financial statement analysis 1

BALANCE SHEET ANALYSIS
OF
JOINT STOCK COMPANIES

LISTED ON THE KARACHI STOCK EXCHANGE

(2003-2008)







STATE BANK OF PAKISTAN
STATISTICS AND DWH DEPARTMENT


C o n t e n t s

Page No.
Introduction
i
Methodology
ii - x
Executive Summary

xi – xv
Key Performance Indicators
xvi
Analytical Tables and Profiles:
I. Sectors
(a) Overall


1 – 2
(b) Private
3 - 4
(c) Public
5 - 6
II. Economic Groups

1. Textile & Other Textiles

(a) Textiles
7 - 252
(b) Other Textiles
253- 288
2. Chemicals
289 – 345
3. Engineering
346 – 408
4. Sugar & Allied Industries
409 – 466
5. Paper & Board
467 – 485
6. Cement

486 – 520
7. Fuel & Energy
521 – 565
8. Transport & Communication
566 – 586
9. Other

(a) Tobacco
587 – 596
(b) Jute
597 – 609
(c) Vanaspati & Allied Industries
610 – 623
(d) Miscellaneous
624 – 712
III. Appendix:1
714 - 717
Appendix:2 718- 719
Statistics & DWH Department
Corporate Division




Team Members


 Dr. Ishaque Ahmed Ansari Sr. Joint Director

 Sajjad Hussain Joint Director


 Muhammad Jaweed Akhtar Jr. Joint Director


 Muhammad Suhail Jr. Joint Director


Supervisor


 Dr. Azizullah Khattak Director



Introduction

I. Preliminaries

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

Economic Groups

Years
2003
2004
2005
2006
2007
2008

Cotton and Other Textiles
Chemicals
Engineering
Sugar and Allied Industries
Paper and Board
Cement
Fuel and Energy
Transport
Miscellaneous

Total:


199
38
44
37
13
22
24
7
79

463

189
36
42
35
12
22
25
13
77

451



182
34
41
35
12
22
28
15
74

443

181

34
41
35
10
22
28
12
73

436


180
34
41
36
10
20
27
12
77

437

182
35
40
35
10
21

27
12
74

436



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

The publication is based on the two sets of analysis:

(a) Overall summary:
This gives the consolidated financial analysis of companies listed at KSE.

(b) Company-wise analysis:
This provides financial analysis of the individual companies.

II. Methodology
A. Capital Structure

1. Ordinary Share Capital

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

2. Reserves

It is evaluated by aggregating all kinds of reserves except depreciation reserve and reserve for bad and
doubtful debts plus the balance of profit and loss account and subtracting there from intangible or
fictitious assets (e.g., goodwill, preliminary expenses, exploration accounts, patents, trade mark) and
adverse balance of profit and loss figures. The reserves entering into the calculation are: -
(i) General
(ii) Capital
(iii) Development
(iv) Dividend equalization
(v) Proposed issue of bonus shares
(vi) Profit on re-issue of forfeited shares
(vii) Premium on shares
(viii) Capital profit arising from the sale of fixed assets
(ix) Special reserves under relevant provision of Income Tax Act
(x) Raw material price equalization
(xi) Tax equalization
(xii) Contingency
(xiii) Leave passage

(xiv) Workmen‟s compensation fund
(xv) Gratuity, pension or provident fund
(xvi) Investment depreciation but not including provision for actual shortfall of market value as
compared with book value
(xvii) Publicity
(xviii) Employees‟ housing and welfare fund
(xix) Charities
(xx) Deferred liabilities
(xxi) Taxation reserves including deferred taxation reserves, but not including provision for tax
assessed or estimated on actual or part of profits.

3. Shareholders’ Equity

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

4. Preference Shares

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


ii

a) Ordinary shareholder will receive dividend, which varies according to the prosperity of the
company but preference shareholder will receive a fixed amount dividend every year.
b) Ordinary shareholder has a right of voting in the company‟s annual general meeting while the
preference shareholder has no voting right.
c) Ordinary shareholders have to claim on the net assets of the company in case of liquidation,
while the claim of the preference shareholders is paid earlier.

5. Debentures / TFC’s

These are bonds/certificates issued by a company to raise funds for long-term period (generally more
than one year) for a specific purpose, sometimes convertible into stock. At present, debentures have
been replaced by TFC‟s (Term Finance Certificates).

6. Other Fixed Liabilities

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

7. Total Fixed Liabilities

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

8. Total Capital Employed

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

B. Liquidity

1. Current Assets

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

a) Liquid Assets

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




iii




objective of the analysis and partly on one‟s own subjective judgment. For this study, liquid assets that
are also sometimes referred to as liquid capital have been bifurcated as cash and investments
and comprise of the following items: -

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

b) Inventories

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

c) Other Current Assets

The following items are taken as other current assets:
(i) Book debts including bad and doubtful debts
(ii) Stores
(iii) Work in progress(current)
(iv) Advances, prepayments, etc.

