"DEWAN CEMENT"

Income statement 2008 2007 2006 2005 2004

(Rupees) (Rupees) (Rupess) (Rupees) (Rupees)
Turnover - Net 4,598,002 4,329,503 2,678,979 1,891,253 1,382,053
Cost of sales 4,706,326 3,718,979 1,935,540 1,551,835 1,370,894
Gross profit -108,324 610,524 743,439 339,418 11,159

Distribution cost -94,741 -35,409 -4,823 -6,798 -4,477

Administrative expenses -246,815 -123,024 -68,572 -46,615 -43,568
Other operating expenses -88,325 -17,745 -37,802 -7,567 -275,216
Other operating income 281,025 283,751 53,737 72,160 41,887
Operating profit/ (loss) -257,180 718,097 685,979 350,598 -270,215

Finance cost -325,142 -553,115 -262,626 -235,498 -17,625

Share of profit / loss of associate 55,984

Profit / Loss befor taxation -582,322 -164,982 479,337 115,100 -287,840

Taxation 83,185 41,624 -196,054 -39,073 -111,206

Profit / Loss after taxation -499,137 206,606 283,283 76,027 -176,634

(Loss) / Earnings per share -

Basic/diluted (1.39) 0.74 1.86 0.92 (2.14)
 "DEWAN CEMENT"
Balance sheet for the year
2004-2008 2008 2007 2006 2005 2004
(Rupees) (Rupees) (Rupess) (Rupees) (Rupees)
CURRENT ASSETS
Stores and spares parts 397,500 683,751 346,435 225,766 183,744
Stock in trade 127,802 302,825 186,703 132,279 28,916
Trade debts 715,855 510,335 81,841 87,087 30,463
Due from related parties 10,541 800,000
Loans and advances 130,715 110,071 125,102 122,849 43,897
Trade deposits and short term perpayments 32,288 95,333 16,072 11,303 4,308
Other receivables 39,143 62,202 39,048 32,631 7,498
Short term investments 4,656 9,161 9,034 7,121 6,044
Taxation- net 17,760 16,328
Due from an associated undertaking 263,104 239,079 16,803
Cash and bank balances 132,572 224,537 76,751 108,067 22,070
TOTAL CURRENT ASSETS 1,608,832 2,814,543 1,144,090 966,182 343,743

NON CURRENT ASSETS

Property Plant & Equipment 19,927,245 19,304,428 6,113,812 5,472,366 5,404,262
Intangible asset 28,507 11,201 3,497
Investment in associate 951,273 911,296 800,000
Long-term deposits 74,369 52,972 21,415 824 1,092
Long-term loans 641 1,062 1,329 2,105 2,524
TOTAL NON CURRENT ASSETS 20,002,255 19,386,969 7,099,030 6,390,088 6,207,878

TOTAL ASSETS 21,611,087 22,201,512 8,243,120 7,356,270 6,551,621

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Authorized capital 5,000,000 5,000,000
Issued, subscribed and paid-up capital 3,573,750 3,573,750 1,650,000 825,000 825,000
Reserves- net 734,720 1,130,675 593,157 263,554 23,540
Surplus on revaluation of fixed assets - net of
tax 4,014,940 4,090,668 639,600 673,937 813,408
TOTAL EQUITY 8,323,410 8,795,093 2,882,757 1,762,491 1,661,948

CURRENT LIABILITIES
Trade and other payables 1,649,766 1,305,183 533,138 459,719 621,851
Mark-up payables 555,916 345,134 196,675 130,030 14,197
Short term borrowings 748,021 248,644 92,400
Current position in long term borrowings 1,114,022 1,124,364 533,311 308,376 71,039
Provision for taxation 2,619 6,103 20,194
Sales tax payable 16,850 14,743 20,403 29,697 15,156
Short term redeemable capital 497,695
 "DEWAN CEMENT"
TOTAL CURRENT LIABILITIES 4,084,575 3,535,763 1,286,146 933,925 834,837

