.

Executive Summary

This report consists of my six weeks internship at Azgard9 Limited which is situated at Manga, Raiwind
Road, near Lahore. Azgard is consistently focusing on improving performance so that risks can
be left far behind. Azgard is a responsible entity which is highly committed to comply with the
corporate, envoi mental laws and to conduct their business with utmost honesty and sincerity. At Azgard it is
believed that development can only be achieved by equality and respect at work place. They have been doing it
for decades and there is no doubt they are reaping its benefits. The Companys management, combining
innovative strategies, aggressive marketing, creative synergy and visionary approach together with a lean
organizational structure capable of efficient response, succeeded in establishingAzgard9 as the largest Denim
Products Business in the country, with sales to the tune of Rs.6, 628,341,926.Azgard9 has been benefited
by the managements highly responsive approach, increasing its profits significantly since its
acquisition from the Government of Pakistan. 2008 posed to be challenging, primarily owing to
the high raw material prices, comparatively less productive workforce as compared to the major competing
countries, rising fuel prices resulting in higher domestic and International freight costs, and
probable rise in minimum wages, these factors are mitigated by Azgard9'sstronger business model within the
Division and the Company














Preface

In a rapidly changing educational environment, there is a need to pragmatic tasks as well as the
theoretical aspects of t he s t udy becaus e t he pr act i cal wor k i s cons i der ed an
indispensable with the theoretical study. So keepi ng t hi s es s ent i al Hai l ey Col l ege
f or ced t he s t u d e n t s t o w a r d s t h e i n t e r n s h i p t r a i n i n g a s t h e
f i n a l requirement of degree. S o I a l s o f u l f i l l e d t h i s r e q u i r e m e n t b y
w o r k i n g i n Azgard-9 as an internee. During training in this concern I
e n j o y e d m y s e l f a l o t b e c a u s e h e r e I k n o w h o w t h e
i ncr edi bl e wor k i s done pr act i cal l y i n bi g or gani z at i ons . I think by getting this
training all the students really become the real assets of the organizations where they will work
in future



Acknowledge


At first I am thankful to Almighty ALLAH and the Holy Prophet (P.B.U.H), their blessings have
been have with me in all good and bad times. Then Im grateful for the thorough support by my
advisor Prof. Tariq Hameed Alvi for helping me determine the objective of the report and
guiding me though to get to the end. He made me grateful with his valuable suggestions from
time to time during my internship. I must thank Mr. Saqib Hussain (Business Development
Manager) and Shah Bano ( Deputy Manager Marketing) for providing related information on
which this project is based. He has been a great support from the choice of the topic, learning of
different part of research and understanding the difference between theory andprac tices.I really
should thank every other employee of Azgard9, whom I found during different phases of my
internship. Most of them have been very open and friendly with me and provided me with the
answers I needed From them. They were the constant source of inspiration and encouragement
that helped in completion of my internship.





Azgard9 Limited

The Origins and the Inception
A place at the centre of the universe inhabited by the GODS

Azgard is represented and embodied by the LOGO we have created; the oval male form is
representative of the universe and the void or female portion in the centre, where THE GODS
RESIDE. The universe is cradling the void as if to protects well as nurture it as it is contained in
the centre of the WOMB of the universe in fetal position.

In the ancient legend AZGARD was one of nine worlds in NORSEMYTHOLOGY- it was
protected by HEIMDALL the son of nine different mothers each attributing him with a particular skill and
power- and thus he would protect Azgard from the powers that be.

The significance of nine for the members of Azgard

The significance of Nine for our company is not just based on this mythology but also connected
with the auspicious nature of this number throughout many different elements in and of the
world today that affect humans and their behavior. The number NINE is considered to be an auspicious
and important number in Indian, Chinese, Japanese, and Greek, cultures for various different
reasons.


In Chinese culture the number Nine represents Change and Transformation, as is the case
with Azgard Nine Limited, which is changing and transforming itself into a global entity with
new goals, aspirations, and targets. Nine is much of Ancient Greek Mythology also has
represented Gestation and Fulfillment of Creation as it does for us at Azgard Nine- The Fulfillment of
Creation for us being the forming of this global entity incepted by Nine members on the Ninth day of February
sowing the seeds for an auspicious and rewarding future.






































