Ghazi Fabrics

RATIO ANALYSIS OF LAST FIVE YEARS

ANALYSIS OF PROFITABILITY

YEAR 2004 2005 2006 2007 2008

GROSS PROFIT RATIO 2.74704822 3.17170472 7.69643716 1.77552779 2.27193346
% % % % %
NET PROFIT RATIO -2.1820504 -3.2262307 3.30462124 -1.1287807 -6.3654897206
% % % % %
RETURN ON EQUITY RATIO -0.1203938225 -0.2124686381 0.01374723023 -0.6063410551 -1.5618676567
% % % % %
RETURN ON ASSETS RATIO -0.0720037968 -0.0878225976 -0.0635291966 -0.1303398206 -0.0753964542
% % % % %

ACTIVITY RATIO

YEAR 2004 2005 2006 2007 2008

INV TURNOVER RATIO 0.09910700696 0.14634283465 0.11690872849 0.12976008461 1.66564311104
days days days days days
A/R TURNOVER RATIO 11.0681525562 16.5709115826 11.9339216046 14.8416390301 16.5112035956
days days days days days
A/P TURNOVER RATIO 0 0 0 0 0

MARKET TEST RATIO

YEAR 2004 2005 2006 2007 2008

EARNING PER SHARE -2.0784051772 -3.1475443994 0.20207993725 -5.615003248 -5.6457234431
per share per share per share per share per share
DIVIDEND YIELD RATIO -0.0001332234 -4.879202E-05 0.39879763203 -0.0010159176 -0.0873985759
per share per share per share per share per share
SHORT TERM SOLVENCY RATIO

YEAR 2004 2005 2006 2007 2008

CURRENT RATIO 1.00907483956 1.02578458168 0.97825639272 0.81828671294 0.68377174445

LIQUID RATIO 0.78721153508 0.77615380423 0.91562306936 0.80670748267 0.68207938171

AB-SOLUTE LIQUID RATIO 0.01175759756 0.03866908576 0.00892319409 0.00545683011 0.0025024782

LONG TERM SOLVENCY RATIO

YEAR 2004 2005 2006 2007 2008

DEBT EQUITY RATIO 72.6874811542 76.60891172939 27.75747460751 86.8769594178 95.17267331132
% % % % %
INTEREST COVERAGE RATIO -0.42031098154 -0.85149435345 0.867333788189 -0.50489392635 -0.45366516012
time time time time time
Analaysis of profitability
YEAR 2004 2005 2006 2007 2008
GROSS PROFIT 56604000 53602000 186522000 48982000 65762000
NET SALE 2060539000 1690006000 2423485000 2758729000 2894538835
GROSS PROFIT RATIO 2.7470482238 3.171704716 7.696437156 1.775527788 2.271933588

NET PROFIT RATIO

YEAR 2004 2005 2006 2007 2008
NET PROFIT(LOSS) -148529000 -181520000 -148681000 -300170000 -184251572
NET SALE 2060539000 1690006000 2423485000 2758729000 2894538835
N.P RATIO -7.2082595864 -10.7407903 -6.13500806 -10.8807353 -6.36548972

RETURN ON EQUITY
YEAR 2004 2005 2006 2007 2008
NET PROFIT -67830000 -102722000 6595000 -183249000 -184251572
SHARE HOLDER FUNDS 563401000 483469000 479733000 302221000 117968748
R O E RATIO -0.1203938225 -0.21246864 0.01374723 -0.60634106 -1.56186766

RETURN ON ASSET
YEAR 2004 2005 2006 2007 2008
NET PROFIT(LOSS) -148529000 -181520000 -148681000 -300170000 -184251572
TOTAL ASSET 2062794000 2066894000 2340357000 2302980000 2443769722
R O A RATIO -0.0720037968 -0.0878226 -0.0635292 -0.13033982 -0.07539645
ACTIVITY RATIO
INVENTORY TURNOVER RATIO
YEAR 2004 2005 2006 2007 2008
AVG INV 198604000 239476000 261520500 351617000 471006120
CGS 2003935000 1636404000 2236963000 2709747000 282777335
I T RATIO 0.099107007 0.146342835 0.116908728 0.129760085 1.665643111

account receivable turnover ratio

year 2004 2005 2006 2007 2008
average account receivable 63351000 77791500 80338000 113733500 132756444.5
net credit sale 2060539000 1690006000 2423485000 2758729000 2894538835
a/r turnover ratio 11.068152556 16.57091158 11.9339216 14.84163903 16.5112036

account payable turnover ratio

year 2004 2005 2006 2007 2008
average accounts payable
net cerdit purchase
a/p turnover ratio
market test ratio
earning per share
year 2004 2005 2006 2007 2008
net profit (loss) -67830000 -102722000 6595000 -183249000 -184251572
avg no of outstanding share 32635600 32635600 32635600 32635600 32635600
earning p/s -2.0784051772 -3.1475444 0.202079937 -5.61500325 -5.64572344

dividend yeild ratio

year 2004 2005 2006 2007 2008
divend per share 0.0002757725 0.000153207 0.079759526 0.005699298 0.492927968
earning per share -2.07 -3.14 0.2 -5.61 -5.64
div y/r -0.0001332234 -4.8792E-05 0.398797632 -0.00101592 -0.08739858
short tem solvency ratio
current ratio
year 2004 2005 2006 2007 2008
current asset 516055000 395203000 503534000 581531000 792844410
current liabilities 511414000 385269000 514726000 710669000 1159516193
c. ratio 1.0090748396 1.025784582 0.978256393 0.818286713 0.683771744

liquid ratio
year 2004 2005 2006 2007 2008
liquid asset 402591000 299028000 471295000 573302000 790882088
current liabilities 511414000 385269000 514726000 710669000 1159516193
liquid ratio 0.7872115351 0.776153804 0.915623069 0.806707483 0.682079382

absolute liquid ratio

year 2004 2005 2006 2007 2008
absolute liquid asset 6013000 14898000 4593000 3878000 2901664
current liabilities 511414000 385269000 514726000 710669000 1159516193
absolute liquid/r 0.0117575976 0.038669086 0.008923194 0.00545683 0.002502478

long term solvency

debt equity ratio
year 2004 2005 2006 2007 2008
total liabilities 1499393000 1583425000 649624000 2000759000 2325800974
total assets 2062794000 2066894000 2340357000 2302980000 2443769722
d e ratio 72.687481154 76.60891173 27.75747461 86.87695942 95.17267331

interest coverage ratio

year 2004 2005 2006 2007 2008
ebit -7785000 -31140000 80087000 -54524000 -44962436
fixed int charge 18522000 36571000 92337000 107991000 99109299
interest cov ratio -0.4203109815 -0.85149435 0.867333788 -0.50489393 -0.45366516