9. Current Liabilities

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

(a) Sundry Creditors

(i) Income tax payable
(ii) For expenses
(iii) For other finance
(iv) Bills payable
(v) Advances from customers against orders

(b) Payment become due but outstanding

(i) Income tax payable
(ii) Proposed, unpaid and unclaimed dividends
(iii) Estimated liabilities in respect of outstanding claims whether due or intimated
(iv) Gratuities becoming payable
(v) Provident Fund becoming payable
(vi) Current installment and interest payable on fixed liabilities
(vii) Provision for taxation estimated on current profits
(viii) Workers profit participation fund


iv




(c) Loans, Deposits and Advances

(i) Loans secured by stock or other current assets
(ii) Bank overdrafts and other unsecured loans

(iii) Short term loans acquired against the security of fixed assets
(iv) Unsecured loan from directors, parent company, and subordinate loan
(v) Due to managing agents
(vi) Advances by directors
(vii) Guarantee and security deposits of customers and staff

10. Total Liabilities

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

11. Net Current Assets

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

12. Contractual Liabilities

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

13. Net Liquid Assets

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

C. Fixed Assets

1. Fixed Assets at Cost

In contra distinction to current assets, fixed assets consist of items, which are not readily convertible
into cash during the course of normal operations of an enterprise. These items are not subject to
periodical exchange through sales and purchases. Fixed assets are of permanent nature and are not

normally liquidated or intended to be turns into cash except in the form of depreciation, which is
added to the cost of goods sold. The following balance sheet items are included in the category of
fixed assets: -

(a) Real Estate

(i) Freehold and leasehold land
(ii) Factory and office buildings
(iii) Residential buildings
(iv) Capital projects in progress at cost

(b)Plant, Machinery and Rolling Stock

(i) All types of plant and machinery used for production and not for sale
(ii) Crockery, cutlery, silverware and enamelware in hotels
(iii) Construction tools
(iv) Livestock in farming company
(v) Cars, lorries, trucks, ships, launches etc.
(vi) Railway siding and trolley lines
(vii) Computers and other electronic equipments.

v




(c) Furniture, Fixtures, Fittings and Allied Equipment

(i) Electric fans, refrigerators, air conditioners, electric heating, sanitary and other
fittings.

(ii) Laboratory equipment
(iii) All types of office furniture‟s and equipment
(iv) Advertising, fixtures and fittings.

2. Fixed Assets After Deducting Accumulated Depreciation

Deducting the accumulated depreciation from the fixed assets of the company gives this item.

3. Depreciation for the year

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

4. Total Assets

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

D. Operations

1. Gross Sales

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

2. Gross Profit

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

3. Overhead and Other Expenses

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

5. Operating Profit

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

6. Financial Expenses

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


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


vii




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 item taken together has been worked out. The method is to take total
depreciation provided during the financial year and dividing it by the written down value of the total
fixed assets at the beginning of the financial year. The result is expressed in percentage.

6. Sales as % of Total Assets

This item indicates how efficiently the business of a company generates sales on each rupee of assets.

7. Sales Growth (Current Year’s Sales - Last Year’s Sales)

Sales growth is the percentage increase or decrease in sales between two time periods.

8. Break-up Value of Ordinary Shares

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













x




xi

Executive Summary

The non-financial companies listed at Karachi Stock Exchange (KSE) showed
consistently upward growth drive from 2002 to 2006 but a declining trend was
observed during 2007 which continued during the year 2008, though an

increase
was
observed in total capital employed, liquidity, working capital, fixed assets, operational
activities, etc.
especially
in sugar and fuel & energy sectors and depression in the
areas of textile, other textile, transport & communication sectors, tobacco, paper &
board, engineering, chemicals and cement were seen.
Brief review of the important
indicators during years 2007 and 2008 is given below.

Capital Structure
Total paid up capital of ordinary shareholders increased
by Rs.24.91billion or 6.32
percent from Rs.394.51 billion in 2007 to Rs.419.42 billion in
2008, where as it was
increased by Rs.22.17 billion or 5.96 percents in 2007 over 2006. Sector wise position of
capital structure is as under:
Total Capital Employed by Economic Sectors
(Million Rupees)

Total shareholder’s equity increased by 2.80 percent from Rs.953.0 billion to
Rs.979.69
billion during 2008. Total fixed liabilities increased by 19.67 percent from
Rs.362.25 billion in
2007 to
Rs. 433.51 billion in 2008.
A comparison of growth, in
the
compositions of capital structure in the current year with that of the previous year yields:

2008 over 2007 2007 over 2006
Shareholders equity 2.80 % 9.08 %
Total fixed liabilities 19.67 % 26.34 %
Total capital employed 7.45 % 13.35 %

ECONOMIC SECTOR
TOTAL CAPITAL EMPLOYED
CHANGE (%)
2008
2007
Cotton Textile
210,425
207,983
1.17
Other Textile
31,678
33,888
-6.52
Chemicals
149,922
133,814
12.04
Engineering
84,344
76,692
9.98
Sugar and allied industries
32,008
29,075

10.09
Paper and board
40,919
40,676
0.60
Cement
186,979
167,909
11.36
Fuel and energy
400,534
359,027
11.56
Transport and communications
198,484
205,161
-3.25
Tobacco
9,612
9,584
0.29
Jute
5,386
3,385
59.11
Vanaspati and allied industries
-1,225
-1,053
-16.34
Others

64,145
49,118
30.59
Total
1,413,209
1,315,258
7.45

xii

2003
2004
2005
2006
2007
2008
Cash and bank balances
97.23
160.86
188.31
184.14
169.69
167.18
Investments
65.24
80.33
112.57
192.52
239.47
242.73

Liquid Assets
162.47
241.18
300.87
376.66
409.16
409.91
Working capital
23.50
95.79
159.71
143.81
154.91
76.45
0
50
100
150
200
250
300
350
400
450
Billion Rupees
Figure 2: Aggregate Composition of Assets
This shows that decline in the growth have been observed in all areas. The pace of
growth remained
sluggish during the year particularly in case of the shareholder’s
equity. The growth of total fixed liabilities remained high. This indicates that the

demand of finance from banks and other financial institutions continued at high side.
The increase in ordinary share capital and reserve & surplus during the year were
6.32
percents and
0.32 percent respectively. The growth in reserves & surplus in the
previous year were 11.40 percent and showed a sharp decline in the current year 2008.
The main sectors contributed in the decline of reserve & surplus were transport &
communication, cement, chemicals, textile and engineering.

