+A7) 8.2 73.0 70.8 85.0 84.7 126.5
B.Liquidity:
1.Liquid Assets: 1.5 2.5 1.5 3.1 2.2 2.2
(i)Cash 0.6 1.6 0.6 1.5 1.1 0.6
(ii)Investments 0.9 0.9 0.9 1.6 1.1 1.6
2.Other Current Assets 161.9 110.4 114.5 122.3 105.4 100.9
3.Inventories 38.0 40.0 59.1 86.3 87.7 89.7
4.Current Assets (B1+B2+B3) 201.4 152.9 175.1 211.7 195.3 192.8
5.Current Liabilities 256.7 141.1 171.0 247.4 225.2 181.6
6.Total Liabilities(A7+B5) 271.9 197.3 205.0 275.4 240.1 250.0
7.Net Current Assets(B4-B5) -55.3 11.8 4.1 -35.7 -29.9 11.2
8.Contractual Liabilities 158.3 125.5 128.9 160.7 98.9 155.4
9.Net liquid assets (B1-B5) -255.2 -138.6 -169.5 -244.3 -223.0 -179.4
C.Fixed Assets:
1.Fixed Asset At Cost 127.6 130.0 139.0 199.2 199.1 204.2
2.Fixed assets after deducting accumulated depreciation 63.7 61.2 66.8 120.8 114.4 115.3
3.Depreciation for the year 5.0 4.8 5.5 6.1 6.9 7.0
4.Total assets (B4+C2) 265.1 214.1 241.9 332.5 309.7 308.1
D.Operation:
1.Gross sales 358.5 278.9 365.1 391.4 458.8 429.2
(i)Local sales 15.2 5.0 11.1 16.0 21.1 20.3
(ii)Export sales 343.3 273.9 354.0 375.4 437.7 408.9
2.Cost of Sales 286.5 237.1 270.5 295.6 358.9 358.0
3.Gross profit 72.0 41.8 94.6 95.8 99.9 71.2
4.Overhead and Other Expenses 336.8 277.9 341.3 369.6 429.2 424.2
5.Operating profit 21.9 31.0 26.1 26.2 29.6 10.7
6.Financial expenses 18.0 6.9 7.2 15.5 21.2 19.1
7.Net profit before tax (D5-D6) 3.9 24.1 18.9 10.7 8.4 -8.4
8.Tax provision 2.6 2.0 2.6 3.7 4.4 4.1
9.Total amount of dividend 0.0 0.0 0.0 3.8 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 11.7 64.8 -2.2 14.2 -0.3 41.8
2.Retention in business (D7-D8-D9) 1.3 22.1 16.3 3.2 4.0 -12.5
3.Finance from outside the company (E1-E2) 10.4 42.7 -18.5 11.0 -4.3 54.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 6.3 26.9 21.8 9.3 10.9 -5.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 16.7 69.6 3.3 20.3 6.6 48.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 185.4 77.0 48.0 32.9 17.6 54.1
2.Current ratio (B4 as % of B5) 78.5 108.4 102.4 85.6 86.7 106.2
3.Acid test or Quick ratio (B4-B3 as % B5) 63.7 80.0 67.8 50.7 47.8 56.8
4.Debt equity ratio (B6 as % of A3) - 1174.4 557.1 483.2 344.0 430.3
5.Return on assets (D7 as % of C4) 1.5 11.3 7.8 3.2 2.7 -2.7
6.Self financing ratio (E2 as % of E1) 11.1 34.1 - 22.5 -1333.3 -29.9
7.Cash flow ratio F1 as % of F2 37.7 38.6 660.6 45.8 165.2 -11.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -18.5 44.4 97.4 150.8 184.7 153.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 93.9 99.6 93.5 94.4 93.5 98.8
10.Financial expenses as % of operating profit (D6 as % of D5) 82.2 22.3 27.6 59.2 71.6 178.5
11.Financial expense as % of gross sales (D6 as % of D1) 5.0 2.5 2.0 4.0 4.6 4.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 11.4 5.5 5.6 9.6 21.4 12.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 66.7 8.3 13.8 34.6 52.4 -48.8
14.Sundry debtors as % of gross sales 11.0 16.5 11.3 10.2 6.8 4.9
15.Return on Equity (D7 as % of A3) - 143.5 51.4 18.8 12.0 -14.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 184.2 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - 0.0 0.0 6.7 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.1 8.6 5.2 2.7 1.8 -2.0
4.Earning per share before tax (D7/No. of ordinary shares) 1.0 6.4 5.0 2.8 2.2 -2.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.3 5.8 4.3 1.9 1.1 -3.3
6.Average annual % depreciation on written down fixed assets 7.8 7.5 9.0 9.1 6.1 6.1
7.Sales as % of total assets (D1 as % of C4) 135.2 130.3 150.9 117.7 148.1 139.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 0.0 540.0 -21.9 -44.0 -21.4 -200.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 16.7 -22.2 30.9 7.2 17.2 -6.5
10.Break-up value of ordinary shares (in rupees) -1.9 4.4 9.7 15.1 18.5 15.4

74
Hamid Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 132.7 132.7 132.7 132.7 132.7 132.7
2.Surplus -197.5 -296.5 -89.8 -107.8 -344.0 -344.0
3.Shareholder's Equity (A1+A2) -64.8 -163.8 42.9 24.9 -211.3 -211.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 22.5 67.9 56.9 48.5 39.2 39.2
7.Total Fixed Laibilities (A4+A5+A6) 22.5 67.9 56.9 48.5 39.2 39.2
8.Total Capital Employed (A3+A7) -42.3 -95.9 99.8 73.4 -172.1 -172.1
B.Liquidity:
1.Liquid Assets: 0.4 0.1 0.5 0.0 0.8 0.8
(i)Cash 0.4 0.1 0.5 0.0 0.8 0.8
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 34.2 53.3 56.2 74.6 60.9 60.9
3.Inventories 8.5 41.4 70.2 95.0 70.7 70.7
4.Current Assets (B1+B2+B3) 43.1 94.8 126.9 169.6 132.4 132.4
5.Current Liabilities 361.3 423.1 252.7 309.9 502.4 502.4
6.Total Liabilities(A7+B5) 383.8 491.0 309.6 358.4 541.6 541.6
7.Net Current Assets(B4-B5) -318.2 -328.3 -125.8 -140.3 -370.0 -370.0
8.Contractual Liabilities 60.2 129.4 165.6 201.7 166.9 166.9
9.Net liquid assets (B1-B5) -360.9 -423.0 -252.2 -309.9 -501.6 -501.6
C.Fixed Assets:
1.Fixed Asset At Cost 356.1 309.8 315.8 317.5 294.6 294.6
2.Fixed assets after deducting accumulated depreciation 275.9 232.4 225.7 213.8 197.9 197.9
3.Depreciation for the year 17.8 14.0 10.7 14.1 12.6 12.6
4.Total assets (B4+C2) 319.0 327.2 352.6 383.4 330.3 330.3
D.Operation:
1.Gross sales 41.2 71.6 314.1 392.9 380.9 380.9
(i)Local sales 37.1 71.6 266.7 375.9 367.8 367.8
(ii)Export sales 4.1 0.0 47.4 17.0 13.1 13.1
2.Cost of Sales 76.2 105.7 319.6 381.0 383.4 383.4
3.Gross profit -35.0 -34.1 -5.5 11.9 -2.5 -2.5
4.Overhead and Other Expenses 83.8 113.0 327.3 391.7 402.6 402.6
5.Operating profit -35.9 -13.8 -13.2 1.3 24.0 24.0
6.Financial expenses 9.7 3.7 7.7 18.8 19.9 19.9
7.Net profit before tax (D5-D6) -45.6 -17.5 -20.9 -17.5 4.1 4.1
8.Tax provision 0.3 0.4 1.4 2.0 1.9 1.9
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -44.9 -53.6 195.7 -26.4 -245.5 0.0