NON CURRENT LIABILITIES

Sub-ordinated loans 602,000
Long term financing 2,275,462 2,430,054 715,845 499,843 44,672
Redeemable capital 2,629,795 3,028,869 3,346,933
Liabilities against assets subjected to finance lea 88,949 134,843 28,791 264 4,907
Long term deposits 922,894 861,539 79,187 61,533 153,196
Deferred liabilities 2,065,797 2,192,143 620,599 467,345 505,128
Debentures- Term finance certificates 3,850,000 4,110,825
Mark-up payable 141,252
TOTAL NON CURRENT LIABILITIES 9,203,102 9870656 4,074,217 4,659,854 4054836

TOTAL LIABILITIES AND EQUITY 21,611,087 22,201,512 8,243,120 7,356,270 6,551,621

"DEWAN CEMENT"
 "DEWAN CEMENT"
Statement of Cash Flows 2008 2007 2006 2005 2004
(Rupees) (Rupees) (Rupess) (Rupees) (Rupees)
CASH FLOWS FROM OPERATING
ACTIVITIES
Loss / profit before taxation -582,322 164,982
Adjustments for:
Depreciation 540,033 463,397
Loss / gain on remeasurement of short-
term investments 4,505 -127
Loss / gain on sale of property, plant and
equipment 14 -162
Finance cost 325,142 553,115 -8,583
Liabilities no longer payable - written back
(net) -73,030 -265,698
Other income on TFCs -157,096
Amortisation of intangible assets 31,317
Divident income -187
Exchange loss - net 43,028

Interest on balance due from related party -28,570

Provision for / (reversal of) gratuity 7,284 -86
Provision for doubtful debts 10,877
Provision for loans and advances 63,631
Provision for slow moving and obstacle
spare parts 1237
766,948 751,676
Operating profit before working capital
changes 184,626 916,658

Movement in working capital:

Decrease / increase in stores and spare
parts 286,251 -160,632
Decrease / increase in stock-in-trade 175,023 -62,944
Increase in trade debts -216,397 -211,726

Decrease / increase in loans and advances -84,275 93,092

Decrease / increases in trade deposits and

short-term prepayments 63,045 -14,721

Decrease / increase in other receivables 23,059 -39,616

Decrease in due from related parties 818,029 25,726
Increase in trade and other payables 375,049 696,729
 "DEWAN CEMENT"

Increase / decrease in sales tax payable 2,107 -42,658

1,441,891 283,250

Cash generated from operations 1,626,517 1,199,908 786,533 166,988 110,819

Income tax paid -24,423 -48,262 -16,879 -9,128 -15,913
Long-term loans --net 421 267 -341 448 -1,975
Long-term deposits -21,397 -13,820 -19,310 419
Long-term deposits and payables 61,355 361,550 17,654 -91,663 129,604
Net cash generated from operating
activities 1,642,473 1,499,643 767,657 67,064 213,952

CASH FLOWS FROM INVESTING

ACTIVITIES
Fixed capital expenditure -575,882 -2,150,025 -918,290 -289,162 -265,012
Proceeds from sale of property,plant and
equipment 294 463 2,533 910 761
Divedends income received 187 86 287 198
Decrease / increase in due from
associated undertaking 19,086 -208,107 78,044
Short- term investments made -12

Net cash outflow from investing activities -575,401 (-2,149,476) -896,384 -496,173 -186,207

CASH FLOW FROM FINANCING ACTIVITIES

Repayment of debentures- Term finance
certificates -4,190,993 -826,009
Proceeds from issuance of debentures-
Term finance certificates 3,850,000
Long-term financing-net -139,551 1,031,774 229,336 415,000
Loan from sponsors 499,377 465,922
Short- term borrowings 248,644 -92400 -32335
Repayment / proceeds from short term
redeemable capital -497,695 497,695 -273,878 -286,226 -26,157
Finance cost paid -845,698 -812,024 -181,589 -118,425
Dividend paid -464 -69,107

Decrease / increase in liabilities against

assets subject to finance lease -71,371 103,356 -4843 -2057
Proceeds from issue of shares 825,000
Subordinated
Proceeds fromloan
/ (payments) of liabilities -602,000 602,000
against assets subject to finance lease 100,542
Net cash (used in)/ generated from
financing activities -1,159,037 640,251 97,411 515,106 -60,549
 "DEWAN CEMENT"

