CEMENT SECTOR

Cement Sector (Million Rupees)

Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 24964.8 27287.3 30723.5 34757.2 41368.3 54881.2
2.Surplus 5519.6 8024.1 20652.4 39386.4 61220.5 65859.4
3.Shareholder's Equity (A1+A2) 30484.3 35311.4 51375.9 74143.6 102588.8 120740.6
4.Prefrence Shares 840.5 840.5 1028.5 1028.5 1028.5 1028.5
5.Debentures 12543.7 3857.7 8377.7 4904.6 5260.8 12796.7
6.Other Fixed Laibilities 16691.8 18931.2 26091.3 52467.3 59031.2 52413.2
7.Total Fixed Laibilities (A4+A5+A6) 30076.1 23629.4 35497.5 58400.4 65320.5 66238.4
8.Total Capital Employed (A3+A7) 60560.4 58940.8 86873.4 132544.0 167909.3 186979.0
B.Liquidity:
1.Liquid Assets: 6734.4 8996.4 14143.9 25562.2 37773.8 34133.0
(i)Cash 1032.4 3298.3 4349.7 6003.5 5304.4 5629.8
(ii)Investments 5702.0 5698.1 9794.2 19558.7 32469.4 28503.2
2.Other Current Assets 8615.3 9583.8 12886.0 15315.4 22953.0 35829.6
3.Inventories 1687.1 2100.6 1774.8 2702.0 4221.7 6259.4
4.Current Assets (B1+B2+B3) 17036.7 20680.8 28804.7 43579.6 64948.5 76222.0
5.Current Liabilities 20380.7 25679.2 34232.0 43401.0 60025.5 77653.0
6.Total Liabilities(A7+B5) 50456.7 49308.6 69729.5 101801.4 125346.0 143891.4
7.Net Current Assets(B4-B5) -3344.0 -4998.4 -5427.3 178.6 4923.0 -1431.0
8.Contractual Liabilities 38055.6 29575.2 43796.0 72894.6 85354.0 102462.1
9.Net liquid assets (B1-B5) -13646.3 -16682.8 -20088.1 -17838.8 -22251.7 -43520.0
C.Fixed Assets:
1.Fixed Asset At Cost 90963.2 86146.9 124507.3 165653.5 199971.8 233505.3
2.Fixed assets after deducting accumulated depreciation 63904.4 63939.5 92300.7 132365.5 162986.3 188409.9
3.Depreciation for the year 2642.4 2630.1 3277.2 3287.8 7054.9 7368.6
4.Total assets (B4+C2) 80941.1 84620.3 121105.4 175945.1 227934.8 264631.9
D.Operation:
1.Gross sales 38320.1 45537.3 60546.0 79237.1 83473.5 111752.2
(i)Local sales 37856.6 44760.2 57803.7 74355.4 75106.3 88896.1
(ii)Export sales 463.5 777.1 2742.3 4881.7 8367.2 22856.1
2.Cost of Sales 35707.1 36895.0 47984.2 56955.2 73361.5 100879.2
3.Gross profit 2612.9 8642.3 12561.8 22281.9 10112.0 10873.0
4.Overhead and Other Expenses 37327.6 39919.4 50440.0 59964.0 77016.0 109253.8
5.Operating profit 1556.8 6185.7 12558.0 20129.4 10406.3 4353.9
6.Financial expenses 2491.2 1486.2 2140.0 3064.7 5853.2 8662.2
7.Net profit before tax (D5-D6) -934.3 4699.5 10418.0 17064.7 4553.1 -4308.3
8.Tax provision 231.6 622.2 1055.8 1227.5 316.7 482.5
9.Total amount of dividend 707.6 1131.9 835.5 2270.2 1266.6 648.1
10.Total value of bonus shares issued 109.7 677.8 1113.1 687.5 0.0 117.1
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 1541.7 -1619.6 27932.6 45670.6 35365.3 19069.7
2.Retention in business (D7-D8-D9) -1873.5 2945.4 8526.7 13567.0 2969.8 -5438.9
3.Finance from outside the company (E1-E2) 3415.2 -4565.0 19405.9 32103.6 32395.5 24508.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 768.9 5575.5 11803.9 16854.8 10024.7 1929.7
2.Depreciation for the year plus changes in capital employed (C3+E1) 4184.1 1010.5 31209.8 48958.4 42420.2 26438.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 49.7 40.1 40.9 44.1 38.9 35.4
2.Current ratio (B4 as % of B5) 83.6 80.5 84.1 100.4 108.2 98.2
3.Acid test or Quick ratio (B4-B3 as % B5) 75.3 72.4 79.0 94.2 101.2 90.1
4.Debt equity ratio (B6 as % of A3) 165.5 139.6 135.7 137.3 122.2 119.2
5.Return on assets (D7 as % of C4) -1.2 5.6 8.6 9.7 2.0 -1.6
6.Self financing ratio (E2 as % of E1) -121.5 - 30.5 29.7 8.4 -28.5
7.Cash flow ratio F1 as % of F2 18.4 551.8 37.8 34.4 23.6 7.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 122.1 129.4 167.2 213.3 248.0 220.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 97.4 87.7 83.3 75.7 92.3 97.8
10.Financial expenses as % of operating profit (D6 as % of D5) 160.0 24.0 17.0 15.2 56.2 199.0
11.Financial expense as % of gross sales (D6 as % of D1) 6.5 3.3 3.5 3.9 7.0 7.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.6 5.0 4.9 4.2 6.9 8.5
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 13.2 10.1 7.2 7.0 -11.2
14.Sundry debtors as % of gross sales 1.8 1.8 1.8 1.7 2.4 3.5
15.Return on Equity (D7 as % of A3) 3.1 13.3 20.3 23.0 4.4 -3.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] -164.8 360.2 1120.6 697.6 334.5 -739.2
2.Dividend ratio to equity (D9 as % of A3) 2.3 3.2 1.6 3.1 1.2 0.5
3.Net profit margin (D7 as % of D1) -2.4 10.3 17.2 21.5 5.5 -3.9
4.Earning per share before tax (D7/No. of ordinary shares) -0.4 1.7 3.4 4.9 1.1 -0.8
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.5 1.5 3.0 4.6 1.0 -0.9
6.Average annual % depreciation on written down fixed assets 4.2 4.1 4.7 3.8 5.7 4.4
7.Sales as % of total assets (D1 as % of C4) 47.3 53.8 50.0 45.0 36.6 42.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -300.0 325.0 100.0 44.1 -77.6 -172.7
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 4.0 18.8 33.0 30.9 5.3 33.9
10.Break-up value of ordinary shares (in rupees) 12.2 12.9 16.7 21.3 24.8 22.0

487
 Cement

Operating, Financial & Investment Ratios

200

150

% 100

50

0
2003 2004 2005 2006 2007 2008

Gearing ratio Debt to equity ratio Current ratio

Key performance indicators Key performance ratios

25 25

20 20

15 15
Rupees

10 %
10

5
5

0
0

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

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

488
Al-Abbas Cement Industries Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 380.9 380.9 380.9 1142.8 1142.8 1828.5
2.Surplus 208.1 103.3 2.9 17.0 238.1 -232.8
3.Shareholder's Equity (A1+A2) 589.0 484.2 383.8 1159.8 1380.9 1595.7
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 329.2 262.5 590.8 1889.7 1730.6 2512.3
7.Total Fixed Laibilities (A4+A5+A6) 329.2 262.5 590.8 1889.7 1730.6 2512.3
8.Total Capital Employed (A3+A7) 918.2 746.7 974.6 3049.5 3111.5 4108.0
B.Liquidity:
1.Liquid Assets: 9.0 1.2 14.1 118.1 2.4 9.4
(i)Cash 9.0 1.2 14.1 118.1 2.4 9.4
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 204.3 25.8 289.8 366.0 428.7 784.4
3.Inventories 24.8 225.4 72.9 136.9 144.8 243.3
4.Current Assets (B1+B2+B3) 238.1 252.4 376.8 621.0 575.9 1037.1
5.Current Liabilities 810.9 951.2 907.9 769.3 1331.3 1166.0
6.Total Liabilities(A7+B5) 1140.1 1213.7 1498.7 2659.0 3061.9 3678.3
7.Net Current Assets(B4-B5) -572.8 -698.8 -531.1 -148.3 -755.4 -128.9
8.Contractual Liabilities 635.6 635.8 688.0 2026.0 2327.3 2721.5
9.Net liquid assets (B1-B5) -801.9 -950.0 -893.8 -651.2 -1328.9 -1156.6
C.Fixed Assets:
1.Fixed Asset At Cost 2078.9 2096.6 2217.1 3970.3 4705.3 5143.3
2.Fixed assets after deducting accumulated depreciation 1491.0 1445.5 1505.8 3197.8 3866.8 4236.8
3.Depreciation for the year 64.0 63.2 61.0 61.1 69.5 68.0
4.Total assets (B4+C2) 1729.1 1697.9 1882.6 3818.8 4442.7 5273.9
D.Operation:
1.Gross sales 1055.4 903.1 687.9 1259.0 285.5 1362.7
(i)Local sales 1055.4 903.1 687.9 1172.9 285.5 639.5
(ii)Export sales 0.0 0.0 0.0 86.1 0.0 723.2
2.Cost of Sales 1027.4 844.2 726.9 1232.5 414.7 1247.4
3.Gross profit 28.0 58.9 -39.0 26.5 -129.2 115.3
4.Overhead and Other Expenses 1039.9 857.0 752.1 1262.4 443.4 1403.8
5.Operating profit 33.3 46.2 -40.1 -1.6 -152.0 -40.5
6.Financial expenses 28.9 20.5 32.5 73.4 16.7 88.3
7.Net profit before tax (D5-D6) 4.4 25.7 -72.6 -75.0 -168.7 -128.8
8.Tax provision 2.9 0.0 2.4 4.6 1.1 7.2
9.Total amount of dividend 19.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -143.6 -171.5 227.9 2074.9 62.0 996.5
2.Retention in business (D7-D8-D9) -17.5 25.7 -75.0 -79.6 -169.8 -136.0
3.Finance from outside the company (E1-E2) -126.1 -197.2 302.9 2154.5 231.8 1132.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 46.5 88.9 -14.0 -18.5 -100.3 -68.0
2.Depreciation for the year plus changes in capital employed (C3+E1) -79.6 -108.3 288.9 2136.0 131.5 1064.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 35.9 35.2 60.6 62.0 55.6 61.2
2.Current ratio (B4 as % of B5) 29.4 26.5 41.5 80.7 43.3 88.9
3.Acid test or Quick ratio (B4-B3 as % B5) 26.3 2.8 33.5 62.9 32.4 68.1
4.Debt equity ratio (B6 as % of A3) 193.6 250.7 390.5 229.3 221.7 230.5
5.Return on assets (D7 as % of C4) 0.3 1.5 -3.9 -2.0 -3.8 -2.4
6.Self financing ratio (E2 as % of E1) - - -32.9 -3.8 -273.9 -13.6
7.Cash flow ratio F1 as % of F2 - - -4.8 -0.9 -76.3 -6.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 154.6 127.1 100.8 101.5 120.8 87.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 98.5 94.9 109.3 100.3 155.3 103.0
10.Financial expenses as % of operating profit (D6 as % of D5) 86.8 44.4 - -4587.5 -11.0 -218.0
11.Financial expense as % of gross sales (D6 as % of D1) 2.7 2.3 4.7 5.8 5.8 6.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.5 3.2 4.7 3.6 0.7 3.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 65.9 0.0 - -6.1 -0.7 -5.6
14.Sundry debtors as % of gross sales 0.4 0.3 2.4 2.0 0.3 21.9
15.Return on Equity (D7 as % of A3) 0.7 5.3 -18.9 -6.5 -12.2 -8.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 7.9 - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 3.2 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 0.4 2.8 -10.6 -6.0 -59.1 -9.5
4.Earning per share before tax (D7/No. of ordinary shares) 0.1 0.7 -1.9 -0.7 -1.5 -0.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.0 0.7 -2.0 -0.7 -1.5 -0.7
6.Average annual % depreciation on written down fixed assets 4.1 4.2 4.2 4.1 2.2 1.8
7.Sales as % of total assets (D1 as % of C4) 61.0 53.2 36.5 33.0 6.4 25.8
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -83.3 600.0 -371.4 -63.2 114.3 -53.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -12.3 -14.4 -23.8 83.0 -77.3 377.3
10.Break-up value of ordinary shares (in rupees) 15.5 12.7 10.1 10.1 12.1 8.7

489
Attock Cement Pakistan Ltd (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital - 721.6 721.6 721.6 721.6 721.6
2.Surplus - 586.9 1400.4 2231.6 2674.4 2810.0
3.Shareholder's Equity (A1+A2) - 1308.5 2122.0 2953.2 3396.0 3531.6
4.Prefrence Shares - 0.0 0.0 0.0 0.0 0.0
5.Debentures - 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities - 14.3 556.8 973.3 822.6 622.5
7.Total Fixed Laibilities (A4+A5+A6) - 14.3 556.8 973.3 822.6 622.5
8.Total Capital Employed (A3+A7) - 1322.8 2678.8 3926.5 4218.6 4154.1
B.Liquidity:
1.Liquid Assets: - 117.4 173.1 99.4 473.8 299.5
(i)Cash - 107.7 168.6 94.9 265.8 111.0
(ii)Investments - 9.7 4.5 4.5 208.0 188.5
2.Other Current Assets - 426.0 524.8 368.9 592.2 828.7
3.Inventories - 197.3 162.3 167.2 276.4 409.5
4.Current Assets (B1+B2+B3) - 740.7 860.2 635.5 1342.4 1537.7
5.Current Liabilities - 527.3 728.5 944.9 1567.0 1716.9
6.Total Liabilities(A7+B5) - 541.6 1285.3 1918.2 2389.6 2339.4
7.Net Current Assets(B4-B5) - 213.4 131.7 -309.4 -224.6 -179.2
8.Contractual Liabilities - 22.9 564.4 1304.9 838.1 822.6
9.Net liquid assets (B1-B5) - -409.9 -555.4 -845.5 -1093.2 -1417.4
C.Fixed Assets:
1.Fixed Asset At Cost - 2941.9 4455.5 6247.8 6812.5 6955.9
2.Fixed assets after deducting accumulated depreciation - 1109.4 2547.0 4236.1 4443.2 4333.4
3.Depreciation for the year - 115.6 106.8 104.7 367.2 401.2
4.Total assets (B4+C2) - 1850.1 3407.2 4871.6 5785.6 5871.1
D.Operation:
1.Gross sales - 2665.4 3518.3 4703.8 6237.2 6770.8
(i)Local sales - 2665.4 3518.3 4703.8 6237.2 6770.8
(ii)Export sales - 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales - 2052.2 2490.7 3038.7 4682.5 5666.4
3.Gross profit - 613.2 1027.6 1665.1 1554.7 1104.4
4.Overhead and Other Expenses - 2232.3 2731.0 3293.6 4965.0 5969.7
5.Operating profit - 465.7 1172.2 1418.7 1295.5 828.9
6.Financial expenses - 9.0 11.3 25.4 102.1 153.9
7.Net profit before tax (D5-D6) - 456.7 1160.9 1393.3 1193.4 675.0
8.Tax provision - 119.1 273.0 487.0 22.8 57.7
9.Total amount of dividend - 90.2 90.2 360.8 324.7 324.7
10.Total value of bonus shares issued - 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) - 181.7 1356.0 1247.7 292.1 -64.5
2.Retention in business (D7-D8-D9) - 247.4 797.7 545.5 845.9 292.6
3.Finance from outside the company (E1-E2) - -65.7 558.3 702.2 -553.8 -357.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) - 363.0 904.5 650.2 1213.1 693.8
2.Depreciation for the year plus changes in capital employed (C3+E1) - 297.3 1462.8 1352.4 659.3 336.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - 1.1 20.8 24.8 19.5 15.0
2.Current ratio (B4 as % of B5) - 140.5 118.1 67.3 85.7 89.6
3.Acid test or Quick ratio (B4-B3 as % B5) - 103.1 95.8 49.6 68.0 65.7
4.Debt equity ratio (B6 as % of A3) - 41.4 60.6 65.0 70.4 66.2
5.Return on assets (D7 as % of C4) - 24.7 34.1 28.6 20.6 11.5
6.Self financing ratio (E2 as % of E1) - 136.2 58.8 43.7 289.6 -453.6
7.Cash flow ratio F1 as % of F2 - 122.1 61.8 48.1 184.0 206.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - 181.3 294.1 409.3 470.6 489.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) - 83.8 77.6 70.0 79.6 88.2
10.Financial expenses as % of operating profit (D6 as % of D5) - 1.9 1.0 1.8 7.9 18.6
11.Financial expense as % of gross sales (D6 as % of D1) - 0.3 0.3 0.5 1.6 2.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) - 39.3 2.0 1.9 12.2 18.7
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 26.1 23.5 35.0 1.9 8.5
14.Sundry debtors as % of gross sales - 0.2 0.1 0.5 0.3 0.7
15.Return on Equity (D7 as % of A3) - 34.9 54.7 47.2 35.1 19.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - 374.3 984.4 251.2 360.5 190.1
2.Dividend ratio to equity (D9 as % of A3) - 6.9 4.3 12.2 9.6 9.2
3.Net profit margin (D7 as % of D1) - 17.1 33.0 29.6 19.1 10.0
4.Earning per share before tax (D7/No. of ordinary shares) - 6.3 16.1 19.3 16.5 9.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - 4.7 12.3 12.6 16.2 8.6
6.Average annual % depreciation on written down fixed assets - 13.0 9.6 4.1 8.7 9.0
7.Sales as % of total assets (D1 as % of C4) - 144.1 103.3 96.6 107.8 115.3
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - -78.9 155.6 19.9 -14.5 -43.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - 16.8 32.0 33.7 32.6 8.6
10.Break-up value of ordinary shares (in rupees) - 18.1 29.4 40.9 47.1 48.9