2.Retention in business (D7-D8-D9) -45.9 -17.9 -22.3 -19.5 2.2 2.2
3.Finance from outside the company (E1-E2) 1.0 -35.7 218.0 -6.9 -247.7 -2.2
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -28.1 -3.9 -11.6 -5.4 14.8 14.8
2.Depreciation for the year plus changes in capital employed (C3+E1) -27.1 -39.6 206.4 -12.3 -232.9 12.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - 57.0 66.1 0.0 0.0
2.Current ratio (B4 as % of B5) 11.9 22.4 50.2 54.7 26.4 26.4
3.Acid test or Quick ratio (B4-B3 as % B5) 9.6 12.6 22.4 24.1 12.3 12.3
4.Debt equity ratio (B6 as % of A3) - - 721.7 1439.4 0.0 0.0
5.Return on assets (D7 as % of C4) -14.3 -5.3 -5.9 -4.6 1.2 1.2
6.Self financing ratio (E2 as % of E1) - - -11.4 73.9 -0.9 0.0
7.Cash flow ratio F1 as % of F2 - - -5.6 43.9 -6.4 117.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -48.8 -123.4 32.3 18.8 -159.2 -159.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 203.4 157.8 104.2 99.7 105.7 105.7
10.Financial expenses as % of operating profit (D6 as % of D5) - - - 1446.2 82.9 82.9
11.Financial expense as % of gross sales (D6 as % of D1) 23.5 5.2 2.5 4.8 5.2 5.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 16.1 2.9 4.6 9.3 11.9 11.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -11.4 46.3 46.3
14.Sundry debtors as % of gross sales 6.1 25.0 9.5 9.6 7.6 7.6
15.Return on Equity (D7 as % of A3) - - -48.7 -70.3 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -110.7 -24.4 -6.7 -4.5 1.1 1.1
4.Earning per share before tax (D7/No. of ordinary shares) -3.4 -1.3 -1.6 -1.3 0.3 0.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.5 -1.3 -1.7 -1.5 0.2 0.2
6.Average annual % depreciation on written down fixed assets 6.0 5.1 4.6 6.2 5.9 5.9
7.Sales as % of total assets (D1 as % of C4) 12.9 21.9 89.1 102.5 115.3 115.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -5.6 -61.8 23.1 -18.8 -123.1 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -84.7 73.8 338.7 25.1 -3.1 0.0
10.Break-up value of ordinary shares (in rupees) -4.9 -12.3 3.2 1.9 -15.9 -15.9

75
Harum Textile Mills Ltd.(Nayab Spi.& Wev. Mills) (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 94.6 94.6 94.6 250.0 250.0 250.0
2.Surplus 72.1 72.1 105.5 64.2 64.2 64.2
3.Shareholder's Equity (A1+A2) 166.7 166.7 200.1 314.2 314.2 314.2
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 150.0 150.0 159.2 141.2 141.2 141.2
7.Total Fixed Laibilities (A4+A5+A6) 150.0 150.0 159.2 141.2 141.2 141.2
8.Total Capital Employed (A3+A7) 316.7 316.7 359.3 455.4 455.4 455.4
B.Liquidity:
1.Liquid Assets: 0.4 0.4 2.3 14.5 14.5 14.5
(i)Cash 0.4 0.4 2.3 14.5 14.5 14.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 48.8 48.8 184.1 154.1 154.1 154.1
3.Inventories 69.2 69.2 213.9 282.6 282.6 282.6
4.Current Assets (B1+B2+B3) 118.4 118.4 400.3 451.2 451.2 451.2
5.Current Liabilities 257.9 257.9 538.2 487.4 487.4 487.4
6.Total Liabilities(A7+B5) 407.9 407.9 697.4 628.6 628.6 628.6
7.Net Current Assets(B4-B5) -139.5 -139.5 -137.9 -36.2 -36.2 -36.2
8.Contractual Liabilities 182.5 182.5 416.6 384.1 384.1 384.1
9.Net liquid assets (B1-B5) -257.5 -257.5 -535.9 -472.9 -472.9 -472.9
C.Fixed Assets:
1.Fixed Asset At Cost 662.4 662.4 742.9 761.9 761.9 761.9
2.Fixed assets after deducting accumulated depreciation 456.3 456.3 497.2 491.5 491.5 491.5
3.Depreciation for the year 24.0 24.0 16.5 24.6 24.6 21.6
4.Total assets (B4+C2) 574.7 574.7 897.5 942.7 942.7 942.7
D.Operation:
1.Gross sales 450.2 450.2 364.5 584.2 584.2 584.2
(i)Local sales 437.0 437.0 356.1 581.2 581.2 581.2
(ii)Export sales 13.2 13.2 8.4 3.0 3.0 3.0
2.Cost of Sales 427.7 427.7 318.5 506.1 506.1 506.1
3.Gross profit 22.5 22.5 46.0 78.1 78.1 78.1
4.Overhead and Other Expenses 443.1 443.1 331.1 524.1 524.1 524.1
5.Operating profit 8.3 8.3 37.3 60.4 60.4 60.4
6.Financial expenses 14.5 14.5 30.0 52.8 52.8 52.8
7.Net profit before tax (D5-D6) -6.2 -6.2 7.3 7.6 7.6 7.6
8.Tax provision 2.2 2.2 1.9 2.9 2.9 2.9
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 13.8 0.0 42.6 96.1 0.0 0.0
2.Retention in business (D7-D8-D9) -8.4 -8.4 5.4 4.7 4.7 4.7
3.Finance from outside the company (E1-E2) 22.2 8.4 37.2 91.4 -4.7 -4.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 15.6 15.6 21.9 29.3 29.3 26.3
2.Depreciation for the year plus changes in capital employed (C3+E1) 37.8 24.0 59.1 120.7 24.6 21.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 47.4 47.4 44.3 31.0 31.0 31.0
2.Current ratio (B4 as % of B5) 45.9 45.9 74.4 92.6 92.6 92.6
3.Acid test or Quick ratio (B4-B3 as % B5) 19.1 19.1 34.6 34.6 34.6 34.6
4.Debt equity ratio (B6 as % of A3) 244.7 244.7 348.5 200.1 200.1 200.1
5.Return on assets (D7 as % of C4) -1.1 -1.1 0.8 0.8 0.8 0.8
6.Self financing ratio (E2 as % of E1) -60.9 - 12.7 4.9 0.0 0.0
7.Cash flow ratio F1 as % of F2 41.3 65.0 37.1 24.3 119.1 121.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 176.2 176.2 211.5 125.7 125.7 125.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 98.4 98.4 90.8 89.7 89.7 89.7
10.Financial expenses as % of operating profit (D6 as % of D5) 174.7 174.7 80.4 87.4 87.4 87.4
11.Financial expense as % of gross sales (D6 as % of D1) 3.2 3.2 8.2 9.0 9.0 9.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.9 7.9 7.2 13.7 13.7 13.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 26.0 38.2 38.2 38.2
14.Sundry debtors as % of gross sales 2.3 2.3 29.1 11.1 11.1 11.1
15.Return on Equity (D7 as % of A3) -3.7 -3.7 3.6 2.4 2.4 2.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -1.4 -1.4 2.0 1.3 1.3 1.3
4.Earning per share before tax (D7/No. of ordinary shares) -0.7 -0.7 0.8 0.3 0.3 0.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.9 -0.9 0.6 0.2 0.2 0.2
