.

ZAHID IQBAL
ZULFIQAR ALI
SHAHID SATTAR
MUHAMMAD IMRAN
MUHAMMAD SHAHZAD
MBA III . FINANCE (Evening)
NUML

1
2
 GROUP MEMBERS

1. ZAHID IQBAL
ROLL NO. 5514

2. ZULFIQAR ALI
ROLL NO. 5788

3. SHAHID SATTAR
ROLL NO. 5839

4. MUHAMMAD IMRAN
ROLL NO. 5828

5. MUHAMMAD SHAHZAD
ROLL NO. 5826

MBA. III. FINANCE.(EVENING)

Introduction of organization:

3
Kohinoor Sugar Mills Limited
Kohinoor Sugar Mills Limited is one of the first Sugar Factories
established in Pakistan since the country's independence. A Saigol
Family project, KSML is a public limited company, listed on the
Karachi and Lahore Stock Exchanges.

Location;
Kohinoor Sugar Mills is located in Jauharabad, District
Khushab in the Punjab province. The plant has the capacity of crushing
over 5,000 Metric Tons of Cane per Day (TCD). The Factory produces
over 40,000 tons of sugar every year

Products;
We manufacture white refined sugar of the following
specifications:
White Refined Sugar, Color: 60-80 ICUMSA; Grain: Medium; Packed
in single woven polypropylene bags of net wt. 50 Kgs each.

Website; www.ksugar.com

4
 Statement of Ethics and Business Practice
Code of ethics is a pre-requisite for all directors and
employees of Kohinoor Sugar Mills Limited. We
endeavor to have fully groomed employees
committed to carry out honestly activities assigned
to them. Our aim is to have high standard of
excellence for the products and for all those involved
with our Company

VISION STATEMENT
To become a market leader in the Industry setting out
high quality standards for the Company and others
to follow.

MISSION STATEMENT
To produce/manufacture quality sugar and molasses
by maintaining a high standard of efficiency and
staying competitive to ensure customer satisfaction
and to provide a comfortable level of return to all
stakeholders .

5
Objective of analysis;
We will analyze the financial statements of
KSML from the perspective of three important groups
• Investors
• Long term creditors
• Short term creditors

Data Collection;
The basic information for our analysis is contained
in set of 5-year annual reports of KSML.

Data Type;
The data used for this analysis will be secondary data.

Analysis Method;
The data will be analyzed by using following methods.
• Ratio Analysis
• Common size analysis
• Index analysis

Data Presentation;
The analysis will be presented in the form of graphs
and brief illustrations will be given.

Results and discussion;

Results of analysis will be discussed according to
the objective concerned.

Recommendations;
The recommendations will be given according to the
ratio concerned and in the best favor of organization.

6
 Analysis by common stock holders
Common stock holders and potential investors
in common stock look first at a company’s earning record. Their investment is in
shares of stocks, so earning per share and dividends per share are of particular
interest.

Earning per share of common stock;

Earning per share of common stock is computed

by dividing the income applicable to the common stock by the weighted
average no of shares of common stock outstanding during the year. Any of
preferred dividend requirements must be subtracted from net income to
determine income applicable to the common stock, as shown in the
following computation for the KSML.

Years 2002 2003 2004 2005 2006

EPS 4.82 -3.47 3.02 5.70 0.86

EPS

6
4
2
EPS
0
2002 2003 2004 2005 2006
-2
-4

Here we see that EPS of KSML was good enough in 2002 but it went in negative
figures in 2003 due to huge loss faced by the company. In 2004 the company

7
improved its performance and EPS moved up to 3.02. In 2005 it was at its highest

position during the last five years, but unfortunately it is again near zero in 2006.

Price-Earning ratio;

The relationship between marker price of common

stock and earning per share is so widely recognized that it is expressed as a
separate ratio, called price earning ratio. The p/e ratio is determined by
dividing the market price per share by the annual earning per share.
P/E ratio of KSML is given below.