490
Bestway Cement Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 1934.7 1934.7 2128.2 2341.0 2575.1 2832.6
2.Surplus 262.4 745.7 1485.5 2509.0 3406.1 4023.9
3.Shareholder's Equity (A1+A2) 2197.1 2680.4 3613.7 4850.0 5981.2 6856.5
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 1700.9 1895.4 3148.5 9458.8 12607.1 12764.8
7.Total Fixed Laibilities (A4+A5+A6) 1700.9 1895.4 3148.5 9458.8 12607.1 12764.8
8.Total Capital Employed (A3+A7) 3898.0 4575.8 6762.2 14308.8 18588.3 19621.3
B.Liquidity:
1.Liquid Assets: 2611.1 2156.0 3032.2 5404.5 6401.1 5937.8
(i)Cash 41.6 293.2 605.6 419.6 886.3 348.6
(ii)Investments 2569.5 1862.8 2426.6 4984.9 5514.8 5589.2
2.Other Current Assets 488.3 519.1 788.9 1497.4 1937.0 2743.5
3.Inventories 155.6 113.1 93.4 150.3 290.8 729.7
4.Current Assets (B1+B2+B3) 3255.0 2788.2 3914.5 7052.2 8628.9 9411.0
5.Current Liabilities 2663.1 1412.5 2261.8 3709.2 4493.2 5794.2
6.Total Liabilities(A7+B5) 4364.0 3307.9 5410.3 13168.0 17100.3 18559.0
7.Net Current Assets(B4-B5) 591.9 1375.7 1652.7 3343.0 4135.7 3616.8
8.Contractual Liabilities 3922.1 2536.7 4372.1 11235.8 13363.5 16275.8
9.Net liquid assets (B1-B5) -52.0 743.5 770.4 1695.3 1907.9 143.6
C.Fixed Assets:
1.Fixed Asset At Cost 4689.6 4777.7 6889.3 12944.6 16577.7 18606.9
2.Fixed assets after deducting accumulated depreciation 3306.1 3200.2 5109.4 10965.9 14452.5 16004.5
3.Depreciation for the year 195.8 196.2 203.8 201.5 1978.7 431.9
4.Total assets (B4+C2) 6561.1 5988.4 9023.9 18018.1 23081.4 25415.5
D.Operation:
1.Gross sales 2993.2 3801.2 4905.9 6131.1 8409.4 10669.6
(i)Local sales 2993.2 3801.2 4905.9 6131.1 8409.4 10669.6
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 2535.0 2730.8 3356.9 3837.6 7396.6 9661.3
3.Gross profit 458.2 1070.4 1549.0 2293.5 1012.8 1008.3
4.Overhead and Other Expenses 2596.2 2851.3 3540.0 4071.2 7538.0 10082.0
5.Operating profit 429.0 1068.9 1437.6 2199.1 1268.0 817.1
6.Financial expenses 269.3 139.1 139.6 468.7 1211.7 1236.1
7.Net profit before tax (D5-D6) 159.7 929.8 1298.0 1730.4 56.3 -419.0
8.Tax provision 8.8 22.2 26.9 27.7 4.8 37.5
9.Total amount of dividend 145.1 193.5 193.5 212.8 0.0 0.0
10.Total value of bonus shares issued 0.0 193.5 193.5 212.8 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 133.9 677.8 2186.4 7546.6 4279.5 1033.0
2.Retention in business (D7-D8-D9) 5.8 714.1 1077.6 1489.9 51.5 -456.5
3.Finance from outside the company (E1-E2) 128.1 -36.3 1108.8 6056.7 4228.0 1489.5
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 201.6 910.3 1281.4 1691.4 2030.2 -24.6
2.Depreciation for the year plus changes in capital employed (C3+E1) 329.7 874.0 2390.2 7748.1 6258.2 1464.9
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 43.6 41.4 46.6 66.1 67.8 65.1
2.Current ratio (B4 as % of B5) 122.2 197.4 173.1 190.1 192.0 162.4
3.Acid test or Quick ratio (B4-B3 as % B5) 116.4 189.4 168.9 186.1 185.6 149.8
4.Debt equity ratio (B6 as % of A3) 198.6 123.4 149.7 271.5 285.9 270.7
5.Return on assets (D7 as % of C4) 2.4 15.5 14.4 9.6 0.2 -1.6
6.Self financing ratio (E2 as % of E1) 4.3 105.4 49.3 19.7 1.2 -44.2
7.Cash flow ratio F1 as % of F2 61.1 104.2 53.6 21.8 32.4 -1.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 113.6 138.5 169.8 207.2 232.3 242.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 86.7 75.0 72.2 66.4 89.6 94.5
10.Financial expenses as % of operating profit (D6 as % of D5) 62.8 13.0 9.7 21.3 95.6 151.3
11.Financial expense as % of gross sales (D6 as % of D1) 9.0 3.7 2.8 7.6 14.4 11.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.9 5.5 3.2 4.2 9.1 7.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 5.5 2.4 2.1 1.6 8.5 -8.9
14.Sundry debtors as % of gross sales 0.0 1.1 0.0 0.5 1.0 3.4
15.Return on Equity (D7 as % of A3) 7.3 34.7 35.9 35.7 0.9 -6.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 104.0 469.0 656.9 800.1 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 6.6 7.2 5.4 4.4 0.0 0.0
3.Net profit margin (D7 as % of D1) 5.3 24.5 26.5 28.2 0.7 -3.9
4.Earning per share before tax (D7/No. of ordinary shares) 0.8 4.8 6.1 7.4 0.2 -1.5
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.8 4.7 6.0 7.3 0.2 -1.6
6.Average annual % depreciation on written down fixed assets 5.9 5.9 6.4 3.6 18.0 3.0
7.Sales as % of total assets (D1 as % of C4) 45.6 63.5 54.4 34.0 36.4 42.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -52.9 500.0 27.1 21.3 -97.3 -850.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 5.8 27.0 29.1 25.0 37.2 26.9
10.Break-up value of ordinary shares (in rupees) 11.4 13.9 17.0 20.7 23.2 24.2

491
Cherat Cement Company Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 531.9 531.9 664.9 831.1 955.8 955.8
2.Surplus 474.8 696.0 1087.6 1281.8 1280.8 1202.3
3.Shareholder's Equity (A1+A2) 1006.7 1227.9 1752.5 2112.9 2236.6 2158.1
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 296.5 194.3 813.7 650.0 437.5 380.5
7.Total Fixed Laibilities (A4+A5+A6) 296.5 194.3 813.7 650.0 437.5 380.5
8.Total Capital Employed (A3+A7) 1303.2 1422.2 2566.2 2762.9 2674.1 2538.6
B.Liquidity:
1.Liquid Assets: 228.9 396.3 758.5 557.8 550.1 169.5
(i)Cash 128.7 386.4 750.8 383.5 75.5 65.5
(ii)Investments 100.2 9.9 7.7 174.3 474.6 104.0
2.Other Current Assets 353.9 454.1 582.3 639.0 669.0 1483.2
3.Inventories 48.9 79.9 88.5 145.2 117.3 207.5
4.Current Assets (B1+B2+B3) 631.7 930.3 1429.3 1342.0 1336.4 1860.2
5.Current Liabilities 604.6 759.8 636.6 849.0 859.3 1843.7
6.Total Liabilities(A7+B5) 901.1 954.1 1450.3 1499.0 1296.8 2224.2
7.Net Current Assets(B4-B5) 27.1 170.5 792.7 493.0 477.1 16.5
8.Contractual Liabilities 427.8 295.0 894.3 873.7 744.7 1052.4
9.Net liquid assets (B1-B5) -375.7 -363.5 121.9 -291.2 -309.2 -1674.2
C.Fixed Assets:
1.Fixed Asset At Cost 2983.3 3097.3 2377.9 4413.6 4571.5 5068.5
2.Fixed assets after deducting accumulated depreciation 1276.0 1251.7 1773.5 2269.8 2197.0 2522.0
3.Depreciation for the year 152.4 139.4 143.0 162.7 236.5 176.7
4.Total assets (B4+C2) 1907.7 2182.0 3202.8 3611.8 3533.4 4382.2
D.Operation:
1.Gross sales 2373.3 2466.8 3205.5 3010.6 3448.8 3881.0
(i)Local sales 2076.2 2466.8 2663.9 2149.4 2639.2 2746.0
(ii)Export sales 297.1 0.0 541.6 861.2 809.6 1135.0
2.Cost of Sales 2223.1 1751.6 2349.1 2064.9 3071.1 3701.6
3.Gross profit 150.2 715.2 856.4 945.7 377.7 179.4
4.Overhead and Other Expenses 2351.7 1886.7 2512.2 2252.9 3242.2 3875.0
5.Operating profit 54.9 592.8 718.0 799.2 322.6 25.1
6.Financial expenses 29.6 19.1 34.0 80.4 75.5 81.6
7.Net profit before tax (D5-D6) 25.3 573.7 684.0 718.8 247.1 -56.5
8.Tax provision 10.5 147.4 178.4 47.6 77.1 15.1
9.Total amount of dividend 66.5 212.8 212.8 83.1 95.6 0.0
10.Total value of bonus shares issued 0.0 133.0 133.0 124.7 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 173.1 119.0 1144.0 196.7 -88.8 -135.5
2.Retention in business (D7-D8-D9) -51.7 213.5 292.8 588.1 74.4 -71.6
3.Finance from outside the company (E1-E2) 224.8 -94.5 851.2 -391.4 -163.2 -63.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 100.7 352.9 435.8 750.8 310.9 105.1
2.Depreciation for the year plus changes in capital employed (C3+E1) 325.5 258.4 1287.0 359.4 147.7 41.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 22.8 13.7 31.7 23.5 16.4 15.0
2.Current ratio (B4 as % of B5) 104.5 122.4 224.5 158.1 155.5 100.9
3.Acid test or Quick ratio (B4-B3 as % B5) 96.4 111.9 210.6 141.0 141.9 89.6
4.Debt equity ratio (B6 as % of A3) 89.5 77.7 82.8 70.9 58.0 103.1
5.Return on assets (D7 as % of C4) 1.3 26.3 21.4 19.9 7.0 -1.3
6.Self financing ratio (E2 as % of E1) -29.9 179.4 25.6 299.0 -83.8 52.8
7.Cash flow ratio F1 as % of F2 30.9 136.6 33.9 208.9 210.5 255.1
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 189.3 230.9 263.6 254.2 234.0 225.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 99.1 76.5 78.4 74.8 94.0 99.8
10.Financial expenses as % of operating profit (D6 as % of D5) 53.9 3.2 4.7 10.1 23.4 325.1
11.Financial expense as % of gross sales (D6 as % of D1) 1.2 0.8 1.1 2.7 2.2 2.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 6.9 6.5 3.8 9.2 10.1 7.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 41.5 25.7 26.1 6.6 31.2 -26.7
14.Sundry debtors as % of gross sales 0.0 0.0 0.1 0.0 0.1 0.0
15.Return on Equity (D7 as % of A3) 2.5 46.7 39.0 34.0 11.0 -2.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 22.3 200.3 237.6 807.7 177.8 0.0
2.Dividend ratio to equity (D9 as % of A3) 6.6 17.3 12.1 3.9 4.3 0.0
3.Net profit margin (D7 as % of D1) 1.1 23.3 21.3 23.9 7.2 -1.5
4.Earning per share before tax (D7/No. of ordinary shares) 0.5 10.8 10.3 8.6 2.6 -0.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.3 8.0 7.6 8.1 1.8 -0.7
6.Average annual % depreciation on written down fixed assets 13.4 10.9 11.4 9.2 10.4 8.0
7.Sales as % of total assets (D1 as % of C4) 124.4 113.1 100.1 83.4 97.6 88.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -85.7 2060.0 -4.6 -16.5 -69.8 -123.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 5.4 3.9 29.9 -6.1 14.6 12.5
10.Break-up value of ordinary shares (in rupees) 18.9 23.1 26.4 25.4 23.4 22.6

492
D.G. Khan Cement Company Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 1676.3 1676.3 1843.9 1843.9 2535.4 2535.4
2.Surplus 2940.1 4427.5 7519.8 17424.3 31387.8 27544.8
3.Shareholder's Equity (A1+A2) 4616.4 6103.8 9363.7 19268.2 33923.2 30080.2
4.Prefrence Shares 353.5 353.5 0.0 0.0 0.0 0.0
5.Debentures 199.9 199.9 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 2796.3 2260.6 5031.2 7401.4 8687.6 8411.1
7.Total Fixed Laibilities (A4+A5+A6) 3349.7 2814.0 5031.2 7401.4 8687.6 8411.1
8.Total Capital Employed (A3+A7) 7966.1 8917.8 14394.9 26669.6 42610.8 38491.3
B.Liquidity:
1.Liquid Assets: 2048.4 2858.5 5473.6 13103.2 25224.5 22104.7
(i)Cash 65.3 84.0 93.8 77.2 116.2 226.4
(ii)Investments 1983.1 2774.5 5379.8 13026.0 25108.3 21878.3
2.Other Current Assets 867.1 1136.8 1504.2 1398.5 2066.8 3971.1
3.Inventories 186.0 298.5 101.0 226.3 295.1 445.9
4.Current Assets (B1+B2+B3) 3101.5 4293.8 7078.8 14728.0 27586.4 26521.7
5.Current Liabilities 1545.2 2796.8 3621.5 7634.9 9133.5 13501.6
6.Total Liabilities(A7+B5) 4894.9 5610.8 8652.7 15036.3 17821.1 21912.7
7.Net Current Assets(B4-B5) 1556.3 1497.0 3457.3 7093.1 18452.9 13020.1
8.Contractual Liabilities 3870.7 4308.4 6591.5 11591.2 14669.7 18695.7
9.Net liquid assets (B1-B5) 503.2 61.7 1852.1 5468.3 16091.0 8603.1
C.Fixed Assets:
1.Fixed Asset At Cost 10424.7 11778.1 15637.3 24591.3 29666.8 32265.5
2.Fixed assets after deducting accumulated depreciation 6410.0 7420.8 10937.7 19576.5 24158.0 25471.3
3.Depreciation for the year 303.9 338.9 357.1 349.5 494.2 1363.0
4.Total assets (B4+C2) 9511.5 11714.6 18016.5 34304.5 51744.4 51993.0
D.Operation:
1.Gross sales 5149.6 5697.6 7372.2 10955.9 9399.1 17473.5
(i)Local sales 5082.1 5392.4 6730.8 10348.1 8887.3 14732.4
(ii)Export sales 67.5 305.2 641.4 607.8 511.8 2741.1
2.Cost of Sales 4472.0 4312.1 5423.3 6993.1 7367.1 15537.3
3.Gross profit 677.6 1385.5 1948.9 3962.8 2032.0 1936.2
4.Overhead and Other Expenses 4569.4 4481.0 5654.5 7341.3 7675.7 16806.7
5.Operating profit 765.4 1345.1 2425.4 3899.1 2188.7 1590.9
6.Financial expenses 410.0 189.3 304.0 450.7 468.2 1766.3
7.Net profit before tax (D5-D6) 355.4 1155.8 2121.4 3448.4 1720.5 -175.4
8.Tax provision 16.0 28.7 40.0 40.5 33.0 108.2
9.Total amount of dividend 174.7 286.8 251.4 276.6 380.3 0.0
10.Total value of bonus shares issued 0.0 167.6 167.6 184.4 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 851.8 951.7 5477.1 12274.7 15941.2 -4119.5
2.Retention in business (D7-D8-D9) 164.7 840.3 1830.0 3131.3 1307.2 -283.6
3.Finance from outside the company (E1-E2) 687.1 111.4 3647.1 9143.4 14634.0 -3835.9
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 468.6 1179.2 2187.1 3480.8 1801.4 1079.4
2.Depreciation for the year plus changes in capital employed (C3+E1) 1155.7 1290.6 5834.2 12624.2 16435.4 -2756.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 42.0 31.6 35.0 27.8 20.4 21.9
2.Current ratio (B4 as % of B5) 200.7 153.5 195.5 192.9 302.0 196.4
3.Acid test or Quick ratio (B4-B3 as % B5) 188.7 142.9 192.7 189.9 298.8 193.1
4.Debt equity ratio (B6 as % of A3) 106.0 91.9 92.4 78.0 52.5 72.8
5.Return on assets (D7 as % of C4) 3.7 9.9 11.8 10.1 3.3 -0.3
6.Self financing ratio (E2 as % of E1) 19.3 88.3 33.4 25.5 8.2 6.9
7.Cash flow ratio F1 as % of F2 40.5 91.4 37.5 27.6 11.0 -39.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 275.4 364.1 507.8 1045.0 1338.0 1186.4
9.Overhead and other expenses as % of gross sales (D4 as % D1) 88.7 78.6 76.7 67.0 81.7 96.2
10.Financial expenses as % of operating profit (D6 as % of D5) 53.6 14.1 12.5 11.6 21.4 111.0
11.Financial expense as % of gross sales (D6 as % of D1) 8.0 3.3 4.1 4.1 5.0 10.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 10.6 4.4 4.6 3.9 3.2 9.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 4.5 2.5 1.9 1.2 1.9 -61.7
14.Sundry debtors as % of gross sales 0.0 0.0 1.0 0.7 1.5 2.1
15.Return on Equity (D7 as % of A3) 7.7 18.9 22.7 17.9 5.1 -0.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 194.3 393.0 827.9 1232.1 443.7 0.0
2.Dividend ratio to equity (D9 as % of A3) 3.8 4.7 2.7 1.4 1.1 0.0
3.Net profit margin (D7 as % of D1) 6.9 20.3 28.8 31.5 18.3 -1.0
4.Earning per share before tax (D7/No. of ordinary shares) 2.1 6.9 11.5 18.7 6.8 -0.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 2.0 6.7 11.3 18.5 6.7 -1.1
6.Average annual % depreciation on written down fixed assets 4.6 5.3 4.8 3.2 2.5 5.6
7.Sales as % of total assets (D1 as % of C4) 54.1 48.6 40.9 31.9 18.2 33.6
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 10.5 228.6 66.7 62.6 -63.6 -110.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 14.4 10.6 29.4 48.6 -14.2 85.9
10.Break-up value of ordinary shares (in rupees) 27.5 36.4 50.8 104.5 133.8 118.6

