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BALANCE SHEET ANALYSIS

OF

JOINT STOCK COMPANIES

LISTED ON THE KARACHI STOCK EXCHANGE

(2004-2009)

STATE BANK OF PAKISTAN


STATISTICS AND DWH DEPARTMENT
Team Leader

 Dr. Azizullah Khattak Director


aziz.khattak@sbp.org.pk

Team Members

 Dr. Ishaque Ahmed Ansari Additional Director


ishaque.ahmed@sbp.org.pk

 Sajjad Hussain Senior Joint Director


sajjad.hussain@sbp.org.pk

 Shahid Latif Joint Director


shahid.latif@sbp.org.pk

 Muhammad Saeed Assistant Director


muhammad.saeed2@sbp.org.pk

 Muhammad Arfan Dilber Assistant Director


arfan.dilber@sbp.org.pk
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 - 238
(b) Other Textiles 239- 265
2. Chemicals 266 – 323
3. Engineering 324 – 384
4. Sugar & Allied Industries 385 – 442
5. Paper & Board 443 – 460
6. Cement 461 – 496
7. Fuel & Energy 497 – 541
8. Transport & Communication 542 – 565
9. Other
(a) Tobacco 566 – 574
(b) Jute 575 – 584
(c) Vanaspati & Allied Industries 585 – 594
(d) Miscellaneous 595 – 682
III. Appendix:1 684 - 687
Appendix:2 688 - 689
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 2009. 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 2009 have been
classified into economic groups except Tobacco, Jute, Vanaspati & allied and Others which 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
2004 2005 2006 2007 2008 2009

Cotton and Other Textiles 189 182 181 180 182 167
Chemicals 36 34 34 34 35 36
Engineering 42 41 41 41 40 38
Sugar and Allied Industries 35 35 35 36 36 36
Paper and Board 12 12 10 10 10 9
Cement 22 22 22 20 21 21
Fuel and Energy 25 28 28 27 27 27
Transport 13 15 12 12 12 13
Miscellaneous 77 74 73 77 74 67

Total: 451 443 436 437 437 414

During 2009, eight new companies were added whereas thirty one companies were excluded from the
analysis mainly due to non-availability of their annual balance sheets for the last three years or more.
Annual reports of twenty one companies (mostly on default counter of KSE) were not available at the
time of the analysis. 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 (e.g. 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) Employee’s 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 companies.
(iii) Loans from specialized financial institutions
(iv) Foreign loans
(v) Vendor’s 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 shareholder’s 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 cannot 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 varies 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;

vi
(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 outside 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.

ix
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 items 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 sector companies listed at Karachi Stock Exchange (KSE) showed relatively better
performance during the year 2009. Positive outlook has been seen on account of sales and profitability in
sugar, paper & board and cement sectors while a depression is observed in engineering, jute and other
textile sectors. Brief review of the important indicators during years 2008 and 2009 is given below.

Capital Structure
Total paid up capital of ordinary shareholders increased by Rs. 20.44 billion or 4.87 percent from Rs.
419.56 billion in 2008 to Rs. 439.99 billion in 2009, where as it was increased by Rs. 25.05 billion or 6.35
percent in 2008 over 2007. Sector wise position of capital structure is as under:

Total Capital Employed by Economic Sectors


(Million Rupees)
Economic Sector Total Capital Employed Change (%)
2009 2008
Cotton Textile 199,425 211,020 -5.49
Other Textile 27,004 31,678 -14.76
Chemicals 219,096 148,574 47.47
Engineering 88,103 84,356 4.44
Sugar and Allied Industries 35,474 31,339 13.20
Paper and Board 44,698 40,919 9.24
Cement 176,777 186,940 -5.44
Fuel and Energy 424,075 390,674 8.55
Transport and Communications 205,629 197,664 4.03
Tobacco 11,060 9,612 15.07
Jute 5,901 5,310 11.12
Vanaspati and Allied Industries -474 -1,225 61.35
Others 65,687 64,316 2.13

Total 1,502,455 1,401,177 7.23

Total shareholder’s equity increased by 8.32 percent from Rs. 969.08 billion to Rs. 1049.69 billion during
2009. Total fixed liabilities increased by 4.78 percent from Rs. 432.10 billion in 2008 to Rs.452.77 billion
in 2009. A comparison of growth, in the composition of capital structure in the current year with that of
the previous year yields:

2009 over 2008 2008 over 2007

Shareholders’ equity 8.32 % 1.69 %


Total fixed liabilities 4.78 % 19.28 %
Total capital employed 7.23 % 6.53 %

xi
Positive growth trend observed in shareholder’s equity and similarly the total fixed liabilities maintain
positive growth momentum but comparatively slower as compare to last year which reflects demand for
finances from banks and other financial institutions. Total capital employed is also quite favorable this
year except textile and cement sector. The increase in ordinary share capital and reserve & surplus during
the year were 4.87 percent and 10.95 percent respectively. The change in reserve and surplus was
negative (-1.61 %) in the previous year.

Figure 1: Capital Structure of Non-Financial sector-2009


1600.0 1502.5
1400.0
1200.0 1049.7
Billion Rupees

1000.0
800.0
609.7
600.0 440.0 452.8
400.0
200.0
0.0
Paid-up Surplus Shareholders Total fixed Total capital
Capital equity liabilities employed

Liquidity
Overall liquid assets of non-financial sector decreased by 6.60 percent from Rs.422.93 billion in 2008 to
Rs. 395.02 billion in 2009 as against an increase of 3.36 percent last year. The major decrease during the
year was in the sectors
of cement by Rs. Figure 2: Aggregate Composition of Assets
12.98 billion and Fuel 450.0
400.0
Billion Rupees

& Energy by Rs. 350.0


63.91 billion. Cash 300.0
and bank balance 250.0
200.0
showed a decrease of 150.0
Rs. 33.5 billion or 100.0
50.0
19.38 percent in 2009 0.0
as against an increase 2004 2005 2006 2007 2008 2009
of 1.89 percent Cash and bank balances 160.9 188.3 184.1 169.7 172.9 139.4
witnessed last year. Investments 80.3 112.6 192.5 239.5 250.0 255.6
Whereas short-term Liquid Assets 241.2 300.9 376.7 409.2 422.9 395.0
investment increased Working capital 95.8 159.7 143.8 154.9 71.5 48.6
by 2.24 percent or Rs.
5.6 billion in 2009 as against an increase of 4.41 percent in 2008. Working capital at Rs. 48.56 billion
showed a decrease of 32.12 percent in 2009 from Rs.71.53 billion in 2008. Total liabilities of the
corporate sector increased by 13.24 percent i.e. from Rs.1854.38 billion in 2008 to Rs.2099.85 billion in
2009.

xii
Fixed Assets
The fixed assets after deducting accumulated depreciation (book value) of overall position amounted to
Rs.1453.89 billion in
Figure 3: Composition of Assets
2009. The increase was
3500.0
noted to be of RS.
124.3 billion or 9.34 3000.0

Billion Rupees
percent in 2009 over 2500.0
the previous year. Total 2000.0
assets stood at Rs. 1500.0
3149.53 billion in 2009 1000.0
shown an increase of 500.0
11.55 percent over Rs.
0.0
2823.46 billion in 2004 2005 2006 2007 2008 2009
2008. Fixed Assets (book value) 720.3 858.6 1016.6 1160.3 1329.6 1453.9
Total assets 1413.0 1703.5 2048.4 2356.6 2823.5 3149.5

Operational Activities
The gross sales of all non-financial listed companies were Rs.3431.92 billion in 2009 as against Rs.
3356.39 billion in 2008, showing an increase of Rs. 75.5 billion or 2.25 percent while local sales
remained same,
whereas the export Figure 4: Gross Sales and Cost of Sales
sales increased by Rs. 4000.0
75.5 billion or 30.02 3500.0
percent in the current 3000.0
Billion Rupees

year. Cost of goods


2500.0
sold at Rs. 2938.19
2000.0
billion in 2009,
showing an increase of 1500.0
2.74 percent as 1000.0
compared to the 500.0
previous year. The 0.0
2004 2005 2006 2007 2008 2009
gross profit decreased
by Rs. 2.8 billion or Gross sales 1632.8 2031.2 2571.0 2837.9 3356.4 3431.9
0.56 percent from Rs. Cost of sales 1360.2 1672.7 2166.3 2431.1 2859.9 2938.2
496.49 billion in 2008
to Rs. 493.74 billion in 2009. The major sectors which contributed in this decline were paper &
paperboard by 53.08 percent, other textile by 31.85 percent, Transport & communication by 16.00 percent
, Fuel & energy by 10.88 percent, chemical by 11.23 percent, vanaspati & allied industries by 8.89
percent, and engineering by 7.8 percent.

xiii
Net profit before taxes, which stood at Rs. 202.58 billion in 2008 decreased by Rs. 5.89 billion or 2.90
percent to Rs.196.99 billion in 2009. Increase in net Profit before tax is shown in the sectors of Transport
& communication Rs. 44.52 billion, cement Rs. 11.61 billion, paper and paperboard Rs. 4.27 billion,
sugar and allied
industries Rs. 2.28 Figure 5: Net Profit and Retention
billion whereas
300.0
decline is witnessed
in fuel & energy 250.0
Rs. 40.63 billion,
Billion Rupees

chemicals Rs. 200.0

11.51 billion, 150.0


cotton textile Rs.
10.37 billion and 100.0
engineering Rs.
50.0
6.98 billion. Out of
profit amount 0.0
retained in the 2004 2005 2006 2007 2008 2009

business was Rs. Net profit (before taxes) 175.5 225.0 256.7 229.3 202.9 197.0
10.47 billion in Retention in business 52.1 92.3 81.0 71.1 4.7 10.5
2009 as against Rs.
4.68 billion in 2008 showed an increase of Rs. 5.8 billion or 123.72 percent.

The finance inducted from outside sources of the business is increased by 11.78 percent to Rs. 90.81
billion in 2009 as compared to Rs. 81.24 billion in 2008 which shows increased business momentum in
2009. Return on assets, which were 7.2 percent in 2008 further decreased to 6.3 percent in 2009 reflect
the capital market which started declining during the previous year, also continued its downward trend in
the current year.

xiv
Key Financial Ratios

Sundry debtor’s ratio to gross sales indicates a growth of 43.12 percent, at 15.6 percent in 2009 from 10.9
percent in 2008. Dividend ratio to equity, which was 11 percent in 2008, remains same in 2009. Corporate
sector dividend payout has been grown by 8.60 percent as compared to 8.83 percent in 2008.

Figure 6: Key Financial Ratios


18.0
16.0
14.0
Percent

12.0
10.0
8.0
6.0
4.0
2.0
0.0
2004 2005 2006 2007 2008 2009
Sundry debtors as % of
7.0 7.8 7.8 8.8 10.9 15.6
gross sales
Dividend ratio to equity 12.4 8.9 11.7 10.2 11.0 11.0

Bonus shares issued by the companies in non-financial sector recorded an increase of 1.59 percent as
compared with the 59.06 percent in the previous year. Earnings per share after tax which was Rs. 2.60 per
share in 2008 has increased to Rs. 2.90 per share in 2009 (net increase of 11.54 percent in the value per
share during the current year). The ratio of gross sales to total assets, which was 118.9 percent in 2008,
was decreased to 109 percent in 2009. This is a negative sign for the corporate sector that rising assets did
not succeed to promote more sales, which showed positive relationship in the previous year. Overall it is
evident that during the year 2009 the listed company’s of non-financial sector shows a mixed trend in
almost all areas of financial analysis as being the course last year.

xv
Table: Key performance Indicators by Economic Groups for the
Year 2009

(Million Rupees)

Economic Groups
Key
Performance
Indicators

Paper and Board

Communications
Sugar and Allied

Allied Industries
Fuel and Energy
Overall

Other Textiles
Textile Sector

Transport &

Vanaspati &
Engineering
Chemicals

Industires

Tobacco
Cement

Others
Jute
Paid -up-Capital 439,997.9 37,841.0 9,046.9 50,917.7 12,780.7 8,495.3 2,238.9 55,661.4 150,799.1 95,822.6 3,182.8 523.8 172.8 12,515.1

Total amount 115,341.4 1,535.1 322.1 19,676.0 4,226.4 574.4 3,491.5 1,490.0 66,559.0 8,460.9 3,312.2 42.6 4.6 6,217.5

of dividend

Total value of 4,840.7 279.2 0.0 1,196.4 379.6 161.8 0.0 784.9 2,027.2 181.9 0.0 42.6 0.0 231.0

bonus shares issued

Increace/ Decrease(-) 101,277.4 -11,595.3 -4,674.4 70,521.8 3,747.2 4,135.8 3,779.4 -10,163.0 33,400.2 7,965.0 1,448.2 590.6 751.7 1,370.6

in capitral employed

Dividend cover 109.1 -331.7 -1,103.9 134.2 80.7 359.4 125.6 393.0 116.1 -4.1 122.2 1,619.5 184.8 171.4

ratio (%)

Dividend ratio to 11.0 1.2 1.7 15.1 5.5 2.6 12.7 1.3 18.6 8.6 29.9 0.8 0.0 11.1

equity (%)

Net profit 5.7 -0.9 -5.7 14.2 3.1 3.6 18.0 5.5 6.1 2.3 17.5 10.3 1.2 9.1

margin (%)

Return on equity (%) 18.8 -2.3 -16.9 29.8 10.0 13.0 16.7 6.1 32.4 4.2 55.7 17.8 0.0 27.2

Earning per share 4.5 -0.8 -3.5 7.6 6.0 3.4 20.5 1.3 7.7 0.4 19.3 19.0 3.3 12.2

before tax (Rs./share)

Earning per share 2.9 -1.3 -3.9 5.2 2.7 2.4 19.6 1.1 5.1 0.0 12.7 13.2 0.5 8.5

after tax (Rs./share)

Avg. Annual depreciation 8.0 7.5 9.9 13.3 8.9 6.1 7.3 4.2 8.1 8.4 12.8 7.8 4.1 8.0

as % of fixed assets

(Book Value)

Sale as % of 109.0 81.1 81.9 83.6 134.8 89.5 45.5 46.2 157.5 48.8 153.8 124.7 253.3 132.3

total assets
Sales growth (%) 2.3 8.4 -2.5 6.9 -13.7 2.2 8.1 16.1 6.4 -12.6 -52.6 -12.6 -14.4 2.4

Breakup value of 23.9 34.6 20.8 25.5 59.6 26.1 123.1 20.9 23.7 10.3 34.7 106.4 -27.5 44.7

ordinary shares (in Rs)

xvi
Overall (Million Rupees)
Items 2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 305607.6 354203.5 372335.5 394509.6 419555.4 439997.9
2.Surplus 289229.7 430745.5 501329.3 558499.1 549522.7 609688.0
3.Shareholder's Equity (A1+A2) 594837.3 784949.0 873664.8 953008.7 969078.1 1049685.9
4.Prefrence Shares 1083.4 3628.2 3519.3 10168.4 9451.9 11989.5
5.Debentures 23473.5 30904.9 31265.3 45095.4 49685.8 53487.6
6.Other Fixed Liabilities 196727.2 198830.9 251932.6 306985.9 372960.9 387291.1
7.Total Fixed Liabilities (A4+A5+A6) 221284.1 233364.0 286717.2 362249.7 432098.6 452768.2
8.Total Capital Employed (A3+A7) 816121.4 1018313.0 1160382.0 1315258.4 1401176.7 1502454.1
B.Liquidity:
1.Liquid Assets: 241184.3 300873.5 376657.8 409161.4 422926.1 395016.0
(i)Cash 160856.8 188306.3 184141.8 169690.2 172892.1 139380.3
(ii)Investments 80327.5 112567.2 192516.0 239471.2 250034.0 255635.7
2.Other Current Assets 267962.8 337303.3 414622.0 515561.9 708862.2 971037.2
3.Inventories 183539.6 206674.0 240567.9 271532.6 362027.0 329584.6
4.Current Assets (B1+B2+B3) 692686.7 844850.8 1031847.7 1196255.9 1493815.3 1695637.8
5.Current Liabilities 596893.4 685142.3 888036.0 1041342.7 1422282.3 1647077.7
6.Total Liabilities(A7+B5) 818177.5 918506.3 1174753.2 1403592.4 1854380.9 2099845.9
7.Net Current Assets(B4-B5) 95793.3 159708.5 143811.7 154913.2 71533.0 48560.1
8.Contractual Liabilities 373561.8 445335.7 556211.5 646344.5 842756.6 802081.5
9.Net liquid assets (B1-B5) -355709.1 -384268.8 -511378.2 -632181.3 -999356.2 -1252061.7
C.Fixed Assets:
1.Fixed Asset At Cost 1150211.4 1458664.4 1671976.7 1863049.7 2090354.5 2343722.9
2.Fixed assets after deducting accumulated depreciation 720328.2 858604.5 1016570.4 1160345.2 1329643.7 1453894.5
3.Depreciation for the year 60445.2 69186.1 75870.1 86225.3 96564.7 100172.3
4.Total assets (B4+C2) 1413014.9 1703455.3 2048418.1 2356601.1 2823459.0 3149532.3
D.Operation:
1.Gross sales 1632833.9 2031217.2 2570950.5 2837922.7 3356386.8 3431922.4
(i)Local sales 1507135.3 1898311.0 2406191.2 2632698.1 3104745.7 3104739.9
(ii)Export sales 125698.6 132906.2 164759.3 205224.6 251641.1 327182.5
2.Cost of Sales 1360160.9 1672723.8 2166348.2 2431127.0 2859893.8 2938185.9
3.Gross profit 272673.0 358493.4 404602.3 406795.7 496493.0 493736.5
4.Overhead and Other Expenses 1471056.3 1814613.0 2328818.5 2616505.1 3130055.8 3189172.9
5.Operating profit 199205.3 254458.2 305994.2 296425.9 298814.2 325319.6
6.Financial expenses 23751.7 29473.3 49293.8 67127.4 95936.5 128333.7
7.Net profit before tax (D5-D6) 175453.6 224984.9 256700.4 229298.5 202877.7 196985.9
8.Tax provision 49604.0 62677.7 73133.2 60628.3 91992.7 71173.8
9.Total amount of dividend 73715.2 70028.1 102525.7 97589.8 106204.7 115341.4
10.Total value of bonus shares issued 2263.2 3398.8 5763.8 2995.8 4765.0 4840.7
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 172834.0 202191.6 142069.0 154876.4 85918.3 101277.4
2.Retention in business (D7-D8-D9) 52134.4 92279.1 81041.5 71080.4 4680.3 10470.7
3.Finance from outside the company (E1-E2) 120699.6 109912.5 61027.5 83796.0 81238.0 90806.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 112579.6 161465.2 156911.6 157305.7 101245.0 110643.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 233279.2 271377.7 217939.1 241101.7 182483.0 201449.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 27.1 22.9 24.7 27.5 30.8 30.1
2.Current ratio (B4 as % of B5) 116.0 123.3 116.2 114.9 105.0 102.9
3.Acid test or Quick ratio (B4-B3 as % B5) 85.3 93.1 89.1 88.8 79.6 82.9
4.Debt equity ratio (B6 as % of A3) 137.5 117.0 134.5 147.3 191.4 200.0
5.Return on assets (D7 as % of C4) 12.4 13.2 12.5 9.7 7.2 6.3
6.Self financing ratio (E2 as % of E1) 30.2 45.6 57.0 45.9 5.4 10.3
7.Cash flow ratio F1 as % of F2 48.3 59.5 72.0 65.2 55.5 54.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 194.6 221.6 234.6 241.6 231.0 238.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 90.1 89.3 90.6 92.2 93.3 92.9
10.Financial expenses as % of operating profit (D6 as % of D5) 11.9 11.6 16.1 22.6 32.1 39.4
11.Financial expense as % of gross sales (D6 as % of D1) 1.5 1.5 1.9 2.4 2.9 3.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.4 6.6 8.9 10.4 11.4 16.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 28.3 27.9 28.5 26.4 45.3 36.1
14.Sundry debtors as % of gross sales 7.0 7.8 7.8 8.8 10.9 15.6
15.Return on Equity (D7 as % of A3) 29.5 28.7 29.4 24.1 20.9 18.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 170.7 231.8 179.0 172.8 104.4 109.1
2.Dividend ratio to equity (D9 as % of A3) 12.4 8.9 11.7 10.2 11.0 11.0
3.Net profit margin (D7 as % of D1) 10.7 11.1 10.0 8.1 6.0 5.7
4.Earning per share before tax (D7/No. of ordinary shares) 5.7 6.4 6.9 5.8 4.8 4.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 4.1 4.6 4.9 4.3 2.6 2.9
6.Average annual % depreciation on written down fixed assets 9.2 9.2 8.8 8.6 8.3 8.0
7.Sales as % of total assets (D1 as % of C4) 115.6 119.2 125.5 120.4 118.9 109.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 39.0 12.3 7.8 -15.9 -17.2 -6.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 18.1 24.4 26.6 10.4 18.3 2.3
10.Break-up value of ordinary shares (in rupees) 19.5 22.2 23.5 24.2 23.1 23.9

1
Overall

Operating, Financial & Investment Ratios


250

200

% 150

100

50

0
2004 2005 2006 2007 2008 2009

Gearing ratio Debt equity ratio Current ratio


Private (Million Rupees)
Items 2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 189177.8 220928.2 236670.1 308092.5 331850.5 349612.6
2.Surplus 211634.0 319837.8 402749.4 479868.0 486619.7 471550.8
3.Shareholder's Equity (A1+A2) 400811.8 540766.0 639419.5 787960.5 818470.2 821163.4
4.Prefrence Shares 1082.4 3627.2 3518.3 10168.4 9451.9 11979.5
5.Debentures 7546.9 16484.7 18018.3 31384.0 37255.7 33890.1
6.Other Fixed Liabilities 131238.9 161820.7 184310.6 231063.9 268078.8 291920.7
7.Total Fixed Liabilities (A4+A5+A6) 139868.2 181932.6 205847.2 272616.3 314786.4 337790.3
8.Total Capital Employed (A3+A7) 540680.0 722698.6 845266.7 1060576.8 1133256.6 1158953.7
B.Liquidity:
1.Liquid Assets: 160047.9 224657.7 266378.1 340787.9 355255.9 347177.0
(i)Cash 90921.4 139135.3 108408.3 140648.6 145194.1 125268.1
(ii)Investments 69126.5 85522.4 157969.8 200139.3 210061.8 221908.9
2.Other Current Assets 168720.4 208525.6 260344.2 347485.0 484899.1 565484.2
3.Inventories 144697.0 179421.2 200624.0 235366.3 297817.7 286747.0
4.Current Assets (B1+B2+B3) 473465.3 612604.5 727346.3 923639.2 1137972.7 1199408.2
5.Current Liabilities 393110.6 486178.7 585272.5 784171.9 1059687.7 1167002.4
6.Total Liabilities(A7+B5) 532978.8 668111.3 791119.7 1056788.2 1374474.1 1504792.7
7.Net Current Assets(B4-B5) 80354.7 126425.8 142073.8 139467.3 78285.0 32405.8
8.Contractual Liabilities 270828.5 374633.0 430169.6 511631.4 666958.2 648934.7
9.Net liquid assets (B1-B5) -233062.7 -261521.0 -318894.4 -443384.0 -704431.8 -819825.4
C.Fixed Assets:
1.Fixed Asset At Cost 724104.7 932476.7 1072793.1 1473687.2 1641850.4 1839043.0
2.Fixed assets after deducting accumulated depreciation 460325.2 596272.5 703192.7 921109.6 1054971.5 1126548.5
3.Depreciation for the year 37306.1 41702.7 47779.6 66432.8 74568.7 80515.2
4.Total assets (B4+C2) 933790.5 1208877.0 1430539.0 1844748.8 2192944.2 2325956.7
D.Operation:
1.Gross sales 1031308.4 1287627.4 1640222.3 1952451.1 2261888.1 2248470.8
(i)Local sales 913080.1 1167237.6 1496605.1 1747226.5 2010247.0 1921288.3
(ii)Export sales 118228.3 120389.8 143617.2 205224.6 251641.1 327182.5
2.Cost of Sales 853942.3 1040154.0 1337243.2 1678945.1 1942861.4 1932042.0
3.Gross profit 177366.1 247473.4 302979.1 273506.0 319026.7 316428.8
4.Overhead and Other Expenses 922263.0 1116097.4 1427524.6 1812290.0 2129222.2 2104045.2
5.Operating profit 126206.0 195110.0 249914.7 196526.6 184341.7 201204.0
6.Financial expenses 18046.2 23992.7 38928.3 55508.7 82256.1 106622.7
7.Net profit before tax (D5-D6) 108159.8 171117.3 210986.4 141017.9 102085.6 94581.3
8.Tax provision 26730.9 39922.5 51181.0 33043.0 52493.8 38791.5
9.Total amount of dividend 39909.3 60169.1 89644.3 49877.3 46303.5 67494.9
10.Total value of bonus shares issued 2206.0 3340.5 3988.0 2252.8 3942.0 3181.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 133840.3 182018.6 122568.1 215310.1 72679.8 25697.1
2.Retention in business (D7-D8-D9) 41519.6 71025.7 70161.1 58097.6 3288.3 -11705.1
3.Finance from outside the company (E1-E2) 92320.7 110992.9 52407.0 157212.5 69391.5 37402.2
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 78825.7 112728.4 117940.7 124530.4 77857.0 68810.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 171146.4 223721.3 170347.7 281742.9 147248.5 106212.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 25.9 25.2 24.4 25.7 27.8 29.1
2.Current ratio (B4 as % of B5) 120.4 126.0 124.3 117.8 107.4 102.8
3.Acid test or Quick ratio (B4-B3 as % B5) 83.6 89.1 90.0 87.8 79.3 78.2
4.Debt equity ratio (B6 as % of A3) 133.0 123.5 123.7 134.1 167.9 183.3
5.Return on assets (D7 as % of C4) 11.6 14.2 14.7 7.6 4.7 4.1
6.Self financing ratio (E2 as % of E1) 31.0 39.0 57.2 27.0 4.5 -45.6
7.Cash flow ratio F1 as % of F2 46.1 50.4 69.2 44.2 52.9 64.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 211.9 244.8 270.2 255.8 246.6 234.9
9.Overhead and other expenses as % of gross sales (D4 as % D1) 89.4 86.7 87.0 92.8 94.1 93.6
10.Financial expenses as % of operating profit (D6 as % of D5) 14.3 12.3 15.6 28.2 44.6 53.0
11.Financial expense as % of gross sales (D6 as % of D1) 1.7 1.9 2.4 2.8 3.6 4.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.7 6.4 9.0 10.8 12.3 16.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 24.7 23.3 24.3 23.4 51.4 41.0
14.Sundry debtors as % of gross sales 6.9 7.2 7.3 8.2 10.3 13.5
15.Return on Equity (D7 as % of A3) 27.0 31.6 33.0 17.9 12.5 11.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 204.0 218.0 178.3 216.5 107.1 82.7
2.Dividend ratio to equity (D9 as % of A3) 10.0 11.1 14.0 6.3 5.7 8.2
3.Net profit margin (D7 as % of D1) 10.5 13.3 12.9 7.2 4.5 4.2
4.Earning per share before tax (D7/No. of ordinary shares) 5.7 7.7 8.9 4.6 3.1 2.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 4.3 5.9 6.8 3.5 1.5 1.6
6.Average annual % depreciation on written down fixed assets 8.9 8.3 8.0 8.4 8.0 8.2
7.Sales as % of total assets (D1 as % of C4) 110.4 106.5 114.7 105.8 103.1 96.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 54.1 35.1 15.6 -48.3 -32.6 -12.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 22.8 24.9 27.4 19.0 15.8 -0.6
10.Break-up value of ordinary shares (in rupees) 21.2 24.5 27.0 25.6 24.7 23.5

3
Private

Operating, Financial & Investment Ratios


200

150

% 100

50

0
2004 2005 2006 2007 2008 2009

Gearing ratio Debt equity ratio Current ratio


Public (Million Rupees)
Items 2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 116429.8 133275.3 135665.4 86417.0 87704.9 90385.3
2.Surplus 77595.7 110907.7 98580.0 78631.1 62903.1 138137.2
3.Shareholder's Equity (A1+A2) 194025.5 244183.0 234245.4 165048.1 150608.0 228522.5
4.Prefrence Shares 1.0 1.0 1.0 0.0 0.0 10.0
5.Debentures 15926.7 14420.3 13247.0 13711.4 12430.1 19597.4
6.Other Fixed Liabilities 65488.4 37010.2 67622.0 75922.0 104882.1 95370.4
7.Total Fixed Liabilities (A4+A5+A6) 81416.1 51431.5 80870.0 89633.4 117312.2 114977.8
8.Total Capital Employed (A3+A7) 275441.6 295614.5 315115.4 254681.5 267920.2 343500.3
B.Liquidity:
1.Liquid Assets: 81136.3 76215.7 110279.7 68373.6 67670.2 47839.0
(i)Cash 69935.3 49171.0 75733.5 29041.7 27698.0 14112.2
(ii)Investments 11201.0 27044.7 34546.2 39331.9 39972.2 33726.8
2.Other Current Assets 99242.3 128777.7 154277.8 168076.9 223963.2 405553.0
3.Inventories 38842.6 27252.7 39943.9 36166.4 64209.2 42837.6
4.Current Assets (B1+B2+B3) 219221.2 232246.1 304501.4 272616.9 355842.6 496229.6
5.Current Liabilities 203782.8 198963.7 302763.6 257170.8 362594.6 480075.4
6.Total Liabilities(A7+B5) 285198.9 250395.2 383633.6 346804.2 479906.8 595053.2
7.Net Current Assets(B4-B5) 15438.4 33282.4 1737.8 15446.1 -6752.0 16154.2
8.Contractual Liabilities 102733.5 70702.8 126042.0 134713.1 175798.4 153146.8
9.Net liquid assets (B1-B5) -122646.5 -122748.0 -192483.9 -188797.2 -294924.4 -432236.4
C.Fixed Assets:
1.Fixed Asset At Cost 426106.6 526187.7 599183.6 389362.5 448504.1 504679.9
2.Fixed assets after deducting accumulated depreciation 260003.1 262331.9 313377.6 239235.6 274672.2 327346.0
3.Depreciation for the year 23139.1 27483.4 28090.5 19792.6 21996.0 19657.2
4.Total assets (B4+C2) 479224.3 494578.0 617879.0 511852.5 630514.8 823575.6
D.Operation:
1.Gross sales 601525.5 743589.7 930728.2 885471.6 1094498.6 1183451.7
(i)Local sales 594055.2 731073.3 909586.1 885471.6 1094498.6 1183451.7
(ii)Export sales 7470.3 12516.4 21142.1 0.0 0.0 0.0
2.Cost of Sales 506218.6 632569.8 829105.0 752181.9 917032.4 1006144.0
3.Gross profit 95306.9 111019.9 101623.2 133289.7 177466.2 177307.7
4.Overhead and Other Expenses 548793.3 698515.7 901293.9 804215.1 1000833.6 1085127.8
5.Operating profit 72999.2 59348.0 56079.5 99899.3 114472.5 124115.5
6.Financial expenses 5705.4 5480.6 10365.5 11618.8 13680.4 21710.9
7.Net profit before tax (D5-D6) 67293.8 53867.4 45714.0 88280.5 100792.1 102404.6
8.Tax provision 22873.1 22755.1 21952.1 27585.3 39498.9 32382.3
9.Total amount of dividend 33805.9 9859.0 12881.4 47712.5 59901.1 47846.5
10.Total value of bonus shares issued 57.2 58.3 1775.8 743.0 823.0 1659.7
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 39937.2 20172.9 19500.9 -60433.9 13238.7 75580.1
2.Retention in business (D7-D8-D9) 10614.8 21253.3 10880.5 12982.7 1392.1 22175.8
3.Finance from outside the company (E1-E2) 29322.4 -1080.4 8620.4 -73416.6 11846.6 53404.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 33753.9 48736.7 38971.0 32775.3 23388.1 41833.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 63076.3 47656.3 47591.4 -40641.3 35234.7 95237.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 29.6 17.4 25.7 35.2 43.8 33.5
2.Current ratio (B4 as % of B5) 107.6 116.7 100.6 106.0 98.1 103.4
3.Acid test or Quick ratio (B4-B3 as % B5) 88.5 103.0 87.4 91.9 80.4 94.4
4.Debt equity ratio (B6 as % of A3) 147.0 102.5 163.8 210.1 318.6 260.4
5.Return on assets (D7 as % of C4) 14.0 10.9 7.4 17.2 16.0 12.4
6.Self financing ratio (E2 as % of E1) 26.6 105.4 55.8 -21.5 10.5 29.3
7.Cash flow ratio F1 as % of F2 53.5 102.3 81.9 -80.6 66.4 43.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 166.6 183.2 172.7 191.0 171.7 252.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 91.2 93.9 96.8 90.8 91.4 91.7
10.Financial expenses as % of operating profit (D6 as % of D5) 7.8 9.2 18.5 11.6 12.0 17.5
11.Financial expense as % of gross sales (D6 as % of D1) 0.9 0.7 1.1 1.3 1.2 1.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.6 7.8 8.2 8.6 7.8 14.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 34.0 42.2 48.0 31.2 39.2 31.6
14.Sundry debtors as % of gross sales 7.1 8.9 8.6 10.0 12.2 19.6
15.Return on Equity (D7 as % of A3) 34.7 22.1 19.5 53.5 66.9 44.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 131.4 315.6 184.5 127.2 102.3 146.3
2.Dividend ratio to equity (D9 as % of A3) 17.4 4.0 5.5 28.9 39.8 20.9
3.Net profit margin (D7 as % of D1) 11.2 7.2 4.9 10.0 9.2 8.7
4.Earning per share before tax (D7/No. of ordinary shares) 5.8 4.0 3.4 10.2 11.5 11.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.8 2.3 1.8 7.0 7.0 7.7
6.Average annual % depreciation on written down fixed assets 9.7 10.9 10.4 9.7 9.5 7.4
7.Sales as % of total assets (D1 as % of C4) 125.5 150.3 150.6 173.0 173.6 143.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 26.1 -31.0 -15.0 200.0 12.7 -1.7
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 11.1 23.6 25.2 -4.9 23.6 8.1
10.Break-up value of ordinary shares (in rupees) 16.7 18.3 17.3 19.1 17.2 25.3

5
Public

Operating, Financial & Investment Ratios


350
300
250
% 200
150
100
50
0
2004 2005 2006 2007 2008 2009

Gearing ratio Debt equity ratio Current ratio


Textile Sector
Textile Sector (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 23063.4 23232.7 30692.3 32773.5 35312.2 37841.0
2.Surplus 46532.9 66875.1 82835.2 103273.6 99395.5 93207.8
3.Shareholder's Equity (A1+A2) 69596.3 90107.8 113527.5 136047.1 134707.7 131048.8
4.Prefrence Shares 241.9 1589.6 1632.7 2432.7 1656.0 2400.2
5.Debentures 1232.3 3809.7 8509.3 10540.8 4626.2 5519.7
6.Other Fixed Liabilities 42697.9 56145.9 61886.5 58962.1 70030.0 60455.9
7.Total Fixed Liabilities (A4+A5+A6) 44172.1 61545.2 72028.5 71935.6 76312.2 68375.8
8.Total Capital Employed (A3+A7) 113768.4 151653.0 185556.0 207982.7 211019.9 199424.6
B.Liquidity:
1.Liquid Assets: 18250.6 21657.9 42084.2 45664.5 55206.2 53092.2
(i)Cash 4183.1 5119.6 4836.7 4469.9 3549.5 3404.7
(ii)Investments 14067.5 16538.3 37247.5 41194.6 51656.7 49687.5
2.Other Current Assets 47823.8 45580.3 51999.6 80538.1 83281.8 81293.7
3.Inventories 48221.5 65966.8 65342.5 69284.4 91723.2 89825.9
4.Current Assets (B1+B2+B3) 114295.9 133205.0 159426.3 195487.0 230211.2 224211.8
5.Current Liabilities 110989.6 130940.0 150625.6 181364.5 209755.9 222550.5
6.Total Liabilities(A7+B5) 155161.7 192485.2 222654.1 253300.1 286068.1 290926.3
7.Net Current Assets(B4-B5) 3306.3 2265.0 8800.7 14122.5 20455.3 1661.3
8.Contractual Liabilities 106246.1 149646.0 173336.9 168521.5 208489.3 185995.4
9.Net liquid assets (B1-B5) -92739.0 -109282.1 -108541.4 -135700.0 -154549.7 -169458.3
C.Fixed Assets:
1.Fixed Asset At Cost 169461.8 218342.7 258252.5 278657.2 279383.0 325372.1
2.Fixed assets after deducting accumulated depreciation 110462.1 149387.9 176755.2 193860.4 190564.6 197763.8
3.Depreciation for the year 11239.1 7960.9 11748.3 13181.5 14644.0 13767.0
4.Total assets (B4+C2) 224758.0 282592.9 336181.5 389347.4 420775.8 421975.6
D.Operation:
1.Gross sales 227136.5 187364.1 250294.5 288506.1 315557.5 342209.2
(i)Local sales 123172.6 98149.2 139938.1 144851.5 166324.2 169311.6
(ii)Export sales 103963.9 89214.9 110356.4 143654.6 149233.3 172897.6
2.Cost of Sales 207428.3 164218.8 220338.1 253538.6 278948.1 298906.4
3.Gross profit 19708.2 23145.3 29956.4 34967.5 36609.4 43302.8
4.Overhead and Other Expenses 216704.8 173186.0 232406.4 266942.1 295240.2 319640.0
5.Operating profit 12821.1 17159.6 21874.9 27381.2 32411.6 27772.9
6.Financial expenses 5788.8 7029.6 14715.2 19380.4 25117.3 30846.7
7.Net profit before tax (D5-D6) 7032.3 10130.0 7159.7 8000.8 7294.3 -3073.8
8.Tax provision 4212.5 1393.1 2072.0 4605.7 15459.3 2018.2
9.Total amount of dividend 1124.2 1341.7 1457.6 853.7 1445.1 1389.7
10.Total value of bonus shares issued 101.6 572.2 520.0 51.1 615.1 136.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 18211.7 37884.6 33903.0 22426.7 3037.2 -11595.3
2.Retention in business (D7-D8-D9) 1695.6 7395.2 3630.1 2541.4 -9610.1 -6481.7
3.Finance from outside the company (E1-E2) 16516.1 30489.4 30272.9 19885.3 12647.3 -5113.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 12934.7 15356.1 15378.4 15722.9 5033.9 7285.3
2.Depreciation for the year plus changes in capital employed (C3+E1) 29450.8 45845.5 45651.3 35608.2 17681.2 2171.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 38.8 40.6 38.8 34.6 36.2 34.3
2.Current ratio (B4 as % of B5) 103.0 101.7 105.8 107.8 109.8 100.7
3.Acid test or Quick ratio (B4-B3 as % B5) 59.5 51.4 62.5 69.6 66.0 60.4
4.Debt equity ratio (B6 as % of A3) 222.9 213.6 196.1 186.2 212.4 222.0
5.Return on assets (D7 as % of C4) 3.1 3.6 2.1 2.1 1.7 -0.7
6.Self financing ratio (E2 as % of E1) 9.3 19.5 10.7 11.3 -316.4 55.9
7.Cash flow ratio F1 as % of F2 43.9 33.5 33.7 44.2 28.5 335.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 301.8 387.8 369.9 415.1 381.5 346.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.4 92.4 92.9 92.5 93.6 93.4
10.Financial expenses as % of operating profit (D6 as % of D5) 45.2 41.0 67.3 70.8 77.5 111.1
11.Financial expense as % of gross sales (D6 as % of D1) 2.5 3.8 5.9 6.7 8.0 9.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.4 4.7 8.5 11.5 12.0 16.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 59.9 13.8 28.9 57.6 211.9 -65.7
14.Sundry debtors as % of gross sales 10.7 13.2 11.2 11.5 12.7 14.1
15.Return on Equity (D7 as % of A3) 10.1 11.2 6.3 5.9 5.4 -2.3
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 250.8 651.2 349.0 397.7 -565.0 -366.4
2.Dividend ratio to equity (D9 as % of A3) 1.6 1.5 1.3 0.6 1.1 1.1
3.Net profit margin (D7 as % of D1) 3.1 5.4 2.9 2.8 2.3 -0.9
4.Earning per share before tax (D7/No. of ordinary shares) 3.0 4.4 2.3 2.4 2.1 -0.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 1.2 3.8 1.7 1.0 -2.3 -1.3
6.Average annual % depreciation on written down fixed assets 11.9 6.9 8.3 7.3 8.1 7.5
7.Sales as % of total assets (D1 as % of C4) 101.1 66.3 74.5 74.1 75.0 81.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -3.2 46.7 -47.7 4.3 -12.5 -138.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 20.4 -17.5 33.6 15.3 9.4 8.4
10.Break-up value of ordinary shares (in rupees) 30.2 38.8 37.0 41.5 38.1 34.6

9
Cotton Textiles

Operating, Financial & Investment Ratios


250

200

150
%
100

50

0
2004 2005 2006 2007 2008 2009

Gearing ratio Debt equity ratio Current ratio


(Colony) Sarhad Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 40.0 40.0 40.0 40.0 40.0 40.0
2.Surplus 75.8 63.5 38.9 13.3 9.2 -180.1
3.Shareholder's Equity (A1+A2) 115.8 103.5 78.9 53.3 49.2 -140.1
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 Liabilities 343.2 343.9 343.9 27.4 304.7 0.0
7.Total Fixed Liabilities (A4+A5+A6) 343.2 343.9 343.9 27.4 304.7 0.0
8.Total Capital Employed (A3+A7) 459.0 447.4 422.8 80.7 353.9 -140.1
B.Liquidity:
1.Liquid Assets: 5.5 5.3 5.3 0.2 16.7 11.1
(i)Cash 0.5 0.3 0.3 0.2 0.2 0.1
(ii)Investments 5.0 5.0 5.0 0.0 16.5 11.0
2.Other Current Assets 116.4 110.1 109.7 120.7 115.3 155.4
3.Inventories 102.2 109.9 99.7 84.0 84.0 84.0
4.Current Assets (B1+B2+B3) 224.1 225.3 214.7 204.9 216.0 250.5
5.Current Liabilities 157.3 167.9 180.2 510.8 247.8 568.3
6.Total Liabilities(A7+B5) 500.5 511.8 524.1 538.2 552.5 568.3
7.Net Current Assets(B4-B5) 66.8 57.4 34.5 -305.9 -31.8 -317.8
8.Contractual Liabilities 343.2 343.9 343.9 27.4 304.7 11.8
9.Net liquid assets (B1-B5) -151.8 -162.6 -174.9 -510.6 -231.1 -557.2
C.Fixed Assets:
1.Fixed Asset At Cost 510.1 510.1 510.1 510.1 509.8 209.6
2.Fixed assets after deducting accumulated depreciation 392.2 390.0 388.3 386.6 385.6 177.7
3.Depreciation for the year 2.0 1.4 1.8 3.3 0.9 4.0
4.Total assets (B4+C2) 616.3 615.3 603.0 591.5 601.6 428.2
D.Operation:
1.Gross sales 115.0 56.7 60.2 36.0 0.0 0.0
(i)Local sales 115.0 56.7 60.2 36.0 0.0 0.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 112.2 58.6 71.6 47.4 5.6 9.4
3.Gross profit 2.8 -1.9 -11.4 -11.4 -5.6 -9.4
4.Overhead and Other Expenses 119.0 63.9 77.9 51.7 8.9 13.3
5.Operating profit -3.6 -6.7 -17.4 -14.4 -7.8 -65.5
6.Financial expenses 7.0 5.2 7.0 7.0 7.0 7.1
7.Net profit before tax (D5-D6) -10.6 -11.9 -24.4 -21.4 -14.8 -72.6
8.Tax provision 0.5 0.2 0.3 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 32.5 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -11.3 -11.6 -24.6 -342.1 273.2 -494.0
2.Retention in business (D7-D8-D9) -11.1 -12.1 -24.7 -21.4 -14.8 -72.6
3.Finance from outside the company (E1-E2) -0.2 0.5 0.1 -320.7 288.0 -421.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -9.1 -10.7 -22.9 -18.1 -13.9 -68.6
2.Depreciation for the year plus changes in capital employed (C3+E1) -9.3 -10.2 -22.8 -338.8 274.1 -490.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 74.8 76.9 81.3 34.0 86.1 0.0
2.Current ratio (B4 as % of B5) 142.5 134.2 119.1 40.1 87.2 44.1
3.Acid test or Quick ratio (B4-B3 as % B5) 77.5 68.7 63.8 23.7 53.3 29.3
4.Debt equity ratio (B6 as % of A3) 432.2 494.5 664.3 1009.8 1123.0 0.0
5.Return on assets (D7 as % of C4) -1.7 -1.9 -4.0 -3.6 -2.5 -17.0
6.Self financing ratio (E2 as % of E1) - - 100.4 6.3 -5.4 14.7
7.Cash flow ratio F1 as % of F2 - - 100.4 5.3 -5.1 14.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 289.5 258.8 197.3 133.3 123.0 -350.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 103.5 112.7 129.4 143.6 0.0 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) - - -40.2 -48.6 -89.7 -10.8
11.Financial expense as % of gross sales (D6 as % of D1) 6.1 9.2 11.6 19.4 0.0 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 2.0 1.5 2.0 25.5 2.3 60.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - -1.2 0.0 0.0 0.0
14.Sundry debtors as % of gross sales 1.2 0.2 0.0 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) -9.2 -11.5 -30.9 -40.2 -30.1 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -9.2 -21.0 -40.5 -59.4 0.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) -2.7 -3.0 -6.1 -5.4 -3.7 -18.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -2.8 -3.0 -6.2 -5.4 -3.7 -18.2
6.Average annual % depreciation on written down fixed assets 0.5 3.6 0.5 0.8 0.2 1.0
7.Sales as % of total assets (D1 as % of C4) 18.7 9.2 10.0 6.1 0.0 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -30.8 11.1 103.3 -11.5 -31.5 391.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -16.1 -50.7 6.2 -40.2 -100.0 -
10.Break-up value of ordinary shares (in rupees) 29.0 25.9 19.7 13.3 12.3 -35.0

11
(Colony) Thal Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 55.7 55.7 55.7 55.7 55.7 55.7
2.Surplus 79.5 82.2 101.5 52.5 18.1 -21.5
3.Shareholder's Equity (A1+A2) 135.2 137.9 157.2 108.2 73.8 34.2
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 Liabilities 135.8 162.2 157.1 275.0 203.1 199.2
7.Total Fixed Liabilities (A4+A5+A6) 135.8 162.2 157.1 275.0 203.1 199.2
8.Total Capital Employed (A3+A7) 271.0 300.1 314.3 383.2 276.9 233.4
B.Liquidity:
1.Liquid Assets: 34.6 7.1 3.9 1.6 3.3 4.0
(i)Cash 34.6 7.1 3.9 1.6 3.3 4.0
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 50.1 40.1 34.8 53.7 47.9 73.4
3.Inventories 24.7 75.5 95.9 85.2 52.6 56.9
4.Current Assets (B1+B2+B3) 109.4 122.7 134.6 140.5 103.8 134.3
5.Current Liabilities 219.3 225.7 197.3 138.1 195.1 223.2
6.Total Liabilities(A7+B5) 355.1 387.9 354.4 413.1 398.2 422.4
7.Net Current Assets(B4-B5) -109.9 -103.0 -62.7 2.4 -91.3 -88.9
8.Contractual Liabilities 161.2 251.2 266.0 359.3 276.4 277.7
9.Net liquid assets (B1-B5) -184.7 -218.6 -193.4 -136.5 -191.8 -219.2
C.Fixed Assets:
1.Fixed Asset At Cost 487.9 470.3 461.7 478.8 479.6 445.9
2.Fixed assets after deducting accumulated depreciation 380.8 403.3 377.1 380.8 368.2 322.2
3.Depreciation for the year 10.6 10.2 13.2 14.0 13.4 12.7
4.Total assets (B4+C2) 490.2 526.0 511.7 521.3 472.0 456.5
D.Operation:
1.Gross sales 369.6 542.2 881.4 777.4 374.9 120.6
(i)Local sales 369.6 542.2 881.4 777.4 374.9 120.6
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 361.4 516.1 831.3 748.5 374.1 132.8
3.Gross profit 8.2 26.1 50.1 28.9 0.8 -12.2
4.Overhead and Other Expenses 383.6 531.2 868.4 765.1 383.6 141.6
5.Operating profit -12.9 15.2 13.2 12.3 -8.7 -6.6
6.Financial expenses 8.0 10.8 19.7 25.9 23.9 28.1
7.Net profit before tax (D5-D6) -20.9 4.4 -6.5 -13.6 -32.6 -34.7
8.Tax provision 0.0 2.4 4.4 3.9 1.9 0.0
9.Total amount of dividend 0.0 0.0 0.6 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) 60.0 29.1 14.2 68.9 -106.3 -43.5
2.Retention in business (D7-D8-D9) -20.9 2.0 -11.5 -17.5 -34.5 -34.7
3.Finance from outside the company (E1-E2) 80.9 27.1 25.7 86.4 -71.8 -8.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -10.3 12.2 1.7 -3.5 -21.1 -22.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 70.6 39.3 27.4 82.9 -92.9 -30.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 50.1 54.0 50.0 71.8 73.3 85.3
2.Current ratio (B4 as % of B5) 49.9 54.4 68.2 101.7 53.2 60.2
3.Acid test or Quick ratio (B4-B3 as % B5) 38.6 20.9 19.6 40.0 26.2 34.7
4.Debt equity ratio (B6 as % of A3) 262.6 281.3 225.4 381.8 539.6 1235.1
5.Return on assets (D7 as % of C4) -4.3 0.8 -1.3 -2.6 -6.9 -7.6
6.Self financing ratio (E2 as % of E1) -34.8 6.9 -81.0 -25.4 32.5 79.8
7.Cash flow ratio F1 as % of F2 -14.6 31.0 6.2 -4.2 22.7 71.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 242.7 247.6 282.2 194.3 132.5 61.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 103.8 98.0 98.5 98.4 102.3 117.4
10.Financial expenses as % of operating profit (D6 as % of D5) - 71.1 149.2 210.6 -274.7 -425.8
11.Financial expense as % of gross sales (D6 as % of D1) 2.2 2.0 2.2 3.3 6.4 23.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.0 4.3 7.4 7.2 8.6 10.1
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 54.5 -67.7 -28.7 -5.8 0.0
14.Sundry debtors as % of gross sales 3.5 5.0 1.8 2.4 6.0 16.9
15.Return on Equity (D7 as % of A3) -15.5 3.2 -4.1 -12.6 -44.2 -101.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - -1816.7 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.4 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -5.7 0.8 -0.7 -1.7 -8.7 -28.8
4.Earning per share before tax (D7/No. of ordinary shares) -3.8 0.8 -1.2 -2.4 -5.9 -6.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.8 0.4 -2.0 -3.1 -6.2 -6.2
6.Average annual % depreciation on written down fixed assets 4.3 2.7 3.3 3.7 3.5 3.4
7.Sales as % of total assets (D1 as % of C4) 75.4 103.1 172.2 149.1 79.4 26.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -22.4 -121.1 -250.0 100.0 145.8 5.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 71.6 46.7 62.6 -11.8 -51.8 -67.8
10.Break-up value of ordinary shares (in rupees) 24.3 24.8 28.2 19.4 13.2 6.1

12
Accord Textiles Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 93.0 93.0 93.0 93.0 93.0 93.0
2.Surplus -319.2 -81.8 -405.2 -437.5 -443.7 -443.7
3.Shareholder's Equity (A1+A2) -226.2 11.2 -312.2 -344.5 -350.7 -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 Liabilities 418.5 179.3 81.0 285.1 229.8 229.8
7.Total Fixed Liabilities (A4+A5+A6) 418.5 179.3 81.0 285.1 229.8 229.8
8.Total Capital Employed (A3+A7) 192.3 190.5 -231.2 -59.4 -120.9 -120.9
B.Liquidity:
1.Liquid Assets: 8.2 2.7 2.2 1.1 0.4 0.4
(i)Cash 8.2 2.7 2.2 1.1 0.4 0.4
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 28.0 21.2 28.9 36.1 6.8 6.8
3.Inventories 47.5 63.0 69.0 13.0 11.6 11.6
4.Current Assets (B1+B2+B3) 83.7 86.9 100.1 50.2 18.8 18.8
5.Current Liabilities 198.7 199.5 618.9 383.1 399.6 399.6
6.Total Liabilities(A7+B5) 617.2 378.8 699.9 668.2 629.4 629.4
7.Net Current Assets(B4-B5) -115.0 -112.6 -518.8 -332.9 -380.8 -380.8
8.Contractual Liabilities 607.0 216.9 192.2 290.7 234.0 234.0
9.Net liquid assets (B1-B5) -190.5 -196.8 -616.7 -382.0 -399.2 -399.2
C.Fixed Assets:
1.Fixed Asset At Cost 449.6 457.1 456.5 456.5 456.5 456.5
2.Fixed assets after deducting accumulated depreciation 307.2 302.9 287.8 273.5 259.9 259.9
3.Depreciation for the year 16.2 11.8 15.1 14.2 13.6 13.6
4.Total assets (B4+C2) 390.9 389.8 387.9 323.7 278.7 278.7
D.Operation:
1.Gross sales 273.2 192.4 269.3 387.9 378.8 378.8
(i)Local sales 273.2 192.4 269.3 387.9 378.8 378.8
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 303.0 210.4 306.9 415.4 380.9 380.9
3.Gross profit -29.8 -18.0 -37.6 -27.5 -2.1 -2.1
4.Overhead and Other Expenses 308.9 214.4 311.6 419.8 384.5 384.5
5.Operating profit -16.5 -22.0 1.5 -31.6 -5.7 -5.7
6.Financial expenses 1.1 0.0 2.6 0.9 0.5 0.5
7.Net profit before tax (D5-D6) -17.6 -22.0 -1.1 -32.5 -6.2 -6.2
8.Tax provision 1.4 0.8 1.3 1.9 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) 260.1 -1.8 -421.7 171.8 -61.5 0.0
2.Retention in business (D7-D8-D9) -19.0 -22.8 -2.4 -34.4 -8.1 -8.1
3.Finance from outside the company (E1-E2) 279.1 21.0 -419.3 206.2 -53.4 8.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -2.8 -11.0 12.7 -20.2 5.5 5.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 276.3 10.0 -406.6 186.0 -47.9 13.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 217.6 94.1 0.0 0.0 0.0 0.0
2.Current ratio (B4 as % of B5) 42.1 43.6 16.2 13.1 4.7 4.7
3.Acid test or Quick ratio (B4-B3 as % B5) 18.2 12.0 5.0 9.7 1.8 1.8
4.Debt equity ratio (B6 as % of A3) - 3382.1 0.0 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -4.5 -5.6 -0.3 -10.0 -2.2 -2.2
6.Self financing ratio (E2 as % of E1) -7.3 - 0.6 -20.0 13.2 0.0
7.Cash flow ratio F1 as % of F2 -1.0 -110.0 -3.1 -10.9 -11.5 40.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -243.2 12.0 -335.7 -370.4 -377.1 -377.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 113.1 111.4 115.7 108.2 101.5 101.5
10.Financial expenses as % of operating profit (D6 as % of D5) - - 173.3 -2.8 -8.8 -8.8
11.Financial expense as % of gross sales (D6 as % of D1) 0.4 0.0 1.0 0.2 0.1 0.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 0.2 0.0 1.4 0.3 0.2 0.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - -118.2 -5.8 -30.6 -30.6
14.Sundry debtors as % of gross sales 0.8 1.1 0.9 1.4 0.4 0.4
15.Return on Equity (D7 as % of A3) - -196.4 0.0 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 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) -6.4 -11.4 -0.4 -8.4 -1.6 -1.6
4.Earning per share before tax (D7/No. of ordinary shares) -1.9 -2.4 -0.1 -3.5 -0.7 -0.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -2.0 -2.5 -0.3 -3.7 -0.9 -0.9
6.Average annual % depreciation on written down fixed assets 5.0 3.8 5.0 4.9 5.0 5.0
7.Sales as % of total assets (D1 as % of C4) 69.9 49.4 69.4 119.8 135.9 135.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -50.0 26.3 -95.8 3400.0 -80.0 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 1.8 -29.6 40.0 44.0 -2.3 0.0
10.Break-up value of ordinary shares (in rupees) -24.3 1.2 -33.6 -37.0 -37.7 -37.7