YEAR 2002 2003 2004 2005 2006

P/E ratio 5.71 -6.77 7.94 3.8 26.16

P/E ratio

30

20

10 P/E ratio

0
2002 2003 2004 2005 2006
-10

All the fluctuations found in p/e ratio of KSML during the last five years are mainly
due to change in EPS, because the price per share of the company has not much
changed it kept on moving between 23.5 and 25.
In 2006 the p/e ratio of KSML has reached at peak due to decrease in EPS.

8
Dividend Yield;
Dividends are of prime importance to some stock holders, but
a secondary factor for others. Some stock holders invest primarily to receive regular
cash income, while others invest in stock principally with the expectation of rising
market prices. If a corporation is profitable and it retains its earnings for expansion
of the business, the expanded operations should produce an increase in the net
income of the company and thus tend to make each share of stock more valuable.
In comparing the merits of alternative investment opportunities, we should relate
earning and dividends per share to the market value of the stock.
Dividend yield is calculated by dividing DPS by market price per share.
Dividend yield of KSML over the last five years is given as.

Years 2002 2003 2004 2005 2006

Dividend Yield 6.38 0% 4.4% 6.25% 0%
%

Dividend Yield

7.00%
6.00%
5.00%
4.00%
Dividend Yield
3.00%
2.00%
1.00%
0.00%
2002 2003 2004 2005 2006

The dividend yield in 2002 was high due to less divedend per share and relatively
high earning per share. In 2003 and 2006 no dividend was paid due to loss and less
earning per share so dividend yield was zero in both the years. In 2005 the dividend
yield was at high level because of the highest earning per share and a sufficient
market price of the share.

9
Return on Assets;
An important test of management’s ability to earn returns
on funds supplied from all resources is the rate of return on assets.
The income figure used in computing this ratio should be operating income, since
interest expence and income taxes are determined by factors other than the efficient
use of resources. Operating income is earned through out the year and therefore
should be related to the average investment in assets during the year.
The ROA of KSML over the last five years is given below.

Years 2002 2003 2004 2005 2006

ROA 5.52% -0.374% 9.66% 5.88% 0.48%

ROA

12.00%
10.00%
8.00%
6.00%
ROA
4.00%
2.00%
0.00%
-2.00% 2002 2003 2004 2005 2006

Return on common Stockholder’s equity;

The return on equity is
simply net income divided by average stockholders’ equity. If a company
has both the common stock and preferred stock we don’t include the
preferred stock in the stock holders’ equity because they don’t participate in
the company’s prosperity, rather the return on preferred stock is limited to
their dividend. Thus we must adjust the return on equity to reflect the return
on common stockholders’ equity. The return on common stockholder’s
equity is equal to net income less any preferred dividends.
The return on common stockholders’ equity of KSML is computed as
follows.

YEAR 2002 2003 2004 2005 2006

ROE 48.19% -34.47% 30.23% 57% 8.58%

10
 ROE

80.00%
60.00%
40.00%
20.00% ROE
0.00%
-20.00% 2002 203 2004 2005 2006
-40.00%

Here we see that ROE of KSML was good enough in 2002. Then it went into
negative figures in 2003 due to losses faced by the company. In 2004 it started
increasing and reached at the highest level in 2005. Again it was not at a satisfactory
level in year 2006.

Debt Ratio;
The debt ratio is on of the important indicator of amount of
leverage used by the business. This ratio measures the proportion of the total
assets financed by creditors, as distinguished from stockholders. It is
computed by dividing total liabilities by total assets. A high debt ratio
indicates an extensive use of leverage, that is, a large proportion financing
provided by the creditors. A low debt ratio, on the other hand, indicates that
the business is making little use of leverage.
The debt ratio of KSML over the last five years is given below.

YEARS 2002 2003 2004 2005 2006

Debt ratio 38.96% 46.39% 44.57% 40.79% 54.63%

11
 Debt ratio

60.00%
50.00%
40.00%
30.00% Debt ratio
20.00%
10.00%
0.00%
2002 203 2004 2005 2006

We see that debt ratio of KSML kept on moving between 39 to 54 percent over the
last five years. This shows that KSML is making an extensive use of debt for
financing purpose.