Liquidity
The analysis indicates that the overall liquid assets of non-financial sector increased by
0.18 percent from Rs.409.16 billion in 2007 to Rs.409.91 billion in 2008,whereas the
growth of the
previous year
was 8.63
percent. The
major increase
during the year
was in the
sectors of fuel &
energy by Rs.
29.20 billion,
miscellaneous
by Rs.3.80
billion and
textile by
Rs.1.40 billion,
while a decrease
of Rs.13.20
billion in transport & communication sector, Rs.9.50 billion in engineering sector, Rs.4.60

billion in engineering sector and Rs.3.60 billion in chemical sector have been witnessed.
Cash and bank balance showed a decrease of Rs.2.51 billion i.e.1.48 percent in 2008
against a decrease of 7.85 percent in 2007, whereas short-term investment increased by
0
200
400
600
800
1000
1200
1400
1600
Paid-up Capital
Surplus
Shareholders
equity
Total fixed
liabilities
Total capital
employed
419.4
560.3
979.7
433.5
1413.2
Billion Rupees
Figure 1: Capital Structure of Non-Financial sector-2008

xiii

1.36 percent to Rs.3.26 billion in 2008 as against an increase of 24.39 percent in 2007. The
position of working capital (net current assets) was Rs.76.45 billion and shows a decrease
of 50.65 percent in 2008 from Rs. 154.91 billion in 2007. Further, it is mentioned that the
total liabilities of corporate sector increased by 31.47 percent i.e Rs.1,845.37 billion in
2008 from Rs.1,403.59 billion in 2007 and financial expenses increased by 44.46 percent
from Rs.67.13 billion in 2007 to Rs.96.97 billion in 2008.
Fixed Assets
The fixed assets after deducting accumulated depreciation (book value) of overall position
amounted to Rs. 1,336.75billion in 2008. The increase was noted to be Rs. 176.41 billion or
15.20 percent
in 2008 over
the previous
year 2007.
The total
assets which
are at
Rs.2,825.06
billion in
2008, show
an increase
of 19.88
percent in
current year
from Rs.
2,356.60
billion in 2007. This indicates that during current year the amount invested in the capital
expenditure showed a positive growth as compared to the previous year which was 14.14
percent. Comparison of fixed assets (book value) with total assets from 2003 through 2008
is illustrated in figure3.
Operational Activities

The gross sales of all non-financial listed companies were Rs.3,417.23 billion in 2008 as
against Rs.
2,837.92
billion in 2007,
showing an
increase of
Rs.633.31
billion or
22.32 percent.
The local sale
increased by
Rs.594.92
billion or
22.60 percent
at Rs.3,227.62
billion in 2008
2003
2004
2005
2006
2007
2008
Gross sales
1382.48
1632.83
2031.22
2570.95
2837.92
3471.23
Cost of sales

1172.44
1360.16
1672.72
2166.35
2431.13
2964.60
0
500
1000
1500
2000
2500
3000
3500
4000
Billion Rupees
Figure 4: Gross Sales and Cost of Sales
2003
2004
2005
2006
2007
2008
Fixed Assets (book value)
619.78
720.33
858.60
1016.57
1160.35
1336.75

Total assets
1129.11
1413.01
1703.46
2048.42
2356.60
2825.06
0
500
1000
1500
2000
2500
3000
Billion Rupees
Figure 3: Composition of Assets

xiv




against Rs.2,632.70 billion in 2007 whereas the export sales increased by Rs.38.39 billion
or 18.71 percent in the current year. Cost of goods sold stood at Rs.2,964.60 billion in
2008, showing an increase of 21.94 percent compared with the previous year. The gross
profit increased by Rs.99.83 billion or 24.54 percent from Rs.406.80 billion in 2007 to
Rs.506.63 billion in 2008. The major sectors which contributed in the growth of gross
profit during current year were sugar by 143.36 percent, fuel & energy by 50.77 percent
and vanaspati & allied industries by 36.26 percent and sectors which participated in the
gross loss were other textile by 37.63 percent ,transport & communication by 9.31 percent

and other engineering by 8.76 percent. Net profit before taxes, which stood at Rs.229.30
billion in 2007, decreased by Rs.24.30 billion or 14.52 percent to Rs.205.00 billion in
2008. Fuel & energy and sugar & allied sectors showed a profit of Rs. 57.50 billion and
Rs.1.30 billion respectively, whereas a sharp decline in the net profit before taxes has been
witnessed in transport & communication with Rs.55.30 billion, cement with Rs.8.90 billion
and chemicals with Rs.5.90 billion. Out of the profit, the amount retained in the business
were Rs.4.48 billion in 2008 as against Rs.71.08 billion in 2007 showing a decrease of
Rs.66.60 billion or 93.70 percent. The finance inducted from outside source
of the business increased by 9.67 percent at Rs.93.47 billion in 2008 from Rs.83.80
billion in 2007, whereas it increased 22.77 percent in the previous year. This indicates
that overall
non-financial
listed
companies,
“expansion of
business”
remained
sluggish
during the
year and its
pace remained
slow as
compared to
the previous
year, i.e.
dependencies
on debts from
banks and
financial
institutions

