Dewan CEment

8/8/2019 Dewan CEment

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Income stateme 2008 2007 2006 2005 2004(Rupees) (Rupees) (Rupess) (Rupees) (Rupees)

Turnover - Net 4,598,002 4,329,503 2,678,979 1,891,253 ###

Cost of sales 4,706,326 3,718,979 1,935,540 1,551,835 ###

Gross profit -108,324 610,524 743,439 339,418 11,159

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

(1.39) 0.74 1.86 0.92 (2.14)(Loss) / Earnings per share -Basic/diluted


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2008 2007 2006 2005 2004

(Rupees)(Rupees)(Rupess)(Rupees (Rupee

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 ### ### ### 966,182 ###

NON CURRENT ASSETS

Property Plant & Equipment ### ### ### ### ###

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 ### ### ### ### ###

TOTAL ASSETS ### ### ### ### ###

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized capital ### ###

Issued, subscribed and paid-up capital ### ### ### 825,000 825,000

Reserves- net 734,720 ### 593,157 263,554 23,540

### ### 639,600 673,937 813,408

TOTAL EQUITY ### ### ### ### ###

CURRENT LIABILITIES

Trade and other payables ### ### 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 ### ### 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

TOTAL CURRENT LIABILITIES ### ### ### 933,925 ###

Balance sheet for theyear 2004-2008

Surplus on revaluation of fixed assets - net oftax


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NON CURRENT LIABILITIES

Sub-ordinated loans 602,000

Long term financing ### ### 715,845 499,843 44,672

Redeemable capital ### ### ###

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 ### ### 620,599 467,345 505,128

Debentures- Term finance certificates ### ###Mark-up payable 141,252

TOTAL NON CURRENT LIABILITIES ###9870656 ### ### ###

TOTAL LIABILITIES AND EQUITY ### ### ### ### ###


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)


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Statement of Cash Fl 2008 2007 2006 2005 2004

(Rupees) (Rupees) (Rupess) (Rupees) (Rupees)

Loss / profit before taxation -582,322 164,982

Adjustments for:

Depreciation 540,033 463,397

4,505 -127

14 -162

Finance cost 325,142 553,115 -8,583

-73,030 -265,698

Other income on TFCs -157,096

Amortisation of intangible assets 31,317

Divident income -187

Exchange loss - net 43,028

-28,570

Provision for / (reversal of) gratuity 7,284 -86

Provision for doubtful debts 10,877

Provision for loans and advances 63,631

1237

766,948 751,676

184,626 916,658

Movement in working capital:

286,251 -160,632

175,023 -62,944

Increase in trade debts -216,397 -211,726

-84,275 93,092

63,045 -14,721

23,059 -39,616

818,029 25,726

375,049 696,729

2,107 -42,658

1,441,891 283,250

1,626,517 1,199,908 786,533 166,988 110,819

CASH FLOWS FROMOPERATING ACTIVITIES

Loss / gain on remeasurement ofshort- term investments

Loss / gain on sale of property,plant and equipment

Liabilities no longer payable -written back (net)

Interest on balance due fromrelated party

Provision for slow moving andobstacle spare parts

Operating profit before

working capital changes

Decrease / increase in stores andspare partstrade

Decrease / increase in loans andadvances

Decrease / increases in tradedeposits and short-term

prepaymentsDecrease / increase in otherreceivables parties payables

Increase / decrease in sales taxpayable

operations


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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