493
Dadabhoy Cement Industries Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 438.6 438.6 438.6 438.6 438.6 982.4
2.Surplus 733.9 753.0 861.1 811.8 1256.1 1215.1
3.Shareholder's Equity (A1+A2) 1172.5 1191.6 1299.7 1250.4 1694.7 2197.5
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 1177.6 1095.0 1012.9 1137.7 800.0 750.9
7.Total Fixed Laibilities (A4+A5+A6) 1177.6 1095.0 1012.9 1137.7 800.0 750.9
8.Total Capital Employed (A3+A7) 2350.1 2286.6 2312.6 2388.1 2494.7 2948.4
B.Liquidity:
1.Liquid Assets: 64.5 72.7 97.0 121.0 213.9 12.4
(i)Cash 11.4 21.2 43.9 13.0 4.9 9.3
(ii)Investments 53.1 51.5 53.1 108.0 209.0 3.1
2.Other Current Assets 192.4 222.1 263.2 396.8 217.3 297.9
3.Inventories 20.9 46.4 51.9 3.5 63.1 56.1
4.Current Assets (B1+B2+B3) 277.8 341.2 412.1 521.3 494.3 366.4
5.Current Liabilities 786.3 906.2 925.8 1050.6 1021.4 1671.1
6.Total Liabilities(A7+B5) 1963.9 2001.2 1938.7 2188.3 1821.4 2422.0
7.Net Current Assets(B4-B5) -508.5 -565.0 -513.7 -529.3 -527.1 -1304.7
8.Contractual Liabilities 1317.0 1234.7 1083.9 1300.5 808.2 784.3
9.Net liquid assets (B1-B5) -721.8 -833.5 -828.8 -929.6 -807.5 -1658.7
C.Fixed Assets:
1.Fixed Asset At Cost 3460.8 3518.9 3557.2 3745.9 3880.1 4510.5
2.Fixed assets after deducting accumulated depreciation 2858.5 2851.5 2826.2 2917.4 3021.9 4253.0
3.Depreciation for the year 72.8 67.4 75.8 85.4 88.5 42.6
4.Total assets (B4+C2) 3136.3 3192.7 3238.3 3438.7 3516.2 4619.4
D.Operation:
1.Gross sales 1196.9 1310.8 1852.6 1982.9 992.0 542.5
(i)Local sales 1196.9 1310.8 1852.6 1692.9 886.1 521.7
(ii)Export sales 0.0 0.0 0.0 290.0 105.9 20.8
2.Cost of Sales 1113.4 1068.4 1484.5 1495.3 986.8 569.2
3.Gross profit 83.5 242.4 368.1 487.6 5.2 -26.7
4.Overhead and Other Expenses 1234.2 1166.2 1606.6 1661.2 1156.5 732.1
5.Operating profit 6.5 147.5 254.8 325.3 154.8 -182.8
6.Financial expenses 10.5 137.3 141.0 152.1 5.8 39.4
7.Net profit before tax (D5-D6) -4.0 10.2 113.8 173.2 149.0 -222.2
8.Tax provision 3.2 4.3 0.0 8.0 4.9 2.5
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -676.3 -63.5 26.0 75.5 106.6 453.7
2.Retention in business (D7-D8-D9) -7.2 5.9 113.8 165.2 144.1 -224.7
3.Finance from outside the company (E1-E2) -669.1 -69.4 -87.8 -89.7 -37.5 678.4
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 65.6 73.3 189.6 250.6 232.6 -182.1
2.Depreciation for the year plus changes in capital employed (C3+E1) -603.5 3.9 101.8 160.9 195.1 496.3
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 50.1 47.9 43.8 47.6 32.1 25.5
2.Current ratio (B4 as % of B5) 35.3 37.7 44.5 49.6 48.4 21.9
3.Acid test or Quick ratio (B4-B3 as % B5) 32.7 32.5 38.9 49.3 42.2 18.6
4.Debt equity ratio (B6 as % of A3) 167.5 167.9 149.2 175.0 107.5 110.2
5.Return on assets (D7 as % of C4) -0.1 0.3 3.5 5.0 4.2 -4.8
6.Self financing ratio (E2 as % of E1) - - 437.7 218.8 135.2 -49.5
7.Cash flow ratio F1 as % of F2 - 1879.5 186.2 155.7 119.2 -36.7
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 267.3 271.7 296.3 285.1 386.4 223.7
9.Overhead and other expenses as % of gross sales (D4 as % D1) 103.1 89.0 86.7 83.8 116.6 134.9
10.Financial expenses as % of operating profit (D6 as % of D5) 161.5 93.1 55.3 46.8 3.7 -21.6
11.Financial expense as % of gross sales (D6 as % of D1) 0.9 10.5 7.6 7.7 0.6 7.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 0.8 11.1 13.0 11.7 0.7 5.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 42.2 0.0 4.6 3.3 -1.1
14.Sundry debtors as % of gross sales 0.9 2.5 1.4 0.1 0.0 0.0
15.Return on Equity (D7 as % of A3) -0.3 0.9 8.8 13.9 8.8 -10.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -0.3 0.8 6.1 8.7 15.0 -41.0
4.Earning per share before tax (D7/No. of ordinary shares) -0.1 0.2 2.6 3.9 3.4 -2.3
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.2 0.1 2.6 3.8 3.3 -2.3
6.Average annual % depreciation on written down fixed assets 2.5 2.4 2.7 3.0 3.0 1.1
7.Sales as % of total assets (D1 as % of C4) 38.2 41.1 57.2 57.7 28.2 11.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -99.4 -300.0 1200.0 50.0 -12.8 -167.6
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -14.2 9.5 41.3 7.0 -50.0 -45.3
10.Break-up value of ordinary shares (in rupees) 26.7 27.2 29.6 28.5 38.6 22.4

494
Dandot Cement Company Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 278.4 678.4 678.4 678.4 678.4 948.4
2.Surplus -229.9 -367.0 -331.0 -318.3 -201.6 -620.7
3.Shareholder's Equity (A1+A2) 48.5 311.4 347.4 360.1 476.8 327.7
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 559.9 456.1 344.3 385.1 723.9 1020.0
7.Total Fixed Laibilities (A4+A5+A6) 559.9 456.1 344.3 385.1 723.9 1020.0
8.Total Capital Employed (A3+A7) 608.4 767.5 691.7 745.2 1200.7 1347.7
B.Liquidity:
1.Liquid Assets: 14.2 20.1 8.0 84.7 14.0 10.3
(i)Cash 14.2 20.1 8.0 84.7 14.0 10.3
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 153.5 191.0 209.6 249.8 520.7 512.0
3.Inventories 32.9 9.6 39.2 32.2 30.4 42.2
4.Current Assets (B1+B2+B3) 200.6 220.7 256.8 366.7 565.1 564.5
5.Current Liabilities 1615.3 1424.9 1447.5 1418.5 1823.6 1754.2
6.Total Liabilities(A7+B5) 2175.2 1881.0 1791.8 1803.6 2547.5 2774.2
7.Net Current Assets(B4-B5) -1414.7 -1204.2 -1190.7 -1051.8 -1258.5 -1189.7
8.Contractual Liabilities 829.8 608.9 428.5 573.3 1092.6 1396.5
9.Net liquid assets (B1-B5) -1601.1 -1404.8 -1439.5 -1333.8 -1809.6 -1743.9
C.Fixed Assets:
1.Fixed Asset At Cost 3434.3 3491.1 3509.2 3524.8 4245.5 4411.4
2.Fixed assets after deducting accumulated depreciation 2023.2 1971.7 1882.3 1797.0 2459.2 2537.4
3.Depreciation for the year 225.7 114.8 107.5 101.3 67.3 88.1
4.Total assets (B4+C2) 2223.8 2192.4 2139.1 2163.7 3024.3 3101.9
D.Operation:
1.Gross sales 1010.0 1212.0 1577.1 1963.0 1372.6 828.7
(i)Local sales 1010.0 1212.0 1577.1 1963.0 1372.6 814.3
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 14.4
2.Cost of Sales 1196.6 1219.0 1510.4 1742.6 1580.0 1065.3
3.Gross profit -186.6 -7.0 66.7 220.4 -207.4 -236.6
4.Overhead and Other Expenses 1223.4 1286.1 1585.5 1815.7 1657.5 1157.7
5.Operating profit -213.2 -63.6 6.6 154.8 -266.6 -328.7
6.Financial expenses 118.8 59.6 68.3 90.9 171.6 227.7
7.Net profit before tax (D5-D6) -332.0 -123.2 -61.7 63.9 -438.2 -556.4
8.Tax provision 5.9 0.0 5.5 7.2 4.5 2.9
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -634.5 159.1 -75.8 53.5 455.5 147.0
2.Retention in business (D7-D8-D9) -337.9 -123.2 -67.2 56.7 -442.7 -559.3
3.Finance from outside the company (E1-E2) -296.6 282.3 -8.6 -3.2 898.2 706.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -112.2 -8.4 40.3 158.0 -375.4 -471.2
2.Depreciation for the year plus changes in capital employed (C3+E1) -408.8 273.9 31.7 154.8 522.8 235.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 92.0 59.4 49.8 51.7 60.3 75.7
2.Current ratio (B4 as % of B5) 12.4 15.5 17.7 25.9 31.0 32.2
3.Acid test or Quick ratio (B4-B3 as % B5) 10.4 14.8 15.0 23.6 29.3 29.8
4.Debt equity ratio (B6 as % of A3) 4484.9 604.0 515.8 500.9 534.3 846.6
5.Return on assets (D7 as % of C4) -14.9 -5.6 -2.9 3.0 -14.5 -17.9
6.Self financing ratio (E2 as % of E1) - -77.4 - 106.0 -97.2 -380.5
7.Cash flow ratio F1 as % of F2 - -3.1 127.1 102.1 -71.8 -200.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 17.4 45.9 51.2 53.1 70.3 34.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 121.1 106.1 100.5 92.5 120.8 139.7
10.Financial expenses as % of operating profit (D6 as % of D5) - - 1034.8 58.7 -64.4 -69.3
11.Financial expense as % of gross sales (D6 as % of D1) 11.8 4.9 4.3 4.6 12.5 27.5
12.Financial expenses as % of contractual liabilities (D6 as % B8) 14.3 9.8 15.9 15.9 15.7 16.3
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - 11.3 -1.0 -0.5
14.Sundry debtors as % of gross sales 0.2 0.3 0.1 0.0 0.0 0.1
15.Return on Equity (D7 as % of A3) -684.5 -39.6 -17.8 17.7 -91.9 -169.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -32.9 -10.2 -3.9 3.3 -31.9 -67.1
4.Earning per share before tax (D7/No. of ordinary shares) -11.9 -1.8 -0.9 0.9 -6.5 -5.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -12.1 -1.8 -1.0 0.8 -6.5 -5.9
6.Average annual % depreciation on written down fixed assets 10.0 5.7 5.5 5.4 3.7 3.6
7.Sales as % of total assets (D1 as % of C4) 45.4 55.3 73.7 90.7 45.4 26.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 33.7 -84.9 -50.0 -200.0 -822.2 -9.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -19.0 20.0 30.1 24.5 -30.1 -39.6
10.Break-up value of ordinary shares (in rupees) 1.7 4.6 5.1 5.3 7.0 3.5

495
Dewan Cement Ltd. (Pakland Cement Ltd.) (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 825.0 825.0 825.0 1650.0 3573.8 3573.8
2.Surplus 393.4 836.9 1448.9 1221.6 5192.8 4749.7
3.Shareholder's Equity (A1+A2) 1218.4 1661.9 2273.9 2871.6 8766.6 8323.5
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 6356.8 3346.9 2850.7 2629.8 4410.8 3850.0
6.Other Fixed Laibilities 0.0 4.9 0.3 440.2 2550.9 2364.4
7.Total Fixed Laibilities (A4+A5+A6) 6356.8 3351.8 2851.0 3070.0 6961.7 6214.4
8.Total Capital Employed (A3+A7) 7575.2 5013.7 5124.9 5941.6 15728.3 14537.9
B.Liquidity:
1.Liquid Assets: 857.9 828.1 915.2 1037.1 233.7 137.3
(i)Cash 54.9 22.1 108.1 76.8 224.5 132.6
(ii)Investments 803.0 806.0 807.1 960.3 9.2 4.7
2.Other Current Assets 590.7 290.3 721.6 894.3 2318.1 1418.8
3.Inventories 26.4 28.9 132.3 186.7 302.8 127.8
4.Current Assets (B1+B2+B3) 1475.0 1147.3 1769.1 2118.1 2854.6 1683.9
5.Current Liabilities 1067.4 1537.8 2116.6 2290.3 6430.7 7073.2
6.Total Liabilities(A7+B5) 7424.2 4889.6 4967.6 5360.3 13392.4 13287.6
7.Net Current Assets(B4-B5) 407.6 -390.5 -347.5 -172.2 -3576.1 -5389.3
8.Contractual Liabilities 6481.5 3515.2 3159.4 3603.3 8832.4 8076.4
9.Net liquid assets (B1-B5) -209.5 -709.7 -1201.4 -1253.2 -6197.0 -6935.9
C.Fixed Assets:
1.Fixed Asset At Cost 8207.3 6658.6 6995.2 7903.0 20782.7 21945.0
2.Fixed assets after deducting accumulated depreciation 7167.7 5404.3 5472.4 6113.8 19304.4 19927.2
3.Depreciation for the year 39.2 215.9 268.6 268.0 463.4 540.0
4.Total assets (B4+C2) 8642.7 6551.6 7241.5 8231.9 22159.0 21611.1
D.Operation:
1.Gross sales 1738.6 2032.9 2757.0 3760.3 6307.3 6588.4
(i)Local sales 1738.6 2032.3 2757.0 3717.6 6144.3 6085.0
(ii)Export sales 0.0 0.6 0.0 42.7 163.0 503.4
2.Cost of Sales 1556.5 2015.9 2417.6 3016.9 5696.8 6696.7
3.Gross profit 182.1 17.0 339.4 743.4 610.5 -108.3
4.Overhead and Other Expenses 1694.4 2332.9 2478.6 3128.1 5873.0 7126.6
5.Operating profit 112.3 -270.2 350.6 741.9 718.1 -257.2
6.Financial expenses 39.3 17.6 235.5 262.6 553.1 325.1
7.Net profit before tax (D5-D6) 73.0 -287.8 115.1 479.3 165.0 -582.3
8.Tax provision 5.5 6.9 9.5 13.4 21.6 23.0
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 716.7 -2561.5 111.2 816.7 9786.7 -1190.4
2.Retention in business (D7-D8-D9) 67.5 -294.7 105.6 465.9 143.4 -605.3
3.Finance from outside the company (E1-E2) 649.2 -2266.8 5.6 350.8 9643.3 -585.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 106.7 -78.8 374.2 733.9 606.8 -65.3
2.Depreciation for the year plus changes in capital employed (C3+E1) 755.9 -2345.6 379.8 1084.7 10250.1 -650.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 83.9 66.9 55.6 51.7 44.3 42.7
2.Current ratio (B4 as % of B5) 138.2 74.6 83.6 92.5 44.4 23.8
3.Acid test or Quick ratio (B4-B3 as % B5) 135.7 72.7 77.3 84.3 39.7 22.0
4.Debt equity ratio (B6 as % of A3) 609.3 294.2 218.5 186.7 152.8 159.6
5.Return on assets (D7 as % of C4) 0.8 -4.4 1.6 5.8 0.7 -2.7
6.Self financing ratio (E2 as % of E1) 9.4 - 95.0 57.0 1.5 50.8
7.Cash flow ratio F1 as % of F2 14.1 - 98.5 67.7 5.9 10.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 147.7 201.4 275.6 174.0 245.3 232.9
9.Overhead and other expenses as % of gross sales (D4 as % D1) 97.5 114.8 89.9 83.2 93.1 108.2
10.Financial expenses as % of operating profit (D6 as % of D5) 35.0 - 67.2 35.4 77.0 -126.4
11.Financial expense as % of gross sales (D6 as % of D1) 2.3 0.9 8.5 7.0 8.8 4.9
12.Financial expenses as % of contractual liabilities (D6 as % B8) 0.6 0.5 7.5 7.3 6.3 4.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 7.5 - 8.3 2.8 13.1 -3.9
14.Sundry debtors as % of gross sales 1.5 1.5 3.2 2.2 8.1 10.9
15.Return on Equity (D7 as % of A3) 6.0 -17.3 5.1 16.7 1.9 -7.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 4.2 -14.2 4.2 12.7 2.6 -8.8
4.Earning per share before tax (D7/No. of ordinary shares) 0.9 -3.5 1.4 2.9 0.5 -1.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.8 -3.6 1.3 2.8 0.4 -1.7
6.Average annual % depreciation on written down fixed assets 0.6 3.0 5.0 4.9 3.6 2.8
7.Sales as % of total assets (D1 as % of C4) 20.1 31.0 38.1 45.7 28.5 30.5
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 80.0 -488.9 -140.0 107.1 -82.8 -420.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 6.8 16.9 35.6 36.4 67.7 4.5
10.Break-up value of ordinary shares (in rupees) 14.8 20.1 27.6 17.4 24.5 23.3

