Balance Sheet

2010

2009

2008

476063
4945239
29029574
806022
12150099
0
766453
470829
0
1189424

396,718
4,696,625
19,114,219
398,787
1,199,470
0
575,000
220,548
0
1,127,644

317375
4730278
12415794
281,777
26,996
0
407604
197930
100259
2334148

65903117

48918076

27999068

37602
75383
22399
158687

20,566
92,967
234,275
476,063

32007
100006
20527
793438

Total Non Current Assets

141726381

83017723

64976523

Total Assets

207629498

131935799

92975591

Equity and Liabilities

Share Capital and Reserves
Share Capital
Accumulated losses

74966045
80812538

52,068,169
66,350,117

52068169
50865175

Reserves
Capital Reserves
Revenue Reserves
Unrealized Loss On Currency Swap
Advance Against Reedemable
Surplus On Fixed Asset

509172
5372356
560147
0
31826017

509,172
5,372,356
337,050
8,170,638
484,553

509172
5372356
165058
0
0

31300905

-82,279

6919464

Assets
Current Assets
Current Portion Of Amount Due From Govt
Stores Spares And Tools
Trade Debts
Loans and Advances
Deposits and Pre Payments
Accrued Interest
Derivative Financial Asset
Taxation.net
Short Term Investment
Cash and Bank Balances
Total Current Assets
Non Current Assets
Fixed Asset
Intangible
Long Term Loans
Long Term Deposits
Due From Government

Total Equity

Liabilities
Current Liabilities
Trade and other payables
Accrued mark-up
Short-term borrowings
Short-term deposits
Provisions
Current maturity of long-term financing

54799202
4770125
13441796
4276499
12127
16197276

26853848
2,325,237
11953522
3,241,691
15,927
15870813

38,406,965
1112879
10230723
2930942
18432
410750

Total Current Liabilities

93497025

60261038

53110691

Non Current Liabilities

Long Term Financing
Liabilities Against Asset

39289102
0

45,030,126
287,706

8814029
0

Long Term Deposit

Deffered Liabilities
Deffered Revenue
Grant From Govt Of Pakistan
Deffered Tax Liability

4040288
5767124
16249362
348606
17137086

3,836,994
5,325,528
14,237,770
2,778,003
260,913

3659380
4645056
11790530
4036441
0

Total Non Current Liabilities

82831568

71,757,040

32945436

207629498

131935799

92975591

Total Equity and Liabilities

Income Statement
2010

2009

2008

103936515
97062328
6874187

85,224,084
82,371,729
2852355

67,091,483
68,745,330
-1653847

Distribution and Marketing Expenses

Administrative Expenses
Other operating Expenses
Other Operating Income

10925814
8378749
235002
4751526

9,484,695
5370456
343585
2485368

9,233,683
4,959,328
807,768
2,797,418

Operating loss

-7913852

-9861013

-13857208

6823638

5589991

1,894,837
0

Net Sales
Cost of Goods Sold
Gross Loss

Finance Cost / Interest Expense

Recoveries/Recoverable from GOP

Loss Before Taxation

Taxation
Loss After Taxation
Loss Per Share

-14737490

-15451004

-15752045

96274

33938

319,862

-14641216

-15484942

-16,071,907

0.74

1.18

1.22

2007

2006

317375
4,668,113
8,640,510
293,518
28,270
6,868
0
278,486
607,717
3,937,319

317375
3,435,089
7,682,994
359,573
24,095
8,263
0
197,270
890,476
1,834,657

25307831

21902338

0
113,981
18,700
1,110,813

0
120,484
8,294
1,428,188

52013208

43697717

77321039

65600055

50,594,063
34793268

46,084,762
22617290

509,172
5,372,356
0
1478193
0

509,172
5,372,356
0
1,476,811
0

23,160,516

30,825,811

22098688
917581
7596128
2175989
492907
317375

11952405
610437
3600000
1428059
559168
317375

33598668

18467444

1,136,813
0

1,454,188
0

3,353,849
4,389,582
6,979,190
4,702,421
0

3,121,353
3,830,609
5,914,772
1,985,878
0

20,561,855

16,306,800

77,321,039

65,600,055

2007

2006

44,859,474
43,516,051
1343423

42,117,605
43,726,107
-1,608,502

8,444,599
5,225,031
205,754
1,726,715

8,425,304
6,321,281
293,285
2,243,425

-10805246

-14404947

1,152,137
0

225,381
7,576,144

-11957383

-7,054,184

218,595

137,478

-12,175,978

-7,191,662

0.92

0.54

Liquidity Ratio

2010

2009

2008

2007

2006

Current Ratio

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

Quick Ratio

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

2010

2009

2008

2007

2006

0.02 $

0.03 $

0.04 $

0.97 $

1.10

Leverage Ratios
Debt to Equity Ratio

Debt to Total Asset Ratio

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

Activity Ratios

2010

2009

2008

2007

2006

Inventory Turnover

0.1

0.6

0.9

1.0

0.6

662.7

495.67

390.48

466.45

486.29

Average Collection period

Total Asset Turn Over

#DIV/0!

