BALANCE SHEET AS AT MARCH 31, 2009 Schedule SOURCES OF FUNDS SHAREHOLDERS' FUNDS Capital Reserves and Surplus LOAN

FUNDS Secured Loans Unsecured Loans DEFERRED TAX (Note 19 on Schedule 23) Deferred Tax Liabilities Deferred Tax Assets Total APPLICATION OF FUNDS FIXED ASSETS FIXED ASSETS Gross Block Less: Depreciation 5 87,206 (46,498) 40,708 Capital Work-In-Progress INVESTMENTS CURRENT ASSETS, LOANS AND ADVANCES Inventories Sundry Debtors Cash and Bank Balances Other Current Assets Loans and Advances 8 9 10 11 12 9,023 9,189 19,390 981 16,328 54,911 LESS: CURRENT LIABILITIES AND PROVISIONS Current Liabilities Provisions 13 14 30,169 3,807 33,976 Net Current Assets Total SIGNIFICANT ACCOUNTING POLICIES NOTES TO ACCOUNTS 22 23 20,935 101,989 24,562 3,695 28,257 2,722 94,857 10,380 6,555 3,305 331 10,408 30,979 6 7 8,613 49,321 31,733 72,853 (39,888) 32,965 7,363 40,328 51,807 2,340 (789) 1,551 101,989 2,697 (996) 1,701 94,857 3 4 1 6,988 6,989 1 9,001 9,002 1 2 1,445 92,004 93,449 1,445 82,709 84,154 As at 31.03.09 (Rs. in Million) As at 31.03.08

LIQUIDITY RATIOS
1 Current Ratio= Current assests, Loans and Advances Current Liabilities and Provision Current assests, Loans and Advances - Inventories Current Liabilities and Provision - Bank Overdraft Absolute Liquid Assets Current Liabilities

Quick Liquid Ratio=

Absolute Liquid Ratio=

LEVERAGE RATIO
4 Debt Equity Ratio = Debt Equity

Net Worth Ratio=

Shareholders Net Worth Total Assets

TURNOVER RATIO
6 Inventory Turnover Ratio= Cost of Goods sold Average Inventory

Debtor Turnover Ratio=

Credit Sales Average Debtors

Bad Debts to Sales Ratio=

Bad Debts Sales

Creditors Turnover Ratio=

Net Credit Purchases Average Creditors

PROFITABILITY RATIO
10 Gross Profit Margin= Gross Profit X 100

10

Gross Profit Margin= Sales

11

Net Profit Margin=

Net profit before Interest and Tax X 100 Sales Expenses X 100 Net Sales

12

Expense Ratio=

13

Interest Cover=

Profit before Interest, Depriciation and Tax Interest

14

Debt Service Coverage Ratio=

Profit after Tax + Depriciation + Interest on Loan Interest on Loan + Loan Repayment in a Year