496
Fauji Cement Company Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 3707.4 3707.4 3707.4 3707.4 3707.4 6932.9
2.Surplus -3304.2 -2215.0 -1699.6 -903.9 -459.2 1864.1
3.Shareholder's Equity (A1+A2) 403.2 1492.4 2007.8 2803.5 3248.2 8797.0
4.Prefrence Shares 487.0 487.0 487.0 487.0 487.0 487.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 4188.5 3558.8 2522.0 1425.0 875.0 325.0
7.Total Fixed Laibilities (A4+A5+A6) 4675.5 4045.8 3009.0 1912.0 1362.0 812.0
8.Total Capital Employed (A3+A7) 5078.7 5538.2 5016.8 4715.5 4610.2 9609.0
B.Liquidity:
1.Liquid Assets: 194.0 197.1 603.1 847.6 423.1 3783.9
(i)Cash 194.0 197.1 603.1 847.6 423.1 3783.9
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 649.7 922.4 847.4 642.3 1401.8 1333.9
3.Inventories 48.0 61.6 55.9 145.1 183.3 230.1
4.Current Assets (B1+B2+B3) 891.7 1181.1 1506.4 1635.0 2008.2 5347.9
5.Current Liabilities 472.3 372.1 1207.0 1482.6 1790.5 2845.5
6.Total Liabilities(A7+B5) 5147.8 4417.9 4216.0 3394.6 3152.5 3657.5
7.Net Current Assets(B4-B5) 419.4 809.0 299.4 152.4 217.7 2502.4
8.Contractual Liabilities 4341.8 3645.3 3383.9 2211.4 1250.5 1703.4
9.Net liquid assets (B1-B5) -278.3 -175.0 -603.9 -635.0 -1367.4 938.4
C.Fixed Assets:
1.Fixed Asset At Cost 6198.3 6291.2 6750.8 6848.5 6960.2 9974.0
2.Fixed assets after deducting accumulated depreciation 4659.4 4729.3 4717.3 4563.1 4392.5 7106.6
3.Depreciation for the year 248.0 251.7 256.3 266.5 283.5 302.7
4.Total assets (B4+C2) 5551.1 5910.4 6223.7 6198.1 6400.7 12454.5
D.Operation:
1.Gross sales 2489.0 3247.3 3921.3 5683.4 4780.0 4749.2
(i)Local sales 2489.0 3247.3 3627.8 5194.6 4354.1 3889.6
(ii)Export sales 0.0 0.0 293.5 488.8 425.9 859.6
2.Cost of Sales 2313.4 2506.4 2839.8 3492.3 3688.5 4091.1
3.Gross profit 175.6 740.9 1081.5 2191.1 1091.5 658.1
4.Overhead and Other Expenses 2557.9 3329.0 2943.9 3684.8 3858.5 4255.3
5.Operating profit -60.4 -39.0 988.6 2041.9 995.3 601.5
6.Financial expenses 463.4 204.2 229.6 264.3 207.1 147.0
7.Net profit before tax (D5-D6) -523.8 -243.2 759.0 1777.6 788.2 454.5
8.Tax provision 7.7 12.6 15.7 21.4 17.3 17.7
9.Total amount of dividend 0.0 0.0 0.0 370.7 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 157.6 459.5 -521.4 -301.3 -105.3 4998.8
2.Retention in business (D7-D8-D9) -531.5 -255.8 743.3 1385.5 770.9 436.8
3.Finance from outside the company (E1-E2) 689.1 715.3 -1264.7 -1686.8 -876.2 4562.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -283.5 -4.1 999.6 1652.0 1054.4 739.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 405.6 711.2 -265.1 -34.8 178.2 5301.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 92.1 73.1 60.0 40.5 29.5 8.5
2.Current ratio (B4 as % of B5) 188.8 317.4 124.8 110.3 112.2 187.9
3.Acid test or Quick ratio (B4-B3 as % B5) 178.6 300.9 120.2 100.5 101.9 179.9
4.Debt equity ratio (B6 as % of A3) 1276.7 296.0 210.0 121.1 97.1 41.6
5.Return on assets (D7 as % of C4) -9.4 -4.1 12.2 28.7 12.3 3.6
6.Self financing ratio (E2 as % of E1) -337.2 -55.7 - -459.8 -732.1 8.7
7.Cash flow ratio F1 as % of F2 -69.9 -0.6 - -4747.1 591.7 13.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 10.9 40.3 54.2 75.6 87.6 126.9
9.Overhead and other expenses as % of gross sales (D4 as % D1) 102.8 102.5 75.1 64.8 80.7 89.6
10.Financial expenses as % of operating profit (D6 as % of D5) - - 23.2 12.9 20.8 24.4
11.Financial expense as % of gross sales (D6 as % of D1) 18.6 6.3 5.9 4.7 4.3 3.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) 10.7 5.6 6.8 12.0 16.6 8.6
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 2.1 1.2 2.2 3.9
14.Sundry debtors as % of gross sales 1.8 1.4 2.7 0.4 0.4 0.6
15.Return on Equity (D7 as % of A3) -129.9 -16.3 37.8 63.4 24.3 5.2
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 473.8 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 13.2 0.0 0.0
3.Net profit margin (D7 as % of D1) -21.0 -7.5 19.4 31.3 16.5 9.6
4.Earning per share before tax (D7/No. of ordinary shares) -1.4 -0.7 2.0 4.8 2.1 0.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.4 -0.7 2.0 4.7 2.1 0.6
6.Average annual % depreciation on written down fixed assets 5.1 5.4 5.4 5.7 6.2 6.9
7.Sales as % of total assets (D1 as % of C4) 44.8 54.9 63.0 91.7 74.7 38.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 366.7 -50.0 -385.7 140.0 -56.3 -63.2
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -3.3 30.5 20.8 44.9 -15.9 -0.6
10.Break-up value of ordinary shares (in rupees) 1.1 4.0 5.4 7.6 8.8 12.7

497
Fecto Cement Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 456.0 456.0 456.0 456.0 456.0 456.0
2.Surplus 7.8 62.7 259.2 576.0 483.8 401.8
3.Shareholder's Equity (A1+A2) 463.8 518.7 715.2 1032.0 939.8 857.8
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 58.3 41.9 17.9 304.3 489.6 394.0
7.Total Fixed Laibilities (A4+A5+A6) 58.3 41.9 17.9 304.3 489.6 394.0
8.Total Capital Employed (A3+A7) 522.1 560.6 733.1 1336.3 1429.4 1251.8
B.Liquidity:
1.Liquid Assets: 39.4 69.8 202.0 250.1 41.7 37.5
(i)Cash 39.4 69.8 202.0 250.1 41.7 37.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 449.9 412.0 509.0 667.7 761.4 898.2
3.Inventories 73.1 37.2 103.4 25.4 78.1 115.7
4.Current Assets (B1+B2+B3) 562.4 519.0 814.4 943.2 881.2 1051.4
5.Current Liabilities 797.1 681.0 757.7 632.6 653.6 977.7
6.Total Liabilities(A7+B5) 855.4 722.9 775.6 936.9 1143.2 1371.7
7.Net Current Assets(B4-B5) -234.7 -162.0 56.7 310.6 227.6 73.7
8.Contractual Liabilities 533.5 311.4 281.6 362.2 606.0 832.4
9.Net liquid assets (B1-B5) -757.7 -611.2 -555.7 -382.5 -611.9 -940.2
C.Fixed Assets:
1.Fixed Asset At Cost 2284.0 2321.6 2341.5 2705.4 2935.4 2964.8
2.Fixed assets after deducting accumulated depreciation 756.9 722.7 676.3 1025.7 1201.7 1178.3
3.Depreciation for the year 80.0 74.2 72.6 75.7 52.2 57.0
4.Total assets (B4+C2) 1319.3 1241.7 1490.7 1968.9 2082.9 2229.7
D.Operation:
1.Gross sales 1847.8 2056.3 2595.2 3375.6 3183.3 3352.7
(i)Local sales 1847.8 2056.3 2595.2 3375.6 3183.3 3021.5
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 331.2
2.Cost of Sales 1827.6 1785.0 2133.9 2574.7 2974.8 3161.6
3.Gross profit 20.2 271.3 461.3 800.9 208.5 191.1
4.Overhead and Other Expenses 1912.0 1882.6 2257.9 2734.8 3120.1 3312.3
5.Operating profit -58.5 179.1 342.5 650.6 98.4 58.2
6.Financial expenses 60.4 42.1 45.1 13.1 69.2 176.6
7.Net profit before tax (D5-D6) -118.9 137.0 297.4 637.5 29.2 -118.4
8.Tax provision 5.6 12.1 113.7 154.6 0.6 3.1
9.Total amount of dividend 0.0 45.6 45.6 136.8 136.8 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -271.1 38.5 172.5 603.2 93.1 -177.6
2.Retention in business (D7-D8-D9) -124.5 79.3 138.1 346.1 -108.2 -121.5
3.Finance from outside the company (E1-E2) -146.6 -40.8 34.4 257.1 201.3 -56.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -44.5 153.5 210.7 421.8 -56.0 -64.5
2.Depreciation for the year plus changes in capital employed (C3+E1) -191.1 112.7 245.1 678.9 145.3 -120.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 11.2 7.5 2.4 22.8 34.3 31.5
2.Current ratio (B4 as % of B5) 70.6 76.2 107.5 149.1 134.8 107.5
3.Acid test or Quick ratio (B4-B3 as % B5) 61.4 70.7 93.8 145.1 122.9 95.7
4.Debt equity ratio (B6 as % of A3) 184.4 139.4 108.4 90.8 121.6 159.9
5.Return on assets (D7 as % of C4) -9.0 11.0 20.0 32.4 1.4 -5.3
6.Self financing ratio (E2 as % of E1) - 206.0 80.1 57.4 -116.2 68.4
7.Cash flow ratio F1 as % of F2 - 136.2 86.0 62.1 -38.5 53.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 101.7 113.8 156.8 226.3 206.1 188.1
9.Overhead and other expenses as % of gross sales (D4 as % D1) 103.5 91.6 87.0 81.0 98.0 98.8
10.Financial expenses as % of operating profit (D6 as % of D5) - 23.5 13.2 2.0 70.3 303.4
11.Financial expense as % of gross sales (D6 as % of D1) 3.3 2.0 1.7 0.4 2.2 5.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 11.3 13.5 16.0 3.6 11.4 21.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 8.8 38.2 24.3 2.1 -2.6
14.Sundry debtors as % of gross sales 0.0 0.4 0.9 0.8 0.6 2.1
15.Return on Equity (D7 as % of A3) -25.6 26.4 41.6 61.8 3.1 -13.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - 273.9 402.9 353.0 20.9 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 8.8 6.4 13.3 14.6 0.0
3.Net profit margin (D7 as % of D1) -6.4 6.7 11.5 18.9 0.9 -3.5
4.Earning per share before tax (D7/No. of ordinary shares) -2.6 3.0 6.5 14.0 0.6 -2.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -2.7 2.7 4.0 10.6 0.6 -2.7
6.Average annual % depreciation on written down fixed assets 10.5 9.8 10.0 11.2 5.1 4.7
7.Sales as % of total assets (D1 as % of C4) 140.1 165.6 174.1 171.4 152.8 150.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 2500.0 -215.4 116.7 115.4 -95.7 -533.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 8.3 11.3 26.2 30.1 -5.7 5.3
10.Break-up value of ordinary shares (in rupees) 10.2 11.4 15.7 22.6 20.6 18.8

498
Flying Cement Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital - - - - - 1760.0
2.Surplus - - - - - 1892.9
3.Shareholder's Equity (A1+A2) - - - - - 3652.9
4.Prefrence Shares - - - - - 0.0
5.Debentures - - - - - 0.0
6.Other Fixed Laibilities - - - - - 46.3
7.Total Fixed Laibilities (A4+A5+A6) - - - - - 46.3
8.Total Capital Employed (A3+A7) - - - - - 3699.2
B.Liquidity:
1.Liquid Assets: - - - - - 14.6
(i)Cash - - - - - 14.6
(ii)Investments - - - - - 0.0
2.Other Current Assets - - - - - 240.0
3.Inventories - - - - - 404.6
4.Current Assets (B1+B2+B3) - - - - - 659.2
5.Current Liabilities - - - - - 1656.6
6.Total Liabilities(A7+B5) - - - - - 1702.9
7.Net Current Assets(B4-B5) - - - - - -997.4
8.Contractual Liabilities - - - - - 163.6
9.Net liquid assets (B1-B5) - - - - - -1642.0
C.Fixed Assets:
1.Fixed Asset At Cost - - - - - 5012.6
2.Fixed assets after deducting accumulated depreciation - - - - - 4696.6
3.Depreciation for the year - - - - - 76.3
4.Total assets (B4+C2) - - - - - 5355.8
D.Operation:
1.Gross sales - - - - - 238.3
(i)Local sales - - - - - 228.5
(ii)Export sales - - - - - 9.8
2.Cost of Sales - - - - - 515.4
3.Gross profit - - - - - -277.1
4.Overhead and Other Expenses - - - - - 538.5
5.Operating profit - - - - - -300.2
6.Financial expenses - - - - - 31.1
7.Net profit before tax (D5-D6) - - - - - -331.3
8.Tax provision - - - - - 2.9
9.Total amount of dividend - - - - - 0.0
10.Total value of bonus shares issued - - - - - 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) - - - - - -
2.Retention in business (D7-D8-D9) - - - - - -334.2
3.Finance from outside the company (E1-E2) - - - - - -
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) - - - - - -257.9
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - - - -
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - - - 1.3
2.Current ratio (B4 as % of B5) - - - - - 39.8
3.Acid test or Quick ratio (B4-B3 as % B5) - - - - - 15.4
4.Debt equity ratio (B6 as % of A3) - - - - - 46.6
5.Return on assets (D7 as % of C4) - - - - - -6.2
6.Self financing ratio (E2 as % of E1) - - - - - 0.0
7.Cash flow ratio F1 as % of F2 - - - - - 0.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - - - - 207.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - - - 226.0
10.Financial expenses as % of operating profit (D6 as % of D5) - - - - - -10.4
11.Financial expense as % of gross sales (D6 as % of D1) - - - - - 13.1
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - - - 19.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - - - -0.9
14.Sundry debtors as % of gross sales - - - - - 4.8
15.Return on Equity (D7 as % of A3) - - - - - -9.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - - - 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - - - 0.0
3.Net profit margin (D7 as % of D1) - - - - - -139.0
4.Earning per share before tax (D7/No. of ordinary shares) - - - - - -1.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - - - - -1.9
6.Average annual % depreciation on written down fixed assets - - - - - 1.6
7.Sales as % of total assets (D1 as % of C4) - - - - - 4.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - - - - -290.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - - - -
10.Break-up value of ordinary shares (in rupees) - - - - - 20.8

499
Gharibwal Cement Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 168.8 368.8 368.8 1718.8 1718.8 2318.8
2.Surplus 339.9 86.3 1172.0 1425.2 1033.7 718.5
3.Shareholder's Equity (A1+A2) 508.7 455.1 1540.8 3144.0 2752.5 3037.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 225.0 399.8
6.Other Fixed Laibilities 173.6 373.8 186.9 251.2 1975.1 2903.1
7.Total Fixed Laibilities (A4+A5+A6) 173.6 373.8 186.9 251.2 2200.1 3302.9
8.Total Capital Employed (A3+A7) 682.3 828.9 1727.7 3395.2 4952.6 6340.2
B.Liquidity:
1.Liquid Assets: 200.3 182.5 490.5 319.5 751.8 157.2
(i)Cash 27.2 9.2 317.2 157.0 750.9 156.5
(ii)Investments 173.1 173.3 173.3 162.5 0.9 0.7
2.Other Current Assets 180.0 206.9 380.7 402.7 465.0 952.7
3.Inventories 31.4 36.5 24.2 135.7 77.8 77.8
4.Current Assets (B1+B2+B3) 411.7 425.9 895.4 857.9 1294.6 1187.7
5.Current Liabilities 1032.7 876.0 619.7 907.0 3273.1 4167.0
6.Total Liabilities(A7+B5) 1206.3 1249.8 806.6 1158.2 5473.2 7469.9
7.Net Current Assets(B4-B5) -621.0 -450.1 275.7 -49.1 -1978.5 -2979.3
8.Contractual Liabilities 429.2 508.8 268.4 527.3 2582.1 4064.7
9.Net liquid assets (B1-B5) -832.4 -693.5 -129.2 -587.5 -2521.3 -4009.8
C.Fixed Assets:
1.Fixed Asset At Cost 2508.1 2462.5 2659.8 4708.1 8311.9 10807.4
2.Fixed assets after deducting accumulated depreciation 1303.2 1278.9 1452.0 3444.2 6931.0 9319.7
3.Depreciation for the year 97.2 54.1 53.9 57.5 117.7 108.2
4.Total assets (B4+C2) 1714.9 1704.8 2347.4 4302.1 8225.6 10507.4
D.Operation:
1.Gross sales 1963.6 1742.8 2135.1 2209.0 771.8 0.0
(i)Local sales 1963.6 1742.8 2135.1 2209.0 771.8 0.0
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 2286.7 1647.1 1985.5 1934.2 960.2 75.2
3.Gross profit -323.1 95.7 149.6 274.8 -188.4 -75.2
4.Overhead and Other Expenses 2381.6 1702.8 2057.6 2033.7 1026.0 170.7
5.Operating profit -400.6 92.5 241.8 213.5 -89.6 -226.9
6.Financial expenses 216.9 43.9 45.4 43.3 112.5 136.2
7.Net profit before tax (D5-D6) -617.5 48.6 196.4 170.2 -202.1 -363.1
8.Tax provision 15.6 10.0 7.5 3.1 2.5 0.0
9.Total amount of dividend 0.0 0.0 0.0 85.9 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -233.5 146.6 898.8 1667.5 1557.4 1387.6
2.Retention in business (D7-D8-D9) -633.1 38.6 188.9 81.2 -204.6 -363.1
3.Finance from outside the company (E1-E2) 399.6 108.0 709.9 1586.3 1762.0 1750.7
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -535.9 92.7 242.8 138.7 -86.9 -254.9
2.Depreciation for the year plus changes in capital employed (C3+E1) -136.3 200.7 952.7 1725.0 1675.1 1495.8
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 25.4 45.1 10.8 7.4 44.4 52.1
2.Current ratio (B4 as % of B5) 39.9 48.6 144.5 94.6 39.6 28.5
3.Acid test or Quick ratio (B4-B3 as % B5) 36.8 44.5 140.6 79.6 37.2 26.6
4.Debt equity ratio (B6 as % of A3) 237.1 274.6 52.3 36.8 198.8 245.9
5.Return on assets (D7 as % of C4) -36.0 2.9 8.4 4.0 -2.5 -3.5
6.Self financing ratio (E2 as % of E1) - 26.3 21.0 4.9 -13.1 -26.2
7.Cash flow ratio F1 as % of F2 - 46.2 25.5 8.0 -5.2 -17.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 301.4 123.4 417.8 182.9 160.1 131.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 121.3 97.7 96.4 92.1 132.9 0.0
10.Financial expenses as % of operating profit (D6 as % of D5) - 47.5 18.8 20.3 -125.6 -60.0
11.Financial expense as % of gross sales (D6 as % of D1) 11.0 2.5 2.1 2.0 14.6 0.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) 50.5 8.6 16.9 8.2 4.4 3.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 20.6 3.8 1.8 -1.2 0.0
14.Sundry debtors as % of gross sales 0.0 0.0 0.0 0.0 0.0 0.0
15.Return on Equity (D7 as % of A3) -121.4 10.7 12.7 5.4 -7.3 -12.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 194.5 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 2.7 0.0 0.0
3.Net profit margin (D7 as % of D1) -31.4 2.8 9.2 7.7 -26.2 0.0
4.Earning per share before tax (D7/No. of ordinary shares) -36.6 1.3 5.3 1.0 -1.2 -1.6
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -37.5 1.0 5.1 1.0 -1.2 -1.6
6.Average annual % depreciation on written down fixed assets 7.1 4.2 4.2 4.0 3.4 1.6
7.Sales as % of total assets (D1 as % of C4) 114.5 102.2 91.0 51.3 9.4 0.0
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 281.3 -103.6 307.7 -81.1 -220.0 33.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 28.5 -11.2 22.5 3.5 -65.1 -100.0
10.Break-up value of ordinary shares (in rupees) 30.1 12.3 41.8 18.3 16.0 13.1