13
Adil Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 77.3 77.3 77.3 77.3 77.3 77.3
2.Surplus 34.3 34.3 10.5 -26.1 -52.0 -90.4
3.Shareholder's Equity (A1+A2) 111.6 111.6 87.8 51.2 25.3 -13.1
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 Liabilities 102.8 93.7 85.6 53.6 23.6 0.0
7.Total Fixed Liabilities (A4+A5+A6) 102.8 93.7 85.6 53.6 23.6 0.0
8.Total Capital Employed (A3+A7) 214.4 205.3 173.4 104.8 48.9 -13.1
B.Liquidity:
1.Liquid Assets: 0.4 33.5 0.3 0.2 0.0 0.0
(i)Cash 0.4 33.5 0.3 0.2 0.0 0.0
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 32.5 37.9 36.8 37.2 47.2 43.9
3.Inventories 96.3 181.0 74.2 51.1 17.6 3.9
4.Current Assets (B1+B2+B3) 129.2 252.4 111.3 88.5 64.8 47.8
5.Current Liabilities 351.5 506.9 411.9 436.5 449.4 476.0
6.Total Liabilities(A7+B5) 454.3 600.6 497.5 490.1 473.0 476.0
7.Net Current Assets(B4-B5) -222.3 -254.5 -300.6 -348.0 -384.6 -428.2
8.Contractual Liabilities 172.8 342.8 270.3 130.7 65.3 194.1
9.Net liquid assets (B1-B5) -351.1 -473.4 -411.6 -436.3 -449.4 -476.0
C.Fixed Assets:
1.Fixed Asset At Cost 658.3 713.1 743.8 740.2 740.2 740.2
2.Fixed assets after deducting accumulated depreciation 436.6 459.6 473.9 452.7 433.3 414.9
3.Depreciation for the year 19.6 15.6 19.8 20.5 20.5 18.4
4.Total assets (B4+C2) 565.8 712.0 585.2 541.2 498.1 462.7
D.Operation:
1.Gross sales 371.8 316.0 310.6 210.7 44.1 0.0
(i)Local sales 185.6 205.1 257.9 210.7 44.1 0.0
(ii)Export sales 186.2 110.9 52.7 0.0 0.0 0.0
2.Cost of Sales 367.0 292.8 290.4 210.0 62.5 34.6
3.Gross profit 4.8 23.2 20.2 0.7 -18.4 -34.6
4.Overhead and Other Expenses 385.4 304.5 306.9 218.1 68.4 36.6
5.Operating profit -12.7 12.7 5.5 -6.5 -24.1 -36.6
6.Financial expenses 8.7 11.7 26.5 29.0 1.5 1.8
7.Net profit before tax (D5-D6) -21.4 1.0 -21.0 -35.5 -25.6 -38.4
8.Tax provision 1.7 1.5 1.6 1.1 0.2 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) 10.7 -9.1 -31.9 -68.6 -55.9 -62.0
2.Retention in business (D7-D8-D9) -23.1 -0.5 -22.6 -36.6 -25.8 -38.4
3.Finance from outside the company (E1-E2) 33.8 -8.6 -9.3 -32.0 -30.1 -23.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -3.5 15.1 -2.8 -16.1 -5.3 -20.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 30.3 6.5 -12.1 -48.1 -35.4 -43.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 47.9 45.6 49.4 51.1 48.3 0.0
2.Current ratio (B4 as % of B5) 36.8 49.8 27.0 20.3 14.4 10.0
3.Acid test or Quick ratio (B4-B3 as % B5) 9.4 14.1 9.0 8.6 10.5 9.2
4.Debt equity ratio (B6 as % of A3) 407.1 538.2 566.6 957.2 1869.6 0.0
5.Return on assets (D7 as % of C4) -3.8 0.1 -3.6 -6.6 -5.1 -8.3
6.Self financing ratio (E2 as % of E1) -215.9 - 70.8 53.4 46.2 61.9
7.Cash flow ratio F1 as % of F2 -11.6 232.3 23.1 33.5 15.0 45.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 144.4 144.4 113.6 66.2 32.7 -16.9
9.Overhead and other expenses as % of gross sales (D4 as % D1) 103.7 96.4 98.8 103.5 155.1 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) - 92.1 481.8 -446.2 -6.2 -4.9
11.Financial expense as % of gross sales (D6 as % of D1) 2.3 3.7 8.5 13.8 3.4 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.0 3.4 9.8 22.2 2.3 0.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 150.0 -7.6 -3.1 -0.8 0.0
14.Sundry debtors as % of gross sales 0.8 4.1 2.2 3.3 37.4 0.0
15.Return on Equity (D7 as % of A3) -19.2 0.9 -23.9 -69.3 -101.2 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -5.8 0.3 -6.8 -16.8 -58.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) -2.8 0.1 -2.7 -4.6 -3.3 -5.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.0 -0.1 -2.9 -4.7 -3.3 -5.0
6.Average annual % depreciation on written down fixed assets 4.7 3.6 4.3 4.3 4.5 4.2
7.Sales as % of total assets (D1 as % of C4) 65.7 44.4 53.1 38.9 8.9 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -93.8 -103.6 -2800.0 70.4 -28.3 51.5
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 196.0 -15.0 -1.7 -32.2 -79.1 -100.0
10.Break-up value of ordinary shares (in rupees) 14.4 14.4 11.4 6.6 3.3 -1.7

14
Ahmed Hassan Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 125.3 125.3 125.3 144.1 144.1 144.1
2.Surplus 221.7 275.4 245.0 225.7 691.5 627.7
3.Shareholder's Equity (A1+A2) 347.0 400.7 370.3 369.8 835.6 771.8
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 Liabilities 216.0 464.9 431.7 453.2 676.6 636.4
7.Total Fixed Liabilities (A4+A5+A6) 216.0 464.9 431.7 453.2 676.6 636.4
8.Total Capital Employed (A3+A7) 563.0 865.6 802.0 823.0 1512.2 1408.2
B.Liquidity:
1.Liquid Assets: 0.2 0.6 8.4 5.3 1.3 2.1
(i)Cash 0.2 0.6 8.4 5.0 1.0 1.8
(ii)Investments 0.0 0.0 0.0 0.3 0.3 0.3
2.Other Current Assets 202.2 214.8 223.9 236.9 268.9 320.1
3.Inventories 228.6 414.9 432.5 426.1 582.8 688.6
4.Current Assets (B1+B2+B3) 431.0 630.3 664.8 668.3 853.0 1010.8
5.Current Liabilities 500.7 726.8 860.3 1033.3 1357.8 1552.5
6.Total Liabilities(A7+B5) 716.7 1191.7 1292.0 1486.5 2034.4 2188.9
7.Net Current Assets(B4-B5) -69.7 -96.5 -195.5 -365.0 -504.8 -541.7
8.Contractual Liabilities 555.7 1036.6 1099.1 959.3 1573.6 1739.5
9.Net liquid assets (B1-B5) -500.5 -726.2 -851.9 -1028.0 -1356.5 -1550.4
C.Fixed Assets:
1.Fixed Asset At Cost 995.1 1372.0 1505.6 1726.2 2651.5 2774.0
2.Fixed assets after deducting accumulated depreciation 632.7 962.2 997.6 1188.1 2017.0 1950.0
3.Depreciation for the year 66.3 47.6 99.6 107.8 121.3 103.5
4.Total assets (B4+C2) 1063.7 1592.5 1662.4 1856.4 2870.0 2960.8
D.Operation:
1.Gross sales 1845.7 1386.0 2054.6 2169.7 2556.3 2736.4
(i)Local sales 826.6 727.1 1081.3 1101.8 1279.8 1458.6
(ii)Export sales 1019.1 658.9 973.3 1067.9 1276.5 1277.8
2.Cost of Sales 1748.4 1247.0 1855.9 1988.7 2350.5 2404.3
3.Gross profit 97.3 139.0 198.7 181.0 205.8 332.1
4.Overhead and Other Expenses 1795.2 1286.3 1907.1 2037.1 2473.6 2498.4
5.Operating profit 51.6 100.3 150.4 133.5 84.6 243.9
6.Financial expenses 36.0 40.2 121.6 130.7 188.3 296.8
7.Net profit before tax (D5-D6) 15.6 60.1 28.8 2.8 -103.7 -52.9
8.Tax provision 5.7 7.4 11.7 0.0 13.2 12.6
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) -10.5 302.6 -63.6 21.0 689.2 -104.0
2.Retention in business (D7-D8-D9) 9.9 52.7 17.1 2.8 -116.9 -65.5
3.Finance from outside the company (E1-E2) -20.4 249.9 -80.7 18.2 806.1 -38.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 76.2 100.3 116.7 110.6 4.4 38.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 55.8 350.2 36.0 128.8 810.5 -0.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 38.4 53.7 53.8 55.1 44.7 45.2
2.Current ratio (B4 as % of B5) 86.1 86.7 77.3 64.7 62.8 65.1
3.Acid test or Quick ratio (B4-B3 as % B5) 40.4 29.6 27.0 23.4 19.9 20.8
4.Debt equity ratio (B6 as % of A3) 206.5 297.4 348.9 402.0 243.5 283.6
5.Return on assets (D7 as % of C4) 1.5 3.8 1.7 0.2 -3.6 -1.8
6.Self financing ratio (E2 as % of E1) - 17.4 -26.9 13.3 -17.0 63.0
7.Cash flow ratio F1 as % of F2 136.6 28.6 324.2 85.9 0.5 -7600.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 276.9 319.8 295.5 256.6 579.9 535.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 97.3 92.8 92.8 93.9 96.8 91.3
10.Financial expenses as % of operating profit (D6 as % of D5) 69.8 40.1 80.9 97.9 222.6 121.7
11.Financial expense as % of gross sales (D6 as % of D1) 2.0 2.9 5.9 6.0 7.4 10.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.5 3.9 11.1 13.6 12.0 17.1
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 36.5 12.3 40.6 0.0 -12.7 -23.8
14.Sundry debtors as % of gross sales 5.3 6.9 5.4 4.7 6.3 8.5
15.Return on Equity (D7 as % of A3) 4.5 15.0 7.8 0.8 -12.4 -6.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 0.8 4.3 1.4 0.1 -4.1 -1.9
4.Earning per share before tax (D7/No. of ordinary shares) 1.2 4.8 2.3 0.2 -7.2 -3.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.8 4.2 1.4 0.2 -8.1 -4.5
6.Average annual % depreciation on written down fixed assets 10.4 7.5 10.4 10.6 10.2 5.1
7.Sales as % of total assets (D1 as % of C4) 173.5 87.0 123.6 116.9 89.1 92.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -66.7 300.0 -52.1 -91.3 -3700.0 -48.6
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 41.4 -24.9 48.2 5.6 17.8 7.0
10.Break-up value of ordinary shares (in rupees) 27.7 32.0 29.6 25.7 58.0 53.6

15
Al-Azhar Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 85.5 85.5 85.5 85.5 85.5 85.5
2.Surplus -52.1 -57.1 -57.1 -99.9 -99.9 -99.9
3.Shareholder's Equity (A1+A2) 33.4 28.4 28.4 -14.4 -14.4 -14.4
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 24.6 24.6 0.0 0.0 0.0
6.Other Fixed Liabilities 361.8 287.8 287.8 326.2 326.2 326.2
7.Total Fixed Liabilities (A4+A5+A6) 361.8 312.4 312.4 326.2 326.2 326.2
8.Total Capital Employed (A3+A7) 395.2 340.8 340.8 311.8 311.8 311.8
B.Liquidity:
1.Liquid Assets: 4.5 5.5 5.5 1.9 1.9 1.9
(i)Cash 4.5 5.5 5.5 1.9 1.9 1.9
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 32.5 30.1 30.1 110.6 110.6 110.6
3.Inventories 80.6 49.2 49.2 2.0 2.0 2.0
4.Current Assets (B1+B2+B3) 117.6 84.8 84.8 114.5 114.5 114.5
5.Current Liabilities 130.1 127.8 127.8 201.7 201.7 201.7
6.Total Liabilities(A7+B5) 491.9 440.2 440.2 527.9 527.9 527.9
7.Net Current Assets(B4-B5) -12.5 -43.0 -43.0 -87.2 -87.2 -87.2
8.Contractual Liabilities 390.8 421.1 421.1 326.2 326.2 326.2
9.Net liquid assets (B1-B5) -125.6 -122.3 -122.3 -199.8 -199.8 -199.8
C.Fixed Assets:
1.Fixed Asset At Cost 712.8 726.6 726.6 431.0 431.0 431.0
2.Fixed assets after deducting accumulated depreciation 407.7 383.8 383.8 398.9 398.9 398.9
3.Depreciation for the year 40.5 27.7 27.7 32.1 32.1 32.1
4.Total assets (B4+C2) 525.3 468.6 468.6 513.4 513.4 513.4
D.Operation:
1.Gross sales 650.7 375.9 375.9 555.1 555.1 555.1
(i)Local sales 564.1 113.2 113.2 549.1 549.1 549.1
(ii)Export sales 86.6 262.7 262.7 6.0 6.0 6.0
2.Cost of Sales 634.2 367.3 367.3 549.0 549.0 549.0
3.Gross profit 16.5 8.6 8.6 6.1 6.1 6.1
4.Overhead and Other Expenses 640.8 377.2 377.2 560.7 560.7 560.7
5.Operating profit 10.4 -0.1 -0.1 -5.6 -5.6 -5.6
6.Financial expenses 34.5 25.0 25.0 23.9 23.9 23.9
7.Net profit before tax (D5-D6) -24.1 -25.1 -25.1 -29.5 -29.5 -29.5
8.Tax provision 2.9 1.7 1.7 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) -40.1 -54.4 0.0 -29.0 0.0 0.0
2.Retention in business (D7-D8-D9) -27.0 -26.8 -26.8 -29.5 -29.5 -29.5
3.Finance from outside the company (E1-E2) -13.1 -27.6 26.8 0.5 29.5 29.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 13.5 0.9 0.9 2.6 2.6 2.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 0.4 -26.7 27.7 3.1 32.1 32.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 91.5 91.7 91.7 104.6 104.6 104.6
2.Current ratio (B4 as % of B5) 90.4 66.4 66.4 56.8 56.8 56.8
3.Acid test or Quick ratio (B4-B3 as % B5) 28.4 27.9 27.9 55.8 55.8 55.8
4.Debt equity ratio (B6 as % of A3) 1472.8 1550.0 1550.0 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -4.6 -5.4 -5.4 -5.7 -5.7 -5.7
6.Self financing ratio (E2 as % of E1) - - 0.0 101.7 0.0 0.0
7.Cash flow ratio F1 as % of F2 3375.0 - 3.2 83.9 8.1 8.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 39.1 33.2 33.2 -16.8 -16.8 -16.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 98.5 100.3 100.3 101.0 101.0 101.0
10.Financial expenses as % of operating profit (D6 as % of D5) 331.7 - -25000.0 -426.8 -426.8 -426.8
11.Financial expense as % of gross sales (D6 as % of D1) 5.3 6.7 6.7 4.3 4.3 4.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.8 5.9 5.9 7.3 7.3 7.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - -6.8 0.0 0.0 0.0
14.Sundry debtors as % of gross sales 1.6 3.0 3.0 11.6 11.6 11.6
15.Return on Equity (D7 as % of A3) -72.2 -88.4 -88.4 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 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) -3.7 -6.7 -6.7 -5.3 -5.3 -5.3
4.Earning per share before tax (D7/No. of ordinary shares) -2.8 -2.9 -2.9 -3.5 -3.5 -3.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.2 -3.1 -3.1 -3.5 -3.5 -3.5
6.Average annual % depreciation on written down fixed assets 9.0 6.8 6.8 0.0 0.0 0.0
7.Sales as % of total assets (D1 as % of C4) 123.9 80.2 80.2 108.1 108.1 108.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -31.7 3.6 0.0 20.7 0.0 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 33.3 -42.2 0.0 47.7 0.0 0.0
10.Break-up value of ordinary shares (in rupees) 3.9 3.3 3.3 -1.7 -1.7 -1.7

16
Al-Qadir Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 75.6 75.6 75.6 75.6 75.6 75.6
2.Surplus 200.5 285.4 209.8 249.4 13.7 231.7
3.Shareholder's Equity (A1+A2) 276.1 361.0 285.4 325.0 89.3 307.3
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 Liabilities 124.7 0.0 0.0 0.0 67.5 0.0
7.Total Fixed Liabilities (A4+A5+A6) 124.7 0.0 0.0 0.0 67.5 0.0
8.Total Capital Employed (A3+A7) 400.8 361.0 285.4 325.0 156.8 307.3
B.Liquidity:
1.Liquid Assets: 13.0 5.2 8.1 7.6 6.0 7.3
(i)Cash 13.0 5.2 8.1 7.6 6.0 7.3
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 32.3 73.3 32.7 70.1 24.3 27.8
3.Inventories 84.4 118.7 188.2 103.4 182.5 163.2
4.Current Assets (B1+B2+B3) 129.7 197.2 229.0 181.1 212.8 198.3
5.Current Liabilities 119.5 254.4 345.5 259.5 454.9 271.3
6.Total Liabilities(A7+B5) 244.2 254.4 345.5 259.5 522.4 271.3
7.Net Current Assets(B4-B5) 10.2 -57.2 -116.5 -78.4 -242.1 -73.0
8.Contractual Liabilities 158.9 180.8 175.9 0.2 229.5 151.0
9.Net liquid assets (B1-B5) -106.5 -249.2 -337.4 -251.9 -448.9 -264.0
C.Fixed Assets:
1.Fixed Asset At Cost 792.8 820.0 433.3 460.3 482.2 490.3
2.Fixed assets after deducting accumulated depreciation 390.6 418.3 401.9 403.4 399.0 380.3
3.Depreciation for the year 23.3 19.6 0.6 27.8 27.6 25.7
4.Total assets (B4+C2) 520.3 615.5 630.9 584.5 611.8 578.6
D.Operation:
1.Gross sales 946.4 747.4 876.6 861.1 828.5 761.9
(i)Local sales 592.0 455.4 502.9 405.1 603.4 595.8
(ii)Export sales 354.4 292.0 373.7 456.0 225.1 166.1
2.Cost of Sales 901.0 663.1 790.8 783.5 788.9 705.9
3.Gross profit 45.4 84.3 85.8 77.6 39.6 56.0
4.Overhead and Other Expenses 917.7 692.4 819.5 824.6 806.7 724.0
5.Operating profit 29.0 87.6 58.5 39.3 17.2 41.9
6.Financial expenses 24.6 16.2 24.4 23.9 28.4 31.1
7.Net profit before tax (D5-D6) 4.4 71.4 34.1 15.4 -11.2 10.8
8.Tax provision 4.3 3.5 5.5 6.8 2.2 6.5
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) -16.9 -39.8 -75.6 39.6 -168.2 150.5
2.Retention in business (D7-D8-D9) 0.1 67.9 28.6 8.6 -13.4 4.3
3.Finance from outside the company (E1-E2) -17.0 -107.7 -104.2 31.0 -154.8 146.2
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 23.4 87.5 29.2 36.4 14.2 30.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 6.4 -20.2 -75.0 67.4 -140.6 176.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 31.1 0.0 0.0 0.0 43.0 0.0
2.Current ratio (B4 as % of B5) 108.5 77.5 66.3 69.8 46.8 73.1
3.Acid test or Quick ratio (B4-B3 as % B5) 37.9 30.9 11.8 29.9 6.7 12.9
4.Debt equity ratio (B6 as % of A3) 88.4 70.5 121.1 79.8 585.0 88.3
5.Return on assets (D7 as % of C4) 0.8 11.6 5.4 2.6 -1.8 1.9
6.Self financing ratio (E2 as % of E1) - - -37.8 21.7 8.0 2.9
7.Cash flow ratio F1 as % of F2 365.6 - -38.9 54.0 -10.1 17.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 365.2 477.5 377.5 429.9 118.1 406.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 97.0 92.6 93.5 95.8 97.4 95.0
10.Financial expenses as % of operating profit (D6 as % of D5) 84.8 18.5 41.7 60.8 165.1 74.2
11.Financial expense as % of gross sales (D6 as % of D1) 2.6 2.2 2.8 2.8 3.4 4.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 15.5 9.0 13.9 11950.0 12.4 20.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 97.7 4.9 16.1 44.2 -19.6 60.2
14.Sundry debtors as % of gross sales 2.5 9.0 2.4 1.7 0.0 0.4
15.Return on Equity (D7 as % of A3) 1.6 19.8 11.9 4.7 -12.5 3.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 0.5 9.6 3.9 1.8 -1.4 1.4
4.Earning per share before tax (D7/No. of ordinary shares) 0.6 9.4 4.5 2.0 -1.5 1.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.0 9.0 3.8 1.1 -1.8 0.6
6.Average annual % depreciation on written down fixed assets 5.7 5.0 0.1 6.9 6.8 6.4
7.Sales as % of total assets (D1 as % of C4) 181.9 121.4 138.9 147.3 135.4 131.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 500.0 1466.7 -52.1 -55.6 -175.0 -193.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 20.1 -21.0 17.3 -1.8 -3.8 -8.0
10.Break-up value of ordinary shares (in rupees) 36.5 47.8 37.8 43.0 11.8 40.6

17
Ali Asghar Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 191.5 191.5 191.5 191.5 222.1 222.1
2.Surplus -212.4 215.1 347.2 237.2 197.0 1.4
3.Shareholder's Equity (A1+A2) -20.9 406.6 538.7 428.7 419.1 223.5
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 Liabilities 73.5 92.8 210.5 295.0 326.8 265.5
7.Total Fixed Liabilities (A4+A5+A6) 73.5 92.8 210.5 295.0 326.8 265.5
8.Total Capital Employed (A3+A7) 52.6 499.4 749.2 723.7 745.9 489.0
B.Liquidity:
1.Liquid Assets: 13.3 1.5 1.2 10.1 1.5 0.6
(i)Cash 13.3 1.5 1.2 10.1 1.5 0.6
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 77.3 179.6 180.0 214.9 183.8 159.8
3.Inventories 145.2 155.4 135.3 135.5 185.0 110.2
4.Current Assets (B1+B2+B3) 235.8 336.5 316.5 360.5 370.3 270.6
5.Current Liabilities 374.7 476.1 439.1 519.0 488.7 610.7
6.Total Liabilities(A7+B5) 448.2 568.9 649.6 814.0 815.5 876.2
7.Net Current Assets(B4-B5) -138.9 -139.6 -122.6 -158.5 -118.4 -340.1
8.Contractual Liabilities 272.1 356.7 452.4 476.8 544.8 620.4
9.Net liquid assets (B1-B5) -361.4 -474.6 -437.9 -508.9 -487.2 -610.1
C.Fixed Assets:
1.Fixed Asset At Cost 301.2 756.7 978.3 998.8 1002.9 1018.3
2.Fixed assets after deducting accumulated depreciation 191.5 639.0 871.9 882.1 864.3 829.2
3.Depreciation for the year 12.5 10.7 13.1 34.6 26.9 25.7
4.Total assets (B4+C2) 427.3 975.5 1188.4 1242.6 1234.6 1099.8
D.Operation:
1.Gross sales 462.5 442.6 589.4 550.8 485.8 505.5
(i)Local sales 458.8 440.1 571.1 538.0 481.0 495.2
(ii)Export sales 3.7 2.5 18.3 12.8 4.8 10.3
2.Cost of Sales 416.5 387.8 510.0 489.5 433.7 574.6
3.Gross profit 46.0 54.8 79.4 61.3 52.1 -69.1
4.Overhead and Other Expenses 431.8 405.5 530.1 513.7 462.7 600.1
5.Operating profit 32.1 37.2 64.8 48.5 31.4 -98.2
6.Financial expenses 33.3 31.4 52.7 75.2 69.2 97.2
7.Net profit before tax (D5-D6) -1.2 5.8 12.1 -26.7 -37.8 -195.4
8.Tax provision 2.3 2.1 2.9 2.8 2.4 0.1
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) 101.1 446.8 249.8 -25.5 22.2 -256.9
2.Retention in business (D7-D8-D9) -3.5 3.7 9.2 -29.5 -40.2 -195.5
3.Finance from outside the company (E1-E2) 104.6 443.1 240.6 4.0 62.4 -61.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 9.0 14.4 22.3 5.1 -13.3 -169.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 113.6 457.5 262.9 9.1 49.1 -231.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 139.7 18.6 28.1 40.8 43.8 54.3
2.Current ratio (B4 as % of B5) 62.9 70.7 72.1 69.5 75.8 44.3
3.Acid test or Quick ratio (B4-B3 as % B5) 24.2 38.0 41.3 43.4 37.9 26.3
4.Debt equity ratio (B6 as % of A3) - 139.9 120.6 189.9 194.6 392.0
5.Return on assets (D7 as % of C4) -0.3 0.6 1.0 -2.1 -3.1 -17.8
6.Self financing ratio (E2 as % of E1) -3.5 0.8 3.7 115.7 -181.1 76.1
7.Cash flow ratio F1 as % of F2 7.9 3.1 8.5 56.0 -27.1 73.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -10.9 212.3 281.3 223.9 188.7 100.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 93.4 91.6 89.9 93.3 95.2 118.7
10.Financial expenses as % of operating profit (D6 as % of D5) 103.7 84.4 81.3 155.1 220.4 -99.0
11.Financial expense as % of gross sales (D6 as % of D1) 7.2 7.1 8.9 13.7 14.2 19.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 12.2 8.8 11.6 15.8 12.7 15.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 36.2 24.0 -10.5 -6.3 -0.1
14.Sundry debtors as % of gross sales 6.5 25.1 21.7 28.1 0.0 20.4
15.Return on Equity (D7 as % of A3) - 1.4 2.2 -6.2 -9.0 -87.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -0.3 1.3 2.1 -4.8 -7.8 -38.7
4.Earning per share before tax (D7/No. of ordinary shares) -0.1 0.3 0.6 -1.4 -1.7 -8.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.2 0.2 0.5 -1.5 -1.8 -8.8
6.Average annual % depreciation on written down fixed assets 9.7 5.6 2.1 4.0 3.0 3.0
7.Sales as % of total assets (D1 as % of C4) 108.2 45.4 49.6 44.3 39.3 46.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -92.3 -400.0 100.0 -333.3 21.4 417.6
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 26.2 -4.3 33.2 -6.5 -11.8 4.1
10.Break-up value of ordinary shares (in rupees) -1.1 21.2 28.1 22.4 18.9 10.1

18
Allawasaya Textile & Finishing Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 8.0 8.0 8.0 8.0 8.0 8.0
2.Surplus 115.7 129.3 116.8 115.9 75.9 115.0
3.Shareholder's Equity (A1+A2) 123.7 137.3 124.8 123.9 83.9 123.0
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 Liabilities 0.0 0.0 0.0 0.0 84.4 89.6
7.Total Fixed Liabilities (A4+A5+A6) 0.0 0.0 0.0 0.0 84.4 89.6
8.Total Capital Employed (A3+A7) 123.7 137.3 124.8 123.9 168.3 212.6
B.Liquidity:
1.Liquid Assets: 12.6 4.6 7.0 9.5 5.4 6.2
(i)Cash 10.9 2.9 5.3 7.2 3.1 3.9
(ii)Investments 1.7 1.7 1.7 2.3 2.3 2.3
2.Other Current Assets 38.9 77.2 76.0 72.1 82.9 116.2
3.Inventories 71.2 41.6 126.7 95.8 255.6 184.2
4.Current Assets (B1+B2+B3) 122.7 123.4 209.7 177.4 343.9 306.6
5.Current Liabilities 84.9 85.5 187.7 152.2 384.4 357.9
6.Total Liabilities(A7+B5) 84.9 85.5 187.7 152.2 468.8 447.5
7.Net Current Assets(B4-B5) 37.8 37.9 22.0 25.2 -40.5 -51.3
8.Contractual Liabilities 60.8 45.0 131.5 86.6 413.8 378.6
9.Net liquid assets (B1-B5) -72.3 -80.9 -180.7 -142.7 -379.0 -351.7
C.Fixed Assets:
1.Fixed Asset At Cost 255.9 278.0 292.3 297.8 407.8 500.0
2.Fixed assets after deducting accumulated depreciation 85.8 99.3 102.8 98.8 209.0 264.0
3.Depreciation for the year 9.9 8.6 12.4 11.4 11.7 26.8
4.Total assets (B4+C2) 208.5 222.7 312.5 276.2 552.9 570.6
D.Operation:
1.Gross sales 864.0 684.7 790.8 827.4 865.7 1067.0
(i)Local sales 864.0 684.7 790.8 827.4 865.7 1067.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 822.9 643.8 751.1 792.1 848.2 1013.5
3.Gross profit 41.1 40.9 39.7 35.3 17.5 53.5
4.Overhead and Other Expenses 835.3 658.0 772.2 810.7 871.0 1037.9
5.Operating profit 30.3 27.4 19.5 17.3 -4.8 29.4
6.Financial expenses 3.5 4.7 11.9 10.8 26.2 68.8
7.Net profit before tax (D5-D6) 26.8 22.7 7.6 6.5 -31.0 -39.4
8.Tax provision 0.0 7.4 4.0 4.1 4.3 0.0
9.Total amount of dividend 1.0 1.0 3.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 3.0 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 13.6 -12.5 -0.9 44.4 44.3
2.Retention in business (D7-D8-D9) 25.8 14.3 0.6 2.4 -35.3 -39.4
3.Finance from outside the company (E1-E2) -11.7 -0.7 -13.1 -3.3 79.7 83.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 35.7 22.9 13.0 13.8 -23.6 -12.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 24.0 22.2 -0.1 10.5 56.1 71.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 0.0 0.0 0.0 50.1 42.1
2.Current ratio (B4 as % of B5) 144.5 144.3 111.7 116.6 89.5 85.7
3.Acid test or Quick ratio (B4-B3 as % B5) 60.7 95.7 44.2 53.6 23.0 34.2
4.Debt equity ratio (B6 as % of A3) 68.6 62.3 150.4 122.8 558.8 363.8
5.Return on assets (D7 as % of C4) 12.9 10.2 2.4 2.4 -5.6 -6.9
6.Self financing ratio (E2 as % of E1) 183.0 105.1 -4.8 -266.7 -79.5 -88.9
7.Cash flow ratio F1 as % of F2 148.8 103.2 -13000.0 131.4 -42.1 -17.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 1546.3 1716.3 1560.0 1548.8 1048.8 1537.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 96.7 96.1 97.6 98.0 100.6 97.3
10.Financial expenses as % of operating profit (D6 as % of D5) 11.6 17.2 61.0 62.4 -545.8 234.0
11.Financial expense as % of gross sales (D6 as % of D1) 0.4 0.7 1.5 1.3 3.0 6.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.8 10.4 9.0 12.5 6.3 18.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 0.0 32.6 52.6 63.1 -13.9 0.0
14.Sundry debtors as % of gross sales 3.4 7.2 6.7 6.3 5.7 8.8
15.Return on Equity (D7 as % of A3) 21.7 16.5 6.1 5.2 -36.9 -32.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 2680.0 1530.0 120.0 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.8 0.7 2.4 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 3.1 3.3 1.0 0.8 -3.6 -3.7
4.Earning per share before tax (D7/No. of ordinary shares) 33.5 28.4 9.5 8.1 -38.8 -49.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 33.5 19.1 4.5 3.0 -44.1 -49.3
6.Average annual % depreciation on written down fixed assets 10.4 10.0 12.5 11.1 11.8 12.8
7.Sales as % of total assets (D1 as % of C4) 414.4 307.5 253.1 299.6 156.6 187.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 520.4 -15.2 -66.5 -14.7 -579.0 27.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 21.0 -20.8 15.5 4.6 4.6 23.3
10.Break-up value of ordinary shares (in rupees) 154.6 171.6 156.0 154.9 104.9 153.8

19
Amin Spinning Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 51.8 51.8 51.8 51.8 51.8 51.8
2.Surplus -359.6 -382.1 -134.0 -156.5 -167.9 -167.9
3.Shareholder's Equity (A1+A2) -307.8 -330.3 -82.2 -104.7 -116.1 -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 Liabilities 381.1 75.4 100.5 100.5 113.2 113.2
7.Total Fixed Liabilities (A4+A5+A6) 381.1 75.4 100.5 100.5 113.2 113.2
8.Total Capital Employed (A3+A7) 73.3 -254.9 18.3 -4.2 -2.9 -2.9
B.Liquidity:
1.Liquid Assets: 0.5 0.7 0.1 0.3 0.4 0.4
(i)Cash 0.5 0.7 0.1 0.3 0.4 0.4
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 10.0 5.7 8.8 12.2 11.7 11.7
3.Inventories 12.6 16.4 16.8 18.5 14.4 14.4
4.Current Assets (B1+B2+B3) 23.1 22.8 25.7 31.0 26.5 26.5
5.Current Liabilities 68.1 413.3 129.2 149.4 133.5 133.5
6.Total Liabilities(A7+B5) 449.2 488.7 229.7 249.9 246.7 246.7
7.Net Current Assets(B4-B5) -45.0 -390.5 -103.5 -118.4 -107.0 -107.0
8.Contractual Liabilities 389.5 100.5 100.5 100.5 113.2 113.2
9.Net liquid assets (B1-B5) -67.6 -412.6 -129.1 -149.1 -133.1 -133.1
C.Fixed Assets:
1.Fixed Asset At Cost 249.5 277.0 271.6 276.2 277.5 277.5
2.Fixed assets after deducting accumulated depreciation 118.2 135.6 121.6 114.1 103.9 103.9
3.Depreciation for the year 13.1 10.1 13.7 12.2 11.5 11.5
4.Total assets (B4+C2) 141.3 158.4 147.3 145.1 130.4 130.4
D.Operation:
1.Gross sales 221.9 141.2 278.2 306.0 330.8 330.8
(i)Local sales 221.9 141.2 278.2 306.0 330.8 330.8
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 243.9 152.5 275.9 294.0 325.1 325.1
3.Gross profit -22.0 -11.3 2.3 12.0 5.7 5.7
4.Overhead and Other Expenses 252.3 160.4 293.8 313.1 342.6 342.6
5.Operating profit 201.9 -18.6 249.5 -6.7 -11.6 -11.6
6.Financial expenses 2.8 3.4 0.1 0.1 0.2 0.2
7.Net profit before tax (D5-D6) 199.1 -22.0 249.4 -6.8 -11.8 -11.8
8.Tax provision 1.1 0.6 1.4 1.5 1.7 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) 457.0 -328.2 273.2 -22.5 1.3 0.0
2.Retention in business (D7-D8-D9) 198.0 -22.6 248.0 -8.3 -13.5 -13.5
3.Finance from outside the company (E1-E2) 259.0 -305.6 25.2 -14.2 14.8 13.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 211.1 -12.5 261.7 3.9 -2.0 -2.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 470.1 -318.1 286.9 -10.3 12.8 11.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 519.9 - 549.2 0.0 0.0 0.0
2.Current ratio (B4 as % of B5) 33.9 5.5 19.9 20.7 19.9 19.9
3.Acid test or Quick ratio (B4-B3 as % B5) 15.4 1.5 6.9 8.4 9.1 9.1
4.Debt equity ratio (B6 as % of A3) - - 0.0 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) 140.9 -13.9 169.3 -4.7 -9.0 -9.0
6.Self financing ratio (E2 as % of E1) 43.3 - 90.8 36.9 -1038.5 0.0
7.Cash flow ratio F1 as % of F2 44.9 - 91.2 -37.9 -15.6 -17.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -594.2 -637.6 -158.7 -202.1 -224.1 -224.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 113.7 113.6 105.6 102.3 103.6 103.6
10.Financial expenses as % of operating profit (D6 as % of D5) 1.4 - 0.0 -1.5 -1.7 -1.7
11.Financial expense as % of gross sales (D6 as % of D1) 1.3 2.4 0.0 0.0 0.1 0.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 0.7 3.4 0.1 0.1 0.2 0.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 0.6 - 0.6 -22.1 -14.4 -14.4
14.Sundry debtors as % of gross sales 7.3 2.5 0.3 1.1 0.6 0.6
15.Return on Equity (D7 as % of A3) - - 0.0 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 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) 89.7 -15.6 89.6 -2.2 -3.6 -3.6
4.Earning per share before tax (D7/No. of ordinary shares) 38.4 -4.2 48.1 -1.3 -2.3 -2.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 38.2 -4.4 47.9 -1.6 -2.6 -2.6
6.Average annual % depreciation on written down fixed assets 10.0 8.5 10.1 10.0 10.1 10.1
7.Sales as % of total assets (D1 as % of C4) 157.0 89.1 188.9 210.9 253.7 253.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -425.4 -110.9 -1245.2 -102.7 76.9 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 12.5 -36.4 97.0 10.0 8.1 0.0
10.Break-up value of ordinary shares (in rupees) -59.4 -63.8 -15.9 -20.2 -22.4 -22.4

20
Annoor Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 8.7 8.7 8.7 8.7 8.7 8.7
2.Surplus -11.0 -12.1 -12.1 -31.2 -33.6 -30.6
3.Shareholder's Equity (A1+A2) -2.3 -3.4 -3.4 -22.5 -24.9 -21.9
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 Liabilities 5.2 2.9 2.9 5.5 18.9 0.0
7.Total Fixed Liabilities (A4+A5+A6) 5.2 2.9 2.9 5.5 18.9 0.0
8.Total Capital Employed (A3+A7) 2.9 -0.5 -0.5 -17.0 -6.0 -21.9
B.Liquidity:
1.Liquid Assets: 0.4 0.2 0.2 0.2 0.2 0.2
(i)Cash 0.4 0.2 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 10.1 17.7 17.7 16.2 16.2 16.6
3.Inventories 0.0 12.3 12.3 0.0 0.0 0.0
4.Current Assets (B1+B2+B3) 10.5 30.2 30.2 16.4 16.4 16.8
5.Current Liabilities 26.5 58.5 58.5 55.9 42.6 56.9
6.Total Liabilities(A7+B5) 31.7 61.4 61.4 61.4 61.5 56.9
7.Net Current Assets(B4-B5) -16.0 -28.3 -28.3 -39.5 -26.2 -40.1
8.Contractual Liabilities 8.2 6.9 6.9 5.5 18.9 0.0
9.Net liquid assets (B1-B5) -26.1 -58.3 -58.3 -55.7 -42.4 -56.7
C.Fixed Assets:
1.Fixed Asset At Cost 28.8 36.9 36.9 36.9 36.9 36.9
2.Fixed assets after deducting accumulated depreciation 21.8 27.7 27.7 22.4 20.2 18.2
3.Depreciation for the year 0.1 2.2 2.2 2.5 2.2 2.0
4.Total assets (B4+C2) 31.9 57.9 57.9 38.8 36.6 35.0
D.Operation:
1.Gross sales 0.0 27.6 27.6 0.0 0.0 0.0
(i)Local sales 0.0 27.6 27.6 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 0.0 28.0 28.0 2.5 0.0 0.0
3.Gross profit 0.0 -0.4 -0.4 -2.5 0.0 0.0
4.Overhead and Other Expenses 8.7 28.6 28.6 2.8 0.1 2.5
5.Operating profit 2.6 -1.0 -1.0 -2.8 -0.1 -2.5
6.Financial expenses 0.0 0.0 0.0 0.0 0.0 0.0
7.Net profit before tax (D5-D6) -8.7 -1.0 -1.0 -2.8 -0.1 -2.5
8.Tax provision 0.0 0.1 0.1 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) 0.0 -3.4 0.0 -16.5 11.0 -15.9
2.Retention in business (D7-D8-D9) 11.3 -1.1 -1.1 -2.8 -0.1 -2.5
3.Finance from outside the company (E1-E2) -11.3 -2.3 1.1 -13.7 11.1 -13.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 11.4 1.1 1.1 -0.3 2.1 -0.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 0.1 -1.2 2.2 -14.0 13.2 -13.9
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 179.3 - 0.0 0.0 0.0 0.0
2.Current ratio (B4 as % of B5) 0.0 51.6 51.6 29.3 38.5 29.5
3.Acid test or Quick ratio (B4-B3 as % B5) 0.0 30.6 30.6 29.3 38.5 29.5
4.Debt equity ratio (B6 as % of A3) - - 0.0 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) 8.2 -1.7 -1.7 -7.2 -0.3 -7.1
6.Self financing ratio (E2 as % of E1) - - 0.0 17.0 -0.9 15.7
7.Cash flow ratio F1 as % of F2 11400.0 - 50.0 2.1 15.9 3.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -26.4 -39.1 -39.1 -258.6 -286.2 -251.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) - 103.6 103.6 0.0 0.0 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) 0.0 - 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 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 27.4 0.0 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 0.0
14.Sundry debtors as % of gross sales - 29.7 29.7 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) - - 0.0 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 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) - -3.6 -3.6 0.0 0.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) 0.3 -1.1 -1.1 -3.2 -0.1 -2.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.3 -1.3 -1.3 -3.2 -0.1 -2.9
6.Average annual % depreciation on written down fixed assets 4.0 10.1 10.1 10.0 9.8 9.9
7.Sales as % of total assets (D1 as % of C4) 0.0 47.7 47.7 0.0 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 2800.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 0.0 - 0.0 -100.0 - -
10.Break-up value of ordinary shares (in rupees) -2.6 -3.9 -3.9 -25.9 -28.6 -25.2

21
Apollo Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 82.8 82.8 82.8 82.8 82.8 82.8
2.Surplus 173.8 792.7 581.7 576.0 628.9 570.3
3.Shareholder's Equity (A1+A2) 256.6 875.5 664.5 658.8 711.7 653.1
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 Liabilities 457.1 934.4 786.5 680.0 363.3 465.8
7.Total Fixed Liabilities (A4+A5+A6) 457.1 934.4 786.5 680.0 363.3 465.8
8.Total Capital Employed (A3+A7) 713.7 1809.9 1451.0 1338.8 1075.0 1118.9
B.Liquidity:
1.Liquid Assets: 73.7 23.2 90.4 8.2 15.6 12.1
(i)Cash 68.9 22.3 90.4 8.2 9.9 12.1
(ii)Investments 4.8 0.9 0.0 0.0 5.7 0.0
2.Other Current Assets 459.7 347.6 414.7 523.0 286.9 222.6
3.Inventories 228.2 502.6 532.8 676.5 1201.7 1430.6
4.Current Assets (B1+B2+B3) 761.6 873.4 1037.9 1207.7 1504.2 1665.3
5.Current Liabilities 755.5 867.3 1339.8 1512.0 1990.4 1984.2
6.Total Liabilities(A7+B5) 1212.6 1801.7 2126.3 2192.0 2353.7 2450.0
7.Net Current Assets(B4-B5) 6.1 6.1 -301.9 -304.3 -486.2 -318.9
8.Contractual Liabilities 1039.8 1682.3 1646.5 1715.3 1754.6 1904.0
9.Net liquid assets (B1-B5) -681.8 -844.1 -1249.4 -1503.8 -1974.8 -1972.1
C.Fixed Assets:
1.Fixed Asset At Cost 985.2 1833.7 1886.9 1765.0 1918.3 1922.9
2.Fixed assets after deducting accumulated depreciation 707.6 1803.8 1752.9 1643.1 1561.3 1437.8
3.Depreciation for the year 53.7 43.0 128.8 134.4 126.4 129.2
4.Total assets (B4+C2) 1469.2 2677.2 2790.8 2850.8 3065.5 3103.1
D.Operation:
1.Gross sales 1343.2 1089.0 1783.7 1864.6 1137.6 821.1
(i)Local sales 642.8 312.7 504.3 413.0 524.6 735.1
(ii)Export sales 700.4 776.3 1279.4 1451.6 613.0 86.0
2.Cost of Sales 1244.1 935.5 1527.3 1521.3 899.3 758.7
3.Gross profit 99.1 153.5 256.4 343.3 238.3 62.4
4.Overhead and Other Expenses 1277.6 1002.8 1615.8 1612.5 957.4 818.8
5.Operating profit 65.6 86.8 173.3 253.2 184.9 9.3
6.Financial expenses 51.9 58.7 144.4 251.5 228.2 57.8
7.Net profit before tax (D5-D6) 13.7 28.1 28.9 1.7 -43.3 -48.5
8.Tax provision 10.8 11.1 18.3 23.8 8.7 1.5
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) 252.7 1096.2 -358.9 -112.2 -263.8 43.9
2.Retention in business (D7-D8-D9) 2.9 17.0 10.6 -22.1 -52.0 -50.0
3.Finance from outside the company (E1-E2) 249.8 1079.2 -369.5 -90.1 -211.8 93.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 56.6 60.0 139.4 112.3 74.4 79.2
2.Depreciation for the year plus changes in capital employed (C3+E1) 306.4 1139.2 -230.1 22.2 -137.4 173.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 64.0 51.6 54.2 50.8 33.8 41.6
2.Current ratio (B4 as % of B5) 100.8 100.7 77.5 79.9 75.6 83.9
3.Acid test or Quick ratio (B4-B3 as % B5) 70.6 42.8 37.7 35.1 15.2 11.8
4.Debt equity ratio (B6 as % of A3) 472.6 205.8 320.0 332.7 330.7 375.1
5.Return on assets (D7 as % of C4) 0.9 1.0 1.0 0.1 -1.4 -1.6
6.Self financing ratio (E2 as % of E1) 1.1 1.6 -3.0 19.7 19.7 -113.9
7.Cash flow ratio F1 as % of F2 18.5 5.3 -60.6 505.9 -54.1 45.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 309.9 1057.4 802.5 795.7 859.5 788.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.1 92.1 90.6 86.5 84.2 99.7
10.Financial expenses as % of operating profit (D6 as % of D5) 79.1 67.6 83.3 99.3 123.4 621.5
11.Financial expense as % of gross sales (D6 as % of D1) 3.9 5.4 8.1 13.5 20.1 7.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.0 3.5 8.8 14.7 13.0 3.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 78.8 39.5 63.3 1400.0 -20.1 -3.1
14.Sundry debtors as % of gross sales 17.1 15.4 11.4 13.4 10.6 6.4
15.Return on Equity (D7 as % of A3) 5.3 3.2 4.3 0.3 -6.1 -7.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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 2.6 1.6 0.1 -3.8 -5.9
4.Earning per share before tax (D7/No. of ordinary shares) 1.7 3.4 3.5 0.2 -5.2 -5.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.4 2.1 1.3 -2.7 -6.3 -6.0
6.Average annual % depreciation on written down fixed assets 10.3 6.1 7.1 7.7 7.7 8.3
7.Sales as % of total assets (D1 as % of C4) 91.4 40.7 63.9 65.4 37.1 26.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -5.6 100.0 2.9 -94.3 -2700.0 13.5
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 29.0 -18.9 63.8 4.5 -39.0 -27.8
10.Break-up value of ordinary shares (in rupees) 31.0 105.7 80.3 79.6 86.0 78.9

22
Artistic Denim Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 140.0 140.0 140.0 700.0 840.0 840.0
2.Surplus 606.4 1229.1 1589.5 1423.3 1632.8 1841.3
3.Shareholder's Equity (A1+A2) 746.4 1369.1 1729.5 2123.3 2472.8 2681.3
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 Liabilities 75.0 625.0 1044.4 881.0 842.4 471.4
7.Total Fixed Liabilities (A4+A5+A6) 75.0 625.0 1044.4 881.0 842.4 471.4
8.Total Capital Employed (A3+A7) 821.4 1994.1 2773.9 3004.3 3315.2 3152.7
B.Liquidity:
1.Liquid Assets: 42.1 22.9 275.9 9.9 67.3 19.7
(i)Cash 42.1 22.9 275.9 9.9 67.3 7.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 12.2
2.Other Current Assets 320.3 309.2 248.2 514.0 458.2 551.9
3.Inventories 296.1 295.5 355.1 567.7 796.6 654.6
4.Current Assets (B1+B2+B3) 658.5 627.6 879.2 1091.6 1322.1 1226.2
5.Current Liabilities 601.0 704.9 813.9 1202.4 1267.6 1499.1
6.Total Liabilities(A7+B5) 676.0 1329.9 1858.3 2083.4 2110.0 1970.5
7.Net Current Assets(B4-B5) 57.5 -77.3 65.3 -110.8 54.5 -272.9
8.Contractual Liabilities 355.0 1116.9 1731.1 1816.1 1888.9 491.1
9.Net liquid assets (B1-B5) -558.9 -682.0 -538.0 -1192.5 -1200.3 -1479.4
C.Fixed Assets:
1.Fixed Asset At Cost 1254.2 2643.6 3477.0 3582.6 4328.4 4692.8
2.Fixed assets after deducting accumulated depreciation 763.9 2071.3 2708.6 3115.0 3260.8 3425.6
3.Depreciation for the year 82.0 82.1 200.0 185.4 172.0 199.9
4.Total assets (B4+C2) 1422.4 2698.9 3587.8 4206.6 4582.9 4651.8
D.Operation:
1.Gross sales 1843.7 3202.7 2491.5 2499.5 2461.8 3125.4
(i)Local sales 63.6 22.2 28.5 56.8 102.0 123.8
(ii)Export sales 1780.1 3180.5 2463.0 2442.7 2359.8 3001.6
2.Cost of Sales 1516.5 2346.2 1746.5 1758.0 1823.9 2427.4
3.Gross profit 327.2 856.5 745.0 741.5 637.9 698.0
4.Overhead and Other Expenses 1614.5 2515.4 1882.6 1903.1 1969.5 2604.0
5.Operating profit 237.3 707.0 617.1 610.5 538.8 596.6
6.Financial expenses 19.8 55.2 116.5 172.1 165.2 186.3
7.Net profit before tax (D5-D6) 217.5 651.8 500.6 438.4 373.6 410.3
8.Tax provision 18.5 32.1 29.5 30.0 24.7 32.5
9.Total amount of dividend 56.0 56.0 112.0 0.0 0.0 168.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 140.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 178.7 1172.7 779.8 230.4 310.9 -162.5
2.Retention in business (D7-D8-D9) 143.0 563.7 359.1 408.4 348.9 209.8
3.Finance from outside the company (E1-E2) 35.7 609.0 420.7 -178.0 -38.0 -372.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 225.0 645.8 559.1 593.8 520.9 409.7
2.Depreciation for the year plus changes in capital employed (C3+E1) 260.7 1254.8 979.8 415.8 482.9 37.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 9.1 31.3 37.7 29.3 25.4 15.0
2.Current ratio (B4 as % of B5) 109.6 89.0 108.0 90.8 104.3 81.8
3.Acid test or Quick ratio (B4-B3 as % B5) 60.3 47.1 64.4 43.6 41.5 38.1
4.Debt equity ratio (B6 as % of A3) 90.6 97.1 107.4 98.1 85.3 73.5
5.Return on assets (D7 as % of C4) 15.3 24.2 14.0 10.4 8.2 8.8
6.Self financing ratio (E2 as % of E1) 80.0 48.1 46.1 177.3 112.2 -129.1
7.Cash flow ratio F1 as % of F2 86.3 51.5 57.1 142.8 107.9 1095.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 533.1 977.9 1235.4 303.3 294.4 319.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 87.6 78.5 75.6 76.1 80.0 83.3
10.Financial expenses as % of operating profit (D6 as % of D5) 8.3 7.8 18.9 28.2 30.7 31.2
11.Financial expense as % of gross sales (D6 as % of D1) 1.1 1.7 4.7 6.9 6.7 6.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.6 4.9 6.7 9.5 8.7 37.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 8.5 4.9 5.9 6.8 6.6 7.9
14.Sundry debtors as % of gross sales 11.4 6.4 8.0 17.0 15.0 13.3
15.Return on Equity (D7 as % of A3) 29.1 47.6 28.9 20.6 15.1 15.3
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 355.4 1106.6 420.6 0.0 0.0 224.9
2.Dividend ratio to equity (D9 as % of A3) 7.5 4.1 6.5 0.0 0.0 6.3
3.Net profit margin (D7 as % of D1) 11.8 20.4 20.1 17.5 15.2 13.1
4.Earning per share before tax (D7/No. of ordinary shares) 15.5 46.6 35.8 6.3 4.4 4.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 14.2 44.3 33.7 5.8 4.2 4.5
6.Average annual % depreciation on written down fixed assets 10.2 10.7 9.7 6.8 5.5 6.1
7.Sales as % of total assets (D1 as % of C4) 129.6 118.7 69.4 59.4 53.7 67.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 20.2 200.6 -23.2 -82.4 -30.2 11.4
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 36.5 73.7 -22.2 0.3 -1.5 27.0
10.Break-up value of ordinary shares (in rupees) 53.3 97.8 123.5 30.3 29.4 31.9