15

Return on Total Assets=

Net Profit after Tax X 100 Total Assets

16

Return on Equity =

Profit after Tax X Net Sales X Total Assets Net sales X Total Assets X Net worth

17

Operating Ratios=

Cost of Goods sold + Operating expenses Net Sales

MARKET BASED RATIO

18 Earning per Share(EPS)= Net profit after Tax and Preference Dividend No. of Equity Shares

Ratios Of the Year 2008-2009 1.62

Ratios Of the Year 2009-2010 1.06

1.35

0.72

0.64

0.03

0.98

1.35

19.73

17.49

22.16

35.76

0.02

0.02

0.17

0.20

0.22

0.11

5.28

7.85

92.15

89.41

47.71

132.87

38.75

100.18

8.96

15.27

0.13

0.21

1.86

1.81

42.18

86.45

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2009 Schedule INCOME Gross Sales less: Excise Duty Net Sales Income from Services [Net of expenses Rs 153 million (Previous year Rs 208 million)] Other Income Total EXPENDITURE Consumption of Raw Materials and Components (Note 4,14 and 17 on Schedule 23) Purchase of Traded Goods Consumption of Stores "Employees Remuneration and Benefits (Note 8 and 24 on Schedule 23)" Manufacturing, Administrative and Other Expenses Selling and Distribution Expenses Total Less: Vehicles/ Dies for Own Use Add : (Increase) /Decrease in Work-in-Progress and Finished Goods and Spare Parts Total Earnings before Interest, Depreciation, Tax and Amortizations (EBIDTA) Interest Depreciation Profit before Tax Less : Tax Expense - Current Tax Deferred Tax (Note 19 on Schedule 23) Fringe Benefit Tax Previous Years Profit after Tax Add: Brought forward from previous year's account Profit available for appropriation Less: Appropriation : General Reserve Proposed Dividend Corporate Dividend Tax Balance carried forward to Balance Sheet Basic/Diluted Earnings Per Share (in Rupees) (Note 18 on Schedule 23) SIGNIFICANT ACCOUNTING POLICIES NOTES TO ACCOUNTS 15 For the year ended 31.03.09 230,852 27,269 203,583 970 9,985 214,538 150,598 7,256 1,978 17 18 19 4,711 15,685 7,382 187,610 223 2,818 190,205 24,333 510 7,065 7,575 16,758 4,592 (118) 97 12,187 70,257 82,444 1,219 1,011 172 80,042 42.18 22 23

(Rs. in Million) For the year ended 31.03.08 209,493 30,890 178,603 759 8,371 187,733 130,342 7,771 1,470 3,562 10,793 5,602 159,540 198 (2,917) 156,425 31,308 596 5,682 6,278 25,030 7,509 26 98 89 17,308 56,373 73,681 1,731 1,445 248 70,257 59.91

16

21

20 5

BALANCE SHEET AS AT MARCH 31, 2010 Schedule SOURCES OF FUNDS SHAREHOLDERS' FUNDS Capital Reserves and Surplus LOAN FUNDS Secured Loans Unsecured Loans DEFERRED TAX (Note 19 on Schedule 23) Deferred Tax Liabilities Deferred Tax Assets Total APPLICATION OF FUNDS FIXED ASSETS FIXED ASSETS Gross Block Less: Depreciation 5 104,067 (53,820) 50,247 Capital Work-In-Progress INVESTMENTS CURRENT ASSETS, LOANS AND ADVANCES Inventories Sundry Debtors Cash and Bank Balances Other Current Assets Loans and Advances 8 9 10 11 12 12,088 8,099 982 848 15,707 37,724 LESS: CURRENT LIABILITIES AND PROVISIONS Current Liabilities Provisions 13 14 29,394 6,284 35,678 Net Current Assets Total SIGNIFICANT ACCOUNTING POLICIES NOTES TO ACCOUNTS 22 23 2,046 127,935 30,169 3,807 33,976 20,935 101,989 9,023 9,189 19,390 981 16,328 54,911 6 7 3,876 54,123 71,766 87,206 (46,498) 40,708 8,613 49,321 31,733 2,206 (836) 1,370 127,935 2,340 (789) 1,551 101,989 3 4 265 7,949 8,214 1 6,988 6,989 1 2 1,445 116,906 118,351 1,445 92,004 93,449 As at 31.03.10 (Rs. in Million) As at 31.03.09

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2010 Schedule INCOME Gross Sales less: Excise Duty Net Sales Income from Services [Net of expenses Rs 153 million (Previous year Rs 208 million)] Other Income Total EXPENDITURE Consumption of Raw Materials and Components (Note 4,14 and 17 on Schedule 23) Purchase of Traded Goods Consumption of Stores "Employees Remuneration and Benefits (Note 8 and 24 on Schedule 23)" Manufacturing, Administrative and Other Expenses Selling and Distribution Expenses Total Less: Vehicles/ Dies for Own Use Add : (Increase) /Decrease in Work-in-Progress and Finished Goods and Spare Parts Total Earnings before Interest, Depreciation, Tax and Amortizations (EBIDTA) Interest Depreciation Profit before Tax Less : Tax Expense - Current Tax Deferred Tax (Note 19 on Schedule 23) Fringe Benefit Tax Previous Year Profit after Tax Add: Brought forward from previous year's account Profit available for appropriation Less: Appropriation : General Reserve Proposed Dividend Corporate Dividend Tax Balance carried forward to Balance Sheet Basic/Diluted Earnings Per Share (in Rupees) (Note 18 on Schedule 23) SIGNIFICANT ACCOUNTING POLICIES NOTES TO ACCOUNTS 15 For the year ended 31.03.10 318,073 28,488 289,585 1,404 10,209 301,198 214,881 9,050 2,432 17 18 19 5,456 17,938 9,160 258,917 296 (1,933) 256,688 44,510 335 8,250 8,585 35,925 11,230 (281)