500
Javedan Cement Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 560.0 560.0 560.0 560.0 560.0 560.0
2.Surplus -468.6 -421.2 -190.2 -60.3 -243.9 -286.4
3.Shareholder's Equity (A1+A2) 91.4 138.8 369.8 499.7 316.1 273.6
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 625.0 546.9
6.Other Fixed Laibilities 0.0 0.0 0.0 0.0 0.0 120.0
7.Total Fixed Laibilities (A4+A5+A6) 0.0 0.0 0.0 0.0 625.0 666.9
8.Total Capital Employed (A3+A7) 91.4 138.8 369.8 499.7 941.1 940.5
B.Liquidity:
1.Liquid Assets: 80.0 231.6 527.3 509.1 8.2 71.3
(i)Cash 80.0 231.6 397.3 394.9 8.2 71.3
(ii)Investments 0.0 0.0 130.0 114.2 0.0 0.0
2.Other Current Assets 216.7 251.3 231.8 232.2 255.5 284.2
3.Inventories 48.6 26.7 47.8 70.6 189.3 172.6
4.Current Assets (B1+B2+B3) 345.3 509.6 806.9 811.9 453.0 528.1
5.Current Liabilities 426.2 531.7 603.1 464.9 345.6 428.3
6.Total Liabilities(A7+B5) 426.2 531.7 603.1 464.9 970.6 1095.2
7.Net Current Assets(B4-B5) -80.9 -22.1 203.8 347.0 107.4 99.8
8.Contractual Liabilities 0.0 0.0 0.0 0.0 775.0 775.0
9.Net liquid assets (B1-B5) -346.2 -300.1 -75.8 44.2 -337.4 -357.0
C.Fixed Assets:
1.Fixed Asset At Cost 977.4 986.2 1008.9 1003.7 1698.7 1721.2
2.Fixed assets after deducting accumulated depreciation 172.3 160.9 166.0 152.7 833.8 840.7
3.Depreciation for the year 21.5 20.4 17.7 17.2 16.9 16.3
4.Total assets (B4+C2) 517.6 670.5 972.9 964.6 1286.8 1368.8
D.Operation:
1.Gross sales 920.6 1813.6 2061.0 2410.1 1572.7 1652.7
(i)Local sales 920.6 1813.6 2061.0 2410.1 1539.5 1527.6
(ii)Export sales 0.0 0.0 0.0 0.0 33.2 125.1
2.Cost of Sales 954.4 1672.0 1754.2 1979.4 1494.7 1564.0
3.Gross profit -33.8 141.6 306.8 430.7 78.0 88.7
4.Overhead and Other Expenses 971.5 1695.4 1789.4 2019.9 1692.8 1614.6
5.Operating profit -37.2 122.2 295.9 423.8 -103.1 41.9
6.Financial expenses 0.5 0.7 0.9 1.1 74.6 99.5
7.Net profit before tax (D5-D6) -37.7 121.5 295.0 422.7 -177.7 -57.6
8.Tax provision 0.0 37.0 111.0 111.7 5.6 6.0
9.Total amount of dividend 0.0 0.0 42.0 317.5 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 440.6 47.4 231.0 129.9 441.4 -0.6
2.Retention in business (D7-D8-D9) -37.7 84.5 142.0 -6.5 -183.3 -63.6
3.Finance from outside the company (E1-E2) 478.3 -37.1 89.0 136.4 624.7 63.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -16.2 104.9 159.7 10.7 -166.4 -47.3
2.Depreciation for the year plus changes in capital employed (C3+E1) 462.1 67.8 248.7 147.1 458.3 15.7
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 0.0 0.0 0.0 66.4 70.9
2.Current ratio (B4 as % of B5) 81.0 95.8 133.8 174.6 131.1 123.3
3.Acid test or Quick ratio (B4-B3 as % B5) 69.6 90.8 125.9 159.5 76.3 83.0
4.Debt equity ratio (B6 as % of A3) 466.3 383.1 163.1 93.0 307.1 400.3
5.Return on assets (D7 as % of C4) -7.3 18.1 30.3 43.8 -13.8 -4.2
6.Self financing ratio (E2 as % of E1) -8.6 178.3 61.5 -5.0 -41.5 10600.0
7.Cash flow ratio F1 as % of F2 -3.5 154.7 64.2 7.3 -36.3 -301.3
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 16.3 24.8 66.0 89.2 56.4 48.9
9.Overhead and other expenses as % of gross sales (D4 as % D1) 105.5 93.5 86.8 83.8 107.6 97.7
10.Financial expenses as % of operating profit (D6 as % of D5) - 0.6 0.3 0.3 -72.4 237.5
11.Financial expense as % of gross sales (D6 as % of D1) 0.1 0.0 0.0 0.0 4.7 6.0
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - 0.0 9.6 12.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 30.5 37.6 26.4 -3.2 -10.4
14.Sundry debtors as % of gross sales 0.1 0.0 0.0 0.0 0.7 1.2
15.Return on Equity (D7 as % of A3) -41.2 87.5 79.8 84.6 -56.2 -21.1
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - 438.1 98.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 11.4 63.5 0.0 0.0
3.Net profit margin (D7 as % of D1) -4.1 6.7 14.3 17.5 -11.3 -3.5
4.Earning per share before tax (D7/No. of ordinary shares) -0.7 2.2 5.3 7.5 -3.2 -1.0
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.7 1.5 3.3 5.6 -3.3 -1.1
6.Average annual % depreciation on written down fixed assets 11.6 11.8 11.0 10.4 11.1 2.0
7.Sales as % of total assets (D1 as % of C4) 177.9 270.5 211.8 249.9 122.2 120.7
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -119.4 -414.3 140.9 41.5 -142.7 -68.8
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -27.9 97.0 13.6 16.9 -34.7 5.1
10.Break-up value of ordinary shares (in rupees) 1.6 2.5 6.6 8.9 5.6 4.9

501
Kohat Cement Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 219.3 329.0 493.5 925.3 1017.8 1170.5
2.Surplus 291.1 384.1 603.9 1358.6 1321.8 1158.6
3.Shareholder's Equity (A1+A2) 510.4 713.1 1097.4 2283.9 2339.6 2329.1
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 191.2 189.3 117.1 239.9 2703.3 2985.5
7.Total Fixed Laibilities (A4+A5+A6) 191.2 189.3 117.1 239.9 2703.3 2985.5
8.Total Capital Employed (A3+A7) 701.6 902.4 1214.5 2523.8 5042.9 5314.6
B.Liquidity:
1.Liquid Assets: 53.5 168.1 289.1 663.5 132.4 37.0
(i)Cash 53.5 168.1 289.1 656.9 132.4 37.0
(ii)Investments 0.0 0.0 0.0 6.6 0.0 0.0
2.Other Current Assets 226.4 334.3 220.6 245.4 348.5 1163.9
3.Inventories 26.0 15.1 22.3 87.9 125.1 174.3
4.Current Assets (B1+B2+B3) 305.9 517.5 532.0 996.8 606.0 1375.2
5.Current Liabilities 444.2 520.5 437.4 552.3 821.4 2309.4
6.Total Liabilities(A7+B5) 635.4 709.8 554.5 792.2 3524.7 5294.9
7.Net Current Assets(B4-B5) -138.3 -3.0 94.6 444.5 -215.4 -934.2
8.Contractual Liabilities 306.7 316.0 253.8 375.5 3067.9 4708.1
9.Net liquid assets (B1-B5) -390.7 -352.4 -148.3 111.2 -689.0 -2272.4
C.Fixed Assets:
1.Fixed Asset At Cost 1989.6 2121.2 2395.2 3443.0 6722.7 7812.7
2.Fixed assets after deducting accumulated depreciation 839.9 905.5 1119.9 2079.4 5258.3 6248.7
3.Depreciation for the year 63.6 69.3 64.2 91.8 105.0 103.9
4.Total assets (B4+C2) 1145.8 1423.0 1651.9 3076.2 5864.3 7623.9
D.Operation:
1.Gross sales 1620.1 1979.6 2353.7 2922.6 2050.4 1823.6
(i)Local sales 1611.3 1773.2 2120.7 2237.9 1526.9 1309.4
(ii)Export sales 8.8 206.4 233.0 684.7 523.5 514.2
2.Cost of Sales 1531.0 1484.1 1689.5 1723.0 1707.1 1736.2
3.Gross profit 89.1 495.5 664.2 1199.6 343.3 87.4
4.Overhead and Other Expenses 1602.7 1564.4 1778.7 1848.2 1779.8 2090.2
5.Operating profit 38.0 419.6 584.1 1093.5 346.2 -230.6
6.Financial expenses 14.1 24.4 23.2 54.1 280.6 48.9
7.Net profit before tax (D5-D6) 23.9 395.2 560.9 1039.4 65.6 -279.5
8.Tax provision 18.1 130.9 176.3 192.6 23.9 7.1
9.Total amount of dividend 32.9 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 109.7 0.0 164.5 92.5 0.0 117.1
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 28.9 200.8 312.1 1309.3 2519.1 271.7
2.Retention in business (D7-D8-D9) -27.1 264.3 384.6 846.8 41.7 -286.6
3.Finance from outside the company (E1-E2) 56.0 -63.5 -72.5 462.5 2477.4 558.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 36.5 333.6 448.8 938.6 146.7 -182.7
2.Depreciation for the year plus changes in capital employed (C3+E1) 92.5 270.1 376.3 1401.1 2624.1 375.6
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 27.3 21.0 9.6 9.5 53.6 56.2
2.Current ratio (B4 as % of B5) 68.9 99.4 121.6 180.5 73.8 59.5
3.Acid test or Quick ratio (B4-B3 as % B5) 63.0 96.5 116.5 164.6 58.5 52.0
4.Debt equity ratio (B6 as % of A3) 124.5 99.5 50.5 34.7 150.7 227.3
5.Return on assets (D7 as % of C4) 2.1 27.8 34.0 33.8 1.1 -3.7
6.Self financing ratio (E2 as % of E1) -93.8 131.6 123.2 64.7 1.7 -105.5
7.Cash flow ratio F1 as % of F2 39.5 123.5 119.3 67.0 5.6 -48.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 232.7 216.7 222.4 246.8 229.9 199.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) 98.9 79.0 75.6 63.2 86.8 114.6
10.Financial expenses as % of operating profit (D6 as % of D5) 37.1 5.8 4.0 4.9 81.1 -21.2
11.Financial expense as % of gross sales (D6 as % of D1) 0.9 1.2 1.0 1.9 13.7 2.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 4.6 7.7 9.1 14.4 9.1 1.0
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 75.7 33.1 31.4 18.5 36.4 -2.5
14.Sundry debtors as % of gross sales 1.0 1.3 1.0 0.7 1.0 0.8
15.Return on Equity (D7 as % of A3) 4.7 55.4 51.1 45.5 2.8 -12.0
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 17.6 - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 6.4 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) 1.5 20.0 23.8 35.6 3.2 -15.3
4.Earning per share before tax (D7/No. of ordinary shares) 1.1 12.0 11.4 11.2 0.6 -2.4
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.3 8.0 7.8 9.2 0.4 -2.4
6.Average annual % depreciation on written down fixed assets 10.7 8.3 7.1 8.2 5.0 1.9
7.Sales as % of total assets (D1 as % of C4) 141.4 139.1 142.5 95.0 35.0 23.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -88.5 990.9 -5.0 -1.8 -94.6 -500.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 1.4 22.2 18.9 24.2 -29.8 -11.1
10.Break-up value of ordinary shares (in rupees) 23.3 21.7 22.2 24.7 23.0 19.9

502
Lafarge Pak. Cement Ltd. (Pakistan Cement Ltd.) (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 5624.6 5624.6 5624.6 6768.4 11345.1 13126.4
2.Surplus 1351.7 217.8 -207.8 -266.0 -851.3 -2096.1
3.Shareholder's Equity (A1+A2) 6976.3 5842.4 5416.8 6502.4 10493.8 11030.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 0.0 0.0 7015.9 5735.2 4410.1
7.Total Fixed Laibilities (A4+A5+A6) 0.0 0.0 0.0 7015.9 5735.2 4410.1
8.Total Capital Employed (A3+A7) 6976.3 5842.4 5416.8 13518.3 16229.0 15440.4
B.Liquidity:
1.Liquid Assets: 0.5 0.3 0.9 23.2 678.4 55.5
(i)Cash 0.5 0.3 0.9 23.2 678.4 55.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 143.2 142.9 472.1 380.7 2332.1 3729.8
3.Inventories 0.0 0.0 0.0 26.0 498.8 946.9
4.Current Assets (B1+B2+B3) 143.7 143.2 473.0 429.9 3509.3 4732.2
5.Current Liabilities 1881.0 3360.5 3398.6 2258.3 5242.6 6539.7
6.Total Liabilities(A7+B5) 1881.0 3360.5 3398.6 9274.2 10977.8 10949.8
7.Net Current Assets(B4-B5) -1737.3 -3217.3 -2925.6 -1828.4 -1733.3 -1807.5
8.Contractual Liabilities 966.6 0.0 775.4 7151.4 7059.7 8153.7
9.Net liquid assets (B1-B5) -1880.5 -3360.2 -3397.7 -2235.1 -4564.2 -6484.2
C.Fixed Assets:
1.Fixed Asset At Cost 8717.8 9064.1 8348.4 15356.6 18736.5 18937.4
2.Fixed assets after deducting accumulated depreciation 8713.6 9059.6 8342.4 15346.7 17962.2 17247.9
3.Depreciation for the year 292.8 0.3 1.7 4.0 736.9 917.1
4.Total assets (B4+C2) 8857.3 9202.5 8815.4 15776.6 21471.5 21980.1
D.Operation:
1.Gross sales 0.0 0.0 0.0 0.0 6225.0 10079.8
(i)Local sales 0.0 0.0 0.0 0.0 5116.4 7804.1
(ii)Export sales 0.0 0.0 0.0 0.0 1108.6 2275.7
2.Cost of Sales 0.0 0.0 0.0 0.0 6724.3 9504.9
3.Gross profit 0.0 0.0 0.0 0.0 -499.3 574.9
4.Overhead and Other Expenses 0.0 0.0 122.5 55.2 7083.3 10060.2
5.Operating profit 0.0 0.0 645.3 -53.7 -1.8 67.0
6.Financial expenses 0.0 0.0 6.5 0.0 796.0 1481.7
7.Net profit before tax (D5-D6) 0.0 0.0 638.8 -53.7 -797.8 -1414.7
8.Tax provision 0.0 0.0 0.0 0.0 0.0 23.1
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 447.8 0.0 -425.6 8101.5 2710.7 -788.6
2.Retention in business (D7-D8-D9) 0.0 0.0 638.8 -53.7 -797.8 -1437.8
3.Finance from outside the company (E1-E2) 447.8 0.0 -1064.4 8155.2 3508.5 649.2
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 292.8 0.3 640.5 -49.7 -60.9 -520.7
2.Depreciation for the year plus changes in capital employed (C3+E1) 740.6 0.3 -423.9 8105.5 3447.6 128.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 0.0 0.0 51.9 35.3 28.6
2.Current ratio (B4 as % of B5) 7.6 0.0 13.9 19.0 66.9 72.4
3.Acid test or Quick ratio (B4-B3 as % B5) 7.6 0.0 13.9 17.9 57.4 57.9
4.Debt equity ratio (B6 as % of A3) 27.0 2.5 62.7 142.6 104.6 99.3
5.Return on assets (D7 as % of C4) 0.0 0.0 7.2 -0.3 -3.7 -6.4
6.Self financing ratio (E2 as % of E1) 0.0 - - -0.7 -29.4 182.3
7.Cash flow ratio F1 as % of F2 39.5 100.0 - -0.6 -1.8 -405.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 124.0 103.9 96.3 96.1 92.5 84.0
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - 0.0 113.8 99.8
10.Financial expenses as % of operating profit (D6 as % of D5) - - 1.0 0.0 -44222.2 2211.5
11.Financial expense as % of gross sales (D6 as % of D1) - - - 0.0 12.8 14.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) 0.0 - 0.8 0.0 11.3 18.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - 0.0 0.0 0.0 -1.6
14.Sundry debtors as % of gross sales - - - 0.0 1.2 0.3
15.Return on Equity (D7 as % of A3) 0.0 0.0 11.8 -0.8 -7.6 -12.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) - - - 0.0 -12.8 -14.0
4.Earning per share before tax (D7/No. of ordinary shares) 0.0 0.0 1.1 -0.1 -0.7 -1.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 0.0 0.0 1.1 -0.1 -0.7 -1.1
6.Average annual % depreciation on written down fixed assets 3.5 0.0 0.0 0.0 4.3 5.1
7.Sales as % of total assets (D1 as % of C4) 0.0 0.0 0.0 0.0 29.0 45.9
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - 0.0 -109.1 600.0 57.1
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - 0.0 - - - 61.9
10.Break-up value of ordinary shares (in rupees) 12.4 10.4 9.6 9.6 9.2 8.4