Analysis by long term creditors

The bondholders and other long term creditors are primly interested in three
factors (i) the rate of return on their investment, (ii) the firm’s ability to meet
its interest requirements, (iii) the firm’s ability to pay the principal of debt
when it falls due.
Interest coverage ratio;
The long term creditors feel that their investments
are relatively safer if the company earns enough income to cover its annual
intrest obligations by a wide margin.
A common measure of creditors’ safety -is the ratio of operating income
available for the payment of intrest to annual intrest expense, called intrest
coverage ratio. This comutation for KSML would be as follows.

YEARS 2002 2003 2004 2005 2006

Int.C.ratio 1.76 -.0124 0.65 0.456 1.67

12
 Int.C.ratio

2
1.5
1
Int.C.ratio
0.5
0
2002 2003 2004 2005 2006
-0.5

Here we see that intrest coverage ratio of KSML is not satisfactory. It attained its
maximum value in 2002 when it went upto 1.76. In 2003 in went into negative
figures. This shows that the long term creditors of KSML would not be satisfied with
this ratio.

Debt Ratio;
The long term creditors like stock holders are also intrested in
the debt ratio of the company. This ratio measures the proportion of the total
assets financed by creditors, as distinguished from stockholders. It is
computed by dividing total liabilities by total assets. A high debt ratio
indicates an extensive use of leverage, that is, a large proportion financing
provided by the creditors. A low debt ratio, on the other hand, indicates that
the business is making little use of leverage.
From a creditor’s point of view the lower the debt ratio the better. The debt
ratio of KSML over the last five years is given below.
YEARS 2002 2003 2004 2005 2006
Debt ratio 38.96% 46.39% 44.57% 40.79% 54.63%

Debt ratio

60.00%
50.00%
40.00%
30.00% Debt ratio
20.00%
10.00%
0.00%
2002 203 2004 2005 2006

13
We see that debt ratio of KSML kept on moving between 39 to 54 percent over the
last five years. This shows that KSML is making an extensive use of debt for
financing purpose. This is also not a better sign for long term creditors.

Secured claims;
Sometimes the claims of long term creditors are secured with
specific collateral, such as the land and buildings owned by the borrower. In these
situations, the secured creditors may look primarily to the value of collateral in
assesing the safety of their claims.
Assets pleged as collaterals to secure specific liabilities are disclosed in notes to the
financial statements. As KSML makes no such disclosure, we may assume that none
of its assets has been pleged as collateral to secure specific liabilities.
Hense the claims of long term creditors are not secure.

Analysis by short term creditors

Bankers and other short term creditors share the intrest of stockholders and long
term creditors in the profitability and long term stability of the business. Their
primary intrest, however, is in the current position of the company that is its ability
to generate sufficient funds (working capital) to meet current operating needs and to
pay current debt promptly.
Thus the analyis of financial statements by a banker cosidering a short term loan, or
by a trade creditor investigating the credit status of a customer, is likely to center on
the working capital position of the prospective debtor.

Amount of working capital;

Working capital is the excess of current assets over
current liabilities. It represents the cash and near cash assets that provide a
“cushion” of liquidity over the amount expected to be needed in the near future to
satisfy maturing obligations.

14
The details of working capital of KSML over the last five years is shown below.

YEARS 2002 2003 2004 2005 2006

Working -44709636 -14831353 -65722452 17219191 -67126687
capital

Working capital

40000000
20000000
0
-20000000 2002 2003 2004 2005 2006 Working capital
-40000000
-60000000
-80000000

We see that working capital of KSML is very unsatisfactory over the last five years.
It went into positive figures only once in the last five years otherwise it remained in
negative figures, which is not a good sign for short term creditors.

Quality of working capital;

In evaluating the debt paying ability of a business,
short term creditors should consider the quality of working capital as well as the

total dollar amount. The principal factors affecting the quality of working capital
are (i) the nature of the current assets and(ii) the length of time required to convert
these assets into cash.