(Rs. in Million) For the year ended 31.03.09 230,852 27,269 203,583 970 9,985 214,538 150,598 7,256 1,978 4,711 15,685 7,382 187,610 223 2,818 190,205 24,333 510 7,065 7,575 16,758 4,592 (118) 97 12,187 70,257 82,444 1,219 1,011 172 80,042 42.18

16

21

20 5

24,976 80,042 105,018 2,498 1,733 288 100,499 86.45 22 23

Jun '11 Sales Turnover Other Income Total Income Total Expenses Operating Profit Profit On Sale Of Assets Profit On Sale Of Investments Gain/Loss On Foreign Exchange VRS Adjustment Other Extraordinary Income/Expenses Total Extraordinary Income/Expenses Tax On Extraordinary Items Net Extra Ordinary Income/Expenses Gross Profit Interest PBDT Depreciation Depreciation On Revaluation Of Assets PBT Tax Net Profit Prior Years Income/Expenses Depreciation for Previous Years Written Back/ Provided Dividend Dividend Tax Dividend (%) Earnings Per Share Book Value Equity Reserves Face Value 8,529.30 180.07 8,709.37 7,714.90 814.4 --------994.47 5.75 988.72 242.47 -746.25 197.02 549.23 -----19.01 -144.46 -5

Mar '11 9,905.85 119.87 10,025.72 8,701.55 1,204.30 --------1,324.17 6.35 1,123.24 296.67 -826.57 166.71 659.86 -----22.84 -144.46 -5

COMMON SIZE INCOME STATEMENT Schedule SOURCES OF FUNDS SHAREHOLDERS' FUNDS Capital Reserves and Surplus LOAN FUNDS Secured Loans Unsecured Loans DEFERRED TAX (Note 19 on Schedule 23) Deferred Tax Liabilities Deferred Tax Assets Total APPLICATION OF FUNDS FIXED ASSETS FIXED ASSETS Gross Block Less: Depreciation Capital Work-In-Progress INVESTMENTS CURRENT ASSETS, LOANS AND ADVANCES Inventories Sundry Debtors Cash and Bank Balances Other Current Assets Loans and Advances LESS: CURRENT LIABILITIES AND PROVISIONS Current Liabilities Provisions Net Current Assets Total As at 31.03.08

1 2 3 4

1.52 87.19 0.00 9.49 2.84 (1.05)

88.72

9.49

1.79 100.00

5 76.80 (42.05) 34.75 7.76

6 7 8 9 10 11 12

42.51 54.62

10.94 6.91 3.48 0.35 10.97 32.66 25.89 3.90 29.79 2.87 100.00

13 14

As at 31.03.09

As at 31.03.10

1.42 90.21 0.00 6.85 2.29 (0.77) 85.51 (45.59) 39.91 8.45

91.63 6.85 1.52 100.00

1.13 91.38 0.21 6.21 1.72 (0.65)

92.51

6.42

1.07 100.00

48.36 31.11

81.34 (42.07) 39.28 3.03

42.31 56.10

8.85 9.01 19.01 0.96 16.01 53.84 29.58 3.73 33.31 -

9.45 6.33 0.77 0.66 12.28 29.49 22.98 4.91 27.89 20.53 100.00 1.60 100.00