1,642,473 1,499,643 767,657 67,064 213,952

Fixed capital expenditure -575,882 ### -918,290 -289,162 -265,012

294 463 2,533 910 761

Divedends income received 187 86 287 198

19,086 -208,107 78,044

Short- term investments made -12

-575,401 (-2,149,47 -896,384 -496,173 -186,207

-4,190,993 -826,009

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

-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

-71,371 103,356 -4843 -2057

Proceeds from issue of shares 825,000

Subordinated loan -602,000 602,000

100,542

-1,159,037 640,251 97,411 515,106 -60,549

-91,965 -9,582 -31,316 85,997 -32,804

224,537 234,119 108,067 22,070 54,874

132,572 224,537 76,751 108,067 22,070

Net cash generated fromoperating activities

CASH FLOWS FROM INVESTINGACTIVITIES

Proceeds from sale ofproperty,plant and equipment

Decrease / increase in due fromassociated undertaking

Net cash outflow frominvesting activities

CASH FLOW FROM FINANCINGACTIVITIES

Repayment of debentures- Termfinance certificates

Proceeds from issuance ofdebentures- Term financecertificates

Repayment / proceeds from shortterm redeemable capital

Decrease / increase in liabilitiesagainst assets subject to financelease

finance lease

Net cash (used in)/ generatedfrom financing activities

Net increase / decrease in cashand cash equivalents

Cash and cash equivalents at thebeginning of the year

Cash and cash equivalents at theend of the year


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


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2008 2007 2006 2005

Turnover - Net 100% 100% 100% 100%

Cost of sales 102.36% 85.90% 72.25% 82.05%

Gross profit -2.36% 14.10% 27.75% 17.95%

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

Administrative expenses -5.37% -2.84% -2.56% -2.46%

Other operating expenses -1.92% -0.41% -1.41% -0.40%

Other operating income 6.11% 6.55% 2.01% 3.82%

Operating profit/ (loss) -5.59% 16.59% 25.61% 18.54%

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

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

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

Taxation 1.81% 0.96% -7.32% -2.07%

Profit / Loss after taxation -10.86% 4.77% 10.57% 4.02%

COMMON SIZE INCOMESTATEMENT


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2004

100%

99.19%

0.81%

-0.32%

-3.15%

-19.91%

3.03%

-19.55%

-1.28%

0.00%

-20.83%

-8.05%

-12.78%


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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%



Authorized capital

Issued, subscribed and paid-up capi 16.54% 16.10% 20.02% 11.21% 12.59%

Reserves- net 3.40% 5.09% 7.20% 3.58% 0.36%

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%

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%

Common sizebalance sheet

Surplus on revaluation of fixed assets - netof tax


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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%


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Trend analysis 2008 2007 2006 2005

(%) (%) (%) (%)

Cash and cash equivalents 600.69 1017.39 347.76 489.66

Accounts Receivables 2349.92 1675.26 268.66 285.88

Temporary Investment 16.1 151.57 149.47 117.82

Inventory 441.98 1047.26 645.67 457.46Total Current Assets 468.03 818.79 332.83 281.08

Total Current Liabilities 489.27 423.53 154.06 111.87

Working Capital 504.13 146.86 28.93 -6.57

Plant assets, net 368.73 357.21 113.13 101.26

Other asset 522.05 829.58 520.78 435.2

Long-term debt 6810.35 4850.92 1961.08 75.46

Total liabilities 271.75 274.18 109.63 114.4

Share Owner's equity 433.18 433.18 200 100

Net Sales 332.69 313.27 193.84 136.84

Cost of Production Sold 343.3 271.28 141.19 113.2

Administration and Research expense 566.51 282.37 157.39 106.99

Interest expense 1844.78 3138.24 1490.08 1336.16

EBIT 202.31 -57.32 -166.53 -39.99

Net Income 282.58 -116.97 -160.38 -43.04


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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 132279Total Current Assets 1608832 2814543 1144090 966182

Total Current Liabilities 4084575 3535763 1286146 933925

Working Capital -2475743 -721220 -142056 32257

Plant assets, net ### ### 6113812 5472366

Other asset 39143 62202 39048 32631

Long-term debt 74369 52972 21415 824

Total liabilities ### ### 5,360,363 ###

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


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2004

(Rupees)

22070

30463

6044

28916343743

834837

-491094

5404262

7498

1092

4889673

825000

1382053

1370894

43568

17625

-287840

-176634


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er share result 2008 2007 2006 2005 2004(Rupees) (Rupees) (Rupess) (Rupees)(Rupees)