Table of content



M A N A G E M E N T O F
O R G A N I Z A T I O N 8
A C T I V I T I E S O F
O R G A N I Z A T I O N 1 8
W O R K D O N E B Y
M E 3 5
F I N A N C I A L
A N A L Y S I S 3 7
C O N C L U D I N G
R E M A R K S 8 3
D I L M M A S
8 4
R E C E M M O N D A T I O N S
. 8 6
C O N C L U S I O N
8 7
R E F E F E N C E S
8 9



























Introduction and history




THIS CHAPTER COVERS:
1 . M I S S I O N S T A T E M E N T O F T H E C O M P A N Y
2 . V I S I O N S T A T E M E N T O F T H E C O M P A N Y
3 . I N T R O D U C T I O N O F T H E A Z G A R D N I N E
4 . H I S T O R Y O F A Z G A R D N I N E
5 . H I S T O R Y I N A G R A P H












MISSION

TEXTILE & APPAREL

TO RETAIN A LEADERSHIP POSITION AS THE LARGEST VALUE ADDED DENIM PRODUCTS
COMPANY IN PAKISTAN

FERTILIZERS


TO BECOME A DIVERSIFIEDMANUFACTURER OF BOTH NITROGENOUS AND PHOSPHAIC
CONTRIBUTING TO THE DEVELOPMENT OF THE AGRICULTURE SECTOR IN PAKISTAN



VISION

TEXTILE & APPAREL

TO BECOME A MAJORGLOBAL FASHION APPARELCOMPANY

FERTILIZERS

TO BECOME A MAJOR REGIONAL DIVERSIFIED FERTILIZER COMPANY






AZGARD 9

In the ancient legend AZGARD was one of none worlds in Norse Mythology- it was protected by Heimdall
the son of nine different Mothers each attributing him with a particular skill and power and thus He would
protect Azgard from the powers that be. The significance of Nine for our company is not just based on this
Mythology but also connected with the auspicious nature of this number Throughout many different elements in
and out of the world today that Be an auspicious and important number in Indian, Chinese, Japanese and Greek
cultures for various different reasons. In Chinese culture the number Nine represents Change
and Transformation, as in the case with Azgard Nine which is changing and Transforming itself into an entity
with new goals, aspirations and targets. Nine in much of ancient Greek methodology also has represented
gestation And fulfillment of creation as it does for us at Azgard Nine. The fulfillment Of creation for us being the
forming of this global entity by nine member son the ninth day of February sowing the seeds for an auspicious and
rewarding future.


































HISTORY

The Azgard Nine Limited Group was started as a family business over four
generations ago. The Sheikh family, Now in its Forth generation, in one of the oldest
business families in the sub continent with experience in many different sectors and
having a proven track record of successful leadership in four continents. The gamily began
its first operations in 1886 in shamkot, inthe Asian sub continent. Although, now, A
Public company the family still remains behind the company in everyway, supporting
and nurturing its growth into the future and beyond. The current specialized yarn operation
was set up in 1972 with the open- end s pi nni ng and deni m weavi ng oper at i ons
f ol l owi ng i n 1995. The f i nal f r ont i er was t he gar ment s oper at i on, whi ch
cane i n t o bei ng i n 1997. The concept behind the groups textile ambitions was to be a
fully vertical apparel s ol ut i on pr ovi der bas ed i n a count r y t hat woul d be abl e
t o mai nt ai n i t s compet i t i ve advant age i n t hi s f i el d f or t he yar ds t o come
( Paki s t an i s t he f our t h l ar ges t deni m pr oducer i n t he wor l d wi t h an annual
pr oduct i on of 200,000,000 meters). This has now been achieved and Azgard in able to
offer these services as a single source supplier for all denim and specialized yarn
customers. The future is squeezing the brand customers toward a sourcing solution
that stems from as small a global map as will allow. We believe it is feasible, in order to not be
spread too thin, to consolidate a position in as few regions as pos s i bl e i n t he ques t of r
pr act i cal and economi cal gl obal s our ci ng Az gar d Ni ne l i mi t ed i s t hat
per f ect vehi cl e whi ch can accommodat e and achieve this position, therefore
realizing the vision that was incepted so many years ago by the guardians of the Azgard group
bring the resultant advantages to you the customer.


