Net increase / decrease in cash and cash

equivalents -91,965 -9,582 -31,316 85,997 -32,804
Cash and cash equivalents at the beginning
of the year 224,537 234,119 108,067 22,070 54,874
Cash and cash equivalents at the end of
the year 132,572 224,537 76,751 108,067 22,070

8,304,085 5,166,691 1,379,256 1,235,109 499,305

 "DEWAN CEMENT"

COMMON SIZE INCOME STATEMENT 2008 2007 2006 2005 2004

Turnover - Net 100% 100% 100% 100% 100%
Cost of sales 102.36% 85.90% 72.25% 82.05% 99.19%
Gross profit -2.36% 14.10% 27.75% 17.95% 0.81%

Distribution cost -2.06% -0.82% -0.18% -0.36% -0.32%

Administrative expenses -5.37% -2.84% -2.56% -2.46% -3.15%
Other operating expenses -1.92% -0.41% -1.41% -0.40% -19.91%
Other operating income 6.11% 6.55% 2.01% 3.82% 3.03%
Operating profit/ (loss) -5.59% 16.59% 25.61% 18.54% -19.55%

Finance cost -7.07% -12.78% -9.80% -12.45% -1.28%

Share of profit / loss of associate 0.00% 0.00% 2.09% 0.00% 0.00%

Profit / Loss befor taxation -12.66% -3.81% 17.89% 6.09% -20.83%

Taxation 1.81% 0.96% -7.32% -2.07% -8.05%

Profit / Loss after taxation -10.86% 4.77% 10.57% 4.02% -12.78%
 "DEWAN CEMENT"
Common size balance
sheet 2008 2007 2006 2005 2004
(%) (%) (%) (%) (%)
CURRENT ASSETS
Stores and spares parts 1.84% 3.08% 4.20% 3.07% 2.80%
Stock in trade 0.59% 1.36% 2.26% 1.80% 0.44%
Trade debts 3.31% 2.30% 0.99% 1.18% 0.46%
Due from related parties 0.05% 3.60% 0.00% 0.00% 0.00%
Loans and advances 0.60% 0.50% 1.52% 1.67% 0.67%

Trade deposits and short term perpayments 0.15% 0.43% 0.19% 0.15% 0.07%
Other receivables 0.18% 0.28% 0.47% 0.44% 0.11%
Short term investments 0.02% 0.04% 0.11% 0.10% 0.09%
Taxation- net 0.08% 0.07% 0.00% 0.00% 0.00%
Due from an associated undertaking 0.00% 0.00% 3.19% 3.25% 0.26%
Cash and bank balances 0.61% 1.01% 0.93% 1.47% 0.34%
TOTAL CURRENT ASSETS 7.44% 12.68% 13.88% 13.13% 5.25%

NON CURRENT ASSETS

Property Plant & Equipment 92.21% 86.95% 74.17% 74.39% 82.49%
Intangible asset 0.00% 0.13% 0.14% 0.05% 0.00%
Investment in associate 0.00% 0.00% 11.54% 12.39% 12.21%
Long-term deposits 0.34% 0.24% 0.26% 0.01% 0.02%
Long-term loans 0.00% 0.00% 0.02% 0.03% 0.04%
TOTAL NON CURRENT ASSETS 92.56% 87.32% 86.12% 86.87% 94.75%

TOTAL ASSETS 100.00% 100.00% 100.00% 100.00% 100.00%

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Authorized capital
Issued, subscribed and paid-up capital 16.54% 16.10% 20.02% 11.21% 12.59%
Reserves- net 3.40% 5.09% 7.20% 3.58% 0.36%
Surplus on revaluation of fixed assets - net
of tax 18.58% 18.43% 7.76% 9.16% 12.42%
TOTAL EQUITY 38.51% 39.61% 34.97% 23.96% 25.37%