503
Lucky Cement Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 2450.0 2450.0 2633.8 2633.8 2633.8 3233.8
2.Surplus 1269.1 1895.9 2548.6 4435.9 6719.8 15421.7
3.Shareholder's Equity (A1+A2) 3719.1 4345.9 5182.4 7069.7 9353.6 18655.5
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 100.0 1150.0 6530.2 10156.6 8329.0 6633.3
7.Total Fixed Laibilities (A4+A5+A6) 100.0 1150.0 6530.2 10156.6 8329.0 6633.3
8.Total Capital Employed (A3+A7) 3819.1 5495.9 11712.6 17226.3 17682.6 25288.8
B.Liquidity:
1.Liquid Assets: 40.4 1000.1 141.4 2063.8 1239.2 270.0
(i)Cash 40.4 1000.1 141.4 2063.8 1239.2 270.0
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 440.2 854.6 1087.5 1962.5 3489.4 7430.2
3.Inventories 115.1 172.3 115.8 431.4 676.3 709.4
4.Current Assets (B1+B2+B3) 595.7 2027.0 1344.7 4457.7 5404.9 8409.6
5.Current Liabilities 998.9 1544.1 3094.3 6396.5 8041.2 8950.3
6.Total Liabilities(A7+B5) 1098.9 2694.1 9624.5 16553.1 16370.2 15583.6
7.Net Current Assets(B4-B5) -403.2 482.9 -1749.6 -1938.8 -2636.3 -540.7
8.Contractual Liabilities 377.9 1718.5 7933.4 13185.0 12808.5 10481.7
9.Net liquid assets (B1-B5) -958.5 -544.0 -2952.9 -4332.7 -6802.0 -8680.3
C.Fixed Assets:
1.Fixed Asset At Cost 5451.9 6455.0 15128.5 21255.8 23291.8 29777.5
2.Fixed assets after deducting accumulated depreciation 4222.3 5013.0 13462.2 19165.1 20318.9 25829.5
3.Depreciation for the year 213.7 215.3 241.4 426.2 883.1 978.9
4.Total assets (B4+C2) 4818.0 7040.0 14806.9 23622.8 25723.8 34239.1
D.Operation:
1.Gross sales 3808.8 4270.0 5566.4 10707.9 16623.4 20819.8
(i)Local sales 3730.5 4028.4 4897.0 9379.1 12309.6 11539.0
(ii)Export sales 78.3 241.6 669.4 1328.8 4313.8 9280.8
2.Cost of Sales 3361.1 3169.5 4186.8 7797.2 12948.2 16457.0
3.Gross profit 447.7 1100.5 1379.6 2910.7 3675.2 4362.8
4.Overhead and Other Expenses 3436.9 3287.0 4335.8 8072.4 13699.4 18387.7
5.Operating profit 372.1 984.0 1231.7 2635.7 3553.3 2433.4
6.Financial expenses 29.1 10.8 21.7 82.8 862.8 126.7
7.Net profit before tax (D5-D6) 343.0 973.2 1210.0 2552.9 2690.5 2306.7
8.Tax provision 11.0 16.6 19.9 39.9 63.1 85.4
9.Total amount of dividend 183.8 0.0 0.0 263.4 329.2 323.4
10.Total value of bonus shares issued 0.0 183.8 183.8 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -80.1 1676.8 6216.7 5513.7 456.3 7606.2
2.Retention in business (D7-D8-D9) 148.2 956.6 1190.1 2249.6 2298.2 1897.9
3.Finance from outside the company (E1-E2) -228.3 720.2 5026.6 3264.1 -1841.9 5708.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 361.9 1171.9 1431.5 2675.8 3181.3 2876.8
2.Depreciation for the year plus changes in capital employed (C3+E1) 133.6 1892.1 6458.1 5939.9 1339.4 8585.1
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 2.6 20.9 55.8 59.0 47.1 26.2
2.Current ratio (B4 as % of B5) 59.6 131.3 43.5 69.7 67.2 94.0
3.Acid test or Quick ratio (B4-B3 as % B5) 48.1 120.1 39.7 62.9 58.8 86.0
4.Debt equity ratio (B6 as % of A3) 29.5 62.0 185.7 234.1 175.0 83.5
5.Return on assets (D7 as % of C4) 7.1 13.8 8.2 10.8 10.5 6.7
6.Self financing ratio (E2 as % of E1) - 57.0 19.1 40.8 503.7 25.0
7.Cash flow ratio F1 as % of F2 270.9 61.9 22.2 45.0 237.5 33.5
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 151.8 177.4 196.8 268.4 355.1 576.9
9.Overhead and other expenses as % of gross sales (D4 as % D1) 90.2 77.0 77.9 75.4 82.4 88.3
10.Financial expenses as % of operating profit (D6 as % of D5) 7.8 1.1 1.8 3.1 24.3 5.2
11.Financial expense as % of gross sales (D6 as % of D1) 0.8 0.3 0.4 0.8 5.2 0.6
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.7 0.6 0.3 0.6 6.7 1.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) 3.2 1.7 1.6 1.6 2.3 3.7
14.Sundry debtors as % of gross sales 0.1 0.4 0.4 0.9 2.9 3.5
15.Return on Equity (D7 as % of A3) 9.2 22.4 23.3 36.1 28.8 12.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] 180.6 - - 954.1 798.1 686.9
2.Dividend ratio to equity (D9 as % of A3) 4.9 0.0 0.0 3.7 3.5 1.7
3.Net profit margin (D7 as % of D1) 9.0 22.8 21.7 23.8 16.2 11.1
4.Earning per share before tax (D7/No. of ordinary shares) 1.4 4.0 4.6 9.7 10.2 7.1
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 1.4 3.9 4.5 9.5 10.0 6.9
6.Average annual % depreciation on written down fixed assets 5.1 5.1 4.8 3.2 4.6 4.8
7.Sales as % of total assets (D1 as % of C4) 79.1 60.7 37.6 45.3 64.6 60.8
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 16.7 185.7 15.0 110.9 5.2 -30.4
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 17.0 12.1 30.4 92.4 55.2 25.2
10.Break-up value of ordinary shares (in rupees) 15.2 17.7 19.7 26.8 35.5 57.7

504
Maple Leaf Cement Factory Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 1804.9 1804.9 2707.4 2978.1 3722.6 3722.6
2.Surplus 1148.3 1629.7 3040.6 3792.4 4724.3 4081.7
3.Shareholder's Equity (A1+A2) 2953.2 3434.6 5748.0 6770.5 8446.9 7804.3
4.Prefrence Shares 0.0 0.0 541.5 541.5 541.5 541.5
5.Debentures 208.3 125.0 41.7 0.0 0.0 8000.0
6.Other Fixed Laibilities 2732.7 2061.7 2157.7 7955.3 9524.4 2199.0
7.Total Fixed Laibilities (A4+A5+A6) 2941.0 2186.7 2740.9 8496.8 10065.9 10740.5
8.Total Capital Employed (A3+A7) 5894.2 5621.3 8488.9 15267.3 18512.8 18544.8
B.Liquidity:
1.Liquid Assets: 135.9 228.3 374.8 118.3 1068.1 853.8
(i)Cash 130.9 223.3 369.8 100.9 123.4 118.9
(ii)Investments 5.0 5.0 5.0 17.4 944.7 734.9
2.Other Current Assets 1333.0 1196.5 1399.0 2385.6 2663.8 4767.3
3.Inventories 98.2 100.1 183.2 200.9 369.7 434.0
4.Current Assets (B1+B2+B3) 1567.1 1524.9 1957.0 2704.8 4101.6 6055.1
5.Current Liabilities 1170.4 1466.3 1930.7 3526.0 4919.6 7591.7
6.Total Liabilities(A7+B5) 4111.4 3653.0 4671.6 12022.8 14985.5 18332.2
7.Net Current Assets(B4-B5) 396.7 58.6 26.3 -821.2 -818.0 -1536.6
8.Contractual Liabilities 3708.1 2978.6 3306.6 9487.1 11330.8 14836.7
9.Net liquid assets (B1-B5) -1034.5 -1238.0 -1555.9 -3407.7 -3851.5 -6737.9
C.Fixed Assets:
1.Fixed Asset At Cost 8996.7 9393.1 12626.7 20517.7 24188.1 25802.4
2.Fixed assets after deducting accumulated depreciation 5497.3 5562.7 8462.4 16088.5 19330.9 20081.4
3.Depreciation for the year 338.4 334.4 341.1 372.7 439.3 865.5
4.Total assets (B4+C2) 7064.4 7087.6 10419.4 18793.3 23432.5 26136.5
D.Operation:
1.Gross sales 4025.3 4967.5 6193.4 7954.9 5514.2 10552.4
(i)Local sales 4025.3 4967.5 6193.4 7954.9 5514.2 8195.1
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 2357.3
2.Cost of Sales 3663.7 3819.2 4865.5 5806.3 5204.3 9228.6
3.Gross profit 361.6 1148.3 1327.9 2148.6 309.9 1323.8
4.Overhead and Other Expenses 3712.3 3916.2 4978.5 6005.8 5359.0 10209.5
5.Operating profit 335.0 1062.4 1233.0 1975.8 198.4 448.6
6.Financial expenses 427.9 310.8 205.7 341.0 338.5 1812.8
7.Net profit before tax (D5-D6) -92.9 751.6 1027.3 1634.8 -140.1 -1364.2
8.Tax provision 12.3 17.3 38.9 28.5 9.7 44.8
9.Total amount of dividend 0.0 270.7 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 270.7 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 153.7 -272.9 2867.6 6778.4 3245.5 32.0
2.Retention in business (D7-D8-D9) -105.2 463.6 988.4 1606.3 -149.8 -1409.0
3.Finance from outside the company (E1-E2) 258.9 -736.5 1879.2 5172.1 3395.3 1441.0
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) 233.2 798.0 1329.5 1979.0 289.5 -543.5
2.Depreciation for the year plus changes in capital employed (C3+E1) 492.1 61.5 3208.7 7151.1 3684.8 897.5
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 49.9 38.9 32.3 55.7 54.4 57.9
2.Current ratio (B4 as % of B5) 133.9 104.0 101.4 76.7 83.4 79.8
3.Acid test or Quick ratio (B4-B3 as % B5) 125.5 97.2 91.9 71.0 75.9 74.0
4.Debt equity ratio (B6 as % of A3) 139.2 106.4 81.3 177.6 177.4 234.9
5.Return on assets (D7 as % of C4) -1.3 10.6 9.9 8.7 -0.6 -5.2
6.Self financing ratio (E2 as % of E1) -68.4 - 34.5 23.7 -4.6 -4403.1
7.Cash flow ratio F1 as % of F2 47.4 1297.6 41.4 27.7 7.9 -60.6
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 163.6 190.3 212.3 227.3 226.9 209.6
9.Overhead and other expenses as % of gross sales (D4 as % D1) 92.2 78.8 80.4 75.5 97.2 96.8
10.Financial expenses as % of operating profit (D6 as % of D5) 127.7 29.3 16.7 17.3 170.6 404.1
11.Financial expense as % of gross sales (D6 as % of D1) 10.6 6.3 3.3 4.3 6.1 17.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 11.5 10.4 6.2 3.6 3.0 12.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 2.3 3.8 1.7 -6.9 -3.3
14.Sundry debtors as % of gross sales 2.3 1.8 1.5 2.1 3.5 7.0
15.Return on Equity (D7 as % of A3) -3.1 21.9 17.9 24.1 -1.7 -17.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - 271.3 - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 7.9 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -2.3 15.1 16.6 20.6 -2.5 -12.9
4.Earning per share before tax (D7/No. of ordinary shares) -0.5 4.2 3.8 5.5 -0.4 -3.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -0.6 4.1 3.7 5.4 -0.4 -3.8
6.Average annual % depreciation on written down fixed assets 6.0 6.1 6.1 4.4 7.9 4.5
7.Sales as % of total assets (D1 as % of C4) 57.0 70.1 59.4 42.3 23.5 40.4
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -155.6 -940.0 -9.5 44.7 -107.3 825.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -4.9 23.4 24.7 28.4 -30.7 91.4
10.Break-up value of ordinary shares (in rupees) 16.4 19.0 21.2 22.7 22.7 21.0

505
Mustehkam Cement Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 123.2 123.2 123.2 123.2 123.2 150.3
2.Surplus -780.4 -883.1 -940.5 2506.1 2733.6 2540.5
3.Shareholder's Equity (A1+A2) -657.2 -759.9 -817.3 2629.3 2856.8 2690.8
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 50.9 488.2 0.0 0.0 400.0 1270.0
7.Total Fixed Laibilities (A4+A5+A6) 50.9 488.2 0.0 0.0 400.0 1270.0
8.Total Capital Employed (A3+A7) -606.3 -271.7 -817.3 2629.3 3256.8 3960.8
B.Liquidity:
1.Liquid Assets: 0.9 0.7 0.7 5.4 11.0 19.5
(i)Cash 0.9 0.7 0.7 5.4 11.0 19.5
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 208.9 201.8 201.4 353.9 856.7 1113.6
3.Inventories 2.8 2.8 2.8 128.5 164.5 306.8
4.Current Assets (B1+B2+B3) 212.6 205.3 204.9 487.8 1032.2 1439.9
5.Current Liabilities 1102.2 734.8 1254.5 1512.4 1667.2 1708.7
6.Total Liabilities(A7+B5) 1153.1 1223.0 1254.5 1512.4 2067.2 2978.7
7.Net Current Assets(B4-B5) -889.6 -529.5 -1049.6 -1024.6 -635.0 -268.8
8.Contractual Liabilities 579.4 588.2 0.0 342.2 854.2 1987.0
9.Net liquid assets (B1-B5) -1101.3 -734.1 -1253.8 -1507.0 -1656.2 -1689.2
C.Fixed Assets:
1.Fixed Asset At Cost 1341.4 1093.9 1343.2 3663.8 4086.4 4627.8
2.Fixed assets after deducting accumulated depreciation 283.3 257.8 232.4 3653.9 3891.7 4229.6
3.Depreciation for the year 28.9 25.7 26.5 13.8 185.5 204.2
4.Total assets (B4+C2) 495.9 463.1 437.3 4141.7 4923.9 5669.5
D.Operation:
1.Gross sales 0.0 0.0 0.0 408.7 940.6 1484.9
(i)Local sales 0.0 0.0 0.0 408.7 940.6 1484.9
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 0.0 0.0 0.0 406.4 1224.5 1768.5
3.Gross profit 0.0 0.0 0.0 2.3 -283.9 -283.6
4.Overhead and Other Expenses 37.2 36.5 37.3 423.0 1244.9 1791.4
5.Operating profit -26.9 -31.4 -27.8 -7.8 100.5 -300.7
6.Financial expenses 65.6 66.1 32.4 14.9 63.0 115.5
7.Net profit before tax (D5-D6) -92.5 -97.5 -60.2 -22.7 37.5 -416.2
8.Tax provision 0.0 0.0 0.0 1.6 3.2 4.9
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -37.2 334.6 -545.6 3446.6 627.5 704.0
2.Retention in business (D7-D8-D9) -92.5 -97.5 -60.2 -24.3 34.3 -421.1
3.Finance from outside the company (E1-E2) 55.3 432.1 -485.4 3470.9 593.2 1125.1
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -63.6 -71.8 -33.7 -10.5 219.8 -216.9
2.Depreciation for the year plus changes in capital employed (C3+E1) -8.3 360.3 -519.1 3460.4 813.0 908.2
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - 0.0 12.3 32.1
2.Current ratio (B4 as % of B5) 19.3 27.9 16.3 32.3 61.9 84.3
3.Acid test or Quick ratio (B4-B3 as % B5) 19.0 27.6 16.1 23.8 52.0 66.3
4.Debt equity ratio (B6 as % of A3) - - - 57.5 72.4 110.7
5.Return on assets (D7 as % of C4) -18.7 -21.1 -13.8 -0.5 0.8 -7.3
6.Self financing ratio (E2 as % of E1) - -29.1 - -0.7 5.5 -59.8
7.Cash flow ratio F1 as % of F2 - -19.9 - -0.3 27.0 -23.9
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) -533.4 -616.8 -663.4 2134.2 2318.8 1790.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - 103.5 132.4 120.6
10.Financial expenses as % of operating profit (D6 as % of D5) - - - -191.0 62.7 -38.4
11.Financial expense as % of gross sales (D6 as % of D1) - - - 3.6 6.7 7.8
12.Financial expenses as % of contractual liabilities (D6 as % B8) 11.3 11.2 - 4.4 7.4 5.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -7.0 8.5 -1.2
14.Sundry debtors as % of gross sales - - - 0.1 1.0 0.3
15.Return on Equity (D7 as % of A3) - - - -0.9 1.3 -15.5
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) - - - -5.6 4.0 -28.0
4.Earning per share before tax (D7/No. of ordinary shares) -7.5 -7.9 -4.9 -1.8 3.0 -27.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -7.5 -7.9 -4.9 -2.0 2.8 -28.0
6.Average annual % depreciation on written down fixed assets 9.2 9.1 10.3 6.9 5.1 5.2
7.Sales as % of total assets (D1 as % of C4) 0.0 0.0 0.0 9.9 19.1 26.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -15.7 5.3 -38.0 -63.3 -266.7 -1023.3
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - - 130.1 57.9
10.Break-up value of ordinary shares (in rupees) -53.3 -61.7 -66.3 213.4 231.9 179.0