6.Average annual % depreciation on written down fixed assets 5.0 5.0 3.7 4.9 4.9 4.3
7.Sales as % of total assets (D1 as % of C4) 78.3 78.3 40.6 62.0 62.0 62.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -96.4 0.0 -214.3 -62.5 0.0 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 8.5 0.0 -19.0 60.3 0.0 0.0
10.Break-up value of ordinary shares (in rupees) 17.6 17.6 21.2 12.6 12.6 12.6

76
Hira Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital - - - - 715.5 715.5
2.Surplus - - - - 352.6 412.3
3.Shareholder's Equity (A1+A2) - - - - 1068.1 1127.8
4.Prefrence Shares - - - - 0.0 0.0
5.Debentures - - - - 0.0 0.0
6.Other Fixed Laibilities - - - - 289.5 399.3
7.Total Fixed Laibilities (A4+A5+A6) - - - - 289.5 399.3
8.Total Capital Employed (A3+A7) - - - - 1357.6 1527.1
B.Liquidity:
1.Liquid Assets: - - - - 179.9 210.3
(i)Cash - - - - 3.4 2.1
(ii)Investments - - - - 176.5 208.2
2.Other Current Assets - - - - 191.6 288.6
3.Inventories - - - - 766.0 1199.0
4.Current Assets (B1+B2+B3) - - - - 1137.5 1697.9
5.Current Liabilities - - - - 1089.5 1734.4
6.Total Liabilities(A7+B5) - - - - 1379.0 2133.7
7.Net Current Assets(B4-B5) - - - - 48.0 -36.5
8.Contractual Liabilities - - - - 1151.9 1340.3
9.Net liquid assets (B1-B5) - - - - -909.6 -1524.1
C.Fixed Assets:
1.Fixed Asset At Cost - - - - 543.8 2130.5
2.Fixed assets after deducting accumulated depreciation - - - - 1309.7 1563.6
3.Depreciation for the year - - - - 76.7 69.1
4.Total assets (B4+C2) - - - - 2447.2 3261.5
D.Operation:
1.Gross sales - - - - 1665.0 1729.2
(i)Local sales - - - - 635.4 1176.1
(ii)Export sales - - - - 1029.6 553.1
2.Cost of Sales - - - - 1412.8 1471.2
3.Gross profit - - - - 252.2 258.0
4.Overhead and Other Expenses - - - - 1491.4 1495.3
5.Operating profit - - - - 179.1 234.4
6.Financial expenses - - - - 158.2 170.8
7.Net profit before tax (D5-D6) - - - - 20.9 63.6
8.Tax provision - - - - 15.8 8.6
9.Total amount of dividend - - - - 0.0 0.0
10.Total value of bonus shares issued - - - - 0.0 0.0
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) - - - - 5.1 55.0
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) - - - - 81.8 124.1
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - - - -
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - - 21.3 26.1
2.Current ratio (B4 as % of B5) - - - - 104.4 97.9
3.Acid test or Quick ratio (B4-B3 as % B5) - - - - 34.1 28.8
4.Debt equity ratio (B6 as % of A3) - - - - 129.1 189.2
5.Return on assets (D7 as % of C4) - - - - 0.9 2.0
6.Self financing ratio (E2 as % of E1) - - - - 0.0 0.0
7.Cash flow ratio F1 as % of F2 - - - - 0.0 0.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - - - 149.3 157.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - - 89.6 86.5
10.Financial expenses as % of operating profit (D6 as % of D5) - - - - 88.3 72.9
11.Financial expense as % of gross sales (D6 as % of D1) - - - - 9.5 9.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - - 13.7 12.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - - 75.6 13.5
14.Sundry debtors as % of gross sales - - - - 5.0 10.8
15.Return on Equity (D7 as % of A3) - - - - 2.0 5.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - - 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - - 0.0 0.0
3.Net profit margin (D7 as % of D1) - - - - 1.3 3.7
4.Earning per share before tax (D7/No. of ordinary shares) - - - - 0.3 0.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - - - 0.1 0.8
6.Average annual % depreciation on written down fixed assets - - - - 5.4 5.3
7.Sales as % of total assets (D1 as % of C4) - - - - 68.0 53.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - - - -70.0 -10.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - - - -
10.Break-up value of ordinary shares (in rupees) - - - - 14.9 15.8

77
Husein Industries Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 106.3 106.3 106.3 106.3 106.3 106.3
2.Surplus 305.8 337.4 366.2 327.5 309.3 291.1
3.Shareholder's Equity (A1+A2) 412.1 443.7 472.5 433.8 415.6 397.4
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 0.0 0.0 225.6 234.4 144.9
7.Total Fixed Laibilities (A4+A5+A6) 0.0 0.0 0.0 225.6 234.4 144.9
8.Total Capital Employed (A3+A7) 412.1 443.7 472.5 659.4 650.0 542.3
B.Liquidity:
1.Liquid Assets: 11.9 6.8 9.4 9.2 4.8 4.2
(i)Cash 11.7 6.4 8.9 8.7 4.8 4.2
(ii)Investments 0.2 0.4 0.5 0.5 0.0 0.0
2.Other Current Assets 458.0 737.2 699.8 588.4 684.3 699.9
3.Inventories 446.1 457.8 593.8 610.0 800.1 801.4
4.Current Assets (B1+B2+B3) 916.0 1201.8 1303.0 1207.6 1489.2 1505.5
5.Current Liabilities 1009.0 1249.1 1354.8 1033.0 1320.5 1428.4
6.Total Liabilities(A7+B5) 1009.0 1249.1 1354.8 1258.6 1554.9 1573.3
7.Net Current Assets(B4-B5) -93.0 -47.3 -51.8 174.6 168.7 77.1
8.Contractual Liabilities 599.3 714.3 812.7 852.5 955.0 852.7
9.Net liquid assets (B1-B5) -997.1 -1242.3 -1345.4 -1023.8 -1315.7 -1424.2
C.Fixed Assets:
1.Fixed Asset At Cost 1014.3 1056.7 1138.3 1154.1 1201.6 1231.7
2.Fixed assets after deducting accumulated depreciation 505.0 490.9 524.3 484.7 481.3 465.3
3.Depreciation for the year 52.9 57.3 48.6 55.8 50.9 46.5
4.Total assets (B4+C2) 1421.0 1692.7 1827.3 1692.3 1970.5 1970.8
D.Operation:
1.Gross sales 1256.1 1662.6 959.3 1028.2 1155.1 1089.4
(i)Local sales 496.1 257.4 519.9 733.8 561.1 468.0
(ii)Export sales 760.0 1405.2 439.4 294.4 594.0 621.4
2.Cost of Sales 1146.0 1456.8 827.6 905.7 992.1 939.4
3.Gross profit 110.1 205.8 131.7 122.5 163.0 150.0
4.Overhead and Other Expenses 1173.0 1586.6 891.5 960.8 1065.4 995.3
5.Operating profit 87.5 78.4 69.3 68.2 89.9 94.3
6.Financial expenses 26.2 23.4 32.4 77.3 98.4 110.6