CURRENT LIABILITIES
Trade and other payables 7.63% 5.88% 6.47% 6.25% 9.49%
Mark-up payables 2.57% 1.55% 2.39% 1.77% 0.22%
Short term borrowings 3.46% 1.12% 0.00% 0.00% 1.41%
Current position in long term borrowings 5.15% 5.06% 6.47% 4.19% 1.08%
Provision for taxation 0.00% 0.00% 0.03% 0.08% 0.31%
Sales tax payable 0.08% 0.07% 0.25% 0.40% 0.23%
 "DEWAN CEMENT"
Short term redeemable capital 0.00% 2.24% 0.00% 0.00% 0.00%
TOTAL CURRENT LIABILITIES 18.90% 15.93% 15.60% 12.70% 12.74%

NON CURRENT LIABILITIES

Sub-ordinated loans 0.00% 0.00% 0.00% 8.18% 0.00%
Long term financing 10.53% 10.95% 8.68% 6.79% 0.68%
Redeemable capital 0.00% 0.61% 0.35% 0.00% 0.07%
Liabilities against assets subjected to financ 0.41% 0.61% 0.35% 0.00% 0.07%
Long term deposits 4.27% 3.88% 0.96% 0.84% 2.34%
Deferred liabilities 9.56% 9.87% 7.53% 6.35% 7.71%
Debentures- Term finance certificates 17.81% 18.52% 0.00% 0.00% 0.00%
Mark-up payable 0.00% 0.64% 0.00% 0.00% 0.00%
TOTAL NON CURRENT LIABILITIES 42.59% 44.46% 49.43% 63.35% 61.89%

TOTAL LIABILITIES AND EQUITY 100% 100% 100% 100% 100%

 Trend analysis 2008 2007 2006 2005
(%) (%) (%) (%)
Cash and cash equivalents 600.6887177 1017.385591 347.7616674 489.6556411
Accounts Receivables 2349.916292 1675.261793 268.6570594 285.8779503
Temporary Investment 16.10181215 151.5718068 149.4705493 117.819325
Inventory 441.9767603 1047.257574 645.6736755 457.459538
Total Current Assets 468.0333854 818.7928191 332.8329595 281.076851
Total Current Liabilities 489.2661681 423.5273473 154.059535 111.8691433
Working Capital 504.1281303 146.859868 28.92643771 -6.56839627
Plant assets, net 368.7320304 357.2074781 113.1294523 101.2601906
Other asset 522.0458789 829.5812217 520.7788744 435.1960523
Long-term debt 6810.347985 4850.915751 1961.080586 75.45787546
Total liabilities 271.7498082 274.1782324 109.6262061 114.3998586
Share Owner's equity 433.1818182 433.1818182 200 100
Net Sales 332.6936087 313.2660614 193.8405401 136.843739
Cost of Production Sold 343.303421 271.2812953 141.188159 113.1987593
Administration and Research expense 566.5052332 282.3723834 157.3907455 106.9936651
Interest expense 1844.777305 3138.241135 1490.076596 1336.158865
EBIT 202.307532 -57.317607 -166.528974 -39.9874931
Net Income 282.5826285 -116.968421 -160.378523 -43.0421097
 Trend analysis 2008 2007 2006 2005
(Rupees) (Rupees) (Rupess) (Rupees)
Cash and cash equivalents 132572 224537 76751 108067
Accounts Receivables 715855 510335 81841 87087
Temporary Investment 4656 9161 9034 7121
Inventory 127802 302825 186703 132279
Total Current Assets 1608832 2814543 1144090 966182
Total Current Liabilities 4084575 3535763 1286146 933925
Working Capital -2475743 -721220 -142056 32257
Plant assets, net 19927245 19304428 6113812 5472366
Other asset 39143 62202 39048 32631
Long-term debt 74369 52972 21415 824
Total liabilities 13287677 13,406,419 5,360,363 5,593,779
Share Owner's equity 3573750 3573750 1650000 825000
Net Sales 4598002 4329503 2678979 1891253
Cost of Production Sold 4706326 3718979 1935540 1551835
Administration and Research expense 246815 123024 68572 46615
Interest expense 325142 553115 262626 235498
EBIT -582322 164983 479337 115100
Net Income -499137 206606 283283 76027
 2004
(Rupees)
22070
30463
6044
28916
343743
834837
-491094
5404262
7498
1092
4889673
825000
1382053
1370894
43568
17625
-287840
-176634
 Per share results 2008 2007 2006 2005 2004
(Rupees) (Rupees) (Rupess) (Rupees) (Rupees)
Sales 12.866042672 12.11473382 16.23623636 22.92428 16.75216
Net Income -1.396675761 0.578121021 1.716866667 0.921539 -2.141018
Dividends 0.0005232599 0.000240644 0.001739394 0.0024 0
Shares Outstanding 357375 357375 165000 82500 82500
 Short-term Liquidity
Analysis 2008 2007 2006 2005 2004

