Al-Asif Sugar Mills Ltd.

A.Capital Structure:
1.Ordinary Share Capital
2.Surplus
3.Shareholder's Equity (A1+A2)
4.Prefrence Shares
5.Debentures
6.Other Fixed Laibilities
7.Total Fixed Laibilities (A4+A5+A6)
8.Total Capital Employed (A3+A7)
B.Liquidity:
1.Liquid Assets:
(i)Cash
(ii)Investments
2.Other Current Assets
3.Inventories
4.Current Assets (B1+B2+B3)
5.Current Liabilities
6.Total Liabilities(A7+B5)
7.Net Current Assets(B4-B5)
8.Contractual Liabilities
9.Net liquid assets (B1-B5)
C.Fixed Assets:
1.Fixed Asset At Cost
2.Fixed assets after deducting accumulated depreciation
3.Depreciation for the year
4.Total assets (B4+C2)
D.Operation:
1.Gross sales
(i)Local sales
(ii)Export sales
2.Cost of Sales
3.Gross profit
4.Overhead and Other Expenses
5.Operating profit
6.Financial expenses
7.Net profit before tax (D5-D6)
8.Tax provision
9.Total amount of dividend
10.Total value of bonus shares issued
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)
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)
2.Depreciation for the year plus changes in capital employed (C3+E1)
G.Operating Financial & Investment Ratios:
1.Gearing ratio (A7 as % of A8)
2.Current ratio (B4 as % of B5)
3.Acid test or Quick ratio (B4-B3 as % B5)
4.Debt equity ratio (B6 as % of A3)
5.Return on assets (D7 as % of C4)
6.Self financing ratio (E2 as % of E1)
7.Cash flow ratio F1 as % of F2
8.Shareholders equity as % of ordinary share capital (A3 as % of A1)
9.Overhead and other expenses as % of gross sales (D4 as % D1)
10.Financial expenses as % of operating profit (D6 as % of D5)
11.Financial expense as % of gross sales (D6 as % of D1)
12.Financial expenses as % of contractual liabilities (D6 as % B8)
13.Tax provision as % of net pre-tax profit (D8 as % of D7)
14.Sundry debtors as % of gross sales
15.Return on Equity (D7 as % of A3)
H.Key Performance Indicators:
1.Dividend cover ratio [(D7 - D8) as % of D9]
2.Dividend ratio to equity (D9 as % of A3)
3.Net profit margin (D7 as % of D1)
4.Earning per share before tax (D7/No. of ordinary shares)
5.Earning per share after tax [(D7-D8)/No. of ordinary shares]
6.Average annual % depreciation on written down fixed assets
7.Sales as % of total assets (D1 as % of C4)
8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS)
9.Sales growth (current year's 'sales - last year's sales / last year's sales)
10.Break-up value of ordinary shares (in rupees)
 2004 2005 2006 2007 2008

146.7 146.7 146.7 146.7 146.7

-813.5 -816.3 -842.4 -866.5 -725.7
-666.8 -669.6 -695.7 -719.8 -579
0 0 0 0 0
18.7 0 0 0 0
741.3 109.7 0 0 0
760 109.7 0 0 0
93.2 -559.9 -695.7 -719.8 -579

1.5 0.1 3 0.8 11.2

1.5 0.1 3 0.8 11.2
0 0 0 0 0
69.7 154.3 113.5 73.9 79.9
1.7 0 0 0 0
72.9 154.4 116.5 74.7 91.1
345.7 1110.5 1205.4 1179 1065.4
1105.7 1220.2 1205.4 1179 1065.4
-272.8 -956.1 -1088.9 -1104.3 -974.3
851.9 179.9 0 3 0
-344.2 -1110.4 -1202.4 -1178.2 -1054.2

705 756.1 774 785.2 815.7

365.9 396.1 393.2 384.4 395.3
22.8 21.4 20.9 19.9 20.5
438.8 550.5 509.7 459.1 486.4

323.9 75.4 106.8 123.6 198.9

323.9 75.4 106.8 123.6 198.9
0 0 0 0 0
360.7 105.2 132.7 141.8 156.7
-36.8 -29.8 -25.9 -18.2 42.2
384.7 134.9 142.4 149.6 175.6
55 -10.1 -33.1 -26 152.5
0.3 0.1 0.1 0.1 13.9
54.7 -10.2 -33.2 -26.1 138.6
1.4 0.3 0.5 0.5 0
0 0 0 0 0
0 0 0 0 0

698.3 -653.1 -135.8 -24.1 140.8

53.3 -10.5 -33.7 -26.6 138.6
645 -642.6 -102.1 2.5 2.2
 76.1 10.9 -12.8 -6.7 159.1
721.1 -631.7 -114.9 -4.2 161.3

