Balance Sheet

as at June 30, 2007

2007

ASSETS
Non-Current Assets
Property, plant and equipment 8,012,317
Intangibles 126,212
Long term investments 2,990,591
Long term loans, advances and receivables 627,972
Long term deposits and prepayments 65,913
Deferred tax 401,037
Total Non-Current Assets 12,224,042
Current Assets
Stores, spares and loose tools 127,891
Stock-in-trade 29,562,055
Trade debts 13,599,966
Loans and advances 365,974
Deposits and short term prepayments 1,583,913
Other receivables 15,751,198
Cash and bank balances 1,522,276
Total Current Assets 62,513,273
Net Assets in Bangladesh -
Total Assets 74,737,315
EQUITY AND LIABILITIES
Share Capital 1,715,190
Reserves 19.224.027
Total Equity 20,939,217
Non-Current Liabilities
Long term deposits 7,683,081
Retirement and other service benefits 1,644,063
Total Non-Current Liabilities 2,412,371
Current Liabilities
Trade and other payables 41,431,075
Provisions 688,512
Accrued interest / mark-up 131,961
Short term borrowings 9,064,781
Taxes payable 69,398
Total Current Liabilities 51,385,727
Contingencies and Commitments
Total Liabilities & Equity 74,737,315
 2006 Horizontal Analysis
(%)

7,518,956 0.066
154,819 (0.185)
3,278,970 (0.088)
698,146 (0.101)
74,662 (0.117)
408,296 (0.018)
12,133,849 0.007

125,030 0.023
28,168,633 0.049
11,715,868 0.161
275,729 0.327
1,287,893 0.230
14,562,628 0.082
1,898,894 (0.198)
58,034,675 0.077

70,168,524 0.065

1,715,190 -
19.097.869
20,813,059 0.006

7,439,941 0.033
1,554,893 0.057
2,298,887 0.049

36,814,402 0.125
777,276 (0.114)
120,731 0.093
7,648,919 0.185
1,695,250 (0.959)
47,056,578 0.092

70,168,524 0.065
Profit & Loss Account
for the year ended June 30, 2007

Sales - net of trade discounts and allowances amounting to Rs. Note

932,387 thousand (2006: Rs. 1,318,472 thousand) Less: - Sales
tax - Inland freight equalization margin
Less:-
Sales tax
Inland frieght equilization margin

Net sales
Cost of products sold 25
Gross profit
Other operating income 26
Operating costs
Transportation costs 27
Distribution and marketing expenses 28
Administrative expenses 29
Depreciation and amortisation
Other operating expenses 30

Other income 31
Profit from operations
Finance costs 32

Share of profit of associates

Profit before taxation
Taxation 33
Profit for the year

Earnings per share - basic and diluted 34

 2007 2006 Horizontal Analysis
Rupees in Millions (%)

411,057,592 352,514,873 0.166

(52,418,310) (44,539,632) 0.177

(8,932,956) (9,725,202) (0.081)
(61,351,266) (54,264,834) 0.131
349,706,326 298,250,039 0.173
(337,446,896) (281,042,813) 0.201
12,259,430 17,207,226 (0.288)
1,278,932 950,850 0.345

(369,328) (365,795) 0.010

(2,766,064) (2,492,633) 0.110
(981,937) (935,589) 0.050
(1,140,065) (1,082,394) 0.053
(755,420) (2,460,931) (0.693)
(6,012,814) (7,337,342) (0.181)
424,238 442,791 (0.042)
7,949,786 11,263,525 (0.294)
(1,158,112) (884,153) 0.310
6,791,674 10,379,372 (0.346)
330,306 1,038,939 (0.682)
7,121,980 11,418,311 (0.376)
(2,432,182) (3,893,610) (0.375)
4,689,798 7,524,701 (0.377)
...................(Rupees)...............
27.34 43.87 (0.377)
Balance Sheet
as at June 30, 2008