7.Net profit before tax (D5-D6) 61.3 55.0 36.9 -9.1 -8.5 -16.3
8.Tax provision 5.8 7.9 4.5 5.2 7.4 1.8
9.Total amount of dividend 26.6 21.3 21.3 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 39.0 31.6 28.8 186.9 217.0 -107.7
2.Retention in business (D7-D8-D9) 28.9 25.8 11.1 -14.3 -15.9 -18.1
3.Finance from outside the company (E1-E2) 10.1 5.8 17.7 201.2 232.9 -89.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 81.8 83.1 59.7 41.5 35.0 28.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 91.9 88.9 77.4 242.7 267.9 -61.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 0.0 0.0 34.2 36.1 26.7
2.Current ratio (B4 as % of B5) 90.8 96.2 96.2 116.9 112.8 105.4
3.Acid test or Quick ratio (B4-B3 as % B5) 46.6 59.6 52.3 57.9 52.2 49.3
4.Debt equity ratio (B6 as % of A3) 244.8 281.5 286.7 290.1 374.1 395.9
5.Return on assets (D7 as % of C4) 4.3 3.2 2.0 -0.5 -0.4 -0.8
6.Self financing ratio (E2 as % of E1) 74.1 81.6 38.5 -7.7 -7.3 16.8
7.Cash flow ratio F1 as % of F2 89.0 93.5 77.1 17.1 13.1 -46.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 387.7 417.4 444.5 408.1 391.0 373.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 93.4 95.4 92.9 93.4 92.2 91.4
10.Financial expenses as % of operating profit (D6 as % of D5) 29.9 29.8 46.8 113.3 109.5 117.3
11.Financial expense as % of gross sales (D6 as % of D1) 2.1 1.4 3.4 7.5 8.5 10.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.4 3.3 4.0 9.1 10.3 13.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 9.5 14.4 12.2 -57.1 -87.1 -11.0
14.Sundry debtors as % of gross sales 29.5 36.0 63.9 46.3 46.6 50.9
15.Return on Equity (D7 as % of A3) 14.9 12.4 7.8 -2.1 -2.0 -4.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 208.6 221.1 152.1 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 6.5 4.8 4.5 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 4.9 3.3 3.8 -0.9 -0.7 -1.5
4.Earning per share before tax (D7/No. of ordinary shares) 5.8 5.2 3.5 -0.9 -0.8 -1.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 5.2 4.4 3.0 -1.3 -1.5 -1.7
6.Average annual % depreciation on written down fixed assets 11.6 11.3 9.9 10.6 10.6 9.7
7.Sales as % of total assets (D1 as % of C4) 88.4 98.2 52.5 60.8 58.6 55.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -48.2 -10.3 -32.7 -125.7 -138.1 87.5
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -13.1 32.4 -42.3 7.2 0.2 -5.7
10.Break-up value of ordinary shares (in rupees) 38.8 41.7 44.4 40.8 39.1 37.4

78
ICC Textiles Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 100.0 100.0 100.0 100.0 100.0 100.0
2.Surplus 66.6 72.2 81.8 226.7 148.5 -13.4
3.Shareholder's Equity (A1+A2) 166.6 172.2 181.8 326.7 248.5 86.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 70.2 233.2 189.0 141.3 147.8
7.Total Fixed Laibilities (A4+A5+A6) 0.0 70.2 233.2 189.0 141.3 147.8
8.Total Capital Employed (A3+A7) 166.6 242.4 415.0 515.7 389.8 234.4
B.Liquidity:
1.Liquid Assets: 88.4 53.2 23.7 24.7 10.2 12.1
(i)Cash 50.3 25.1 23.7 24.7 10.2 12.1
(ii)Investments 38.1 28.1 0.0 0.0 0.0 0.0
2.Other Current Assets 103.3 125.7 187.4 191.4 228.4 236.4
3.Inventories 113.1 121.1 226.0 237.4 246.7 179.9
4.Current Assets (B1+B2+B3) 304.8 300.0 437.1 453.5 485.3 428.4
5.Current Liabilities 323.0 327.6 579.9 663.5 777.8 830.8
6.Total Liabilities(A7+B5) 323.0 397.8 813.1 852.5 919.1 978.6
7.Net Current Assets(B4-B5) -18.2 -27.6 -142.8 -210.0 -292.5 -402.4
8.Contractual Liabilities 237.0 277.2 644.2 660.5 632.7 613.5
9.Net liquid assets (B1-B5) -234.6 -274.4 -556.2 -638.8 -767.6 -818.7
C.Fixed Assets:
1.Fixed Asset At Cost 455.9 558.9 866.2 1088.5 1091.0 1102.2
2.Fixed assets after deducting accumulated depreciation 184.9 270.0 557.8 725.6 682.2 636.7
3.Depreciation for the year 19.4 17.9 20.6 55.7 53.1 49.4
4.Total assets (B4+C2) 489.7 570.0 994.9 1179.1 1167.5 1065.1
D.Operation:
1.Gross sales 588.9 633.8 540.3 1205.2 1223.4 1248.7
(i)Local sales 144.5 286.5 296.2 663.8 778.0 830.2
(ii)Export sales 444.4 347.3 244.1 541.4 445.4 418.5
2.Cost of Sales 521.5 551.0 481.6 1101.4 1151.5 1268.2
3.Gross profit 67.4 82.8 58.7 103.8 71.9 -19.5
4.Overhead and Other Expenses 569.4 596.8 514.3 1163.0 1213.7 1314.9
5.Operating profit 25.0 43.5 28.3 44.1 10.1 -66.2
6.Financial expenses 18.1 9.9 16.9 70.0 82.4 89.6
7.Net profit before tax (D5-D6) 6.9 33.6 11.4 -25.9 -72.3 -155.8
8.Tax provision 4.4 3.5 3.2 6.8 6.1 6.2
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -12.4 75.8 172.6 100.7 -125.9 -155.4
2.Retention in business (D7-D8-D9) 2.5 30.1 8.2 -32.7 -78.4 -162.0
3.Finance from outside the company (E1-E2) -14.9 45.7 164.4 133.4 -47.5 6.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 21.9 48.0 28.8 23.0 -25.3 -112.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 7.0 93.7 193.2 156.4 -72.8 -106.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 29.0 56.2 36.6 36.2 63.1
2.Current ratio (B4 as % of B5) 94.4 91.6 75.4 68.3 62.4 51.6
3.Acid test or Quick ratio (B4-B3 as % B5) 59.3 54.6 36.4 32.6 30.7 29.9
4.Debt equity ratio (B6 as % of A3) 193.9 231.0 447.2 260.9 369.9 1130.0
5.Return on assets (D7 as % of C4) 1.4 5.9 1.1 -2.2 -6.2 -14.6
6.Self financing ratio (E2 as % of E1) - 39.7 4.8 -32.5 62.3 104.2
7.Cash flow ratio F1 as % of F2 312.9 51.2 14.9 14.7 34.8 106.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 166.6 172.2 181.8 326.7 248.5 86.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 96.7 94.2 95.2 96.5 99.2 105.3
10.Financial expenses as % of operating profit (D6 as % of D5) 72.4 22.8 59.7 158.7 815.8 -135.3