23
Aruj Garment Accessories Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 27.5 61.5 61.5 61.5 61.5 61.5
2.Surplus 11.2 13.7 20.3 29.7 30.3 24.1
3.Shareholder's Equity (A1+A2) 38.7 75.2 81.8 91.2 91.8 85.6
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 Liabilities 4.8 2.0 4.4 5.9 31.1 14.5
7.Total Fixed Liabilities (A4+A5+A6) 4.8 2.0 4.4 5.9 31.1 14.5
8.Total Capital Employed (A3+A7) 43.5 77.2 86.2 97.1 122.9 100.1
B.Liquidity:
1.Liquid Assets: 1.7 5.6 3.3 6.7 6.3 14.3
(i)Cash 1.7 5.6 3.3 6.7 6.3 14.3
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 12.3 16.6 27.1 28.8 25.2 38.7
3.Inventories 15.8 28.8 44.8 65.6 61.7 66.8
4.Current Assets (B1+B2+B3) 29.8 51.0 75.2 101.1 93.2 119.8
5.Current Liabilities 47.6 55.5 73.6 92.8 90.1 132.6
6.Total Liabilities(A7+B5) 52.4 57.5 78.0 98.7 121.2 147.1
7.Net Current Assets(B4-B5) -17.8 -4.5 1.6 8.3 3.1 -12.8
8.Contractual Liabilities 12.3 14.6 20.9 37.0 66.9 54.0
9.Net liquid assets (B1-B5) -45.9 -49.9 -70.3 -86.1 -83.8 -118.3
C.Fixed Assets:
1.Fixed Asset At Cost 115.4 141.0 151.1 161.9 201.8 200.3
2.Fixed assets after deducting accumulated depreciation 61.3 81.8 84.7 88.7 119.9 112.9
3.Depreciation for the year 5.9 5.4 7.3 8.2 8.7 11.2
4.Total assets (B4+C2) 91.1 132.8 159.9 189.8 213.1 232.7
D.Operation:
1.Gross sales 80.5 84.8 193.6 231.2 263.4 298.9
(i)Local sales 62.5 71.1 171.6 205.9 56.3 220.1
(ii)Export sales 18.0 13.7 22.0 25.3 207.1 78.8
2.Cost of Sales 71.9 75.7 166.8 202.3 236.0 268.0
3.Gross profit 8.6 9.1 26.8 28.9 27.4 30.9
4.Overhead and Other Expenses 76.4 80.5 174.3 210.9 244.4 280.0
5.Operating profit 4.2 4.5 19.3 21.0 19.0 21.0
6.Financial expenses 2.2 1.4 1.9 4.7 6.9 12.4
7.Net profit before tax (D5-D6) 2.0 3.1 17.4 16.3 12.1 8.6
8.Tax provision 0.9 0.4 3.4 4.1 1.3 0.8
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 9.2
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) -4.1 33.7 9.0 10.9 25.8 -22.8
2.Retention in business (D7-D8-D9) 1.1 2.7 14.0 12.2 10.8 -1.4
3.Finance from outside the company (E1-E2) -5.2 31.0 -5.0 -1.3 15.0 -21.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 7.0 8.1 21.3 20.4 19.5 9.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 1.8 39.1 16.3 19.1 34.5 -11.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 11.0 2.6 5.1 6.1 25.3 14.5
2.Current ratio (B4 as % of B5) 62.6 91.9 102.2 108.9 103.4 90.3
3.Acid test or Quick ratio (B4-B3 as % B5) 29.4 40.0 41.3 38.3 35.0 40.0
4.Debt equity ratio (B6 as % of A3) 135.4 76.5 95.4 108.2 132.0 171.8
5.Return on assets (D7 as % of C4) 2.2 2.3 10.9 8.6 5.7 3.7
6.Self financing ratio (E2 as % of E1) - 8.0 155.6 111.9 41.9 6.1
7.Cash flow ratio F1 as % of F2 388.9 20.7 130.7 106.8 56.5 -84.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 140.7 122.3 133.0 148.3 149.3 139.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.9 94.9 90.0 91.2 92.8 93.7
10.Financial expenses as % of operating profit (D6 as % of D5) 52.4 31.1 9.8 22.4 36.3 59.0
11.Financial expense as % of gross sales (D6 as % of D1) 2.7 1.7 1.0 2.0 2.6 4.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 17.9 9.6 9.1 12.7 10.3 23.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 45.0 12.9 19.5 25.2 10.7 9.3
14.Sundry debtors as % of gross sales 4.8 5.1 1.6 2.0 0.5 1.4
15.Return on Equity (D7 as % of A3) 5.2 4.1 21.3 17.9 13.2 10.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 0.0 0.0 84.8
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 10.7
3.Net profit margin (D7 as % of D1) 2.5 3.7 9.0 7.1 4.6 2.9
4.Earning per share before tax (D7/No. of ordinary shares) 0.7 0.5 2.8 2.7 2.0 1.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.4 0.4 2.3 2.0 1.8 1.3
6.Average annual % depreciation on written down fixed assets 8.8 8.8 8.9 9.7 9.8 9.3
7.Sales as % of total assets (D1 as % of C4) 88.4 63.9 121.1 121.8 123.6 128.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -153.8 -28.6 460.0 -3.6 -25.9 -30.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 72.0 5.3 128.3 19.4 13.9 13.5
10.Break-up value of ordinary shares (in rupees) 14.1 12.2 13.3 14.8 14.9 13.9

24
Ashfaq Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 70.0 70.0 70.0 70.0 70.0 70.0
2.Surplus 11.0 26.4 34.3 30.9 85.0 95.3
3.Shareholder's Equity (A1+A2) 81.0 96.4 104.3 100.9 155.0 165.3
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 Liabilities 33.6 79.3 56.6 22.1 5.6 0.0
7.Total Fixed Liabilities (A4+A5+A6) 33.6 79.3 56.6 22.1 5.6 0.0
8.Total Capital Employed (A3+A7) 114.6 175.7 160.9 123.0 160.6 165.3
B.Liquidity:
1.Liquid Assets: 6.6 4.0 29.4 21.4 2.7 3.5
(i)Cash 6.6 4.0 29.4 21.4 2.7 3.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 76.9 107.1 96.4 92.6 95.7 70.6
3.Inventories 94.8 127.2 138.5 138.6 156.6 141.0
4.Current Assets (B1+B2+B3) 178.3 238.3 264.3 252.6 255.0 215.1
5.Current Liabilities 228.7 341.3 411.0 476.7 436.4 381.0
6.Total Liabilities(A7+B5) 262.3 420.6 467.6 498.8 442.0 381.0
7.Net Current Assets(B4-B5) -50.4 -103.0 -146.7 -224.1 -181.4 -165.9
8.Contractual Liabilities 145.1 248.2 288.3 235.7 215.8 207.3
9.Net liquid assets (B1-B5) -222.1 -337.3 -381.6 -455.3 -433.7 -377.5
C.Fixed Assets:
1.Fixed Asset At Cost 225.2 347.3 388.8 353.6 362.7 366.6
2.Fixed assets after deducting accumulated depreciation 165.1 278.6 307.6 347.1 342.1 331.2
3.Depreciation for the year 6.1 9.7 12.6 14.5 15.0 14.7
4.Total assets (B4+C2) 343.4 516.9 571.9 599.7 597.1 546.3
D.Operation:
1.Gross sales 449.2 757.8 876.7 595.7 485.7 680.4
(i)Local sales 33.7 18.6 13.7 18.4 19.2 33.4
(ii)Export sales 415.5 739.2 863.0 577.3 466.5 647.0
2.Cost of Sales 388.7 663.2 761.5 510.2 410.9 585.0
3.Gross profit 60.5 94.6 115.2 85.5 74.8 95.4
4.Overhead and Other Expenses 425.7 720.4 827.5 554.8 448.9 635.0
5.Operating profit 23.3 37.4 49.2 40.9 37.3 45.4
6.Financial expenses 10.9 15.4 27.4 26.6 27.8 27.6
7.Net profit before tax (D5-D6) 12.4 22.0 21.8 14.3 9.5 17.8
8.Tax provision 4.4 7.2 10.3 7.4 4.6 7.1
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) 16.9 61.1 -14.8 -37.9 37.6 4.7
2.Retention in business (D7-D8-D9) 8.0 14.8 11.5 6.9 4.9 10.7
3.Finance from outside the company (E1-E2) 8.9 46.3 -26.3 -44.8 32.7 -6.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 14.1 24.5 24.1 21.4 19.9 25.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 23.0 70.8 -2.2 -23.4 52.6 19.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 29.3 45.1 35.2 18.0 3.5 0.0
2.Current ratio (B4 as % of B5) 78.0 69.8 64.3 53.0 58.4 56.5
3.Acid test or Quick ratio (B4-B3 as % B5) 36.5 32.6 30.6 23.9 22.5 19.4
4.Debt equity ratio (B6 as % of A3) 323.8 436.3 448.3 494.4 285.2 230.5
5.Return on assets (D7 as % of C4) 3.6 4.3 3.8 2.4 1.6 3.3
6.Self financing ratio (E2 as % of E1) 47.3 24.2 -77.7 -18.2 13.0 227.7
7.Cash flow ratio F1 as % of F2 61.3 34.6 -1095.5 -91.5 37.8 130.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 115.7 137.7 149.0 144.1 221.4 236.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.8 95.1 94.4 93.1 92.4 93.3
10.Financial expenses as % of operating profit (D6 as % of D5) 46.8 41.2 55.7 65.0 74.5 60.8
11.Financial expense as % of gross sales (D6 as % of D1) 2.4 2.0 3.1 4.5 5.7 4.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.5 6.2 9.5 11.3 12.9 13.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 35.5 32.7 47.2 51.7 48.4 39.9
14.Sundry debtors as % of gross sales 5.4 6.5 6.4 9.6 14.9 6.2
15.Return on Equity (D7 as % of A3) 15.3 22.8 20.9 14.2 6.1 10.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 2.8 2.9 2.5 2.4 2.0 2.6
4.Earning per share before tax (D7/No. of ordinary shares) 1.8 3.1 3.1 2.0 1.4 2.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 1.1 2.1 1.6 1.0 0.7 1.5
6.Average annual % depreciation on written down fixed assets 4.5 5.9 4.5 4.7 4.3 4.3
7.Sales as % of total assets (D1 as % of C4) 130.8 146.6 153.3 99.3 81.3 124.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 38.5 72.2 0.0 -35.5 -30.0 78.6
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 44.6 68.7 15.7 -32.1 -18.5 40.1
10.Break-up value of ordinary shares (in rupees) 11.6 13.8 14.9 14.4 22.1 23.6

25
Asim Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 151.8 151.8 151.8 151.8 151.8 151.8
2.Surplus -216.5 -256.5 -370.4 -371.3 -367.4 -397.3
3.Shareholder's Equity (A1+A2) -64.7 -104.7 -218.6 -219.5 -215.6 -245.5
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 Liabilities 415.0 415.0 415.0 504.7 415.0 415.0
7.Total Fixed Liabilities (A4+A5+A6) 415.0 415.0 415.0 504.7 415.0 415.0
8.Total Capital Employed (A3+A7) 350.3 310.3 196.4 285.2 199.4 169.5
B.Liquidity:
1.Liquid Assets: 3.7 16.4 2.6 9.8 141.8 46.7
(i)Cash 3.7 16.4 2.6 9.8 141.8 46.7
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 19.5 22.3 26.1 28.0 3.0 23.3
3.Inventories 31.8 33.6 60.9 46.5 90.8 19.6
4.Current Assets (B1+B2+B3) 55.0 72.3 89.6 84.3 235.6 89.6
5.Current Liabilities 168.7 213.0 330.0 222.1 333.6 310.2
6.Total Liabilities(A7+B5) 583.7 628.0 745.0 726.8 748.6 725.2
7.Net Current Assets(B4-B5) -113.7 -140.7 -240.4 -137.8 -98.0 -220.6
8.Contractual Liabilities 417.5 415.0 417.5 504.7 417.5 415.0
9.Net liquid assets (B1-B5) -165.0 -196.6 -327.4 -212.3 -191.8 -263.5
C.Fixed Assets:
1.Fixed Asset At Cost 574.2 576.8 585.4 593.6 594.7 602.2
2.Fixed assets after deducting accumulated depreciation 464.1 450.9 436.8 423.0 297.5 390.1
3.Depreciation for the year 24.6 17.5 22.6 22.0 21.3 20.2
4.Total assets (B4+C2) 519.1 523.2 526.4 507.3 533.1 479.7
D.Operation:
1.Gross sales 497.3 285.5 515.3 536.3 630.0 650.4
(i)Local sales 493.2 275.1 502.5 513.2 630.0 650.4
(ii)Export sales 4.1 10.4 12.8 23.1 0.0 0.0
2.Cost of Sales 491.8 298.5 500.1 529.1 620.1 677.7
3.Gross profit 5.5 -13.0 15.2 7.2 9.9 -27.3
4.Overhead and Other Expenses 500.5 304.3 510.1 538.9 627.6 685.6
5.Operating profit -3.1 -18.7 5.2 -2.6 2.4 -33.7
6.Financial expenses 32.5 20.8 23.1 0.1 0.0 0.0
7.Net profit before tax (D5-D6) -35.6 -39.5 -17.9 -2.7 2.4 -33.7
8.Tax provision 2.0 1.4 2.6 2.7 3.2 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) -38.7 -40.0 -113.9 88.8 -85.8 -29.9
2.Retention in business (D7-D8-D9) -37.6 -40.9 -20.5 -5.4 -0.8 -33.7
3.Finance from outside the company (E1-E2) -1.1 0.9 -93.4 94.2 -85.0 3.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -13.0 -23.4 2.1 16.6 20.5 -13.5
2.Depreciation for the year plus changes in capital employed (C3+E1) -14.1 -22.5 -91.3 110.8 -64.5 -9.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 118.5 133.7 211.3 177.0 208.1 244.8
2.Current ratio (B4 as % of B5) 32.6 33.9 27.2 38.0 70.6 28.9
3.Acid test or Quick ratio (B4-B3 as % B5) 13.8 18.2 8.7 17.0 43.4 22.6
4.Debt equity ratio (B6 as % of A3) - - 0.0 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -6.9 -7.5 -3.4 -0.5 0.5 -7.0
6.Self financing ratio (E2 as % of E1) - - 18.0 -6.1 0.9 112.7
7.Cash flow ratio F1 as % of F2 - - -2.3 15.0 -31.8 139.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -42.6 -69.0 -144.0 -144.6 -142.0 -161.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 100.6 106.6 99.0 100.5 99.6 105.4
10.Financial expenses as % of operating profit (D6 as % of D5) - - 444.2 -3.8 0.0 0.0
11.Financial expense as % of gross sales (D6 as % of D1) 6.5 7.3 4.5 0.0 0.0 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.8 5.0 5.5 0.0 0.0 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - -14.5 -100.0 133.3 0.0
14.Sundry debtors as % of gross sales 0.5 0.2 0.0 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) - - 0.0 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 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) -7.2 -13.8 -3.5 -0.5 0.4 -5.2
4.Earning per share before tax (D7/No. of ordinary shares) -2.3 -2.6 -1.2 -0.2 0.2 -2.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -2.5 -2.7 -1.4 -0.4 -0.1 -2.2
6.Average annual % depreciation on written down fixed assets 5.1 3.8 5.0 5.0 5.0 5.0
7.Sales as % of total assets (D1 as % of C4) 95.8 54.6 97.9 105.7 118.2 135.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -32.4 13.0 -53.8 -83.3 -200.0 -1200.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 23.0 -42.6 80.5 4.1 17.5 3.2
10.Break-up value of ordinary shares (in rupees) -4.3 -6.9 -14.4 -14.5 -14.2 -16.2

26
Ayesha Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 14.0 14.0 14.0 14.0 14.0 14.0
2.Surplus 318.3 348.0 1386.5 1158.4 1088.6 1378.2
3.Shareholder's Equity (A1+A2) 332.3 362.0 1400.5 1172.4 1102.6 1392.2
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 18.1 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Liabilities 190.2 142.9 199.4 492.2 452.2 425.7
7.Total Fixed Liabilities (A4+A5+A6) 208.3 142.9 199.4 492.2 452.2 425.7
8.Total Capital Employed (A3+A7) 540.6 504.9 1599.9 1664.6 1554.8 1817.9
B.Liquidity:
1.Liquid Assets: 31.7 30.0 55.8 28.2 37.8 40.2
(i)Cash 28.2 26.5 52.3 6.8 21.5 7.4
(ii)Investments 3.5 3.5 3.5 21.4 16.3 32.8
2.Other Current Assets 195.7 167.8 299.8 275.7 334.3 268.7
3.Inventories 303.9 271.3 218.7 262.9 355.6 284.9
4.Current Assets (B1+B2+B3) 531.3 469.1 574.3 566.8 727.7 593.8
5.Current Liabilities 530.6 531.7 679.7 685.3 946.1 1137.7
6.Total Liabilities(A7+B5) 738.9 674.6 879.1 1177.5 1398.3 1563.4
7.Net Current Assets(B4-B5) 0.7 -62.6 -105.4 -118.5 -218.4 -543.9
8.Contractual Liabilities 509.4 516.9 523.4 811.8 895.4 978.1
9.Net liquid assets (B1-B5) -498.9 -501.7 -623.9 -657.1 -908.3 -1097.5
C.Fixed Assets:
1.Fixed Asset At Cost 1024.5 1094.1 1724.7 1925.2 1967.8 2388.5
2.Fixed assets after deducting accumulated depreciation 539.8 567.6 1705.4 1783.2 1773.4 2361.7
3.Depreciation for the year 54.9 42.3 66.8 133.4 69.6 68.1
4.Total assets (B4+C2) 1071.1 1036.7 2279.7 2350.0 2501.1 2955.5
D.Operation:
1.Gross sales 2360.5 1298.3 1920.8 2117.1 2119.1 1865.4
(i)Local sales 1981.4 1156.4 1508.0 1725.4 1870.0 1649.2
(ii)Export sales 379.1 141.9 412.8 391.7 249.1 216.2
2.Cost of Sales 2241.9 1200.7 1804.3 2076.9 2066.3 1864.6
3.Gross profit 118.6 97.6 116.5 40.2 52.8 0.8
4.Overhead and Other Expenses 2268.4 1223.0 1842.8 2111.4 2106.6 1945.4
5.Operating profit 92.2 75.5 78.1 17.8 7.8 -92.9
6.Financial expenses 43.5 36.8 64.4 78.1 73.6 118.9
7.Net profit before tax (D5-D6) 48.7 38.7 13.7 -60.3 -65.8 -211.8
8.Tax provision 13.7 7.5 9.4 10.4 10.5 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) 94.8 -35.7 1095.0 64.7 -109.8 263.1
2.Retention in business (D7-D8-D9) 35.0 31.2 4.3 -70.7 -76.3 -214.0
3.Finance from outside the company (E1-E2) 59.8 -66.9 1090.7 135.4 -33.5 477.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 89.9 73.5 71.1 62.7 -6.7 -145.9
2.Depreciation for the year plus changes in capital employed (C3+E1) 149.7 6.6 1161.8 198.1 -40.2 331.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 38.5 28.3 12.5 29.6 29.1 23.4
2.Current ratio (B4 as % of B5) 100.1 88.2 84.5 82.7 76.9 52.2
3.Acid test or Quick ratio (B4-B3 as % B5) 42.9 37.2 52.3 44.3 39.3 27.2
4.Debt equity ratio (B6 as % of A3) 222.4 186.4 62.8 100.4 126.8 112.3
5.Return on assets (D7 as % of C4) 4.5 3.7 0.6 -2.6 -2.6 -7.2
6.Self financing ratio (E2 as % of E1) 36.9 - 0.4 -109.3 69.5 -81.3
7.Cash flow ratio F1 as % of F2 60.1 1113.6 6.1 31.7 16.7 -44.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 2373.6 2585.7 10003.6 8374.3 7875.7 9944.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 96.1 94.2 95.9 99.7 99.4 104.3
10.Financial expenses as % of operating profit (D6 as % of D5) 47.2 48.7 82.5 438.8 943.6 -128.0
11.Financial expense as % of gross sales (D6 as % of D1) 1.8 2.8 3.4 3.7 3.5 6.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.5 7.1 12.3 9.6 8.2 12.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 28.1 19.4 68.6 -17.2 -16.0 -1.0
14.Sundry debtors as % of gross sales 6.2 7.4 4.8 4.4 7.7 4.5
15.Return on Equity (D7 as % of A3) 14.7 10.7 1.0 -5.1 -6.0 -15.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 2.1 3.0 0.7 -2.8 -3.1 -11.4
4.Earning per share before tax (D7/No. of ordinary shares) 34.8 27.6 9.8 -43.1 -47.0 -151.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 25.0 22.3 3.1 -50.5 -54.5 -152.9
6.Average annual % depreciation on written down fixed assets 10.5 7.8 11.8 7.8 3.9 3.8
7.Sales as % of total assets (D1 as % of C4) 220.4 125.2 84.3 90.1 84.7 63.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 84.1 -20.7 -64.5 -539.8 9.0 221.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 42.7 -45.0 47.9 10.2 0.1 -12.0
10.Break-up value of ordinary shares (in rupees) 237.4 258.6 1000.4 837.4 787.6 994.4

27
Azam Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 132.8 132.8 132.8 132.8 132.8 132.8
2.Surplus 117.7 99.4 54.4 57.8 -45.9 1.4
3.Shareholder's Equity (A1+A2) 250.5 232.2 187.2 190.6 86.9 134.2
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 Liabilities 202.8 116.0 84.7 59.7 57.9 43.5
7.Total Fixed Liabilities (A4+A5+A6) 202.8 116.0 84.7 59.7 57.9 43.5
8.Total Capital Employed (A3+A7) 453.3 348.2 271.9 250.3 144.8 177.7
B.Liquidity:
1.Liquid Assets: 0.6 2.8 1.8 4.7 4.5 2.0
(i)Cash 0.6 2.8 1.8 4.7 4.5 2.0
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 38.3 122.7 90.0 98.1 65.8 36.6
3.Inventories 122.5 108.0 126.5 136.0 139.8 136.7
4.Current Assets (B1+B2+B3) 161.4 233.5 218.3 238.8 210.1 175.3
5.Current Liabilities 168.2 365.7 416.7 446.7 505.8 517.5
6.Total Liabilities(A7+B5) 371.0 481.7 501.4 506.4 563.7 561.0
7.Net Current Assets(B4-B5) -6.8 -132.2 -198.4 -207.9 -295.7 -342.2
8.Contractual Liabilities 321.0 294.4 236.7 202.6 153.5 148.3
9.Net liquid assets (B1-B5) -167.6 -362.9 -414.9 -442.0 -501.3 -515.5
C.Fixed Assets:
1.Fixed Asset At Cost 546.1 580.2 593.5 605.1 610.3 713.4
2.Fixed assets after deducting accumulated depreciation 460.1 480.3 470.2 458.1 440.5 519.9
3.Depreciation for the year 24.3 17.3 24.4 24.4 23.8 23.8
4.Total assets (B4+C2) 621.5 713.8 688.5 696.9 650.6 695.2
D.Operation:
1.Gross sales 326.2 260.8 428.6 476.3 456.4 465.2
(i)Local sales 326.2 260.8 428.6 476.3 456.4 465.2
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 308.8 236.8 373.2 423.5 400.6 443.1
3.Gross profit 17.4 24.0 55.4 52.8 55.8 22.1
4.Overhead and Other Expenses 325.8 247.0 392.7 442.1 421.3 463.7
5.Operating profit 1.0 14.0 36.1 34.4 35.6 1.5
6.Financial expenses 17.5 13.6 30.2 28.2 25.1 30.8
7.Net profit before tax (D5-D6) -16.5 0.4 5.9 6.2 10.5 -29.3
8.Tax provision 1.7 1.5 2.5 2.7 2.6 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) 187.3 -105.1 -76.3 -21.6 -105.5 32.9
2.Retention in business (D7-D8-D9) -18.2 -1.1 3.4 3.5 7.9 -29.3
3.Finance from outside the company (E1-E2) 205.5 -104.0 -79.7 -25.1 -113.4 62.2
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 6.1 16.2 27.8 27.9 31.7 -5.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 211.6 -87.8 -51.9 2.8 -81.7 56.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 44.7 33.3 31.2 23.9 40.0 24.5
2.Current ratio (B4 as % of B5) 96.0 63.9 52.4 53.5 41.5 33.9
3.Acid test or Quick ratio (B4-B3 as % B5) 23.1 34.3 22.0 23.0 13.9 7.5
4.Debt equity ratio (B6 as % of A3) 148.1 207.5 267.8 265.7 648.7 418.0
5.Return on assets (D7 as % of C4) -2.7 0.1 0.9 0.9 1.6 -4.2
6.Self financing ratio (E2 as % of E1) -9.7 - -4.5 -16.2 -7.5 -89.1
7.Cash flow ratio F1 as % of F2 2.9 - -53.6 996.4 -38.8 -9.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 188.6 174.8 141.0 143.5 65.4 101.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 99.9 94.7 91.6 92.8 92.3 99.7
10.Financial expenses as % of operating profit (D6 as % of D5) 1750.0 97.1 83.7 82.0 70.5 2053.3
11.Financial expense as % of gross sales (D6 as % of D1) 5.4 5.2 7.0 5.9 5.5 6.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.5 4.6 12.8 13.9 16.4 20.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 375.0 42.4 43.5 24.8 0.0
14.Sundry debtors as % of gross sales 0.1 4.4 4.2 3.8 1.4 0.0
15.Return on Equity (D7 as % of A3) -6.6 0.2 3.2 3.3 12.1 -21.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -5.1 0.2 1.4 1.3 2.3 -6.3
4.Earning per share before tax (D7/No. of ordinary shares) -1.2 0.0 0.4 0.5 0.8 -2.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.4 -0.1 0.3 0.3 0.6 -2.2
6.Average annual % depreciation on written down fixed assets 5.7 3.8 5.1 5.2 5.2 5.2
7.Sales as % of total assets (D1 as % of C4) 52.5 36.5 62.3 68.3 70.2 66.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -69.2 -100.0 0.0 25.0 60.0 -375.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -60.3 -20.0 64.3 11.1 -4.2 1.9
10.Break-up value of ordinary shares (in rupees) 18.9 17.5 14.1 14.4 6.5 10.1

28
Azgard Nine Ltd.(Legler-Nafees Denim Mills Ltd.) (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 1737.3 868.7 3127.1 3127.1 3827.1 4548.7
2.Surplus 991.0 1563.3 2102.5 2017.4 6482.8 13575.0
3.Shareholder's Equity (A1+A2) 2728.3 2432.0 5229.6 5144.5 10309.9 18123.7
4.Prefrence Shares 0.0 868.7 661.7 661.7 0.0 330.6
5.Debentures 0.0 2393.7 7713.0 10404.3 3962.5 3972.2
6.Other Fixed Liabilities 866.5 324.7 3536.3 3037.2 2712.1 1948.0
7.Total Fixed Liabilities (A4+A5+A6) 866.5 3587.1 11911.0 14103.2 6674.6 6250.8
8.Total Capital Employed (A3+A7) 3594.8 6019.1 17140.6 19247.7 16984.5 24374.5
B.Liquidity:
1.Liquid Assets: 132.7 807.1 1133.0 1513.1 11622.6 15199.1
(i)Cash 20.9 46.3 1133.0 630.1 82.1 204.3
(ii)Investments 111.8 760.8 0.0 883.0 11540.5 14994.8
2.Other Current Assets 1749.2 1984.8 3025.6 5406.0 3027.8 4841.3
3.Inventories 1394.7 2123.7 2904.0 2532.1 4034.1 4414.9
4.Current Assets (B1+B2+B3) 3276.6 4915.6 7062.6 9451.2 18684.5 24455.3
5.Current Liabilities 2614.0 4491.0 9935.8 10686.3 10353.8 14135.3
6.Total Liabilities(A7+B5) 3480.5 8078.1 21846.8 24789.5 17028.4 20386.1
7.Net Current Assets(B4-B5) 662.6 424.6 -2873.2 -1235.1 8330.7 10320.0
8.Contractual Liabilities 2649.1 6250.7 19127.0 18870.7 13976.9 7056.3
9.Net liquid assets (B1-B5) -2481.3 -3683.9 -8802.8 -9173.2 1268.8 1063.8
C.Fixed Assets:
1.Fixed Asset At Cost 3693.2 6913.3 26418.5 27786.2 11275.7 18233.6
2.Fixed assets after deducting accumulated depreciation 2932.2 5594.5 20013.9 20482.7 8653.6 14054.5
3.Depreciation for the year 177.9 264.3 535.2 729.6 538.5 569.8
4.Total assets (B4+C2) 6208.8 10510.1 27076.5 29933.9 27338.1 38509.8
D.Operation:
1.Gross sales 3304.0 4662.2 6624.7 12937.0 11827.0 11737.8
(i)Local sales 1613.2 791.6 2492.8 7504.5 11724.8 1683.7
(ii)Export sales 1690.8 3870.6 4131.9 5432.5 102.2 10054.1
2.Cost of Sales 2584.0 3523.7 4732.0 8362.6 8238.4 8546.4
3.Gross profit 720.0 1138.5 1892.7 4574.4 3588.6 3191.4
4.Overhead and Other Expenses 2791.5 3887.5 5295.2 9204.4 9327.4 9332.3
5.Operating profit 522.4 1080.6 1401.1 4068.8 3159.6 2603.0
6.Financial expenses 123.7 290.5 1187.2 2152.4 4617.3 2424.4
7.Net profit before tax (D5-D6) 398.7 790.1 213.9 1916.4 -1457.7 178.6
8.Tax provision 20.0 47.9 123.6 100.4 13287.6 118.2
9.Total amount of dividend 86.9 164.6 210.5 344.0 0.0 407.1
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) 1168.2 2424.3 11121.5 2107.1 -2263.2 7390.0
2.Retention in business (D7-D8-D9) 291.8 577.6 -120.2 1472.0 -14745.3 -346.7
3.Finance from outside the company (E1-E2) 876.4 1846.7 11241.7 635.1 12482.1 7736.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 469.7 841.9 415.0 2201.6 -14206.8 223.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 1346.1 2688.6 11656.7 2836.7 -1724.7 7959.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 24.1 59.6 69.5 73.3 39.3 25.6
2.Current ratio (B4 as % of B5) 125.3 109.5 71.1 88.4 180.5 173.0
3.Acid test or Quick ratio (B4-B3 as % B5) 72.0 62.2 41.9 64.7 141.5 141.8
4.Debt equity ratio (B6 as % of A3) 127.6 332.2 417.8 481.9 165.2 112.5
5.Return on assets (D7 as % of C4) 6.4 7.5 0.8 6.4 -5.3 0.5
6.Self financing ratio (E2 as % of E1) 25.0 23.8 -1.1 69.9 651.5 -4.7
7.Cash flow ratio F1 as % of F2 34.9 31.3 3.6 77.6 823.7 2.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 157.0 280.0 167.2 164.5 269.4 398.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 84.5 83.4 79.9 71.1 78.9 79.5
10.Financial expenses as % of operating profit (D6 as % of D5) 23.7 26.9 84.7 52.9 146.1 93.1
11.Financial expense as % of gross sales (D6 as % of D1) 3.7 6.2 17.9 16.6 39.0 20.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.7 4.6 6.2 11.4 33.0 34.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 5.0 6.1 57.8 5.2 -911.5 66.2
14.Sundry debtors as % of gross sales 28.6 22.2 23.0 18.3 0.0 26.6
15.Return on Equity (D7 as % of A3) 14.6 32.5 4.1 37.3 -14.1 1.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 435.8 450.9 42.9 527.9 0.0 14.8
2.Dividend ratio to equity (D9 as % of A3) 3.2 6.8 4.0 6.7 0.0 2.2
3.Net profit margin (D7 as % of D1) 12.1 16.9 3.2 14.8 -12.3 1.5
4.Earning per share before tax (D7/No. of ordinary shares) 2.3 9.1 0.7 6.1 -3.8 0.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.2 8.5 0.3 5.8 -38.5 0.1
6.Average annual % depreciation on written down fixed assets 7.6 9.0 9.6 3.7 6.9 6.6
7.Sales as % of total assets (D1 as % of C4) 53.2 44.4 24.5 43.2 43.3 30.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -20.7 295.7 -92.3 771.4 -162.3 -110.5
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 22.9 41.1 42.1 95.3 -8.6 -0.8
10.Break-up value of ordinary shares (in rupees) 15.7 28.0 16.7 16.5 26.9 39.8

29
Babri Cotton Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 20.0 20.0 20.0 20.0 29.0 29.0
2.Surplus 230.0 281.7 182.7 300.0 285.0 476.7
3.Shareholder's Equity (A1+A2) 250.0 301.7 202.7 320.0 314.0 505.7
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 Liabilities 59.7 251.6 249.5 86.5 341.4 303.3
7.Total Fixed Liabilities (A4+A5+A6) 59.7 251.6 249.5 86.5 341.4 303.3
8.Total Capital Employed (A3+A7) 309.7 553.3 452.2 406.5 655.4 809.0
B.Liquidity:
1.Liquid Assets: 5.5 18.8 19.2 20.4 27.8 2.7
(i)Cash 1.5 0.7 0.4 0.6 5.5 0.5
(ii)Investments 4.0 18.1 18.8 19.8 22.3 2.2
2.Other Current Assets 72.5 61.9 21.3 20.1 25.6 29.6
3.Inventories 108.5 210.8 215.9 264.4 332.4 321.2
4.Current Assets (B1+B2+B3) 186.5 291.5 256.4 304.9 385.8 353.5
5.Current Liabilities 251.1 384.5 447.5 723.8 524.6 555.7
6.Total Liabilities(A7+B5) 310.8 636.1 697.0 810.3 866.0 859.0
7.Net Current Assets(B4-B5) -64.6 -93.0 -191.1 -418.9 -138.8 -202.2
8.Contractual Liabilities 157.0 531.4 553.8 375.1 758.7 701.1
9.Net liquid assets (B1-B5) -245.6 -365.7 -428.3 -703.4 -496.8 -553.0
C.Fixed Assets:
1.Fixed Asset At Cost 524.7 818.9 869.7 994.8 999.5 1228.3
2.Fixed assets after deducting accumulated depreciation 374.2 646.3 643.4 825.4 794.3 1011.2
3.Depreciation for the year 19.5 21.4 57.3 32.2 35.9 34.4
4.Total assets (B4+C2) 560.7 937.8 899.8 1130.3 1180.1 1364.7
D.Operation:
1.Gross sales 553.0 402.4 610.9 746.9 739.9 747.0
(i)Local sales 553.0 402.4 610.9 746.9 739.9 747.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 486.8 394.5 580.0 672.2 694.2 695.8
3.Gross profit 66.2 7.9 30.9 74.7 45.7 51.2
4.Overhead and Other Expenses 513.4 412.7 605.5 700.0 719.9 723.5
5.Operating profit 44.2 -4.5 3.5 54.5 23.1 4.0
6.Financial expenses 4.6 11.9 55.7 68.8 67.2 108.0
7.Net profit before tax (D5-D6) 39.6 -16.4 -52.2 -14.3 -44.1 -104.0
8.Tax provision 10.7 1.8 3.1 3.7 3.7 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) 146.5 243.6 -101.1 -45.7 248.9 153.6
2.Retention in business (D7-D8-D9) 28.9 -18.2 -55.3 -18.0 -47.8 -104.0
3.Finance from outside the company (E1-E2) 117.6 261.8 -45.8 -27.7 296.7 257.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 48.4 3.2 2.0 14.2 -11.9 -69.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 166.0 265.0 -43.8 -13.5 284.8 188.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 19.3 45.5 55.2 21.3 52.1 37.5
2.Current ratio (B4 as % of B5) 74.3 75.8 57.3 42.1 73.5 63.6
3.Acid test or Quick ratio (B4-B3 as % B5) 31.1 21.0 9.1 5.6 10.2 5.8
4.Debt equity ratio (B6 as % of A3) 124.3 210.8 343.9 253.2 275.8 169.9
5.Return on assets (D7 as % of C4) 7.1 -1.7 -5.8 -1.3 -3.7 -7.6
6.Self financing ratio (E2 as % of E1) 19.7 -7.5 54.7 39.4 -19.2 -67.7
7.Cash flow ratio F1 as % of F2 29.2 1.2 -4.6 -105.2 -4.2 -37.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 1250.0 1508.5 1013.5 1600.0 1082.8 1743.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 92.8 102.6 99.1 93.7 97.3 96.9
10.Financial expenses as % of operating profit (D6 as % of D5) 10.4 - 1591.4 126.2 290.9 2700.0
11.Financial expense as % of gross sales (D6 as % of D1) 0.8 3.0 9.1 9.2 9.1 14.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 2.9 2.2 10.1 18.3 8.9 15.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 27.0 - -5.9 -25.9 -8.4 0.0
14.Sundry debtors as % of gross sales 0.0 0.0 0.7 0.0 0.1 0.0
15.Return on Equity (D7 as % of A3) 15.8 -5.4 -25.8 -4.5 -14.0 -20.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 7.2 -4.1 -8.5 -1.9 -6.0 -13.9
4.Earning per share before tax (D7/No. of ordinary shares) 19.8 -8.2 -26.1 -7.2 -15.2 -35.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 14.5 -9.1 -27.7 -9.0 -16.5 -35.9
6.Average annual % depreciation on written down fixed assets 9.7 5.7 8.9 5.0 4.3 4.3
7.Sales as % of total assets (D1 as % of C4) 98.6 42.9 67.9 66.1 62.7 54.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 69.2 -141.4 218.3 -72.4 111.1 136.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 18.7 -27.2 51.8 22.3 -0.9 1.0
10.Break-up value of ordinary shares (in rupees) 125.0 150.9 101.4 160.0 108.3 174.4

30
Baig Spinning Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 91.0 91.0 91.0 91.0 91.0 91.0
2.Surplus 117.0 79.3 -56.1 -59.3 -64.9 -64.9
3.Shareholder's Equity (A1+A2) 208.0 170.3 34.9 31.7 26.1 26.1
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 Liabilities 130.9 127.6 101.1 1.8 1.9 1.9
7.Total Fixed Liabilities (A4+A5+A6) 130.9 127.6 101.1 1.8 1.9 1.9
8.Total Capital Employed (A3+A7) 338.9 297.9 136.0 33.5 28.0 28.0
B.Liquidity:
1.Liquid Assets: 5.5 6.9 0.9 1.0 35.9 35.9
(i)Cash 5.5 6.9 0.9 1.0 35.9 35.9
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 55.5 31.0 44.5 1.3 1.5 1.5
3.Inventories 123.1 166.7 79.5 0.0 0.0 0.0
4.Current Assets (B1+B2+B3) 184.1 204.6 124.9 2.3 37.4 37.4
5.Current Liabilities 228.7 284.5 272.9 132.8 13.0 13.0
6.Total Liabilities(A7+B5) 359.6 412.1 374.0 134.6 14.9 14.9
7.Net Current Assets(B4-B5) -44.6 -79.9 -148.0 -130.5 24.4 24.4
8.Contractual Liabilities 268.3 248.8 197.4 35.8 1.9 1.9
9.Net liquid assets (B1-B5) -223.2 -277.6 -272.0 -131.8 22.9 22.9
C.Fixed Assets:
1.Fixed Asset At Cost 461.4 470.4 352.9 348.9 5.2 5.2
2.Fixed assets after deducting accumulated depreciation 383.6 377.8 284.1 164.1 3.5 3.5
3.Depreciation for the year 22.5 14.8 19.5 1.5 0.7 0.7
4.Total assets (B4+C2) 567.7 582.4 409.0 166.4 40.9 40.9
D.Operation:
1.Gross sales 683.9 489.6 616.8 84.4 0.0 0.0
(i)Local sales 683.9 489.6 616.8 84.4 0.0 0.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 653.1 449.1 592.7 91.1 0.0 0.0
3.Gross profit 30.8 40.5 24.1 -6.7 0.0 0.0
4.Overhead and Other Expenses 660.9 455.7 719.4 99.0 4.6 4.6
5.Operating profit 22.9 33.9 -101.0 37.0 132.5 132.5
6.Financial expenses 21.8 16.7 30.7 12.0 0.2 0.2
7.Net profit before tax (D5-D6) 1.1 17.2 -131.7 25.0 132.3 132.3
8.Tax provision 3.1 2.3 3.4 0.4 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) 49.6 -41.0 -161.9 -102.5 -5.5 0.0
2.Retention in business (D7-D8-D9) -2.0 14.9 -135.1 24.6 132.3 132.3
3.Finance from outside the company (E1-E2) 51.6 -55.9 -26.8 -127.1 -137.8 -132.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 20.5 29.7 -115.6 26.1 133.0 133.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 72.1 -26.2 -142.4 -101.0 -4.8 0.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 38.6 42.8 74.3 5.4 6.8 6.8
2.Current ratio (B4 as % of B5) 80.5 71.9 45.8 1.7 287.7 287.7
3.Acid test or Quick ratio (B4-B3 as % B5) 26.7 13.3 16.6 1.7 287.7 287.7
4.Debt equity ratio (B6 as % of A3) 172.9 242.0 1071.6 424.6 57.1 57.1
5.Return on assets (D7 as % of C4) 0.2 3.0 -32.2 15.0 323.5 323.5
6.Self financing ratio (E2 as % of E1) -4.0 - 83.4 -24.0 -2405.5 0.0
7.Cash flow ratio F1 as % of F2 28.4 - 81.2 -25.8 -2770.8 19000.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 228.6 187.1 38.4 34.8 28.7 28.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 96.6 93.1 116.6 117.3 0.0 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) 95.2 49.3 -30.4 32.4 0.2 0.2
11.Financial expense as % of gross sales (D6 as % of D1) 3.2 3.4 5.0 14.2 0.0 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.1 6.7 15.6 33.5 10.5 10.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 281.8 13.4 -2.6 1.6 0.0 0.0
14.Sundry debtors as % of gross sales 5.2 3.6 4.1 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) 0.5 10.1 -377.4 78.9 506.9 506.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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 3.5 -21.4 29.6 0.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) 0.1 1.9 -14.5 2.7 14.5 14.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.2 1.6 -14.8 2.7 14.5 14.5
6.Average annual % depreciation on written down fixed assets 6.3 3.9 5.2 0.5 0.4 0.4
7.Sales as % of total assets (D1 as % of C4) 120.5 84.1 150.8 50.7 0.0 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 0.0 1800.0 -863.2 -118.6 437.0 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 20.5 -28.4 26.0 -86.3 -100.0 -
10.Break-up value of ordinary shares (in rupees) 22.9 18.7 3.8 3.5 2.9 2.9

31
Bhanero Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 30.0 30.0 30.0 30.0 30.0 30.0
2.Surplus 578.8 671.2 707.2 823.4 959.6 1044.0
3.Shareholder's Equity (A1+A2) 608.8 701.2 737.2 853.4 989.6 1074.0
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 Liabilities 208.4 775.1 1167.2 794.0 797.1 517.3
7.Total Fixed Liabilities (A4+A5+A6) 208.4 775.1 1167.2 794.0 797.1 517.3
8.Total Capital Employed (A3+A7) 817.2 1476.3 1904.4 1647.4 1786.7 1591.3
B.Liquidity:
1.Liquid Assets: 6.5 12.5 24.3 56.0 18.9 23.1
(i)Cash 6.2 12.2 23.9 55.6 18.5 22.7
(ii)Investments 0.3 0.3 0.4 0.4 0.4 0.4
2.Other Current Assets 264.5 260.7 300.8 511.1 574.9 584.3
3.Inventories 363.0 809.5 594.0 838.6 961.8 799.8
4.Current Assets (B1+B2+B3) 634.0 1082.7 919.1 1405.7 1555.6 1407.2
5.Current Liabilities 536.8 914.6 1166.1 1762.8 1616.5 1542.7
6.Total Liabilities(A7+B5) 745.2 1689.7 2333.3 2556.8 2413.6 2060.0
7.Net Current Assets(B4-B5) 97.2 168.1 -247.0 -357.1 -60.9 -135.5
8.Contractual Liabilities 540.0 1488.5 1891.4 1717.0 1844.6 1621.6
9.Net liquid assets (B1-B5) -530.3 -902.1 -1141.8 -1706.8 -1597.6 -1519.6
C.Fixed Assets:
1.Fixed Asset At Cost 1234.0 1866.8 2869.1 2913.3 2946.2 3005.1
2.Fixed assets after deducting accumulated depreciation 719.9 1308.1 2151.4 2004.5 1847.5 1726.9
3.Depreciation for the year 66.6 52.1 163.0 203.2 187.3 177.0
4.Total assets (B4+C2) 1353.9 2390.8 3070.5 3410.2 3403.1 3134.1
D.Operation:
1.Gross sales 1751.6 1316.5 2692.9 3547.1 3510.4 3781.5
(i)Local sales 989.7 1316.5 2692.9 2369.1 1633.6 2773.4
(ii)Export sales 761.9 0.0 0.0 1178.0 1876.8 1008.1
2.Cost of Sales 1613.0 1109.1 2270.8 3070.5 3101.0 3285.3
3.Gross profit 138.6 207.4 422.1 476.6 409.4 496.2
4.Overhead and Other Expenses 1666.5 1165.7 2351.6 3161.9 3199.5 3394.9
5.Operating profit 87.5 151.4 357.9 386.6 320.8 389.4
6.Financial expenses 31.3 48.7 184.4 201.0 220.9 289.8
7.Net profit before tax (D5-D6) 56.2 102.7 173.5 185.6 99.9 99.6
8.Tax provision 14.7 6.3 20.9 17.7 18.1 16.4
9.Total amount of dividend 15.0 15.0 7.5 0.0 6.0 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) 142.9 659.1 428.1 -257.0 139.3 -195.4
2.Retention in business (D7-D8-D9) 26.5 81.4 145.1 167.9 75.8 77.2
3.Finance from outside the company (E1-E2) 116.4 577.7 283.0 -424.9 63.5 -272.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 93.1 133.5 308.1 371.1 263.1 254.2
2.Depreciation for the year plus changes in capital employed (C3+E1) 209.5 711.2 591.1 -53.8 326.6 -18.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 25.5 52.5 61.3 48.2 44.6 32.5
2.Current ratio (B4 as % of B5) 118.1 118.4 78.8 79.7 96.2 91.2
3.Acid test or Quick ratio (B4-B3 as % B5) 50.5 29.9 27.9 32.2 36.7 39.4
4.Debt equity ratio (B6 as % of A3) 122.4 241.0 316.5 299.6 243.9 191.8
5.Return on assets (D7 as % of C4) 4.2 4.3 5.7 5.4 2.9 3.2
6.Self financing ratio (E2 as % of E1) 18.5 12.4 33.9 -65.3 54.4 -39.5
7.Cash flow ratio F1 as % of F2 44.4 18.8 52.1 -689.8 80.6 -1381.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 2029.3 2337.3 2457.3 2844.7 3298.7 3580.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.1 88.5 87.3 89.1 91.1 89.8
10.Financial expenses as % of operating profit (D6 as % of D5) 35.8 32.2 51.5 52.0 68.9 74.4
11.Financial expense as % of gross sales (D6 as % of D1) 1.8 3.7 6.8 5.7 6.3 7.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.8 3.3 9.7 11.7 12.0 17.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 26.2 6.1 12.0 9.5 18.1 16.5
14.Sundry debtors as % of gross sales 7.6 11.8 6.7 10.5 11.9 11.7
15.Return on Equity (D7 as % of A3) 9.2 14.6 23.5 21.7 10.1 9.3
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 276.7 642.7 2034.7 0.0 1363.3 1386.7
2.Dividend ratio to equity (D9 as % of A3) 2.5 2.1 1.0 0.0 0.6 0.6
3.Net profit margin (D7 as % of D1) 3.2 7.8 6.4 5.2 2.8 2.6
4.Earning per share before tax (D7/No. of ordinary shares) 18.7 34.2 57.8 61.9 33.3 33.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 13.8 32.1 50.9 56.0 27.3 27.7
6.Average annual % depreciation on written down fixed assets 13.3 7.2 12.5 9.4 9.3 9.6
7.Sales as % of total assets (D1 as % of C4) 129.4 55.1 87.7 104.0 103.2 120.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -58.9 82.9 69.0 7.1 -46.2 -0.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 21.0 -24.8 104.5 31.7 -1.0 7.7
10.Break-up value of ordinary shares (in rupees) 202.9 233.7 245.7 284.5 329.9 358.0

32
Bilal Fibres Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 141.0 141.0 141.0 141.0 141.0 141.0
2.Surplus -16.2 81.5 64.0 -37.5 54.1 -65.9
3.Shareholder's Equity (A1+A2) 124.8 222.5 205.0 103.5 195.1 75.1
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 Liabilities 45.5 113.0 63.5 288.4 354.7 450.8
7.Total Fixed Liabilities (A4+A5+A6) 45.5 113.0 63.5 288.4 354.7 450.8
8.Total Capital Employed (A3+A7) 170.3 335.5 268.5 391.9 549.8 525.9
B.Liquidity:
1.Liquid Assets: 6.5 8.8 3.9 28.3 3.5 1.9
(i)Cash 6.5 8.8 3.9 28.3 3.5 1.9
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 80.1 64.2 68.9 87.3 119.2 96.3
3.Inventories 77.0 68.9 112.0 114.7 168.2 140.0
4.Current Assets (B1+B2+B3) 163.6 141.9 184.8 230.3 290.9 238.2
5.Current Liabilities 349.1 334.1 470.5 384.6 468.4 434.0
6.Total Liabilities(A7+B5) 394.6 447.1 534.0 673.0 823.1 884.8
7.Net Current Assets(B4-B5) -185.5 -192.2 -285.7 -154.3 -177.5 -195.8
8.Contractual Liabilities 160.0 297.6 299.4 374.1 546.6 528.9
9.Net liquid assets (B1-B5) -342.6 -325.3 -466.6 -356.3 -464.9 -432.1
C.Fixed Assets:
1.Fixed Asset At Cost 405.4 544.6 594.3 587.5 759.0 785.4
2.Fixed assets after deducting accumulated depreciation 355.7 527.6 554.4 546.1 727.4 721.7
3.Depreciation for the year 19.8 16.9 23.1 26.2 29.4 33.7
4.Total assets (B4+C2) 519.3 669.5 739.2 776.4 1018.3 959.9
D.Operation:
1.Gross sales 677.5 507.1 764.5 785.0 905.2 945.6
(i)Local sales 518.6 470.3 659.0 669.2 711.9 887.2
(ii)Export sales 158.9 36.8 105.5 115.8 193.3 58.4
2.Cost of Sales 646.0 467.5 717.6 785.3 865.9 934.8
3.Gross profit 31.5 39.6 46.9 -0.3 39.3 10.8
4.Overhead and Other Expenses 663.3 484.1 741.1 813.1 909.5 972.0
5.Operating profit 14.9 24.2 56.2 -27.5 -3.5 -25.4
6.Financial expenses 12.3 14.5 39.7 46.4 57.4 66.6
7.Net profit before tax (D5-D6) 2.6 9.7 16.5 -73.9 -60.9 -92.0
8.Tax provision 3.1 2.3 4.1 4.3 36.5 0.6
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) -106.8 165.2 -67.0 123.4 157.9 -23.9
2.Retention in business (D7-D8-D9) -0.5 7.4 12.4 -78.2 -97.4 -92.6
3.Finance from outside the company (E1-E2) -106.3 157.8 -79.4 201.6 255.3 68.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 19.3 24.3 35.5 -52.0 -68.0 -58.9
2.Depreciation for the year plus changes in capital employed (C3+E1) -87.0 182.1 -43.9 149.6 187.3 9.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 26.7 33.7 23.6 73.6 64.5 85.7
2.Current ratio (B4 as % of B5) 46.9 42.5 39.3 59.9 62.1 54.9
3.Acid test or Quick ratio (B4-B3 as % B5) 24.8 21.8 15.5 30.1 26.2 22.6
4.Debt equity ratio (B6 as % of A3) 316.2 200.9 260.5 650.2 421.9 1178.2
5.Return on assets (D7 as % of C4) 0.5 1.4 2.2 -9.5 -6.0 -9.6
6.Self financing ratio (E2 as % of E1) - 4.5 -18.5 -63.4 -61.7 387.4
7.Cash flow ratio F1 as % of F2 - 13.3 -80.9 -34.8 -36.3 -601.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 88.5 157.8 145.4 73.4 138.4 53.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 97.9 95.5 96.9 103.6 100.5 102.8
10.Financial expenses as % of operating profit (D6 as % of D5) 82.6 59.9 70.6 -168.7 -1640.0 -262.2
11.Financial expense as % of gross sales (D6 as % of D1) 1.8 2.9 5.2 5.9 6.3 7.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.7 4.9 13.3 12.4 10.5 12.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 119.2 23.7 24.8 -5.8 -59.9 -0.7
14.Sundry debtors as % of gross sales 1.9 1.5 1.3 0.7 3.8 3.8
15.Return on Equity (D7 as % of A3) 2.1 4.4 8.0 -71.4 -31.2 -122.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 0.4 1.9 2.2 -9.4 -6.7 -9.7
4.Earning per share before tax (D7/No. of ordinary shares) 0.2 0.7 1.2 -5.2 -4.3 -6.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.0 0.5 0.9 -5.5 -6.9 -6.6
6.Average annual % depreciation on written down fixed assets 6.3 4.8 4.4 4.7 5.4 4.6
7.Sales as % of total assets (D1 as % of C4) 130.5 75.7 103.4 101.1 88.9 98.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -81.8 250.0 71.4 -533.3 -17.3 51.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 29.9 -25.2 50.8 2.7 15.3 4.5
10.Break-up value of ordinary shares (in rupees) 8.9 15.8 14.5 7.3 13.8 5.3