ASSETS Note 2008 2007

............. (Rupees in ‘000) .............
Non-Current Assets
Property, plant and equipment 3 7,460,549 8,012,317
Intangibles 4 105,502 126,212
Long term investments 5 2,701,097 2,990,591
Long term loans, advances and receivables 6 477,745 627,972
Long term deposits and prepayments 7 79,098 65,913
Deferred tax 8 407,337 401,037
Total Non-Current Assets 11,231,328 12,224,042
Current Assets
Stores, spare parts and loose tools 9 115,814 127,891
Stock-in-trade 10 62,360,067 29,562,055
Trade debts 11 33,904,728 13,599,966
Loans and advances 12 396,220 365,974
Deposits and short term prepayments 13 401,433 1,583,913
Other receivables 14 15,681,790 15,751,198
Cash and bank balances 15 3,018,640 1,522,276
Total Current Assets 115,878,692 62,513,273
Net Assets in Bangladesh 16 – –
Total Assets 127,110,020 74,737,315
EQUITY AND LIABILITIES
Share Capital 17 1,715,190 1,715,190
Reserves 18 29,249,864 19,224,027
Total Equity 30,965,054 20,939,217
Non-Current Liabilities
Long term deposits 19 834,598 768,308
Retirement and other service benefits 20 1,574,148 1,644,063
Total Non-Current Liabilities 2,408,746 2,412,371
Current Liabilities
Trade and other payables 21 81,067,565 41,431,075
Provisions 22 726,116 688,512
Accrued interest / mark-up 217,928 131,961
Short term borrowings 23 10,997,908 9,064,781
Taxes payable 726,703 69,398
Total Current Liabilities 93,736,220 51,385,727
Contingencies and Commitments 24
Total Equity & Liablities 127,110,020 74,737,315
Horizontal Analysis
(%)

(0.069)
(0.164)
(0.097)
(0.239)
0.200
0.016
(0.081)

(0.094)
1.109
1.493
0.083
(0.747)
(0.004)
0.983
0.854

0.701

-
0.522
0.479

0.086
(0.043)
(0.002)

0.957
0.055
0.651
0.213
9.472
0.824

0.701
Profit and Loss Account
for the year ended June 30, 2008
Note

Sales - net of trade discounts and allowances amounting to

Rs. 84,231 thousand (2007: Rs. 932,387 thousand)
Less:
- Sales tax
- Inland freight equalization margin

Net sales
Cost of products sold 25
Gross profit
Other operating income 26
Operating costs
Transportation costs 27
Distribution and marketing expenses 28
Administrative expenses 29
Depreciation 3.1
Amortisation 4
Other operating expenses 30

Other income 31
Profit from operations
Finance costs 32

Share of profit of associates

Profit before taxation
Taxation 33
Profit for the year

Earnings per share - basic and diluted 34

 2008 2007 Horizontal Anlysis
............. (Rupees in ‘000) ............. (%)

583,213,959 411057592 0.419

(74,249,472) (52,418,310) 0.416

(13,685,954) (8,932,956) 0.532
(87,935,426) (61,351,266) 0.433
495,278,533 349706326 0.416
(465,254,907) (337,446,896) 0.379
30,023,626 12259430 1.449
1,396,527 1278932 0.092

(337,886) (369,328) (0.085)

(3,264,599) (2,745,289) 0.189
(1,160,741) (1,002,712) 0.158
(1,119,137) (1,098,157) 0.019
(47,689) (41,908) 0.138
(3,352,969) (755,420) 3.439
(9,283,021) (6,012,814) 0.544
313,860 424238 (0.260)
22,450,992 7949786 1.824
(1,367,898) (1,158,112) 0.181
21,083,094 6791674 2.104
294,318 330306 (0.109)
21,377,412 7121980 2.002
(7,323,617) (2,432,182) 2.011
14,053,795 4689798 1.997
................... (Rupees) ...................
81.94 27.34 1.997
Profit and Loss Account
for the year ended June 30, 2008