Debt Ratios

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

2010

2009

2008

2007

2006

Debt Ratio

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

Time Interest Earned

#DIV/0!
s

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

2010

2009

2008

2007

2006

105.5%

1.8%

0.0%

0.0%

0.0%

Operating Profit Margin

0.00%

0.00%

0.00%

0.00%

0.00%

Net Profit Margin

0.59%

0.24%

2.71%

3.13%

2.32%

Profitablility Ratios
Gross Profit Margin

Return on Total Asset

#DIV/0!

Return on Common Equity

Market Ratios
Price Earning Ratio
Market Book Ratio

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

18.91%

6.67%

62.82%

42.93%

27.00%

2010

2009

2008

2007

2006

#REF!

#REF!

#REF!

#REF!

#REF!

HORIZENTAL ANALYSIS
BALANCE SHEET
2010

2009

Assets
Current Assets
Current Portion Of Amount Due From Govt
Stores Spares And Tools
Trade Debts
Loans and Advances
Accrued Interest
Derivative Financial Asset
Taxation.net
Short Term Investment

Rs.
476063
4945239
29029574
806022
0
766453
470829
0
0
0

Non Current Assets

Fixed Asset
Intangible

0
Rs.
0
0
37602
75383
22399

Long Term Loans And Advances

Long Term Deposits
0
0

0
0

%
150.000158
143.962471
377.841945
224.16088
0
#DIV/0!
238.672378
0

Rs.
396718
4696625
19114219
398787
0
575000
220548
0

#DIV/0!
%
#DIV/0!
#DIV/0!
#DIV/0!
62.6
270.1

0
Rs.
0
0
20566
92967
234275

#DIV/0!
#DIV/0!

0
0

%
125.0
136.7
248.8
110.9
0.0
#DIV/0!
111.8
0.0
#DIV/0!
%
#DIV/0!
#DIV/0!
#DIV/0!
77.2
2824.6
#DIV/0!
#DIV/0!

0
Equity and Liabilities
Share Capital and Reserves
Share Capital
Revenue Reserves
Capital Reserves

Rs.

Advance Against Reedemable

Surplus On Fixed Asset
0
Total Equity
0
0
Liabilities

0
74966045
80812538
509172

%
#DIV/0!
162.7
357.3
100.0

Rs.
0
52068169
66350117
509172

%
#DIV/0!
113.0
293.4
100.0

Rs.
31826017
0
31300905
0
0
0

%
#DIV/0!
#DIV/0!
101.5
#DIV/0!
0.0
#DIV/0!

Rs.
484553
0
-82279
0
0
0

%
#DIV/0!
#DIV/0!
-0.3
#DIV/0!
0.0
#DIV/0!

Non - Current Liabilities

Long Term Borrowing
Short-term borrowings
Short-term deposits
Current maturity of long-term financing

Rs.
4770125
13441796
4276499
16197276

%
Rs.
781.4
2325237
373.4 11953522
299.5 3241691
5103.5 15870813

%
380.9
332.0
227.0
5000.7

Long Term Deposit

5767124
5325528
Rs.
%
Rs.
%
16249362
274.7 14237770
240.7
348606
17.6
2778003
139.9
17137086 #DIV/0!
260913 #DIV/0!
97,062,328
222.0 82,371,729
188.4
8378749
132.5
5370456
85.0
235002
80.1
343585
117.2
4751526
211.8
2485368
110.8

Deffered Revenue
Grant From Govt Of Pakistan
Deffered Tax Liability
Other Income
Administrative Expenses
Other operating Expenses
Distribution Cost

Recoveries/Recoverable from GOP

Loss Before Taxation
Taxation

0.0

0.0

-14737490

208.9

-15451004

219.0

96274

70.0

33938

24.7

Loss After Taxation

#DIV/0!

#DIV/0!

VERTICAL ANALYSIS
BALANCE SHEET
ASSETS
Current Assets
Current Portion Of Amount Due From Govt
Stores Spares And Tools
Trade Debts
Loans and Advances
Accrued Interest
Derivative Financial Asset
Taxation.net
Short Term Investment

2010
%

2009
%

2008
%

2007
%

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

0
0

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!