815.5 0 0 0
21.1 13.9 9.7 6.3 8.6
20.6 13.9 9.7 6.3 8.6
0 0 0
12.5 -1.9 -6.5 -5.7 28.5
7.6 24.8 110.4 98.4
10.6 11.1 159.5 98.6
-454.5 -456.4 -474.2 -490.7 -394.7
118.8 178.9 133.3 121 88.3
0.5 -0.3 -0.4 9.1
0.1 0.1 0.1 0.1 7
0 0.1 0 3.3 0
2.6 -1.5 -1.9 0
0 0 0 0 0
0 0 0

0 0 0
0 0 0
16.9 -13.5 -31.1 -21.1 69.7
3.7 -0.7 -2.3 -1.8 9.4
3.6 -0.7 -2.3 -1.8 9.4
6 5.8 5.3 5.1 5.3
73.8 13.7 21 26.9 40.9
year EPS) -237 -118.9 228.6 -21.7 -622.2
-30.7 -76.7 41.6 15.7 60.9
-45.5 -45.6 -47.4 -49.1 -39.5
 AL-ASIF SUGAR MILLS LTD
BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2004 TO 2008

SHARE CAPITAL AND RESERVES

Ordinary Share Capital
Surplus and reserves
Total Shareholder's Equity
NON CURRENT LIABILITIES
Prefrence Shares
Debentures
Other Fixed Laibilities
TOTAL NON CURRENT LIABILITIES
CURRENT LIABILITIES
Current Liabilities
Total Liabilities
TOTAL EQUITY AND LIABILITIES
CURRENT ASSETS
Cash
Investments
Other Current Assets
Inventories
TOTAL CURRENT ASSETS
Fixed Assets:
Fixed Asset At Cost
Fixed assets after deducting accumulated depreciation
Depreciation for the year
TOTAL ASSETS

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED DECEMBER 31, 2004 TO 2008

Gross sales
(i)Local sales
(ii)Export sales
Cost of Sales
Gross profit
Overhead and Other Expenses
Operating profit
Financial expenses
Net profit before tax
Tax provision
Net profit after tax
Total amount of dividend
Total value of bonus shares issued
Retain Earnings
 amount in million rupees
2004 2005 2006 2007 2008

100 100 100 100 100

100 100.34 103.2 102.86 83.75
100 100.42 103.9 103.46 80.44

0 0 0 0 0
100 0 0 0 0
100 14.8 0 0 0
100 14.43 0 0 0

100 321.23 108.55 97.81 90.36

100 110.36 98.79 97.81 90.36
100 125.45 92.57 90.09 105.92

100 6.67
0 0 0 0 0
100 221.38
100 0 0 0 0
100 350.48 113.89 101.41 88.23

100 107.25 102.37 101.45 103.88

100 108.25 99.27 97.76 102.84
100 93.86 97.66 95.22 103.02
100 125.46 92.59 90.07 105.95

amount in million rupees

2004 2005 2006 2007 2008
100 23.28 141.64 115.73 160.92
100 23.28
0 0 0 0 0
100 29.17
100 80.98
100 35.07
100 -18.36
100 33.33
100 -18.65
100 21.43
100 -19.7
0
 0
100 -19.7
 AL-ASIF SUGAR MILLS LTD
BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2004 TO 2008
amo
2004
SHARE CAPITAL AND RESERVES
Ordinary Share Capital as %of Total Asset 33.43
Surplus and reserves as %of Total Asset -185.39
Total Shareholder's Equity as %of Total Asset -151.96
NON CURRENT LIABILITIES
Prefrence Shares as %of Total Asset 0
Debentures as %of Total Asset 4.26
Other Fixed Laibilities as %of Total Asset 168.94
TOTAL NON CURRENT LIABILITIES as %of Total Asset 173.2
CURRENT LIABILITIES
Current Liabilities as %of Total Asset 78.78
Total Liabilities as %of Total Asset 251.98
TOTAL EQUITY AND LIABILITIES 100.02
CURRENT ASSETS
Cash as %of Total Asset 0.34
Investments as %of Total Asset 0
Other Current Assets as %of Total Asset 15.88
Inventories as %of Total Asset 0.39
TOTAL CURRENT ASSETS as %of Total Asset -62.17
Fixed Assets:
Fixed Asset At Cost as %of Total Asset 160.67
Fixed assets after deducting accumulated depreciation as %of Total Asset 83.39
Depreciation for the year as %of Total Asset 5.2
TOTAL ASSETS as %of Total Assets 100

AL-ASIF SUGAR MILLS LTD

INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2004 TO 2008
2004
(Amounts in Millon Rupees)
Gross sales as %of Total Sale 100
(i)Local sales as %of Total Sale 100
(ii)Export sales as %of Total Sale 0
Cost of Sales as %of Total Sale 111.36
Gross profit as %of Total Sale -11.36
Overhead and Other Expenses as %of Total Sale 118.77
Operating profit as %of Total Sale 16.98
Financial expenses as %of Total Sale 0.09
Net profit before tax as %of Total Sale 16.89
Tax provision as %of Total Sale 0.43
Net profit after tax as %of Total Sale 16.46
Total amount of dividend as %of Total Sale 0
Total value of bonus shares issued as %of Total Sale 0
Retain Earnings as %of Total Sale 16.46
 amount in million rupees
2005 2006 2007 2008