33
Blessed Textiles Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 64.3 64.3 64.3 64.3 64.3 64.3
2.Surplus 342.3 427.4 558.7 639.3 777.2 852.5
3.Shareholder's Equity (A1+A2) 406.6 491.7 623.0 703.6 841.5 916.8
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 Liabilities 514.8 613.3 871.9 533.9 587.7 495.8
7.Total Fixed Liabilities (A4+A5+A6) 514.8 613.3 871.9 533.9 587.7 495.8
8.Total Capital Employed (A3+A7) 921.4 1105.0 1494.9 1237.5 1429.2 1412.6
B.Liquidity:
1.Liquid Assets: 26.9 49.2 14.1 40.8 33.9 27.7
(i)Cash 26.9 49.2 14.1 40.8 33.9 27.7
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 299.2 336.4 278.8 351.6 290.8 186.5
3.Inventories 174.7 300.8 489.6 532.4 846.3 677.3
4.Current Assets (B1+B2+B3) 500.8 686.4 782.5 924.8 1171.0 891.5
5.Current Liabilities 416.6 660.5 945.7 1327.4 1365.8 1044.3
6.Total Liabilities(A7+B5) 931.4 1273.8 1817.6 1861.3 1953.5 1540.1
7.Net Current Assets(B4-B5) 84.2 25.9 -163.2 -402.6 -194.8 -152.8
8.Contractual Liabilities 684.8 1118.4 1656.1 1252.0 1508.7 1268.0
9.Net liquid assets (B1-B5) -389.7 -611.3 -931.6 -1286.6 -1331.9 -1016.6
C.Fixed Assets:
1.Fixed Asset At Cost 1224.3 1512.2 2234.3 2388.5 2535.5 2648.3
2.Fixed assets after deducting accumulated depreciation 837.1 1079.1 1658.2 1640.0 1624.1 1565.5
3.Depreciation for the year 79.6 59.8 146.4 173.8 173.4 168.9
4.Total assets (B4+C2) 1337.9 1765.5 2440.7 2564.8 2795.1 2457.0
D.Operation:
1.Gross sales 2250.9 1652.8 2948.0 2703.7 2994.3 3254.3
(i)Local sales 606.7 276.6 430.5 1457.2 1724.2 1345.2
(ii)Export sales 1644.2 1376.2 2517.5 1246.5 1270.1 1909.1
2.Cost of Sales 2089.4 1449.9 2531.2 2308.1 2628.6 2787.6
3.Gross profit 161.5 202.9 416.8 395.6 365.7 466.7
4.Overhead and Other Expenses 2143.5 1500.2 2626.4 2399.3 2729.5 2897.5
5.Operating profit 108.7 152.6 322.0 305.0 275.0 357.2
6.Financial expenses 31.8 48.6 151.5 180.0 159.3 257.2
7.Net profit before tax (D5-D6) 76.9 104.0 170.5 125.0 115.7 100.0
8.Tax provision 0.0 16.4 40.7 18.8 20.2 27.7
9.Total amount of dividend 4.8 4.8 4.8 4.8 6.4 4.8
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) 10.2 183.6 389.9 -257.4 191.7 -16.6
2.Retention in business (D7-D8-D9) 72.1 82.8 125.0 101.4 89.1 67.5
3.Finance from outside the company (E1-E2) -61.9 100.8 264.9 -358.8 102.6 -84.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 151.7 142.6 271.4 275.2 262.5 236.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 89.8 243.4 536.3 -83.6 365.1 152.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 55.9 55.5 58.3 43.1 41.1 35.1
2.Current ratio (B4 as % of B5) 120.2 103.9 82.7 69.7 85.7 85.4
3.Acid test or Quick ratio (B4-B3 as % B5) 78.3 58.4 31.0 29.6 23.8 20.5
4.Debt equity ratio (B6 as % of A3) 229.1 259.1 291.7 264.5 232.1 168.0
5.Return on assets (D7 as % of C4) 5.7 5.9 7.0 4.9 4.1 4.1
6.Self financing ratio (E2 as % of E1) 706.9 45.1 32.1 -39.4 46.5 -406.6
7.Cash flow ratio F1 as % of F2 168.9 58.6 50.6 -329.2 71.9 155.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 632.3 764.7 968.9 1094.2 1308.7 1425.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.2 90.8 89.1 88.7 91.2 89.0
10.Financial expenses as % of operating profit (D6 as % of D5) 29.3 31.8 47.0 59.0 57.9 72.0
11.Financial expense as % of gross sales (D6 as % of D1) 1.4 2.9 5.1 6.7 5.3 7.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.6 4.3 9.1 14.4 10.6 20.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 0.0 15.8 23.9 15.0 17.5 27.7
14.Sundry debtors as % of gross sales 9.4 14.6 4.7 9.1 6.0 0.0
15.Return on Equity (D7 as % of A3) 18.9 21.2 27.4 17.8 13.7 10.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 1602.1 1825.0 2704.2 2212.5 1492.2 1506.3
2.Dividend ratio to equity (D9 as % of A3) 1.2 1.0 0.8 0.7 0.8 0.5
3.Net profit margin (D7 as % of D1) 3.4 6.3 5.8 4.6 3.9 3.1
4.Earning per share before tax (D7/No. of ordinary shares) 12.0 16.2 26.5 19.4 18.0 15.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 12.0 13.6 20.2 16.5 14.9 11.2
6.Average annual % depreciation on written down fixed assets 9.9 7.1 13.6 10.5 10.6 10.4
7.Sales as % of total assets (D1 as % of C4) 168.2 93.6 120.8 105.4 107.1 132.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -16.1 35.0 63.6 -26.8 -7.2 -13.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 66.1 -26.6 78.4 -8.3 10.7 8.7
10.Break-up value of ordinary shares (in rupees) 63.2 76.5 96.9 109.4 130.9 142.6

34
Brothers Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 98.0 98.0 98.0 98.0 98.0 98.0
2.Surplus 58.4 52.1 32.4 -60.8 -103.6 -133.5
3.Shareholder's Equity (A1+A2) 156.4 150.1 130.4 37.2 -5.6 -35.5
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 Liabilities 47.1 72.0 53.4 42.7 37.0 0.0
7.Total Fixed Liabilities (A4+A5+A6) 47.1 72.0 53.4 42.7 37.0 0.0
8.Total Capital Employed (A3+A7) 203.5 222.1 183.8 79.9 31.4 -35.5
B.Liquidity:
1.Liquid Assets: 4.2 6.4 3.5 2.6 0.8 0.1
(i)Cash 4.2 6.4 3.5 2.6 0.8 0.1
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 297.8 287.4 280.7 282.6 278.8 277.4
3.Inventories 70.2 75.9 81.2 44.9 0.0 0.0
4.Current Assets (B1+B2+B3) 372.2 369.7 365.4 330.1 279.6 277.5
5.Current Liabilities 383.7 348.5 373.8 428.4 389.8 445.8
6.Total Liabilities(A7+B5) 430.8 420.5 427.2 471.1 426.8 445.8
7.Net Current Assets(B4-B5) -11.5 21.2 -8.4 -98.3 -110.2 -168.3
8.Contractual Liabilities 133.6 184.4 206.4 118.9 85.8 41.7
9.Net liquid assets (B1-B5) -379.5 -342.1 -370.3 -425.8 -389.0 -445.7
C.Fixed Assets:
1.Fixed Asset At Cost 446.5 485.1 482.5 487.5 438.5 435.6
2.Fixed assets after deducting accumulated depreciation 215.0 200.9 192.1 178.1 141.8 132.8
3.Depreciation for the year 19.8 16.0 21.2 19.3 8.5 8.4
4.Total assets (B4+C2) 587.2 570.6 557.5 508.2 421.4 410.3
D.Operation:
1.Gross sales 614.7 343.5 459.8 484.0 166.6 0.0
(i)Local sales 603.2 338.3 456.1 450.7 166.6 0.0
(ii)Export sales 11.5 5.2 3.7 33.3 0.0 0.0
2.Cost of Sales 620.6 326.9 458.2 502.6 176.2 0.0
3.Gross profit -5.9 16.6 1.6 -18.6 -9.6 0.0
4.Overhead and Other Expenses 635.2 338.3 475.6 521.4 187.9 20.9
5.Operating profit -19.5 6.5 -8.2 -36.5 -20.8 -19.8
6.Financial expenses 15.7 14.3 27.4 24.7 11.4 10.1
7.Net profit before tax (D5-D6) -35.2 -7.8 -35.6 -61.2 -32.2 -29.9
8.Tax provision 2.7 1.7 3.2 2.4 0.8 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) 38.9 18.6 -38.3 -103.9 -48.5 -66.9
2.Retention in business (D7-D8-D9) -37.9 -9.5 -38.8 -63.6 -33.0 -29.9
3.Finance from outside the company (E1-E2) 76.8 28.1 0.5 -40.3 -15.5 -37.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -18.1 6.5 -17.6 -44.3 -24.5 -21.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 58.7 34.6 -17.1 -84.6 -40.0 -58.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 23.1 32.4 29.1 53.4 117.8 0.0
2.Current ratio (B4 as % of B5) 97.0 106.1 97.8 77.1 71.7 62.2
3.Acid test or Quick ratio (B4-B3 as % B5) 78.7 84.3 76.0 66.6 71.7 62.2
4.Debt equity ratio (B6 as % of A3) 275.4 280.1 327.6 1266.4 0.0 0.0
5.Return on assets (D7 as % of C4) -6.0 -1.4 -6.4 -12.0 -7.6 -7.3
6.Self financing ratio (E2 as % of E1) -97.4 -51.1 101.3 61.2 68.0 44.7
7.Cash flow ratio F1 as % of F2 -30.8 18.8 102.9 52.4 61.3 36.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 159.6 153.2 133.1 38.0 -5.7 -36.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 103.3 98.5 103.4 107.7 112.8 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) - 220.0 -334.1 -67.7 -54.8 -51.0
11.Financial expense as % of gross sales (D6 as % of D1) 2.6 4.2 6.0 5.1 6.8 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 11.8 7.8 13.3 20.8 13.3 24.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - -9.0 -3.9 -2.5 0.0
14.Sundry debtors as % of gross sales 1.2 1.0 0.7 0.2 0.0 0.0
15.Return on Equity (D7 as % of A3) -22.5 -5.2 -27.3 -164.5 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -5.7 -2.3 -7.7 -12.6 -19.3 0.0
4.Earning per share before tax (D7/No. of ordinary shares) -3.6 -0.8 -3.6 -6.2 -3.3 -3.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.9 -1.0 -4.0 -6.5 -3.4 -3.1
6.Average annual % depreciation on written down fixed assets 10.2 7.4 10.6 10.0 4.8 5.9
7.Sales as % of total assets (D1 as % of C4) 104.7 60.2 82.5 95.2 39.5 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -2.7 -77.8 350.0 72.2 -46.8 -6.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 51.1 -44.1 33.9 5.3 -65.6 -100.0
10.Break-up value of ordinary shares (in rupees) 16.0 15.3 13.3 3.8 -0.6 -3.6

35
Chakwal Spinning Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 113.3 113.3 400.0 400.0 400.0 400.0
2.Surplus -160.8 -109.8 -198.5 -186.3 -185.4 -231.1
3.Shareholder's Equity (A1+A2) -47.5 3.5 201.5 213.7 214.6 168.9
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 Liabilities 255.5 30.2 402.6 52.2 149.4 54.3
7.Total Fixed Liabilities (A4+A5+A6) 255.5 30.2 402.6 52.2 149.4 54.3
8.Total Capital Employed (A3+A7) 208.0 33.7 604.1 265.9 364.0 223.2
B.Liquidity:
1.Liquid Assets: 125.9 2.1 35.8 39.7 34.4 32.4
(i)Cash 125.9 2.1 35.8 39.7 34.4 32.4
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 67.6 97.9 105.0 142.6 131.9 115.2
3.Inventories 213.3 155.6 120.8 150.8 206.3 210.4
4.Current Assets (B1+B2+B3) 406.8 255.6 261.6 333.1 372.6 358.0
5.Current Liabilities 770.5 783.4 373.3 819.9 794.2 909.6
6.Total Liabilities(A7+B5) 1026.0 813.6 775.9 872.1 943.6 963.9
7.Net Current Assets(B4-B5) -363.7 -527.8 -111.7 -486.8 -421.6 -551.6
8.Contractual Liabilities 439.6 213.2 558.5 257.4 374.9 329.6
9.Net liquid assets (B1-B5) -644.6 -781.3 -337.5 -780.2 -759.8 -877.2
C.Fixed Assets:
1.Fixed Asset At Cost 995.0 1005.0 1189.3 1265.2 1337.8 1375.1
2.Fixed assets after deducting accumulated depreciation 571.5 561.5 715.7 752.6 785.7 774.8
3.Depreciation for the year 32.6 25.3 37.2 46.5 47.5 48.6
4.Total assets (B4+C2) 978.3 817.1 977.3 1085.7 1158.3 1132.8
D.Operation:
1.Gross sales 779.8 637.6 711.6 853.1 875.5 989.8
(i)Local sales 717.7 612.5 92.8 659.5 775.8 856.9
(ii)Export sales 62.1 25.1 618.8 193.6 99.7 132.9
2.Cost of Sales 758.3 594.1 683.1 783.3 809.1 950.3
3.Gross profit 21.5 43.5 28.5 69.8 66.4 39.5
4.Overhead and Other Expenses 786.9 615.8 709.8 814.2 872.0 985.8
5.Operating profit 11.9 25.8 9.2 41.1 11.4 7.3
6.Financial expenses 22.6 19.6 30.2 35.3 34.4 54.7
7.Net profit before tax (D5-D6) -10.7 6.2 -21.0 5.8 -23.0 -47.4
8.Tax provision 3.4 2.8 3.5 48.3 4.4 2.1
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) 29.4 -174.3 570.4 -338.2 98.1 -140.8
2.Retention in business (D7-D8-D9) -14.1 3.4 -24.5 -42.5 -27.4 -49.5
3.Finance from outside the company (E1-E2) 43.5 -177.7 594.9 -295.7 125.5 -91.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 18.5 28.7 12.7 4.0 20.1 -0.9
2.Depreciation for the year plus changes in capital employed (C3+E1) 62.0 -149.0 607.6 -291.7 145.6 -92.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 122.8 89.6 66.6 19.6 41.0 24.3
2.Current ratio (B4 as % of B5) 52.8 32.6 70.1 40.6 46.9 39.4
3.Acid test or Quick ratio (B4-B3 as % B5) 25.1 12.8 37.7 22.2 20.9 16.2
4.Debt equity ratio (B6 as % of A3) - 23245.7 385.1 408.1 439.7 570.7
5.Return on assets (D7 as % of C4) -1.1 0.8 -2.1 0.5 -2.0 -4.2
6.Self financing ratio (E2 as % of E1) -48.0 - -4.3 12.6 -27.9 35.2
7.Cash flow ratio F1 as % of F2 29.8 - 2.1 -1.4 13.8 1.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -41.9 3.1 50.4 53.4 53.7 42.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 100.9 96.6 99.7 95.4 99.6 99.6
10.Financial expenses as % of operating profit (D6 as % of D5) 189.9 76.0 328.3 85.9 301.8 749.3
11.Financial expense as % of gross sales (D6 as % of D1) 2.9 3.1 4.2 4.1 3.9 5.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.1 9.2 5.4 13.7 9.2 16.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 45.2 -16.7 832.8 -19.1 -4.4
14.Sundry debtors as % of gross sales 2.5 3.6 3.0 2.3 4.9 4.5
15.Return on Equity (D7 as % of A3) - 177.1 -10.4 2.7 -10.7 -28.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -1.4 1.0 -3.0 0.7 -2.6 -4.8
4.Earning per share before tax (D7/No. of ordinary shares) -0.9 0.5 -0.5 0.1 -0.6 -1.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.2 0.3 -0.6 -1.1 -0.7 -1.2
6.Average annual % depreciation on written down fixed assets 6.9 9.3 6.6 6.5 6.0 6.2
7.Sales as % of total assets (D1 as % of C4) 79.7 78.0 72.8 78.6 75.6 87.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -112.5 -155.6 -200.0 -120.0 -700.0 100.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -19.6 -18.2 11.6 19.9 2.6 13.1
10.Break-up value of ordinary shares (in rupees) -4.2 0.3 5.0 5.3 5.4 4.2

36
Chenab Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 7.0 7.0 7.0 1150.0 1150.0 1150.0
2.Surplus -15.5 -14.1 -13.2 1970.0 1800.2 543.9
3.Shareholder's Equity (A1+A2) -8.5 -7.1 -6.2 3120.0 2950.2 1693.9
4.Prefrence Shares 0.0 0.0 0.0 800.0 800.0 800.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Liabilities 0.0 0.0 0.0 2352.8 2296.6 2420.5
7.Total Fixed Liabilities (A4+A5+A6) 0.0 0.0 0.0 3152.8 3096.6 3220.5
8.Total Capital Employed (A3+A7) -8.5 -7.1 -6.2 6272.8 6046.8 4914.4
B.Liquidity:
1.Liquid Assets: 0.0 0.3 2.9 65.2 59.9 63.4
(i)Cash 0.0 0.3 0.1 65.2 59.9 63.4
(ii)Investments 0.0 0.0 2.8 0.0 0.0 0.0
2.Other Current Assets 3.2 2.8 0.2 3464.5 4171.6 5008.7
3.Inventories 0.7 0.0 0.0 3997.2 4442.6 4475.2
4.Current Assets (B1+B2+B3) 3.9 3.1 3.1 7526.9 8674.1 9547.3
5.Current Liabilities 43.5 40.9 40.1 8710.1 10240.4 12026.9
6.Total Liabilities(A7+B5) 43.5 40.9 40.1 11862.9 13337.0 15247.4
7.Net Current Assets(B4-B5) -39.6 -37.8 -37.0 -1183.2 -1566.3 -2479.6
8.Contractual Liabilities 0.0 0.0 0.0 7826.5 10300.8 3104.1
9.Net liquid assets (B1-B5) -43.5 -40.6 -37.2 -8644.9 -10180.5 -11963.5
C.Fixed Assets:
1.Fixed Asset At Cost 42.9 41.6 41.6 7429.2 8144.8 8201.0
2.Fixed assets after deducting accumulated depreciation 31.0 30.9 30.8 7456.0 7613.0 7394.0
3.Depreciation for the year 0.1 0.0 0.1 266.8 272.5 283.4
4.Total assets (B4+C2) 34.2 34.0 33.9 14982.9 16287.1 16941.3
D.Operation:
1.Gross sales 0.0 0.0 0.0 8338.4 8675.3 9091.4
(i)Local sales 0.0 0.0 0.0 621.9 1100.9 997.7
(ii)Export sales 0.0 0.0 0.0 7716.5 7574.4 8093.7
2.Cost of Sales 0.0 0.0 0.0 6791.1 6996.0 7107.0
3.Gross profit 0.0 0.0 0.0 1547.3 1679.3 1984.4
4.Overhead and Other Expenses 4.3 4.9 4.9 7342.0 7574.3 7618.8
5.Operating profit 6.9 2.2 0.8 999.3 1109.3 1474.0
6.Financial expenses 0.0 0.0 0.0 838.9 1124.6 1487.7
7.Net profit before tax (D5-D6) -4.3 2.2 0.8 160.4 -15.3 -13.7
8.Tax provision 0.0 0.8 0.3 85.4 82.4 82.9
9.Total amount of dividend 0.0 0.0 0.0 74.0 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 1.4 0.9 6279.0 -226.0 -1132.4
2.Retention in business (D7-D8-D9) 11.2 1.4 0.5 1.0 -97.7 -96.6
3.Finance from outside the company (E1-E2) -11.2 0.0 0.4 6278.0 -128.3 -1035.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 11.3 1.4 0.6 267.8 174.8 186.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 0.1 1.4 1.0 6545.8 46.5 -849.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - 0.0 50.3 51.2 65.5
2.Current ratio (B4 as % of B5) 457.1 7.6 7.7 86.4 84.7 79.4
3.Acid test or Quick ratio (B4-B3 as % B5) 457.1 7.6 7.7 40.5 41.3 42.2
4.Debt equity ratio (B6 as % of A3) - - 0.0 380.2 452.1 900.1
5.Return on assets (D7 as % of C4) 20.2 6.5 2.4 1.1 -0.1 -0.1
6.Self financing ratio (E2 as % of E1) - 100.0 55.6 0.0 43.2 8.5
7.Cash flow ratio F1 as % of F2 11300.0 100.0 60.0 4.1 375.9 -22.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -121.4 -101.4 -88.6 271.3 256.5 147.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - 0.0 88.1 87.3 83.8
10.Financial expenses as % of operating profit (D6 as % of D5) 0.0 0.0 0.0 83.9 101.4 100.9
11.Financial expense as % of gross sales (D6 as % of D1) - - 0.0 10.1 13.0 16.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - 0.0 10.7 10.9 47.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 36.4 37.5 53.2 -538.6 -605.1
14.Sundry debtors as % of gross sales - - 0.0 0.0 28.0 34.4
15.Return on Equity (D7 as % of A3) - - 0.0 5.1 -0.5 -0.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 101.4 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - 0.0 2.4 0.0 0.0
3.Net profit margin (D7 as % of D1) - - 0.0 1.9 -0.2 -0.2
4.Earning per share before tax (D7/No. of ordinary shares) 1.0 3.1 1.1 1.4 -0.1 -0.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 1.0 2.0 0.7 0.7 -0.8 -0.8
6.Average annual % depreciation on written down fixed assets 0.3 0.0 0.3 4.4 3.7 3.7
7.Sales as % of total assets (D1 as % of C4) 0.0 0.0 0.0 55.7 53.3 53.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - -16.2 -64.5 27.3 -107.1 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 0.0 - - - 4.0 4.8
10.Break-up value of ordinary shares (in rupees) -12.1 -10.1 -8.9 27.1 25.7 14.7

37
Colony Mills Ltd. (Colony Textile Mills Ltd.) (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 100.0 250.0 2441.8 2441.8 2441.8 2441.8
2.Surplus 741.6 1077.3 301.4 707.3 464.6 233.7
3.Shareholder's Equity (A1+A2) 841.6 1327.3 2743.2 3149.1 2906.4 2675.5
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 Liabilities 1539.7 1934.9 2248.6 2710.0 4638.6 5229.0
7.Total Fixed Liabilities (A4+A5+A6) 1539.7 1934.9 2248.6 2710.0 4638.6 5229.0
8.Total Capital Employed (A3+A7) 2381.3 3262.2 4991.8 5859.1 7545.0 7904.5
B.Liquidity:
1.Liquid Assets: 113.2 215.2 819.1 8.9 819.3 1160.6
(i)Cash 90.7 65.4 4.4 4.4 32.1 26.6
(ii)Investments 22.5 149.8 814.7 4.5 787.2 1134.0
2.Other Current Assets 599.9 839.5 719.4 1903.3 2344.7 1375.4
3.Inventories 989.6 1020.8 1298.8 1392.5 1960.3 3295.9
4.Current Assets (B1+B2+B3) 1702.7 2075.5 2837.3 3304.7 5124.3 5831.9
5.Current Liabilities 1963.3 2058.8 2798.6 3269.8 5106.3 6364.2
6.Total Liabilities(A7+B5) 3503.0 3993.7 5047.2 5979.8 9744.9 11593.2
7.Net Current Assets(B4-B5) -260.6 16.7 38.7 34.9 18.0 -532.3
8.Contractual Liabilities 2446.6 2942.8 4406.9 4302.2 6903.4 9133.3
9.Net liquid assets (B1-B5) -1850.1 -1843.6 -1979.5 -3260.9 -4287.0 -5203.6
C.Fixed Assets:
1.Fixed Asset At Cost 3084.3 3826.9 5702.6 6493.9 7405.7 9312.4
2.Fixed assets after deducting accumulated depreciation 2641.8 3245.6 4953.2 5824.2 7526.9 8436.9
3.Depreciation for the year 135.3 141.8 64.7 203.7 242.5 309.8
4.Total assets (B4+C2) 4344.5 5321.1 7790.5 9128.9 12651.2 14268.8
D.Operation:
1.Gross sales 3641.0 3693.5 2063.3 5799.9 7020.7 7526.9
(i)Local sales 3244.6 2828.4 1318.7 3391.8 7020.7 4571.1
(ii)Export sales 396.4 865.1 744.6 2408.1 0.0 2955.8
2.Cost of Sales 3481.6 3323.4 1783.5 5061.7 6026.5 6636.0
3.Gross profit 159.4 370.1 279.8 738.2 994.2 890.9
4.Overhead and Other Expenses 3535.9 3428.9 1850.6 5269.2 6346.0 7246.4
5.Operating profit 153.7 310.1 273.7 830.1 854.9 776.2
6.Financial expenses 98.6 129.2 154.4 371.8 491.6 1021.1
7.Net profit before tax (D5-D6) 55.1 180.9 119.3 458.3 363.3 -244.9
8.Tax provision 19.2 24.5 14.4 29.0 35.9 29.4
9.Total amount of dividend 0.0 0.0 0.0 0.0 524.8 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) 1049.6 880.9 1729.6 867.3 1685.9 359.5
2.Retention in business (D7-D8-D9) 35.9 156.4 104.9 429.3 -197.4 -274.3
3.Finance from outside the company (E1-E2) 1013.7 724.5 1624.7 438.0 1883.3 633.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 171.2 298.2 169.6 633.0 45.1 35.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 1184.9 1022.7 1794.3 1071.0 1928.4 669.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 64.7 59.3 45.0 46.3 61.5 66.2
2.Current ratio (B4 as % of B5) 86.7 100.8 101.4 101.1 100.4 91.6
3.Acid test or Quick ratio (B4-B3 as % B5) 36.3 51.2 55.0 58.5 62.0 39.8
4.Debt equity ratio (B6 as % of A3) 416.2 300.9 184.0 189.9 335.3 433.3
5.Return on assets (D7 as % of C4) 1.3 3.4 1.5 5.0 2.9 -1.7
6.Self financing ratio (E2 as % of E1) 3.4 17.8 6.1 49.5 -11.7 -76.3
7.Cash flow ratio F1 as % of F2 14.4 29.2 9.5 59.1 2.3 5.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 841.6 530.9 112.3 129.0 119.0 109.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 97.1 92.8 89.7 90.8 90.4 96.3
10.Financial expenses as % of operating profit (D6 as % of D5) 64.2 41.7 56.4 44.8 57.5 131.6
11.Financial expense as % of gross sales (D6 as % of D1) 2.7 3.5 7.5 6.4 7.0 13.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.0 4.4 3.5 8.6 7.1 11.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 34.8 13.5 12.1 6.3 9.9 -12.0
14.Sundry debtors as % of gross sales 1.6 5.2 8.1 5.3 4.7 7.2
15.Return on Equity (D7 as % of A3) 6.5 13.6 4.3 14.6 12.5 -9.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 0.0 62.4 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 18.1 0.0
3.Net profit margin (D7 as % of D1) 1.5 4.9 5.8 7.9 5.2 -3.3
4.Earning per share before tax (D7/No. of ordinary shares) 5.5 7.2 0.5 1.9 1.5 -1.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.6 6.3 0.4 1.8 1.3 -1.1
6.Average annual % depreciation on written down fixed assets 8.1 5.4 2.0 4.1 4.2 20.3
7.Sales as % of total assets (D1 as % of C4) 83.8 69.4 26.5 63.5 55.5 52.8
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 27.9 30.9 -93.1 280.0 -21.1 -166.7
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 39.9 1.4 -44.1 181.1 21.0 7.2
10.Break-up value of ordinary shares (in rupees) 84.2 53.1 11.2 12.9 11.9 11.0

38
Crescent Fibers Ltd. (Crescent Boards Ltd.) (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital - - - 118.3 124.2 124.2
2.Surplus - - - 154.0 103.5 56.0
3.Shareholder's Equity (A1+A2) - - - 272.3 227.7 180.2
4.Prefrence Shares - - - 0.0 0.0 0.0
5.Debentures - - - 0.0 0.0 0.0
6.Other Fixed Liabilities - - - 108.2 67.6 30.2
7.Total Fixed Liabilities (A4+A5+A6) - - - 108.2 67.6 30.2
8.Total Capital Employed (A3+A7) - - - 380.5 295.3 210.4
B.Liquidity:
1.Liquid Assets: - - - 4.8 4.2 73.5
(i)Cash - - - 2.1 1.5 29.9
(ii)Investments - - - 2.7 2.7 43.6
2.Other Current Assets - - - 341.6 539.7 177.0
3.Inventories - - - 109.8 153.5 101.3
4.Current Assets (B1+B2+B3) - - - 456.2 697.4 351.8
5.Current Liabilities - - - 394.0 414.7 424.6
6.Total Liabilities(A7+B5) - - - 502.2 482.3 454.8
7.Net Current Assets(B4-B5) - - - 62.2 282.7 -72.8
8.Contractual Liabilities - - - 270.6 262.7 237.3
9.Net liquid assets (B1-B5) - - - -389.2 -410.5 -351.1
C.Fixed Assets:
1.Fixed Asset At Cost - - - 875.7 850.1 859.4
2.Fixed assets after deducting accumulated depreciation - - - 318.3 12.5 283.2
3.Depreciation for the year - - - 32.8 31.3 29.5
4.Total assets (B4+C2) - - - 774.5 709.9 635.0
D.Operation:
1.Gross sales - - - 1189.7 1246.8 1427.5
(i)Local sales - - - 1189.7 1241.8 1426.3
(ii)Export sales - - - 0.0 5.0 1.2
2.Cost of Sales - - - 1073.1 1160.2 1318.4
3.Gross profit - - - 116.6 86.6 109.1
4.Overhead and Other Expenses - - - 1122.1 1202.5 1369.1
5.Operating profit - - - 76.1 57.2 67.8
6.Financial expenses - - - 36.8 32.0 54.5
7.Net profit before tax (D5-D6) - - - 39.3 25.2 13.3
8.Tax provision - - - 5.9 6.2 0.9
9.Total amount of dividend - - - 0.0 62.1 0.0
10.Total value of bonus shares issued - - - 5.9 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) - - - 380.5 -85.2 -84.9
2.Retention in business (D7-D8-D9) - - - 33.4 -43.1 12.4
3.Finance from outside the company (E1-E2) - - - 347.1 -42.1 -97.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) - - - 66.2 -11.8 41.9
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - 413.3 -53.9 -55.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - 28.4 22.9 14.4
2.Current ratio (B4 as % of B5) - - - 115.8 168.2 82.9
3.Acid test or Quick ratio (B4-B3 as % B5) - - - 87.9 131.2 59.0
4.Debt equity ratio (B6 as % of A3) - - - 184.4 211.8 252.4
5.Return on assets (D7 as % of C4) - - - 5.1 3.5 2.1
6.Self financing ratio (E2 as % of E1) - - - 8.8 50.6 -14.6
7.Cash flow ratio F1 as % of F2 - - - 16.0 21.9 -75.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - - 230.2 183.3 145.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - 94.3 96.4 95.9
10.Financial expenses as % of operating profit (D6 as % of D5) - - - 48.4 55.9 80.4
11.Financial expense as % of gross sales (D6 as % of D1) - - - 3.1 2.6 3.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - 13.6 12.2 23.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - 15.0 24.6 6.8
14.Sundry debtors as % of gross sales - - - 9.8 7.3 8.3
15.Return on Equity (D7 as % of A3) - - - 14.4 11.1 7.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 30.6 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - 0.0 27.3 0.0
3.Net profit margin (D7 as % of D1) - - - 3.3 2.0 0.9
4.Earning per share before tax (D7/No. of ordinary shares) - - - 3.3 2.0 1.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - - 2.8 1.5 1.0
6.Average annual % depreciation on written down fixed assets - - - 10.1 26.5 9.8
7.Sales as % of total assets (D1 as % of C4) - - - 153.6 175.6 224.8
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - - 230.0 -39.4 -45.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - - 4.8 14.5
10.Break-up value of ordinary shares (in rupees) - - - 23.0 18.3 14.5

39
D.M. Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 30.5 30.5 30.5 30.5 30.5 30.5
2.Surplus 307.1 369.5 250.1 551.9 527.8 460.3
3.Shareholder's Equity (A1+A2) 337.6 400.0 280.6 582.4 558.3 490.8
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 Liabilities 83.6 107.2 175.8 150.8 224.3 174.1
7.Total Fixed Liabilities (A4+A5+A6) 83.6 107.2 175.8 150.8 224.3 174.1
8.Total Capital Employed (A3+A7) 421.2 507.2 456.4 733.2 782.6 664.9
B.Liquidity:
1.Liquid Assets: 28.1 19.0 4.0 1.7 4.1 2.4
(i)Cash 27.8 18.6 3.6 1.3 2.4 0.6
(ii)Investments 0.3 0.4 0.4 0.4 1.7 1.8
2.Other Current Assets 50.0 54.1 189.4 132.8 108.4 104.8
3.Inventories 94.1 65.5 176.2 156.0 96.3 91.0
4.Current Assets (B1+B2+B3) 172.2 138.6 369.6 290.5 208.8 198.2
5.Current Liabilities 253.1 163.5 512.9 538.0 389.4 469.7
6.Total Liabilities(A7+B5) 336.7 270.7 688.7 688.8 613.7 643.8
7.Net Current Assets(B4-B5) -80.9 -24.9 -143.3 -247.5 -180.6 -271.5
8.Contractual Liabilities 158.0 191.5 372.3 301.7 371.0 344.7
9.Net liquid assets (B1-B5) -225.0 -144.5 -508.9 -536.3 -385.3 -467.3
C.Fixed Assets:
1.Fixed Asset At Cost 571.0 771.8 861.2 0.0 1245.9 1245.3
2.Fixed assets after deducting accumulated depreciation 502.2 532.2 599.8 980.8 963.3 936.5
3.Depreciation for the year 13.1 11.1 17.0 0.0 28.6 27.0
4.Total assets (B4+C2) 674.4 670.8 969.4 1271.3 1172.1 1134.7
D.Operation:
1.Gross sales 554.0 456.3 768.1 805.4 867.6 549.8
(i)Local sales 537.8 456.3 768.1 779.3 842.3 549.8
(ii)Export sales 16.2 0.0 0.0 26.1 25.3 0.0
2.Cost of Sales 513.4 413.1 675.9 731.5 801.4 558.4
3.Gross profit 40.6 43.2 92.2 73.9 66.2 -8.6
4.Overhead and Other Expenses 526.9 424.5 703.7 774.5 832.2 581.4
5.Operating profit 27.6 32.4 66.7 34.0 37.2 -22.4
6.Financial expenses 17.7 12.3 32.9 57.4 54.4 50.1
7.Net profit before tax (D5-D6) 9.9 20.1 33.8 -23.4 -17.2 -72.5
8.Tax provision 2.4 2.3 3.9 4.5 4.3 0.0
9.Total amount of dividend 0.0 1.3 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) 159.7 86.0 -50.8 276.8 49.4 -117.7
2.Retention in business (D7-D8-D9) 7.5 16.5 29.9 -27.9 -21.5 -72.5
3.Finance from outside the company (E1-E2) 152.2 69.5 -80.7 304.7 70.9 -45.2
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 20.6 27.6 46.9 -27.9 7.1 -45.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 172.8 97.1 -33.8 276.8 78.0 -90.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 19.8 21.1 38.5 20.6 28.7 26.2
2.Current ratio (B4 as % of B5) 68.0 84.8 72.1 54.0 53.6 42.2
3.Acid test or Quick ratio (B4-B3 as % B5) 30.9 44.7 37.7 25.0 28.9 22.8
4.Debt equity ratio (B6 as % of A3) 99.7 67.7 245.4 118.3 109.9 131.2
5.Return on assets (D7 as % of C4) 1.5 3.0 3.5 -1.8 -1.5 -6.4
6.Self financing ratio (E2 as % of E1) 4.7 19.2 -58.9 -10.1 -43.5 61.6
7.Cash flow ratio F1 as % of F2 11.9 28.4 -138.8 -10.1 9.1 50.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 1106.9 1311.5 920.0 1909.5 1830.5 1609.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.1 93.0 91.6 96.2 95.9 105.7
10.Financial expenses as % of operating profit (D6 as % of D5) 64.1 38.0 49.3 168.8 146.2 -223.7
11.Financial expense as % of gross sales (D6 as % of D1) 3.2 2.7 4.3 7.1 6.3 9.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 11.2 6.4 8.8 19.0 14.7 14.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 24.2 11.4 11.5 -19.2 -25.0 0.0
14.Sundry debtors as % of gross sales 0.4 0.9 0.4 2.2 0.5 0.6
15.Return on Equity (D7 as % of A3) 2.9 5.0 12.0 -4.0 -3.1 -14.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - 1369.2 0.0 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.3 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.8 4.4 4.4 -2.9 -2.0 -13.2
4.Earning per share before tax (D7/No. of ordinary shares) 3.2 6.6 11.1 -7.7 -5.6 -23.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.5 5.8 9.8 -9.1 -7.0 -23.8
6.Average annual % depreciation on written down fixed assets 4.0 2.2 3.2 0.0 2.9 2.8
7.Sales as % of total assets (D1 as % of C4) 82.1 68.0 79.2 63.4 74.0 48.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 18.5 106.3 68.2 -169.4 -27.3 325.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 36.0 -17.6 68.3 4.9 7.7 -36.6
10.Break-up value of ordinary shares (in rupees) 110.7 131.1 92.0 191.0 183.0 160.9

40
D.S. Industries Limited (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital - - - - - 600.0
2.Surplus - - - - - -756.2
3.Shareholder's Equity (A1+A2) - - - - - -156.2
4.Prefrence Shares - - - - - 0.0
5.Debentures - - - - - 0.0
6.Other Fixed Liabilities - - - - - 261.3
7.Total Fixed Liabilities (A4+A5+A6) - - - - - 261.3
8.Total Capital Employed (A3+A7) - - - - - 105.1
B.Liquidity:
1.Liquid Assets: - - - - - 129.8
(i)Cash - - - - - 2.5
(ii)Investments - - - - - 127.3
2.Other Current Assets - - - - - 33.6
3.Inventories - - - - - 23.2
4.Current Assets (B1+B2+B3) - - - - - 186.6
5.Current Liabilities - - - - - 733.1
6.Total Liabilities(A7+B5) - - - - - 994.4
7.Net Current Assets(B4-B5) - - - - - -546.5
8.Contractual Liabilities - - - - - 642.5
9.Net liquid assets (B1-B5) - - - - - -603.3
C.Fixed Assets:
1.Fixed Asset At Cost - - - - - 693.9
2.Fixed assets after deducting accumulated depreciation - - - - - 651.5
3.Depreciation for the year - - - - - 56.2
4.Total assets (B4+C2) - - - - - 838.1
D.Operation:
1.Gross sales - - - - - 653.7
(i)Local sales - - - - - 653.7
(ii)Export sales - - - - - 0.0
2.Cost of Sales - - - - - 652.9
3.Gross profit - - - - - 0.8
4.Overhead and Other Expenses - - - - - 1166.4
5.Operating profit - - - - - -857.8
6.Financial expenses - - - - - 130.2
7.Net profit before tax (D5-D6) - - - - - -988.0
8.Tax provision - - - - - 0.0
9.Total amount of dividend - - - - - 0.0
10.Total value of bonus shares issued - - - - - 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) - - - - - -988.0
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) - - - - - -931.8
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - - - -
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - - - 248.6
2.Current ratio (B4 as % of B5) - - - - - 25.5
3.Acid test or Quick ratio (B4-B3 as % B5) - - - - - 22.3
4.Debt equity ratio (B6 as % of A3) - - - - - 0.0
5.Return on assets (D7 as % of C4) - - - - - -117.9
6.Self financing ratio (E2 as % of E1) - - - - - 0.0
7.Cash flow ratio F1 as % of F2 - - - - - 0.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - - - - -26.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - - - 178.4
10.Financial expenses as % of operating profit (D6 as % of D5) - - - - - -15.2
11.Financial expense as % of gross sales (D6 as % of D1) - - - - - 19.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - - - 20.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - - - 0.0
14.Sundry debtors as % of gross sales - - - - - 3.6
15.Return on Equity (D7 as % of A3) - - - - - 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - - - 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - - - 0.0
3.Net profit margin (D7 as % of D1) - - - - - -151.1
4.Earning per share before tax (D7/No. of ordinary shares) - - - - - -16.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - - - - -16.5
6.Average annual % depreciation on written down fixed assets - - - - - 11.6
7.Sales as % of total assets (D1 as % of C4) - - - - - 78.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - - - - -1750.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - - - -
10.Break-up value of ordinary shares (in rupees) - - - - - -2.6

41
Dar Es Salaam Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 80.0 80.0 80.0 80.0 80.0 80.0
2.Surplus -16.9 143.0 126.0 224.8 127.9 24.3
3.Shareholder's Equity (A1+A2) 63.1 223.0 206.0 304.8 207.9 104.3
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 Liabilities 177.5 181.8 234.3 174.2 191.2 120.6
7.Total Fixed Liabilities (A4+A5+A6) 177.5 181.8 234.3 174.2 191.2 120.6
8.Total Capital Employed (A3+A7) 240.6 404.8 440.3 479.0 399.1 224.9
B.Liquidity:
1.Liquid Assets: 33.5 30.1 1.1 3.2 4.8 1.5
(i)Cash 33.5 30.1 1.1 3.2 4.8 1.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 87.2 104.4 87.5 176.9 131.2 135.5
3.Inventories 160.1 136.9 129.3 115.5 188.0 53.4
4.Current Assets (B1+B2+B3) 280.8 271.4 217.9 295.6 324.0 190.4
5.Current Liabilities 311.5 357.4 253.5 472.9 537.9 527.5
6.Total Liabilities(A7+B5) 489.0 539.2 487.8 647.1 729.1 648.1
7.Net Current Assets(B4-B5) -30.7 -86.0 -35.6 -177.3 -213.9 -337.1
8.Contractual Liabilities 413.3 484.9 438.8 484.5 590.8 452.0
9.Net liquid assets (B1-B5) -278.0 -327.3 -252.4 -469.7 -533.1 -526.0
C.Fixed Assets:
1.Fixed Asset At Cost 490.2 597.9 740.8 746.2 968.0 968.4
2.Fixed assets after deducting accumulated depreciation 271.4 490.9 476.0 656.2 613.0 562.0
3.Depreciation for the year 22.2 15.2 43.6 40.5 58.9 53.9
4.Total assets (B4+C2) 552.2 762.3 693.9 951.8 937.0 752.4
D.Operation:
1.Gross sales 653.7 475.6 698.4 779.2 730.7 850.1
(i)Local sales 232.3 182.1 411.4 410.4 454.3 707.2
(ii)Export sales 421.4 293.5 287.0 368.8 276.4 142.9
2.Cost of Sales 612.0 409.4 622.0 716.7 730.2 848.3
3.Gross profit 41.7 66.2 76.4 62.5 0.5 1.8
4.Overhead and Other Expenses 652.3 440.0 662.3 755.3 770.6 898.8
5.Operating profit 2.8 36.2 37.1 24.4 -37.9 -48.7
6.Financial expenses 22.6 20.9 56.7 60.9 66.9 79.5
7.Net profit before tax (D5-D6) -19.8 15.3 -19.6 -36.5 -104.8 -128.2
8.Tax provision 6.6 4.3 4.5 5.5 3.7 1.5
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) 92.1 164.2 35.5 38.7 -79.9 -174.2
2.Retention in business (D7-D8-D9) -26.4 11.0 -24.1 -42.0 -108.5 -129.7
3.Finance from outside the company (E1-E2) 118.5 153.2 59.6 80.7 28.6 -44.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -4.2 26.2 19.5 -1.5 -49.6 -75.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 114.3 179.4 79.1 79.2 -21.0 -120.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 73.8 44.9 53.2 36.4 47.9 53.6
2.Current ratio (B4 as % of B5) 90.1 75.9 86.0 62.5 60.2 36.1
3.Acid test or Quick ratio (B4-B3 as % B5) 38.7 37.6 35.0 38.1 25.3 26.0
4.Debt equity ratio (B6 as % of A3) 775.0 241.8 236.8 212.3 350.7 621.4
5.Return on assets (D7 as % of C4) -3.6 2.0 -2.8 -3.8 -11.2 -17.0
6.Self financing ratio (E2 as % of E1) -28.7 6.7 -67.9 -108.5 135.8 74.5
7.Cash flow ratio F1 as % of F2 -3.7 14.6 24.7 -1.9 236.2 63.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 78.9 278.8 257.5 381.0 259.9 130.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 99.8 92.5 94.8 96.9 105.5 105.7
10.Financial expenses as % of operating profit (D6 as % of D5) 807.1 57.7 152.8 249.6 -176.5 -163.2
11.Financial expense as % of gross sales (D6 as % of D1) 3.5 4.4 8.1 7.8 9.2 9.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.5 4.3 12.9 12.6 11.3 17.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 28.1 -23.0 -15.1 -3.5 -1.2
14.Sundry debtors as % of gross sales 5.3 9.8 7.5 16.2 10.3 2.2
15.Return on Equity (D7 as % of A3) -31.4 6.9 -9.5 -12.0 -50.4 -122.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -3.0 3.2 -2.8 -4.7 -14.3 -15.1
4.Earning per share before tax (D7/No. of ordinary shares) -2.5 1.9 -2.5 -4.6 -13.1 -16.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.3 1.4 -3.0 -5.3 -13.6 -16.2
6.Average annual % depreciation on written down fixed assets 13.9 5.6 8.9 8.5 9.0 8.8
7.Sales as % of total assets (D1 as % of C4) 118.4 62.4 100.6 81.9 78.0 113.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 316.7 -176.0 -231.6 84.0 184.8 22.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 35.1 -27.2 46.8 11.6 -6.2 16.3
10.Break-up value of ordinary shares (in rupees) 7.9 27.9 25.8 38.1 26.0 13.0

42
Data Textiles Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 99.1 99.1 99.1 99.1 99.1 99.1
2.Surplus -94.1 -158.0 38.7 -28.1 -72.2 -78.6
3.Shareholder's Equity (A1+A2) 5.0 -58.9 137.8 71.0 26.9 20.5
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 Liabilities 72.8 55.6 50.7 65.6 0.0 0.0
7.Total Fixed Liabilities (A4+A5+A6) 72.8 55.6 50.7 65.6 0.0 0.0
8.Total Capital Employed (A3+A7) 77.8 -3.3 188.5 136.6 26.9 20.5
B.Liquidity:
1.Liquid Assets: 1.4 2.3 2.1 0.8 0.7 0.9
(i)Cash 1.4 2.3 2.1 0.8 0.7 0.9
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 37.6 21.6 79.4 66.0 104.2 102.6
3.Inventories 128.3 169.6 70.7 47.4 0.0 0.0
4.Current Assets (B1+B2+B3) 167.3 193.5 152.2 114.2 104.9 103.5
5.Current Liabilities 237.0 356.1 286.1 269.7 153.2 153.2
6.Total Liabilities(A7+B5) 309.8 411.7 336.8 335.3 153.2 153.2
7.Net Current Assets(B4-B5) -69.7 -162.6 -133.9 -155.5 -48.3 -49.7
8.Contractual Liabilities 185.8 207.4 114.4 88.8 0.0 0.0
9.Net liquid assets (B1-B5) -235.6 -353.8 -284.0 -268.9 -152.5 -152.3
C.Fixed Assets:
1.Fixed Asset At Cost 301.6 326.3 522.6 519.9 129.6 129.6
2.Fixed assets after deducting accumulated depreciation 147.4 159.3 322.5 292.0 75.2 70.1
3.Depreciation for the year 6.5 12.9 33.5 29.8 178.1 5.1
4.Total assets (B4+C2) 314.7 352.8 474.7 406.2 180.1 173.6
D.Operation:
1.Gross sales 311.8 241.2 551.1 98.7 0.0 0.0
(i)Local sales 311.8 241.2 551.1 98.7 0.0 0.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 325.1 279.8 555.9 152.0 0.0 0.0
3.Gross profit -13.3 -38.6 -4.8 -53.3 0.0 0.0
4.Overhead and Other Expenses 334.0 288.5 566.4 155.1 2.0 1.5
5.Operating profit -22.1 -47.3 -14.9 -56.2 -8.3 -6.3
6.Financial expenses 11.1 18.1 26.8 10.2 3.9 0.1
7.Net profit before tax (D5-D6) -33.2 -65.4 -41.7 -66.4 -12.2 -6.4
8.Tax provision 1.4 1.2 2.7 0.5 39.4 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) -63.4 -81.1 191.8 -51.9 -109.7 -6.4
2.Retention in business (D7-D8-D9) -34.6 -66.6 -44.4 -66.9 -51.6 -6.4
3.Finance from outside the company (E1-E2) -28.8 -14.5 236.2 15.0 -58.1 0.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -28.1 -53.7 -10.9 -37.1 126.5 -1.3
2.Depreciation for the year plus changes in capital employed (C3+E1) -56.9 -68.2 225.3 -22.1 68.4 -1.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 93.6 - 26.9 48.0 0.0 0.0
2.Current ratio (B4 as % of B5) 70.6 54.3 53.2 42.3 68.5 67.6
3.Acid test or Quick ratio (B4-B3 as % B5) 16.5 6.7 28.5 24.8 68.5 67.6
4.Debt equity ratio (B6 as % of A3) 6196.0 - 244.4 472.3 569.5 747.3
5.Return on assets (D7 as % of C4) -10.5 -18.5 -8.8 -16.3 -6.8 -3.7
6.Self financing ratio (E2 as % of E1) - - -23.1 128.9 47.0 100.0
7.Cash flow ratio F1 as % of F2 - - -4.8 167.9 184.9 100.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 5.0 -59.4 139.1 71.6 27.1 20.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 107.1 119.6 102.8 157.1 0.0 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) - - -179.9 -18.1 -47.0 -1.6
11.Financial expense as % of gross sales (D6 as % of D1) 3.6 7.5 4.9 10.3 0.0 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.0 8.7 23.4 11.5 0.0 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - -6.5 -0.8 -323.0 0.0
14.Sundry debtors as % of gross sales 3.6 4.6 1.5 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) -664.0 - -30.3 -93.5 -45.4 -31.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -10.6 -27.1 -7.6 -67.3 0.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) -3.4 -6.6 -4.2 -6.7 -1.2 -0.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.5 -6.7 -4.5 -6.8 -5.2 -0.6
6.Average annual % depreciation on written down fixed assets 11.1 8.8 21.0 9.2 61.0 6.8
7.Sales as % of total assets (D1 as % of C4) 99.1 68.4 116.1 24.3 0.0 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -206.3 94.1 -36.4 59.5 -82.1 -50.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -1.8 -22.6 128.5 -82.1 -100.0 -
10.Break-up value of ordinary shares (in rupees) 0.5 -5.9 13.9 7.2 2.7 2.1

43
Dawood Lawrencepur Ltd. (Dawod Coton Mills) (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 350.8 350.8 385.8 385.8 466.9 513.5
2.Surplus 3176.5 3510.2 5786.1 5786.1 1115.9 971.6
3.Shareholder's Equity (A1+A2) 3527.3 3861.0 6171.9 6171.9 1582.8 1485.1
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 Liabilities 122.1 87.4 45.7 45.7 0.0 0.0
7.Total Fixed Liabilities (A4+A5+A6) 122.1 87.4 45.7 45.7 0.0 0.0
8.Total Capital Employed (A3+A7) 3649.4 3948.4 6217.6 6217.6 1582.8 1485.1
B.Liquidity:
1.Liquid Assets: 2411.7 2568.8 4772.7 4772.7 66.3 479.3
(i)Cash 102.2 57.7 34.4 34.4 62.0 79.2
(ii)Investments 2309.5 2511.1 4738.3 4738.3 4.3 400.1
2.Other Current Assets 589.6 495.1 527.1 527.1 1452.4 915.9
3.Inventories 968.1 1013.3 827.5 827.5 196.1 209.1
4.Current Assets (B1+B2+B3) 3969.4 4077.2 6127.3 6127.3 1714.8 1604.3
5.Current Liabilities 804.6 874.7 711.3 711.3 208.3 184.3
6.Total Liabilities(A7+B5) 926.7 962.1 757.0 757.0 208.3 184.3
7.Net Current Assets(B4-B5) 3164.8 3202.5 5416.0 5416.0 1506.5 1420.0
8.Contractual Liabilities 584.2 786.1 551.2 551.2 0.0 0.0
9.Net liquid assets (B1-B5) 1607.1 1694.1 4061.4 4061.4 -142.0 295.0
C.Fixed Assets:
1.Fixed Asset At Cost 1460.2 1712.0 1783.5 1783.5 464.6 463.0
2.Fixed assets after deducting accumulated depreciation 484.6 745.9 801.6 801.6 76.3 65.0
3.Depreciation for the year 36.9 38.7 77.1 77.1 24.2 10.3
4.Total assets (B4+C2) 4454.0 4823.1 6928.9 6928.9 1791.1 1669.3
D.Operation:
1.Gross sales 1851.4 1376.7 1870.5 1870.5 368.3 350.4
(i)Local sales 1761.2 1238.8 1850.4 1850.4 368.3 350.4
(ii)Export sales 90.2 137.9 20.1 20.1 0.0 0.0
2.Cost of Sales 1705.6 1249.4 1770.2 1770.2 294.4 273.9
3.Gross profit 145.8 127.3 100.3 100.3 73.9 76.5
4.Overhead and Other Expenses 1834.6 1352.5 1918.9 1918.9 318.2 315.0
5.Operating profit 178.0 530.3 72.7 72.7 135.0 -93.3
6.Financial expenses 15.2 30.5 75.8 75.8 0.3 1.6
7.Net profit before tax (D5-D6) 162.8 499.8 -3.1 -3.1 134.7 -94.9
8.Tax provision 14.1 13.0 14.3 14.3 10.1 9.2
9.Total amount of dividend 87.7 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 35.1 35.1 35.1 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2176.5 299.0 2269.2 0.0 -4634.8 -97.7
2.Retention in business (D7-D8-D9) 61.0 486.8 -17.4 -17.4 124.6 -104.1
3.Finance from outside the company (E1-E2) 2115.5 -187.8 2286.6 17.4 -4759.4 6.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 97.9 525.5 59.7 59.7 148.8 -93.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 2213.4 337.7 2346.3 77.1 -4610.6 -87.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 3.3 2.2 0.7 0.7 0.0 0.0
2.Current ratio (B4 as % of B5) 493.3 466.1 861.4 861.4 823.2 870.5
3.Acid test or Quick ratio (B4-B3 as % B5) 373.0 350.3 745.1 745.1 729.1 757.0
4.Debt equity ratio (B6 as % of A3) 26.3 24.9 12.3 12.3 13.2 12.4
5.Return on assets (D7 as % of C4) 3.7 10.4 0.0 0.0 7.5 -5.7
6.Self financing ratio (E2 as % of E1) 2.8 162.8 -0.8 0.0 -2.7 106.6
7.Cash flow ratio F1 as % of F2 4.4 155.6 2.5 77.4 -3.2 107.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 1005.5 1100.6 1599.8 1599.8 339.0 289.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 99.1 98.2 102.6 102.6 86.4 89.9
10.Financial expenses as % of operating profit (D6 as % of D5) 8.5 5.8 104.3 104.3 0.2 -1.7
11.Financial expense as % of gross sales (D6 as % of D1) 0.8 2.2 4.1 4.1 0.1 0.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 2.6 3.9 13.8 13.8 0.0 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 8.7 2.6 -461.3 -461.3 7.5 -9.7
14.Sundry debtors as % of gross sales 15.8 20.7 17.5 17.5 12.7 10.3
15.Return on Equity (D7 as % of A3) 4.6 12.9 -0.1 -0.1 8.5 -6.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 169.6 - 0.0 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 2.5 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 8.8 36.3 -0.2 -0.2 36.6 -27.1
4.Earning per share before tax (D7/No. of ordinary shares) 4.6 14.2 -0.1 -0.1 2.9 -1.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 4.2 13.9 -0.5 -0.5 2.7 -2.0
6.Average annual % depreciation on written down fixed assets 11.6 8.0 10.3 10.3 4.5 13.5
7.Sales as % of total assets (D1 as % of C4) 41.6 28.5 27.0 27.0 20.6 21.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 24.3 208.7 -100.7 0.0 -3000.0 -162.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 146.6 -25.6 35.9 0.0 -80.3 -4.9
10.Break-up value of ordinary shares (in rupees) 100.6 110.1 160.0 160.0 33.9 28.9