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

150
200
250
300
Billion Rupees
Figure 5: Net Profit and Retention

xv

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

2
4
6
8
10
12
Percent
Figure 6: Key Financial Ratios
Key Financial Ratios
Sundry debtors ratio to gross sales indicates a growth of 20.45 percent, at 10.60 percent in
2008 from 8.80 percent in 2007. This is not a good sign for corporate business, it means
that the growth of debt receivable on sales have been increased in current year as
compared with the previous year, which was 12.82 percent. Dividend ratio to equity,
which was 10.20 percent in 2007 increased to 10.80 percent in 2008. This is also not a
good indicator, it shows that with a growth of 6.32 percent in paid-up capital, corporate
sectors dividend payout have been grown only by 5.88 percent during the current year. It
is to be noted that companies issued 57.91 percents more bonus shares during the year
2008 as compared with the previous year. Earning per share after tax, which was Rs.4.30
per share in 2007, decreased to Rs.2.60 per share in 2008 (i.e. net decrease of 39.53
percent in the value per share during the current year). The ratio of gross sales to total
assets , which was 120.4 percent in 2007, increased to 122.9 percent in 2008. This is
a positive sign for the growth of corporate sector that rising assets sucessed to promote
more sales, which showed negative relation in the previous year. Overall it is evident that
during the year 2008 the listed companies of non- financial sector shows a mixed trend in
all areas of financial analysis as compared to the previous year.

(Million Rupees)
Key
Performance
Indicators
Paid -up-Capital 419,424.4 35,318.2 9,392.9 42,072.0 11,371.7 2,164.2 54,881.2 149,185.1 3,188.8 607.6 11,184.9
Total amount 105,519.8 1,445.1 202.8 15,101.5 3,925.3 123.9 648.1 74,716.9 2,999.8 0.0 5,043.2
of dividend
Total value of 4,730.7 615.1 962.5 205.8 527.0 105.6 117.1 1,579.9 0.0 60.9 130.5
bonus shares issued
Increace/ Decrease(-) 97,950.7 2,441.8 -2,209.5 16,108.4 7,651.1 242.7 19,069.7 41,506.8 28.1 2,000.9 15,027.4
in capitral employed
Dividend cover 104.2 -534.6 -1,233.6 160.0 256.9 93.8 -739.2 157.4 129.0 0.0 191.4
ratio (%)
Dividend ratio to 10.8 1.1 1.0 13.7 5.4 0.5 0.5 22.5 31.2 0.0 10.1
equity (%)
Net profit 5.9 2.5 -3.5 12.5 5.1 1.4 -3.9 9.3 7.6 9.7 8.3
margin (%)
Return on equity (%) 20.9 5.8 - 31.6 20.0 1.4 - 51.9 58.8 21.6 27.3
Earning per share 4.9 2.2 -2.1 8.3 12.8 1.5 -0.8 11.5 17.7 17.6 12.1
before tax (Rs./share)
Earning per share 2.6 -2.2 -2.7 5.7 8.9 0.5 -0.9 7.9 12.1 17.5 8.6
after tax (Rs./share)
Avg. Annual depreciation 8.3 8.0 10.5 8.5 10.2 4.6 4.4 8.1 12.5 11.1 8.0
as % of fixed assets
(Book Value)
Sale as % of 122.9 75.3 81.9 109.3 171.9 43.0 42.2 186.1 372.2 138.8 142.7

total assets
Sales growth (%)
22.3 9.3 6.3 28.3 5.0 20.9 33.9 27.7 17.0 41.7 23.5
Breakup value of 23.4 38.0 22.1 26.3 64.2 106.1 22.0 22.3 30.1 81.6 44.5
ordinary shares (in Rs)
14.6
9.2
-
-4.3
-4.5
11.4
57.9
Table: Key performance Indicators by Economic Groups for the
Economic Groups
Textile Sector
Chemicals
Engineering
Sugar and Allied
Paper and Board
Vanaspati &
Cement
Fuel and Energy
Transport &
Industires
Communications
Allied Industries
Year 2008
Others
Overall
521.7

177.2
-172.2
-
0.0
-
Other Textiles
Tobacco
Jute
1.0
2.9
0.0
281.5
0.0
2,932.9
54.8
10.2
92,442.1
791.4
239.0
-6,676.9
-5,277.5
0.9
3.9
221.7
35.7
-51.7
7,334.3
34.5
24.4
0.9

4.0
0.4
6.6
98.1
0.0
-1.4
-18.2
xvi
A.Capital Structure:
B.Liquidity:
C.Fixed Assets:
D.Operation:
E.Sources of Increase In Capital Employed:
F.Cash Flow Data
G.Operating Financial & Investment Ratios:
H.Key Performance Indicators:
1.Ordinary Share Capital
2.Surplus
3.Shareholder's Equity (A1+A2)
4.Prefrence Shares
5.Debentures
6.Other Fixed Laibilities
7.Total Fixed Laibilities (A4+A5+A6)
8.Total Capital Employed (A3+A7)
1.Liquid Assets:
(i)Cash
(ii)Investments
2.Other Current Assets
3.Inventories
4.Current Assets (B1+B2+B3)

5.Current Liabilities
6.Total Liabilities(A7+B5)
7.Net Current Assets(B4-B5)
8.Contractual Liabilities
9.Net liquid assets (B1-B5)
1.Fixed Asset At Cost
2.Fixed assets after deducting accumulated depreciation
3.Depreciation for the year
4.Total assets (B4+C2)
1.Gross sales
(i)Local sales
(ii)Export sales
2.Cost of Sales
3.Gross profit
4.Overhead and Other Expenses
5.Operating profit
6.Financial expenses
7.Net profit before tax (D5-D6)
8.Tax provision
9.Total amount of dividend
10.Total value of bonus shares issued
1.Increase/decrease in capital employed (A8 - A8 of preceding year)
2.Retention in business (D7-D8-D9)
3.Finance from outside the company (E1-E2)
1.Depreciation for the year plus retention in business: cash flow (C3+E2)
2.Depreciation for the year plus changes in capital employed (C3+E1)
1.Gearing ratio (A7 as % of A8)
2.Current ratio (B4 as % of B5)
3.Acid test or Quick ratio (B4-B3 as % B5)
4.Debt equity ratio (B6 as % of A3)