506
Pioneer Cement Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 954.4 954.4 1547.5 1624.8 1698.1 1995.3
2.Surplus 191.9 -400.7 703.0 1301.6 972.3 2550.0
3.Shareholder's Equity (A1+A2) 1146.3 553.7 2250.5 2926.4 2670.4 4545.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 174.6 185.9 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 2291.9 1921.2 2469.2 2746.8 609.2 2016.4
7.Total Fixed Laibilities (A4+A5+A6) 2466.5 2107.1 2469.2 2746.8 609.2 2016.4
8.Total Capital Employed (A3+A7) 3612.8 2660.8 4719.7 5673.2 3279.6 6561.7
B.Liquidity:
1.Liquid Assets: 18.8 37.2 17.5 71.9 305.5 139.2
(i)Cash 18.8 37.2 17.5 71.9 305.5 139.2
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 232.4 529.4 431.8 552.9 644.1 693.9
3.Inventories 48.5 50.8 56.8 96.8 150.3 68.7
4.Current Assets (B1+B2+B3) 299.7 617.4 506.1 721.6 1099.9 901.8
5.Current Liabilities 335.7 1613.8 2168.3 2731.8 5330.9 3910.8
6.Total Liabilities(A7+B5) 2802.2 3720.9 4637.5 5478.6 5940.1 5927.2
7.Net Current Assets(B4-B5) -36.0 -996.4 -1662.2 -2010.2 -4231.0 -3009.0
8.Contractual Liabilities 2668.8 2302.3 2585.6 3275.3 1612.2 3692.0
9.Net liquid assets (B1-B5) -316.9 -1576.6 -2150.8 -2659.9 -5025.4 -3771.6
C.Fixed Assets:
1.Fixed Asset At Cost 4879.4 5069.8 8024.8 9598.5 9795.8 12291.4
2.Fixed assets after deducting accumulated depreciation 3648.6 3657.3 6381.7 7683.4 7510.6 9570.9
3.Depreciation for the year 16.8 184.4 233.3 277.4 375.7 435.3
4.Total assets (B4+C2) 3948.3 4274.7 6887.8 8405.0 8610.5 10472.7
D.Operation:
1.Gross sales 1797.8 1958.3 2800.1 4153.6 4648.7 6607.5
(i)Local sales 1797.8 1958.3 2436.8 3754.9 4276.7 5150.4
(ii)Export sales 0.0 0.0 363.3 398.7 372.0 1457.1
2.Cost of Sales 1683.6 1571.7 2127.0 2922.9 4330.5 6093.8
3.Gross profit 114.2 386.6 673.1 1230.7 318.2 513.7
4.Overhead and Other Expenses 1764.2 1681.2 2312.6 3094.7 4479.0 6798.9
5.Operating profit 45.0 355.6 514.7 1130.1 181.4 -160.8
6.Financial expenses 196.9 117.4 120.7 196.9 365.8 413.2
7.Net profit before tax (D5-D6) -151.9 238.2 394.0 933.2 -184.4 -574.0
8.Tax provision 5.3 6.7 11.3 17.7 18.3 24.5
9.Total amount of dividend 0.0 0.0 0.0 162.5 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 73.1 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) 20.5 -952.0 2058.9 953.5 -2393.6 3282.1
2.Retention in business (D7-D8-D9) -157.2 231.5 382.7 753.0 -202.7 -598.5
3.Finance from outside the company (E1-E2) 177.7 -1183.5 1676.2 200.5 -2190.9 3880.6
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -140.4 415.9 616.0 1030.4 173.0 -163.2
2.Depreciation for the year plus changes in capital employed (C3+E1) 37.3 -767.6 2292.2 1230.9 -2017.9 3717.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 68.3 79.2 52.3 48.4 18.6 30.7
2.Current ratio (B4 as % of B5) 89.3 38.3 23.3 26.4 20.6 23.1
3.Acid test or Quick ratio (B4-B3 as % B5) 74.8 35.1 20.7 22.9 17.8 21.3
4.Debt equity ratio (B6 as % of A3) 244.5 672.0 206.1 187.2 222.4 130.4
5.Return on assets (D7 as % of C4) -3.8 5.6 5.7 11.1 -2.1 -5.5
6.Self financing ratio (E2 as % of E1) -766.8 - 18.6 79.0 8.5 -18.2
7.Cash flow ratio F1 as % of F2 -376.4 - 26.9 83.7 -8.6 -4.4
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 120.1 58.0 145.4 180.1 157.3 227.8
9.Overhead and other expenses as % of gross sales (D4 as % D1) 98.1 85.8 82.6 74.5 96.3 102.9
10.Financial expenses as % of operating profit (D6 as % of D5) 437.6 33.0 23.5 17.4 201.7 -257.0
11.Financial expense as % of gross sales (D6 as % of D1) 11.0 6.0 4.3 4.7 7.9 6.3
12.Financial expenses as % of contractual liabilities (D6 as % B8) 7.4 5.1 4.7 6.0 22.7 11.2
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - 2.8 2.9 1.9 -9.9 -4.3
14.Sundry debtors as % of gross sales 1.8 1.3 0.7 0.3 0.6 0.6
15.Return on Equity (D7 as % of A3) -13.3 43.0 17.5 31.9 -6.9 -12.6
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 563.4 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 5.6 0.0 0.0
3.Net profit margin (D7 as % of D1) -8.4 12.2 14.1 22.5 -4.0 -8.7
4.Earning per share before tax (D7/No. of ordinary shares) -1.6 2.5 2.5 5.7 -1.1 -2.9
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -1.6 2.4 2.5 5.6 -1.2 -3.0
6.Average annual % depreciation on written down fixed assets 0.4 5.1 6.4 4.3 4.9 5.8
7.Sales as % of total assets (D1 as % of C4) 45.5 45.8 40.7 49.4 54.0 63.1
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) -420.0 -256.3 0.0 128.0 -119.3 163.6
9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.2 8.9 43.0 48.3 11.9 42.1
10.Break-up value of ordinary shares (in rupees) 12.0 5.8 14.5 18.0 15.7 22.8

507
Thatta Cement Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital - - - - - 797.7
2.Surplus - - - - - -227.0
3.Shareholder's Equity (A1+A2) - - - - - 570.7
4.Prefrence Shares - - - - - 0.0
5.Debentures - - - - - 0.0
6.Other Fixed Laibilities - - - - - 166.7
7.Total Fixed Laibilities (A4+A5+A6) - - - - - 166.7
8.Total Capital Employed (A3+A7) - - - - - 737.4
B.Liquidity:
1.Liquid Assets: - - - - - 6.4
(i)Cash - - - - - 6.4
(ii)Investments - - - - - 0.0
2.Other Current Assets - - - - - 419.8
3.Inventories - - - - - 175.9
4.Current Assets (B1+B2+B3) - - - - - 602.1
5.Current Liabilities - - - - - 608.9
6.Total Liabilities(A7+B5) - - - - - 775.6
7.Net Current Assets(B4-B5) - - - - - -6.8
8.Contractual Liabilities - - - - - 411.3
9.Net liquid assets (B1-B5) - - - - - -602.5
C.Fixed Assets:
1.Fixed Asset At Cost - - - - - 2026.1
2.Fixed assets after deducting accumulated depreciation - - - - - 744.3
3.Depreciation for the year - - - - - 46.6
4.Total assets (B4+C2) - - - - - 1346.4
D.Operation:
1.Gross sales - - - - - 1820.8
(i)Local sales - - - - - 1313.3
(ii)Export sales - - - - - 507.5
2.Cost of Sales - - - - - 1611.4
3.Gross profit - - - - - 209.4
4.Overhead and Other Expenses - - - - - 1744.0
5.Operating profit - - - - - 139.1
6.Financial expenses - - - - - 85.4
7.Net profit before tax (D5-D6) - - - - - 53.7
8.Tax provision - - - - - 7.3
9.Total amount of dividend - - - - - 0.0
10.Total value of bonus shares issued - - - - - 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) - - - - - -
2.Retention in business (D7-D8-D9) - - - - - 46.4
3.Finance from outside the company (E1-E2) - - - - - -
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) - - - - - 93.0
2.Depreciation for the year plus changes in capital employed (C3+E1) - - - - - -
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) - - - - - 22.6
2.Current ratio (B4 as % of B5) - - - - - 98.9
3.Acid test or Quick ratio (B4-B3 as % B5) - - - - - 70.0
4.Debt equity ratio (B6 as % of A3) - - - - - 135.9
5.Return on assets (D7 as % of C4) - - - - - 4.0
6.Self financing ratio (E2 as % of E1) - - - - - 0.0
7.Cash flow ratio F1 as % of F2 - - - - - 0.0
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) - - - - - 71.5
9.Overhead and other expenses as % of gross sales (D4 as % D1) - - - - - 95.8
10.Financial expenses as % of operating profit (D6 as % of D5) - - - - - 61.4
11.Financial expense as % of gross sales (D6 as % of D1) - - - - - 4.7
12.Financial expenses as % of contractual liabilities (D6 as % B8) - - - - - 20.8
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - - - 13.6
14.Sundry debtors as % of gross sales - - - - - 7.4
15.Return on Equity (D7 as % of A3) - - - - - 9.4
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - - - 0.0
2.Dividend ratio to equity (D9 as % of A3) - - - - - 0.0
3.Net profit margin (D7 as % of D1) - - - - - 2.9
4.Earning per share before tax (D7/No. of ordinary shares) - - - - - 0.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] - - - - - 0.6
6.Average annual % depreciation on written down fixed assets - - - - - 6.0
7.Sales as % of total assets (D1 as % of C4) - - - - - 135.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) - - - - - -30.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) - - - - - -
10.Break-up value of ordinary shares (in rupees) - - - - - 7.2

508
Zeal Pak Cement Factory Ltd. (Million Rupees)
Items
2003 2004 2005 2006 2007 2008
A.Capital Structure:
1.Ordinary Share Capital 87.1 1700.0 1700.0 1700.0 1700.0 4278.4
2.Surplus -68.2 -599.9 -324.6 -266.7 -428.0 -2853.1
3.Shareholder's Equity (A1+A2) 18.9 1100.1 1375.4 1433.3 1272.0 1425.3
4.Prefrence Shares 0.0 0.0 0.0 0.0 0.0 0.0
5.Debentures 0.0 0.0 0.0 0.0 0.0 0.0
6.Other Fixed Laibilities 0.0 0.0 0.8 0.4 0.2 117.3
7.Total Fixed Laibilities (A4+A5+A6) 0.0 0.0 0.8 0.4 0.2 117.3
8.Total Capital Employed (A3+A7) 18.9 1100.1 1376.2 1433.7 1272.2 1542.6
B.Liquidity:
1.Liquid Assets: 9.3 7.3 5.1 6.5 0.6 6.6
(i)Cash 9.3 7.3 5.1 6.5 0.6 6.6
(ii)Investments 0.0 0.0 0.0 0.0 0.0 0.0
2.Other Current Assets 667.9 727.8 690.1 963.5 903.2 762.6
3.Inventories 158.7 148.9 136.0 213.2 162.5 180.8
4.Current Assets (B1+B2+B3) 835.9 884.0 831.2 1183.2 1066.3 950.0
5.Current Liabilities 1178.4 1215.1 806.7 1016.2 983.3 1437.5
6.Total Liabilities(A7+B5) 1178.4 1215.1 807.5 1016.6 983.5 1554.8
7.Net Current Assets(B4-B5) -342.5 -331.1 24.5 167.0 83.0 -487.5
8.Contractual Liabilities 866.4 577.2 475.6 655.4 700.6 827.2
9.Net liquid assets (B1-B5) -1169.1 -1207.8 -801.6 -1009.7 -982.7 -1430.9
C.Fixed Assets:
1.Fixed Asset At Cost 1273.7 1641.1 1657.4 1658.8 1657.1 2843.4
2.Fixed assets after deducting accumulated depreciation 361.5 1431.1 1351.8 1266.7 1189.1 2030.1
3.Depreciation for the year 34.2 104.1 95.7 86.5 78.9 145.0
4.Total assets (B4+C2) 1197.4 2315.1 2183.0 2449.9 2255.4 2980.1
D.Operation:
1.Gross sales 884.6 1077.6 1511.9 1424.0 697.3 453.5
(i)Local sales 884.6 1077.6 1511.9 1424.0 697.3 453.5
(ii)Export sales 0.0 0.0 0.0 0.0 0.0 0.0
2.Cost of Sales 980.6 1111.3 1447.9 1306.7 857.2 926.4
3.Gross profit -96.0 -33.7 64.0 117.3 -159.9 -472.9
4.Overhead and Other Expenses 1000.9 1286.9 1617.2 1471.6 1063.6 1127.0
5.Operating profit -104.2 -194.4 -97.6 -45.7 -357.9 -669.2
6.Financial expenses 88.9 47.6 34.7 58.8 74.9 69.1
7.Net profit before tax (D5-D6) -193.1 -242.0 -132.3 -104.5 -432.8 -738.3
8.Tax provision 2.7 3.5 6.8 5.1 2.4 1.6
9.Total amount of dividend 0.0 0.0 0.0 0.0 0.0 0.0
10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0.0 0.0
E.Sources of Increase In Capital Employed:
1.Increase/decrease in capital employed (A8 - A8 of preceding year) -143.8 1081.2 276.1 57.5 -161.5 270.4
2.Retention in business (D7-D8-D9) -195.8 -245.5 -139.1 -109.6 -435.2 -739.9
3.Finance from outside the company (E1-E2) 52.0 1326.7 415.2 167.1 273.7 1010.3
F.Cash Flow Data
1.Depreciation for the year plus retention in business: cash flow (C3+E2) -161.6 -141.4 -43.4 -23.1 -356.3 -594.9
2.Depreciation for the year plus changes in capital employed (C3+E1) -109.6 1185.3 371.8 144.0 -82.6 415.4
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8) 0.0 0.0 0.1 0.0 0.0 7.6
2.Current ratio (B4 as % of B5) 70.9 72.8 103.0 116.4 108.4 66.1
3.Acid test or Quick ratio (B4-B3 as % B5) 57.5 60.5 86.2 95.5 91.9 53.5
4.Debt equity ratio (B6 as % of A3) 6234.9 110.5 58.7 70.9 77.3 109.1
5.Return on assets (D7 as % of C4) -16.1 -10.5 -6.1 -4.3 -19.2 -24.8
6.Self financing ratio (E2 as % of E1) - -22.7 -50.4 -190.6 269.5 -273.6
7.Cash flow ratio F1 as % of F2 - -11.9 -11.7 -16.0 431.4 -143.2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 21.7 64.7 80.9 84.3 74.8 33.3
9.Overhead and other expenses as % of gross sales (D4 as % D1) 113.1 119.4 107.0 103.3 152.5 248.5
10.Financial expenses as % of operating profit (D6 as % of D5) - - - -128.7 -20.9 -10.3
11.Financial expense as % of gross sales (D6 as % of D1) 10.0 4.4 2.3 4.1 10.7 15.2
12.Financial expenses as % of contractual liabilities (D6 as % B8) 10.3 8.2 7.3 9.0 10.7 8.4
13.Tax provision as % of net pre-tax profit (D8 as % of D7) - - - -4.9 -0.6 -0.2
14.Sundry debtors as % of gross sales 36.4 30.8 21.7 33.9 46.9 76.3
15.Return on Equity (D7 as % of A3) -1021.7 -22.0 -9.6 -7.3 -34.0 -51.8
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9] - - - 0.0 0.0 0.0
2.Dividend ratio to equity (D9 as % of A3) 0.0 0.0 0.0 0.0 0.0 0.0
3.Net profit margin (D7 as % of D1) -21.8 -22.5 -8.8 -7.3 -62.1 -162.8
4.Earning per share before tax (D7/No. of ordinary shares) -22.2 -1.4 -0.8 -0.6 -2.5 -1.7
5.Earning per share after tax [(D7-D8)/No. of ordinary shares] -22.5 -1.4 -0.8 -0.6 -2.6 -1.7
6.Average annual % depreciation on written down fixed assets 9.1 28.8 6.7 6.4 6.2 12.2
7.Sales as % of total assets (D1 as % of C4) 73.9 46.5 69.3 58.1 30.9 15.2
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 72.1 -93.7 -42.9 -25.0 316.7 -32.0
9.Sales growth (current year's 'sales - last year's sales / last year's sales) -6.0 21.8 40.3 -5.8 -51.0 -35.0
10.Break-up value of ordinary shares (in rupees) 2.2 6.5 8.1 8.4 7.5 3.3

509
 Al-Abbas Cement Industries Ltd.
Perdesi House, Survey No. 2/1, R.Y.16, Old Queens Road, Karachi.
Management Banker Auditor
Mr. Asim Ghani(Chairman) Allied Bank Of Pakistan Ltd. M/s. M. Sikander & Co.
Mr. Shunaid Qureshi(Chief Executive) Bank Al-Falah Ltd.
Mr. Ajaz Ahmed Zaidi(Director) Albaraka Islamic Bank Ltd.
Mr. Tariq Usman Bhatti(Director) Habib Bank Ltd.
Mr. Duraid Qureshi(Director) KASB Bank Ltd.
Syed Salman Rasheed(Director) National Bank Of Pakistan
Mr. Aves Cochinwala(Director) United Bank Ltd.

Date of Annual General Meeting 31st October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 11.46
Percentage Dividend rate : Highest Price in 2008 Rs. 17.45
Ordinary Shares (%) Lowest Price in 2008 Rs. 9.95
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 13.27
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Clinker Metric tons 900,000 323,636

Attock Cement Pakistan Ltd

D-70, Block-4, Kehkashan-5, Clifton, Karachi.
Management Banker Auditor
Dr. Ghaith R. Pharaon(Chairman) Allied Bank Ltd. M/s. A.F.Ferguson & Co.
Mr. Babar Bashir Nawaz(Chief Executive) KASB Bank Ltd.
Mr. Laith G. Pharaon(Director) The Bank Of Punjab
Mr. Wael G. Pharaon(Director) Bank Al Habib Ltd.
Mr. Shuaib A. Malik(Director) First Women Bank Ltd.
Mr. Abdus Sattar(Director) Meezan Bank Ltd.
Mr. Bashir Ahmad(Director) NIB Bank Ltd.

Date of Annual General Meeting 20th October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 77.13
Percentage Dividend rate : Highest Price in 2008 Rs. 126.90
Ordinary Shares (%) 15 Lowest Price in 2008 Rs. 68.00
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 102.06
Preference Shares(%) Investment Yield% 1

Production Desc Units Capacity Actual Production

Cliniker M. Tons 1,710,000 1,359,766
Cement M. Tons 1,795,500 1,364,511

510
 Bestway Cement Ltd.
Bestway Building, 19-A, College Road, F-7 Markaz, Islamabad.
Management Banker Auditor
Sir Mohammed Anwer Pervez(Chairman) MCB Bank Ltd. KPMG Taseer Hadi & Co.
Mr. Zameer Mohammed Choudhary(Chief Execu Union Bank Limited
Mr. Arshad Mehmood Choudhary(Director) Askari Commercial Bank Limited
Mr. Ghulam Sarwar Malik(Director) Bank Al-Habib Limited
Mr. Mazhar Rafi(Director) Bank Alflah Limited
Mr. Arshad Hameed(Director) Faysal Bank Ltd.
Mr. Muhammad Irfan A. Shaikh(Director) Habib Bank Ltd.

Date of Annual General Meeting 30th October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 40.10
Percentage Dividend rate : Highest Price in 2008 Rs. 83.00
Ordinary Shares (%) Lowest Price in 2008 Rs. 37.91
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 52.81
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Clinker Hattar Metric Tons 1,170,000 1,120,027
Clinker Chakwal Metric Tons 1,710,000 1,539,415

Cherat Cement Company Ltd.

Modern Motor House, Beaumont Road, Karachi-75530
Management Banker Auditor
Mr. Mohammad Faruque(Chairman) RBS Bank Ltd. M/S. Ford Rhodes Sidat Hyder & Co.
Mr. Azam Faruque(M.D. / C.E.O.) Allied Bank Of Pakistan Ltd.
Mr. Arif Faruque(Director) American Express Bank Ltd.
Mr. Shehryar Faruque(Director) Bank Al-Habib Ltd.
Mr. Akbarali Pesnani(Director) Credit Agricole Indosuez
Mr. Raja Sarfaraz Akram (NIT)(Director) Habib Bank Ltd.
Mr. Muhammad Nawaz Tishna (NIT)(Director) MCB Bank Ltd.