Activities of the organization

THIS CHAPTER COVERS:
1 . GARME NTS DI VI S I ON
2. GARMENT DI VI SI ON PROCESS FLOW CHART
3. DENIM FABRIC DEVISION (COLLECTION OF FABRIC)
4. DENI M FABRI C PROCESS FLOW CHART
5. SPI NNI NG & SPECI ALI ZE YARN
6 . S P I N N I N G P R O C E S S
7. THE PROCESS OF RE- ENGI NEERI NG
8 . P R O J E C T S
9 . U T I L I T I E S
1 0 . S T R A T E G Y




































GARMENTS DI VI SI ON
The garments operation is the newest addition to complement the Azgard portfolio and thus
completes the fully vertical aspirations and visions of the group. The operation is manned by the
best team of specialists bought in from Italy the garment "Mecca" of the world.
The department of garment division started its production in 1996. They are fulfilling the initial minimum order
quantity 7000 pieces. But, now the total production of the garment division is per day 12000 pieces. The garment
operation is the newest addition to complement. The azgard-9portfolio and thus completes the fully vertical
aspirations and visions of the group.

Record production for one day is 22500 pieces on dated 16 th March 2007.

Achievement of stitching for the month of March 2007 is 329064 pieces.(Manga Site)

Achievement of stitching for the month of April 2007 is 301441 pieces.(Manga Site)














Garments Division Process Flowchart

CAD

Cutting

Stitching

Finishing

Washing


The human capital that created this operation was drawn from the "best of breed talent pools
across the globe in order to bridge the gap between the third and the first world nations. We have
gained our Laundry technology and expertise from Italy the creative leaders in garment washing,
our sales teams have been selected so they are regionally specific to wherever our customers are
located in the world; our machinery has been sourced from Switzerland, Italy, Japan, and the
USA. Architects and engineers have been commissioned from the United Kingdom to allow us
to compete with the "best of the best" globally.

DENIM DIVISION

The department of denim division started its production in 1995. And they are yearly produce
14.4 million meters of fabric. The primary focus and concentration of the denim division is to
produce value-added fashion forward advanced denim fabrics which are in line with the
marker leaders located around the world. But at a prose point that truly offers the best buy to our
customers. We are nominated to be the only supplier in Pakistan for some of the largest and most
prestigious customers from around the world.Azgard-9 has state of the art manufacturing
facilities employing rope dyeing and air jet weaving technology. Our total capacity will be 26
million linear meters by year send 2005.Azgard9 launches its denim fabric new collection Bi
Annually keeping in view the fashion needs and market trends. The last collection was focused
on the following parameters.1 . 1 0 0 % Or g a n i c Co t t o n . 2. A l ar ge r ange of New
Fi ni s hes wer e devel oped 3. New colors were added in the range in which the
worth mentioning are
I.
The Japanese Indigo a pure indigo Deep Blue shade.II.Grey Cast: A blend of black and
blue to give a peculiar grey blue tone.

4. Cont r ol l ed St r et ched f abr i cs

In denim, the fabric production is
per month = 2.4 million meters Per
annum = 28.8 million
meters Achieved looms efficiency 95% + which previously were around 90%.We have the
capacity to produce above approx100, 000 (hundred thousand) meters per day.
Introduced/developed & designed new weaves structures like Diamond,Herringbone, Reversible,
Basket, Met Weaves and Stripes. Also we will introduce light weight qualities from 4.5 oz to 8
oz (Cross Hatch & Fancy wear Denim).We are also planning to introduce a computerized
monitoring system, the (RTMS)Real Time Monitoring System. The software development is in
process. This systemic highly beneficial in order to increase the production and the efficiency of
the looms. Through this we can monitor the loom efficiency, loom production, weft and warp
breakages and the weaver's performance. After implementing this automated system, we can get
the production details FOR THE last 6 month OR 1year record of the loom's quality wise, beam
wise and lot wise through this system. Another system that we are planning to introduce is
AUTOMATED Supply Chain Management System (Production Planning Software). This system
will help us in having a complete update of the Fabric Shipment that will guide us that how much
fabric of the shipment is in stock and how much need to be produced. Also this will help us in
yarn stock, for example how much weft and warp yarn is required & also the chemicals stock
update. We have strictly implemented to wear Ear Plugs & Face Masks in the weaving sheds for
safety measures.