5.Return on assets (D7 as % of C4)
6.Self financing ratio (E2 as % of E1)
7.Cash flow ratio F1 as % of F2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1)
9.Overhead and other expenses as % of gross sales (D4 as % D1)
10.Financial expenses as % of operating profit (D6 as % of D5)
11.Financial expense as % of gross sales (D6 as % of D1)
12.Financial expenses as % of contractual liabilities (D6 as % B8)
13.Tax provision as % of net pre-tax profit (D8 as % of D7)
14.Sundry debtors as % of gross sales
15.Return on Equity (D7 as % of A3)
1.Dividend cover ratio [(D7 - D8) as % of D9]
2.Dividend ratio to equity (D9 as % of A3)
3.Net profit margin (D7 as % of D1)
4.Earning per share before tax (D7/No. of ordinary shares)
5.Earning per share after tax [(D7-D8)/No. of ordinary shares]
6.Average annual % depreciation on written down fixed assets
7.Sales as % of total assets (D1 as % of C4)
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS)
9.Sales growth (current year's 'sales - last year's sales / last year's sales)
10.Break-up value of ordinary shares (in rupees)
2003 2004 2005 2006 2007 2008
246857.4 305607.6 354203.5 372335.5 394509.6 419424.4
200606.5 289229.7 430745.5 501329.3 558499.1 560270.3
447463.9 594837.3 784949.0 873664.8 953008.7 979694.7
1083.4 1083.4 3628.2 3519.3 10168.4 9445.9
40128.1 23473.5 30904.9 31265.3 45095.4 49585.9
154612.0 196727.2 198830.9 251932.6 306985.9 374482.6
195823.5 221284.1 233364.0 286717.2 362249.7 433514.4
643287.4 816121.4 1018313.0 1160382.0 1315258.4 1413209.1

162465.4 241184.3 300873.5 376657.8 409161.4 409910.9
97228.2 160856.8 188306.3 184141.8 169690.2 167179.8
65237.2 80327.5 112567.2 192516.0 239471.2 242731.1
234267.6 267962.8 337303.3 414622.0 515561.9 704003.1
112597.1 183539.6 206674.0 240567.9 271532.6 374396.1
509330.1 692686.7 844850.8 1031847.7 1196255.9 1488310.1
485825.3 596893.4 685142.3 888036.0 1041342.7 1411855.6
681648.8 818177.5 918506.3 1174753.2 1403592.4 1845370.0
23504.8 95793.3 159708.5 143811.7 154913.2 76454.5
341082.2 373561.8 445335.7 556211.5 646344.5 851131.7
-323359.9 -355709.1 -384268.8 -511378.2 -632181.3 -1001944.7
1070184.5 1150211.4 1458664.4 1671976.7 1863049.7 2087349.4
619782.4 720328.2 858604.5 1016570.4 1160345.2 1336754.6
54992.4 60445.2 69186.1 75870.1 86225.3 96851.9
1129112.5 1413014.9 1703455.3 2048418.1 2356601.1 2825064.7
1382479.4 1632833.9 2031217.2 2570950.5 2837922.7 3471233.0
1266939.7 1507135.3 1898311.0 2406191.2 2632698.1 3227616.2
115539.7 125698.6 132906.2 164759.3 205224.6 243616.8
1172438.6 1360160.9 1672723.8 2166348.2 2431127.0 2964603.8
210040.8 272673.0 358493.4 404602.3 406795.7 506629.2
1277734.1 1471056.3 1814613.0 2328818.5 2616505.1 3239172.1
130931.4 199205.3 254458.2 305994.2 296425.9 301973.5
32029.6 23751.7 29473.3 49293.8 67127.4 96973.0
98901.8 175453.6 224984.9 256700.4 229298.5 205000.5
36045.8 49604.0 62677.7 73133.2 60628.3 95000.0
52182.3 73715.2 70028.1 102525.7 97589.8 105519.8
1240.2 2263.2 3398.8 5763.8 2995.8 4730.7
27265.8 172834.0 202191.6 142069.0 154876.4 97950.7
10673.7 52134.4 92279.1 81041.5 71080.4 4480.7
16592.1 120699.6 109912.5 61027.5 83796.0 93470.0

65666.1 112579.6 161465.2 156911.6 157305.7 101332.6
82258.4 233279.2 271377.7 217939.1 241101.7 194802.6
30.4 27.1 22.9 24.7 27.5 30.7
104.8 116.0 123.3 116.2 114.9 105.4
81.7 85.3 93.1 89.1 88.8 78.9
152.3 137.5 117.0 134.5 147.3 188.4
8.8 12.4 13.2 12.5 9.7 7.3
39.1 30.2 45.6 57.0 45.9 4.6
79.8 48.3 59.5 72.0 65.2 52.0
181.3 194.6 221.6 234.6 241.6 233.6
92.4 90.1 89.3 90.6 92.2 93.3
24.5 11.9 11.6 16.1 22.6 32.1
2.3 1.5 1.5 1.9 2.4 2.8
9.4 6.4 6.6 8.9 10.4 11.4
36.5 28.3 27.9 28.5 26.4 46.3
8.0 7.0 7.8 7.8 8.8 10.6
22.1 29.5 28.7 29.4 24.1 20.9
120.5 170.7 231.8 179.0 172.8 104.2
11.7 12.4 8.9 11.7 10.2 10.8
7.2 10.7 11.1 10.0 8.1 5.9
4.0 5.7 6.4 6.9 5.8 4.9
2.6 4.1 4.6 4.9 4.3 2.6
9.1 9.2 9.2 8.8 8.6 8.3
122.4 115.6 119.2 125.5 120.4 122.9
29.0 39.0 12.3 7.8 -15.9 -15.5
13.1 18.1 24.4 26.6 10.4 22.3
18.1 19.5 22.2 23.5 24.2 23.4
Overall
(Million Rupees)
Items