44
Dewan Farooque Spinning Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital - - 600.0 600.0 600.0 600.0
2.Surplus - - 6.8 21.7 52.4 -224.3
3.Shareholder's Equity (A1+A2) - - 606.8 621.7 652.4 375.7
4.Prefrence Shares - - 0.0 0.0 0.0 0.0
5.Debentures - - 0.0 0.0 243.8 162.5
6.Other Fixed Liabilities - - 495.9 351.2 442.2 224.2
7.Total Fixed Liabilities (A4+A5+A6) - - 495.9 351.2 686.0 386.7
8.Total Capital Employed (A3+A7) - - 1102.7 972.9 1338.4 762.4
B.Liquidity:
1.Liquid Assets: - - 5.7 1.8 10.0 6.5
(i)Cash - - 5.7 1.8 2.0 6.5
(ii)Investments - - 0.0 0.0 8.0 0.0
2.Other Current Assets - - 160.1 256.8 217.5 225.6
3.Inventories - - 263.0 272.1 325.3 359.0
4.Current Assets (B1+B2+B3) - - 428.8 530.7 552.8 591.1
5.Current Liabilities - - 751.2 890.3 488.4 1031.1
6.Total Liabilities(A7+B5) - - 1247.1 1241.5 1174.4 1417.8
7.Net Current Assets(B4-B5) - - -322.4 -359.6 64.4 -440.0
8.Contractual Liabilities - - 592.0 550.2 975.6 760.6
9.Net liquid assets (B1-B5) - - -745.5 -888.5 -478.4 -1024.6
C.Fixed Assets:
1.Fixed Asset At Cost - - 1390.4 1390.4 1589.7 1638.9
2.Fixed assets after deducting accumulated depreciation - - 1425.0 1332.6 1273.8 1202.4
3.Depreciation for the year - - 59.7 140.1 126.4 120.7
4.Total assets (B4+C2) - - 1853.8 1863.3 1826.6 1793.5
D.Operation:
1.Gross sales - - 306.8 881.0 1015.8 920.4
(i)Local sales - - 73.9 388.3 383.8 522.1
(ii)Export sales - - 232.9 492.7 632.0 398.3
2.Cost of Sales - - 244.9 745.2 894.8 974.8
3.Gross profit - - 61.9 135.8 121.0 -54.4
4.Overhead and Other Expenses - - 248.0 756.6 946.2 1016.3
5.Operating profit - - 58.8 124.4 69.6 -89.4
6.Financial expenses - - 45.0 118.1 108.0 127.6
7.Net profit before tax (D5-D6) - - 13.8 6.3 -38.4 -217.0
8.Tax provision - - 3.4 7.1 96.6 4.0
9.Total amount of dividend - - 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued - - 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) - - - -129.8 365.5 -576.0
2.Retention in business (D7-D8-D9) - - 10.4 -0.8 -135.0 -221.0
3.Finance from outside the company (E1-E2) - - - -129.0 500.5 -355.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) - - 70.1 139.3 -8.6 -100.3
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - 10.3 491.9 -455.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - 45.0 36.1 51.3 50.7
2.Current ratio (B4 as % of B5) - - 57.1 59.6 113.2 57.3
3.Acid test or Quick ratio (B4-B3 as % B5) - - 22.1 29.0 46.6 22.5
4.Debt equity ratio (B6 as % of A3) - - 205.5 199.7 180.0 377.4
5.Return on assets (D7 as % of C4) - - 0.7 0.3 -2.1 -12.1
6.Self financing ratio (E2 as % of E1) - - 0.0 0.6 -36.9 38.4
7.Cash flow ratio F1 as % of F2 - - 0.0 1352.4 -1.7 22.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - 101.1 103.6 108.7 62.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - 80.8 85.9 93.1 110.4
10.Financial expenses as % of operating profit (D6 as % of D5) - - 76.5 94.9 155.2 -142.7
11.Financial expense as % of gross sales (D6 as % of D1) - - 14.7 13.4 10.6 13.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - 7.6 21.5 11.1 16.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 24.6 112.7 -251.6 -1.8
14.Sundry debtors as % of gross sales - - 7.8 9.3 9.4 8.2
15.Return on Equity (D7 as % of A3) - - 2.3 1.0 -5.9 -57.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) - - 4.5 0.7 -3.8 -23.6
4.Earning per share before tax (D7/No. of ordinary shares) - - 0.2 0.1 -0.6 -3.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - 0.2 0.0 -2.3 -3.7
6.Average annual % depreciation on written down fixed assets - - 5.0 9.8 9.5 9.5
7.Sales as % of total assets (D1 as % of C4) - - 16.5 47.3 55.6 51.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - -80.0 -50.0 -700.0 500.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - 187.2 15.3 -9.4
10.Break-up value of ordinary shares (in rupees) - - 10.1 10.4 10.9 6.3

45
Dewan Khalid Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 42.7 47.0 51.7 56.8 56.8 56.8
2.Surplus 264.9 264.2 241.6 513.1 232.7 -99.6
3.Shareholder's Equity (A1+A2) 307.6 311.2 293.3 569.9 289.5 -42.8
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 Liabilities 85.9 64.5 36.0 20.0 52.2 0.0
7.Total Fixed Liabilities (A4+A5+A6) 85.9 64.5 36.0 20.0 52.2 0.0
8.Total Capital Employed (A3+A7) 393.5 375.7 329.3 589.9 341.7 -42.8
B.Liquidity:
1.Liquid Assets: 72.2 68.7 68.4 342.6 170.0 50.1
(i)Cash 7.2 3.7 3.4 2.0 10.2 2.3
(ii)Investments 65.0 65.0 65.0 340.6 159.8 47.8
2.Other Current Assets 192.2 176.9 172.5 149.1 212.9 266.8
3.Inventories 432.3 545.3 583.1 657.2 366.2 316.8
4.Current Assets (B1+B2+B3) 696.7 790.9 824.0 1148.9 749.1 633.7
5.Current Liabilities 544.5 692.0 794.7 855.8 697.5 960.1
6.Total Liabilities(A7+B5) 630.4 756.5 830.7 875.8 749.7 960.1
7.Net Current Assets(B4-B5) 152.2 98.9 29.3 293.1 51.6 -326.4
8.Contractual Liabilities 395.4 429.8 402.6 411.1 426.9 381.5
9.Net liquid assets (B1-B5) -472.3 -623.3 -726.3 -513.2 -527.5 -910.0
C.Fixed Assets:
1.Fixed Asset At Cost 521.6 551.1 594.3 476.4 584.9 642.5
2.Fixed assets after deducting accumulated depreciation 241.2 276.7 299.8 296.9 290.1 283.6
3.Depreciation for the year 20.1 14.0 20.0 19.0 18.7 26.8
4.Total assets (B4+C2) 937.9 1067.6 1123.8 1445.8 1039.2 917.3
D.Operation:
1.Gross sales 881.8 374.1 811.8 565.6 1205.9 652.2
(i)Local sales 881.8 365.3 720.7 534.4 1200.3 652.2
(ii)Export sales 0.0 8.8 91.1 31.2 5.6 0.0
2.Cost of Sales 811.5 322.8 707.2 466.2 1173.2 660.7
3.Gross profit 70.3 51.3 104.6 99.4 32.7 -8.5
4.Overhead and Other Expenses 836.2 339.3 749.1 506.1 1223.2 706.0
5.Operating profit 45.6 34.8 62.7 59.5 -17.3 -62.4
6.Financial expenses 17.1 22.1 48.7 53.9 56.2 45.7
7.Net profit before tax (D5-D6) 28.5 12.7 14.0 5.6 -73.5 -108.1
8.Tax provision 8.1 4.8 5.8 2.8 6.0 0.0
9.Total amount of dividend 0.0 0.0 5.2 0.0 0.0 0.0
10.Total value of bonus shares issued 4.3 4.3 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) 67.3 -17.8 -46.4 260.6 -248.2 -384.5
2.Retention in business (D7-D8-D9) 20.4 7.9 3.0 2.8 -79.5 -108.1
3.Finance from outside the company (E1-E2) 46.9 -25.7 -49.4 257.8 -168.7 -276.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 40.5 21.9 23.0 21.8 -60.8 -81.3
2.Depreciation for the year plus changes in capital employed (C3+E1) 87.4 -3.8 -26.4 279.6 -229.5 -357.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 21.8 17.2 10.9 3.4 15.3 0.0
2.Current ratio (B4 as % of B5) 128.0 114.3 103.7 134.2 107.4 66.0
3.Acid test or Quick ratio (B4-B3 as % B5) 48.6 35.5 30.3 57.5 54.9 33.0
4.Debt equity ratio (B6 as % of A3) 204.9 243.1 283.2 153.7 259.0 0.0
5.Return on assets (D7 as % of C4) 3.0 1.2 1.2 0.4 -7.1 -11.8
6.Self financing ratio (E2 as % of E1) 30.3 - -6.5 1.1 32.0 28.1
7.Cash flow ratio F1 as % of F2 46.3 - -87.1 7.8 26.5 22.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 720.4 662.1 567.3 1003.3 509.7 -75.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.8 90.7 92.3 89.5 101.4 108.2
10.Financial expenses as % of operating profit (D6 as % of D5) 37.5 63.5 77.7 90.6 -324.9 -73.2
11.Financial expense as % of gross sales (D6 as % of D1) 1.9 5.9 6.0 9.5 4.7 7.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.3 5.1 12.1 13.1 13.2 12.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 28.4 37.8 41.4 50.0 -8.2 0.0
14.Sundry debtors as % of gross sales 13.0 23.7 10.8 11.5 8.9 30.3
15.Return on Equity (D7 as % of A3) 9.3 4.1 4.8 1.0 -25.4 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 157.7 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 1.8 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 3.2 3.4 1.7 1.0 -6.1 -16.6
4.Earning per share before tax (D7/No. of ordinary shares) 6.7 2.7 2.7 1.0 -12.9 -19.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 4.8 1.7 1.6 0.5 -14.0 -19.0
6.Average annual % depreciation on written down fixed assets 10.6 5.8 7.2 6.3 6.3 9.2
7.Sales as % of total assets (D1 as % of C4) 94.0 35.0 72.2 39.1 116.0 71.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 63.4 -59.7 0.0 -63.0 -1390.0 47.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 39.7 -57.6 117.0 -30.3 113.2 -45.9
10.Break-up value of ordinary shares (in rupees) 72.0 66.2 56.7 100.3 51.0 -7.5

46
Dewan Mushtaq Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 25.8 28.4 31.2 34.3 34.3 34.3
2.Surplus 165.9 174.5 131.0 307.8 188.4 55.4
3.Shareholder's Equity (A1+A2) 191.7 202.9 162.2 342.1 222.7 89.7
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 Liabilities 107.8 61.6 0.0 0.0 0.0 187.5
7.Total Fixed Liabilities (A4+A5+A6) 107.8 61.6 0.0 0.0 0.0 187.5
8.Total Capital Employed (A3+A7) 299.5 264.5 162.2 342.1 222.7 277.2
B.Liquidity:
1.Liquid Assets: 43.6 43.7 48.4 221.1 126.1 35.4
(i)Cash 3.6 3.7 8.4 11.5 27.8 6.0
(ii)Investments 40.0 40.0 40.0 209.6 98.3 29.4
2.Other Current Assets 161.6 152.1 178.3 220.3 174.2 272.1
3.Inventories 650.9 713.1 635.1 571.1 257.2 112.1
4.Current Assets (B1+B2+B3) 856.1 908.9 861.8 1012.5 557.5 419.6
5.Current Liabilities 979.5 1055.5 1091.0 1038.8 673.5 446.7
6.Total Liabilities(A7+B5) 1087.3 1117.1 1091.0 1038.8 673.5 634.2
7.Net Current Assets(B4-B5) -123.4 -146.6 -229.2 -26.3 -116.0 -27.1
8.Contractual Liabilities 371.0 388.5 307.1 274.5 129.7 421.3
9.Net liquid assets (B1-B5) -935.9 -1011.8 -1042.6 -817.7 -547.4 -411.3
C.Fixed Assets:
1.Fixed Asset At Cost 678.7 698.3 719.6 706.4 738.8 739.6
2.Fixed assets after deducting accumulated depreciation 422.9 411.1 391.4 368.4 338.6 304.3
3.Depreciation for the year 37.0 32.0 40.9 38.5 35.9 35.0
4.Total assets (B4+C2) 1279.0 1320.0 1253.2 1380.9 896.1 723.9
D.Operation:
1.Gross sales 1117.5 650.4 1066.8 1137.0 1526.8 1033.7
(i)Local sales 816.9 635.4 987.5 1046.3 1446.4 1011.2
(ii)Export sales 300.6 15.0 79.3 90.7 80.4 22.5
2.Cost of Sales 1030.5 595.0 971.2 1043.4 1510.8 997.0
3.Gross profit 87.0 55.4 95.6 93.6 16.0 36.7
4.Overhead and Other Expenses 1069.4 617.1 1013.8 1093.3 1528.6 1036.8
5.Operating profit 48.1 34.0 53.0 44.4 -1.6 -8.4
6.Financial expenses 26.0 15.6 33.1 28.6 32.0 69.8
7.Net profit before tax (D5-D6) 22.1 18.4 19.9 15.8 -33.6 -78.2
8.Tax provision 5.8 3.1 6.7 10.7 7.9 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 2.6 2.6 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) -40.5 -35.0 -102.3 179.9 -119.4 54.5
2.Retention in business (D7-D8-D9) 16.3 15.3 13.2 5.1 -41.5 -78.5
3.Finance from outside the company (E1-E2) -56.8 -50.3 -115.5 174.8 -77.9 133.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 53.3 47.3 54.1 43.6 -5.6 -43.5
2.Depreciation for the year plus changes in capital employed (C3+E1) -3.5 -3.0 -61.4 218.4 -83.5 89.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 36.0 23.3 0.0 0.0 0.0 67.6
2.Current ratio (B4 as % of B5) 87.4 86.1 79.0 97.5 82.8 93.9
3.Acid test or Quick ratio (B4-B3 as % B5) 20.9 18.6 20.8 42.5 44.6 68.8
4.Debt equity ratio (B6 as % of A3) 567.2 550.6 672.6 303.7 302.4 707.0
5.Return on assets (D7 as % of C4) 1.7 1.4 1.6 1.1 -3.7 -10.8
6.Self financing ratio (E2 as % of E1) - - -12.9 2.8 34.8 -144.0
7.Cash flow ratio F1 as % of F2 - - -88.1 20.0 6.7 -48.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 743.0 714.4 519.9 997.4 649.3 261.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.7 94.9 95.0 96.2 100.1 100.3
10.Financial expenses as % of operating profit (D6 as % of D5) 54.1 45.9 62.5 64.4 -2000.0 -831.0
11.Financial expense as % of gross sales (D6 as % of D1) 2.3 2.4 3.1 2.5 2.1 6.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.0 4.0 10.8 10.4 24.7 16.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 26.2 16.8 33.7 67.7 -23.5 -0.4
14.Sundry debtors as % of gross sales 4.5 6.4 7.2 11.0 8.5 21.6
15.Return on Equity (D7 as % of A3) 11.5 9.1 12.3 4.6 -15.1 -87.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 2.0 2.8 1.9 1.4 -2.2 -7.6
4.Earning per share before tax (D7/No. of ordinary shares) 8.6 6.5 6.4 4.6 -9.8 -22.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.3 5.4 4.2 1.5 -12.1 -22.9
6.Average annual % depreciation on written down fixed assets 8.9 7.6 9.9 9.8 9.7 10.3
7.Sales as % of total assets (D1 as % of C4) 87.4 49.3 85.1 82.3 170.4 142.8
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 1.2 -24.4 -1.5 -28.1 -313.0 132.7
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 49.0 -41.8 64.0 6.6 34.3 -32.3
10.Break-up value of ordinary shares (in rupees) 74.3 71.4 52.0 99.7 64.9 26.2

47
Dewan Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 101.5 111.6 122.8 135.0 135.0 135.0
2.Surplus 678.8 715.1 1623.3 1613.4 815.6 -193.4
3.Shareholder's Equity (A1+A2) 780.3 826.7 1746.1 1748.4 950.6 -58.4
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 Liabilities 258.7 263.4 193.1 139.7 745.2 782.7
7.Total Fixed Liabilities (A4+A5+A6) 258.7 263.4 193.1 139.7 745.2 782.7
8.Total Capital Employed (A3+A7) 1039.0 1090.1 1939.2 1888.1 1695.8 724.3
B.Liquidity:
1.Liquid Assets: 216.8 213.3 1169.4 1114.5 528.7 6.6
(i)Cash 6.8 3.3 1.4 14.3 12.5 6.6
(ii)Investments 210.0 210.0 1168.0 1100.2 516.2 0.0
2.Other Current Assets 756.2 450.6 474.5 520.4 794.7 1298.6
3.Inventories 1694.6 1584.6 1456.9 1507.9 1714.9 1284.8
4.Current Assets (B1+B2+B3) 2667.6 2248.5 3100.8 3142.8 3038.3 2590.0
5.Current Liabilities 2709.8 2334.2 2393.1 2460.4 2621.3 3176.1
6.Total Liabilities(A7+B5) 2968.5 2597.6 2586.2 2600.1 3366.5 3958.8
7.Net Current Assets(B4-B5) -42.2 -85.7 707.7 682.4 417.0 -586.1
8.Contractual Liabilities 1888.4 2009.1 1777.5 1640.9 2499.1 2937.6
9.Net liquid assets (B1-B5) -2493.0 -2120.9 -1223.7 -1345.9 -2092.6 -3169.5
C.Fixed Assets:
1.Fixed Asset At Cost 1903.7 2067.6 2215.3 2128.8 2231.6 24315.9
2.Fixed assets after deducting accumulated depreciation 1081.1 1175.7 1231.5 1205.7 1278.8 1310.5
3.Depreciation for the year 94.8 69.2 92.0 101.0 109.3 111.3
4.Total assets (B4+C2) 3748.7 3424.2 4332.3 4348.5 4317.1 3900.5
D.Operation:
1.Gross sales 2860.0 2007.3 2320.8 2576.1 3232.7 3113.8
(i)Local sales 1895.1 1428.6 2320.8 1595.1 1815.3 3113.8
(ii)Export sales 964.9 578.7 0.0 981.0 1417.4 0.0
2.Cost of Sales 2614.1 1792.4 1973.8 2201.6 3055.4 3339.2
3.Gross profit 245.9 214.9 347.0 374.5 177.3 -225.4
4.Overhead and Other Expenses 2712.1 1867.0 2065.4 2309.4 3171.4 3493.3
5.Operating profit 154.8 141.4 258.9 271.3 73.2 -362.0
6.Financial expenses 98.5 112.1 215.6 244.8 285.9 297.1
7.Net profit before tax (D5-D6) 56.3 29.3 43.3 26.5 -212.7 -659.1
8.Tax provision 2.0 13.3 14.4 13.2 18.0 17.4
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 10.1 10.1 12.3 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -118.7 51.1 849.1 -51.1 -192.3 -971.5
2.Retention in business (D7-D8-D9) 54.3 16.0 28.9 13.3 -230.7 -676.5
3.Finance from outside the company (E1-E2) -173.0 35.1 820.2 -64.4 38.4 -295.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 149.1 85.2 120.9 114.3 -121.4 -565.2
2.Depreciation for the year plus changes in capital employed (C3+E1) -23.9 120.3 941.1 49.9 -83.0 -860.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 24.9 24.2 10.0 7.4 43.9 108.1
2.Current ratio (B4 as % of B5) 98.4 96.3 129.6 127.7 115.9 81.5
3.Acid test or Quick ratio (B4-B3 as % B5) 35.9 28.4 68.7 66.4 50.5 41.1
4.Debt equity ratio (B6 as % of A3) 380.4 314.2 148.1 148.7 354.1 0.0
5.Return on assets (D7 as % of C4) 1.5 0.9 1.0 0.6 -4.9 -16.9
6.Self financing ratio (E2 as % of E1) - 31.3 3.4 -26.0 120.0 69.6
7.Cash flow ratio F1 as % of F2 - 70.8 12.8 229.1 146.3 65.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 768.8 740.8 1421.9 1295.1 704.1 -43.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.8 93.0 89.0 89.6 98.1 112.2
10.Financial expenses as % of operating profit (D6 as % of D5) 63.6 79.3 83.3 90.2 390.6 -82.1
11.Financial expense as % of gross sales (D6 as % of D1) 3.4 5.6 9.3 9.5 8.8 9.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.2 5.6 12.1 14.9 11.4 10.1
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 3.6 45.4 33.3 49.8 -8.5 -2.6
14.Sundry debtors as % of gross sales 0.0 15.7 15.3 16.7 20.8 33.6
15.Return on Equity (D7 as % of A3) 7.2 3.5 2.5 1.5 -22.4 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 2.0 1.5 1.9 1.0 -6.6 -21.2
4.Earning per share before tax (D7/No. of ordinary shares) 5.5 2.6 3.5 2.0 -15.8 -48.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 5.3 1.4 2.4 1.0 -17.1 -50.1
6.Average annual % depreciation on written down fixed assets 9.2 6.4 7.8 8.2 9.1 8.7
7.Sales as % of total assets (D1 as % of C4) 76.3 58.6 53.6 59.2 74.9 79.8
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 57.1 -52.7 34.6 -42.9 -890.0 208.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 1.1 -29.8 15.6 11.0 25.5 -3.7
10.Break-up value of ordinary shares (in rupees) 76.9 74.1 142.2 129.5 70.4 -4.3

48
Din Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 154.4 185.3 185.3 185.3 185.3 185.3
2.Surplus 664.8 721.4 539.6 705.9 887.7 917.4
3.Shareholder's Equity (A1+A2) 819.2 906.7 724.9 891.2 1073.0 1102.7
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 Liabilities 170.0 1250.1 665.3 503.1 263.8 519.5
7.Total Fixed Liabilities (A4+A5+A6) 170.0 1250.1 665.3 503.1 263.8 519.5
8.Total Capital Employed (A3+A7) 989.2 2156.8 1390.2 1394.3 1336.8 1622.2
B.Liquidity:
1.Liquid Assets: 61.7 18.8 25.9 8.6 23.6 14.4
(i)Cash 61.7 18.8 25.9 8.6 23.6 14.4
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 508.2 330.3 363.1 503.4 646.7 900.8
3.Inventories 434.5 735.6 538.3 644.7 559.3 515.3
4.Current Assets (B1+B2+B3) 1004.4 1084.7 927.3 1156.7 1229.6 1430.5
5.Current Liabilities 838.2 1081.4 1657.6 1767.7 1791.9 1544.7
6.Total Liabilities(A7+B5) 1008.2 2331.5 2322.9 2270.8 2055.7 2064.2
7.Net Current Assets(B4-B5) 166.2 3.3 -730.3 -611.0 -562.3 -114.2
8.Contractual Liabilities 671.6 2076.3 1479.4 1275.3 1035.0 637.3
9.Net liquid assets (B1-B5) -776.5 -1062.6 -1631.7 -1759.1 -1768.3 -1530.3
C.Fixed Assets:
1.Fixed Asset At Cost 1473.4 2852.6 3026.2 3115.8 3207.3 3224.6
2.Fixed assets after deducting accumulated depreciation 823.0 2153.5 2120.6 2005.4 1899.2 1736.5
3.Depreciation for the year 69.4 92.0 213.8 210.7 200.1 187.2
4.Total assets (B4+C2) 1827.4 3238.2 3047.9 3162.1 3128.8 3167.0
D.Operation:
1.Gross sales 1815.0 1443.0 2510.9 2772.4 3101.1 3712.4
(i)Local sales 649.5 1200.2 2504.5 1295.1 1504.1 2297.1
(ii)Export sales 1165.5 242.8 6.4 1477.3 1597.0 1415.3
2.Cost of Sales 1683.4 1323.9 2277.3 2479.0 2765.9 3324.9
3.Gross profit 131.6 119.1 233.6 293.4 335.2 387.5
4.Overhead and Other Expenses 1751.6 1364.9 2341.6 2552.6 2864.5 3494.8
5.Operating profit 66.1 81.6 177.3 227.5 246.6 227.3
6.Financial expenses 28.8 59.0 142.6 137.0 114.2 142.5
7.Net profit before tax (D5-D6) 37.3 22.6 34.7 90.5 132.4 84.8
8.Tax provision 14.6 6.5 2.0 20.3 15.8 12.0
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 3.1 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) 120.5 1167.6 -766.6 4.1 -57.5 285.4
2.Retention in business (D7-D8-D9) 22.7 16.1 32.7 70.2 116.6 72.8
3.Finance from outside the company (E1-E2) 97.8 1151.5 -799.3 -66.1 -174.1 212.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 92.1 108.1 246.5 280.9 316.7 260.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 189.9 1259.6 -552.8 214.8 142.6 472.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 17.2 58.0 47.9 36.1 19.7 32.0
2.Current ratio (B4 as % of B5) 119.8 100.3 55.9 65.4 68.6 92.6
3.Acid test or Quick ratio (B4-B3 as % B5) 68.0 32.3 23.5 29.0 37.4 59.2
4.Debt equity ratio (B6 as % of A3) 123.1 257.1 320.4 254.8 191.6 187.2
5.Return on assets (D7 as % of C4) 2.0 0.7 1.1 2.9 4.2 2.7
6.Self financing ratio (E2 as % of E1) 18.8 1.4 -4.3 1712.2 -202.8 25.5
7.Cash flow ratio F1 as % of F2 48.5 8.6 -44.6 130.8 222.1 55.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 530.6 489.3 391.2 480.9 579.1 595.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 96.5 94.6 93.3 92.1 92.4 94.1
10.Financial expenses as % of operating profit (D6 as % of D5) 43.6 72.3 80.4 60.2 46.3 62.7
11.Financial expense as % of gross sales (D6 as % of D1) 1.6 4.1 5.7 4.9 3.7 3.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.3 2.8 9.6 10.7 11.0 22.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 39.1 28.8 5.8 22.4 11.9 14.2
14.Sundry debtors as % of gross sales 18.7 17.2 8.5 0.0 13.4 15.1
15.Return on Equity (D7 as % of A3) 4.6 2.5 4.8 10.2 12.3 7.7
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 2.1 1.6 1.4 3.3 4.3 2.3
4.Earning per share before tax (D7/No. of ordinary shares) 2.4 1.2 1.9 4.9 7.1 4.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 1.5 0.9 1.8 3.8 6.3 3.9
6.Average annual % depreciation on written down fixed assets 9.9 11.2 9.9 9.9 10.0 9.9
7.Sales as % of total assets (D1 as % of C4) 99.3 44.6 82.4 87.7 99.1 117.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -70.0 -50.0 58.3 157.9 44.9 -35.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 13.9 -20.5 74.0 10.4 11.9 19.7
10.Break-up value of ordinary shares (in rupees) 53.1 48.9 39.1 48.1 57.9 59.5

49
Elahi Cotton Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 13.0 13.0 13.0 13.0 13.0 13.0
2.Surplus -89.4 -48.3 -55.5 -59.6 -45.7 -49.9
3.Shareholder's Equity (A1+A2) -76.4 -35.3 -42.5 -46.6 -32.7 -36.9
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 Liabilities 46.7 18.9 3.8 0.0 4.5 0.0
7.Total Fixed Liabilities (A4+A5+A6) 46.7 18.9 3.8 0.0 4.5 0.0
8.Total Capital Employed (A3+A7) -29.7 -16.4 -38.7 -46.6 -28.2 -36.9
B.Liquidity:
1.Liquid Assets: 0.0 0.2 0.6 1.1 0.6 0.6
(i)Cash 0.0 0.2 0.6 1.1 0.6 0.6
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 3.1 2.0 2.8 2.3 1.8 2.0
3.Inventories 0.0 2.8 4.2 3.3 4.7 4.2
4.Current Assets (B1+B2+B3) 3.1 5.0 7.6 6.7 7.1 6.8
5.Current Liabilities 85.0 70.8 93.0 98.6 78.7 85.6
6.Total Liabilities(A7+B5) 131.7 89.7 96.8 98.6 83.2 85.6
7.Net Current Assets(B4-B5) -81.9 -65.8 -85.4 -91.9 -71.6 -78.8
8.Contractual Liabilities 49.7 49.4 35.5 23.9 4.5 0.0
9.Net liquid assets (B1-B5) -85.0 -70.6 -92.4 -97.5 -78.1 -85.0
C.Fixed Assets:
1.Fixed Asset At Cost 69.6 115.6 106.2 104.5 104.0 100.8
2.Fixed assets after deducting accumulated depreciation 52.2 49.4 46.7 45.3 43.4 41.8
3.Depreciation for the year 2.9 1.9 2.3 2.1 1.9 1.7
4.Total assets (B4+C2) 55.3 54.4 54.3 52.0 50.5 48.6
D.Operation:
1.Gross sales 2.1 9.8 71.1 109.7 148.2 139.7
(i)Local sales 2.1 9.8 71.1 109.7 148.2 139.7
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 5.2 11.7 72.5 111.3 150.5 143.2
3.Gross profit -3.1 -1.9 -1.4 -1.6 -2.3 -3.5
4.Overhead and Other Expenses 6.8 13.1 74.5 112.7 151.9 145.0
5.Operating profit -3.6 42.9 -0.7 -2.2 15.4 -3.9
6.Financial expenses 2.4 1.8 2.4 2.4 0.2 0.8
7.Net profit before tax (D5-D6) -6.0 41.1 -3.1 -4.6 15.2 -4.7
8.Tax provision 0.0 0.1 0.4 0.6 0.7 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) -16.5 13.3 -22.3 -7.9 18.4 -8.7
2.Retention in business (D7-D8-D9) -6.0 41.0 -3.5 -5.2 14.5 -4.7
3.Finance from outside the company (E1-E2) -10.5 -27.7 -18.8 -2.7 3.9 -4.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -3.1 42.9 -1.2 -3.1 16.4 -3.0
2.Depreciation for the year plus changes in capital employed (C3+E1) -13.6 15.2 -20.0 -5.8 20.3 -7.0
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) 3.6 7.1 8.2 6.8 9.0 7.9
3.Acid test or Quick ratio (B4-B3 as % B5) 3.6 3.1 3.7 3.4 3.0 3.0
4.Debt equity ratio (B6 as % of A3) - - 0.0 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -10.8 75.6 -5.7 -8.8 30.1 -9.7
6.Self financing ratio (E2 as % of E1) - 308.3 15.7 65.8 78.8 54.0
7.Cash flow ratio F1 as % of F2 - 282.2 6.0 53.4 80.8 42.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -587.7 -271.5 -326.9 -358.5 -251.5 -283.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 323.8 133.7 104.8 102.7 102.5 103.8
10.Financial expenses as % of operating profit (D6 as % of D5) - 4.2 -342.9 -109.1 1.3 -20.5
11.Financial expense as % of gross sales (D6 as % of D1) 114.3 18.4 3.4 2.2 0.1 0.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.8 3.6 6.8 10.0 4.4 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 0.2 -12.9 -13.0 4.6 0.0
14.Sundry debtors as % of gross sales 0.0 0.0 0.0 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) - - 0.0 0.0 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -285.7 419.4 -4.4 -4.2 10.3 -3.4
4.Earning per share before tax (D7/No. of ordinary shares) -4.6 31.6 -2.4 -3.5 11.7 -3.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -4.6 31.5 -2.7 -4.0 11.2 -3.6
6.Average annual % depreciation on written down fixed assets 5.2 3.6 4.7 4.5 4.2 3.9
7.Sales as % of total assets (D1 as % of C4) 3.8 18.0 130.9 211.0 293.5 287.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -9.8 -787.0 -107.6 45.8 -434.3 -130.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 5.0 366.7 625.5 54.3 35.1 -5.7
10.Break-up value of ordinary shares (in rupees) -58.8 -27.2 -32.7 -35.8 -25.2 -28.4

50
Ellcot Spinning Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 109.5 109.5 109.5 109.5 109.5 109.5
2.Surplus 221.1 282.0 284.1 331.6 374.8 359.4
3.Shareholder's Equity (A1+A2) 330.6 391.5 393.6 441.1 484.3 468.9
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 Liabilities 446.7 517.0 451.2 585.7 471.7 407.7
7.Total Fixed Liabilities (A4+A5+A6) 446.7 517.0 451.2 585.7 471.7 407.7
8.Total Capital Employed (A3+A7) 777.3 908.5 844.8 1026.8 956.0 876.6
B.Liquidity:
1.Liquid Assets: 56.3 49.2 73.4 114.3 53.6 16.3
(i)Cash 6.3 49.2 73.4 114.3 53.6 16.3
(ii)Investments 50.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 130.1 146.3 105.6 294.2 230.0 321.6
3.Inventories 308.0 281.5 249.5 304.5 565.5 583.0
4.Current Assets (B1+B2+B3) 494.4 477.0 428.5 713.0 849.1 920.9
5.Current Liabilities 502.7 455.1 473.8 662.2 850.5 949.1
6.Total Liabilities(A7+B5) 949.4 972.1 925.0 1247.9 1322.2 1356.8
7.Net Current Assets(B4-B5) -8.3 21.9 -45.3 50.8 -1.4 -28.2
8.Contractual Liabilities 763.0 825.1 825.9 1056.9 1119.6 1185.0
9.Net liquid assets (B1-B5) -446.4 -405.9 -400.4 -547.9 -796.9 -932.8
C.Fixed Assets:
1.Fixed Asset At Cost 1124.3 1278.8 1331.0 1495.2 1578.5 1621.7
2.Fixed assets after deducting accumulated depreciation 785.5 886.5 890.2 975.9 957.4 904.7
3.Depreciation for the year 61.9 35.5 87.7 89.5 99.7 97.4
4.Total assets (B4+C2) 1279.9 1363.5 1318.7 1688.9 1806.5 1825.6
D.Operation:
1.Gross sales 1200.4 1003.0 1489.2 1608.3 1841.5 2427.5
(i)Local sales 1038.3 868.7 1489.2 1082.3 1226.0 1907.1
(ii)Export sales 162.1 134.3 0.0 526.0 615.5 520.4
2.Cost of Sales 1060.7 867.3 1291.8 1412.1 1574.0 2167.9
3.Gross profit 139.7 135.7 197.4 196.2 267.5 259.6
4.Overhead and Other Expenses 1104.4 902.9 1336.2 1472.7 1670.7 2245.5
5.Operating profit 97.6 101.4 156.6 144.2 179.0 185.3
6.Financial expenses 0.4 36.0 81.8 79.5 94.7 180.1
7.Net profit before tax (D5-D6) 97.2 65.4 74.8 64.7 84.3 5.2
8.Tax provision 5.3 4.5 7.5 8.0 9.2 6.3
9.Total amount of dividend 0.0 21.9 16.4 0.0 0.0 8.2
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) 314.1 131.2 -63.7 182.0 -70.8 -79.4
2.Retention in business (D7-D8-D9) 91.9 39.0 50.9 56.7 75.1 -9.3
3.Finance from outside the company (E1-E2) 222.2 92.2 -114.6 125.3 -145.9 -70.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 153.8 74.5 138.6 146.2 174.8 88.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 376.0 166.7 24.0 271.5 28.9 18.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 57.5 56.9 53.4 57.0 49.3 46.5
2.Current ratio (B4 as % of B5) 98.3 104.8 90.4 107.7 99.8 97.0
3.Acid test or Quick ratio (B4-B3 as % B5) 37.1 43.0 37.8 61.7 33.3 35.6
4.Debt equity ratio (B6 as % of A3) 287.2 248.3 235.0 282.9 273.0 289.4
5.Return on assets (D7 as % of C4) 7.6 4.8 5.7 3.8 4.7 0.3
6.Self financing ratio (E2 as % of E1) 29.3 29.7 -79.9 31.2 -106.1 11.7
7.Cash flow ratio F1 as % of F2 40.9 44.7 577.5 53.8 604.8 489.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 301.9 357.5 359.5 402.8 442.3 428.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 92.0 90.0 89.7 91.6 90.7 92.5
10.Financial expenses as % of operating profit (D6 as % of D5) 0.4 35.5 52.2 55.1 52.9 97.2
11.Financial expense as % of gross sales (D6 as % of D1) 0.0 3.6 5.5 4.9 5.1 7.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 0.1 4.4 9.9 7.5 8.5 15.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 5.5 6.9 10.0 12.4 10.9 121.2
14.Sundry debtors as % of gross sales 5.0 4.1 3.3 6.1 7.9 0.0
15.Return on Equity (D7 as % of A3) 29.4 16.7 19.0 14.7 17.4 1.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - 278.1 410.4 0.0 0.0 -13.4
2.Dividend ratio to equity (D9 as % of A3) 0.0 5.6 4.2 0.0 0.0 1.7
3.Net profit margin (D7 as % of D1) 8.1 6.5 5.0 4.0 4.6 0.2
4.Earning per share before tax (D7/No. of ordinary shares) 8.9 6.0 6.8 5.9 7.7 0.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 8.4 5.6 6.1 5.2 6.9 -0.1
6.Average annual % depreciation on written down fixed assets 13.1 4.5 9.7 10.1 10.2 10.2
7.Sales as % of total assets (D1 as % of C4) 93.8 73.6 112.9 95.2 101.9 133.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 85.4 -32.6 13.3 -13.2 30.5 -93.5
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 45.5 -16.4 48.5 8.0 14.5 31.8
10.Break-up value of ordinary shares (in rupees) 30.2 35.8 35.9 40.3 44.2 42.8

51
Faisal Spinning Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 100.0 100.0 100.0 100.0 100.0 100.0
2.Surplus 502.9 619.0 748.1 927.9 957.2 1024.8
3.Shareholder's Equity (A1+A2) 602.9 719.0 848.1 1027.9 1057.2 1124.8
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 Liabilities 879.8 740.6 967.0 631.4 559.4 380.4
7.Total Fixed Liabilities (A4+A5+A6) 879.8 740.6 967.0 631.4 559.4 380.4
8.Total Capital Employed (A3+A7) 1482.7 1459.6 1815.1 1659.3 1616.6 1505.2
B.Liquidity:
1.Liquid Assets: 39.4 27.7 140.8 154.3 167.4 166.3
(i)Cash 27.5 15.8 29.5 24.2 26.6 13.3
(ii)Investments 11.9 11.9 111.3 130.1 140.8 153.0
2.Other Current Assets 328.7 377.0 241.5 404.5 392.8 379.8
3.Inventories 316.8 698.4 588.1 685.8 877.9 823.0
4.Current Assets (B1+B2+B3) 684.9 1103.1 970.4 1244.6 1438.1 1369.1
5.Current Liabilities 792.9 1360.3 827.3 1310.6 1425.3 1325.8
6.Total Liabilities(A7+B5) 1672.7 2100.9 1794.3 1942.0 1984.7 1706.2
7.Net Current Assets(B4-B5) -108.0 -257.2 143.1 -66.0 12.8 43.3
8.Contractual Liabilities 1284.5 1851.3 1573.5 1425.4 1461.9 1386.3
9.Net liquid assets (B1-B5) -753.5 -1332.6 -686.5 -1156.3 -1257.9 -1159.5
C.Fixed Assets:
1.Fixed Asset At Cost 2062.8 2258.8 2377.5 2605.6 2667.0 2685.0
2.Fixed assets after deducting accumulated depreciation 1590.7 1716.8 1672.0 1725.3 1603.7 1461.9
3.Depreciation for the year 112.1 99.7 180.4 179.0 184.3 164.6
4.Total assets (B4+C2) 2275.6 2819.9 2642.4 2969.9 3041.8 2831.0
D.Operation:
1.Gross sales 3018.7 2457.8 3236.5 3396.5 3725.5 4271.9
(i)Local sales 517.5 514.0 560.1 1523.0 1722.9 1587.3
(ii)Export sales 2501.2 1943.8 2676.4 1873.5 2002.6 2684.6
2.Cost of Sales 2810.9 2154.6 2843.2 3040.3 3353.5 3826.7
3.Gross profit 207.8 303.2 393.3 356.2 372.0 445.2
4.Overhead and Other Expenses 2898.6 2235.5 2939.7 3123.0 3449.2 3926.9
5.Operating profit 124.7 224.7 321.9 293.9 296.1 358.7
6.Financial expenses 51.5 83.0 189.3 180.9 188.5 264.7
7.Net profit before tax (D5-D6) 73.2 141.7 132.6 113.0 107.6 94.0
8.Tax provision 33.0 26.3 43.8 25.6 27.8 29.6
9.Total amount of dividend 7.5 7.5 7.5 0.0 1.0 7.5
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 37.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 398.9 -23.1 355.5 -155.8 -42.7 -111.4
2.Retention in business (D7-D8-D9) 32.7 107.9 81.3 87.4 78.8 56.9
3.Finance from outside the company (E1-E2) 366.2 -131.0 274.2 -243.2 -121.5 -168.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 144.8 207.6 261.7 266.4 263.1 221.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 511.0 76.6 535.9 23.2 141.6 53.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 59.3 50.7 53.3 38.1 34.6 25.3
2.Current ratio (B4 as % of B5) 86.4 81.1 117.3 95.0 100.9 103.3
3.Acid test or Quick ratio (B4-B3 as % B5) 46.4 29.8 46.2 42.6 39.3 41.2
4.Debt equity ratio (B6 as % of A3) 277.4 292.2 211.6 188.9 187.7 151.7
5.Return on assets (D7 as % of C4) 3.2 5.0 5.0 3.8 3.5 3.3
6.Self financing ratio (E2 as % of E1) 8.2 - 22.9 -56.1 -184.5 -51.1
7.Cash flow ratio F1 as % of F2 28.3 271.0 48.8 1148.3 185.8 416.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 602.9 719.0 848.1 1027.9 1057.2 1124.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 96.0 91.0 90.8 91.9 92.6 91.9
10.Financial expenses as % of operating profit (D6 as % of D5) 41.3 36.9 58.8 61.6 63.7 73.8
11.Financial expense as % of gross sales (D6 as % of D1) 1.7 3.4 5.8 5.3 5.1 6.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.0 4.5 12.0 12.7 12.9 19.1
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 45.1 18.6 33.0 22.7 25.8 31.5
14.Sundry debtors as % of gross sales 5.2 6.9 4.9 8.6 7.1 5.5
15.Return on Equity (D7 as % of A3) 12.1 19.7 15.6 11.0 10.2 8.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 536.0 1538.7 1184.0 0.0 7980.0 858.7
2.Dividend ratio to equity (D9 as % of A3) 1.2 1.0 0.9 0.0 0.1 0.7
3.Net profit margin (D7 as % of D1) 2.4 5.8 4.1 3.3 2.9 2.2
4.Earning per share before tax (D7/No. of ordinary shares) 7.3 14.2 13.3 11.3 10.8 9.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 4.0 11.5 8.9 8.7 8.0 6.4
6.Average annual % depreciation on written down fixed assets 10.3 6.3 10.5 10.7 10.7 10.3
7.Sales as % of total assets (D1 as % of C4) 132.7 87.2 122.5 114.4 122.5 150.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -40.7 94.5 -6.3 -15.0 -4.4 -13.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 61.9 -18.6 31.7 4.9 9.7 14.7
10.Break-up value of ordinary shares (in rupees) 60.3 71.9 84.8 102.8 105.7 112.5

52
Fateh Sports Wear Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 20.0 20.0 20.0 20.0 20.0 20.0
2.Surplus -22.5 -44.2 -61.0 -85.0 -82.5 -59.0
3.Shareholder's Equity (A1+A2) -2.5 -24.2 -41.0 -65.0 -62.5 -39.0
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 Liabilities 0.0 0.0 0.0 0.0 0.0 0.0
7.Total Fixed Liabilities (A4+A5+A6) 0.0 0.0 0.0 0.0 0.0 0.0
8.Total Capital Employed (A3+A7) -2.5 -24.2 -41.0 -65.0 -62.5 -39.0
B.Liquidity:
1.Liquid Assets: 0.0 0.0 0.0 0.0 0.0 0.0
(i)Cash 0.0 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 228.3 215.7 226.6 224.7 250.4 294.1
3.Inventories 21.4 30.2 18.0 14.8 6.0 6.0
4.Current Assets (B1+B2+B3) 249.7 245.9 244.6 239.5 256.4 300.1
5.Current Liabilities 287.7 298.8 312.2 329.0 341.7 360.4
6.Total Liabilities(A7+B5) 287.7 298.8 312.2 329.0 341.7 360.4
7.Net Current Assets(B4-B5) -38.0 -52.9 -67.6 -89.5 -85.3 -60.3
8.Contractual Liabilities 113.5 111.7 111.7 100.3 89.3 89.3
9.Net liquid assets (B1-B5) -287.7 -298.8 -312.2 -329.0 -341.7 -360.4
C.Fixed Assets:
1.Fixed Asset At Cost 94.1 94.1 94.1 94.1 34.1 94.1
2.Fixed assets after deducting accumulated depreciation 35.3 28.6 26.5 24.6 22.9 21.3
3.Depreciation for the year 3.2 2.8 2.1 1.9 1.7 1.5
4.Total assets (B4+C2) 285.0 274.5 271.1 264.1 279.3 321.4
D.Operation:
1.Gross sales 0.0 0.0 0.0 0.0 0.0 0.0
(i)Local sales 0.0 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 0.0 0.0 0.0 0.0 0.0 0.0
3.Gross profit 0.0 0.0 0.0 0.0 0.0 0.0
4.Overhead and Other Expenses 3.4 12.8 5.3 8.3 12.9 4.0
5.Operating profit 1.8 -8.4 -3.6 -7.4 14.8 41.8
6.Financial expenses 13.1 13.2 13.2 16.5 12.3 18.4
7.Net profit before tax (D5-D6) -11.3 -21.6 -16.8 -23.9 2.5 23.4
8.Tax provision 0.0 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) -11.4 -21.7 -16.8 -24.0 2.5 23.5
2.Retention in business (D7-D8-D9) -11.3 -21.6 -16.8 -23.9 2.5 23.4
3.Finance from outside the company (E1-E2) -0.1 -0.1 0.0 -0.1 0.0 0.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -8.1 -18.8 -14.7 -22.0 4.2 24.9
2.Depreciation for the year plus changes in capital employed (C3+E1) -8.2 -18.9 -14.7 -22.1 4.2 25.0
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) 86.8 82.3 78.3 72.8 75.0 83.3
3.Acid test or Quick ratio (B4-B3 as % B5) 79.4 72.2 72.6 68.3 73.3 81.6
4.Debt equity ratio (B6 as % of A3) - - 0.0 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -4.0 -7.9 -6.2 -9.0 0.9 7.3
6.Self financing ratio (E2 as % of E1) - - 100.0 99.6 100.0 99.6
7.Cash flow ratio F1 as % of F2 - - 100.0 99.5 100.0 99.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -12.5 -121.0 -205.0 -325.0 -312.5 -195.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - 0.0 0.0 0.0 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) 727.8 - -366.7 -223.0 83.1 44.0
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) 11.5 11.8 11.8 16.5 13.8 20.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 0.0 0.0 0.0 0.0
14.Sundry debtors as % of gross sales - - 0.0 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) - - 0.0 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 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) - - 0.0 0.0 0.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) -5.7 -10.8 -8.4 -12.0 1.3 11.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -5.7 -10.8 -8.4 -12.0 1.3 11.7
6.Average annual % depreciation on written down fixed assets 8.3 7.9 7.3 7.2 6.9 6.6
7.Sales as % of total assets (D1 as % of C4) 0.0 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) 470.0 89.5 -22.2 42.9 -110.8 800.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -100.0 - - - - -
10.Break-up value of ordinary shares (in rupees) -1.3 -12.1 -20.5 -32.5 -31.3 -19.5

53
Fateh Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 12.5 12.5 12.5 12.5 12.5 12.5
2.Surplus 1613.9 1737.7 2800.0 2769.1 2699.2 2670.4
3.Shareholder's Equity (A1+A2) 1626.4 1750.2 2812.5 2781.6 2711.7 2682.9
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 Liabilities 2055.8 1905.1 1865.3 1644.9 1501.5 1263.8
7.Total Fixed Liabilities (A4+A5+A6) 2055.8 1905.1 1865.3 1644.9 1501.5 1263.8
8.Total Capital Employed (A3+A7) 3682.2 3655.3 4677.8 4426.5 4213.2 3946.7
B.Liquidity:
1.Liquid Assets: 582.8 548.5 567.1 585.0 538.6 535.4
(i)Cash 59.1 24.8 40.6 56.9 12.6 11.0
(ii)Investments 523.7 523.7 526.5 528.1 526.0 524.4
2.Other Current Assets 2750.2 2511.6 2582.6 2768.1 4089.3 5214.4
3.Inventories 2267.8 2492.3 2114.2 2267.6 2125.6 1761.6
4.Current Assets (B1+B2+B3) 5600.8 5552.4 5263.9 5620.7 6753.5 7511.4
5.Current Liabilities 3201.1 3179.4 3052.9 3494.4 4680.5 5672.9
6.Total Liabilities(A7+B5) 5256.9 5084.5 4918.2 5139.3 6182.0 6936.7
7.Net Current Assets(B4-B5) 2399.7 2373.0 2211.0 2126.3 2073.0 1838.5
8.Contractual Liabilities 3582.2 3572.8 3505.4 3530.4 4210.1 5084.8
9.Net liquid assets (B1-B5) -2618.3 -2630.9 -2485.8 -2909.4 -4141.9 -5137.5
C.Fixed Assets:
1.Fixed Asset At Cost 2903.1 3004.5 4376.1 4384.7 4386.0 4499.1
2.Fixed assets after deducting accumulated depreciation 1282.5 1282.4 2466.7 2300.1 2140.1 2108.2
3.Depreciation for the year 94.1 74.6 105.2 105.7 94.9 85.1
4.Total assets (B4+C2) 6883.3 6834.8 7730.6 7920.8 8893.6 9619.6
D.Operation:
1.Gross sales 7631.2 5919.7 6730.7 6343.5 4794.2 3051.0
(i)Local sales 7631.2 5919.7 6730.7 6343.5 850.4 3051.0
(ii)Export sales 0.0 0.0 0.0 0.0 3943.8 0.0
2.Cost of Sales 6720.7 5285.0 6063.8 5799.3 4350.4 2971.8
3.Gross profit 910.5 634.7 666.9 544.2 443.8 79.2
4.Overhead and Other Expenses 6988.3 5514.8 6513.9 6004.3 4479.8 3087.3
5.Operating profit 651.0 430.4 450.5 461.3 427.7 467.9
6.Financial expenses 418.6 290.3 311.8 359.6 390.1 428.8
7.Net profit before tax (D5-D6) 232.4 140.1 138.7 101.7 37.6 39.1
8.Tax provision 38.0 32.0 38.0 51.0 29.5 5.0
9.Total amount of dividend 9.4 9.4 9.4 0.0 9.4 1.3
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) 219.0 -26.9 1022.5 -251.3 -213.3 -266.5
2.Retention in business (D7-D8-D9) 185.0 98.7 91.3 50.7 -1.3 32.8
3.Finance from outside the company (E1-E2) 34.0 -125.6 931.2 -302.0 -212.0 -299.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 279.1 173.3 196.5 156.4 93.6 117.9
2.Depreciation for the year plus changes in capital employed (C3+E1) 313.1 47.7 1127.7 -145.6 -118.4 -181.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 55.8 52.1 39.9 37.2 35.6 32.0
2.Current ratio (B4 as % of B5) 175.0 174.6 172.4 160.8 144.3 132.4
3.Acid test or Quick ratio (B4-B3 as % B5) 104.1 96.2 103.2 96.0 98.9 101.4
4.Debt equity ratio (B6 as % of A3) 323.2 290.5 174.9 184.8 228.0 258.6
5.Return on assets (D7 as % of C4) 3.4 2.0 1.8 1.3 0.4 0.4
6.Self financing ratio (E2 as % of E1) 84.5 - 8.9 -20.2 0.6 -12.3
7.Cash flow ratio F1 as % of F2 89.1 363.3 17.4 -107.4 -79.1 -65.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 13011.2 14001.6 22500.0 22252.8 21693.6 21463.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 91.6 93.2 96.8 94.7 93.4 101.2
10.Financial expenses as % of operating profit (D6 as % of D5) 64.3 67.4 69.2 78.0 91.2 91.6
11.Financial expense as % of gross sales (D6 as % of D1) 5.5 4.9 4.6 5.7 8.1 14.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 11.7 8.1 8.9 10.2 9.3 8.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 16.4 22.8 27.4 50.1 78.5 12.8
14.Sundry debtors as % of gross sales 23.8 32.3 31.7 36.8 80.3 162.2
15.Return on Equity (D7 as % of A3) 14.3 8.0 4.9 3.7 1.4 1.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 2068.1 1150.0 1071.3 0.0 86.2 2623.1
2.Dividend ratio to equity (D9 as % of A3) 0.6 0.5 0.3 0.0 0.3 0.0
3.Net profit margin (D7 as % of D1) 3.0 2.4 2.1 1.6 0.8 1.3
4.Earning per share before tax (D7/No. of ordinary shares) 185.9 112.1 111.0 81.4 30.1 31.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 155.5 86.5 80.6 40.6 6.5 27.3
6.Average annual % depreciation on written down fixed assets 6.9 5.8 7.6 4.3 4.1 4.0
7.Sales as % of total assets (D1 as % of C4) 110.9 86.6 87.1 80.1 53.9 31.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 19.0 -39.7 -1.0 -26.7 -63.0 4.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 6.3 -22.4 13.7 -5.8 -24.4 -36.4
10.Break-up value of ordinary shares (in rupees) 1301.1 1400.2 2250.0 2225.3 2169.4 2146.3