Days sales outstanding;

The accouts receiveables turnover rate indicates how
quickly a company converts its accounts receivebles into cash. This rate is
determined by dividing net sales by the average balance of accounts receiveable. The
number of days to collect accounts receiveable then may be determined by dividing
by the number of days in a year (365) by the turnover rate.
This computation for KSML over the last five years is given below.

YEARS 2002 2003 2004 2005 2006

15
DSO 268days 214days 166days 225days 301days

DSO

350
300
250
200
DSO
150
100
50
0
2002 2003 2004 2005 2006

The DSO of KSML is also not much satisfactory for the short term creditors that is
KSML takes a longer period to convert its sales into cash and hence the short term
creditors are also paid after a longer period.

Inventory turnover rate;

The inventory turnover rate shows that how many
times during the year the company is able to sell a quantity of goods equal to its
average inventory. Mathematically this rate is determined by dividing the cost of
goods sold for the year by the average amount of inventory on hand during the year.
The number of days required to sell this amount of inventory may be determined by
dividing 365 by inventory turnover rate.

YEARS 2002 2003 2004 2005 2006

Inventory 31.2days 47.34days 48.68days 33.81days 90days
turnover
rate

16
 Inventory turnover rate

100
80
60 Inventory turnover
40 rate
20
0
2002 2003 2004 2005 2006

KSML has replaced its inventory more frequently (around 40 days) from year 2002
to 2005 which is satisfactory. But in 2006 its inventory turnover rate was not
satisfactory. In 2006 it took on average 90 days to replace its inventory.

Operating cycle;
The inventory turnover rate indicates how quickly inventory
sells, but not how quickly this asset converts into cash. Short term creditors, of
course, are intrested in company’s ability to generate cash.
The period of time required for a merchandising company to convert its inventory
into cash is called operating cycle.
The operating cycle is computed by adding DSO and inventory turnover rate.
KSML’s operating cycle over the last five years is given as;

YEARS 2002 2003 2004 2005 2006

Operating 299days 261days 215days 259days 391days
cycle

Operating cycle

500
400
300
Operating cycle
200
100
0
2002 2003 2004 2005 2006

17
Operating cycle of KSML has shown almost similar pattern as DSO and inventory
turnover rate over the last five years.

Current ratio;
The current ratio expresses the relationship between the current
assets and current liabilities. As debts come due, they must be paid out of current
assets, therefore ,short term creditors, frequently compare the amount of current
assets with the amount of current liabilities. The current ratio indicates a company’s
short run debt paying ability. It is a measure of liquidity and of solvency. A strong
current ratio provides considerable assurance that a company will be able to meet
its obligations coming due in the near future. The current ratio for KSML is
computed as follows.

YEARS 2002 2003 2004 2005 2006

Current 0.80 0.93 0.77 1.08 0.85
ratio

Current ratio

1.2
1
0.8
0.6 Current ratio
0.4
0.2
0
2002 2003 2004 2005 2006

A widely used rule of thumb is that this ratio should be 2 to 1, although significant
difference exists across industries.
The current ratio of KSML is not satisfactory , that is it does not have enough
current assets to meet its current liabilities. This is not satisfactory for short term
creditors.
Only once in the last five years the current assets of KSML were equal to its current
liabilities (in 2005) otherwise the current assets were always less than its current
liabilites which is not a good sign.

18
Quick ratio;

Because inventories and prepaid expenses are further removed from

conversion into cash than other current assets, the quick ratio is sometimes
comprted as a supplement to the current ratio. The quick ratio compares the highly
liquid current assets( cash, marketable securities, and receivables) with current
liabilities.
The quick ratio for KSML is computed as follows.

YEARS 2002 2003 2004 2005 2006

Quick ratio 0.26 0.36 0.34 0.55 0.37

Quick ratio

0.6
0.5
0.4
0.3 Quick ratio
0.2
0.1
0
2002 2003 2004 2005 2006

Here again the analysis reveal an unfavourable trend and a weak position, because a
quick ratio of 1 or above is considered satisfactory.