1
Overall


0
20
40
60
80
100
120
140
160
180
200
2003
2004
2005
2006
2007
2008
%
Operating, Financial & Investment Ratios
Gearing ratio
Debt to equity ratio
Current ratio
0
5
10
15

20
25
2003
2004
2005
2006
2007
2008
Rupees
Key performance indicators
EPS (Before tax)
EPS (After tax)
Break-up value per share
0
2
4
6
8
10
12
14
2003
2004
2005
2006
2007
2008
%
Key prformance ratios
Dividend ratio to equity

Net profit margin
2
Items
1.Ordinary Share Capital
2.Surplus
3.Shareholder's Equity (A1+A2)
4.Prefrence Shares
5.Debentures
6.Other Fixed Laibilities
7.Total Fixed Laibilities (A4+A5+A6)
8.Total Capital Employed (A3+A7)
1.Liquid Assets:
(i)Cash
(ii)Investments
2.Other Current Assets
3.Inventories
4.Current Assets (B1+B2+B3)
5.Current Liabilities
6.Total Liabilities(A7+B5)
7.Net Current Assets(B4-B5)
8.Contractual Liabilities
9.Net liquid assets (B1-B5)
1.Fixed Asset At Cost
2.Fixed assets after deducting accumulated depreciation
3.Depreciation for the year
4.Total assets (B4+C2)
1.Gross sales
(i)Local sales
(ii)Export sales
2.Cost of Sales

3.Gross profit
4.Overhead and Other Expenses
5.Operating profit
6.Financial expenses
7.Net profit before tax (D5-D6)
8.Tax provision
9.Total amount of dividend
10.Total value of bonus shares issued
1.Increase/decrease in capital employed (A8 - A8 of preceding year)
2.Retention in business (D7-D8-D9)
3.Finance from outside the company (E1-E2)
1.Depreciation for the year plus retention in business: cash flow (C3+E2)
2.Depreciation for the year plus changes in capital employed (C3+E1)
1.Gearing ratio (A7 as % of A8)
2.Current ratio (B4 as % of B5)
3.Acid test or Quick ratio (B4-B3 as % B5)
4.Debt equity ratio (B6 as % of A3)
5.Return on assets (D7 as % of C4)
6.Self financing ratio (E2 as % of E1)
7.Cash flow ratio F1 as % of F2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1)
9.Overhead and other expenses as % of gross sales (D4 as % D1)
10.Financial expenses as % of operating profit (D6 as % of D5)
11.Financial expense as % of gross sales (D6 as % of D1)
12.Financial expenses as % of contractual liabilities (D6 as % B8)
13.Tax provision as % of net pre-tax profit (D8 as % of D7)
14.Sundry debtors as % of gross sales
15.Return on Equity (D7 as % of A3)
1.Dividend cover ratio [(D7 - D8) as % of D9]
2.Dividend ratio to equity (D9 as % of A3)

3.Net profit margin (D7 as % of D1)
4.Earning per share before tax (D7/No. of ordinary shares)
5.Earning per share after tax [(D7-D8)/No. of ordinary shares]
6.Average annual % depreciation on written down fixed assets
7.Sales as % of total assets (D1 as % of C4)
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS)
9.Sales growth (current year's 'sales - last year's sales / last year's sales)
10.Break-up value of ordinary shares (in rupees)
2003 2004 2005 2006 2007 2008
135930.3 189177.8 220928.2 236670.1 308092.5 331719.5
135265.9 211634.0 319837.8 402749.4 479868.0 496546.8
271196.2 400811.8 540766.0 639419.5 787960.5 828266.3
1082.4 1082.4 3627.2 3518.3 10168.4 9445.9
22739.8 7546.9 16484.7 18018.3 31384.0 37155.7
112764.5 131238.9 161820.7 184310.6 231063.9 269600.5
136586.6 139868.2 181932.6 205847.2 272616.3 316202.1
407828.8 540680.0 722698.6 845266.7 1060576.8 1144468.4
105348.1 160047.9 224657.7 266378.1 340787.9 342240.7
53645.4 90921.4 139135.3 108408.3 140648.6 139481.9
51702.7 69126.5 85522.4 157969.8 200139.3 202758.8
130407.7 168720.4 208525.6 260344.2 347485.0 483766.9
99210.3 144697.0 179421.2 200624.0 235366.3 306459.9
334966.1 473465.3 612604.5 727346.3 923639.2 1132467.5
314100.3 393110.6 486178.7 585272.5 784171.9 1050081.5
450686.9 532978.8 668111.3 791119.7 1056788.2 1366283.6
20865.8 80354.7 126425.8 142073.8 139467.3 82386.0
255371.0 270828.5 374633.0 430169.6 511631.4 680680.4
-208752.2 -233062.7 -261521.0 -318894.4 -443384.0 -707840.8
616267.3 724104.7 932476.7 1072793.1 1473687.2 1638845.3
386917.0 460325.2 596272.5 703192.7 921109.6 1062082.4