26.65 28.78 31.95 30.16

-148.28 -165.27 -188.74 -149.2
-121.63 -136.49 -156.79 -119.04

0 0 0 0
0 0 0 0
19.93 0 0 0
19.93 0 0 0

201.73 236.49 256.81 219.04

221.65 236.49 256.81 219.04
100.02 100 100.02 100

0.02 0.59 0.17 2.3

0 0 0 0
28.03 22.27 16.1 16.43
0 0 0 0
-173.68 -213.64 -240.54 -200.31

137.35 151.85 171.03 167.7

71.95 77.14 83.73 81.27
3.89 4.1 4.33 4.21
100 100 100 100

2005 2006 2007 2008

100 100 100 100

100 100 100 100
0 0 0 0
139.52 124.25 114.72 78.78
-39.52 -24.25 -14.72 21.22
178.91 133.33 121.04 88.29
-13.4 -30.99 -21.04 76.67
0.13 0.09 0.08 6.99
-13.53 -31.09 -21.12 69.68
0.4 0.47 0.4 0
-13.93 -31.55 -21.52 69.68
0 0 0 0
0 0 0 0
-13.93 -31.55 -21.52 69.68
 AL-ASIF SUGAR MILLS LTD
RATIO ANALYSIS
FOR THE YEAR ENDED DECEMBER 31, 2004 TO 2008

LIQUIDITY RATIOS
Gearing Ratio
current ratio
quick ratio
LEVERAGE RATIOS
debt-to- Total-Assets ratio
debt-to- Total-Equity ratio
times-interest-earned ratio
ACTIVITY RATIOS
inventory turnover
Inventory holding period in days
fixed assets turnover
total assets turnover
PROFITABILITY RATIOS
gross profit margin
operating profit margin
Return on Equity
net profit margin
return on total assets
GROWTH RATIOS
Dividend cover ratio
Dividend ratio to equity
Earning per share before tax
Earning per share after tax
Average annual % depreciation on written down fixed assets
Sales as % of total assets
Earning per share before tax growth (current year EPS - last year EPS/ last year EPS)
Sales growth (current year's 'sales - last year's sales / last year's sales)

Profitability ratios
100

80

60
gross profit margin
40 operating profit
margin
Return on Equity
20
net profit margin
return on total assets
0
60
gross profit margin
40 operating profit
margin
Return on Equity
20
net profit margin
return on total assets
0

-20

-40

-60
2004 2005 2006 2007 200

Grow
300

200

100

-100

-200

-300

-400

-500

-600

-700
2004 2005
 L
2004 2005 2006 2007 2008 25

8.2 0 0 0 0
20
21.1 13.9 9.7 6.3 8.6
20.6 13.9 9.7 6.3 8.6

15
251.98 221.65 236.49 256.81 219.04
0 0 0 0 0
183.33 -101 -331 -260 10.97
10

212.18 0 0 0 0
1.72 0 0 0 0 5
0.46 0.1 0.14 0.16 0.24
0.74 0.14 0.21 0.27 0.41
0
-11.36 -39.52 -24.25 -14.72 21.22 2004 2005
16.98 -13.4 -30.99 -21.04 76.67
-0.08 0.02 0.05 0.04 -0.24 Le
16.9 -13.5 -31.1 -21.1 69.7 300
0.12 -0.02 -0.07 -0.06 0.28
200
0 0 0 0 0
0 0 0 0 0 100
3.7 -0.7 -2.3 -1.8 9.4
de
3.6 -0.7 -2.3 -1.8 9.4 0 rat
6 5.8 5.3 5.1 5.3
73.8 13.7 21 26.9 40.9 -100
-237 -118.9 228.6 -21.7 -622.2
-30.7 -76.7 41.6 15.7 60.9
-200

-300

-400
2004 2005

profit margin
A
ating profit 250
in
n on Equity
rofit margin 200
n on total assets
 profit margin
A
ating profit 250
in
n on Equity
rofit margin 200
n on total assets

150

100

2008 50

0
2004 2005

Growth ratios

Dividend cover ratio

Dividend ratio to equity
Earning per share before tax
Earning per share after tax
Average annual % depreciation on written
down fixed assets
Sales as % of total assets
Earning per share before tax growth
(current year EPS - last year EPS/ last year
EPS)
Sales growth (current year's 'sales - last
year's sales / last year's sales)

2006 2007
 Liquidity ratios

Gearing Ratio
current ratio
quick ratio

2005 2006 2007 2008

Leverage ratios

debt-to- Total-Assets debt-to- Total-Equity times-interest-earned

ratio ratio ratio

2005 2006 2007 2008

Activity ratios

inventory turnover
Inventory holding
period in days
fixed assets turnover
 Activity ratios

inventory turnover
Inventory holding
period in days
fixed assets turnover
total assets turnover

2005 2006 2007 2008

n written

wth
ast year

s - last

2008