2009
%

2008
%

2007
%

Non Current Assets

Fixed Asset
Intangible
Long Term Loans And Advances
Long Term Deposits

0
2010
%

Equity and Liabilities

Share Capital and Reserves
Share Capital
Accumulated losses

Capital Reserves
Advance Against Reedemable
Surplus On Fixed Asset
0
Total Equity
0
0
Liabilities
Non Current Liabilities
Long Term Borrowing
Short-term borrowings
Short-term deposits
Current maturity of long-term financing

0
462.83
498.93

0
328.07
418.06

0
12676.36
12383.49

0
15941.41
10962.83

3.14

3.21

123.96

160.43

2010
%
196.49
0.00
193.25
0.00
0.00

2009
%
3.05
0.00
-0.52
0.00
0.00

2008
%
0.00
0.00
1684.59
0.00
0.00

2007
%
0.00
0.00
7297.52
0.00
0.00

0.00

0.00

0.00

0.00

2010
%

2009
%

2008
%

2007
%

39334.75
82.99

14599.34
75.32

6037.75
2490.74

186.16
2393.42

26.40
100.00

20.43
100.00

713.56
100.00

685.62
100.00

Long Term Deposit

Deffered Revenue
Grant From Govt Of Pakistan
Deffered Tax Liability
Other Income
0
Administrative Expenses
Other operating Expenses
Distribution Cost

Recoveries/Recoverable from GOP

Loss Before Taxation
Taxation

5767124
%
100
2.1
105.5
597.3

5325528
%
100
19.5
1.8
578.5

4645056
%
100
34.2
0.0
583.1

4389582
%
100
67.4
0.0
623.5

0.0

0.0

0.0

0.0

51.6
1.4
29.2

37.7
2.4
17.5

42.1
6.9
23.7

74.9
2.9
24.7

0.0

0.0

0.0

0.0

-90.7

-108.5

-133.6

-171.3

0.6

0.2

2.7

3.1

Loss After Taxation

0

AL ANALYSIS

CE SHEET
2008

2007

2006

ssets
Rs.
317375
4730278
12415794
281777
0
407604
197930
100259
0
Rs.
0
0
32007
100,006
20527
0
0

%
100.0
137.7
161.6
78.4
0.0
#DIV/0!
100.3
11.3

Rs.
317375
4668113
8640510
293518
6868
0
278486
607717

#DIV/0!
%
#DIV/0!
#DIV/0!
#DIV/0!
83.0
247.5

0
Rs.
0
0
0
113981
18700

#DIV/0!
#DIV/0!

0
0

%
100.0
135.9
112.5
81.6
83.1
#DIV/0!
141.2
68.2

Rs.
317375
3435089
7682994
359573
8263
0
197270
890476

#DIV/0!
%
#DIV/0!
#DIV/0!
#DIV/0!
94.6
225.5

0
Rs.

%
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

0
0

100
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

0
46084762
22617290
509172

%
100.0
100.0
100.0
100.0

0
0
0
120484
8294

#DIV/0!
#DIV/0!

0
Rs.
0
52068169
50865175
509172
Rs.
0
0
6919464
0
0
0

%
#DIV/0!
113.0
224.9
100.0
%
#DIV/0!
#DIV/0!
22.4
#DIV/0!
0.0
#DIV/0!

Rs.
0
50594063
34793268
509172
Rs.
0
0
23160516
0
0
0

%
#DIV/0!
109.8
153.8
100.0
%
#DIV/0!
#DIV/0!
75.1
#DIV/0!
0.0
#DIV/0!

Rs.

Rs.
0
0
30825811
0
30825811
0

100.0
100.0
100.0
100.0
100.0
100.0
100.0

Rs.
%
1112879
182.3
10230723
284.2
2930942 205.239559
410750
129.421032

Rs.
%
917581
150.3
7596128
211.0
2175989 152.373887
317375
100

Rs.
610437
3600000
1428059
317375

100.0
100.0
100.0
100.0
100.0

rm Deposit
4645056
4389582
3830609
Rs.
%
Rs.
%
Rs.
%
11790530
199.3
6979190
118.0
5914772
4036441
203.3
4702421
236.8
1985878
0 #DIV/0!
0 #DIV/0!
0
68,745,330
157.2 43,516,051
99.5 43,726,107
4959328
78.5
5225031
82.7
6321281
807768
275.4
205754
70.2
293285
2797418
124.7
1726715
77.0
2243425

100.0
100.0
100.0
100.0
100.0
100.0
100.0

0.0

0.0

7576144

100.0

-15752045

223.3

-11957383

169.5

-7054184

100.0

319862

232.7

218595

159.0

137478

100.0

100.0

2006
%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

2006
%
0
14520.60
7126.36

160.43
2006
%
0.00
0.00
9712.74
0.00
0.00
0.00
2006
%
192.34
1134.30
449.96
100.00

3830609
%
100
33.6
0.0
739.3
0.0
106.9
5.0
37.9

128.1
-93.1
-1.9