Date of Annual General Meeting 23rd October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 27.09
Percentage Dividend rate : Highest Price in 2008 Rs. 63.85
Ordinary Shares (%) 10 Lowest Price in 2008 Rs. 27.09
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 42.64
Preference Shares(%) Investment Yield% 2

Production Desc Units Capacity Actual Production

Clinker M. Tons 1,000,000 1,000,710

511
 D.G. Khan Cement Company Ltd.
Nishat House, 53-A, Lawrence Road, Lahore.
Management Banker Auditor
Mrs. Naz Mansha(Chairperson) The Royal Bank of Scotland Ltd. KPMG Taseer Hadi & Co.
Mian Raza Mansha(Chief Executive) Allied Bank Ltd.
Mr. Muhammad Azam(Director) Habib Bank Ltd.
Mr. Inayat Ullah Niazi(Director) The Bank Of Punjab
Mr. Khalid Qadeer Qureshi(Director) National Bank Of Pakistan
Mr.Manzar Mushtaq(Director) MCB Bank Ltd.
Mr. Zaka-ud-Din(Director) United Bank Ltd.

Date of Annual General Meeting 31st October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 67.14
Percentage Dividend rate : Highest Price in 2008 Rs. 118.85
Ordinary Shares (%) Lowest Price in 2008 Rs. 56.61
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 99.53
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Clinker M. tons 4,020,000 4,142,764
Cement Bags Nos. 120,000,000 80,188,180

Dadabhoy Cement Industries Ltd.

5th Floor, Maqbool Commercial Complex, J.C.H.S. Block 7 & 8, Shahrah-e-Faisal, Karachi.
Management Banker Auditor
Mr. Mohammad Hussain Dadabhoy(Chairman) Saudi Pak Commercial Bank Ltd. M/s Tanzeem & Co.
Mr. Mohammad Amin Dadabhoy(Chief Executive Prime Commercial Bank Limited
Mr. Fazal Karim Dadabhoy(Director) MCB Bank Ltd.
Mr. Naseemuddin(Director) National Bank Of Pakistan
Syed Naseem Ahmed(Director)
Mrs. Yasmeen Dadabhoy(Director)
Mrs. Noor Bakht Dadabhoy(Director)

Date of Annual General Meeting 29th November , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 5.65
Percentage Dividend rate : Highest Price in 2008 Rs. 11.10
Ordinary Shares (%) Lowest Price in 2008 Rs. 4.87
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 7.78
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Cement M. Tons 598,000 134,215

512
 Dandot Cement Company Ltd.
30-Sher Shah Block, New Garden Twon, Lahore
Management Banker Auditor
Mrs. Tanveer Rasheed(Chairperson) The Bank Of Punjab M/S Amin, Mudassar & Co.
Mr. Muhammad Rasheed(Chief Executive) Bank Alfalah Limited
Mr. Mansoor Rasheed(Director) KASB Bank Ltd.
Mr. Saud Rasheed(Director) PICIC Commercial Bank Ltd.
Ms. Rizwana Rasheed(Director) Habib Bank Ltd.
Mrs. Ayesha Mansoor(Director) National Bank Of Pakistan
Mrs. Amina Saud(Director) Saudi Pak Commercial Bank Ltd.

Date of Annual General Meeting 29th November , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 21.90
Percentage Dividend rate : Highest Price in 2008 Rs. 32.00
Ordinary Shares (%) Lowest Price in 2008 Rs. 17.45
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 23.04
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Cement M. Tons 504,000 211,051

Dewan Cement Ltd. (Pakland Cement Ltd.)

Blcok-A, 2nd Floor, Finance & Trade Centre, Shahrah-e-Faisal, Karachi.
Management Banker Auditor
Dewan M. Yousuf Farooqui(Chairman / C.E.O.) United Bank Ltd. M/s. Ford Rhodes Sidat Hyder & Co.
Mr. Muhammad Azimuddin(Director) Allied Bank Of Pakistan Ltd.
Mr. Azizul Haque(Director) Askari Commercial Bank Ltd.
Dewan Abdullah Ahmed(Director) Faysal Bank Ltd.
Syed Muhammad Ali Khan(Director) Habib Bank Ltd.
Dewan Abdul Baqi Farooqui(Director) National Bank Of Pakistan
Mr. Basheer Ahmed Chowdry (Creditors)(Directo Standard Chartered Bank Ltd.

Date of Annual General Meeting 28th November , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 12.25
Percentage Dividend rate : Highest Price in 2008 Rs. 18.70
Ordinary Shares (%) Lowest Price in 2008 Rs. 10.49
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 14.57
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Clinker M.Tons 1,980,000 1,338,862

513
 Fauji Cement Company Ltd.
1st Floor, Aslam Plaza, 60 Adamjee Road, Saddar, Rawalpindi.
Management Banker Auditor
Lt. Gen. (Retd.) Syed Arif Hasan(Chairman) Habib Bank Ltd. KPMG Taseer Hadi & Co.
Maj. Gen. (Retd.) M. Iftikhar Khan(M.D. / C.E.O. Muslim Commercial Bank Ltd.
Brig. (Retd.) Arif Rasul Qureshi(Director) National Bank Of Pakistan
Brig. (Retd.) Munawar Ahmed Rana(Director) Standard Chartered Bank Ltd.
Mr. Qaisar Javed(Director)
Mr. Riyaz H. Bokhari (IFU)(Director)
Brig. (Retd.) Rahat Khan(Director)

Date of Annual General Meeting 30th October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 10.12
Percentage Dividend rate : Highest Price in 2008 Rs. 22.55
Ordinary Shares (%) Lowest Price in 2008 Rs. 9.66
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 16.03
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Cement production M.Tons 1,165,500 1,174,722

Fecto Cement Ltd.

35-Darul Aman Housing Society, Block 7&8, Shahra-e-Faisal, Karachi.
Management Banker Auditor
Mr. Mohammed Asad Fecto(Chairman) Habib Bank Ltd. KPMG Taseer Hadi & Co.
Mr. Mohammed Yasin Fecto(Chief Executive) MCB Bank Ltd. M/s Khalid Majid Rehman Sarfaraz Rahim Iqbal R
Mrs. Zubeda Bai(Director) National Bank Of Pakistan
Mr. Khalid Yacoob(Director) NIB Bank Ltd.
Mr. Muhammad Hussain(Director) Saudi Pak Ind. & Agr. Inv. Co. (Pvt.) Ltd.
Mr. Safdar Abbas Morawala(Director)
Mr. Mohammed Ilyas Khan(Director)

Date of Annual General Meeting 25th October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 17.93
Percentage Dividend rate : Highest Price in 2008 Rs. 38.85
Ordinary Shares (%) Lowest Price in 2008 Rs. 16.38
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 26.19
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Cement M.Tons 780,000 763,478

514
 Flying Cement Ltd.
103-Fazal Road, Lahore Cantt, Lahore
Management Banker Auditor
Mr. Kamran Khan(Chairman / C.E.O.) Askari Bank Ltd. M/S Tahir Siddiqi & Co.
Mr. Imran Qamar(Director) Bank Of Punjab
Mr. Momin Qamar(Director) United Bank Ltd.
Mr. Bilal Qamar(Director) Al Baraka Islamic Bank
Mr. Yousuf Kamran Khan(Director) Faysal Bank Ltd.
Mrs. Samina Kamran(Director) MCB Bank Ltd.
Mr. Qasim Khan(Director) National Bank of Pakistan.

Date of Annual General Meeting 31st October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 7.19
Percentage Dividend rate : Highest Price in 2008 Rs. 21.55
Ordinary Shares (%) Lowest Price in 2008 Rs. 6.41
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 13.05
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Clinker M.Tons 1,200,000 38,533
Cement M.Tons 1,260,000 61,985

Gharibwal Cement Ltd.

34 - Main Gulberg , P.O.Box 1285, Lahore
Management Banker Auditor
Mr. Mohd. Tousif Peracha(Chairman / C.E.O.) Askari Bank Ltd. M/s.. Viqar A.Khan & Co.
Mrs. Tabassum Tousif Peracha(Director) Citi Bank N. A.
Mr. Abdul Rafique Khan(Director) The Royal Bank of Scotland Ltd.
Mr. Ali Rashid Khan(Director) Habib Bank Ltd.
Mrs. Amna Khan(Director) MCB Bank Ltd.
Mr. M. Niaz Piracha(Director) National Bank Of Pakistan
Mr. Asif Muhammad Ali(Director) Saudi Pak Commercial Bank Ltd.

Date of Annual General Meeting 31st October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 19.35
Percentage Dividend rate : Highest Price in 2008 Rs. 20.75
Ordinary Shares (%) Lowest Price in 2008 Rs. 13.60
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 16.60
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Cliniker M. Tons 540,000 -
Cement M. Tons 568,420 -

515
 Javedan Cement Ltd.
Al-Haroon, 2nd Floor, 10 Agha Khan III Road, Karachi-74400.
Management Banker Auditor
Mr. Nasim Beg(Chairman) Allied Bank Of Pakistan Ltd. M/s Haroon Zakaria & Company
Mr. Asim Ghani(Chief Executive) Habib Bank Ltd.
Mr. Shunaid Qureshi(Director) MCB Bank Ltd.
Mr. Ajaz Ahmed(Director) National Bank Of Pakistan
Mr. Mohammad Ayub(Director) United Bank Ltd.
Mr. Rafiq Tumbi(Director)
Mr. Aves Cochinwala(Director)

Date of Annual General Meeting 16th September, 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 112.85
Percentage Dividend rate : Highest Price in 2008 Rs. 127.90
Ordinary Shares (%) Lowest Price in 2008 Rs. 95.00
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 108.20
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Cement M.Tons 600,000 370,050

Kohat Cement Ltd.

Management
Mr. Aizaz Mansoor Sheikh(Chief Executive)
Mr. Ibrahim Tanseer Sheikh(Director)
Mrs. Hafsa Nadeem(Director)
Mr. Nadeem Atta Sheikh(Director)
Mr. Tariq Atta Sheikh(Director)
Mrs. Ghazala Amjad(Director)
Mr. Omer Aziz Sheikh(Director)
Kohat Cement Ltd., Rawalpindi Road, Kohat.
Banker Auditor
National Bank Of Pakistan KPMG Taseer Hadi & Co.
Askari Commercial Bank Ltd.
Allied Bank Of Pakistan Ltd.
Standard Chartered Bank ( Pakistan) Ltd.
The Bank of Khyber
Soneri Bank Ltd.
Muslim Commercial Bank Ltd.

Date of Annual General Meeting 03rd October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 36.63
Percentage Dividend rate : Highest Price in 2008 Rs. 65.55
Ordinary Shares (%) Lowest Price in 2008 Rs. 28.92
Ordinary Shares Bonus (%) 10 Average Price in 2008 Rs. 47.05
Preference Shares(%) Investment Yield% 2

Production Desc Units Capacity Actual Production

Cement-Gray M.Tons 567,000 450,251
Cement-White M.Tons 141,750 21,114
Clinker-Gray M.Tons 540,000 428,937

516
 Lafarge Pak. Cement Ltd. (Pakistan Cement Ltd.)
18-B, Kaghan Road, F-8 Markaz, Islamabad.
Management Banker Auditor
Mr. Ahmed Said Heshmat Hassan(Chairman) Habib Bank Ltd. M/S Ford Rhodes Sidat Hyder & Co.
Maj. Gen. (Retd.) Rehmat Khan(Chief Executive MCB Bank Ltd.
Mr. Jean Desazars(Director) Allied Bank Ltd.
Mrs. Amal Tantawi(Director) Citibank N.A.
Mr. Ashraf Abouelkheir(Director) Standard Chartered Bank ( Pakistan) Ltd.
Mr. Ahmed Shebl Tolba Daabes(Director) Union Bank Ltd.
Mr. Amr Ali Reda(Director)

Date of Annual General Meeting 28th April , 2009 Face Value Rs. 10.00
Year Ending : 31st December , 2008 Market Price as on 31/12/2008 Rs. 3.20
Percentage Dividend rate : Highest Price in 2008 Rs. 15.20
Ordinary Shares (%) Lowest Price in 2008 Rs. 3.20
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 7.80
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Clinker M.Tons 2,400,000 2,001,565

Lucky Cement Ltd.

Lucky Cement Fectory Ltd., Tehsil: Pezu, Dist. Lucky Marwat, NWFP.
Management Banker Auditor
Mr.Muhammad Yunus Tabba(Chairman) Habib Metorpolitan Bank Ltd. M/s Ford Rhodes Sidat Hyder & Co.
Mr. Muhammad Ali Tabba(Chief Executive) MCB Bank Ltd.
Mr. Imran Yunus Tabba(Director) Citi Bank N. A.
Miss Mariam Razzak(Director) Habib Bank Limited
Mrs. Rahila Aleem(Director) ABN - Amro Bank
Mr. Javed Yunus Tabba(Director) Citibank N.A.
Mr. Muhammad Sohail Tabba(Director) Habib Bank Ltd.

Date of Annual General Meeting 15th October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 97.93
Percentage Dividend rate : Highest Price in 2008 Rs. 147.00
Ordinary Shares (%) Lowest Price in 2008 Rs. 88.35
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 123.67
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Clinker M. Tons 6,500,000 5,161,380
Cement M. Tons 7,000,000 5,248,664

517
 Maple Leaf Cement Factory Ltd.
42-Lawrence Road, Lahore.
Management Banker Auditor
Mr. Tariq Sayeed Saigol(Chairman) Allied Bank Of Pakistan Ltd. M/s. Hameed Chaudhri & Co.
Mr. Sayeed Tariq Saigol(Chief Executive) Habib Bank Ltd.
Miss. Jahanara Saigol(Director) MCB Bank Ltd.
Mr. Taufique Sayeed Saigol(Director) National Bank Of Pakistan
Mr. Zamiruddin Azar(Director) Bank Al-Falah Ltd.
Mr. S.M.Imran(Director) Soneri Bank Ltd.
Mr. Waleed Tariq Saigol(Director) The Bank Of Punjab

Date of Annual General Meeting 30th October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 10.91
Percentage Dividend rate : Highest Price in 2008 Rs. 25.90
Ordinary Shares (%) Lowest Price in 2008 Rs. 10.63
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 19.31
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Clinker- gray M. Tons 2,840,000 2,062,209
Clinker- white M. Tons 180,000 75,235

Mustehkam Cement Ltd.

345-Bazar Road, Westridge, Rawalpindi Cantt, Rawalpindi.
Management Banker Auditor
Mr. Abdul Bari Khan(Chairman) Habib Bank Ltd. KPMG Taseer Hadi & Co.
Mr. Muhammad Riaz Khan(Chief Executive) National Bank Of Pakistan
Mr. Naseem-ul-Haq Satti(Director)
Mr. Saad Ashraf(Director)
Mr. Badshah Gul Wazir(Director)
Mr. Shahid Anwar(Director)
Mr. Muhammad Zafar Khan(Director)

Date of Annual General Meeting 02nd September, 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 88.00
Percentage Dividend rate : Highest Price in 2008 Rs. 136.70
Ordinary Shares (%) Lowest Price in 2008 Rs. 66.50
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 92.09
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Cliniker M.Tons 630,000 384,446

518
 Pioneer Cement Ltd.
1st Floor, Alfalah Building, Shahrah-e-Quaid-e-Azam, Lahore.
Management Banker Auditor
Malik Manzoor Hayat Noon(Chairman) Bank Al-Habib Ltd. M/S Ford Rhodes Sidat Hyder & Co.
Mr. Javed Ali Khan(M.D. / C.E.O.) Habib Bank Ltd.
Mr. Adnan Hayat Noon(Director) National Bank Of Pakistan
Malik Salman Hayat Noon(Director) Askari Bank Ltd.
Mr. Wajahat A. Baqai (NBP)(Director) United Bank Limited
Mr. K. Iqbal Talib(Director)
Mr. Rafique Dawood (FDIB)(Director)

Date of Annual General Meeting 30th October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 28.17
Percentage Dividend rate : Highest Price in 2008 Rs. 51.50
Ordinary Shares (%) Lowest Price in 2008 Rs. 23.80
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 33.13
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Clinker M. Tons 1,995,000 1,640,092
Cement M. Tons Indeterminable 1,785,014

Thatta Cement Ltd.

Perdesi House, Survey No. 2/1, R.Y.16, Old Queens Road, Karachi-74000
Management Banker Auditor
Mr.Arif Habib(Chairman) Allied Bank Ltd. Habib Bank Ltd.
Mr. Fazalullah Shaikh(Chief Executive) Arif Habib Bank Ltd. M/S Hyder Bhimji & Co.
Mr. Haji Ghani Haji Usman(Director) National Bank of Pakistan.
Mr. Samad A. Habib(Director) MCB Bank Ltd.
Mr. Kashif A. Habib(Director) United Bank Ltd.
Mr. Shahid Ali Habib(Director)
Mr.Saleem Chamdia(Director)

Date of Annual General Meeting 25th October , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 23.30
Percentage Dividend rate : Highest Price in 2008 Rs. 30.35
Ordinary Shares (%) Lowest Price in 2008 Rs. 19.41
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 24.88
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Clinker M. Tons 360,000 346,537

519
 Zeal Pak Cement Factory Ltd.
7th Floor, PIC Tower, 32-A, Lalazar Drive, Molvi Tamizuddin Khan Road, Karachi.
Management Banker Auditor
Mr. Mazar Ali Jatoi(Chairman) Allied Bank Of Pakistan Ltd. M/s. Hamid Khan & Co.
Mr. Jehangir Akbar(Chief Executive) Bank of Punjab Ltd.
Mr. Muhammad Moosa(Director) MCB Bank Ltd
Mr. Mushtaq Ali Shah Bukhari(Director) National Bank of Pakistan.
Mr. Ashraf Ali Jatoi(Director) Prime Commercial Bank Ltd.
Mr. Nawab Ali Jatoi(Director) Meezan Bank Ltd.
Mr. Nawab Ahmed Khanzada(Director)

Date of Annual General Meeting 24th December , 2008 Face Value Rs. 10.00
Year Ending : 30th June , 2008 Market Price as on 30/06/2008 Rs. 2.74
Percentage Dividend rate : Highest Price in 2008 Rs. 6.95
Ordinary Shares (%) Lowest Price in 2008 Rs. 2.48
Ordinary Shares Bonus (%) Average Price in 2008 Rs. 4.51
Preference Shares(%) Investment Yield%

Production Desc Units Capacity Actual Production

Cement M.Tons 1,755,000 87,745
Bages No.s 15,000,000 1,103,775

520