Current Ratio 0.3938799 0.796021 0.889549 1.034539 0.411749

Acid test ratio 0.362591 0.710375 0.744384 0.892901 0.377112
A/R TO 7.4996567 14.62235 31.71741 32.17785 45.37164
Inv TO 21.858016 19.33615 16.79705 23.46541 47.40981
Days sale in Receivable 56.047779 42.43457 10.99776 16.57701 7.935065
Days sale in Inventory 9.7759314 29.31369 34.72575 30.68654 7.59341
Approx. Conversion period 65.82371 71.74826 45.72351 47.26355 15.52847
Cash to CA 0.0824026 0.079777 0.898552 1.055042 2.391525
Cash to CL 0.0324567 0.063505 0.799306 1.091483 0.984707
Liquidity index 14.5 29.42025 21.377 16.8014 5.6605
Working Capital -2,475,743 -721,220 -142,056 32,257 -491,094
Net Trade cycle 131.0695 122.5172 96.4488 -119.009 94.7823
Cash provided by operations to CL 0.2155381 0.311006 0.34578 0.037916 0.0267
 Common size Analysis of
Current Assets & Current
Liabilities 2008 2007 2006 2005 2004
(%) (%) (%) (%) (%)
CURRENT ASSETS
Stores and spares parts 24.70737 24.2935 30.2804 23.36682 53.45389
Stock in trade 7.943775 10.7593 16.31891 13.6909 8.412099
Trade debts 44.49532 18.13207 7.153371 9.013519 8.862144
Due from related parties 0.655196 28.4238 0 0 0
Loans and advances 8.124838 3.910795 10.93463 12.71489 12.7703
Trade deposits and short term perpayments 2.006922 3.387157 1.404785 1.169862 1.253262
Other receivables 2.433007 2.210021 3.413018 3.377314 2.181281
Short term investments 0.289402 0.325488 0.789623 0.737025 1.75829
Taxation- net 1.103906 0.58013 0 0 0
Due from an associated undertaking 0 0 22.99679 24.74472 4.888245
Cash and bank balances 8.240264 7.977743 6.708476 11.18495 6.420494
TOTAL CURRENT ASSETS 100 100 100 100 100

CURRENT LIABILITIES
Trade and other payables 40.39015 36.91376 41.45237 49.2244 74.48771
Mark-up payables 13.61013 9.761231 15.29181 13.92296 1.700571
Short term borrowings 18.31331 7.032259 0 0 11.06803
Current position in long term borrowings 27.27388 31.79976 41.46582 33.01935 8.509326
Provision for taxation 0 0 0.203632 0.653479 2.418915
Sales tax payable 0.412528 0.416968 1.586367 3.179806 1.815444
Short term redeemable capital 0 14.07603 0 0 0
TOTAL CURRENT LIABILITIES 100 100 100 100 100
 Analysis of Cash Inflows
and Outflows 2008 2007 2006 2005 2004
(Rupees) (Rupees) (Rupess) (Rupees) (Rupees)
INFLOWS:
Net Sales 4598002 4329503 2678979 1891253 1382053
Increase/Decrease in A/R -205,520 -428,494 5,246 -56,624
Cash collections on sale 4392482 3901009 2684225 1834629 1382053
Interest income 281,025 283,751 53,737 72,160 41,887
Total Cash Collections from
Operations 4673507 4184760 2737962 1906789 1423940