11.Financial expense as % of gross sales (D6 as % of D1) 3.1 1.6 3.1 5.8 6.7 7.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.6 3.6 2.6 10.6 13.0 14.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 63.8 10.4 28.1 -26.3 -8.4 -4.0
14.Sundry debtors as % of gross sales 8.3 13.5 26.6 9.9 13.1 13.2
15.Return on Equity (D7 as % of A3) 4.1 19.5 6.3 -7.9 -29.1 -179.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.2 5.3 2.1 -2.1 -5.9 -12.5
4.Earning per share before tax (D7/No. of ordinary shares) 0.7 3.4 1.1 -2.6 -7.2 -15.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.3 3.0 0.8 -3.3 -7.8 -16.2
6.Average annual % depreciation on written down fixed assets 10.2 9.7 7.6 10.0 7.3 7.2
7.Sales as % of total assets (D1 as % of C4) 120.3 111.2 54.3 102.2 104.8 117.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -30.0 385.7 -67.6 -336.4 176.9 116.7
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 18.9 7.6 -14.8 123.1 1.5 2.1
10.Break-up value of ordinary shares (in rupees) 16.7 17.2 18.2 32.7 24.9 8.7

79
Ideal Spinning Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 99.2 99.2 99.2 99.2 99.2 99.2
2.Surplus 60.3 22.6 42.5 23.7 11.3 -25.3
3.Shareholder's Equity (A1+A2) 159.5 121.8 141.7 122.9 110.5 73.9
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 64.3 250.5 347.8 326.3 301.3
7.Total Fixed Laibilities (A4+A5+A6) 0.0 64.3 250.5 347.8 326.3 301.3
8.Total Capital Employed (A3+A7) 159.5 186.1 392.2 470.7 436.8 375.2
B.Liquidity:
1.Liquid Assets: 12.9 10.2 6.0 12.1 39.5 6.6
(i)Cash 12.9 10.2 6.0 12.1 39.5 6.6
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 66.3 70.0 73.8 76.9 51.9 74.5
3.Inventories 42.5 61.4 78.5 86.9 81.0 179.2
4.Current Assets (B1+B2+B3) 121.7 141.6 158.3 175.9 172.4 260.3
5.Current Liabilities 129.8 158.5 170.8 244.8 296.0 470.0
6.Total Liabilities(A7+B5) 129.8 222.8 421.3 592.6 622.3 771.3
7.Net Current Assets(B4-B5) -8.1 -16.9 -12.5 -68.9 -123.6 -209.7
8.Contractual Liabilities 66.8 168.8 381.1 511.9 413.2 471.5
9.Net liquid assets (B1-B5) -116.9 -148.3 -164.8 -232.7 -256.5 -463.4
C.Fixed Assets:
1.Fixed Asset At Cost 433.3 488.6 704.4 869.3 931.9 989.0
2.Fixed assets after deducting accumulated depreciation 167.5 203.0 404.7 539.6 560.4 584.9
3.Depreciation for the year 18.9 20.4 17.3 31.6 43.7 45.6
4.Total assets (B4+C2) 289.2 344.6 563.0 715.5 732.8 845.2
D.Operation:
1.Gross sales 581.5 778.3 583.5 694.0 800.2 985.1
(i)Local sales 526.1 778.3 583.5 694.0 800.2 985.1
(ii)Export sales 55.4 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 531.4 767.2 547.9 626.5 734.2 938.5
3.Gross profit 50.1 11.1 35.6 67.5 66.0 46.6
4.Overhead and Other Expenses 552.9 787.5 565.0 649.6 759.2 974.4
5.Operating profit 28.7 -9.1 18.8 44.6 43.8 11.2
6.Financial expenses 11.2 8.3 13.5 31.8 57.3 56.5
7.Net profit before tax (D5-D6) 17.5 -17.4 5.3 12.8 -13.5 -45.3
8.Tax provision 7.2 3.4 2.6 3.6 4.3 4.9
9.Total amount of dividend 9.9 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -3.7 26.6 206.1 78.5 -33.9 -61.6
2.Retention in business (D7-D8-D9) 0.4 -20.8 2.7 9.2 -17.8 -50.2
3.Finance from outside the company (E1-E2) -4.1 47.4 203.4 69.3 -16.1 -11.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 19.3 -0.4 20.0 40.8 25.9 -4.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 15.2 47.0 223.4 110.1 9.8 -16.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 34.6 63.9 73.9 74.7 80.3
2.Current ratio (B4 as % of B5) 93.8 89.3 92.7 71.9 58.2 55.4
3.Acid test or Quick ratio (B4-B3 as % B5) 61.0 50.6 46.7 36.4 30.9 17.3
4.Debt equity ratio (B6 as % of A3) 81.4 182.9 297.3 482.2 563.2 1043.7
5.Return on assets (D7 as % of C4) 6.1 -5.0 0.9 1.8 -1.8 -5.4
6.Self financing ratio (E2 as % of E1) - -78.2 1.3 11.7 52.5 81.5
7.Cash flow ratio F1 as % of F2 127.0 -0.9 9.0 37.1 264.3 28.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 160.8 122.8 142.8 123.9 111.4 74.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.1 101.2 96.8 93.6 94.9 98.9
10.Financial expenses as % of operating profit (D6 as % of D5) 39.0 - 71.8 71.3 130.8 504.5
11.Financial expense as % of gross sales (D6 as % of D1) 1.9 1.1 2.3 4.6 7.2 5.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 16.8 4.9 3.5 6.2 13.9 12.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 41.1 - 49.1 28.1 -31.9 -10.8
14.Sundry debtors as % of gross sales 5.3 3.9 8.1 4.0 3.3 4.1
15.Return on Equity (D7 as % of A3) 11.0 -14.3 3.7 10.4 -12.2 -61.3
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 104.0 - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 6.2 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 3.0 -2.2 0.9 1.8 -1.7 -4.6
4.Earning per share before tax (D7/No. of ordinary shares) 1.8 -1.8 0.5 1.3 -1.4 -4.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 1.0 -2.1 0.3 0.9 -1.8 -5.1
6.Average annual % depreciation on written down fixed assets 10.6 12.2 8.5 7.8 8.1 8.1
7.Sales as % of total assets (D1 as % of C4) 201.1 225.9 103.6 97.0 109.2 116.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -18.2 -200.0 -127.8 160.0 -207.7 228.6
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 8.4 33.8 -25.0 18.9 15.3 23.1
10.Break-up value of ordinary shares (in rupees) 16.1 12.3 14.3 12.4 11.1 7.4

80
Idrees Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 180.5 180.5 180.5 180.5 180.5 180.5
2.Surplus 183.2 241.7 276.0 390.0 426.7 413.0
3.Shareholder's Equity (A1+A2) 363.7 422.2 456.5 570.5 607.2 593.5
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 143.8 159.7 179.3 127.8 247.0 366.0
7.Total Fixed Laibilities (A4+A5+A6) 143.8 159.7 179.3 127.8 247.0 366.0
8.Total Capital Employed (A3+A7) 507.5 581.9 635.8 698.3 854.2 959.5
B.Liquidity:
1.Liquid Assets: 13.6 3.7 6.6 43.6 65.6 101.5