54
Fatima Enterprises Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 142.3 142.3 142.3 142.3 142.3 142.3
2.Surplus 285.4 741.0 611.2 618.3 856.9 1686.7
3.Shareholder's Equity (A1+A2) 427.7 883.3 753.5 760.6 999.2 1829.0
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 Liabilities 475.8 417.8 1010.1 1266.6 1331.0 1393.7
7.Total Fixed Liabilities (A4+A5+A6) 475.8 417.8 1010.1 1266.6 1331.0 1393.7
8.Total Capital Employed (A3+A7) 903.5 1301.1 1763.6 2027.2 2330.2 3222.7
B.Liquidity:
1.Liquid Assets: 28.2 131.5 190.1 155.3 155.6 231.5
(i)Cash 24.7 72.9 131.5 97.1 154.8 173.0
(ii)Investments 3.5 58.6 58.6 58.2 0.8 58.5
2.Other Current Assets 729.6 615.1 1538.1 1358.3 1514.5 1245.3
3.Inventories 841.6 1387.1 1421.7 2104.9 3562.3 3293.7
4.Current Assets (B1+B2+B3) 1599.4 2133.7 3149.9 3618.5 5232.4 4770.5
5.Current Liabilities 1806.9 2359.8 3394.8 4449.4 6173.2 5878.0
6.Total Liabilities(A7+B5) 2282.7 2777.6 4404.9 5716.0 7504.2 7271.7
7.Net Current Assets(B4-B5) -207.5 -226.1 -244.9 -830.9 -940.8 -1107.5
8.Contractual Liabilities 477.0 2241.5 3579.0 4475.7 6005.5 1529.8
9.Net liquid assets (B1-B5) -1778.7 -2228.3 -3204.7 -4294.1 -6017.6 -5646.5
C.Fixed Assets:
1.Fixed Asset At Cost 1832.6 2341.5 2940.6 3934.2 4601.2 5822.9
2.Fixed assets after deducting accumulated depreciation 1110.9 1527.1 2008.5 2858.2 3271.0 4330.2
3.Depreciation for the year 117.3 90.3 119.3 151.8 252.8 157.2
4.Total assets (B4+C2) 2710.3 3660.8 5158.4 6476.7 8503.4 9100.7
D.Operation:
1.Gross sales 5372.4 3833.0 5347.7 6782.4 9736.4 7654.5
(i)Local sales 4118.6 2598.9 3765.7 5407.6 8167.3 5868.8
(ii)Export sales 1253.8 1234.1 1582.0 1374.8 1569.1 1785.7
2.Cost of Sales 5065.9 3568.5 5090.6 6306.6 8999.8 6735.4
3.Gross profit 306.5 264.5 257.1 475.8 736.6 919.1
4.Overhead and Other Expenses 5144.0 3623.5 5156.7 6386.4 9109.6 6853.1
5.Operating profit 244.7 212.3 220.2 401.1 696.3 1298.8
6.Financial expenses 102.6 118.0 255.4 374.1 580.6 797.1
7.Net profit before tax (D5-D6) 142.1 94.3 -35.2 27.0 115.7 501.7
8.Tax provision 47.0 43.6 37.7 20.0 49.1 46.5
9.Total amount of dividend 0.0 0.0 0.0 0.0 7.1 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) 107.7 397.6 462.5 263.6 303.0 892.5
2.Retention in business (D7-D8-D9) 95.1 50.7 -72.9 7.0 59.5 455.2
3.Finance from outside the company (E1-E2) 12.6 346.9 535.4 256.6 243.5 437.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 212.4 141.0 46.4 158.8 312.3 612.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 225.0 487.9 581.8 415.4 555.8 1049.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 52.7 32.1 57.3 62.5 57.1 43.2
2.Current ratio (B4 as % of B5) 88.5 90.4 92.8 81.3 84.8 81.2
3.Acid test or Quick ratio (B4-B3 as % B5) 41.9 31.6 50.9 34.0 27.1 25.1
4.Debt equity ratio (B6 as % of A3) 533.7 314.5 584.6 751.5 751.0 397.6
5.Return on assets (D7 as % of C4) 5.2 2.6 -0.7 0.4 1.4 5.5
6.Self financing ratio (E2 as % of E1) 88.3 12.8 -15.8 2.7 19.6 51.0
7.Cash flow ratio F1 as % of F2 94.4 28.9 8.0 38.2 56.2 58.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 300.6 620.7 529.5 534.5 702.2 1285.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.7 94.5 96.4 94.2 93.6 89.5
10.Financial expenses as % of operating profit (D6 as % of D5) 41.9 55.6 116.0 93.3 83.4 61.4
11.Financial expense as % of gross sales (D6 as % of D1) 1.9 3.1 4.8 5.5 6.0 10.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 21.5 5.3 7.1 8.4 9.7 52.1
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 33.1 46.2 -107.1 74.1 42.4 9.3
14.Sundry debtors as % of gross sales 4.3 7.4 7.0 9.8 6.9 4.3
15.Return on Equity (D7 as % of A3) 33.2 10.7 -4.7 3.5 11.6 27.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 0.0 938.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.7 0.0
3.Net profit margin (D7 as % of D1) 2.6 2.5 -0.7 0.4 1.2 6.6
4.Earning per share before tax (D7/No. of ordinary shares) 10.0 6.6 -2.5 1.9 8.1 35.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.7 3.6 -5.1 0.5 4.7 32.0
6.Average annual % depreciation on written down fixed assets 11.0 8.1 7.8 7.6 8.8 4.8
7.Sales as % of total assets (D1 as % of C4) 198.2 104.7 103.7 104.7 114.5 84.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 81.8 -34.0 -137.9 -176.0 326.3 335.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 8.0 -28.7 39.5 26.8 43.6 -21.4
10.Break-up value of ordinary shares (in rupees) 30.1 62.1 53.0 53.5 70.2 128.5

55
Fawad Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 92.1 92.1 92.1 92.1 92.1 92.1
2.Surplus 59.5 77.4 408.0 266.3 412.1 412.1
3.Shareholder's Equity (A1+A2) 151.6 169.5 500.1 358.4 504.2 504.2
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 Liabilities 90.6 71.5 57.4 3.0 173.6 173.6
7.Total Fixed Liabilities (A4+A5+A6) 90.6 71.5 57.4 3.0 173.6 173.6
8.Total Capital Employed (A3+A7) 242.2 241.0 557.5 361.4 677.8 677.8
B.Liquidity:
1.Liquid Assets: 1.4 3.1 0.7 3.0 0.8 0.8
(i)Cash 1.4 3.1 0.7 3.0 0.8 0.8
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 88.4 77.9 132.9 222.9 199.0 199.0
3.Inventories 67.8 63.9 174.5 143.0 566.6 566.6
4.Current Assets (B1+B2+B3) 157.6 144.9 308.1 368.9 766.4 766.4
5.Current Liabilities 141.8 160.4 356.2 577.8 682.7 682.7
6.Total Liabilities(A7+B5) 232.4 231.9 413.6 580.8 856.3 856.3
7.Net Current Assets(B4-B5) 15.8 -15.5 -48.1 -208.9 83.7 83.7
8.Contractual Liabilities 149.0 145.1 358.5 283.7 746.9 746.9
9.Net liquid assets (B1-B5) -140.4 -157.3 -355.5 -574.8 -681.9 -681.9
C.Fixed Assets:
1.Fixed Asset At Cost 486.2 531.1 895.8 914.4 987.9 987.9
2.Fixed assets after deducting accumulated depreciation 226.4 256.6 605.6 570.5 594.2 594.2
3.Depreciation for the year 22.5 15.2 26.8 46.3 50.3 50.3
4.Total assets (B4+C2) 384.0 401.5 913.7 939.4 1360.6 1360.6
D.Operation:
1.Gross sales 621.9 438.2 571.0 597.3 579.3 579.3
(i)Local sales 456.9 252.9 571.0 416.0 579.3 579.3
(ii)Export sales 165.0 185.3 0.0 181.3 0.0 0.0
2.Cost of Sales 593.9 407.4 523.1 535.0 505.0 505.0
3.Gross profit 28.0 30.8 47.9 62.3 74.3 74.3
4.Overhead and Other Expenses 606.2 423.7 540.3 556.6 521.8 521.8
5.Operating profit 16.2 14.9 34.4 44.7 64.6 64.6
6.Financial expenses 12.9 11.5 25.0 38.4 59.2 59.2
7.Net profit before tax (D5-D6) 3.3 3.4 9.4 6.3 5.4 5.4
8.Tax provision 2.8 2.1 4.6 4.8 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) -21.7 -1.2 316.5 -196.1 316.4 0.0
2.Retention in business (D7-D8-D9) 0.5 1.3 4.8 1.5 2.5 2.5
3.Finance from outside the company (E1-E2) -22.2 -2.5 311.7 -197.6 313.9 -2.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 23.0 16.5 31.6 47.8 52.8 52.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 0.8 14.0 343.3 -149.8 366.7 50.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 37.4 29.7 10.3 0.8 25.6 25.6
2.Current ratio (B4 as % of B5) 111.1 90.3 86.5 63.8 112.3 112.3
3.Acid test or Quick ratio (B4-B3 as % B5) 63.3 50.5 37.5 39.1 29.3 29.3
4.Debt equity ratio (B6 as % of A3) 153.3 136.8 82.7 162.1 169.8 169.8
5.Return on assets (D7 as % of C4) 0.9 0.8 1.0 0.7 0.4 0.4
6.Self financing ratio (E2 as % of E1) - - 1.5 -0.8 0.8 0.0
7.Cash flow ratio F1 as % of F2 2875.0 117.9 9.2 -31.9 14.4 105.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 164.6 184.0 543.0 389.1 547.4 547.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 97.5 96.7 94.6 93.2 90.1 90.1
10.Financial expenses as % of operating profit (D6 as % of D5) 79.6 77.2 72.7 85.9 91.6 91.6
11.Financial expense as % of gross sales (D6 as % of D1) 2.1 2.6 4.4 6.4 10.2 10.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.7 7.9 7.0 13.5 7.9 7.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 84.8 61.8 48.9 76.2 53.7 53.7
14.Sundry debtors as % of gross sales 0.0 8.9 14.9 19.0 15.9 15.9
15.Return on Equity (D7 as % of A3) 2.2 2.0 1.9 1.8 1.1 1.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 0.5 0.8 1.6 1.1 0.9 0.9
4.Earning per share before tax (D7/No. of ordinary shares) 0.4 0.4 1.0 0.7 0.6 0.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.1 0.1 0.5 0.2 0.3 0.3
6.Average annual % depreciation on written down fixed assets 9.7 6.7 10.4 7.6 8.8 8.8
7.Sales as % of total assets (D1 as % of C4) 162.0 109.1 62.5 63.6 42.6 42.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -60.0 0.0 150.0 -30.0 -14.3 0.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 11.7 -29.5 30.3 4.6 -3.0 0.0
10.Break-up value of ordinary shares (in rupees) 16.5 18.4 54.3 38.9 54.7 54.7

56
Fazal Cloth Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 123.6 148.3 163.1 187.6 187.6 187.6
2.Surplus 642.7 804.5 935.1 842.9 3443.5 3540.9
3.Shareholder's Equity (A1+A2) 766.3 952.8 1098.2 1030.5 3631.1 3728.5
4.Prefrence Shares 0.0 0.0 250.0 250.0 250.0 250.0
5.Debentures 37.5 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Liabilities 1004.5 1213.7 1398.4 230.9 2511.6 1688.5
7.Total Fixed Liabilities (A4+A5+A6) 1042.0 1213.7 1648.4 480.9 2761.6 1938.5
8.Total Capital Employed (A3+A7) 1808.3 2166.5 2746.6 1511.4 6392.7 5667.0
B.Liquidity:
1.Liquid Assets: 9.6 175.8 580.3 546.7 837.4 545.3
(i)Cash 9.6 175.8 327.3 293.7 369.5 77.4
(ii)Investments 0.0 0.0 253.0 253.0 467.9 467.9
2.Other Current Assets 458.5 815.1 591.4 899.8 1100.9 1297.9
3.Inventories 1044.0 1187.3 1402.4 1345.3 2012.3 2222.1
4.Current Assets (B1+B2+B3) 1512.1 2178.2 2574.1 2791.8 3950.6 4065.3
5.Current Liabilities 1658.8 2174.9 2397.3 6833.9 3318.0 4125.1
6.Total Liabilities(A7+B5) 2700.8 3388.6 4045.7 7314.8 6079.6 6063.6
7.Net Current Assets(B4-B5) -146.7 3.3 176.8 -4042.1 632.6 -59.8
8.Contractual Liabilities 2095.2 2981.7 3103.1 1694.2 4895.3 4355.1
9.Net liquid assets (B1-B5) -1649.2 -1999.1 -1817.0 -6287.2 -2480.6 -3579.8
C.Fixed Assets:
1.Fixed Asset At Cost 2887.6 3250.2 3626.8 6932.3 7396.0 7807.1
2.Fixed assets after deducting accumulated depreciation 1954.9 2163.3 2569.8 5553.5 5760.0 5726.9
3.Depreciation for the year 200.1 163.6 250.0 248.3 121.1 261.4
4.Total assets (B4+C2) 3467.0 4341.5 5143.9 8345.3 9710.6 9792.2
D.Operation:
1.Gross sales 4170.1 3654.0 5238.2 6074.0 7113.9 8651.3
(i)Local sales 2239.0 1675.7 2459.4 2956.9 4003.8 4953.4
(ii)Export sales 1931.1 1978.3 2778.8 3117.1 3110.1 3697.9
2.Cost of Sales 3732.3 3077.3 4512.0 5256.7 6170.2 7455.2
3.Gross profit 437.8 576.7 726.2 817.3 943.7 1196.1
4.Overhead and Other Expenses 3892.5 3281.2 4741.4 5519.1 6439.0 7728.3
5.Operating profit 278.5 373.3 498.1 582.0 915.9 932.3
6.Financial expenses 97.6 150.9 317.0 399.0 575.6 752.7
7.Net profit before tax (D5-D6) 180.9 222.4 181.1 183.0 340.3 179.6
8.Tax provision 24.8 24.7 41.7 46.8 35.4 37.7
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 24.7 24.7 14.8 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 679.0 358.2 580.1 -1235.2 4881.3 -725.7
2.Retention in business (D7-D8-D9) 156.1 197.7 139.4 136.2 304.9 141.9
3.Finance from outside the company (E1-E2) 522.9 160.5 440.7 -1371.4 4576.4 -867.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 356.2 361.3 389.4 384.5 426.0 403.3
2.Depreciation for the year plus changes in capital employed (C3+E1) 879.1 521.8 830.1 -986.9 5002.4 -464.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 57.6 56.0 60.0 31.8 43.2 34.2
2.Current ratio (B4 as % of B5) 91.2 100.2 107.4 40.9 119.1 98.6
3.Acid test or Quick ratio (B4-B3 as % B5) 28.2 45.6 48.9 21.2 58.4 44.7
4.Debt equity ratio (B6 as % of A3) 352.4 355.6 368.4 709.8 167.4 162.6
5.Return on assets (D7 as % of C4) 5.2 5.1 3.5 2.2 3.5 1.8
6.Self financing ratio (E2 as % of E1) 23.0 55.2 24.0 -11.0 6.2 -19.6
7.Cash flow ratio F1 as % of F2 40.5 69.2 46.9 -39.0 8.5 -86.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 620.0 642.5 673.3 549.3 1935.6 1987.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 93.3 89.8 90.5 90.9 90.5 89.3
10.Financial expenses as % of operating profit (D6 as % of D5) 35.0 40.4 63.6 68.6 62.8 80.7
11.Financial expense as % of gross sales (D6 as % of D1) 2.3 4.1 6.1 6.6 8.1 8.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.7 5.1 10.2 23.6 11.8 17.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 13.7 11.1 23.0 25.6 10.4 21.0
14.Sundry debtors as % of gross sales 5.7 5.9 7.5 9.5 9.8 8.5
15.Return on Equity (D7 as % of A3) 23.6 23.3 16.5 17.8 9.4 4.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 4.3 6.1 3.5 3.0 4.8 2.1
4.Earning per share before tax (D7/No. of ordinary shares) 14.6 15.0 11.1 9.8 18.1 9.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 12.6 13.3 8.5 7.3 16.3 7.6
6.Average annual % depreciation on written down fixed assets 16.4 8.4 11.6 9.7 2.2 4.5
7.Sales as % of total assets (D1 as % of C4) 120.3 84.2 101.8 72.8 73.3 88.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 16.8 2.7 -26.0 -11.7 84.7 -47.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 31.3 -12.4 43.4 16.0 17.1 21.6
10.Break-up value of ordinary shares (in rupees) 62.0 64.2 67.3 54.9 193.6 198.7

57
Fazal Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 61.9 61.9 61.9 61.9 61.9 61.9
2.Surplus 621.5 741.3 684.0 648.0 658.1 674.1
3.Shareholder's Equity (A1+A2) 683.4 803.2 745.9 709.9 720.0 736.0
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 Liabilities 0.0 0.0 0.0 0.0 1079.5 1000.0
7.Total Fixed Liabilities (A4+A5+A6) 0.0 0.0 0.0 0.0 1079.5 1000.0
8.Total Capital Employed (A3+A7) 683.4 803.2 745.9 709.9 1799.5 1736.0
B.Liquidity:
1.Liquid Assets: 9.3 3.5 2.0 1.5 14.6 3.6
(i)Cash 9.3 3.5 2.0 1.5 14.6 3.6
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 510.8 297.9 730.2 751.1 1049.0 374.3
3.Inventories 264.0 728.0 484.3 330.0 601.3 501.1
4.Current Assets (B1+B2+B3) 784.1 1029.4 1216.5 1082.6 1664.9 879.0
5.Current Liabilities 703.7 896.2 1123.0 1114.4 1529.3 1148.8
6.Total Liabilities(A7+B5) 703.7 896.2 1123.0 1114.4 2608.8 2148.8
7.Net Current Assets(B4-B5) 80.4 133.2 93.5 -31.8 135.6 -269.8
8.Contractual Liabilities 340.4 774.4 918.1 747.3 2403.8 1356.8
9.Net liquid assets (B1-B5) -694.4 -892.7 -1121.0 -1112.9 -1514.7 -1145.2
C.Fixed Assets:
1.Fixed Asset At Cost 1284.9 1399.4 1407.9 1551.0 1597.1 2951.3
2.Fixed assets after deducting accumulated depreciation 602.9 669.9 652.3 741.8 1663.9 2005.7
3.Depreciation for the year 60.9 49.7 66.4 76.5 69.7 69.0
4.Total assets (B4+C2) 1387.0 1699.3 1868.8 1824.4 3328.8 2884.7
D.Operation:
1.Gross sales 2501.2 1803.3 2129.9 2381.2 2582.3 2819.0
(i)Local sales 936.0 802.0 801.8 575.4 672.1 1076.1
(ii)Export sales 1565.2 1001.3 1328.1 1805.8 1910.2 1742.9
2.Cost of Sales 2409.4 1641.0 1954.3 2260.0 2442.5 2598.7
3.Gross profit 91.8 162.3 175.6 121.2 139.8 220.3
4.Overhead and Other Expenses 2461.1 1685.7 2008.0 2310.2 2489.8 2654.2
5.Operating profit 42.3 119.6 125.5 77.5 96.3 169.0
6.Financial expenses 20.6 41.4 74.1 76.2 69.1 120.8
7.Net profit before tax (D5-D6) 21.7 78.2 51.4 1.3 27.2 48.2
8.Tax provision 17.9 20.2 24.5 28.9 20.8 29.3
9.Total amount of dividend 9.3 9.3 15.5 0.0 0.0 9.3
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) -46.9 119.8 -57.3 -36.0 1089.6 -63.5
2.Retention in business (D7-D8-D9) -5.5 48.7 11.4 -27.6 6.4 9.6
3.Finance from outside the company (E1-E2) -41.4 71.1 -68.7 -8.4 1083.2 -73.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 55.4 98.4 77.8 48.9 76.1 78.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 14.0 169.5 9.1 40.5 1159.3 5.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 0.0 0.0 0.0 60.0 57.6
2.Current ratio (B4 as % of B5) 111.4 114.9 108.3 97.1 108.9 76.5
3.Acid test or Quick ratio (B4-B3 as % B5) 73.9 33.6 65.2 67.5 69.5 32.9
4.Debt equity ratio (B6 as % of A3) 103.0 111.6 150.6 157.0 362.3 292.0
5.Return on assets (D7 as % of C4) 1.6 4.6 2.8 0.1 0.8 1.7
6.Self financing ratio (E2 as % of E1) - 40.7 -19.9 76.7 0.6 -15.1
7.Cash flow ratio F1 as % of F2 395.7 58.1 854.9 120.7 6.6 1429.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 1104.0 1297.6 1205.0 1146.8 1163.2 1189.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 98.4 93.5 94.3 97.0 96.4 94.2
10.Financial expenses as % of operating profit (D6 as % of D5) 48.7 34.6 59.0 98.3 71.8 71.5
11.Financial expense as % of gross sales (D6 as % of D1) 0.8 2.3 3.5 3.2 2.7 4.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.1 5.3 8.1 10.2 2.9 8.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 82.5 25.8 47.7 2223.1 76.5 60.8
14.Sundry debtors as % of gross sales 16.5 13.1 30.5 27.2 32.6 7.2
15.Return on Equity (D7 as % of A3) 3.2 9.7 6.9 0.2 3.8 6.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 40.9 623.7 173.5 0.0 0.0 203.2
2.Dividend ratio to equity (D9 as % of A3) 1.4 1.2 2.1 0.0 0.0 1.3
3.Net profit margin (D7 as % of D1) 0.9 4.3 2.4 0.1 1.1 1.7
4.Earning per share before tax (D7/No. of ordinary shares) 3.5 12.6 8.3 0.2 4.4 7.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.6 9.4 4.3 -4.5 1.0 3.1
6.Average annual % depreciation on written down fixed assets 10.5 8.2 9.9 11.7 9.4 4.2
7.Sales as % of total assets (D1 as % of C4) 180.3 106.1 114.0 130.5 77.6 97.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -79.2 260.0 -34.1 -97.6 2100.0 77.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 9.8 -27.9 18.1 11.8 8.4 9.2
10.Break-up value of ordinary shares (in rupees) 110.4 129.8 120.5 114.7 116.3 118.9

58
Gadoon Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 234.4 234.4 234.4 234.4 234.4 234.4
2.Surplus 1993.2 2087.6 2127.4 2301.8 2079.9 1739.6
3.Shareholder's Equity (A1+A2) 2227.6 2322.0 2361.8 2536.2 2314.3 1974.0
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 Liabilities 680.0 750.0 375.0 50.6 310.3 898.0
7.Total Fixed Liabilities (A4+A5+A6) 680.0 750.0 375.0 50.6 310.3 898.0
8.Total Capital Employed (A3+A7) 2907.6 3072.0 2736.8 2586.8 2624.6 2872.0
B.Liquidity:
1.Liquid Assets: 206.0 276.1 75.6 110.7 254.9 185.6
(i)Cash 206.0 276.1 75.6 95.5 171.6 118.9
(ii)Investments 0.0 0.0 0.0 15.2 83.3 66.7
2.Other Current Assets 700.5 474.6 1170.2 1548.5 1696.7 1146.3
3.Inventories 738.6 1957.2 1878.1 1246.9 2527.6 1951.2
4.Current Assets (B1+B2+B3) 1645.1 2707.9 3123.9 2906.1 4479.2 3283.1
5.Current Liabilities 1687.8 2694.0 3407.9 3267.0 4918.4 3171.8
6.Total Liabilities(A7+B5) 2367.8 3444.0 3782.9 3317.6 5228.7 4069.8
7.Net Current Assets(B4-B5) -42.7 13.9 -284.0 -360.9 -439.2 111.3
8.Contractual Liabilities 1452.2 2811.8 2797.8 1934.5 3989.5 2716.7
9.Net liquid assets (B1-B5) -1481.8 -2417.9 -3332.3 -3156.3 -4663.5 -2986.2
C.Fixed Assets:
1.Fixed Asset At Cost 4580.9 4886.4 5140.2 5338.1 5713.2 5683.9
2.Fixed assets after deducting accumulated depreciation 2950.3 3058.0 3020.8 2947.5 3063.7 2760.7
3.Depreciation for the year 304.0 243.3 319.0 307.2 307.2 303.7
4.Total assets (B4+C2) 4595.4 5765.9 6144.7 5853.6 7542.9 6043.8
D.Operation:
1.Gross sales 7528.0 4455.1 5718.6 5205.8 6857.9 7140.8
(i)Local sales 3899.0 1718.4 3099.4 1611.7 1717.1 2968.6
(ii)Export sales 3629.0 2736.7 2619.2 3594.1 5140.8 4172.2
2.Cost of Sales 5513.5 3913.3 4918.7 4456.0 6112.3 6383.9
3.Gross profit 2014.5 541.8 799.9 749.8 745.6 756.9
4.Overhead and Other Expenses 5721.2 4096.5 5157.5 4747.7 6662.4 6822.4
5.Operating profit 1815.9 363.8 567.9 470.1 198.9 323.0
6.Financial expenses 58.9 84.4 204.8 149.8 331.4 620.0
7.Net profit before tax (D5-D6) 1757.0 279.4 363.1 320.3 -132.5 -297.0
8.Tax provision 50.1 38.8 77.6 82.0 0.0 39.3
9.Total amount of dividend 58.6 58.6 58.6 0.0 58.6 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) -18.5 164.4 -335.2 -150.0 37.8 247.4
2.Retention in business (D7-D8-D9) 1648.3 182.0 226.9 238.3 -191.1 -336.3
3.Finance from outside the company (E1-E2) -1666.8 -17.6 -562.1 -388.3 228.9 583.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 1952.3 425.3 545.9 545.5 116.1 -32.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 285.5 407.7 -16.2 157.2 345.0 551.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 23.4 24.4 13.7 2.0 11.8 31.3
2.Current ratio (B4 as % of B5) 97.5 100.5 91.7 89.0 91.1 103.5
3.Acid test or Quick ratio (B4-B3 as % B5) 53.7 27.9 36.6 50.8 39.7 42.0
4.Debt equity ratio (B6 as % of A3) 106.3 148.3 160.2 130.8 225.9 206.2
5.Return on assets (D7 as % of C4) 38.2 4.8 5.9 5.5 -1.8 -4.9
6.Self financing ratio (E2 as % of E1) - 110.7 -67.7 -158.9 -505.6 -135.9
7.Cash flow ratio F1 as % of F2 683.8 104.3 -3369.8 347.0 33.7 -5.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 950.3 990.6 1007.6 1082.0 987.3 842.2
9.Overhead and other expenses as % of gross sales (D4 as % D1) 76.0 92.0 90.2 91.2 97.1 95.5
10.Financial expenses as % of operating profit (D6 as % of D5) 3.2 23.2 36.1 31.9 166.6 192.0
11.Financial expense as % of gross sales (D6 as % of D1) 0.8 1.9 3.6 2.9 4.8 8.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.1 3.0 7.3 7.7 8.3 22.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 2.9 13.9 21.4 25.6 0.0 -13.2
14.Sundry debtors as % of gross sales 4.2 3.5 10.9 17.8 14.9 9.4
15.Return on Equity (D7 as % of A3) 78.9 12.0 15.4 12.6 -5.7 -15.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 2912.8 410.6 487.2 0.0 -226.1 0.0
2.Dividend ratio to equity (D9 as % of A3) 2.6 2.5 2.5 0.0 2.5 0.0
3.Net profit margin (D7 as % of D1) 23.3 6.3 6.3 6.2 -1.9 -4.2
4.Earning per share before tax (D7/No. of ordinary shares) 75.0 11.9 15.5 13.7 -5.7 -12.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 72.8 10.3 12.2 10.2 -5.7 -14.3
6.Average annual % depreciation on written down fixed assets 10.4 8.2 10.4 10.2 10.4 9.9
7.Sales as % of total assets (D1 as % of C4) 163.8 77.3 93.1 88.9 90.9 118.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 886.8 -84.1 30.3 -11.6 -141.6 122.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 65.0 -40.8 28.4 -9.0 31.7 4.1
10.Break-up value of ordinary shares (in rupees) 95.0 99.1 100.8 108.2 98.7 84.2

59
Ghazi Fabrics International Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 326.4 326.4 326.4 326.4 326.4 326.4
2.Surplus 403.1 334.8 270.1 -24.1 -208.4 -362.4
3.Shareholder's Equity (A1+A2) 729.5 661.2 596.5 302.3 118.0 -36.0
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 Liabilities 356.5 533.1 758.8 451.3 313.5 368.1
7.Total Fixed Liabilities (A4+A5+A6) 356.5 533.1 758.8 451.3 313.5 368.1
8.Total Capital Employed (A3+A7) 1086.0 1194.3 1355.3 753.6 431.5 332.1
B.Liquidity:
1.Liquid Assets: 6.0 14.9 4.6 3.9 0.3 3.5
(i)Cash 6.0 14.9 4.6 3.9 0.3 3.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 211.1 175.7 128.2 218.4 210.7 276.3
3.Inventories 299.4 205.1 371.2 359.7 582.3 733.5
4.Current Assets (B1+B2+B3) 516.5 395.7 504.0 582.0 793.3 1013.3
5.Current Liabilities 976.9 872.6 985.1 1549.4 2012.3 2211.4
6.Total Liabilities(A7+B5) 1333.4 1405.7 1743.9 2000.7 2325.8 2579.5
7.Net Current Assets(B4-B5) -460.4 -476.9 -481.1 -967.4 -1219.0 -1198.1
8.Contractual Liabilities 649.3 783.9 1161.4 747.9 1071.3 1363.7
9.Net liquid assets (B1-B5) -970.9 -857.7 -980.5 -1545.5 -2012.0 -2207.9
C.Fixed Assets:
1.Fixed Asset At Cost 2305.5 2469.3 2729.7 2771.6 2815.3 2903.8
2.Fixed assets after deducting accumulated depreciation 1546.2 1671.2 1836.3 1721.0 1650.4 1530.2
3.Depreciation for the year 125.6 118.6 152.9 167.1 156.7 149.0
4.Total assets (B4+C2) 2062.7 2066.9 2340.3 2303.0 2443.7 2543.5
D.Operation:
1.Gross sales 2079.5 1689.2 2397.8 2715.2 2923.6 3062.0
(i)Local sales 1247.0 775.1 1273.2 1484.2 1778.8 1896.4
(ii)Export sales 832.5 914.1 1124.6 1231.0 1144.8 1165.6
2.Cost of Sales 2022.8 1635.6 2211.4 2666.2 2857.8 2888.2
3.Gross profit 56.7 53.6 186.4 49.0 65.8 173.8
4.Overhead and Other Expenses 2087.2 1762.8 2320.1 2782.7 2984.0 3032.5
5.Operating profit -60.4 -69.6 129.1 -63.6 -55.2 31.1
6.Financial expenses 24.1 44.7 100.2 114.8 106.5 161.6
7.Net profit before tax (D5-D6) -84.5 -114.3 28.9 -178.4 -161.7 -130.5
8.Tax provision 10.4 9.9 15.1 14.8 14.6 15.4
9.Total amount of dividend 0.0 0.0 3.2 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) 89.2 108.3 161.0 -601.7 -322.1 -99.4
2.Retention in business (D7-D8-D9) -94.9 -124.2 10.6 -193.2 -176.3 -145.9
3.Finance from outside the company (E1-E2) 184.1 232.5 150.4 -408.5 -145.8 46.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 30.7 -5.6 163.5 -26.1 -19.6 3.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 214.8 226.9 313.9 -434.6 -165.4 49.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 32.8 44.6 56.0 59.9 72.7 110.8
2.Current ratio (B4 as % of B5) 52.9 45.3 51.2 37.6 39.4 45.8
3.Acid test or Quick ratio (B4-B3 as % B5) 22.2 21.8 13.5 14.3 10.5 12.7
4.Debt equity ratio (B6 as % of A3) 182.8 212.6 292.4 661.8 1971.0 0.0
5.Return on assets (D7 as % of C4) -4.1 -5.5 1.2 -7.7 -6.6 -5.1
6.Self financing ratio (E2 as % of E1) -106.4 -114.7 6.6 32.1 54.7 146.8
7.Cash flow ratio F1 as % of F2 14.3 -2.5 52.1 6.0 11.9 6.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 223.5 202.6 182.8 92.6 36.2 -11.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 100.4 104.4 96.8 102.5 102.1 99.0
10.Financial expenses as % of operating profit (D6 as % of D5) - - 77.6 -180.5 -192.9 519.6
11.Financial expense as % of gross sales (D6 as % of D1) 1.2 2.6 4.2 4.2 3.6 5.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 3.7 5.7 8.6 15.3 9.9 11.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 52.2 -8.3 -9.0 -11.8
14.Sundry debtors as % of gross sales 3.7 4.7 3.4 5.4 4.1 5.7
15.Return on Equity (D7 as % of A3) -11.6 -17.3 4.8 -59.0 -137.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 431.3 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.5 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -4.1 -6.8 1.2 -6.6 -5.5 -4.3
4.Earning per share before tax (D7/No. of ordinary shares) -2.6 -3.5 0.9 -5.5 -5.0 -4.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -2.9 -3.8 0.4 -5.9 -5.4 -4.5
6.Average annual % depreciation on written down fixed assets 9.0 7.7 9.1 9.1 9.1 9.4
7.Sales as % of total assets (D1 as % of C4) 100.8 81.7 102.5 117.9 119.6 120.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 100.0 34.6 -125.7 -711.1 -9.1 -20.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 42.8 -18.8 41.9 13.2 7.7 4.7
10.Break-up value of ordinary shares (in rupees) 22.3 20.3 18.3 9.3 3.6 -1.1

60
Glamour Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 116.4 116.4 116.4 116.4 116.4 116.4
2.Surplus 29.0 140.3 110.3 59.4 93.6 70.2
3.Shareholder's Equity (A1+A2) 145.4 256.7 226.7 175.8 210.0 186.6
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 Liabilities 249.0 50.0 66.7 35.1 282.8 0.0
7.Total Fixed Liabilities (A4+A5+A6) 249.0 50.0 66.7 35.1 282.8 0.0
8.Total Capital Employed (A3+A7) 394.4 306.7 293.4 210.9 492.8 186.6
B.Liquidity:
1.Liquid Assets: 2.8 9.8 3.9 2.7 2.1 1.7
(i)Cash 2.8 9.8 3.9 2.7 2.1 1.7
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 49.5 55.2 89.1 118.7 138.0 137.8
3.Inventories 52.0 172.5 97.2 96.4 176.0 111.4
4.Current Assets (B1+B2+B3) 104.3 237.5 190.2 217.8 316.1 250.9
5.Current Liabilities 199.7 413.1 416.5 537.8 391.3 604.7
6.Total Liabilities(A7+B5) 448.7 463.1 483.2 572.9 674.1 604.7
7.Net Current Assets(B4-B5) -95.4 -175.6 -226.3 -320.0 -75.2 -353.8
8.Contractual Liabilities 414.1 267.2 182.6 241.5 642.0 246.2
9.Net liquid assets (B1-B5) -196.9 -403.3 -412.6 -535.1 -389.2 -603.0
C.Fixed Assets:
1.Fixed Asset At Cost 997.4 992.0 1060.4 1104.6 176.4 1186.2
2.Fixed assets after deducting accumulated depreciation 489.8 482.5 519.7 531.0 568.0 540.8
3.Depreciation for the year 40.1 28.4 35.5 38.8 39.5 37.6
4.Total assets (B4+C2) 594.1 720.0 709.9 748.8 884.1 791.7
D.Operation:
1.Gross sales 659.3 450.2 713.6 766.6 731.1 868.2
(i)Local sales 602.7 318.5 401.2 382.0 663.5 812.3
(ii)Export sales 56.6 131.7 312.4 384.6 67.6 55.9
2.Cost of Sales 729.0 422.6 681.4 750.0 689.7 815.9
3.Gross profit -69.7 27.6 32.2 16.6 41.4 52.3
4.Overhead and Other Expenses 738.6 437.8 709.9 783.1 709.2 833.7
5.Operating profit -75.6 12.6 4.6 -15.8 23.2 35.1
6.Financial expenses 18.9 12.8 29.3 29.3 42.9 58.1
7.Net profit before tax (D5-D6) -94.5 -0.2 -24.7 -45.1 -19.7 -23.0
8.Tax provision 2.6 2.1 4.7 5.8 3.7 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) 194.1 -87.7 -13.3 -82.5 281.9 -306.2
2.Retention in business (D7-D8-D9) -97.1 -2.3 -29.4 -50.9 -23.4 -23.4
3.Finance from outside the company (E1-E2) 291.2 -85.4 16.1 -31.6 305.3 -282.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -57.0 26.1 6.1 -12.1 16.1 14.2
2.Depreciation for the year plus changes in capital employed (C3+E1) 234.2 -59.3 22.2 -43.7 321.4 -268.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 63.1 16.3 22.7 16.6 57.4 0.0
2.Current ratio (B4 as % of B5) 52.2 57.5 45.7 40.5 80.8 41.5
3.Acid test or Quick ratio (B4-B3 as % B5) 26.2 15.7 22.3 22.6 35.8 23.1
4.Debt equity ratio (B6 as % of A3) 308.6 180.4 213.1 325.9 321.0 324.1
5.Return on assets (D7 as % of C4) -15.9 0.0 -3.5 -6.0 -2.2 -2.9
6.Self financing ratio (E2 as % of E1) -50.0 - 221.1 61.7 -8.3 7.6
7.Cash flow ratio F1 as % of F2 -24.3 - 27.5 27.7 5.0 -5.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 124.9 220.5 194.8 151.0 180.4 160.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 112.0 97.2 99.5 102.2 97.0 96.0
10.Financial expenses as % of operating profit (D6 as % of D5) - 101.6 637.0 -185.4 184.9 165.5
11.Financial expense as % of gross sales (D6 as % of D1) 2.9 2.8 4.1 3.8 5.9 6.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.6 4.8 16.0 12.1 6.7 23.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - -19.0 -12.9 -18.8 -1.7
14.Sundry debtors as % of gross sales 3.6 9.4 8.4 10.5 13.7 11.6
15.Return on Equity (D7 as % of A3) -65.0 -0.1 -10.9 -25.7 -9.4 -12.3
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -14.3 0.0 -3.5 -5.9 -2.7 -2.6
4.Earning per share before tax (D7/No. of ordinary shares) -8.1 0.0 -2.1 -3.9 -1.7 -2.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -8.3 -0.2 -2.5 -4.4 -2.0 -2.0
6.Average annual % depreciation on written down fixed assets 8.3 5.8 7.4 7.5 7.4 6.6
7.Sales as % of total assets (D1 as % of C4) 111.0 62.5 100.5 102.4 82.7 109.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 84.1 -100.0 0.0 85.7 -56.4 17.6
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 33.5 -31.7 58.5 7.4 -4.6 18.8
10.Break-up value of ordinary shares (in rupees) 12.5 22.1 19.5 15.1 18.0 16.0

61
Globe Textile Mills (OE) Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 44.4 44.4 46.6 46.6 46.6 46.6
2.Surplus 32.8 51.6 23.6 23.6 23.6 -35.7
3.Shareholder's Equity (A1+A2) 77.2 96.0 70.2 70.2 70.2 10.9
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 Liabilities 98.7 147.0 104.7 104.7 104.7 105.0
7.Total Fixed Liabilities (A4+A5+A6) 98.7 147.0 104.7 104.7 104.7 105.0
8.Total Capital Employed (A3+A7) 175.9 243.0 174.9 174.9 174.9 115.9
B.Liquidity:
1.Liquid Assets: 1.4 1.3 1.3 1.3 1.3 0.2
(i)Cash 1.4 1.3 1.3 1.3 1.3 0.2
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 109.3 92.6 120.4 120.4 120.4 123.9
3.Inventories 132.7 138.7 186.5 186.5 186.5 15.3
4.Current Assets (B1+B2+B3) 243.4 232.6 308.2 308.2 308.2 139.4
5.Current Liabilities 243.7 229.9 371.7 371.7 371.7 198.1
6.Total Liabilities(A7+B5) 342.4 376.9 476.4 476.4 476.4 303.1
7.Net Current Assets(B4-B5) -0.3 2.7 -63.5 -63.5 -63.5 -58.7
8.Contractual Liabilities 258.5 313.1 425.2 425.2 425.2 175.6
9.Net liquid assets (B1-B5) -242.3 -228.6 -370.4 -370.4 -370.4 -197.9
C.Fixed Assets:
1.Fixed Asset At Cost 294.8 371.7 389.3 389.3 389.3 377.4
2.Fixed assets after deducting accumulated depreciation 176.2 240.3 238.5 238.5 238.5 174.5
3.Depreciation for the year 8.5 13.3 16.4 16.4 16.4 18.6
4.Total assets (B4+C2) 419.6 472.9 546.7 546.7 546.7 313.9
D.Operation:
1.Gross sales 560.3 454.2 215.9 215.9 215.9 206.9
(i)Local sales 560.3 454.2 215.9 215.9 215.9 206.9
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 523.8 424.1 214.6 214.6 214.6 183.2
3.Gross profit 36.5 30.1 1.3 1.3 1.3 23.7
4.Overhead and Other Expenses 537.8 434.1 227.0 227.0 227.0 194.6
5.Operating profit 22.6 20.4 1.6 1.6 1.6 12.5
6.Financial expenses 17.8 12.9 25.5 25.5 25.5 11.7
7.Net profit before tax (D5-D6) 4.8 7.5 -23.9 -23.9 -23.9 0.8
8.Tax provision 2.4 2.0 1.1 1.1 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) 15.6 67.1 -68.1 0.0 0.0 -59.0
2.Retention in business (D7-D8-D9) 2.4 5.5 -25.0 -25.0 -25.0 0.8
3.Finance from outside the company (E1-E2) 13.2 61.6 -43.1 25.0 25.0 -59.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 10.9 18.8 -8.6 -8.6 -8.6 19.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 24.1 80.4 -51.7 16.4 16.4 -40.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 56.1 60.5 59.9 59.9 59.9 90.6
2.Current ratio (B4 as % of B5) 99.9 101.2 82.9 82.9 82.9 70.4
3.Acid test or Quick ratio (B4-B3 as % B5) 45.4 40.8 32.7 32.7 32.7 62.6
4.Debt equity ratio (B6 as % of A3) 443.5 392.6 678.6 678.6 678.6 2780.7
5.Return on assets (D7 as % of C4) 1.1 1.6 -4.4 -4.4 -4.4 0.3
6.Self financing ratio (E2 as % of E1) 15.4 8.2 36.7 0.0 0.0 -1.4
7.Cash flow ratio F1 as % of F2 45.2 23.4 16.6 -52.4 -52.4 -48.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 173.9 216.2 150.6 150.6 150.6 23.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 96.0 95.6 105.1 105.1 105.1 94.1
10.Financial expenses as % of operating profit (D6 as % of D5) 78.8 63.2 1593.8 1593.8 1593.8 93.6
11.Financial expense as % of gross sales (D6 as % of D1) 3.2 2.8 11.8 11.8 11.8 5.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.9 4.1 6.0 6.0 6.0 6.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 50.0 26.7 -4.6 -4.6 -4.6 0.0
14.Sundry debtors as % of gross sales 4.0 6.1 11.8 11.8 11.8 17.7
15.Return on Equity (D7 as % of A3) 6.2 7.8 -34.0 -34.0 -34.0 7.3
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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 1.7 -11.1 -11.1 -11.1 0.4
4.Earning per share before tax (D7/No. of ordinary shares) 1.1 1.7 -5.1 -5.1 -5.1 0.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.5 1.2 -5.4 -5.4 -5.4 0.2
6.Average annual % depreciation on written down fixed assets 4.9 7.5 6.8 6.8 6.8 9.6
7.Sales as % of total assets (D1 as % of C4) 133.5 96.0 39.5 39.5 39.5 65.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 266.7 54.5 -400.0 0.0 0.0 -103.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 33.3 -18.9 -52.5 0.0 0.0 -4.2
10.Break-up value of ordinary shares (in rupees) 17.4 21.6 15.1 15.1 15.1 2.3

62
Globe Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 155.9 155.9 163.7 163.7 163.7 163.7
2.Surplus 100.8 482.7 -77.8 -180.3 -204.4 329.2
3.Shareholder's Equity (A1+A2) 256.7 638.6 85.9 -16.6 -40.7 492.9
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 Liabilities 199.2 367.5 408.4 534.0 460.5 0.0
7.Total Fixed Liabilities (A4+A5+A6) 199.2 367.5 408.4 534.0 460.5 0.0
8.Total Capital Employed (A3+A7) 455.9 1006.1 494.3 517.4 419.8 492.9
B.Liquidity:
1.Liquid Assets: 2.4 2.8 0.4 1.8 0.0 6.3
(i)Cash 2.4 2.8 0.4 1.8 0.0 6.3
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 522.1 334.7 290.7 141.6 136.6 257.4
3.Inventories 641.0 829.4 246.8 0.0 0.0 0.0
4.Current Assets (B1+B2+B3) 1165.5 1166.9 537.9 143.4 136.6 263.7
5.Current Liabilities 1264.0 1079.3 927.7 343.3 320.4 0.5
6.Total Liabilities(A7+B5) 1463.2 1446.8 1336.1 877.3 780.9 0.5
7.Net Current Assets(B4-B5) -98.5 87.6 -389.8 -199.9 -183.8 263.2
8.Contractual Liabilities 1025.4 1195.6 999.8 554.7 481.8 0.0
9.Net liquid assets (B1-B5) -1261.6 -1076.5 -927.3 -341.5 -320.4 5.8
C.Fixed Assets:
1.Fixed Asset At Cost 1308.0 1717.1 1730.7 1455.8 1159.2 678.9
2.Fixed assets after deducting accumulated depreciation 554.3 918.5 884.0 717.3 603.5 229.6
3.Depreciation for the year 54.9 45.3 55.7 95.8 33.0 25.7
4.Total assets (B4+C2) 1719.8 2085.4 1421.9 860.7 740.1 493.3
D.Operation:
1.Gross sales 1390.0 837.7 499.5 219.7 0.0 0.0
(i)Local sales 929.6 498.7 346.3 219.7 0.0 0.0
(ii)Export sales 460.4 339.0 153.2 0.0 0.0 0.0
2.Cost of Sales 1241.5 749.5 590.1 301.3 43.2 69.4
3.Gross profit 148.5 88.2 -90.6 -81.6 -43.2 -69.4
4.Overhead and Other Expenses 1287.1 778.2 958.6 314.6 53.4 93.3
5.Operating profit 102.9 60.4 -455.7 -69.1 -9.9 533.6
6.Financial expenses 80.2 54.4 94.5 32.3 14.2 0.0
7.Net profit before tax (D5-D6) 22.7 6.0 -550.2 -101.4 -24.1 533.6
8.Tax provision 6.3 3.9 2.5 1.1 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) -157.7 550.2 -511.8 23.1 -97.6 73.1
2.Retention in business (D7-D8-D9) 16.4 2.1 -552.7 -102.5 -24.1 533.6
3.Finance from outside the company (E1-E2) -174.1 548.1 40.9 125.6 -73.5 -460.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 71.3 47.4 -497.0 -6.7 8.9 559.3
2.Depreciation for the year plus changes in capital employed (C3+E1) -102.8 595.5 -456.1 118.9 -64.6 98.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 43.7 36.5 82.6 103.2 109.7 0.0
2.Current ratio (B4 as % of B5) 92.2 108.1 58.0 41.8 42.6 52740.0
3.Acid test or Quick ratio (B4-B3 as % B5) 41.5 31.3 31.4 41.8 42.6 52740.0
4.Debt equity ratio (B6 as % of A3) 570.0 226.6 1555.4 0.0 0.0 0.1
5.Return on assets (D7 as % of C4) 1.3 0.3 -38.7 -11.8 -3.3 108.2
6.Self financing ratio (E2 as % of E1) - 0.4 108.0 -443.7 24.7 730.0
7.Cash flow ratio F1 as % of F2 - 8.0 109.0 -5.6 -13.8 566.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 164.7 409.6 52.5 -10.1 -24.9 301.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 92.6 92.9 191.9 143.2 0.0 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) 77.9 90.1 -20.7 -46.7 -143.4 0.0
11.Financial expense as % of gross sales (D6 as % of D1) 5.8 6.5 18.9 14.7 0.0 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.8 4.6 9.5 5.8 2.9 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 27.8 65.0 -0.5 -1.1 0.0 0.0
14.Sundry debtors as % of gross sales 11.2 20.3 15.3 24.3 0.0 0.0
15.Return on Equity (D7 as % of A3) 8.8 0.9 -640.5 0.0 0.0 108.3
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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 0.7 -110.2 -46.2 0.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) 1.5 0.4 -33.6 -6.2 -1.5 32.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 1.1 0.1 -33.8 -6.3 -1.5 32.6
6.Average annual % depreciation on written down fixed assets 8.4 8.2 6.1 10.8 4.6 4.3
7.Sales as % of total assets (D1 as % of C4) 80.8 40.2 35.1 25.5 0.0 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 114.3 -73.3 -8500.0 -81.5 -75.8 -2273.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 17.9 -39.7 -40.4 -56.0 -100.0 -
10.Break-up value of ordinary shares (in rupees) 16.5 41.0 5.2 -1.0 -2.5 30.1

63
Gul Ahmed Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 340.7 383.3 460.0 552.0 552.0 634.8
2.Surplus 1962.8 1953.7 1886.2 2076.8 2181.8 2454.5
3.Shareholder's Equity (A1+A2) 2303.5 2337.0 2346.2 2628.8 2733.8 3089.3
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 Liabilities 1386.9 2036.3 2151.3 1772.0 2484.6 2566.6
7.Total Fixed Liabilities (A4+A5+A6) 1386.9 2036.3 2151.3 1772.0 2484.6 2566.6
8.Total Capital Employed (A3+A7) 3690.4 4373.3 4497.5 4400.8 5218.4 5655.9
B.Liquidity:
1.Liquid Assets: 704.2 725.4 524.5 86.3 127.5 158.2
(i)Cash 99.0 115.5 39.9 27.8 69.0 99.7
(ii)Investments 605.2 609.9 484.6 58.5 58.5 58.5
2.Other Current Assets 2858.5 2304.3 2157.0 3010.5 3498.8 3404.7
3.Inventories 2043.9 2747.0 2887.2 2254.1 2915.6 3886.2
4.Current Assets (B1+B2+B3) 5606.6 5776.7 5568.7 5350.9 6541.9 7449.1
5.Current Liabilities 5385.8 5432.0 5481.4 5653.0 7151.1 7898.9
6.Total Liabilities(A7+B5) 6772.7 7468.3 7632.7 7425.0 9635.7 10465.5
7.Net Current Assets(B4-B5) 220.8 344.7 87.3 -302.1 -609.2 -449.8
8.Contractual Liabilities 5928.9 6486.1 6811.6 5782.2 7699.0 8401.9
9.Net liquid assets (B1-B5) -4681.6 -4706.6 -4956.9 -5566.7 -7023.6 -7740.7
C.Fixed Assets:
1.Fixed Asset At Cost 5909.0 6730.2 6590.6 7929.9 9200.5 10496.1
2.Fixed assets after deducting accumulated depreciation 3469.6 4028.5 4410.2 4702.8 5827.6 6105.8
3.Depreciation for the year 328.2 274.7 379.3 412.3 514.6 636.8
4.Total assets (B4+C2) 9076.2 9805.2 9978.9 10053.7 12369.5 13554.9
D.Operation:
1.Gross sales 6680.9 5893.1 8245.8 9872.0 11752.0 13906.5
(i)Local sales 1791.1 2394.5 3617.3 4091.6 4852.2 8919.4
(ii)Export sales 4889.8 3498.6 4628.5 5780.4 6899.8 4987.1
2.Cost of Sales 5625.3 4929.8 7081.2 8446.1 10052.9 11568.1
3.Gross profit 1055.6 963.3 1164.6 1425.9 1699.1 2338.4
4.Overhead and Other Expenses 6329.2 5541.1 7704.7 9139.8 10834.5 12723.9
5.Operating profit 363.2 358.7 548.6 738.5 934.3 1208.9
6.Financial expenses 108.5 236.9 536.3 476.2 732.5 1039.0
7.Net profit before tax (D5-D6) 254.7 121.8 12.3 262.3 201.8 169.9
8.Tax provision 60.1 39.0 47.0 67.4 66.0 83.0
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 38.3 38.3 0.0 132.3 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 621.6 682.9 124.2 -96.7 817.6 437.5
2.Retention in business (D7-D8-D9) 194.6 82.8 -34.7 194.9 135.8 86.9
3.Finance from outside the company (E1-E2) 427.0 600.1 158.9 -291.6 681.8 350.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 522.8 357.5 344.6 607.2 650.4 723.7
2.Depreciation for the year plus changes in capital employed (C3+E1) 949.8 957.6 503.5 315.6 1332.2 1074.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 37.6 46.6 47.8 40.3 47.6 45.4
2.Current ratio (B4 as % of B5) 104.1 106.3 101.6 94.7 91.5 94.3
3.Acid test or Quick ratio (B4-B3 as % B5) 66.1 55.8 48.9 54.8 50.7 45.1
4.Debt equity ratio (B6 as % of A3) 294.0 319.6 325.3 282.4 352.5 338.8
5.Return on assets (D7 as % of C4) 2.8 1.2 0.1 2.6 1.6 1.3
6.Self financing ratio (E2 as % of E1) 31.3 12.1 -27.9 -201.6 16.6 19.9
7.Cash flow ratio F1 as % of F2 55.0 37.3 68.4 192.4 48.8 67.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 676.1 609.7 510.0 476.2 495.3 486.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.7 94.0 93.4 92.6 92.2 91.5
10.Financial expenses as % of operating profit (D6 as % of D5) 29.9 66.0 97.8 64.5 78.4 85.9
11.Financial expense as % of gross sales (D6 as % of D1) 1.6 4.0 6.5 4.8 6.2 7.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 1.8 3.7 7.9 8.2 9.5 12.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 23.6 32.0 382.1 25.7 32.7 48.9
14.Sundry debtors as % of gross sales 30.8 32.7 22.3 21.9 21.2 18.2
15.Return on Equity (D7 as % of A3) 11.1 5.2 0.5 10.0 7.4 5.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 3.8 2.1 0.1 2.7 1.7 1.2
4.Earning per share before tax (D7/No. of ordinary shares) 7.5 3.2 0.3 4.8 3.7 2.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 5.7 2.2 -0.8 3.5 2.5 1.4
6.Average annual % depreciation on written down fixed assets 11.2 7.9 9.5 9.3 10.9 10.9
7.Sales as % of total assets (D1 as % of C4) 73.6 60.1 82.6 98.2 95.0 102.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -33.0 -57.3 -90.6 1500.0 -22.9 -27.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 19.7 -11.8 39.9 19.7 19.0 18.3
10.Break-up value of ordinary shares (in rupees) 67.6 61.0 51.0 47.6 49.5 48.7