OUTFLOWS:
Cost of products sold 4,706,326 3,718,979 1,935,540 1,551,835 1,370,894
Administrative expenses -246,815 -123,024 -68,572 -46,615 -43,568
Other operating expense -88,325 -17,745 -37,802 -7,567 -275,216
Interest Expense -325,142 -553,115 -262,626 -235,498 -17,625
Increase/Decrease deffered taxes 42903 -227828 -120493 -170194
Distribution expense cost -94,741 -35,409 -4,823 -6,798 -4,477
Increase/Decrease in inventories 175,023 -116,122 -54,424 -56,624
Finance cost -325,142 -553,115 -262,626 -235,498 -17,625
Dividend paid -464 -69,107
Income tax expense 83,185 41,624 -196,054 -39,073 -111,206
Total Cash outflows for operations 3,926,808 2,065,138 928,120 753,968 901,177
Cash from operations(inflows-
outflows) 746,699 2,119,622 1,809,842 1,152,821 522,763
Common size Statement of
Cashflows 2008 2007 2006 2005 2004
(%) (%) (%) (%) (%)

CASH FLOWS FROM OPERATING ACTIVITIES

Loss / profit before taxation -7.01% 3.19%
Adjustments for:
Depreciation 6.50% 8.97%
Loss / gain on remeasurement of short- term
investments 0.05% 0.00%
Loss / gain on sale of property, plant and
equipment 0.00% 0.00%
Finance cost 3.92% 10.71% -1.72%
Liabilities no longer payable - written back
(net) -0.88% -5.14%
Other income on TFCs -1.89%
Amortisation of intangible assets 0.38%
Divident income 0.00%
Exchange loss - net 0.52%

Interest on balance due from related party -0.34%

Provision for / (reversal of) gratuity 0.09% 0.00%
Provision for doubtful debts 0.13%
Provision for loans and advances 0.77%
Provision for slow moving and obstacle spare
parts 0.02%

Operating profit before working capital

changes 2.22% 14.55%

Movement in working capital:

Decrease / increase in stores and spare parts 3.45% -3.11%

Decrease / increase in stock-in-trade 2.11% -1.22%
Increase in trade debts -2.61% -4.10%

Decrease / increase in loans and advances -1.01% 1.80%

Decrease / increases in trade deposits and
short-term prepayments 0.76% -0.28%
Decrease / increase in other receivables 0.28% -0.77%
Decrease in due from related parties 9.85% 0.50%
Increase in trade and other payables 4.52% 13.49%
Increase / decrease in sales tax payable 0.03% -0.83%
Cash generated from operations 19.59% 23.22% 57.03% 13.52% 22.19%
Income tax paid -0.29% -0.93% -1.22% -0.74% -3.19%
Long-term loans --net 0.01% 0.01% -0.02% 0.04% -0.40%
Long-term deposits -0.26% -0.27% -1.40% 0.03%
Long-term deposits and payables 0.74% 7.00% 1.28% -7.42% 25.96%

Net cash generated from operating activities 19.78% 29.03% 55.66% 5.43% 42.85%

CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure -6.93% -41.61% -66.58% -23.41% -53.08%
Proceeds from sale of property,plant and
equipment 0.00% 0.01% 0.18% 0.07% 0.15%
Divedends income received 0.00% 0.00% 0.02% 0.02%
Decrease / increase in due from associated
undertaking 1.38% -16.85% 15.63%
Short- term investments made 0.00%

Net cash outflow from investing activities -6.93% -64.99% -40.17% -37.29%

CASH FLOW FROM FINANCING ACTIVITIES

Repayment of debentures- Term finance
certificates -50.47% -15.99%
Proceeds from issuance of debentures- Term
finance certificates 46.36%
Long-term financing-net -1.68% 19.97% 16.63% 33.60%
Loan from sponsors 6.01% 9.02%
Short- term borrowings 4.81% -7.48% -6.48%
Repayment / proceeds from short term
redeemable capital -5.99% 9.63% 1.38% -23.17% -5.24%
Finance cost paid -10.18% -15.72% -13.17% -9.59%
Dividend paid -0.01% -1.34%
Decrease / increase in liabilities against assets
subject to finance lease -0.86% 2.00% -0.39% -0.41%
Proceeds from issue of shares 59.81%
Subordinated loan -43.65% 48.74%
Proceeds from / (payments) of liabilities
against assets subject to finance lease 7.29%
Net cash (used in)/ generated from financing
activities -13.96% 12.39% 7.06% 41.71% -12.13%
Net increase / decrease in cash and cash
equivalents -1.11% -0.19% -2.27% 6.96% -6.57%
Cash and cash equivalents at the beginning of
the year 2.70% 4.53% 7.84% 1.79% 10.99%
Cash and cash equivalents at the end of the
year 1.60% 4.35% 5.56% 8.75% 4.42%
Cash Flow adequacy ratio -0.9653919