Denim Fabric Process Flow Chart
BALL

WRAPING

DYING

REBEAMING

WEAVING

FINISHINGFABRICSPINNING

INPUT




SPI NNI NG & SPECI ALI ZE YARN

The department of specialized yarn started its production in 1972. And they are yearly producing
67 million/ LBS per year. And the department of spinning division started its production in 1995,
its produce 400 bags per day. The company focus is on producing fashion oriented yarns
developed in close cooperation with our customers and our raw material suppliers so that we can
provide products, which are already in demand in the market place. The range includes both
Greige cotton and dyed cotton yarns, blended yarns and pure synthetic yarns we also offer
organic cotton yarns for those customers who demand it. We are cotton ASA certified and can
provide certificates upon request. Our open end yarns are used primarily in the denim sector.
They lend themselves perfectly for these applications and have achieved a very high degree of
brand loyalty in the markers in which they are sold. Technical data bout machinery and plant
equipment and capacities is available in the technical data section. Old Auto-clavemachine in
OE Spinning, Manga site has been re-started after installing new parts. This conditions yarns
more effectively in a much shorter time than conventional method. Weigh bridge installation for
convenience of the containers

























Spinning Process

Laboratory

Carding

Sensor

Separ at or

Steamer

Plucker



THE PROCESS OF RE-ENGI NEERI NG

The new finishing and packing area has a straight layout compared to the previous one, which is
directly concerned with the flow of work.the better ,smooth and defined the work flow is the
more efficiently one can produce specially when wear producing approximately 15000pcs/day
working in 2 shifts and intend to take it up to 35000/dayalso the space utilization is far
superior and better than the previous onekeeping in view our space shortages hindering
expansion, this can be said as an achievement in its own.
















STRATEGY





Az gar d9 i s good gr owi ng company i n t he wor l d, but now i t i s goi ng
downwar d because of some reasons.

Strengths:

Vertical Composite Unit


Multinational Company dealing with worldwide big brands (e.g.:H&M,Diesel)


Unique washing and dying


Two power supply units

Weaknesses:

Health and safety Environment problems

Manual cutting

Opportunities:

Company is going to launch a new local brand in 2009

TQM Implementation is one of its big opportunities.

Threats:

Competitors ( CBL, US Denim)

Political instability in Pakistan




Work done by me

It was pleasure for me to do work in multinational organization,

I was mai nl y ent r us t ed wi t h t he dut i es of t he ar ea of pur chas es and payables
in the finance department of weaving division of Azgard-9.1.Collect all the related
documents for the purchase of the yarn and store. And keep these documents in respective
files for the proper maintenance of record and for the subsequent audit of the area.
2.To book the invoices received for the yarn and store purchase into the Accounts
Payable module of Oracle. In this way, the ledgers of different suppliers are kept updated.
3. I was expos ed t o t he us e of Or acl e Appl i cat i ons Res pons i bi l i t y namely
Accounts Payable
.4.It helps to book the suppliers standard invoice. But at the sometime it holds all the
subsidiary ledgers of the suppliers along with their control account
.5.It helps to produce a number of standard and customized reports f or di f f er ent
pur pos es as r equi r ed by t he management .
Thi s reporting system in oracle is its very distinguished feature and is at the heart of the
Management Information System.
6. I l ear nt a number of SOPs or s t andar d oper at i ng pr ocedur es t hat ar e i n
pr act i ce at t he s t or e and go down of M/ s KML. Thes e include receipt of goods
through inward gate pass or IGP, entry of goods into oracle, printing of store receipt voucher,
store issuance to production or administration through store issue note or SIN, goods
returned to store through store return note or SRN, raising indents for new purchases through
Store Indents, etc.
7 . I l e a r n t a s t o h o w t h e o r a c l e v a l u e t h e s t o r e a t t h e p e r i o d - e n d
through weighted average method & gives its value through its standard report.




COMPANY ANALYSIS

Az gar d ni ne l i mi t ed f ul f i l l s al l i t s t ar get s of s uppl i es i n t he mar ket and
al s o expands its production with the needs of market. In these days company is in
its growth stage. Now the company has three production units including two units
for textile produce and one for Fertilizers. The growth in demand of garments in Asia,
India and Middle East, particularly supply deficit in Europe and USA has geared up export
opportunities for garment Industry of Pakistan. Supply deficit in Europe has resulted in
significant demand for Pakistani garment due to Europes geography.Europeans
import authority standards have approved Azgard nine for import to Europe. This
demand will also be supported by closing down of some garment unitsin Europe due to their
strict laws governing pollution control and other environment hazards. Being one of the big
garment units of Pakistan and due to its high qualityAzgard Nine is the prime of
choice of the International buyers all over the world. Az gar d Ni ne i s commi t t ed
t o pr ovi de hi gh qual i t y gar ment t o i t s i nt er nat i onal customers and is being
exported to Germany, India, Middle East, Europe and Africa.Azgard Nine conveniently meets all
the International standards including American,British, Indian and European standards. Azgard
Nine is an ISO 9001-2000 and ISO1 4 0 0 1 - 2 0 0 4 c e r t i f i e d c o mp a n y a n d f o l l o ws
a l l r u l e s a n d r e g u l a t i o n s o f t h e government. Companys social performance
is also good. It has good cooperation with community and the environment. It is
only one company of Pakistan that has install water filtration plant in its production units in
MANGA MANDI. Company has a good relation with their workers and also trying for their
welfare.