Sales 12.87 12.11 16.24 22.92 16.75

Net Income -1.4 0.58 1.72 0.92 -2.14

Dividends 0 0 0 0 0

Shares Outstanding 357375 357375 165000 82500 82500


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2008 2007 2006 2005 2004

Current Ratio 0.39 0.8 0.89 1.03 0.41

Acid test ratio 0.36 0.71 0.74 0.89 0.38

A/R TO 7.5 14.62 31.72 32.18 45.37Inv TO 21.86 19.34 16.8 23.47 47.41

Days sale in Receivable 56.05 42.43 11 16.58 7.94

Days sale in Inventory 9.78 29.31 34.73 30.69 7.59

Approx. Conversion period 65.82 71.75 45.72 47.26 15.53

Cash to CA 0.08 0.08 0.9 1.06 2.39

Cash to CL 0.03 0.06 0.8 1.09 0.98

Liquidity index 14.5 29.42 21.38 16.8 5.66

Working Capital ### -721,220 -142,056 32,257 -491,094

Net Trade cycle 131.07 122.52 96.45 -119.01 94.78

Cash provided by operations to CL 0.22 0.31 0.35 0.04 0.03

Short-term LiquidityAnalysis


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2008 2007 2006 2005 2004

(%) (%) (%) (%) (%)

CURRENT ASSETS

Stores and spares parts 24.71 24.29 30.28 23.37 53.45Stock in trade 7.94 10.76 16.32 13.69 8.41

Trade debts 44.5 18.13 7.15 9.01 8.86

Due from related parties 0.66 28.42 0 0 0

Loans and advances 8.12 3.91 10.93 12.71 12.77

Trade deposits and short term perpayments 2.01 3.39 1.4 1.17 1.25

Other receivables 2.43 2.21 3.41 3.38 2.18

Short term investments 0.29 0.33 0.79 0.74 1.76

Taxation- net 1.1 0.58 0 0 0

Due from an associated undertaking 0 0 23 24.74 4.89

Cash and bank balances 8.24 7.98 6.71 11.18 6.42

TOTAL CURRENT ASSETS 100 100 100 100 100

CURRENT LIABILITIES

Trade and other payables 40.39 36.91 41.45 49.22 74.49

Mark-up payables 13.61 9.76 15.29 13.92 1.7

Short term borrowings 18.31 7.03 0 0 11.07

Current position in long term borrowings 27.27 31.8 41.47 33.02 8.51

Provision for taxation 0 0 0.2 0.65 2.42

Sales tax payable 0.41 0.42 1.59 3.18 1.82

Short term redeemable capital 0 14.08 0 0 0

TOTAL CURRENT LIABILITIES 100 100 100 100 100

Common size Analysisof Current Assets &Current Liabilities


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2008 2007 2006 2005 2004

(Rupees) (Rupees)(Rupess) (Rupees) (Rupees)

INFLOWS:

Net Sales 4598002 4329503 2678979 1891253 1382053Increase/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

4673507 4184760 2737962 1906789 1423940

OUTFLOWS:

Cost of products sold 4,706,326 ### ### 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 tax 42903 -227828 -120493 -170194

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

Increase/Decrease in inventori 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 ope 3,926,808 ### 928,120 753,968 901,177

746,699 ### ### ### 522,763

Analysis of CashInflows and

Outflows

Total Cash Collections fromOperations

Cash fromoperations(inflows-

outflows)


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2008 2007 2006 ### 2004

(%) (%) (%) (%) (%)

Loss / profit before taxation -7.01% 3.19%

Adjustments for:

Depreciation 6.50% 8.97%

0.05% 0.00%

0.00% 0.00%

Finance cost 3.92% 10.71% -1.72%

-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%

-0.34%

Provision for / (reversal of) gratuity 0.09% 0.00%

Provision for doubtful debts 0.13%

Provision for loans and advances 0.77%

0.02%

2.22% 14.55%

Movement in working capital:

3.45% -3.11%

Decrease / increase in stock-in-trade 2.11% -1.22%

Increase in trade debts -2.61% -4.10%

-1.01% 1.80%

0.76% -0.28%

0.28% -0.77%

Decrease in due from related parties 9.85% 0.50%

Increase in trade and other payables 4.52% 13.49%

0.03% -0.83%

Common sizeStatement of

Cashflows

CASH FLOWS FROM OPERATING

ACTIVITIES

Loss / gain on remeasurement ofshort- term investments

Loss / gain on sale of property, plantand equipment

Liabilities no longer payable - writtenback (net)