(i)Cash 13.6 3.7 6.6 43.6 65.6 101.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 166.8 225.1 294.2 295.2 306.9 368.1
3.Inventories 237.6 183.7 299.1 266.9 328.2 489.2
4.Current Assets (B1+B2+B3) 418.0 412.5 599.9 605.7 700.7 958.8
5.Current Liabilities 579.1 463.9 593.8 789.8 901.5 1019.4
6.Total Liabilities(A7+B5) 722.9 623.6 773.1 917.6 1148.5 1385.4
7.Net Current Assets(B4-B5) -161.1 -51.4 6.1 -184.1 -200.8 -60.6
8.Contractual Liabilities 559.9 363.3 622.5 585.4 559.4 801.9
9.Net liquid assets (B1-B5) -565.5 -460.2 -587.2 -746.2 -835.9 -917.9
C.Fixed Assets:
1.Fixed Asset At Cost 1519.4 850.8 988.2 1028.7 1026.4 1272.9
2.Fixed assets after deducting accumulated depreciation 668.6 633.3 629.7 882.3 1054.9 1020.0
3.Depreciation for the year 43.4 48.7 38.0 50.4 52.6 63.9
4.Total assets (B4+C2) 1086.6 1045.8 1229.6 1488.0 1755.6 1978.8
D.Operation:
1.Gross sales 365.8 850.8 741.3 621.0 754.3 865.7
(i)Local sales 365.5 846.1 723.8 603.0 754.3 865.7
(ii)Export sales 0.3 4.7 17.5 18.0 0.0 0.0
2.Cost of Sales 329.8 780.3 651.0 509.5 634.2 711.0
3.Gross profit 36.0 70.5 90.3 111.5 120.1 154.7
4.Overhead and Other Expenses 347.1 801.0 672.2 536.2 666.7 755.4
5.Operating profit 20.6 101.5 71.0 86.1 95.1 117.1
6.Financial expenses 47.2 29.9 38.0 60.5 68.9 90.9
7.Net profit before tax (D5-D6) -26.6 71.6 33.0 25.6 26.2 26.2
8.Tax provision 1.9 4.1 3.4 3.1 3.8 4.4
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -37.0 74.4 53.9 62.5 155.9 105.3
2.Retention in business (D7-D8-D9) -28.5 67.5 29.6 22.5 22.4 21.8
3.Finance from outside the company (E1-E2) -8.5 6.9 24.3 40.0 133.5 83.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 14.9 116.2 67.6 72.9 75.0 85.7
2.Depreciation for the year plus changes in capital employed (C3+E1) 6.4 123.1 91.9 112.9 208.5 169.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 28.3 27.4 28.2 18.3 28.9 38.1
2.Current ratio (B4 as % of B5) 72.2 88.9 101.0 76.7 77.7 94.1
3.Acid test or Quick ratio (B4-B3 as % B5) 31.2 49.3 50.7 42.9 41.3 46.1
4.Debt equity ratio (B6 as % of A3) 198.8 147.7 169.4 160.8 189.1 233.4
5.Return on assets (D7 as % of C4) -2.4 6.8 2.7 1.7 1.5 1.3
6.Self financing ratio (E2 as % of E1) - 90.7 54.9 36.0 14.4 20.7
7.Cash flow ratio F1 as % of F2 232.8 94.4 73.6 64.6 36.0 50.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 201.5 233.9 252.9 316.1 336.4 328.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.9 94.1 90.7 86.3 88.4 87.3
10.Financial expenses as % of operating profit (D6 as % of D5) 229.1 29.5 53.5 70.3 72.5 77.6
11.Financial expense as % of gross sales (D6 as % of D1) 12.9 3.5 5.1 9.7 9.1 10.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.4 8.2 6.1 10.3 12.3 11.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 5.7 10.3 12.1 14.5 16.8
14.Sundry debtors as % of gross sales 7.3 14.4 27.7 33.4 29.3 34.2
15.Return on Equity (D7 as % of A3) -7.3 17.0 7.2 4.5 4.3 4.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -7.3 8.4 4.5 4.1 3.5 3.0
4.Earning per share before tax (D7/No. of ordinary shares) -1.5 4.0 1.8 1.4 1.5 1.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.6 3.7 1.6 1.2 1.2 1.2
6.Average annual % depreciation on written down fixed assets 7.0 7.3 6.0 8.0 6.0 6.1
7.Sales as % of total assets (D1 as % of C4) 33.7 81.4 60.3 41.7 43.0 43.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -600.0 -366.7 -55.0 -22.2 7.1 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -56.2 132.6 -12.9 -16.2 21.5 14.8
10.Break-up value of ordinary shares (in rupees) 20.1 23.4 25.3 31.6 33.6 32.9

81
Indus Dyeing & Manufacturing Co. Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 119.3 119.3 172.1 180.7 180.7 180.7
2.Surplus 577.1 808.5 1507.0 1698.3 2101.7 2120.9
3.Shareholder's Equity (A1+A2) 696.4 927.8 1679.1 1879.0 2282.4 2301.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 479.5 525.7 1712.4 1977.6 1851.7 1933.4
7.Total Fixed Laibilities (A4+A5+A6) 479.5 525.7 1712.4 1977.6 1851.7 1933.4
8.Total Capital Employed (A3+A7) 1175.9 1453.5 3391.5 3856.6 4134.1 4235.0
B.Liquidity:
1.Liquid Assets: 9.4 29.6 35.2 28.7 972.7 977.3
(i)Cash 9.4 19.4 24.2 28.7 41.2 49.3
(ii)Investments 0.0 10.2 11.0 0.0 931.5 928.0
2.Other Current Assets 250.5 450.7 522.9 730.4 1001.9 1170.5
3.Inventories 515.9 472.4 1248.5 1467.0 1251.6 1511.1
4.Current Assets (B1+B2+B3) 775.8 952.7 1806.6 2226.1 3226.2 3658.9
5.Current Liabilities 771.3 840.8 1632.0 2545.4 2549.5 2682.1
6.Total Liabilities(A7+B5) 1250.8 1366.5 3344.4 4523.0 4401.2 4615.5
7.Net Current Assets(B4-B5) 4.5 111.9 174.6 -319.3 676.7 976.8
8.Contractual Liabilities 1003.5 627.3 2876.9 3884.7 3012.8 3404.0
9.Net liquid assets (B1-B5) -761.9 -811.2 -1596.8 -2516.7 -1576.8 -1704.8
C.Fixed Assets:
1.Fixed Asset At Cost 1813.9 2010.6 4375.3 5642.3 5130.6 5262.7
2.Fixed assets after deducting accumulated depreciation 1171.4 1341.5 3216.9 4175.9 3457.5 3258.3
3.Depreciation for the year 106.8 113.9 163.9 339.9 330.9 323.8
4.Total assets (B4+C2) 1947.2 2294.2 5023.5 6402.0 6683.7 6917.2
D.Operation:
1.Gross sales 2465.9 3743.3 3920.3 6176.5 6581.9 7312.0
(i)Local sales 1028.1 1358.6 1680.8 1985.0 2351.1 3643.9
(ii)Export sales 1437.8 2384.7 2239.5 4191.5 4230.8 3668.1
2.Cost of Sales 2054.0 3284.0 3174.3 5290.5 5636.8 6413.0
3.Gross profit 411.9 459.3 746.0 886.0 945.1 899.0
4.Overhead and Other Expenses 2172.2 3427.6 3354.0 5525.3 5886.0 6780.8
5.Operating profit 318.5 319.0 568.5 675.3 909.0 550.7
6.Financial expenses 109.4 52.4 117.3 292.9 369.6 389.9
7.Net profit before tax (D5-D6) 209.1 266.6 451.2 382.4 539.4 160.8
8.Tax provision 28.1 45.8 28.5 69.6 59.7 72.4
9.Total amount of dividend 11.9 11.9 0.0 27.1 0.0 27.1
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 31.5