29158.0 37306.1 41702.7 47779.6 66432.8 74855.9
721883.1 933790.5 1208877.0 1430539.0 1844748.8 2194549.9
841226.5 1031308.4 1287627.4 1640222.3 1952451.1 2366426.0
732742.5 913080.1 1167237.6 1496605.1 1747226.5 2122809.2
108483.9 118228.3 120389.8 143617.2 205224.6 243616.8
719248.3 853942.3 1040154.0 1337243.2 1678945.1 2039578.0
121978.2 177366.1 247473.4 302979.1 273506.0 326848.0
781340.1 922263.0 1116097.4 1427524.6 1812290.0 2230507.3
71311.7 126206.0 195110.0 249914.7 196526.6 186097.2
23339.4 18046.2 23992.7 38928.3 55508.7 82617.3
47972.4 108159.8 171117.3 210986.4 141017.9 103479.9
14716.4 26730.9 39922.5 51181.0 33043.0 54699.6
25468.9 39909.3 60169.1 89644.3 49877.3 45618.6
747.4 2206.0 3340.5 3988.0 2252.8 3907.7
4168.5 133840.3 182018.6 122568.1 215310.1 11810.3
7787.1 41519.6 71025.7 70161.1 58097.6 3161.7
-3618.6 92320.7 110992.9 52407.0 157212.5 8648.6
36945.1 78825.7 112728.4 117940.7 124530.4 78017.6
33326.5 171146.4 223721.3 170347.7 281742.9 86666.2
33.4 25.9 25.2 24.4 25.7 27.6
106.7 120.4 126.0 124.3 117.8 107.8
75.1 83.6 89.1 90.0 87.8 78.7
166.2 133.0 123.5 123.7 134.1 165.0
6.7 11.6 14.2 14.7 7.6 4.7
186.8 31.0 39.0 57.2 27.0 26.8
110.9 46.1 50.4 69.2 44.2 90.0
199.5 211.9 244.8 270.2 255.8 249.7
92.9 89.4 86.7 87.0 92.8 94.3
32.7 14.3 12.3 15.6 28.2 44.4
2.8 1.7 1.9 2.4 2.8 3.5

9.1 6.7 6.4 9.0 10.8 12.1
30.7 24.7 23.3 24.3 23.4 52.9
5.9 6.9 7.2 7.3 8.2 9.9
17.7 27.0 31.6 33.0 17.9 12.5
130.7 204.0 218.0 178.3 216.5 106.9
9.4 10.0 11.1 14.0 6.3 5.5
5.7 10.5 13.3 12.9 7.2 4.4
3.5 5.7 7.7 8.9 4.6 3.1
2.5 4.3 5.9 6.8 3.5 1.5
7.7 8.9 8.3 8.0 8.4 8.0
116.5 110.4 106.5 114.7 105.8 107.8
20.7 54.1 35.1 15.6 -48.3 -48.3
13.1 22.8 24.9 27.4 19.0 23.5
20.0 21.2 24.5 27.0 25.6 25.0
Private
(Million Rupees)
A.Capital Structure:
B.Liquidity:
C.Fixed Assets:
D.Operation:
E.Sources of Increase In Capital Employed:
F.Cash Flow Data
G.Operating Financial & Investment Ratios:
H.Key Performance Indicators:
3
0
20
40
60
80

100
120
140
160
180
200
2003
2004
2005
2006
2007
2008
%
Operating, Financial & Investment Ratios
Gearing ratio
Debt to equity ratio
Current ratio
Private


0
5
10
15
20
25
30
2003
2004
2005

2006
2007
2008
Rupees
Key performance indicators
EPS (Before tax)
EPS (After tax)
Break-up value per share
0
2
4
6
8
10
12
14
16
2003
2004
2005
2006
2007
2008
%
Key performance ratios
Dividend ratio to equity
Net profit margin
4
Items
1.Ordinary Share Capital

2.Surplus
3.Shareholder's Equity (A1+A2)
4.Prefrence Shares
5.Debentures
6.Other Fixed Laibilities
7.Total Fixed Laibilities (A4+A5+A6)
8.Total Capital Employed (A3+A7)
1.Liquid Assets:
(i)Cash
(ii)Investments
2.Other Current Assets
3.Inventories
4.Current Assets (B1+B2+B3)
5.Current Liabilities
6.Total Liabilities(A7+B5)
7.Net Current Assets(B4-B5)
8.Contractual Liabilities
9.Net liquid assets (B1-B5)
1.Fixed Asset At Cost
2.Fixed assets after deducting accumulated depreciation
3.Depreciation for the year
4.Total assets (B4+C2)
1.Gross sales
(i)Local sales
(ii)Export sales
2.Cost of Sales
3.Gross profit
4.Overhead and Other Expenses
5.Operating profit
6.Financial expenses

7.Net profit before tax (D5-D6)
8.Tax provision
9.Total amount of dividend
10.Total value of bonus shares issued
1.Increase/decrease in capital employed (A8 - A8 of preceding year)
2.Retention in business (D7-D8-D9)
3.Finance from outside the company (E1-E2)
1.Depreciation for the year plus retention in business: cash flow (C3+E2)
2.Depreciation for the year plus changes in capital employed (C3+E1)
1.Gearing ratio (A7 as % of A8)
2.Current ratio (B4 as % of B5)
3.Acid test or Quick ratio (B4-B3 as % B5)
4.Debt equity ratio (B6 as % of A3)
5.Return on assets (D7 as % of C4)
6.Self financing ratio (E2 as % of E1)
7.Cash flow ratio F1 as % of F2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1)
9.Overhead and other expenses as % of gross sales (D4 as % D1)
10.Financial expenses as % of operating profit (D6 as % of D5)
11.Financial expense as % of gross sales (D6 as % of D1)
12.Financial expenses as % of contractual liabilities (D6 as % B8)
13.Tax provision as % of net pre-tax profit (D8 as % of D7)
14.Sundry debtors as % of gross sales
15.Return on Equity (D7 as % of A3)
1.Dividend cover ratio [(D7 - D8) as % of D9]
2.Dividend ratio to equity (D9 as % of A3)
3.Net profit margin (D7 as % of D1)
4.Earning per share before tax (D7/No. of ordinary shares)
5.Earning per share after tax [(D7-D8)/No. of ordinary shares]
6.Average annual % depreciation on written down fixed assets