Interest on balance due from relatedparty

Provision for slow moving and

obstacle spare parts

Operating profit before workingcapital changes

Decrease / increase in stores andspare parts

Decrease / increase in loans and

advancesDecrease / increases in tradedeposits and short-term prepaymentsreceivables

payable


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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%

19.78% 29.03% 55.66% 5.43% 42.85%

Fixed capital expenditure -6.93% -41.61% -66.58% ### -53.08%

0.00% 0.01% 0.18% 0.07% 0.15%

Divedends income received 0.00% 0.00% 0.02% 0.02%

1.38% ### 15.63%

Short- term investments made 0.00%

-6.93% -64.99% ### -37.29%

-50.47% -15.99%

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%

-5.99% 9.63% 1.38% ### -5.24%

Finance cost paid -10.18% -15.72% -13.17% -9.59%

Dividend paid -0.01% -1.34%

-0.86% 2.00% -0.39% -0.41%

Proceeds from issue of shares 59.81%

Subordinated loan -43.65% 48.74%

7.29%

-13.96% 12.39% 7.06% 41.71% -12.13%

-1.11% -0.19% -2.27% 6.96% -6.57%

2.70% 4.53% 7.84% 1.79% 10.99%

Net cash generated fromoperating activities

CASH FLOWS FROM INVESTINGACTIVITIES

Proceeds from sale of property,plantand equipment

Decrease / increase in due fromassociated undertaking

Net cash outflow from investing

activities

CASH FLOW FROM FINANCINGACTIVITIES

Repayment of debentures- Termfinance certificates

Proceeds from issuance ofdebentures- Term finance certificates

Repayment / proceeds from shortterm redeemable capital

Decrease / increase in liabilitiesagainst assets subject to financelease

Proceeds from / (payments) ofliabilities against assets subject tofinance lease

Net cash (used in)/ generatedfrom financing activities

Net increase / decrease in cash andcash equivalents

Cash and cash equivalents at thebeginning of the year


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1.60% 4.35% 5.56% 8.75% 4.42%Cash and cash equivalents at the endof the year


26/39

Cash Flow adequacy ratio -0.97

2008 2007 2006 2005 2004Cash Reinvestment ratio 9.10% 8.20% 10.63% 1.02% 3.61%

Analysis of CashflowRatios


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2008 2007 2006 2005 2004

(Rupees) (Rupees)(Rupess)(Rupees)(Rupees)

NON CURRENT LIABILITIES:

Sub-ordinated loans 602,000

Long term financing 2,275,462 ### 715,845 499,843 44,672Redeemable capital ### ### ###

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 ### 620,599 467,345 505,128

Debentures- Term finance certificates 3,850,000 ###

Mark-up payable 141,252

TOTAL NON CURRENT LIABILITIES 9,203,102 9870656 ### ### 4054836

TOTAL CURRENT LIABILITIES 4,084,575 ### ### 933,925 834,837

TOTAL LIABILITIES ### ### ### ### ###

EQUITY CAPITAL:



Authorized capital 5,000,000 ###

Issued, subscribed and paid-up capital 3,573,750 ### ### 825,000 825,000

Reserves- net 734,720 ### 593,157 263,554 23,540

4,014,940 ### 639,600 673,937 813,408

TOTAL EQUITY CAPITAL 8,323,410 ### ### ### ###

TOTAL LIABILITIES and EQUITY ### ### ### ### ###

Analysis of CapitalStructure

Liabilities against assets subjected to financelease

Surplus on revaluation of fixed assets - net oftax


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2008 2007 2006 2005

(%) (%) (%) (%)

NON CURRENT LIABILITIES:

Sub-ordinated loans 0.00% 0.00% 0.00% 8.18%

Long term financing 10.53% 10.95% 8.68% 6.79%Redeemable capital 0.00% 0.00% 31.90% 41.17%

