Balance Sheet

Iteams 2004 2005 2006

NET ASSETS:
Fixed Assets 113,928,101 109,125,845 121,484,067
Assets at Cost Less Depreciation 109,166,763 104,360,967 116,877,373
Investment-Long Term (At Cost) 154,644 158,184.00 0
Priliminary and public issue expense 4606694.00 4606694.00 4606694.00

Current Assets: 96,374,136 93,580,031 90,023,417

Inventories 61,181,038 58,710,773 56,414,519
Account receivable 0 200,637 273,630
Claim Receivable 19,781,085 19,781,085 19,781,085
Advances, Deposits and Prepayments 13,674,291 13,856,698 12,005,064
Cash & Bank Balances 1,737,722 1,030,838 1,549,119

Less: Current Liabilities 104,030,566 94,578,501 102,460,332

Cash Credit 26,652,873 29,706,647 29,241,792
Bank Overdraft 776,636 671,164 389,835
Directors' and other loan 3,250,924 4,145,924 2,690,718
Liabilities for expenses 32,091,012 35,899,363 31,446,246
Liabilities for other finances 35,399,121 19,760,403 32,831,741
Proposed Dividend 5,860,000 4,395,000 5,860,000

Net Current Asset -7,656,430 -998,470 -12,436,915

Less: Longterm Liabilities 0 0 0

Longterm Loan 0 0 0

FINANCED BY:
Shareholders Fund 106,271,671 108,127,405 109,047,152
Paid up capital 58,600,000 58,600,000 58,600,000
Reserve and Surplus 47,671,671 49,527,405 50,447,152

Total Assets: 210,302,237 202,705,876 211,507,484

Total Liabilities: 104,030,566 94,578,501 102,460,332

Total Equity: 106,271,671 108,127,405 109,047,152

Total Liabilities + Total Equity: 210,302,237 202,705,906 211,507,484

Income Statement

2004 2005 2006

Items

SALES 126,447,829 120,950,608 148,812,759

Cost of Goods Sold -101,648,876 -100,797,190 -119,164,477
GROSS PROFIT 24,798,953 20,153,418 29,648,282

Operating Expenses -15,671,471 -14,220,552 -20,938,626

Administrative and Selling Expenses -12,769,643 -11,329,752 -17,547,376
Financial expenses -2,901,828 -2,890,800 -3,391,250

Operating Profit/Loss 9,127,482 5,932,866 8,709,656

Other Income 18,213 0 576,593
Net Profit 9,145,695 5,932,866 9,286,249
Allocation for W.P.P&W.F -457,285 -296,643 -464,312

Net Profit before TAX 8,688,410 5,636,223 8,821,937

Provision for Taxation -3,329,709 -2,224,825 -2,785,875
Net Profit After TAX 5,358,701 3,411,398 6,036,062

Prior Years provision for Taxation written back 994,585 2,839,336 743,685
6,353,286 6,250,734 6,779,747

Proposed dividend -5,860,000 -4,395,000 -5,860,000

Accumulated Loss as per last account b/f -3,855,476 -3,362,190 -1,506,456

Un-appropriated profit carried forward -3,362,190 -1,506,456 -586,709

Earning per share (EPS) 9.14 5.82 10.30

Statement Of Cash Flow

Cash Flow From Operating Activities:

Receipts:

Cash From Sales Revenue

Cash from Other Income
Total Cash Recipts

Payements:
Purchase for Raw & Packing Materials
Manifacturing and Operating Exp.
Bank Interest
Payment of Dividend Dist.Tax
Workers Profit Participation Fund
Total Payments

Net Cash Flow From Operating Activities

Cash Flow From Investing Activities

Purchase of Fixed Assets
Capital Work in Progress
Disposal of Fixed Assets
Investment in Square Yarns Ltd.
Net Cash Flow From Investing Activities