7.Sales as % of total assets (D1 as % of C4)
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS)
9.Sales growth (current year's 'sales - last year's sales / last year's sales)
10.Break-up value of ordinary shares (in rupees)
2003 2004 2005 2006 2007 2008
110927.1 116429.8 133275.3 135665.4 86417.0 87704.9
65340.6 77595.7 110907.7 98580.0 78631.1 63723.6
176267.7 194025.5 244183.0 234245.4 165048.1 151428.5
1.0 1.0 1.0 1.0 0.0 0.0
17388.2 15926.7 14420.3 13247.0 13711.4 12430.1
41847.5 65488.4 37010.2 67622.0 75922.0 104882.1
59236.7 81416.1 51431.5 80870.0 89633.4 117312.2
235504.4 275441.6 295614.5 315115.4 254681.5 268740.7
57117.3 81136.3 76215.7 110279.7 68373.6 67670.2
43582.8 69935.3 49171.0 75733.5 29041.7 27698.0
13534.5 11201.0 27044.7 34546.2 39331.9 39972.2
103859.9 99242.3 128777.7 154277.8 168076.9 220236.2
13386.8 38842.6 27252.7 39943.9 36166.4 67936.2
174364.0 219221.2 232246.1 304501.4 272616.9 355842.6
171725.0 203782.8 198963.7 302763.6 257170.8 361774.1
230961.7 285198.9 250395.2 383633.6 346804.2 479086.3
2639.0 15438.4 33282.4 1737.8 15446.1 -5931.5
85711.1 102733.5 70702.8 126042.0 134713.1 170451.2
-114607.7 -122646.5 -122748.0 -192483.9 -188797.2 -294103.9
453917.3 426106.6 526187.7 599183.6 389362.5 448504.1
232865.4 260003.1 262331.9 313377.6 239235.6 274672.2
25834.4 23139.1 27483.4 28090.5 19792.6 21996.0
407229.4 479224.3 494578.0 617879.0 511852.5 630514.8
541252.9 601525.5 743589.7 930728.2 885471.6 1104807.1
534197.2 594055.2 731073.3 909586.1 885471.6 1104807.1

7055.7 7470.3 12516.4 21142.1 0.0 0.0
453190.3 506218.6 632569.8 829105.0 752181.9 925025.8
88062.6 95306.9 111019.9 101623.2 133289.7 179781.3
496394.0 548793.3 698515.7 901293.9 804215.1 1008664.8
59619.5 72999.2 59348.0 56079.5 99899.3 115876.4
8690.2 5705.4 5480.6 10365.5 11618.8 14355.8
50929.3 67293.8 53867.4 45714.0 88280.5 101520.6
21329.3 22873.1 22755.1 21952.1 27585.3 40300.4
26713.5 33805.9 9859.0 12881.4 47712.5 59901.1
492.8 57.2 58.3 1775.8 743.0 823.0
23097.4 39937.2 20172.9 19500.9 -60433.9 86140.4
2886.5 10614.8 21253.3 10880.5 12982.7 1319.1
20210.9 29322.4 -1080.4 8620.4 -73416.6 84821.3
28720.9 33753.9 48736.7 38971.0 32775.3 23315.1
48931.8 63076.3 47656.3 47591.4 -40641.3 108136.4
25.2 29.6 17.4 25.7 35.2 43.7
101.5 107.6 116.7 100.6 106.0 98.4
93.7 88.5 103.0 87.4 91.9 79.6
131.0 147.0 102.5 163.8 210.1 316.4
12.5 14.0 10.9 7.4 17.2 16.1
12.5 26.6 105.4 55.8 -21.5 1.5
58.7 53.5 102.3 81.9 -80.6 21.6
158.9 166.6 183.2 172.7 191.0 172.7
91.7 91.2 93.9 96.8 90.8 91.3
14.6 7.8 9.2 18.5 11.6 12.4
1.6 0.9 0.7 1.1 1.3 1.3
10.1 5.6 7.8 8.2 8.6 8.4
41.9 34.0 42.2 48.0 31.2 39.7
11.2 7.1 8.9 8.6 10.0 12.1
28.9 34.7 22.1 19.5 53.5 67.0

110.8 131.4 315.6 184.5 127.2 102.2
15.2 17.4 4.0 5.5 28.9 39.6
9.4 11.2 7.2 4.9 10.0 9.2
4.6 5.8 4.0 3.4 10.2 11.6
2.7 3.8 2.3 1.8 7.0 7.0
11.5 9.7 10.9 10.4 9.7 9.5
132.9 125.5 150.3 150.6 173.0 175.2
43.8 26.1 -31.0 -15.0 200.0 157.8
13.1 11.1 23.6 25.2 -4.9 20.0
15.9 16.7 18.3 17.3 19.1 17.3
Public
(Million Rupees)
A.Capital Structure:
B.Liquidity:
C.Fixed Assets:
D.Operation:
E.Sources of Increase In Capital Employed:
F.Cash Flow Data
G.Operating Financial & Investment Ratios:
H.Key Performance Indicators:
5