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 175.4 277.6 1938.0 465.1 277.5 100.9
2.Retention in business (D7-D8-D9) 169.1 208.9 422.7 285.7 479.7 61.3
3.Finance from outside the company (E1-E2) 6.3 68.7 1515.3 179.4 -202.2 39.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 275.9 322.8 586.6 625.6 810.6 385.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 282.2 391.5 2101.9 805.0 608.4 424.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 40.8 36.2 50.5 51.3 44.8 45.7
2.Current ratio (B4 as % of B5) 100.6 113.3 110.7 87.5 126.5 136.4
3.Acid test or Quick ratio (B4-B3 as % B5) 33.7 57.1 34.2 29.8 77.5 80.1
4.Debt equity ratio (B6 as % of A3) 179.6 147.3 199.2 240.7 192.8 200.5
5.Return on assets (D7 as % of C4) 10.7 11.6 9.0 6.0 8.1 2.3
6.Self financing ratio (E2 as % of E1) 96.4 75.3 21.8 61.4 172.9 60.8
7.Cash flow ratio F1 as % of F2 97.8 82.5 27.9 77.7 133.2 90.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 583.7 777.7 975.7 1039.8 1263.1 1273.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 88.1 91.6 85.6 89.5 89.4 92.7
10.Financial expenses as % of operating profit (D6 as % of D5) 34.3 16.4 20.6 43.4 40.7 70.8
11.Financial expense as % of gross sales (D6 as % of D1) 4.4 1.4 3.0 4.7 5.6 5.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 10.9 8.4 4.1 7.5 12.3 11.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 13.4 17.2 6.3 18.2 11.1 45.0
14.Sundry debtors as % of gross sales 5.7 6.5 7.4 6.7 0.0 11.8
15.Return on Equity (D7 as % of A3) 30.0 28.7 26.9 20.4 23.6 7.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 1521.0 1855.5 - 1154.2 0.0 326.2
2.Dividend ratio to equity (D9 as % of A3) 1.7 1.3 0.0 1.4 0.0 1.2
3.Net profit margin (D7 as % of D1) 8.5 7.1 11.5 6.2 8.2 2.2
4.Earning per share before tax (D7/No. of ordinary shares) 17.5 22.3 26.2 21.2 29.9 8.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 15.2 18.5 24.6 17.3 26.5 4.9
6.Average annual % depreciation on written down fixed assets 9.8 9.7 8.3 10.6 7.9 9.4
7.Sales as % of total assets (D1 as % of C4) 126.6 163.2 78.0 96.5 98.5 105.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 66.7 27.4 17.5 -19.1 41.0 -70.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 16.8 51.8 4.7 57.6 6.6 11.1
10.Break-up value of ordinary shares (in rupees) 58.4 77.8 97.6 104.0 126.3 127.4

82
International Knitwear Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 30.0 30.0 30.0 30.0 30.0 30.0
2.Surplus -10.2 -15.3 -15.2 -14.6 -8.3 5.6
3.Shareholder's Equity (A1+A2) 19.8 14.7 14.8 15.4 21.7 35.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.5 0.0 0.0 0.0 0.0 0.2
7.Total Fixed Laibilities (A4+A5+A6) 0.5 0.0 0.0 0.0 0.0 0.2
8.Total Capital Employed (A3+A7) 20.3 14.7 14.8 15.4 21.7 35.8
B.Liquidity:
1.Liquid Assets: 0.7 1.5 1.4 0.6 1.4 16.0
(i)Cash 0.7 1.5 1.4 0.6 1.4 16.0
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 29.0 28.9 28.2 38.3 56.6 61.3
3.Inventories 12.8 12.8 8.8 12.9 14.1 10.4
4.Current Assets (B1+B2+B3) 42.5 43.2 38.4 51.8 72.1 87.7
5.Current Liabilities 44.3 46.4 42.5 53.8 67.5 66.3
6.Total Liabilities(A7+B5) 44.8 46.4 42.5 53.8 67.5 66.5
7.Net Current Assets(B4-B5) -1.8 -3.2 -4.1 -2.0 4.6 21.4
8.Contractual Liabilities 8.8 6.5 6.1 7.7 8.4 5.7
9.Net liquid assets (B1-B5) -43.6 -44.9 -41.1 -53.2 -66.1 -50.3
C.Fixed Assets:
1.Fixed Asset At Cost 44.2 43.0 48.0 47.5 53.9 55.2
2.Fixed assets after deducting accumulated depreciation 22.1 18.0 18.8 17.4 17.1 14.4
3.Depreciation for the year 4.0 3.7 4.3 3.8 4.4 4.1
4.Total assets (B4+C2) 64.6 61.2 57.2 69.2 89.2 102.1
D.Operation:
1.Gross sales 82.0 125.7 83.0 85.9 145.3 180.2
(i)Local sales 32.1 66.6 20.9 51.1 77.7 96.3
(ii)Export sales 49.9 59.1 62.1 34.8 67.6 83.9
2.Cost of Sales 74.9 74.1 73.4 78.7 130.8 154.2
3.Gross profit 7.1 51.6 9.6 7.2 14.5 26.0
4.Overhead and Other Expenses 80.7 78.9 80.7 83.1 135.1 161.3
5.Operating profit 2.5 47.6 2.8 3.1 10.1 19.7
6.Financial expenses 1.5 1.3 1.0 1.0 2.4 3.5
7.Net profit before tax (D5-D6) 1.0 46.3 1.8 2.1 7.7 16.2
8.Tax provision 0.7 0.5 0.6 0.6 1.4 1.8
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -1.3 -5.6 0.1 0.6 6.3 14.1
2.Retention in business (D7-D8-D9) 0.3 45.8 1.2 1.5 6.3 14.4
3.Finance from outside the company (E1-E2) -1.6 -51.4 -1.1 -0.9 0.0 -0.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 4.3 49.5 5.5 5.3 10.7 18.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 2.7 -1.9 4.4 4.4 10.7 18.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 2.5 0.0 0.0 0.0 0.0 0.6
2.Current ratio (B4 as % of B5) 95.9 93.1 90.4 96.3 106.8 132.3
3.Acid test or Quick ratio (B4-B3 as % B5) 67.0 65.5 69.6 72.3 85.9 116.6
4.Debt equity ratio (B6 as % of A3) 226.3 315.6 287.2 349.4 311.1 186.8
5.Return on assets (D7 as % of C4) 1.5 75.7 3.1 3.0 8.6 15.9
6.Self financing ratio (E2 as % of E1) - - 1200.0 250.0 100.0 102.1
7.Cash flow ratio F1 as % of F2 159.3 - 125.0 120.5 100.0 101.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 66.0 49.0 49.3 51.3 72.3 118.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 98.4 62.8 97.2 96.7 93.0 89.5
10.Financial expenses as % of operating profit (D6 as % of D5) 60.0 2.7 35.7 32.3 23.8 17.8
11.Financial expense as % of gross sales (D6 as % of D1) 1.8 1.0 1.2 1.2 1.7 1.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) 17.0 20.0 16.4 13.0 28.6 61.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 70.0 1.1 33.3 28.6 18.2 11.1
14.Sundry debtors as % of gross sales 25.2 14.3 26.4 34.6 31.9 27.7
15.Return on Equity (D7 as % of A3) 5.1 315.0 12.2 13.6 35.5 45.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.2 36.8 2.2 2.4 5.3 9.0