Cash Flow From Financing Activities

Shorterm Loan Payment
Payments of Dividend
Long and Medium Term Loan - Repaid

Net Cash Flow From Financing Activities

Net Cash Position

Increase/(Decrease) in Cash and Bank Balances
Opening Cash & Cash Equivalents

Closing Cash & Cash Equivalents

Items 2004 2005 2006

Cash Flow from Operating Activities

Net Income 5358701 6036062 3411398

Add : Depreciation 8287054 7288029 7689329

Change in Investemnt 8,463 3,540 -158,184

Change in Trade & other Receivables -266,945 200,637 72,993
Change in Inventories 6,557,183 -2,470,265 -2,296,254
Change in Advance, deposits & pre-payments 44,193 182,407 -1,851,634
Change in Bank Overdraft -836,560 -105,472 -281,329
Change in Liabilities for expenses 5,307,649 3,808,351 -4,453,117
Change in Liabilities for other finances 950,968 -15,638,718 13,071,338

Net Cash Flow from Operations 13,864,148 4,084,151 24,379,342

Cash Flow from Investing Activites

Change in Property, Plant, Equipment etc. -7,679,281 -4,805,796 12,516,406

Net Cash Flow from Investing Activities 7,679,281 4,805,796 -12,516,406

Cash Flow from Financing Activities

Change in Reserve and Surplus 493,286 1,855,734 919,747
Change in Long Term Borrowing (Secured) 0 0 0
Change in Proposed Dividend 0 -1,465,000 1,465,000
Chenge in Short Term Borrowings -836,560 -105,472 -281,329
Change in Cash Credit 2,404,679 3,053,774 -464,855
Change in Capital Work-In-Progress 493,286 1,855,734 919,747
Change in Directors' and other loan -8,693,139 895,000 -1,455,206
Net Cash Flow from Financing Activities -6,438,472 -1,122,222 -2,013,226

Cash and Cash Equivalents at beginning 774452 15,879,409 23,647,134

Net Sources for the Year 15,879,409 23,647,134 33,496,844
NET ASSETS:
Fixed Assets -7,670,818 -4,802,256 12,358,222
Assets at Cost Less Depreciation -7,679,281 -4,805,796 12,516,406
Investment-Long Term (At Cost) 8,463 3,540 -158,184
0 0 0
Current Assets: 7,297,701 -2,794,105 -3,556,614
Inventories 6,557,183 -2,470,265 -2,296,254
Account receivable -266,945 200,637 72,993
Claim Receivable 0 0 0
Advances, Deposits and Prepayments 44,193 182,407 -1,851,634
Cash & Bank Balances 963,270 -706,884 518,281
0 0 0
Less: Current Liabilities -866,403 -9,452,065 7,881,831
Cash Credit 2,404,679 3,053,774 -464,855
Bank Overdraft -836,560 -105,472 -281,329
Directors' and other loan -8,693,139 895,000 -1,455,206
Liabilities for expenses 5,307,649 3,808,351 -4,453,117
Liabilities for other finances 950,968 -15,638,718 13,071,338
0 0 0
Net Current Asset 8,164,104 6,657,960 -11,438,445
0 0 0
Less: Longterm Liabilities 0 0 0
Longterm Loan 0 0 0
0 0 0
FINANCED BY: 0 0 0
Shareholders Fund 493,286 1,855,734 919,747
Paid up capital 0 0 0

Reserve and Surplus 493,286 1,855,734 919,747

Priliminary and public issue expense 0 0 0
0 0 0
Total Assets: -373,117 -7,596,361 8,801,608
0 0 0
Total Liabilities: -866,403 -9,452,065 7,881,831
0 0 0
Total Equity: 493,286 1,855,734 919,747
0 0 0
Total Liabilities + Total Equity: -373,117 -7,596,331 8,801,578
 Balance Sheet

Iteams 2004 2005 2006

NET ASSETS:
Fixed Assets 113928101 109125845 121484067
Assets at Cost Less Depreciation 109166763 104360967 116877373
Investment-Long Term (At Cost) 154644 158184 0
Priliminary and public issue expense 4606694 4606694 4606694

Current Assets: 96374136 93580031 90023417

Inventories 61181038 58710773 56414519
Account receivable 0 200637 273630
Claim Receivable 19781085 19781085 19781085
Advances, Deposits and Prepayment 13674291 13856698 12005064
Cash & Bank Balances 1737722 1030838 1549119