Liabilities against assets subjected to finance lease 0.41% 0.61% 0.35% 0.00%

Long term deposits 4.27% 3.88% 0.96% 0.84%

Deferred liabilities 9.56% 9.87% 7.53% 6.35%

Debentures- Term finance certificates 17.81% 18.52% 0.00% 0.00%

Mark-up payable 0.00% 0.64% 0.00% 0.00%

TOTAL NON CURRENT LIABILITIES 42.59% 44.46% 49.43% 63.35%

TOTAL CURRENT LIABILITIES 18.90% 15.93% 15.60% 12.70%

TOTAL LIABILITIES 61.49% 60.39% 65.03% 76.04%

EQUITY CAPITAL:



Authorized capital 23.14% 22.52% 0.00% 0.00%

Issued, subscribed and paid-up capital 16.54% 16.10% 20.02% 11.21%

Reserves- net 3.40% 5.09% 7.20% 3.58%

Surplus on revaluation of fixed assets - net of tax 18.58% 18.43% 7.76% 9.16%

TOTAL EQUITY CAPITAL 38.51% 39.61% 34.97% 23.96%

TOTAL LIABILITIES and EQUITY ### ### ### ###

Common size analysisof Capital Structure


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2004

(%)

0.00%

0.68%51.09%

0.07%

2.34%

7.71%

0.00%

0.00%

61.89%

12.74%

74.63%

0.00%

12.59%

0.36%

12.42%

25.37%

###


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2008 2007 2006 2005 2004

Total debt to equity 1.6 1.52 1.86 3.17 2.94

Total debt ratio 0.61 0.6 0.65 0.76 0.75

Long-term debt to equity 1.11 1.12 1.41 2.64 2.44Equity to total debt 0.63 0.66 0.54 0.32 0.34

Fixed asset to equity 2.39 2.19 2.12 3.1 3.25

C.L to T.L 0.31 0.26 0.24 0.17 0.17

Cash flow to fixed charges -1.63 -2.08 1.1 -0.93 -21.52

Capital structureand Solvency Ratios


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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 1.64 -2.6 7.56 -3.88 0.01

Equity Growth Rate -5.83% 4.72% 12.20% 4.44% -10.62%

Return on InvestedCapital Ratios


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set Utilization Rati 2008 2007 2006 2005 2004

Sales to cash and equivalents 34.68 19.28 34.9 17.5 62.62

Sales to Accounts Receivable 6.42 8.48 32.73 21.72 45.37

Sales to Inventory 35.98 14.3 14.35 14.3 47.8

Sales to Working Capital 9120.7 29480.5 92613.51 ### 32142.34

Sales to Fixed Assets 0.23 0.22 0.44 0.35 0.26

Sales to Other Assets 117.47 69.6 68.61 57.96 184.32

Sales to Total Assets 0.21 0.2 0.32 0.26 0.21

Sales to Short-term-Liability 2.86 1.54 2.34 1.96 4.02


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alysis of Profit Marg 2008 2007 2006 2005

Gross Profit Margin (0.02) 0.14 0.28 0.18

Operating Profit Margin -0.13 -0.04 0.18 0.06

Net Profit Margin -0.11 0.05 0.11 0.04


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nalysis of Depreciation 2008 2007 2006 2005(%) (%) (%) (%)

9.79% 7.44% 28.00% 26.48%

2.60% 2.31% 4.20% 4.65%

11.58% 10.53% 10.00% 14.12%

Accumulated depreciation as a percent ofgross plant assets

Annual depreciation expence as a percentof gross plant

Annual depreciation expence as a percent

of sales


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2004(%)

22.30%

3.82%

15.51%


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2008 2007 2006 2005 2004Net 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/Sale 0 0 0 0 0

Maintenance and repairs/Plan 0 0 0 0 0

Advertising /Sales 0 0 0 0 0

Analysis ofDiscretionaryExpenditures


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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 -0.14 -0.01 -0.06 0.6 0

Dividend Payout Ratio 0.19 (0.04) (0.10) 1.13 0.33

Documents

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