Analysis of Cashflow Ratios 2008 2007 2006 2005 2004

Cash Reinvestment ratio 9.10% 8.20% 10.63% 1.02% 3.61%
Analysis of Capital Structure 2008 2007 2006 2005 2004
(Rupees) (Rupees) (Rupess) (Rupees) (Rupees)
NON CURRENT LIABILITIES:
Sub-ordinated loans 602,000
Long term financing 2,275,462 2,430,054 715,845 499,843 44,672
Redeemable capital 2,629,795 3,028,869 3,346,933
Liabilities against assets subjected to finance
lease 88,949 134,843 28,791 264 4,907
Long term deposits 922,894 861,539 79,187 61,533 153,196
Deferred liabilities 2,065,797 2,192,143 620,599 467,345 505,128
Debentures- Term finance certificates 3,850,000 4,110,825
Mark-up payable 141,252
TOTAL NON CURRENT LIABILITIES 9,203,102 9870656 4,074,217 4,659,854 4054836
TOTAL CURRENT LIABILITIES 4,084,575 3,535,763 1,286,146 933,925 834,837
TOTAL LIABILITIES 13,287,677 13406419 5,360,363 5,593,779 4,889,673

EQUITY CAPITAL:
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized capital 5,000,000 5,000,000
Issued, subscribed and paid-up capital 3,573,750 3,573,750 1,650,000 825,000 825,000
Reserves- net 734,720 1,130,675 593,157 263,554 23,540
Surplus on revaluation of fixed assets - net of
tax 4,014,940 4,090,668 639,600 673,937 813,408
TOTAL EQUITY CAPITAL 8,323,410 8,795,093 2,882,757 1,762,491 1,661,948
TOTAL LIABILITIES and EQUITY 21,611,087 22,201,512 8,243,120 7,356,270 6,551,621
Common size analysis of Capital
Structure 2008 2007 2006 2005 2004
(%) (%) (%) (%) (%)
NON CURRENT LIABILITIES:
Sub-ordinated loans 0.00% 0.00% 0.00% 8.18% 0.00%
Long term financing 10.53% 10.95% 8.68% 6.79% 0.68%
Redeemable capital 0.00% 0.00% 31.90% 41.17% 51.09%
Liabilities against assets subjected to finance lease 0.41% 0.61% 0.35% 0.00% 0.07%
Long term deposits 4.27% 3.88% 0.96% 0.84% 2.34%
Deferred liabilities 9.56% 9.87% 7.53% 6.35% 7.71%
Debentures- Term finance certificates 17.81% 18.52% 0.00% 0.00% 0.00%
Mark-up payable 0.00% 0.64% 0.00% 0.00% 0.00%
TOTAL NON CURRENT LIABILITIES 42.59% 44.46% 49.43% 63.35% 61.89%
TOTAL CURRENT LIABILITIES 18.90% 15.93% 15.60% 12.70% 12.74%
TOTAL LIABILITIES 61.49% 60.39% 65.03% 76.04% 74.63%

EQUITY CAPITAL:
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized capital 23.14% 22.52% 0.00% 0.00% 0.00%
Issued, subscribed and paid-up capital 16.54% 16.10% 20.02% 11.21% 12.59%
Reserves- net 3.40% 5.09% 7.20% 3.58% 0.36%
Surplus on revaluation of fixed assets - net of tax 18.58% 18.43% 7.76% 9.16% 12.42%
TOTAL EQUITY CAPITAL 38.51% 39.61% 34.97% 23.96% 25.37%
TOTAL LIABILITIES and EQUITY 100.00% 100.00% 100.00% 100.00% 100.00%
 Capital structure and
Solvency Ratios 2008 2007 2006 2005 2004