Less: Current Liabilities 104030566 94578501 102460332

Cash Credit 26652873 29706647 29241792
Bank Overdraft 776636 671164 389835
Directors' and other loan 3250924 4145924 2690718
Liabilities for expenses 32091012 35899363 31446246
Liabilities for other finances 35399121 19760403 32831741
Proposed Dividend 5860000 4395000 5860000

Net Current Asset -7656430 -998470 -12436915

Less: Longterm Liabilities 0 0 0

Longterm Loan 0 0 0

FINANCED BY:
Shareholders Fund 106271671 108127405 109047152
Paid up capital 58600000 58600000 58600000
Reserve and Surplus 47671671 49527405 50447152

Total Assets: 210302237 202705876 211507484

Total Liabilities: 104030566 94578501 102460332

Total Equity: 106271671 108127405 109047152

Total Liabilities + Total Equity: 210302237 202705906 211507484

 Income Statement

2004 2005 2006

Items

SALES 126447829 120950608 148812759

Cost of Goods Sold -101648876 -100797190 -119164477
GROSS PROFIT 24798953 20153418 29648282

Operating Expenses -15671471 -14220552 -20938626

Administrative and Selling Expenses -12769643 -11329752 -17547376
Financial expenses -2901828 -2890800 -3391250

Operating Profit/Loss 9127482 5932866 8709656

Other Income 18213 0 576593
Net Profit 9145695 5932866 9286249
Allocation for W.P.P&W.F -457285 -296643 -464312

Net Profit before TAX 8688410 5636223 8821937

Provision for Taxation -3329709 -2224825 -2785875
Net Profit After TAX 5358701 3411398 6036062

Prior Years provision for Taxation wri 994585 2839336 743685

6353286 6250734 6779747

Proposed dividend -5860000 -4395000 -5860000

Accumulated Loss as per last account -3855476 -3362190 -1506456

Un-appropriated profit carried for -3362190 -1506456 -586709

Earning per share (EPS) 9 6 10

Items 2004 2005 2006

Cash Flow from Operating Activities

Net Income 5358701 6036062 3411398

Add : Depreciation 8287054 7288029 7689329

Change in Investemnt 8463 3540 -158184

Change in Trade & other Receivable -266945 200637 72993
Change in Inventories 6557183 -2470265 -2296254
Change in Advance, deposits & pre- 44193 182407 -1851634
Change in Bank Overdraft -836560 -105472 -281329
Change in Liabilities for expenses 5307649 3808351 -4453117
Change in Liabilities for other finance 950968 -15638718 13071338

Net Cash Flow from Operations 13881074 4456045 20359706

Cash Flow from Investing Activites

Change in Property, Plant, Equipment -7679281 -4805796 12516406

Net Cash Flow from Investing Activ 7679281 4805796 -12516406

Cash Flow from Financing Activities

Change in Reserve and Surplus 493286 1855734 919747
Change in Long Term Borrowing (Sec 0 0 0
Change in Proposed Dividend 0 -1465000 1465000
Chenge in Short Term Borrowings -836560 -105472 -281329
Change in Cash Credit 2404679 3053774 -464855
Change in Capital Work-In-Progress 493286 1855734 919747
Change in Directors' and other loan -8693139 895000 -1455206
Net Cash Flow from Financing Activ -6438472 -1122222 -2013226

Cash and Cash Equivalents at beg 774452 15896335 24035954

Net Sources for the Year 15896335 24035954 29866028
 2004

NWC=CA-CL 96374136-104030566 -7656430.00

Current Ratio=CA/CL 96374136/104030566 0.93

Quick Ratio=(CA-Inventory)/CL (96374136-61181038)/104030566 0.34

Operating NWC=Operating CA-Operating CL 19781085+1737722-26652873 -5134066.00

Interval Measure= 35193098/54501.29 785.52

(Cash+M/S+ST deposits)/Average Daily Expenses
-16128756.00
AVG Daily Expenses=(COGS+TOE)/360 16128756/360 44802.10

Reservoir Ratio=NWC/TA -7656430/210302237 -0.04

NWC Turnover Ratio=Sales/NWC 126447829/-7656430 -16.52

Time To Ruin= 0.00

(Cash+M/S+Short Term Deposits)/[COGS+ 35193098/104426599/360
TOE-(Depreciation+Amortization)]/360