64
Gulistan Spinning Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 100.0 100.0 100.0 110.0 110.0 133.1
2.Surplus 121.8 134.6 216.6 213.6 213.6 220.5
3.Shareholder's Equity (A1+A2) 221.8 234.6 316.6 323.6 323.6 353.6
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 Liabilities 137.8 172.0 246.0 60.4 60.4 80.2
7.Total Fixed Liabilities (A4+A5+A6) 137.8 172.0 246.0 60.4 60.4 80.2
8.Total Capital Employed (A3+A7) 359.6 406.6 562.6 384.0 384.0 433.8
B.Liquidity:
1.Liquid Assets: 50.0 40.9 76.2 93.0 93.0 86.0
(i)Cash 40.1 30.4 55.0 69.7 69.7 58.8
(ii)Investments 9.9 10.5 21.2 23.3 23.3 27.2
2.Other Current Assets 191.4 137.0 220.3 261.3 261.3 372.3
3.Inventories 295.3 396.0 313.4 419.4 419.4 663.0
4.Current Assets (B1+B2+B3) 536.7 573.9 609.9 773.7 773.7 1121.3
5.Current Liabilities 518.6 560.2 626.2 961.2 961.2 1245.0
6.Total Liabilities(A7+B5) 656.4 732.2 872.2 1021.6 1021.6 1325.2
7.Net Current Assets(B4-B5) 18.1 13.7 -16.3 -187.5 -187.5 -123.7
8.Contractual Liabilities 584.4 680.3 808.8 553.6 553.6 1054.7
9.Net liquid assets (B1-B5) -468.6 -519.3 -550.0 -868.2 -868.2 -1159.0
C.Fixed Assets:
1.Fixed Asset At Cost 666.1 742.1 966.9 999.7 999.7 1041.8
2.Fixed assets after deducting accumulated depreciation 341.6 392.9 578.9 571.6 571.6 557.6
3.Depreciation for the year 28.1 19.9 39.2 44.4 44.4 26.0
4.Total assets (B4+C2) 878.3 966.8 1188.8 1345.3 1345.3 1678.9
D.Operation:
1.Gross sales 856.3 609.1 930.9 1067.2 1067.2 1355.7
(i)Local sales 360.4 195.8 930.9 332.2 332.2 560.2
(ii)Export sales 495.9 413.3 0.0 735.0 735.0 795.5
2.Cost of Sales 800.3 536.4 791.5 912.4 912.4 1136.1
3.Gross profit 56.0 72.7 139.4 154.8 154.8 219.6
4.Overhead and Other Expenses 818.2 550.1 828.7 959.1 959.1 1186.2
5.Operating profit 38.3 59.1 109.6 115.2 115.2 179.2
6.Financial expenses 33.0 40.7 87.2 404.2 404.2 158.4
7.Net profit before tax (D5-D6) 5.3 18.4 22.4 -289.0 -289.0 20.8
8.Tax provision 6.2 5.2 9.6 10.9 10.9 8.0
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 10.0 0.0 0.0 13.3
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -36.5 47.0 156.0 -178.6 0.0 49.8
2.Retention in business (D7-D8-D9) -0.9 13.2 12.8 -299.9 -299.9 12.8
3.Finance from outside the company (E1-E2) -35.6 33.8 143.2 121.3 299.9 37.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 27.2 33.1 52.0 -255.5 -255.5 38.8
2.Depreciation for the year plus changes in capital employed (C3+E1) -8.4 66.9 195.2 -134.2 44.4 75.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 38.3 42.3 43.7 15.7 15.7 18.5
2.Current ratio (B4 as % of B5) 103.5 102.4 97.4 80.5 80.5 90.1
3.Acid test or Quick ratio (B4-B3 as % B5) 46.5 31.8 47.3 36.9 36.9 36.8
4.Debt equity ratio (B6 as % of A3) 295.9 312.1 275.5 315.7 315.7 374.8
5.Return on assets (D7 as % of C4) 0.6 1.9 1.9 -21.5 -21.5 1.2
6.Self financing ratio (E2 as % of E1) - 28.1 8.2 167.9 0.0 25.7
7.Cash flow ratio F1 as % of F2 - 49.5 26.6 190.4 -575.5 51.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 221.8 234.6 316.6 294.2 294.2 265.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.6 90.3 89.0 89.9 89.9 87.5
10.Financial expenses as % of operating profit (D6 as % of D5) 86.2 68.9 79.6 350.9 350.9 88.4
11.Financial expense as % of gross sales (D6 as % of D1) 3.9 6.7 9.4 37.9 37.9 11.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.6 6.0 10.8 73.0 73.0 15.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 117.0 28.3 42.9 -3.8 -3.8 38.5
14.Sundry debtors as % of gross sales 9.6 11.5 9.8 13.5 13.5 16.6
15.Return on Equity (D7 as % of A3) 2.4 7.8 7.1 -89.3 -89.3 5.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 0.6 3.0 2.4 -27.1 -27.1 1.5
4.Earning per share before tax (D7/No. of ordinary shares) 0.5 1.8 2.2 -26.3 -26.3 1.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.1 1.3 1.3 -27.3 -27.3 1.0
6.Average annual % depreciation on written down fixed assets 9.7 5.8 10.0 7.7 7.7 4.6
7.Sales as % of total assets (D1 as % of C4) 97.5 63.0 78.3 79.3 79.3 80.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -61.5 260.0 22.2 -1295.5 0.0 -106.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 18.2 -28.9 52.8 14.6 0.0 27.0
10.Break-up value of ordinary shares (in rupees) 22.2 23.5 31.7 29.4 29.4 26.6

65
Gulistan Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 126.4 126.4 132.7 145.9 160.5 172.6
2.Surplus 826.3 941.9 2126.9 2333.7 2371.8 2340.1
3.Shareholder's Equity (A1+A2) 952.7 1068.3 2259.6 2479.6 2532.3 2512.7
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 52.9 0.0 0.0 0.0 0.0
6.Other Fixed Liabilities 601.9 595.8 841.0 756.8 629.3 444.8
7.Total Fixed Liabilities (A4+A5+A6) 601.9 648.7 841.0 756.8 629.3 444.8
8.Total Capital Employed (A3+A7) 1554.6 1717.0 3100.6 3236.4 3161.6 2957.5
B.Liquidity:
1.Liquid Assets: 391.9 402.3 1319.7 1515.9 1517.7 1468.2
(i)Cash 35.8 38.7 34.8 55.4 28.8 56.8
(ii)Investments 356.1 363.6 1284.9 1460.5 1488.9 1411.4
2.Other Current Assets 833.9 793.9 1083.8 1252.8 1351.8 1559.7
3.Inventories 1097.3 1407.5 1573.2 1892.0 2872.1 4098.0
4.Current Assets (B1+B2+B3) 2323.1 2603.7 3976.7 4660.7 5741.6 7125.9
5.Current Liabilities 2056.5 2362.7 2656.4 3402.8 4660.3 6319.7
6.Total Liabilities(A7+B5) 2658.4 3011.4 3497.4 4159.6 5289.6 6764.5
7.Net Current Assets(B4-B5) 266.6 241.0 1320.3 1257.9 1081.3 806.2
8.Contractual Liabilities 2156.3 2786.5 3115.0 3281.1 4009.3 5613.6
9.Net liquid assets (B1-B5) -1664.6 -1960.4 -1336.7 -1886.9 -3142.6 -4851.5
C.Fixed Assets:
1.Fixed Asset At Cost 2410.8 2680.3 3100.8 3238.6 3505.0 3737.8
2.Fixed assets after deducting accumulated depreciation 1288.0 1476.0 1780.3 1978.5 2080.4 2151.2
3.Depreciation for the year 123.8 88.1 135.4 140.3 89.6 95.5
4.Total assets (B4+C2) 3611.1 4079.7 5757.0 6639.2 7822.0 9277.1
D.Operation:
1.Gross sales 3904.4 2705.6 3651.7 4326.5 5249.8 5245.4
(i)Local sales 2335.2 1502.8 3651.7 2900.4 3517.5 3669.9
(ii)Export sales 1569.2 1202.8 0.0 1426.1 1732.3 1575.5
2.Cost of Sales 3615.1 2415.0 3082.9 3756.5 4513.1 4197.9
3.Gross profit 289.3 290.6 568.8 570.0 736.7 1047.5
4.Overhead and Other Expenses 3688.4 2471.4 3219.4 3926.4 4667.4 4359.7
5.Operating profit 256.3 250.7 447.4 459.9 660.0 860.4
6.Financial expenses 197.8 180.3 350.3 401.4 535.7 832.5
7.Net profit before tax (D5-D6) 58.5 70.4 97.1 58.5 124.3 27.9
8.Tax provision 20.1 15.3 18.7 21.6 26.2 15.5
9.Total amount of dividend 9.5 9.5 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 13.3 0.0 112.8 17.3
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -182.3 162.4 1383.6 135.8 -74.8 -204.1
2.Retention in business (D7-D8-D9) 28.9 45.6 78.4 36.9 98.1 12.4
3.Finance from outside the company (E1-E2) -211.2 116.8 1305.2 98.9 -172.9 -216.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 152.7 133.7 213.8 177.2 187.7 107.9
2.Depreciation for the year plus changes in capital employed (C3+E1) -58.5 250.5 1519.0 276.1 14.8 -108.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 38.7 37.8 27.1 23.4 19.9 15.0
2.Current ratio (B4 as % of B5) 113.0 110.2 149.7 137.0 123.2 112.8
3.Acid test or Quick ratio (B4-B3 as % B5) 59.6 50.6 90.5 81.4 61.6 47.9
4.Debt equity ratio (B6 as % of A3) 279.0 281.9 154.8 167.8 208.9 269.2
5.Return on assets (D7 as % of C4) 1.6 1.7 1.7 0.9 1.6 0.3
6.Self financing ratio (E2 as % of E1) - 28.1 5.7 27.2 -131.1 -6.1
7.Cash flow ratio F1 as % of F2 - 53.4 14.1 64.2 1268.2 -99.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 753.7 845.2 1702.8 1699.5 1577.8 1455.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.5 91.3 88.2 90.8 88.9 83.1
10.Financial expenses as % of operating profit (D6 as % of D5) 77.2 71.9 78.3 87.3 81.2 96.8
11.Financial expense as % of gross sales (D6 as % of D1) 5.1 6.7 9.6 9.3 10.2 15.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.2 6.5 11.2 12.2 13.4 14.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 34.4 21.7 19.3 36.9 21.1 55.6
14.Sundry debtors as % of gross sales 13.7 23.9 19.8 20.7 18.9 22.9
15.Return on Equity (D7 as % of A3) 6.1 6.6 4.3 2.4 4.9 1.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 404.2 580.0 0.0 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 1.0 0.9 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.5 2.6 2.7 1.4 2.4 0.5
4.Earning per share before tax (D7/No. of ordinary shares) 4.6 5.6 7.3 4.0 7.7 1.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.0 4.4 5.9 2.5 6.1 0.7
6.Average annual % depreciation on written down fixed assets 9.1 6.8 9.2 7.9 4.5 4.6
7.Sales as % of total assets (D1 as % of C4) 108.1 66.3 63.4 65.2 67.1 56.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -17.9 21.7 30.4 -45.2 92.5 -79.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 24.8 -30.7 35.0 18.5 21.3 -0.1
10.Break-up value of ordinary shares (in rupees) 75.4 84.5 170.3 170.0 157.8 145.6

66
Gulshan Spinning Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 126.5 126.5 126.5 139.2 153.1 168.4
2.Surplus 455.3 484.7 758.0 778.1 811.9 817.9
3.Shareholder's Equity (A1+A2) 581.8 611.2 884.5 917.3 965.0 986.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 479.2 127.9 0.0 0.0 0.0 0.0
6.Other Fixed Liabilities 23.8 502.2 645.6 466.1 592.7 117.0
7.Total Fixed Liabilities (A4+A5+A6) 503.0 630.1 645.6 466.1 592.7 117.0
8.Total Capital Employed (A3+A7) 1084.8 1241.3 1530.1 1383.4 1557.7 1103.3
B.Liquidity:
1.Liquid Assets: 74.8 47.8 200.7 194.8 236.7 340.2
(i)Cash 47.8 21.5 74.1 88.8 129.2 161.0
(ii)Investments 27.0 26.3 126.6 106.0 107.5 179.2
2.Other Current Assets 396.0 388.6 573.8 572.0 618.9 721.3
3.Inventories 664.5 936.8 815.4 1159.7 1302.4 1825.4
4.Current Assets (B1+B2+B3) 1135.3 1373.2 1589.9 1926.5 2158.0 2886.9
5.Current Liabilities 1092.5 1338.8 1547.3 2006.9 2043.4 3202.4
6.Total Liabilities(A7+B5) 1595.5 1968.9 2192.9 2473.0 2636.1 3319.4
7.Net Current Assets(B4-B5) 42.8 34.4 42.6 -80.4 114.6 -315.5
8.Contractual Liabilities 1379.0 1810.4 1992.3 1699.9 1843.5 283.1
9.Net liquid assets (B1-B5) -1017.7 -1291.0 -1346.6 -1812.1 -1806.7 -2862.2
C.Fixed Assets:
1.Fixed Asset At Cost 1939.2 2159.7 2545.0 2604.1 2654.1 2705.4
2.Fixed assets after deducting accumulated depreciation 1042.0 1206.9 1487.4 1463.8 1443.1 1418.8
3.Depreciation for the year 93.1 71.3 108.8 118.0 68.7 70.1
4.Total assets (B4+C2) 2177.3 2580.1 3077.3 3390.3 3601.1 4305.7
D.Operation:
1.Gross sales 2077.5 1658.6 2304.9 2003.9 2210.9 2571.9
(i)Local sales 1292.8 904.0 1140.1 643.1 670.8 1055.6
(ii)Export sales 784.7 754.6 1164.8 1360.8 1540.1 1516.3
2.Cost of Sales 1921.1 1481.1 1959.6 1653.4 1805.1 2073.4
3.Gross profit 156.4 177.5 345.3 350.5 405.8 498.5
4.Overhead and Other Expenses 1959.8 1521.1 2047.5 1758.9 1901.1 2157.7
5.Operating profit 123.1 143.1 265.4 258.3 316.0 421.8
6.Financial expenses 100.6 100.4 206.5 229.4 253.7 383.4
7.Net profit before tax (D5-D6) 22.5 42.7 58.9 28.9 62.3 38.4
8.Tax provision 9.7 9.6 14.6 20.3 15.1 34.1
9.Total amount of dividend 0.0 9.5 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 12.7 0.0 13.9 16.8
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 47.9 156.5 288.8 -146.7 174.3 -454.4
2.Retention in business (D7-D8-D9) 12.8 23.6 44.3 8.6 47.2 4.3
3.Finance from outside the company (E1-E2) 35.1 132.9 244.5 -155.3 127.1 -458.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 105.9 94.9 153.1 126.6 115.9 74.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 141.0 227.8 397.6 -28.7 243.0 -384.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 46.4 50.8 42.2 33.7 38.0 10.6
2.Current ratio (B4 as % of B5) 103.9 102.6 102.8 96.0 105.6 90.1
3.Acid test or Quick ratio (B4-B3 as % B5) 43.1 32.6 50.1 38.2 41.9 33.1
4.Debt equity ratio (B6 as % of A3) 274.2 322.1 247.9 269.6 273.2 336.6
5.Return on assets (D7 as % of C4) 1.0 1.7 1.9 0.9 1.7 0.9
6.Self financing ratio (E2 as % of E1) 26.7 15.1 15.3 -5.9 27.1 -0.9
7.Cash flow ratio F1 as % of F2 75.1 41.7 38.5 -441.1 47.7 -19.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 459.9 483.2 699.2 659.0 630.3 585.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.3 91.7 88.8 87.8 86.0 83.9
10.Financial expenses as % of operating profit (D6 as % of D5) 81.7 70.2 77.8 88.8 80.3 90.9
11.Financial expense as % of gross sales (D6 as % of D1) 4.8 6.1 9.0 11.4 11.5 14.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.3 5.5 10.4 13.5 13.8 135.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 43.1 22.5 24.8 70.2 24.2 88.8
14.Sundry debtors as % of gross sales 11.2 18.0 17.1 18.5 18.0 18.2
15.Return on Equity (D7 as % of A3) 3.9 7.0 6.7 3.2 6.5 3.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - 348.4 0.0 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 1.6 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.1 2.6 2.6 1.4 2.8 1.5
4.Earning per share before tax (D7/No. of ordinary shares) 1.8 3.4 4.7 2.1 4.1 2.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 1.0 2.6 3.5 0.6 3.1 0.3
6.Average annual % depreciation on written down fixed assets 9.1 6.8 9.0 7.9 4.7 4.9
7.Sales as % of total assets (D1 as % of C4) 95.4 64.3 74.9 59.1 61.4 59.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -47.1 88.9 38.2 -55.3 95.2 -43.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 12.4 -20.2 39.0 -13.1 10.3 16.3
10.Break-up value of ordinary shares (in rupees) 46.0 48.3 69.9 65.9 63.0 58.6

67
Hafiz Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital - - 12.0 12.0 12.0 12.0
2.Surplus - - -123.0 -120.2 -19.8 -13.3
3.Shareholder's Equity (A1+A2) - - -111.0 -108.2 -7.8 -1.3
4.Prefrence Shares - - 0.0 0.0 0.0 0.0
5.Debentures - - 0.0 0.0 0.0 0.0
6.Other Fixed Liabilities - - 127.9 126.8 0.0 0.0
7.Total Fixed Liabilities (A4+A5+A6) - - 127.9 126.8 0.0 0.0
8.Total Capital Employed (A3+A7) - - 16.9 18.6 -7.8 -1.3
B.Liquidity:
1.Liquid Assets: - - 0.5 0.2 0.7 0.4
(i)Cash - - 0.5 0.2 0.7 0.4
(ii)Investments - - 0.0 0.0 0.0 0.0
2.Other Current Assets - - 3.2 2.5 1.6 0.6
3.Inventories - - 0.0 0.0 0.0 0.0
4.Current Assets (B1+B2+B3) - - 3.7 2.7 2.3 1.0
5.Current Liabilities - - 80.9 76.5 102.0 92.4
6.Total Liabilities(A7+B5) - - 208.8 203.3 102.0 92.4
7.Net Current Assets(B4-B5) - - -77.2 -73.8 -99.7 -91.4
8.Contractual Liabilities - - 207.2 202.4 0.0 0.0
9.Net liquid assets (B1-B5) - - -80.4 -76.3 -101.3 -92.0
C.Fixed Assets:
1.Fixed Asset At Cost - - 165.4 170.6 171.7 171.7
2.Fixed assets after deducting accumulated depreciation - - 94.1 92.3 91.8 90.2
3.Depreciation for the year - - 1.9 1.8 92.3 1.7
4.Total assets (B4+C2) - - 97.8 95.0 94.1 91.2
D.Operation:
1.Gross sales - - 0.0 0.0 0.0 0.0
(i)Local sales - - 0.0 0.0 0.0 0.0
(ii)Export sales - - 0.0 0.0 0.0 0.0
2.Cost of Sales - - 0.0 0.0 0.0 0.0
3.Gross profit - - 0.0 0.0 0.0 0.0
4.Overhead and Other Expenses - - 3.5 4.3 3.4 4.4
5.Operating profit - - 0.2 0.4 1.1 7.2
6.Financial expenses - - 0.0 0.0 0.0 0.0
7.Net profit before tax (D5-D6) - - 0.2 0.4 1.1 7.2
8.Tax provision - - 0.8 0.2 0.2 0.7
9.Total amount of dividend - - 0.0 0.0 0.0 0.9
10.Total value of bonus shares issued - - 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) - - - - -26.4 6.5
2.Retention in business (D7-D8-D9) - - -0.6 0.2 0.9 5.6
3.Finance from outside the company (E1-E2) - - - - -27.3 0.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) - - 1.3 2.0 93.2 7.3
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - - 65.9 8.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - 756.8 681.7 0.0 0.0
2.Current ratio (B4 as % of B5) - - 4.6 3.5 2.3 1.1
3.Acid test or Quick ratio (B4-B3 as % B5) - - 4.6 3.5 2.3 1.1
4.Debt equity ratio (B6 as % of A3) - - 0.0 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) - - 0.2 0.4 1.2 7.9
6.Self financing ratio (E2 as % of E1) - - 0.0 0.0 -3.4 86.2
7.Cash flow ratio F1 as % of F2 - - 0.0 0.0 141.4 89.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - -925.0 -901.7 -65.0 -10.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - 0.0 0.0 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) - - 0.0 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 9.7
14.Sundry debtors as % of gross sales - - 0.0 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) - - 0.0 0.0 0.0 0.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 0.0 0.0 722.2
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) - - 0.0 0.0 0.0 0.0
4.Earning per share before tax (D7/No. of ordinary shares) - - 0.2 0.3 0.9 6.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - -0.5 0.2 0.8 5.4
6.Average annual % depreciation on written down fixed assets - - 2.0 1.9 0.0 1.9
7.Sales as % of total assets (D1 as % of C4) - - 0.0 0.0 0.0 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - -80.0 -70.0 200.0 566.7
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 -1.1

68
Haji Mohammad Ismail Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 99.8 99.8 99.8 119.8 119.8 119.8
2.Surplus 33.9 36.9 50.8 54.3 22.1 5.7
3.Shareholder's Equity (A1+A2) 133.7 136.7 150.6 174.1 141.9 125.5
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 Liabilities 27.0 16.4 10.3 3.3 21.6 33.0
7.Total Fixed Liabilities (A4+A5+A6) 27.0 16.4 10.3 3.3 21.6 33.0
8.Total Capital Employed (A3+A7) 160.7 153.1 160.9 177.4 163.5 158.5
B.Liquidity:
1.Liquid Assets: 22.4 22.1 18.3 2.2 0.1 1.2
(i)Cash 0.6 0.6 1.4 2.2 0.1 0.7
(ii)Investments 21.8 21.5 16.9 0.0 0.0 0.5
2.Other Current Assets 65.6 44.1 84.8 63.0 42.1 41.5
3.Inventories 117.1 148.1 106.0 64.2 27.9 1.5
4.Current Assets (B1+B2+B3) 205.1 214.3 209.1 129.4 70.1 44.2
5.Current Liabilities 179.9 223.0 211.0 173.8 125.3 96.5
6.Total Liabilities(A7+B5) 206.9 239.4 221.3 177.1 146.9 129.5
7.Net Current Assets(B4-B5) 25.2 -8.7 -1.9 -44.4 -55.2 -52.3
8.Contractual Liabilities 88.5 117.9 154.9 83.6 67.9 73.9
9.Net liquid assets (B1-B5) -157.5 -200.9 -192.7 -171.6 -125.2 -95.3
C.Fixed Assets:
1.Fixed Asset At Cost 244.4 278.5 289.0 367.5 367.5 370.7
2.Fixed assets after deducting accumulated depreciation 135.7 161.7 162.8 221.7 218.7 210.7
3.Depreciation for the year 9.7 8.2 12.4 20.1 5.8 8.0
4.Total assets (B4+C2) 340.8 376.0 371.9 351.1 288.8 254.9
D.Operation:
1.Gross sales 460.9 366.1 625.3 265.3 70.5 93.4
(i)Local sales 460.9 334.9 520.9 248.8 70.5 93.4
(ii)Export sales 0.0 31.2 104.4 16.5 0.0 0.0
2.Cost of Sales 445.4 354.1 605.0 247.8 79.5 94.1
3.Gross profit 15.5 12.0 20.3 17.5 -9.0 -0.7
4.Overhead and Other Expenses 454.1 360.4 619.6 260.5 84.2 96.8
5.Operating profit 11.0 5.8 13.6 4.8 -13.7 -3.4
6.Financial expenses 0.0 0.7 3.8 38.4 9.3 10.0
7.Net profit before tax (D5-D6) 11.0 5.1 9.8 -33.6 -23.0 -13.4
8.Tax provision 2.3 1.6 3.1 1.3 0.4 0.0
9.Total amount of dividend 0.0 1.7 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) -13.0 -7.6 7.8 16.5 -13.9 -5.0
2.Retention in business (D7-D8-D9) 8.7 1.8 6.7 -34.9 -23.4 -13.4
3.Finance from outside the company (E1-E2) -21.7 -9.4 1.1 51.4 9.5 8.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 18.4 10.0 19.1 -14.8 -17.6 -5.4
2.Depreciation for the year plus changes in capital employed (C3+E1) -3.3 0.6 20.2 36.6 -8.1 3.0
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 16.8 10.7 6.4 1.9 13.2 20.8
2.Current ratio (B4 as % of B5) 114.0 96.1 99.1 74.5 55.9 45.8
3.Acid test or Quick ratio (B4-B3 as % B5) 48.9 29.7 48.9 37.5 33.7 44.2
4.Debt equity ratio (B6 as % of A3) 154.7 175.1 146.9 101.7 103.5 103.2
5.Return on assets (D7 as % of C4) 3.2 1.4 2.6 -9.6 -8.0 -5.3
6.Self financing ratio (E2 as % of E1) - - 85.9 -211.5 168.3 268.0
7.Cash flow ratio F1 as % of F2 - 1666.7 94.6 -40.4 217.3 -180.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 134.0 137.0 150.9 145.3 118.4 104.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 98.5 98.4 99.1 98.2 119.4 103.6
10.Financial expenses as % of operating profit (D6 as % of D5) 0.0 12.1 27.9 800.0 -67.9 -294.1
11.Financial expense as % of gross sales (D6 as % of D1) 0.0 0.2 0.6 14.5 13.2 10.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 0.0 0.6 2.5 45.9 13.7 13.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 20.9 31.4 31.6 -3.9 -1.7 0.0
14.Sundry debtors as % of gross sales 9.7 8.7 5.0 10.0 30.1 28.8
15.Return on Equity (D7 as % of A3) 8.2 3.7 6.5 -19.3 -16.2 -10.7
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - 205.9 0.0 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 1.2 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 2.4 1.4 1.6 -12.7 -32.6 -14.3
4.Earning per share before tax (D7/No. of ordinary shares) 1.1 0.5 1.0 -2.8 -1.9 -1.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.9 0.4 0.7 -2.9 -2.0 -1.1
6.Average annual % depreciation on written down fixed assets 9.1 6.0 7.7 12.3 2.6 3.7
7.Sales as % of total assets (D1 as % of C4) 135.2 97.4 168.1 75.6 24.4 36.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -237.5 -54.5 100.0 -380.0 -32.1 -42.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 74.1 -20.6 70.8 -57.6 -73.4 32.5
10.Break-up value of ordinary shares (in rupees) 13.4 13.7 15.1 14.5 11.8 10.5

69
Hajra Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 68.8 68.8 137.5 137.5 137.5 137.5
2.Surplus -20.9 -39.4 -87.5 -158.8 -201.4 -285.5
3.Shareholder's Equity (A1+A2) 47.9 29.4 50.0 -21.3 -63.9 -148.0
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 Liabilities 218.5 220.6 34.6 24.7 196.5 149.2
7.Total Fixed Liabilities (A4+A5+A6) 218.5 220.6 34.6 24.7 196.5 149.2
8.Total Capital Employed (A3+A7) 266.4 250.0 84.6 3.4 132.6 1.2
B.Liquidity:
1.Liquid Assets: 15.1 12.1 35.1 35.6 4.3 1.1
(i)Cash 10.1 7.1 30.1 35.6 4.3 1.1
(ii)Investments 5.0 5.0 5.0 0.0 0.0 0.0
2.Other Current Assets 51.8 15.0 53.1 63.6 51.4 163.6
3.Inventories 76.0 91.5 52.2 60.8 86.7 31.2
4.Current Assets (B1+B2+B3) 142.9 118.6 140.4 160.0 142.4 195.9
5.Current Liabilities 266.9 320.1 505.3 590.0 547.0 717.2
6.Total Liabilities(A7+B5) 485.4 540.7 539.9 614.7 743.5 866.4
7.Net Current Assets(B4-B5) -124.0 -201.5 -364.9 -430.0 -404.6 -521.3
8.Contractual Liabilities 292.8 309.1 104.9 95.0 283.0 280.5
9.Net liquid assets (B1-B5) -251.8 -308.0 -470.2 -554.4 -542.7 -716.1
C.Fixed Assets:
1.Fixed Asset At Cost 631.1 704.5 721.5 724.3 724.4 853.9
2.Fixed assets after deducting accumulated depreciation 390.4 451.5 449.5 433.4 537.3 522.4
3.Depreciation for the year 17.5 12.3 19.1 19.2 18.5 22.6
4.Total assets (B4+C2) 533.3 570.1 589.9 593.4 679.7 718.3
D.Operation:
1.Gross sales 862.9 563.5 624.1 507.5 665.2 776.1
(i)Local sales 862.9 563.5 624.1 507.5 665.2 776.1
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 848.8 562.1 622.3 554.4 667.5 782.2
3.Gross profit 14.1 1.4 1.8 -46.9 -2.3 -6.1
4.Overhead and Other Expenses 865.7 571.9 637.8 567.2 694.0 820.1
5.Operating profit -2.8 -8.2 43.1 -59.7 -28.2 -44.0
6.Financial expenses 12.0 11.0 13.2 9.4 15.0 35.0
7.Net profit before tax (D5-D6) -14.8 -19.2 29.9 -69.1 -43.2 -79.0
8.Tax provision 3.7 2.5 3.1 2.5 3.3 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) 3.0 -16.4 -165.4 -81.2 129.2 -131.4
2.Retention in business (D7-D8-D9) -18.5 -21.7 26.8 -71.6 -46.5 -79.0
3.Finance from outside the company (E1-E2) 21.5 5.3 -192.2 -9.6 175.7 -52.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -1.0 -9.4 45.9 -52.4 -28.0 -56.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 20.5 -4.1 -146.3 -62.0 147.7 -108.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 82.0 88.2 40.9 726.5 148.2 12433.3
2.Current ratio (B4 as % of B5) 53.5 37.1 27.8 27.1 26.0 27.3
3.Acid test or Quick ratio (B4-B3 as % B5) 25.1 8.5 17.5 16.8 10.2 23.0
4.Debt equity ratio (B6 as % of A3) 1013.4 1839.1 1079.8 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -2.8 -3.4 5.1 -11.6 -6.4 -11.0
6.Self financing ratio (E2 as % of E1) -616.7 - -16.2 88.2 -36.0 60.1
7.Cash flow ratio F1 as % of F2 -4.9 - -31.4 84.5 -19.0 51.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 69.6 42.7 36.4 -15.5 -46.5 -107.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 100.3 101.5 102.2 111.8 104.3 105.7
10.Financial expenses as % of operating profit (D6 as % of D5) - - 30.6 -15.7 -53.2 -79.5
11.Financial expense as % of gross sales (D6 as % of D1) 1.4 2.0 2.1 1.9 2.3 4.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.1 3.6 12.6 9.9 5.3 12.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 10.4 -3.6 -7.6 0.0
14.Sundry debtors as % of gross sales 0.3 0.4 2.0 2.1 0.9 0.6
15.Return on Equity (D7 as % of A3) -30.9 -65.3 59.8 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 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) -1.7 -3.4 4.8 -13.6 -6.5 -10.2
4.Earning per share before tax (D7/No. of ordinary shares) -2.2 -2.8 2.2 -5.0 -3.1 -5.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -2.7 -3.2 1.9 -5.2 -3.4 -5.7
6.Average annual % depreciation on written down fixed assets 4.8 3.2 4.2 4.3 4.3 4.2
7.Sales as % of total assets (D1 as % of C4) 161.8 98.8 105.8 85.5 97.9 108.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -51.1 27.3 -178.6 -327.3 -38.0 83.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 34.8 -34.7 10.8 -18.7 31.1 16.7
10.Break-up value of ordinary shares (in rupees) 7.0 4.3 3.6 -1.5 -4.6 -10.8

70
Hala Enterprises Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 37.8 37.8 37.8 37.8 37.8 37.8
2.Surplus -21.0 -1.0 19.2 32.0 20.3 30.1
3.Shareholder's Equity (A1+A2) 16.8 36.8 57.0 69.8 58.1 67.9
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 Liabilities 56.2 34.0 28.0 14.9 68.4 19.5
7.Total Fixed Liabilities (A4+A5+A6) 56.2 34.0 28.0 14.9 68.4 19.5
8.Total Capital Employed (A3+A7) 73.0 70.8 85.0 84.7 126.5 87.4
B.Liquidity:
1.Liquid Assets: 2.5 1.5 3.1 2.2 2.2 3.6
(i)Cash 1.6 0.6 1.5 1.1 0.6 1.4
(ii)Investments 0.9 0.9 1.6 1.1 1.6 2.2
2.Other Current Assets 110.4 114.5 122.3 105.4 100.9 101.2
3.Inventories 40.0 59.1 86.3 87.7 89.7 90.8
4.Current Assets (B1+B2+B3) 152.9 175.1 211.7 195.3 192.8 195.6
5.Current Liabilities 141.1 171.0 247.4 225.2 181.6 217.6
6.Total Liabilities(A7+B5) 197.3 205.0 275.4 240.1 250.0 237.1
7.Net Current Assets(B4-B5) 11.8 4.1 -35.7 -29.9 11.2 -22.0
8.Contractual Liabilities 125.5 128.9 160.7 98.9 155.4 130.5
9.Net liquid assets (B1-B5) -138.6 -169.5 -244.3 -223.0 -179.4 -214.0
C.Fixed Assets:
1.Fixed Asset At Cost 130.0 139.0 199.2 199.1 204.2 204.4
2.Fixed assets after deducting accumulated depreciation 61.2 66.8 120.8 114.4 115.3 109.3
3.Depreciation for the year 4.8 5.5 6.1 6.9 7.0 6.7
4.Total assets (B4+C2) 214.1 241.9 332.5 309.7 308.1 304.9
D.Operation:
1.Gross sales 278.9 365.1 391.4 458.8 429.2 454.6
(i)Local sales 5.0 11.1 16.0 21.1 20.3 19.8
(ii)Export sales 273.9 354.0 375.4 437.7 408.9 434.8
2.Cost of Sales 237.1 270.5 295.6 358.9 358.0 348.2
3.Gross profit 41.8 94.6 95.8 99.9 71.2 106.4
4.Overhead and Other Expenses 277.9 341.3 369.6 429.2 424.2 421.1
5.Operating profit 31.0 26.1 26.2 29.6 10.7 34.0
6.Financial expenses 6.9 7.2 15.5 21.2 19.1 20.4
7.Net profit before tax (D5-D6) 24.1 18.9 10.7 8.4 -8.4 13.6
8.Tax provision 2.0 2.6 3.7 4.4 4.1 4.4
9.Total amount of dividend 0.0 0.0 3.8 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) 64.8 -2.2 14.2 -0.3 41.8 -39.1
2.Retention in business (D7-D8-D9) 22.1 16.3 3.2 4.0 -12.5 9.2
3.Finance from outside the company (E1-E2) 42.7 -18.5 11.0 -4.3 54.3 -48.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 26.9 21.8 9.3 10.9 -5.5 15.9
2.Depreciation for the year plus changes in capital employed (C3+E1) 69.6 3.3 20.3 6.6 48.8 -32.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 77.0 48.0 32.9 17.6 54.1 22.3
2.Current ratio (B4 as % of B5) 108.4 102.4 85.6 86.7 106.2 89.9
3.Acid test or Quick ratio (B4-B3 as % B5) 80.0 67.8 50.7 47.8 56.8 48.2
4.Debt equity ratio (B6 as % of A3) 1174.4 557.1 483.2 344.0 430.3 349.2
5.Return on assets (D7 as % of C4) 11.3 7.8 3.2 2.7 -2.7 4.5
6.Self financing ratio (E2 as % of E1) 34.1 - 22.5 -1333.3 -29.9 -23.5
7.Cash flow ratio F1 as % of F2 38.6 660.6 45.8 165.2 -11.3 -49.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 44.4 97.4 150.8 184.7 153.7 179.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 99.6 93.5 94.4 93.5 98.8 92.6
10.Financial expenses as % of operating profit (D6 as % of D5) 22.3 27.6 59.2 71.6 178.5 60.0
11.Financial expense as % of gross sales (D6 as % of D1) 2.5 2.0 4.0 4.6 4.5 4.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.5 5.6 9.6 21.4 12.3 15.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 8.3 13.8 34.6 52.4 -48.8 32.4
14.Sundry debtors as % of gross sales 16.5 11.3 10.2 6.8 4.9 9.4
15.Return on Equity (D7 as % of A3) 143.5 51.4 18.8 12.0 -14.5 20.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 184.2 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 6.7 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 8.6 5.2 2.7 1.8 -2.0 3.0
4.Earning per share before tax (D7/No. of ordinary shares) 6.4 5.0 2.8 2.2 -2.2 3.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 5.8 4.3 1.9 1.1 -3.3 2.4
6.Average annual % depreciation on written down fixed assets 7.5 9.0 9.1 6.1 6.1 5.8
7.Sales as % of total assets (D1 as % of C4) 130.3 150.9 117.7 148.1 139.3 149.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 540.0 -21.9 -44.0 -21.4 -200.0 -263.6
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -22.2 30.9 7.2 17.2 -6.5 5.9
10.Break-up value of ordinary shares (in rupees) 4.4 9.7 15.1 18.5 15.4 18.0

71
Hamid Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 132.7 132.7 132.7 132.7 132.7 132.7
2.Surplus -296.5 -89.8 -107.8 -344.0 -344.0 -367.2
3.Shareholder's Equity (A1+A2) -163.8 42.9 24.9 -211.3 -211.3 -234.5
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 Liabilities 67.9 56.9 48.5 39.2 39.2 20.5
7.Total Fixed Liabilities (A4+A5+A6) 67.9 56.9 48.5 39.2 39.2 20.5
8.Total Capital Employed (A3+A7) -95.9 99.8 73.4 -172.1 -172.1 -214.0
B.Liquidity:
1.Liquid Assets: 0.1 0.5 0.0 0.8 0.8 0.6
(i)Cash 0.1 0.5 0.0 0.8 0.8 0.6
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 53.3 56.2 74.6 60.9 60.9 33.6
3.Inventories 41.4 70.2 95.0 70.7 70.7 46.3
4.Current Assets (B1+B2+B3) 94.8 126.9 169.6 132.4 132.4 80.5
5.Current Liabilities 423.1 252.7 309.9 502.4 502.4 485.2
6.Total Liabilities(A7+B5) 491.0 309.6 358.4 541.6 541.6 505.7
7.Net Current Assets(B4-B5) -328.3 -125.8 -140.3 -370.0 -370.0 -404.7
8.Contractual Liabilities 129.4 165.6 201.7 166.9 166.9 103.2
9.Net liquid assets (B1-B5) -423.0 -252.2 -309.9 -501.6 -501.6 -484.6
C.Fixed Assets:
1.Fixed Asset At Cost 309.8 315.8 317.5 294.6 294.6 328.6
2.Fixed assets after deducting accumulated depreciation 232.4 225.7 213.8 197.9 197.9 190.7
3.Depreciation for the year 14.0 10.7 14.1 12.6 12.6 11.8
4.Total assets (B4+C2) 327.2 352.6 383.4 330.3 330.3 271.2
D.Operation:
1.Gross sales 71.6 314.1 392.9 380.9 380.9 250.1
(i)Local sales 71.6 266.7 375.9 367.8 367.8 250.1
(ii)Export sales 0.0 47.4 17.0 13.1 13.1 0.0
2.Cost of Sales 105.7 319.6 381.0 383.4 383.4 272.0
3.Gross profit -34.1 -5.5 11.9 -2.5 -2.5 -21.9
4.Overhead and Other Expenses 113.0 327.3 391.7 402.6 402.6 282.4
5.Operating profit -13.8 -13.2 1.3 24.0 24.0 83.6
6.Financial expenses 3.7 7.7 18.8 19.9 19.9 14.9
7.Net profit before tax (D5-D6) -17.5 -20.9 -17.5 4.1 4.1 68.7
8.Tax provision 0.4 1.4 2.0 1.9 1.9 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) -53.6 195.7 -26.4 -245.5 0.0 -41.9
2.Retention in business (D7-D8-D9) -17.9 -22.3 -19.5 2.2 2.2 68.7
3.Finance from outside the company (E1-E2) -35.7 218.0 -6.9 -247.7 -2.2 -110.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -3.9 -11.6 -5.4 14.8 14.8 80.5
2.Depreciation for the year plus changes in capital employed (C3+E1) -39.6 206.4 -12.3 -232.9 12.6 -30.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - 57.0 66.1 0.0 0.0 0.0
2.Current ratio (B4 as % of B5) 22.4 50.2 54.7 26.4 26.4 16.6
3.Acid test or Quick ratio (B4-B3 as % B5) 12.6 22.4 24.1 12.3 12.3 7.0
4.Debt equity ratio (B6 as % of A3) - 721.7 1439.4 0.0 0.0 0.0
5.Return on assets (D7 as % of C4) -5.3 -5.9 -4.6 1.2 1.2 25.3
6.Self financing ratio (E2 as % of E1) - -11.4 73.9 -0.9 0.0 -164.0
7.Cash flow ratio F1 as % of F2 - -5.6 43.9 -6.4 117.5 -267.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -123.4 32.3 18.8 -159.2 -159.2 -176.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 157.8 104.2 99.7 105.7 105.7 112.9
10.Financial expenses as % of operating profit (D6 as % of D5) - - 1446.2 82.9 82.9 17.8
11.Financial expense as % of gross sales (D6 as % of D1) 5.2 2.5 4.8 5.2 5.2 6.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 2.9 4.6 9.3 11.9 11.9 14.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - -11.4 46.3 46.3 0.0
14.Sundry debtors as % of gross sales 25.0 9.5 9.6 7.6 7.6 6.0
15.Return on Equity (D7 as % of A3) - -48.7 -70.3 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 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) -24.4 -6.7 -4.5 1.1 1.1 27.5
4.Earning per share before tax (D7/No. of ordinary shares) -1.3 -1.6 -1.3 0.3 0.3 5.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.3 -1.7 -1.5 0.2 0.2 5.2
6.Average annual % depreciation on written down fixed assets 5.1 4.6 6.2 5.9 5.9 6.3
7.Sales as % of total assets (D1 as % of C4) 21.9 89.1 102.5 115.3 115.3 92.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -61.8 23.1 -18.8 -123.1 0.0 1633.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 73.8 338.7 25.1 -3.1 0.0 -34.3
10.Break-up value of ordinary shares (in rupees) -12.3 3.2 1.9 -15.9 -15.9 -17.7

72
Hira Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital - - - 715.5 715.5 715.5
2.Surplus - - - 352.6 412.3 413.8
3.Shareholder's Equity (A1+A2) - - - 1068.1 1127.8 1129.3
4.Prefrence Shares - - - 0.0 0.0 0.0
5.Debentures - - - 0.0 0.0 0.0
6.Other Fixed Liabilities - - - 289.5 399.3 295.8
7.Total Fixed Liabilities (A4+A5+A6) - - - 289.5 399.3 295.8
8.Total Capital Employed (A3+A7) - - - 1357.6 1527.1 1425.1
B.Liquidity:
1.Liquid Assets: - - - 179.9 210.3 265.3
(i)Cash - - - 3.4 2.1 17.6
(ii)Investments - - - 176.5 208.2 247.7
2.Other Current Assets - - - 191.6 288.6 262.6
3.Inventories - - - 766.0 1199.0 1194.9
4.Current Assets (B1+B2+B3) - - - 1137.5 1697.9 1722.8
5.Current Liabilities - - - 1089.5 1734.4 1798.4
6.Total Liabilities(A7+B5) - - - 1379.0 2133.7 2094.2
7.Net Current Assets(B4-B5) - - - 48.0 -36.5 -75.6
8.Contractual Liabilities - - - 1151.9 1340.3 1679.4
9.Net liquid assets (B1-B5) - - - -909.6 -1524.1 -1533.1
C.Fixed Assets:
1.Fixed Asset At Cost - - - 543.8 2130.5 2144.8
2.Fixed assets after deducting accumulated depreciation - - - 1309.7 1563.6 1500.8
3.Depreciation for the year - - - 76.7 69.1 79.6
4.Total assets (B4+C2) - - - 2447.2 3261.5 3223.6
D.Operation:
1.Gross sales - - - 1665.0 1729.2 2524.7
(i)Local sales - - - 635.4 1176.1 1660.5
(ii)Export sales - - - 1029.6 553.1 864.2
2.Cost of Sales - - - 1412.8 1471.2 2132.5
3.Gross profit - - - 252.2 258.0 392.2
4.Overhead and Other Expenses - - - 1491.4 1495.3 2213.7
5.Operating profit - - - 179.1 234.4 353.2
6.Financial expenses - - - 158.2 170.8 341.0
7.Net profit before tax (D5-D6) - - - 20.9 63.6 12.2
8.Tax provision - - - 15.8 8.6 10.4
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) - - - - - -102.0
2.Retention in business (D7-D8-D9) - - - 5.1 55.0 1.8
3.Finance from outside the company (E1-E2) - - - - - -103.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) - - - 81.8 124.1 81.4
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - - - -22.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - 21.3 26.1 20.8
2.Current ratio (B4 as % of B5) - - - 104.4 97.9 95.8
3.Acid test or Quick ratio (B4-B3 as % B5) - - - 34.1 28.8 29.4
4.Debt equity ratio (B6 as % of A3) - - - 129.1 189.2 185.4
5.Return on assets (D7 as % of C4) - - - 0.9 2.0 0.4
6.Self financing ratio (E2 as % of E1) - - - 0.0 0.0 -1.8
7.Cash flow ratio F1 as % of F2 - - - 0.0 0.0 -363.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - - 149.3 157.6 157.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - 89.6 86.5 87.7
10.Financial expenses as % of operating profit (D6 as % of D5) - - - 88.3 72.9 96.5
11.Financial expense as % of gross sales (D6 as % of D1) - - - 9.5 9.9 13.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - 13.7 12.7 20.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - 75.6 13.5 85.2
14.Sundry debtors as % of gross sales - - - 5.0 10.8 5.4
15.Return on Equity (D7 as % of A3) - - - 2.0 5.6 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
3.Net profit margin (D7 as % of D1) - - - 1.3 3.7 0.5
4.Earning per share before tax (D7/No. of ordinary shares) - - - 0.3 0.9 0.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - - 0.1 0.8 0.0
6.Average annual % depreciation on written down fixed assets - - - 5.4 5.3 5.2
7.Sales as % of total assets (D1 as % of C4) - - - 68.0 53.0 78.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - - -70.0 -10.0 -77.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - - - 46.0
10.Break-up value of ordinary shares (in rupees) - - - 14.9 15.8 15.8

73
Husein Industries Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 106.3 106.3 106.3 106.3 106.3 106.3
2.Surplus 337.4 366.2 327.5 309.3 291.1 278.5
3.Shareholder's Equity (A1+A2) 443.7 472.5 433.8 415.6 397.4 384.8
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 Liabilities 0.0 0.0 225.6 234.4 144.9 248.8
7.Total Fixed Liabilities (A4+A5+A6) 0.0 0.0 225.6 234.4 144.9 248.8
8.Total Capital Employed (A3+A7) 443.7 472.5 659.4 650.0 542.3 633.6
B.Liquidity:
1.Liquid Assets: 6.8 9.4 9.2 4.8 4.2 1.8
(i)Cash 6.4 8.9 8.7 4.8 4.2 1.3
(ii)Investments 0.4 0.5 0.5 0.0 0.0 0.5
2.Other Current Assets 737.2 699.8 588.4 684.3 699.9 784.6
3.Inventories 457.8 593.8 610.0 800.1 801.4 797.8
4.Current Assets (B1+B2+B3) 1201.8 1303.0 1207.6 1489.2 1505.5 1584.2
5.Current Liabilities 1249.1 1354.8 1033.0 1320.5 1428.4 1393.4
6.Total Liabilities(A7+B5) 1249.1 1354.8 1258.6 1554.9 1573.3 1642.2
7.Net Current Assets(B4-B5) -47.3 -51.8 174.6 168.7 77.1 190.8
8.Contractual Liabilities 714.3 812.7 852.5 955.0 852.7 1248.2
9.Net liquid assets (B1-B5) -1242.3 -1345.4 -1023.8 -1315.7 -1424.2 -1391.6
C.Fixed Assets:
1.Fixed Asset At Cost 1056.7 1138.3 1154.1 1201.6 1231.7 1195.0
2.Fixed assets after deducting accumulated depreciation 490.9 524.3 484.7 481.3 465.3 442.8
3.Depreciation for the year 57.3 48.6 55.8 50.9 46.5 57.4
4.Total assets (B4+C2) 1692.7 1827.3 1692.3 1970.5 1970.8 2027.0
D.Operation:
1.Gross sales 1662.6 959.3 1028.2 1155.1 1089.4 1395.3
(i)Local sales 257.4 519.9 733.8 561.1 468.0 248.1
(ii)Export sales 1405.2 439.4 294.4 594.0 621.4 1147.2
2.Cost of Sales 1456.8 827.6 905.7 992.1 939.4 1167.4
3.Gross profit 205.8 131.7 122.5 163.0 150.0 227.9
4.Overhead and Other Expenses 1586.6 891.5 960.8 1065.4 995.3 1222.8
5.Operating profit 78.4 69.3 68.2 89.9 94.3 174.5
6.Financial expenses 23.4 32.4 77.3 98.4 110.6 160.9
7.Net profit before tax (D5-D6) 55.0 36.9 -9.1 -8.5 -16.3 13.6
8.Tax provision 7.9 4.5 5.2 7.4 1.8 6.8
9.Total amount of dividend 21.3 21.3 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) 31.6 28.8 186.9 217.0 -107.7 91.3
2.Retention in business (D7-D8-D9) 25.8 11.1 -14.3 -15.9 -18.1 6.8
3.Finance from outside the company (E1-E2) 5.8 17.7 201.2 232.9 -89.6 84.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 83.1 59.7 41.5 35.0 28.4 64.2
2.Depreciation for the year plus changes in capital employed (C3+E1) 88.9 77.4 242.7 267.9 -61.2 148.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 0.0 34.2 36.1 26.7 39.3
2.Current ratio (B4 as % of B5) 96.2 96.2 116.9 112.8 105.4 113.7
3.Acid test or Quick ratio (B4-B3 as % B5) 59.6 52.3 57.9 52.2 49.3 56.4
4.Debt equity ratio (B6 as % of A3) 281.5 286.7 290.1 374.1 395.9 426.8
5.Return on assets (D7 as % of C4) 3.2 2.0 -0.5 -0.4 -0.8 0.7
6.Self financing ratio (E2 as % of E1) 81.6 38.5 -7.7 -7.3 16.8 7.4
7.Cash flow ratio F1 as % of F2 93.5 77.1 17.1 13.1 -46.4 43.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 417.4 444.5 408.1 391.0 373.8 362.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.4 92.9 93.4 92.2 91.4 87.6
10.Financial expenses as % of operating profit (D6 as % of D5) 29.8 46.8 113.3 109.5 117.3 92.2
11.Financial expense as % of gross sales (D6 as % of D1) 1.4 3.4 7.5 8.5 10.2 11.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 3.3 4.0 9.1 10.3 13.0 12.9
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.4 12.2 -57.1 -87.1 -11.0 50.0
14.Sundry debtors as % of gross sales 36.0 63.9 46.3 46.6 50.9 44.0
15.Return on Equity (D7 as % of A3) 12.4 7.8 -2.1 -2.0 -4.1 3.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 221.1 152.1 0.0 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 4.8 4.5 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 3.3 3.8 -0.9 -0.7 -1.5 1.0
4.Earning per share before tax (D7/No. of ordinary shares) 5.2 3.5 -0.9 -0.8 -1.5 1.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 4.4 3.0 -1.3 -1.5 -1.7 0.6
6.Average annual % depreciation on written down fixed assets 11.3 9.9 10.6 10.6 9.7 12.3
7.Sales as % of total assets (D1 as % of C4) 98.2 52.5 60.8 58.6 55.3 68.8
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -10.3 -32.7 -125.7 -138.1 87.5 -186.7
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 32.4 -42.3 7.2 0.2 -5.7 28.1
10.Break-up value of ordinary shares (in rupees) 41.7 44.4 40.8 39.1 37.4 36.2

74
ICC Textiles Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 100.0 100.0 100.0 100.0 100.0 100.0
2.Surplus 72.2 81.8 226.7 148.5 -13.4 255.5
3.Shareholder's Equity (A1+A2) 172.2 181.8 326.7 248.5 86.6 355.5
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 Liabilities 70.2 233.2 189.0 141.3 147.8 128.6
7.Total Fixed Liabilities (A4+A5+A6) 70.2 233.2 189.0 141.3 147.8 128.6
8.Total Capital Employed (A3+A7) 242.4 415.0 515.7 389.8 234.4 484.1
B.Liquidity:
1.Liquid Assets: 53.2 23.7 24.7 10.2 12.1 5.9
(i)Cash 25.1 23.7 24.7 10.2 12.1 5.9
(ii)Investments 28.1 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 125.7 187.4 191.4 228.4 236.4 202.0
3.Inventories 121.1 226.0 237.4 246.7 179.9 212.7
4.Current Assets (B1+B2+B3) 300.0 437.1 453.5 485.3 428.4 420.6
5.Current Liabilities 327.6 579.9 663.5 777.8 830.8 973.6
6.Total Liabilities(A7+B5) 397.8 813.1 852.5 919.1 978.6 1102.2
7.Net Current Assets(B4-B5) -27.6 -142.8 -210.0 -292.5 -402.4 -553.0
8.Contractual Liabilities 277.2 644.2 660.5 632.7 613.5 602.2
9.Net liquid assets (B1-B5) -274.4 -556.2 -638.8 -767.6 -818.7 -967.7
C.Fixed Assets:
1.Fixed Asset At Cost 558.9 866.2 1088.5 1091.0 1102.2 1050.2
2.Fixed assets after deducting accumulated depreciation 270.0 557.8 725.6 682.2 636.7 1037.2
3.Depreciation for the year 17.9 20.6 55.7 53.1 49.4 43.4
4.Total assets (B4+C2) 570.0 994.9 1179.1 1167.5 1065.1 1457.8
D.Operation:
1.Gross sales 633.8 540.3 1205.2 1223.4 1248.7 1331.9
(i)Local sales 286.5 296.2 663.8 778.0 830.2 909.9
(ii)Export sales 347.3 244.1 541.4 445.4 418.5 422.0
2.Cost of Sales 551.0 481.6 1101.4 1151.5 1268.2 1242.9
3.Gross profit 82.8 58.7 103.8 71.9 -19.5 89.0
4.Overhead and Other Expenses 596.8 514.3 1163.0 1213.7 1314.9 1287.4
5.Operating profit 43.5 28.3 44.1 10.1 -66.2 44.9
6.Financial expenses 9.9 16.9 70.0 82.4 89.6 114.7
7.Net profit before tax (D5-D6) 33.6 11.4 -25.9 -72.3 -155.8 -69.8
8.Tax provision 3.5 3.2 6.8 6.1 6.2 4.2
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) 75.8 172.6 100.7 -125.9 -155.4 249.7
2.Retention in business (D7-D8-D9) 30.1 8.2 -32.7 -78.4 -162.0 -74.0
3.Finance from outside the company (E1-E2) 45.7 164.4 133.4 -47.5 6.6 323.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 48.0 28.8 23.0 -25.3 -112.6 -30.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 93.7 193.2 156.4 -72.8 -106.0 293.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 29.0 56.2 36.6 36.2 63.1 26.6
2.Current ratio (B4 as % of B5) 91.6 75.4 68.3 62.4 51.6 43.2
3.Acid test or Quick ratio (B4-B3 as % B5) 54.6 36.4 32.6 30.7 29.9 21.4
4.Debt equity ratio (B6 as % of A3) 231.0 447.2 260.9 369.9 1130.0 310.0
5.Return on assets (D7 as % of C4) 5.9 1.1 -2.2 -6.2 -14.6 -4.8
6.Self financing ratio (E2 as % of E1) 39.7 4.8 -32.5 62.3 104.2 -29.6
7.Cash flow ratio F1 as % of F2 51.2 14.9 14.7 34.8 106.2 -10.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 172.2 181.8 326.7 248.5 86.6 355.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.2 95.2 96.5 99.2 105.3 96.7
10.Financial expenses as % of operating profit (D6 as % of D5) 22.8 59.7 158.7 815.8 -135.3 255.5
11.Financial expense as % of gross sales (D6 as % of D1) 1.6 3.1 5.8 6.7 7.2 8.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) 3.6 2.6 10.6 13.0 14.6 19.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 10.4 28.1 -26.3 -8.4 -4.0 -6.0
14.Sundry debtors as % of gross sales 13.5 26.6 9.9 13.1 13.2 9.2
15.Return on Equity (D7 as % of A3) 19.5 6.3 -7.9 -29.1 -179.9 -19.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 5.3 2.1 -2.1 -5.9 -12.5 -5.2
4.Earning per share before tax (D7/No. of ordinary shares) 3.4 1.1 -2.6 -7.2 -15.6 -7.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.0 0.8 -3.3 -7.8 -16.2 -7.4
6.Average annual % depreciation on written down fixed assets 9.7 7.6 10.0 7.3 7.2 6.9
7.Sales as % of total assets (D1 as % of C4) 111.2 54.3 102.2 104.8 117.2 91.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 385.7 -67.6 -336.4 176.9 116.7 -55.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 7.6 -14.8 123.1 1.5 2.1 6.7
10.Break-up value of ordinary shares (in rupees) 17.2 18.2 32.7 24.9 8.7 35.6