4.Earning per share before tax (D7/No. of ordinary shares) 0.3 15.4 0.6 0.7 2.6 5.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.1 15.3 0.4 0.5 2.1 4.8
6.Average annual % depreciation on written down fixed assets 16.7 16.7 23.9 20.5 25.3 24.0
7.Sales as % of total assets (D1 as % of C4) 126.9 205.4 145.1 124.1 162.9 176.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -72.7 5033.3 -96.1 16.7 271.4 107.7
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 20.4 53.3 -34.0 3.5 69.2 24.0
10.Break-up value of ordinary shares (in rupees) 6.6 4.9 4.9 5.1 7.2 11.9

83
Ishaq Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 96.6 96.6 96.6 96.6 96.6 96.6
2.Surplus 345.9 379.8 414.4 355.0 373.0 355.0
3.Shareholder's Equity (A1+A2) 442.5 476.4 511.0 451.6 469.6 451.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 235.3 170.4 292.4 343.3 338.1 451.6
7.Total Fixed Laibilities (A4+A5+A6) 235.3 170.4 292.4 343.3 338.1 451.6
8.Total Capital Employed (A3+A7) 677.8 646.8 803.4 794.9 807.7 903.2
B.Liquidity:
1.Liquid Assets: 8.8 9.2 86.8 6.9 91.1 13.7
(i)Cash 8.8 9.2 86.8 6.9 91.1 13.7
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 329.1 447.9 557.2 469.3 454.3 566.3
3.Inventories 288.0 415.5 430.4 438.9 541.4 680.6
4.Current Assets (B1+B2+B3) 625.9 872.6 1074.4 915.1 1086.8 1260.6
5.Current Liabilities 677.5 941.8 1053.8 1037.3 1200.5 1227.7
6.Total Liabilities(A7+B5) 912.8 1112.2 1346.2 1380.6 1538.6 1679.3
7.Net Current Assets(B4-B5) -51.6 -69.2 20.6 -122.2 -113.7 32.9
8.Contractual Liabilities 704.9 964.3 1128.7 1096.9 1093.9 1417.6
9.Net liquid assets (B1-B5) -668.7 -932.6 -967.0 -1030.4 -1109.4 -1214.0
C.Fixed Assets:
1.Fixed Asset At Cost 1019.8 1060.6 1168.3 1324.3 1438.6 1450.4
2.Fixed assets after deducting accumulated depreciation 729.4 716.0 782.8 917.0 921.5 870.2
3.Depreciation for the year 60.3 58.8 38.2 55.8 69.3 67.9
4.Total assets (B4+C2) 1355.3 1588.6 1857.2 1832.1 2008.3 2130.8
D.Operation:
1.Gross sales 1459.0 1619.1 1313.5 1582.6 1732.5 2200.7
(i)Local sales 605.0 1619.1 692.6 935.5 1105.3 1243.5
(ii)Export sales 854.0 0.0 620.9 647.1 627.2 957.2
2.Cost of Sales 1316.3 1481.4 1155.7 1388.5 1569.3 1960.3
3.Gross profit 142.7 137.7 157.8 194.1 163.2 240.4
4.Overhead and Other Expenses 1378.2 1534.5 1208.8 1453.8 1623.0 2047.4
5.Operating profit 84.5 85.7 105.1 132.2 114.6 154.1
6.Financial expenses 47.8 44.1 64.5 107.2 120.3 168.7
7.Net profit before tax (D5-D6) 36.7 41.6 40.6 25.0 -5.7 -14.6
8.Tax provision 8.7 7.5 7.4 13.3 9.5 11.0
9.Total amount of dividend 9.7 0.0 0.0 4.8 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 6.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 10.1 -31.0 156.6 -8.5 12.8 95.5
2.Retention in business (D7-D8-D9) 18.3 34.1 33.2 6.9 -15.2 -25.6
3.Finance from outside the company (E1-E2) -8.2 -65.1 123.4 -15.4 28.0 121.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 78.6 92.9 71.4 62.7 54.1 42.3
2.Depreciation for the year plus changes in capital employed (C3+E1) 70.4 27.8 194.8 47.3 82.1 163.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 34.7 26.3 36.4 43.2 41.9 50.0
2.Current ratio (B4 as % of B5) 92.4 92.7 102.0 88.2 90.5 102.7
3.Acid test or Quick ratio (B4-B3 as % B5) 49.9 48.5 61.1 45.9 45.4 47.2
4.Debt equity ratio (B6 as % of A3) 206.3 233.5 263.4 305.7 327.6 371.9
5.Return on assets (D7 as % of C4) 2.7 2.6 2.2 1.4 -0.3 -0.7
6.Self financing ratio (E2 as % of E1) 181.2 - 21.2 -81.2 -118.8 -26.8
7.Cash flow ratio F1 as % of F2 111.6 334.2 36.7 132.6 65.9 25.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 458.1 493.2 529.0 467.5 486.1 467.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.5 94.8 92.0 91.9 93.7 93.0
10.Financial expenses as % of operating profit (D6 as % of D5) 56.6 51.5 61.4 81.1 105.0 109.5
11.Financial expense as % of gross sales (D6 as % of D1) 3.3 2.7 4.9 6.8 6.9 7.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.8 4.6 5.7 9.8 11.0 11.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 23.7 18.0 18.2 53.2 -166.7 -75.3
14.Sundry debtors as % of gross sales 11.8 21.3 34.0 2.8 20.8 20.6
15.Return on Equity (D7 as % of A3) 8.3 8.7 7.9 5.5 -1.2 -3.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 288.7 - - 243.8 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 2.2 0.0 0.0 1.1 0.0 0.0
3.Net profit margin (D7 as % of D1) 2.5 2.6 3.1 1.6 -0.3 -0.7
4.Earning per share before tax (D7/No. of ordinary shares) 3.8 4.3 4.2 2.6 -0.6 -1.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.9 3.5 3.4 1.2 -1.6 -2.7
6.Average annual % depreciation on written down fixed assets 8.4 8.1 5.3 7.1 7.6 7.4
7.Sales as % of total assets (D1 as % of C4) 107.7 101.9 70.7 86.4 86.3 103.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -2.6 13.2 -2.3 -38.1 -123.1 150.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -4.3 11.0 -18.9 20.5 9.5 27.0
10.Break-up value of ordinary shares (in rupees) 45.8 49.3 52.9 46.7 48.6 46.7

84
Ishtiaq Textile Mills Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 42.5 42.5 42.5 42.5 42.5 42.5
2.Surplus -7.4 -23.6 -15.2 99.8 97.7 89.4
3.Shareholder's Equity (A1+A2) 35.1 18.9 27.3 142.3 140.2 131.9
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 86.8 86.9 77.0 56.4 17.8 88.7
7.Total Fixed Laibilities (A4+A5+A6) 86.8 86.9 77.0 56.4 17.8 88.7
8.Total Capital Employed (A3+A7) 121.9 105.8 104.3 198.7 158.0 220.6
B.Liquidity:
1.Liquid Assets: 2.6 8.2 2.7 0.8 0.7 0.7
(i)Cash 2.6 8.2 2.7 0.8 0.7 0.7
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 84.1 69.6 57.7 79.2 96.6 110.3
3.Inventories 33.3 28.5 76.9 78.6 78.3 63.5
4.Current Assets (B1+B2+B3) 120.0 106.3 137.3 158.6 175.6 174.5
5.Current Liabilities