Dilemmas


As we know that energy is key factor for any production unit, a n d i n P a k i s t a n t h e r e i s
l a c k o f e n e r g y . T h i s i s t h e ma i n c a u s e o f l e s s production in the country;
Azgard9 is also facing such type of issues that are under consideration of the
committee.Government of Pakistan is increasing the rate of taxes and duties, which is main
reason for low imported raw material. The all representatives of the whole textile sector
in the country, taking serious notice of the prevaili ng energy crisis, stated that as a
consequence of load shedding the textile production capacity of various sub-sectors
has- b e e n r e d u c e d
b y u p t o 3 0 p e r
c e n t . The representatives of the all textile associations
presented their serious concerns on the huge losses being incurred due to electricity load
shedding a n d t h e s t r i d e n t r i s e i n
t h e E l e c t r i c i t y t a r i f f . They said that the
industry has already been crippled due to unprecedented l o a d
s h e d d i n g d u r i n g
w i n t e r m o n t h s . The joint meeting of All
Pakistan Textile Mills Association (APTMA), Pakistan Textile Exporters Association
(PTEA), All Pakistan Textile Processing Mills A s s o c i a t i o n ( A P T P MA ) ,
P a k i s t a n C o t t o n P o w e r L o o m s A s s o c i a t i o n (PCPLA), All Pakistan
Textiles Sizing Indust ries Association (APSIA), and C o u n c i l o f L o o m
O w n e r s F a i s a l a b a d , w a s h e l d a t A P T MA H o u s e t o f or mul at e a
j oi nt s t r at egy t o addr es s t he al ar mi ng el ect r i ci t y cr i s i s bei ng
f a c e d b y t h e
t e x t i l e i n d u s t r y .
The meet i ng chai r ed by J avai d Shaf i q Si ddi qi , Act i ng Chai r man
APTMA, w a s l a r g e l y p a r t i c i p a t e d b y t h e r e p r e s e n t a t i v e s o f
T e x t i l e I n d u s t r y Associations and related segments including Hosiery, Shuttle less
looms etc.


The meet i ng unani mous l y deci ded t o cons t i t ut e a j oi nt wor ki ng gr oup
of electricity management for the textile industry in the larger interests of the value
chain of the textile industry The joint working group will meet shortly to chalk out a
detailed plan to pursue the following goals; immediate total exemption from
Electricity load shedding for the textile industry value chain; Rationalization and reduction
of electricity tariff and immediate withdrawal of all pending determinations
of NEPRA for all DISCOs for the textile industry.





Recommendations
There is a need of strong communication within each department and between the departments.

Locate all the sub-departments of HR at same place. It will help to increase coordination between
departments.

There should be separate uniform for workers of each department within specific business unit.

Attendance procedure should be more appropriate. Finger prints should be taken from the employees.

Internees should be free to visit all departments.

There should be proper equipment provided to employees and workers to prevent noise pollution and
dusty areas. The workers should be strictly bound to use these equipments.

Stipend should be given to internees.

There should be separate equipment for Training room.


There should be separate cafeteria for female employees.

There should be proper mosque for employees.