75
Ideal Spinning Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 99.2 99.2 99.2 99.2 99.2 99.2
2.Surplus 22.6 42.5 23.7 11.3 -25.3 -70.6
3.Shareholder's Equity (A1+A2) 121.8 141.7 122.9 110.5 73.9 28.6
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 Liabilities 64.3 250.5 347.8 326.3 301.3 266.7
7.Total Fixed Liabilities (A4+A5+A6) 64.3 250.5 347.8 326.3 301.3 266.7
8.Total Capital Employed (A3+A7) 186.1 392.2 470.7 436.8 375.2 295.3
B.Liquidity:
1.Liquid Assets: 10.2 6.0 12.1 39.5 6.6 3.3
(i)Cash 10.2 6.0 12.1 39.5 6.6 3.3
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 70.0 73.8 76.9 51.9 74.5 83.6
3.Inventories 61.4 78.5 86.9 81.0 179.2 90.3
4.Current Assets (B1+B2+B3) 141.6 158.3 175.9 172.4 260.3 177.2
5.Current Liabilities 158.5 170.8 244.8 296.0 470.0 444.9
6.Total Liabilities(A7+B5) 222.8 421.3 592.6 622.3 771.3 711.6
7.Net Current Assets(B4-B5) -16.9 -12.5 -68.9 -123.6 -209.7 -267.7
8.Contractual Liabilities 168.8 381.1 511.9 413.2 471.5 441.9
9.Net liquid assets (B1-B5) -148.3 -164.8 -232.7 -256.5 -463.4 -441.6
C.Fixed Assets:
1.Fixed Asset At Cost 488.6 704.4 869.3 931.9 989.0 1001.8
2.Fixed assets after deducting accumulated depreciation 203.0 404.7 539.6 560.4 584.9 563.1
3.Depreciation for the year 20.4 17.3 31.6 43.7 45.6 46.6
4.Total assets (B4+C2) 344.6 563.0 715.5 732.8 845.2 740.3
D.Operation:
1.Gross sales 778.3 583.5 694.0 800.2 985.1 1111.4
(i)Local sales 778.3 583.5 694.0 800.2 985.1 1111.4
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 767.2 547.9 626.5 734.2 938.5 1050.1
3.Gross profit 11.1 35.6 67.5 66.0 46.6 61.3
4.Overhead and Other Expenses 787.5 565.0 649.6 759.2 974.4 1088.0
5.Operating profit -9.1 18.8 44.6 43.8 11.2 24.4
6.Financial expenses 8.3 13.5 31.8 57.3 56.5 71.8
7.Net profit before tax (D5-D6) -17.4 5.3 12.8 -13.5 -45.3 -47.4
8.Tax provision 3.4 2.6 3.6 4.3 4.9 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) 26.6 206.1 78.5 -33.9 -61.6 -79.9
2.Retention in business (D7-D8-D9) -20.8 2.7 9.2 -17.8 -50.2 -47.4
3.Finance from outside the company (E1-E2) 47.4 203.4 69.3 -16.1 -11.4 -32.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -0.4 20.0 40.8 25.9 -4.6 -0.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 47.0 223.4 110.1 9.8 -16.0 -33.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 34.6 63.9 73.9 74.7 80.3 90.3
2.Current ratio (B4 as % of B5) 89.3 92.7 71.9 58.2 55.4 39.8
3.Acid test or Quick ratio (B4-B3 as % B5) 50.6 46.7 36.4 30.9 17.3 19.5
4.Debt equity ratio (B6 as % of A3) 182.9 297.3 482.2 563.2 1043.7 2488.1
5.Return on assets (D7 as % of C4) -5.0 0.9 1.8 -1.8 -5.4 -6.4
6.Self financing ratio (E2 as % of E1) -78.2 1.3 11.7 52.5 81.5 59.3
7.Cash flow ratio F1 as % of F2 -0.9 9.0 37.1 264.3 28.8 2.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 122.8 142.8 123.9 111.4 74.5 28.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 101.2 96.8 93.6 94.9 98.9 97.9
10.Financial expenses as % of operating profit (D6 as % of D5) - 71.8 71.3 130.8 504.5 294.3
11.Financial expense as % of gross sales (D6 as % of D1) 1.1 2.3 4.6 7.2 5.7 6.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.9 3.5 6.2 13.9 12.0 16.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 49.1 28.1 -31.9 -10.8 0.0
14.Sundry debtors as % of gross sales 3.9 8.1 4.0 3.3 4.1 4.9
15.Return on Equity (D7 as % of A3) -14.3 3.7 10.4 -12.2 -61.3 -165.7
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -2.2 0.9 1.8 -1.7 -4.6 -4.3
4.Earning per share before tax (D7/No. of ordinary shares) -1.8 0.5 1.3 -1.4 -4.6 -4.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -2.1 0.3 0.9 -1.8 -5.1 -4.8
6.Average annual % depreciation on written down fixed assets 12.2 8.5 7.8 8.1 8.1 8.0
7.Sales as % of total assets (D1 as % of C4) 225.9 103.6 97.0 109.2 116.6 150.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -200.0 -127.8 160.0 -207.7 228.6 4.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 33.8 -25.0 18.9 15.3 23.1 12.8
10.Break-up value of ordinary shares (in rupees) 12.3 14.3 12.4 11.1 7.4 2.9

76
Idrees Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 180.5 180.5 180.5 180.5 180.5 180.5
2.Surplus 241.7 276.0 390.0 426.7 413.0 421.3
3.Shareholder's Equity (A1+A2) 422.2 456.5 570.5 607.2 593.5 601.8
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 Liabilities 159.7 179.3 127.8 247.0 366.0 99.8
7.Total Fixed Liabilities (A4+A5+A6) 159.7 179.3 127.8 247.0 366.0 99.8
8.Total Capital Employed (A3+A7) 581.9 635.8 698.3 854.2 959.5 701.6
B.Liquidity:
1.Liquid Assets: 3.7 6.6 43.6 65.6 101.5 30.8
(i)Cash 3.7 6.6 43.6 65.6 101.5 30.8
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 225.1 294.2 295.2 306.9 368.1 348.2
3.Inventories 183.7 299.1 266.9 328.2 489.2 490.1
4.Current Assets (B1+B2+B3) 412.5 599.9 605.7 700.7 958.8 869.1
5.Current Liabilities 463.9 593.8 789.8 901.5 1019.4 1123.0
6.Total Liabilities(A7+B5) 623.6 773.1 917.6 1148.5 1385.4 1222.8
7.Net Current Assets(B4-B5) -51.4 6.1 -184.1 -200.8 -60.6 -253.9
8.Contractual Liabilities 363.3 622.5 585.4 559.4 801.9 778.5
9.Net liquid assets (B1-B5) -460.2 -587.2 -746.2 -835.9 -917.9 -1092.2
C.Fixed Assets:
1.Fixed Asset At Cost 850.8 988.2 1028.7 1026.4 1272.9 1276.1
2.Fixed assets after deducting accumulated depreciation 633.3 629.7 882.3 1054.9 1020.0 955.6
3.Depreciation for the year 48.7 38.0 50.4 52.6 63.9 67.5
4.Total assets (B4+C2) 1045.8 1229.6 1488.0 1755.6 1978.8 1824.7
D.Operation:
1.Gross sales 850.8 741.3 621.0 754.3 865.7 751.7
(i)Local sales 846.1 723.8 603.0 754.3 865.7 751.7
(ii)Export sales 4.7 17.5 18.0 0.0 0.0 0.0
2.Cost of Sales 780.3 651.0 509.5 634.2 711.0 635.4
3.Gross profit 70.5 90.3 111.5 120.1 154.7 116.3
4.Overhead and Other Expenses 801.0 672.2 536.2 666.7 755.4 660.1
5.Operating profit 101.5 71.0 86.1 95.1 117.1 128.4
6.Financial expenses 29.9 38.0 60.5 68.9 90.9 142.6
7.Net profit before tax (D5-D6) 71.6 33.0 25.6 26.2 26.2 -14.2
8.Tax provision 4.1 3.4 3.1 3.8 4.4 3.1
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) 74.4 53.9 62.5 155.9 105.3 -257.9
2.Retention in business (D7-D8-D9) 67.5 29.6 22.5 22.4 21.8 -17.3
3.Finance from outside the company (E1-E2) 6.9 24.3 40.0 133.5 83.5 -240.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 116.2 67.6 72.9 75.0 85.7 50.2
2.Depreciation for the year plus changes in capital employed (C3+E1) 123.1 91.9 112.9 208.5 169.2 -190.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 27.4 28.2 18.3 28.9 38.1 14.2
2.Current ratio (B4 as % of B5) 88.9 101.0 76.7 77.7 94.1 77.4
3.Acid test or Quick ratio (B4-B3 as % B5) 49.3 50.7 42.9 41.3 46.1 33.7
4.Debt equity ratio (B6 as % of A3) 147.7 169.4 160.8 189.1 233.4 203.2
5.Return on assets (D7 as % of C4) 6.8 2.7 1.7 1.5 1.3 -0.8
6.Self financing ratio (E2 as % of E1) 90.7 54.9 36.0 14.4 20.7 6.7
7.Cash flow ratio F1 as % of F2 94.4 73.6 64.6 36.0 50.7 -26.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 233.9 252.9 316.1 336.4 328.8 333.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.1 90.7 86.3 88.4 87.3 87.8
10.Financial expenses as % of operating profit (D6 as % of D5) 29.5 53.5 70.3 72.5 77.6 111.1
11.Financial expense as % of gross sales (D6 as % of D1) 3.5 5.1 9.7 9.1 10.5 19.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.2 6.1 10.3 12.3 11.3 18.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 5.7 10.3 12.1 14.5 16.8 -21.8
14.Sundry debtors as % of gross sales 14.4 27.7 33.4 29.3 34.2 35.8
15.Return on Equity (D7 as % of A3) 17.0 7.2 4.5 4.3 4.4 -2.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) 8.4 4.5 4.1 3.5 3.0 -1.9
4.Earning per share before tax (D7/No. of ordinary shares) 4.0 1.8 1.4 1.5 1.5 -0.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.7 1.6 1.2 1.2 1.2 -1.0
6.Average annual % depreciation on written down fixed assets 7.3 6.0 8.0 6.0 6.1 6.6
7.Sales as % of total assets (D1 as % of C4) 81.4 60.3 41.7 43.0 43.7 41.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -366.7 -55.0 -22.2 7.1 0.0 -153.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 132.6 -12.9 -16.2 21.5 14.8 -13.2
10.Break-up value of ordinary shares (in rupees) 23.4 25.3 31.6 33.6 32.9 33.3

77
Indus Dyeing & Manufacturing Co. Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 119.3 172.1 180.7 180.7 180.7 180.7
2.Surplus 808.5 1507.0 1698.3 2101.7 2120.9 2296.4
3.Shareholder's Equity (A1+A2) 927.8 1679.1 1879.0 2282.4 2301.6 2477.1
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 Liabilities 525.7 1712.4 1977.6 1851.7 1933.4 1204.7
7.Total Fixed Liabilities (A4+A5+A6) 525.7 1712.4 1977.6 1851.7 1933.4 1204.7
8.Total Capital Employed (A3+A7) 1453.5 3391.5 3856.6 4134.1 4235.0 3681.8
B.Liquidity:
1.Liquid Assets: 29.6 35.2 28.7 972.7 977.3 1103.0
(i)Cash 19.4 24.2 28.7 41.2 49.3 66.9
(ii)Investments 10.2 11.0 0.0 931.5 928.0 1036.1
2.Other Current Assets 450.7 522.9 730.4 1001.9 1170.5 834.9
3.Inventories 472.4 1248.5 1467.0 1251.6 1511.1 2215.8
4.Current Assets (B1+B2+B3) 952.7 1806.6 2226.1 3226.2 3658.9 4153.7
5.Current Liabilities 840.8 1632.0 2545.4 2549.5 2682.1 3526.8
6.Total Liabilities(A7+B5) 1366.5 3344.4 4523.0 4401.2 4615.5 4731.5
7.Net Current Assets(B4-B5) 111.9 174.6 -319.3 676.7 976.8 626.9
8.Contractual Liabilities 627.3 2876.9 3884.7 3012.8 3404.0 3777.9
9.Net liquid assets (B1-B5) -811.2 -1596.8 -2516.7 -1576.8 -1704.8 -2423.8
C.Fixed Assets:
1.Fixed Asset At Cost 2010.6 4375.3 5642.3 5130.6 5262.7 5360.3
2.Fixed assets after deducting accumulated depreciation 1341.5 3216.9 4175.9 3457.5 3258.3 3054.9
3.Depreciation for the year 113.9 163.9 339.9 330.9 323.8 309.4
4.Total assets (B4+C2) 2294.2 5023.5 6402.0 6683.7 6917.2 7208.6
D.Operation:
1.Gross sales 3743.3 3920.3 6176.5 6581.9 7312.0 8470.1
(i)Local sales 1358.6 1680.8 1985.0 2351.1 3643.9 4509.8
(ii)Export sales 2384.7 2239.5 4191.5 4230.8 3668.1 3960.3
2.Cost of Sales 3284.0 3174.3 5290.5 5636.8 6413.0 7336.0
3.Gross profit 459.3 746.0 886.0 945.1 899.0 1134.1
4.Overhead and Other Expenses 3427.6 3354.0 5525.3 5886.0 6780.8 7738.7
5.Operating profit 319.0 568.5 675.3 909.0 550.7 855.8
6.Financial expenses 52.4 117.3 292.9 369.6 389.9 582.2
7.Net profit before tax (D5-D6) 266.6 451.2 382.4 539.4 160.8 273.6
8.Tax provision 45.8 28.5 69.6 59.7 72.4 74.9
9.Total amount of dividend 11.9 0.0 27.1 0.0 27.1 27.1
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 31.5 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 277.6 1938.0 465.1 277.5 100.9 -553.2
2.Retention in business (D7-D8-D9) 208.9 422.7 285.7 479.7 61.3 171.6
3.Finance from outside the company (E1-E2) 68.7 1515.3 179.4 -202.2 39.6 -724.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 322.8 586.6 625.6 810.6 385.1 481.0
2.Depreciation for the year plus changes in capital employed (C3+E1) 391.5 2101.9 805.0 608.4 424.7 -243.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 36.2 50.5 51.3 44.8 45.7 32.7
2.Current ratio (B4 as % of B5) 113.3 110.7 87.5 126.5 136.4 117.8
3.Acid test or Quick ratio (B4-B3 as % B5) 57.1 34.2 29.8 77.5 80.1 54.9
4.Debt equity ratio (B6 as % of A3) 147.3 199.2 240.7 192.8 200.5 191.0
5.Return on assets (D7 as % of C4) 11.6 9.0 6.0 8.1 2.3 3.8
6.Self financing ratio (E2 as % of E1) 75.3 21.8 61.4 172.9 60.8 -31.0
7.Cash flow ratio F1 as % of F2 82.5 27.9 77.7 133.2 90.7 -197.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 777.7 975.7 1039.8 1263.1 1273.7 1370.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 91.6 85.6 89.5 89.4 92.7 91.4
10.Financial expenses as % of operating profit (D6 as % of D5) 16.4 20.6 43.4 40.7 70.8 68.0
11.Financial expense as % of gross sales (D6 as % of D1) 1.4 3.0 4.7 5.6 5.3 6.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) 8.4 4.1 7.5 12.3 11.5 15.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 17.2 6.3 18.2 11.1 45.0 27.4
14.Sundry debtors as % of gross sales 6.5 7.4 6.7 0.0 11.8 6.1
15.Return on Equity (D7 as % of A3) 28.7 26.9 20.4 23.6 7.0 11.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 1855.5 - 1154.2 0.0 326.2 733.2
2.Dividend ratio to equity (D9 as % of A3) 1.3 0.0 1.4 0.0 1.2 1.1
3.Net profit margin (D7 as % of D1) 7.1 11.5 6.2 8.2 2.2 3.2
4.Earning per share before tax (D7/No. of ordinary shares) 22.3 26.2 21.2 29.9 8.9 15.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 18.5 24.6 17.3 26.5 4.9 11.0
6.Average annual % depreciation on written down fixed assets 9.7 8.3 10.6 7.9 9.4 9.5
7.Sales as % of total assets (D1 as % of C4) 163.2 78.0 96.5 98.5 105.7 117.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 27.4 17.5 -19.1 41.0 -70.2 69.7
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 51.8 4.7 57.6 6.6 11.1 15.8
10.Break-up value of ordinary shares (in rupees) 77.8 97.6 104.0 126.3 127.4 137.1

78
International Knitwear Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 30.0 30.0 30.0 30.0 30.0 30.0
2.Surplus -15.3 -15.2 -14.6 -8.3 5.6 16.7
3.Shareholder's Equity (A1+A2) 14.7 14.8 15.4 21.7 35.6 46.7
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 Liabilities 0.0 0.0 0.0 0.0 0.2 0.0
7.Total Fixed Liabilities (A4+A5+A6) 0.0 0.0 0.0 0.0 0.2 0.0
8.Total Capital Employed (A3+A7) 14.7 14.8 15.4 21.7 35.8 46.7
B.Liquidity:
1.Liquid Assets: 1.5 1.4 0.6 1.4 16.0 3.8
(i)Cash 1.5 1.4 0.6 1.4 16.0 3.8
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 28.9 28.2 38.3 56.6 61.3 56.9
3.Inventories 12.8 8.8 12.9 14.1 10.4 7.5
4.Current Assets (B1+B2+B3) 43.2 38.4 51.8 72.1 87.7 68.2
5.Current Liabilities 46.4 42.5 53.8 67.5 66.3 41.5
6.Total Liabilities(A7+B5) 46.4 42.5 53.8 67.5 66.5 41.5
7.Net Current Assets(B4-B5) -3.2 -4.1 -2.0 4.6 21.4 26.7
8.Contractual Liabilities 6.5 6.1 7.7 8.4 5.7 0.0
9.Net liquid assets (B1-B5) -44.9 -41.1 -53.2 -66.1 -50.3 -37.7
C.Fixed Assets:
1.Fixed Asset At Cost 43.0 48.0 47.5 53.9 55.2 63.1
2.Fixed assets after deducting accumulated depreciation 18.0 18.8 17.4 17.1 14.4 20.0
3.Depreciation for the year 3.7 4.3 3.8 4.4 4.1 4.3
4.Total assets (B4+C2) 61.2 57.2 69.2 89.2 102.1 88.2
D.Operation:
1.Gross sales 125.7 83.0 85.9 145.3 180.2 158.5
(i)Local sales 66.6 20.9 51.1 77.7 96.3 86.8
(ii)Export sales 59.1 62.1 34.8 67.6 83.9 71.7
2.Cost of Sales 74.1 73.4 78.7 130.8 154.2 137.1
3.Gross profit 51.6 9.6 7.2 14.5 26.0 21.4
4.Overhead and Other Expenses 78.9 80.7 83.1 135.1 161.3 143.6
5.Operating profit 47.6 2.8 3.1 10.1 19.7 17.7
6.Financial expenses 1.3 1.0 1.0 2.4 3.5 5.8
7.Net profit before tax (D5-D6) 46.3 1.8 2.1 7.7 16.2 11.9
8.Tax provision 0.5 0.6 0.6 1.4 1.8 1.7
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 2.3
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 2.3
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -5.6 0.1 0.6 6.3 14.1 10.9
2.Retention in business (D7-D8-D9) 45.8 1.2 1.5 6.3 14.4 7.9
3.Finance from outside the company (E1-E2) -51.4 -1.1 -0.9 0.0 -0.3 3.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 49.5 5.5 5.3 10.7 18.5 12.2
2.Depreciation for the year plus changes in capital employed (C3+E1) -1.9 4.4 4.4 10.7 18.2 15.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 0.0 0.0 0.0 0.6 0.0
2.Current ratio (B4 as % of B5) 93.1 90.4 96.3 106.8 132.3 164.3
3.Acid test or Quick ratio (B4-B3 as % B5) 65.5 69.6 72.3 85.9 116.6 146.3
4.Debt equity ratio (B6 as % of A3) 315.6 287.2 349.4 311.1 186.8 88.9
5.Return on assets (D7 as % of C4) 75.7 3.1 3.0 8.6 15.9 13.5
6.Self financing ratio (E2 as % of E1) - 1200.0 250.0 100.0 102.1 72.5
7.Cash flow ratio F1 as % of F2 - 125.0 120.5 100.0 101.6 80.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 49.0 49.3 51.3 72.3 118.7 155.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 62.8 97.2 96.7 93.0 89.5 90.6
10.Financial expenses as % of operating profit (D6 as % of D5) 2.7 35.7 32.3 23.8 17.8 32.8
11.Financial expense as % of gross sales (D6 as % of D1) 1.0 1.2 1.2 1.7 1.9 3.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 20.0 16.4 13.0 28.6 61.4 0.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 1.1 33.3 28.6 18.2 11.1 14.3
14.Sundry debtors as % of gross sales 14.3 26.4 34.6 31.9 27.7 29.0
15.Return on Equity (D7 as % of A3) 315.0 12.2 13.6 35.5 45.5 25.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 0.0 0.0 443.5
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 4.9
3.Net profit margin (D7 as % of D1) 36.8 2.2 2.4 5.3 9.0 7.5
4.Earning per share before tax (D7/No. of ordinary shares) 15.4 0.6 0.7 2.6 5.4 4.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 15.3 0.4 0.5 2.1 4.8 3.4
6.Average annual % depreciation on written down fixed assets 16.7 23.9 20.5 25.3 24.0 29.9
7.Sales as % of total assets (D1 as % of C4) 205.4 145.1 124.1 162.9 176.5 179.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 5033.3 -96.1 16.7 271.4 107.7 -25.9
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 53.3 -34.0 3.5 69.2 24.0 -12.0
10.Break-up value of ordinary shares (in rupees) 4.9 4.9 5.1 7.2 11.9 15.6

79
Ishaq Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 96.6 96.6 96.6 96.6 96.6 96.6
2.Surplus 379.8 414.4 355.0 373.0 355.0 331.8
3.Shareholder's Equity (A1+A2) 476.4 511.0 451.6 469.6 451.6 428.4
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 Liabilities 170.4 292.4 343.3 338.1 451.6 370.4
7.Total Fixed Liabilities (A4+A5+A6) 170.4 292.4 343.3 338.1 451.6 370.4
8.Total Capital Employed (A3+A7) 646.8 803.4 794.9 807.7 903.2 798.8
B.Liquidity:
1.Liquid Assets: 9.2 86.8 6.9 91.1 13.7 9.6
(i)Cash 9.2 86.8 6.9 91.1 13.7 9.6
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 447.9 557.2 469.3 454.3 566.3 507.7
3.Inventories 415.5 430.4 438.9 541.4 680.6 641.7
4.Current Assets (B1+B2+B3) 872.6 1074.4 915.1 1086.8 1260.6 1159.0
5.Current Liabilities 941.8 1053.8 1037.3 1200.5 1227.7 1176.9
6.Total Liabilities(A7+B5) 1112.2 1346.2 1380.6 1538.6 1679.3 1547.3
7.Net Current Assets(B4-B5) -69.2 20.6 -122.2 -113.7 32.9 -17.9
8.Contractual Liabilities 964.3 1128.7 1096.9 1093.9 1417.6 1368.9
9.Net liquid assets (B1-B5) -932.6 -967.0 -1030.4 -1109.4 -1214.0 -1167.3
C.Fixed Assets:
1.Fixed Asset At Cost 1060.6 1168.3 1324.3 1438.6 1450.4 1460.9
2.Fixed assets after deducting accumulated depreciation 716.0 782.8 917.0 921.5 870.2 816.8
3.Depreciation for the year 58.8 38.2 55.8 69.3 67.9 64.2
4.Total assets (B4+C2) 1588.6 1857.2 1832.1 2008.3 2130.8 1975.8
D.Operation:
1.Gross sales 1619.1 1313.5 1582.6 1732.5 2200.7 2389.3
(i)Local sales 1619.1 692.6 935.5 1105.3 1243.5 1630.5
(ii)Export sales 0.0 620.9 647.1 627.2 957.2 758.8
2.Cost of Sales 1481.4 1155.7 1388.5 1569.3 1960.3 2093.8
3.Gross profit 137.7 157.8 194.1 163.2 240.4 295.5
4.Overhead and Other Expenses 1534.5 1208.8 1453.8 1623.0 2047.4 2188.7
5.Operating profit 85.7 105.1 132.2 114.6 154.1 209.6
6.Financial expenses 44.1 64.5 107.2 120.3 168.7 230.2
7.Net profit before tax (D5-D6) 41.6 40.6 25.0 -5.7 -14.6 -20.6
8.Tax provision 7.5 7.4 13.3 9.5 11.0 8.1
9.Total amount of dividend 0.0 0.0 4.8 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) -31.0 156.6 -8.5 12.8 95.5 -104.4
2.Retention in business (D7-D8-D9) 34.1 33.2 6.9 -15.2 -25.6 -28.7
3.Finance from outside the company (E1-E2) -65.1 123.4 -15.4 28.0 121.1 -75.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 92.9 71.4 62.7 54.1 42.3 35.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 27.8 194.8 47.3 82.1 163.4 -40.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 26.3 36.4 43.2 41.9 50.0 46.4
2.Current ratio (B4 as % of B5) 92.7 102.0 88.2 90.5 102.7 98.5
3.Acid test or Quick ratio (B4-B3 as % B5) 48.5 61.1 45.9 45.4 47.2 44.0
4.Debt equity ratio (B6 as % of A3) 233.5 263.4 305.7 327.6 371.9 361.2
5.Return on assets (D7 as % of C4) 2.6 2.2 1.4 -0.3 -0.7 -1.0
6.Self financing ratio (E2 as % of E1) - 21.2 -81.2 -118.8 -26.8 27.5
7.Cash flow ratio F1 as % of F2 334.2 36.7 132.6 65.9 25.9 -88.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 493.2 529.0 467.5 486.1 467.5 443.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 94.8 92.0 91.9 93.7 93.0 91.6
10.Financial expenses as % of operating profit (D6 as % of D5) 51.5 61.4 81.1 105.0 109.5 109.8
11.Financial expense as % of gross sales (D6 as % of D1) 2.7 4.9 6.8 6.9 7.7 9.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.6 5.7 9.8 11.0 11.9 16.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 18.0 18.2 53.2 -166.7 -75.3 -39.3
14.Sundry debtors as % of gross sales 21.3 34.0 2.8 20.8 20.6 17.0
15.Return on Equity (D7 as % of A3) 8.7 7.9 5.5 -1.2 -3.2 -4.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 243.8 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 1.1 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 2.6 3.1 1.6 -0.3 -0.7 -0.9
4.Earning per share before tax (D7/No. of ordinary shares) 4.3 4.2 2.6 -0.6 -1.5 -2.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 3.5 3.4 1.2 -1.6 -2.7 -3.0
6.Average annual % depreciation on written down fixed assets 8.1 5.3 7.1 7.6 7.4 7.4
7.Sales as % of total assets (D1 as % of C4) 101.9 70.7 86.4 86.3 103.3 120.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 13.2 -2.3 -38.1 -123.1 150.0 40.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 11.0 -18.9 20.5 9.5 27.0 8.6
10.Break-up value of ordinary shares (in rupees) 49.3 52.9 46.7 48.6 46.7 44.3

80
Ishtiaq Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 42.5 42.5 42.5 42.5 42.5 42.5
2.Surplus -23.6 -15.2 99.8 97.7 89.4 54.6
3.Shareholder's Equity (A1+A2) 18.9 27.3 142.3 140.2 131.9 97.1
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 Liabilities 86.9 77.0 56.4 17.8 88.7 0.0
7.Total Fixed Liabilities (A4+A5+A6) 86.9 77.0 56.4 17.8 88.7 0.0
8.Total Capital Employed (A3+A7) 105.8 104.3 198.7 158.0 220.6 97.1
B.Liquidity:
1.Liquid Assets: 8.2 2.7 0.8 0.7 0.7 3.7
(i)Cash 8.2 2.7 0.8 0.7 0.7 3.7
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 69.6 57.7 79.2 96.6 110.3 83.8
3.Inventories 28.5 76.9 78.6 78.3 63.5 105.3
4.Current Assets (B1+B2+B3) 106.3 137.3 158.6 175.6 174.5 192.8
5.Current Liabilities 181.3 207.7 289.9 330.4 246.8 369.5
6.Total Liabilities(A7+B5) 268.2 284.7 346.3 348.2 335.5 369.5
7.Net Current Assets(B4-B5) -75.0 -70.4 -131.3 -154.8 -72.3 -176.7
8.Contractual Liabilities 106.5 149.1 149.2 108.4 180.2 135.6
9.Net liquid assets (B1-B5) -173.1 -205.0 -289.1 -329.7 -246.1 -365.8
C.Fixed Assets:
1.Fixed Asset At Cost 360.9 364.5 534.4 538.9 539.0 538.9
2.Fixed assets after deducting accumulated depreciation 180.6 174.8 329.9 312.9 292.8 273.8
3.Depreciation for the year 13.1 9.7 14.8 21.5 20.1 18.9
4.Total assets (B4+C2) 286.9 312.1 488.5 488.5 467.3 466.6
D.Operation:
1.Gross sales 645.6 390.5 535.9 549.3 531.5 226.4
(i)Local sales 645.6 390.5 535.9 549.3 531.5 226.4
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 636.2 365.1 502.9 521.0 519.5 239.9
3.Gross profit 9.4 25.4 33.0 28.3 12.0 -13.5
4.Overhead and Other Expenses 644.9 370.9 511.1 530.3 527.8 246.7
5.Operating profit 0.7 19.8 24.8 19.0 3.7 -20.3
6.Financial expenses 12.3 9.4 15.9 24.2 15.4 20.1
7.Net profit before tax (D5-D6) -11.6 10.4 8.9 -5.2 -11.7 -40.4
8.Tax provision 2.8 1.7 2.7 2.7 2.7 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) -16.1 -1.5 94.4 -40.7 62.6 -123.5
2.Retention in business (D7-D8-D9) -14.4 8.7 6.2 -7.9 -14.4 -40.4
3.Finance from outside the company (E1-E2) -1.7 -10.2 88.2 -32.8 77.0 -83.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -1.3 18.4 21.0 13.6 5.7 -21.5
2.Depreciation for the year plus changes in capital employed (C3+E1) -3.0 8.2 109.2 -19.2 82.7 -104.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 82.1 73.8 28.4 11.3 40.2 0.0
2.Current ratio (B4 as % of B5) 58.6 66.1 54.7 53.1 70.7 52.2
3.Acid test or Quick ratio (B4-B3 as % B5) 42.9 29.1 27.6 29.4 45.0 23.7
4.Debt equity ratio (B6 as % of A3) 1419.0 1042.9 243.4 248.4 254.4 380.5
5.Return on assets (D7 as % of C4) -4.0 3.3 1.8 -1.1 -2.5 -8.7
6.Self financing ratio (E2 as % of E1) - - 6.6 19.4 -23.0 32.7
7.Cash flow ratio F1 as % of F2 - 224.4 19.2 -70.8 6.9 20.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 44.5 64.2 334.8 329.9 310.4 228.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) 99.9 95.0 95.4 96.5 99.3 109.0
10.Financial expenses as % of operating profit (D6 as % of D5) 1757.1 47.5 64.1 127.4 416.2 -99.0
11.Financial expense as % of gross sales (D6 as % of D1) 1.9 2.4 3.0 4.4 2.9 8.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) 11.5 6.3 10.7 22.3 8.5 14.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 16.3 30.3 -51.9 -23.1 0.0
14.Sundry debtors as % of gross sales 3.6 4.6 6.2 8.7 11.0 12.3
15.Return on Equity (D7 as % of A3) -61.4 38.1 6.3 -3.7 -8.9 -41.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -1.8 2.7 1.7 -0.9 -2.2 -17.8
4.Earning per share before tax (D7/No. of ordinary shares) -2.7 2.4 2.1 -1.2 -2.8 -9.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.4 2.0 1.5 -1.9 -3.4 -9.5
6.Average annual % depreciation on written down fixed assets 7.1 5.4 8.5 6.5 6.4 6.5
7.Sales as % of total assets (D1 as % of C4) 225.0 125.1 109.7 112.4 113.7 48.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 12.5 -188.9 -12.5 -157.1 133.3 239.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 31.8 -39.5 37.2 2.5 -3.2 -57.4
10.Break-up value of ordinary shares (in rupees) 4.4 6.4 33.5 33.0 31.0 22.8

81
Island Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 5.0 5.0 5.0 5.0 5.0 5.0
2.Surplus 232.9 233.6 190.8 216.3 344.9 351.6
3.Shareholder's Equity (A1+A2) 237.9 238.6 195.8 221.3 349.9 356.6
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 Liabilities 189.2 132.7 135.6 61.1 284.8 169.8
7.Total Fixed Liabilities (A4+A5+A6) 189.2 132.7 135.6 61.1 284.8 169.8
8.Total Capital Employed (A3+A7) 427.1 371.3 331.4 282.4 634.7 526.4
B.Liquidity:
1.Liquid Assets: 6.1 13.4 34.7 40.6 29.2 141.2
(i)Cash 4.1 10.5 16.1 23.1 11.0 10.7
(ii)Investments 2.0 2.9 18.6 17.5 18.2 130.5
2.Other Current Assets 173.5 198.6 178.0 239.6 299.6 188.3
3.Inventories 261.8 219.7 134.5 242.2 327.0 370.8
4.Current Assets (B1+B2+B3) 441.4 431.7 347.2 522.4 655.8 700.3
5.Current Liabilities 421.2 446.8 378.1 585.5 615.9 751.9
6.Total Liabilities(A7+B5) 610.4 579.5 513.7 646.6 900.7 921.7
7.Net Current Assets(B4-B5) 20.2 -15.1 -30.9 -63.1 39.9 -51.6
8.Contractual Liabilities 478.3 408.6 347.5 406.9 737.1 633.6
9.Net liquid assets (B1-B5) -415.1 -433.4 -343.4 -544.9 -586.7 -610.7
C.Fixed Assets:
1.Fixed Asset At Cost 467.1 475.9 479.9 496.0 610.9 632.4
2.Fixed assets after deducting accumulated depreciation 407.0 386.4 362.3 345.4 594.7 578.1
3.Depreciation for the year 42.4 30.3 30.3 27.2 25.6 1.7
4.Total assets (B4+C2) 848.4 818.1 709.5 867.8 1250.5 1278.4
D.Operation:
1.Gross sales 943.9 798.7 980.1 1007.6 1025.0 1245.2
(i)Local sales 846.1 615.7 710.3 676.0 544.6 885.4
(ii)Export sales 97.8 183.0 269.8 331.6 480.4 359.8
2.Cost of Sales 876.2 733.2 846.8 875.4 868.1 1131.9
3.Gross profit 67.7 65.5 133.3 132.2 156.9 113.3
4.Overhead and Other Expenses 902.3 768.0 898.7 942.1 1011.3 1241.3
5.Operating profit 42.3 31.1 81.9 74.0 23.3 -3.0
6.Financial expenses 25.0 25.3 53.6 55.7 56.5 137.1
7.Net profit before tax (D5-D6) 17.3 5.8 28.3 18.3 -33.2 -140.1
8.Tax provision 4.2 3.6 9.4 11.1 5.7 3.5
9.Total amount of dividend 1.3 1.3 1.3 1.3 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) 95.7 -55.8 -39.9 -49.0 352.3 -108.3
2.Retention in business (D7-D8-D9) 11.8 0.9 17.6 5.9 -38.9 -143.6
3.Finance from outside the company (E1-E2) 83.9 -56.7 -57.5 -54.9 391.2 35.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 54.2 31.2 47.9 33.1 -13.3 -141.9
2.Depreciation for the year plus changes in capital employed (C3+E1) 138.1 -25.5 -9.6 -21.8 377.9 -106.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 44.3 35.7 40.9 21.6 44.9 32.3
2.Current ratio (B4 as % of B5) 104.8 96.6 91.8 89.2 106.5 93.1
3.Acid test or Quick ratio (B4-B3 as % B5) 42.6 47.4 56.3 47.9 53.4 43.8
4.Debt equity ratio (B6 as % of A3) 256.6 242.9 262.4 292.2 257.4 258.5
5.Return on assets (D7 as % of C4) 2.0 0.7 4.0 2.1 -2.7 -11.0
6.Self financing ratio (E2 as % of E1) 12.3 - -44.1 -12.0 -11.0 132.6
7.Cash flow ratio F1 as % of F2 39.2 - -499.0 -151.8 -3.5 133.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 4758.0 4772.0 3916.0 4426.0 6998.0 7132.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.6 96.2 91.7 93.5 98.7 99.7
10.Financial expenses as % of operating profit (D6 as % of D5) 59.1 81.4 65.4 75.3 242.5 -4570.0
11.Financial expense as % of gross sales (D6 as % of D1) 2.6 3.2 5.5 5.5 5.5 11.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 5.2 6.2 15.4 13.7 7.7 21.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 24.3 62.1 33.2 60.7 -17.2 -2.5
14.Sundry debtors as % of gross sales 12.0 16.3 11.4 16.3 16.0 9.6
15.Return on Equity (D7 as % of A3) 7.3 2.4 14.5 8.3 -9.5 -39.3
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 1007.7 169.2 1453.8 553.8 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.5 0.5 0.7 0.6 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.8 0.7 2.9 1.8 -3.2 -11.3
4.Earning per share before tax (D7/No. of ordinary shares) 34.6 11.6 56.6 36.6 -66.4 -280.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 26.2 4.4 37.8 14.4 -77.8 -287.2
6.Average annual % depreciation on written down fixed assets 12.2 7.4 7.8 7.5 7.4 0.3
7.Sales as % of total assets (D1 as % of C4) 111.3 97.6 138.1 116.1 82.0 97.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -64.9 -66.5 387.9 -35.3 -281.4 322.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 43.5 -15.4 22.7 2.8 1.7 21.5
10.Break-up value of ordinary shares (in rupees) 475.8 477.2 391.6 442.6 699.8 713.2

82
J.A. Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 126.0 126.0 126.0 126.0 126.0 126.0
2.Surplus -154.1 -131.1 -167.9 17.0 -13.6 -50.4
3.Shareholder's Equity (A1+A2) -28.1 -5.1 -41.9 143.0 112.4 75.6
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 Liabilities 15.1 15.1 215.5 15.1 15.1 15.1
7.Total Fixed Liabilities (A4+A5+A6) 15.1 15.1 215.5 15.1 15.1 15.1
8.Total Capital Employed (A3+A7) -13.0 10.0 173.6 158.1 127.5 90.7
B.Liquidity:
1.Liquid Assets: 2.4 9.5 1.6 20.9 14.9 9.7
(i)Cash 2.4 9.4 1.4 20.9 14.9 9.7
(ii)Investments 0.0 0.1 0.2 0.0 0.0 0.0
2.Other Current Assets 15.3 20.5 51.0 64.7 53.1 24.6
3.Inventories 16.6 34.0 13.2 15.2 26.4 13.6
4.Current Assets (B1+B2+B3) 34.3 64.0 65.8 100.8 94.4 47.9
5.Current Liabilities 254.7 259.8 83.2 312.4 299.1 262.5
6.Total Liabilities(A7+B5) 269.8 274.9 298.7 327.5 314.2 277.6
7.Net Current Assets(B4-B5) -220.4 -195.8 -17.4 -211.6 -204.7 -214.6
8.Contractual Liabilities 15.1 15.1 215.5 15.1 15.1 15.1
9.Net liquid assets (B1-B5) -252.3 -250.3 -81.6 -291.5 -284.2 -252.8
C.Fixed Assets:
1.Fixed Asset At Cost 286.5 309.5 315.2 387.7 387.9 387.9
2.Fixed assets after deducting accumulated depreciation 207.4 205.9 191.0 369.7 332.2 305.4
3.Depreciation for the year 9.7 8.4 20.6 21.3 37.4 27.3
4.Total assets (B4+C2) 241.7 269.9 256.8 470.5 426.6 353.3
D.Operation:
1.Gross sales 264.7 221.9 470.0 497.6 572.4 480.3
(i)Local sales 245.3 154.6 470.0 446.2 549.1 433.1
(ii)Export sales 19.4 67.3 0.0 51.4 23.3 47.2
2.Cost of Sales 298.7 209.1 437.0 471.6 590.5 509.7
3.Gross profit -34.0 12.8 33.0 26.0 -18.1 -29.4
4.Overhead and Other Expenses 307.4 221.7 457.4 487.0 603.1 521.1
5.Operating profit -39.0 0.2 12.9 15.2 -30.7 -40.8
6.Financial expenses 2.8 2.2 3.0 3.0 3.1 0.2
7.Net profit before tax (D5-D6) -41.8 -2.0 9.9 12.2 -33.8 -41.0
8.Tax provision 1.2 1.4 3.8 2.5 2.8 0.6
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) -68.3 23.0 163.6 -15.5 -30.6 -36.8
2.Retention in business (D7-D8-D9) -43.0 -3.4 6.1 9.7 -36.6 -41.6
3.Finance from outside the company (E1-E2) -25.3 26.4 157.5 -25.2 6.0 4.8
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -33.3 5.0 26.7 31.0 0.8 -14.3
2.Depreciation for the year plus changes in capital employed (C3+E1) -58.6 31.4 184.2 5.8 6.8 -9.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - 151.0 124.1 9.6 11.8 16.6
2.Current ratio (B4 as % of B5) 13.5 24.6 79.1 32.3 31.6 18.2
3.Acid test or Quick ratio (B4-B3 as % B5) 6.9 11.5 63.2 27.4 22.7 13.1
4.Debt equity ratio (B6 as % of A3) - - 0.0 229.0 279.5 367.2
5.Return on assets (D7 as % of C4) -17.3 -0.7 3.9 2.6 -7.9 -11.6
6.Self financing ratio (E2 as % of E1) - -14.8 3.7 -62.6 119.6 113.0
7.Cash flow ratio F1 as % of F2 - 15.9 14.5 534.5 11.8 150.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -22.3 -4.0 -33.3 113.5 89.2 60.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 116.1 99.9 97.3 97.9 105.4 108.5
10.Financial expenses as % of operating profit (D6 as % of D5) - 1100.0 23.3 19.7 -10.1 -0.5
11.Financial expense as % of gross sales (D6 as % of D1) 1.1 1.0 0.6 0.6 0.5 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 18.5 14.6 1.4 19.9 20.5 1.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 38.4 20.5 -8.3 -1.5
14.Sundry debtors as % of gross sales 1.1 0.8 0.5 1.4 0.0 0.0
15.Return on Equity (D7 as % of A3) - - 0.0 8.5 -30.1 -54.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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) -15.8 -0.9 2.1 2.5 -5.9 -8.5
4.Earning per share before tax (D7/No. of ordinary shares) -3.3 -0.2 0.8 1.0 -2.7 -3.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -3.4 -0.3 0.5 0.8 -2.9 -3.3
6.Average annual % depreciation on written down fixed assets 4.9 4.1 10.0 11.2 10.1 8.2
7.Sales as % of total assets (D1 as % of C4) 109.5 82.2 183.0 105.8 134.2 135.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -925.0 -93.9 -500.0 25.0 -370.0 22.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -26.3 -16.2 111.8 5.9 15.0 -16.1
10.Break-up value of ordinary shares (in rupees) -2.2 -0.4 -3.3 11.3 8.9 6.0

83
J.K. Spinning Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 70.0 70.0 70.0 70.0 70.0 70.0
2.Surplus 276.5 268.9 202.6 413.8 371.3 351.3
3.Shareholder's Equity (A1+A2) 346.5 338.9 272.6 483.8 441.3 421.3
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 Liabilities 52.9 121.6 242.8 98.9 192.8 73.7
7.Total Fixed Liabilities (A4+A5+A6) 52.9 121.6 242.8 98.9 192.8 73.7
8.Total Capital Employed (A3+A7) 399.4 460.5 515.4 582.7 634.1 495.0
B.Liquidity:
1.Liquid Assets: 27.6 40.8 7.6 9.8 20.8 5.2
(i)Cash 27.6 40.8 7.6 9.8 20.8 5.2
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 134.8 228.6 280.2 253.6 221.4 291.4
3.Inventories 157.0 134.1 122.2 122.4 181.4 107.4
4.Current Assets (B1+B2+B3) 319.4 403.5 410.0 385.8 423.6 404.0
5.Current Liabilities 313.0 400.3 612.3 814.3 740.8 837.5
6.Total Liabilities(A7+B5) 365.9 521.9 855.1 913.2 933.6 911.2
7.Net Current Assets(B4-B5) 6.4 3.2 -202.3 -428.5 -317.2 -433.5
8.Contractual Liabilities 240.6 393.3 615.1 387.6 484.2 334.1
9.Net liquid assets (B1-B5) -285.4 -359.5 -604.7 -804.5 -720.0 -832.3
C.Fixed Assets:
1.Fixed Asset At Cost 404.3 480.0 759.7 1012.5 997.7 1044.3
2.Fixed assets after deducting accumulated depreciation 393.1 457.2 717.7 1011.2 951.3 928.5
3.Depreciation for the year 14.8 11.9 19.3 29.4 48.8 47.3
4.Total assets (B4+C2) 712.5 860.7 1127.7 1397.0 1374.9 1332.5
D.Operation:
1.Gross sales 660.1 415.9 614.8 637.1 747.6 835.2
(i)Local sales 388.2 98.3 614.8 366.8 615.4 687.7
(ii)Export sales 271.9 317.6 0.0 270.3 132.2 147.5
2.Cost of Sales 614.9 368.0 539.9 515.9 646.2 743.5
3.Gross profit 45.2 47.9 74.9 121.2 101.4 91.7
4.Overhead and Other Expenses 634.0 403.1 601.4 555.0 675.4 779.9
5.Operating profit 29.3 14.2 10.8 91.6 81.3 70.2
6.Financial expenses 22.2 19.5 51.9 77.3 91.7 71.8
7.Net profit before tax (D5-D6) 7.1 -5.3 -41.1 14.3 -10.4 -1.6
8.Tax provision 6.2 3.9 7.0 8.7 4.9 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) 102.5 61.1 54.9 67.3 51.4 -139.1
2.Retention in business (D7-D8-D9) 0.9 -9.2 -48.1 5.6 -15.3 -2.9
3.Finance from outside the company (E1-E2) 101.6 70.3 103.0 61.7 66.7 -136.2
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 15.7 2.7 -28.8 35.0 33.5 44.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 117.3 73.0 74.2 96.7 100.2 -91.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 13.2 26.4 47.1 17.0 30.4 14.9
2.Current ratio (B4 as % of B5) 102.0 100.8 67.0 47.4 57.2 48.2
3.Acid test or Quick ratio (B4-B3 as % B5) 51.9 67.3 47.0 32.3 32.7 35.4
4.Debt equity ratio (B6 as % of A3) 105.6 154.0 313.7 188.8 211.6 216.3
5.Return on assets (D7 as % of C4) 1.0 -0.6 -3.6 1.0 -0.8 -0.1
6.Self financing ratio (E2 as % of E1) 0.9 -15.1 -87.6 8.3 -29.8 2.1
7.Cash flow ratio F1 as % of F2 13.4 3.7 -38.8 36.2 33.4 -48.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 495.0 484.1 389.4 691.1 630.4 601.9
9.Overhead and other expenses as % of gross sales (D4 as % D1) 96.0 96.9 97.8 87.1 90.3 93.4
10.Financial expenses as % of operating profit (D6 as % of D5) 75.8 137.3 480.6 84.4 112.8 102.3
11.Financial expense as % of gross sales (D6 as % of D1) 3.4 4.7 8.4 12.1 12.3 8.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) 9.2 5.0 8.4 19.9 18.9 21.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 87.3 - -17.0 60.8 -47.1 -81.3
14.Sundry debtors as % of gross sales 12.5 41.8 32.5 19.8 12.9 18.0
15.Return on Equity (D7 as % of A3) 2.0 -1.6 -15.1 3.0 -2.4 -0.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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 -1.3 -6.7 2.2 -1.4 -0.2
4.Earning per share before tax (D7/No. of ordinary shares) 1.0 -0.8 -5.9 2.0 -1.5 -0.2
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.1 -1.3 -6.9 0.8 -2.2 -0.4
6.Average annual % depreciation on written down fixed assets 5.1 3.0 4.2 4.1 4.8 5.0
7.Sales as % of total assets (D1 as % of C4) 92.6 48.3 54.5 45.6 54.4 62.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 11.1 -180.0 637.5 -133.9 -175.0 -86.7
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 29.1 -37.0 47.8 3.6 17.3 11.7
10.Break-up value of ordinary shares (in rupees) 49.5 48.4 38.9 69.1 63.0 60.2

84
Janana De Malucho Textile Mills Ltd. (Million Rupees)
Items
2004 2005 2006 2007 2008 2009
A.Capital Structure:
1.Ordinary Share Capital 28.7 28.8 28.8 31.7 31.7 31.7
2.Surplus 555.6 655.3 517.1 858.0 869.4 800.1
3.Shareholder's Equity (A1+A2) 584.3 684.1 545.9 889.7 901.1 831.8
4.Prefrence Shares 0.1 0.0 0.0 0.1 0.0 0.0
5.Debentures 0.0 0.0 0.0 16.5 0.0 0.0
6.Other Fixed Liabilities 0.0 351.1 356.7 360.9 478.8 326.3
7.Total Fixed Liabilities (A4+A5+A6) 0.1 351.1 356.7 377.5 478.8 326.3
8.Total Capital Employed (A3+A7) 584.4 1035.2 902.6 1267.2 1379.9 1158.1
B.Liquidity:
1.Liquid Assets: 12.9 12.0 36.7 33.8 46.1 14.0
(i)Cash 3.2 2.3 9.8 4.8 5.1 3.2
(ii)Investments 9.7 9.7 26.9 29.0 41.0 10.8
2.Other Current Assets 112.1 90.6 78.5 101.1 127.8 102.9
3.Inventories 138.1 325.1 308.0 379.0 430.8 358.9
4.Current Assets (B1+B2+B3) 263.1 427.7 423.2 513.9 604.7 475.8
5.Current Liabilities 478.6 571.5 746.7 794.7 748.8 819.2
6.Total Liabilities(A7+B5) 478.7 922.6 1103.4 1172.2 1227.6 1145.5
7.Net Current Assets(B4-B5) -215.5 -143.8 -323.5 -280.8 -144.1 -343.4
8.Contractual Liabilities 140.5 755.5 879.8 846.2 1063.3 881.3
9.Net liquid assets (B1-B5) -465.7 -559.5 -710.0 -760.9 -702.7 -805.2
C.Fixed Assets:
1.Fixed Asset At Cost 1007.1 1420.6 1556.2 1836.4 1825.3 1885.1
2.Fixed assets after deducting accumulated depreciation 799.9 1179.0 1226.0 1548.0 1524.0 1501.5
3.Depreciation for the year 50.1 37.1 93.0 50.4 55.0 53.6
4.Total assets (B4+C2) 1063.0 1606.7 1649.2 2061.9 2128.7 1977.3
D.Operation:
1.Gross sales 728.3 523.8 970.4 1079.6 1130.6 1071.7
(i)Local sales 728.3 523.8 970.4 1079.6 1130.6 1071.7
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 661.0 488.9 901.7 934.3 979.0 1010.1
3.Gross profit 67.3 34.9 68.7 145.3 151.6 61.6
4.Overhead and Other Expenses 692.7 517.3 934.2 971.7 1020.5 1050.8
5.Operating profit 42.8 11.1 39.2 112.8 113.2 -5.6
6.Financial expenses 6.1 20.6 83.5 106.6 93.8 143.5
7.Net profit before tax (D5-D6) 36.7 -9.5 -44.3 6.2 19.4 -149.1
8.Tax provision 15.4 2.3 4.9 5.4 5.6 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 10.1 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 280.9 450.8 -132.6 364.6 112.7 -221.8
2.Retention in business (D7-D8-D9) 21.3 -11.8 -49.2 0.8 13.8 -149.1
3.Finance from outside the company (E1-E2) 259.6 462.6 -83.4 363.8 98.9 -72.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 71.4 25.3 43.8 51.2 68.8 -95.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 331.0 487.9 -39.6 415.0 167.7 -168.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 33.9 39.5 29.8 34.7 28.2
2.Current ratio (B4 as % of B5) 55.0 74.8 56.7 64.7 80.8 58.1
3.Acid test or Quick ratio (B4-B3 as % B5) 26.1 18.0 15.4 17.0 23.2 14.3
4.Debt equity ratio (B6 as % of A3) 81.9 134.9 202.1 131.8 136.2 137.7
5.Return on assets (D7 as % of C4) 3.5 -0.6 -2.7 0.3 0.9 -7.5
6.Self financing ratio (E2 as % of E1) 7.6 -2.6 37.1 0.2 12.2 67.2
7.Cash flow ratio F1 as % of F2 21.6 5.2 -110.6 12.3 41.0 56.8
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 2035.9 2375.3 1895.5 2806.6 2842.6 2624.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 95.1 98.8 96.3 90.0 90.3 98.0
10.Financial expenses as % of operating profit (D6 as % of D5) 14.3 185.6 213.0 94.5 82.9 -2562.5
11.Financial expense as % of gross sales (D6 as % of D1) 0.8 3.9 8.6 9.9 8.3 13.4
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.3 2.7 9.5 12.6 8.8 16.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 42.0 - -11.1 87.1 28.9 0.0
14.Sundry debtors as % of gross sales 0.5 0.4 0.6 2.1 3.3 2.5
15.Return on Equity (D7 as % of A3) 6.3 -1.4 -8.1 0.7 2.2 -17.9
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 0.0 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