Note

Sales - net of trade discounts and allowances amounting to

Rs. 130,068 thousands (2008: Rs. 84,231 thousand)
Less:
- Sales tax
- Inland freight equalization margin

Net sales
Cost of products sold 25
Gross profit
Other operating income 26
Operating costs
Transportation costs 27
Distribution and marketing expenses 28
Administrative expenses 29
Depreciation 3.1
Amortisation 4
Other operating expenses 30

Other income 31
Profit from operations
Finance costs 32

Share of profit of associates

Profit before taxation
Taxation 33
Profit for the year

Earnings per share - basic and diluted 34

 2009 2008 Horizontal Analysis
............. (Rupees in ‘000) ............. (%)

719,282,176 583,213,959 0.233

(97,386,723) (74,249,472) 0.312

(9,199,864) (13,685,954) (0.328)
(106,586,587) (87,935,426) 0.212
612,695,589 495,278,533 0.237
(609,685,478) (465,254,907) 0.310
3,010,111 30,023,626 (0.900)
1,451,666 1,396,527 0.039

(513,673) (337,886) 0.520

(3,960,953) (3,264,599) 0.213
(1,151,793) (1,160,741) (0.008)
(1,141,698) (1,119,137) 0.020
(52,615) (47,689) 0.103
(3,994,389) (3,352,969) 0.191
(10,815,121) (9,283,021) 0.165
776,686 313,860 1.475
(5,576,658) 22,450,992 (1.248)
(6,235,056) (1,367,898) 3.558
(11,808,714) 21,083,094 (1.560)
451,850 294,318 0.535
(11,356,864) 21,377,412 (1.531)
4,658,329 (7,323,617) (1.636)
(6,698,535) 14,053,795 (1.477)
……………..Rupees…………...….
(39.05) 81.94 (1.477)
Balance Sheet
as at June 30, 2008

Note 2009
.......... (Rupees in ‘000) .............
ASSETS
Non-Current Assets
Property, plant and equipment 3 6,987,025
Intangibles 4 68,872
Long term investments 5 2,153,514
Long term loans, advances and receivables 6 405,780
Long term deposits and prepayments 7 83,655
Deferred tax 8 5,033,273
Toatal Non-Current Assets 14,732,119
Current Assets
Stores, spare parts and loose tools 9 112,143
Stock-in-trade 10 40,698,209
Trade debts 11 80,509,830
Loans and advances 12 418,015
Deposits and short term prepayments 13 551,803
Other receivables 14 12,806,779
Taxation -net 709,627
Cash and bank balances 15 2,883,118
Toatal Current Assets 138,689,524
Net Assets in Bangladesh 16 –
Total Assets 153,421,643
EQUITY AND LIABILITIES
Share Capital 17 1,715,190
Reserves 18 19,155,595
Total Equity 20,870,785
Non-Current Liabilities
Long term deposits 19 854,718
Retirement and other service benefits 20 1,673,020
Total Non-Current Liabilities 2,527,738
Current Liabilities
Trade and other payables 21 110,123,702
Provisions 22 688,512
Accrued interest / mark-up 556,380
Short term borrowings 23 18,654,526
Taxes payable
Total Current Liabilities 130,023,120
Toatal Liabilities & Equity 153,421,643
 2008 Horizontal Analysis
Rupees in ‘000) ............. (%)

7,460,549 (0.063)
105,502 (0.347)
2,701,097 (0.203)
477,745 (0.151)
79,098 0.058
407,337 11.357
11,231,328 0.312

115,814 (0.032)
62,360,067 (0.347)
33,904,728 1.375
396,220 0.055
401,433 0.375
15,681,790 (0.183)

3,018,640 (0.045)
115,878,692 0.197
–
127,110,020 0.207

1,715,190 -
29,249,864 (0.345)
30,965,054 (0.326)

834,598 0.024
1,574,148 0.063
2,408,746 0.049

81,067,565 0.36
726,116 (0.05)
217,928 1.55
10,997,908 0.70
726,703 (1.00)
93,736,220 0.39
127,110,020 0.21