Total debt to equity 1.596422 1.524307 1.859457 3.173792 2.942134

Total debt ratio 0.614855 0.603852 0.650283 0.76041 0.74633
Long-term debt to equity 1.105689 1.122291 1.413306 2.643902 2.439809
Equity to total debt 0.626401 0.656036 0.537791 0.315081 0.339889
Fixed asset to equity 2.39412 2.194909 2.120821 3.104904 3.251764
C.L to T.L 0.307396 0.263737 0.239936 0.166958 0.170735
Cash flow to fixed charges -1.632376 -2.080632 1.101874 -0.925925 -21.51617
 Return on Invested Capital
Ratios 2008 2007 2006 2005 2004
(%) (%) (%) (%) (%)
Return on Assets (ROA) -3.55% -1.36% 1.61% -1.15% -2.69%
Return on common Equity -5.83% 3.53% 12.19% 4.44% -10.62%
Return on long term debt and equity -2.55% -1.58% 1.24% -0.92% -2.88%
Finnancial Leverage Index 1.642254 -2.595588 7.56391164 -3.877052 0.01183
Equity Growth Rate -5.83% 4.72% 12.20% 4.44% -10.62%
 Asset Utilization Ratios 2008 2007 2006 2005 2004

Sales to cash and equivalents 34.68306 19.28191 34.90481 17.50074 62.62134

Sales to Accounts Receivable 6.423091 8.483649 32.73395 21.71682 45.36825
Sales to Inventory 35.97754 14.29705 14.34888 14.29745 47.79544
Sales to Working Capital 9120.701 29480.5 92613.51 -287932 32142.34
Sales to Fixed Assets 0.230739 0.224275 0.438185 0.345601 0.255734
Sales to Other Assets 117.4668 69.60392 68.60733 57.95878 184.3229
Sales to Total Assets 0.212761 0.195009 0.324996 0.257094 0.210948
Sales to Short-term-Liability 2.857975 1.538261 2.341581 1.95745 4.0206
 Analysis of Profit Margins 2008 2007 2006 2005 2004
Gross Profit Margin (0.02) 0.14 0.28 0.18 0.01
Operating Profit Margin -0.126647 -0.038106 0.178925 0.060859 -0.20827
Net Profit Margin -0.108555 0.04772 0.105743 0.040199 -0.127806
 Analysis of Depreciation 2008 2007 2006 2005 2004
(%) (%) (%) (%) (%)
Accumulated depreciation as a percent of gross plant
assets 9.79% 7.44% 28.00% 26.48% 22.30%
Annual depreciation expence as a percent of gross
plant 2.60% 2.31% 4.20% 4.65% 3.82%

Annual depreciation expence as a percent of sales 11.58% 10.53% 10.00% 14.12% 15.51%
 Analysis of
Discretionary
Expenditures 2008 2007 2006 2005 2004
Net sales 4,598,002 4,329,503 2,678,979 1,891,253 1,382,053
Plant assets 19,927,245 19,304,428 6,113,812 5,472,366 5,404,262
Maintenance and repairs 10661 11963 2133 1804 239
Advertising 196 419 0 0 0
Maintenance and repairs/Sales 0.0023186158 0.0027631347 0.000796199 0.000953865 0.000172931
Maintenance and repairs/Plant 0.0005349962 0.0006197024 0.000348882 0.0003296563 4.42244E-05
Advertising /Sales 4.2627211E-05 9.677785E-05 0 0 0
 Market Measures 2008 2007 2006 2005 2004

Price to Earning -18.28 214.8 101.13 46.48 85.3

Price to Book 6.89 7.85 11.44 11.01 17.65
Earnings Yield (0.78) 0.39 0.56 0.53 0.01
Dividend Yield -0.143629 -0.014141 -0.056646 0.601841 0.0039
Dividend Payout Ratio 0.19 (0.04) (0.10) 1.13 0.33