Conclusion

The textile & apparel sector is amongst the largest and most significant in Pakistans
economy, accounting for over 60% of total merchandise exports and pr ovi di ng
empl oyment t o 38% of l ar ge s cal e manuf act ur i ng s ect or workforce. There is
an abundant supply of local raw material as Pakistan is the 4th
l ar ges t pr oducer i n t he wor l d. Ther e i s al s o an abundance of l ocal
l abor a v a i l a b l e a t a c o mp e t i t i v e c o s t wh e n b e n c h ma r k e d a g a i n s t
r e g i o n a l competitors. Against this backdrop the industry remains largel y
fragmented with fewlarge scale integrated players. Worldwide denim production capacity is
over 6 billion linear meters. Denim is the worlds largest cotton textile product with estimated
per annum global sales of 4 billion units.Azgard Nine is Pakistans largest denim products
business by sales with fully vertically integrated Manufacturing chain. From cotton to
retail ready a p p a r e l p r o d u c t s . I n h o u s e c a p a b i l i t y f o r s p i n n i n g .
We a v i n g , De s i g n , f i n i s h i n g a n d s t i t c h i n g e n a b l e s c o n t r o l o v e r t h e
e n t i r e v a l u e c h a i n a n d provides a significant competitive advantage in
facilitating faster speed to market and control over product quality. With Longstanding
relationship with global retailers and brands, and inability to rapidly build up
manufacturing capacity, Azgard nine is well poised to cater to an expected increase in global
demand for denim products.

The year 2008 proved very challenging due to a globally recessionary climate
affecting all facets of the business. While the business remained under pressure,
Azgard Nine was able to protect its value added services to its products portfolio. The key focus
remained on meeting and indeed finding ways to exceed customer expectations. I n addi t i on
t o Az gar d Ni ne s ver t i cal manuf act ur i ng capabi l i t i es whi ch we r e a l r e a d y
p r o v i d i n g c u s t o me r s s o l u t i o n c o n c e p t s wa s a d d e d . T h e company now
offers the client a choice of full product development, product des i gn and a compl et e
l ogi s t i cs s ol ut i on. Tr adi t i onal l y t he cus t omer has -been sourcing supply of the
product only. Now the client has the option to source a full supply chain solution
directly from the Company. This value enhancement helped Azgard Nine to grow
with its existing customers and add new customers as well during a difficult period. Urea
industry in 2008 remained structurally short despite a 5% increase i n p r o d u c t i o n
o v e r 2 0 0 7 ( r e a c h i n g 4 . 9 8 Mi l l i o n T o me s ) . La t e a r r i v a l o f i mpor t s
f ur t her compounded t he s hor t age acr os s al l t he pr ovi nces . Tot al i m p o r t s
b y t h e T r a d i n g C o r p o r a t i o n o f P a k i s t a n ( T C P ) d u r i n g
2 0 0 8 aggr egat ed 450000 t ons . The s hor t age was managed by col l abor at i on
bet ween t he f eder al & pr ovi nci al Gover nment s and Fer t i l i zer i ndus t r y by
systematically rationing the available stocks. The government of Pakistan, in an ef f or t t o
count er s hor t ages ut i l i zed t he net wor k of nat i onal f er t i l i z er marketing limited
(NFML) & Utility Stores Corporation of Pakistan for selling50% of local production during
Nov-Dec 2008. Pak American fertilizers ltd. p l a y e d a n a c t i v e r o l e i n
c o o r d i n a t i o n w i t h t h e r e l e v a n t G o v e r n m e n t departments to ensure
availability of fertilizer in various districts of Punjab and NWFP.


I ndus t r y Ur ea s al es i n 2008 s aw an i ncr eas e of 11% over 2007 and reached
5.5 million tons. This increase is attributed to demand switch by farmers from
phosphates to urea due to the unprecedented price increase of phosphate in the international
market. T h e f e r t i l i z e r i n d u s t r y s u p p o r t e d t h e f a r me r s i n p a s s i n g o n
v a r i o u s s ubs i di es r ecei ved. The f er t i l i z er i ndus t r y al s o cont r i but ed an
addi t i onal subsidy of Rs. 20.7 billion given by the Government of Pakistan (GOP)
in shape of lower gas prices to the fertilizer industry in 2008. The GOP also
pr ovi ded addi t i onal s ubs i dy of Rs . 14. 5 Bi l l i on on account of s ubs i dy on
import urea. Thus local Urea prices during 2008 averaged US$ 165.7 per tom,
significantly lower than the average international urea price of US$ 550per ton in 2008




References
http://www.azgard9.com/html/financial-information.htm

http://www.azgard9.com/html/Security-Analyst.htm

http://www.azgard9.com/html/financial-info/2008/Security%20Analys_g%20

http://www.js.com/pakistan-financial-news-latest_75.asp

http://www.pacra.com

http://www.google.com

http://www.wikkipedia.com

http://www.brecorder.com.pk/index.php?currMIndex=16&currPageNo=1

http://www.yahoo.com