Cash Liquidity Ratio= 35193098/48314 728.42

(Cash+M/S+Short Term Deposits)/Daily Cash Expenses

Daily Cash Expenses=Total Cash Expense/360 17393055/360 48314.04

Daily COGS=Total COGS/360 101648876/360 282357.99

Cash Coversion Cycle=ITOP+DSO-PDP 341.32+216.68-94.39 554.18

Inventory Turnover Ratio=Sales/AVG Inventory 126447829/61181038 1.31

Inventory Turnover Period=Inventory/Daily COGS 61181038/101648876 341.32

Recievable Turnover Ratio=Sales/AVG Recievables 126447829/26652873 N-A

Daily Credit Sales=Total Credit Sales/360 126447829/360 351243.97

Days Sales Outstanding=AVG Rec./Daily Credit sales 26652873/126447829 216.68

Payable Deferral Ratio=COGS/AVG Account Payable 101648876/26652873 3.81

Payables Deferral Period= AVG Acc. P/Daily COGS 26652873/101648876/360 94.39

Fixed Asset Turnover Ratio=Sales/Fixed Asset 126447829/113928101 1.11

Fixed Asset Turnover Period=FA/(Total sales)/360 113928101/126447829/360 324.36

Total Asset Turnover Ratio=sales/AVG TA 126447829/210302237 0.60

Total Asset Turnover Period=AVG TA/Daily Sales 210302237/35124397 598.74

Debt Ratio=Total Debt/Total Asset 104030566/210302237 0.49

Long Term Debt Ratio=Total LTD/Total Asset 0/210302237 0.00

Debt to Equity Ratio= Debt/Equity 104030566/106271671 0.98

Time Interest Earned Ratio=EBIT/Interest 4557655.78/3731402.22 1.22

Cash Coverage Ratio=(EBIT+Dep.+Amort.)/Interest (4557655.78+8287054+4606694/3731402.22 4.68

Profit Margin Ratio=Net Income/Sales 5358701/126447829 0.04

Basic Earning Power=EBIT/TA 4557655.78/210302237 0.02

Return On Asset=(Net Income+Interest)/TA (5358701+3731402)/210302237 0.04

Return Of Equity=Net Income/Total Equity 5358701/106271671 0.05

Pay Out Ratio=Dividend/Net Income 5860000/5358701 1.09

Plough Back Ratio=(Net Income-Dividend)/Net Income (5358701-5860000)/5358701 -0.09

Growth Rate=(NI-Dividends)/Total Equity=PBR*ROE (5358701-5860000)/106271671 -0.0047

EPS=NI/Number of Common Stock Outstanding 5358701/586000 9.14

Book Value Per Share(BVPS)=Total Equity/SOS 106271671/586000 181.35

Market To Book Value Ratio=Market Value/BVPS 100/181.35 0.55

P/E Ratio=Price per share/EPS 100/9.14 10.94

Dividend Yield=Dividend(Next year)/P( Par Value) 5860000/(586000*100) 10.00%

depriciation 8287054
Amortization 4606694
EBT 8289058
Interest 3731402.22

EBIT 4557655.78

(Cash+M/S+ST deposits) 35,193,098

Cash expe3nses 17393055
 2005 2006

-998470.00 -12436915.00

0.99 0.88

0.37 0.33

-8894724.00 -7911588.00

859.72 560.70

40325.54 59452.61

0.00 -0.06

-121.14 -11.97

591.32 1031.05

58629.46 32331.44

279992.19 331012.44

540.52 438.32

1.29 1.65

334.22 271.96

2.06 2.64

335973.91 413368.78

209.69 170.43

3.39 4.08
106.10 88.34

1.11 1.22

324.80 293.89

0.60 0.70

603.34 511.67

0.47 0.48

0.00 0.00

0.87 0.94

0.75 0.88

3.61 3.88

0.03 0.04

0.02 0.02

0.04 0.05

0.03 0.06

1.29 0.97

-0.29 0.03

-0.0091 0.0016

5.82 10.30

184.52 186.09

0.54 0.54

17.18 9.71

7.50% 10.00% 5860000

 7288029 7689329
4606694 4606694
7290034 7691335
4158930.58 4093850.88

3131103.42 3597484.12

34,668,621 33,335,268
21106605 11639318