19
HORIZENTAL ANALYSIS
Balance Sheet

20
 2002
2003
2004
2005
2006

FIXED
ASSET
S

Operati
ng fixed
assets

100%
102%
99%
95%
91%

Propert
y plant
and
equipm
ent

100%
87%
80%
85%
96%

Capital
work in
progres
s

100%
72%
85%
76%
65%

Long
term

21
 120%
100% FIXED ASSETS
80% Operating fixed assets
60% Property plant and equipment
40% Capital work in progress
20% Long term deposits

0%
2002 2003 2004 2005 2006

The graph and table above show the horizental analysis of fixed assets of KSML
over the last five years.
We see an overall decresing trend in fixed assets of KSML over the last five years.
All of the fixed assets except long term deposits have decreased form 2002 to 2006.

2002 2003 2004 2005 2006

CURRENT ASSETS
Stores spare parts and loose tools 100% 85% 70% 87% 89%
Stocks in trade 100% 72% 65% 60% 45%
Trade debt loans and advances 100% 95% 80% 78% 79%
Short term deposits and prepayments 100% 78.21% 98.23% 74.32% 74.23%
Other receivables 100% 87% 85% 70% 85%
Taxation 100% 89% 78% 45% 65%

22
Cash and bank balances 100% 85% 95% 105% 124%

CURRENT ASSETS
140%
120%
Stores spare parts and loose
100% tools
80% Stocks in trade
60%
40% Trade debt and long term
20% advances
0% Short term deposits and
prepayments
2002 2003 2004 2005 2006
Other receivables

Taxation

The graph and table above show the horizental analysis of current assets of KSML.
Like fixed assets, the current assets have also shown a decreasing trend over the last
five years, which is not a good sign.
Only cash and bank balances of KSML have shown increase during the last five
years.

2002 2003 2004 2005 2006

CURRENT LIABILITIES 100% 115% 102% 99% 102%

23
Trade and other payables 100% 110% 121% 132% 120%
Accrued mark up 100% 102% 95% 102% 117%
Short term borrowing secured 100% 102% 96% 95% 96%
Current portion of long term liabilities 100% 101.02% 142% 132% 121%
Provision for taxation 100% 95% 96% 124% 125%

Cash and bank

1.6
balances
1.4
CURRENT LIABILITIES
1.2
1
Trade and other
0.8
payables
0.6
0.4 Accrued mark up
0.2
0 Short term borrowing
secured
2002 2003 2004 2005 2006
Current portion of long
term liabilities
Provision
The graph and table above show the horizental analysis of current for taxation
liabilities of
KSML.
We see that current liabilities of KSML have shown an increasing trend over the last
five years, which is not a good sign.

24
 2002 2003 2004 2005 2006
NON CURRENT LIABILITEDS 100% 98% 101% 99% 141%
Long term finances secured 100% 95% 99% 102% 109%
Liabilities against assets subject to finance 100% 111% 98% 97% 96%
Other loan unsecured 100% 109% 89% 99% 113%

160%
140% NON CURRENT
120% LIABILITEDS
100% Long term finances secured
80%
60% Liabilities against assets
40% subject to finance
20% Other loan unsecured
0%
2002 2003 2004 2005 2006

The table and graph above show the horizental analysis of non current liabilities of
KSML.
The non current liabilities of KSML have niether shown an increasing nor a
decreasing trend over the last five years.

2002 2003 2004 2005 2006

25
OWNER'S EQUITY 100% 95% 96% 105% 103%
Share capital 100% 98% 112% 102% 98%
Capital reserves 100% 99% 95% 109% 91%
General reserve 100% 102% 103% 112% 103%
Unappropriated profit 100% 113% 99% 99% 95%

120%
100% OWNER'S EQUITY
80% Share capital
60% Capital reserves
40% General reserve
20% Unappropriated profit

0%
2002 2003 2004 2005 2006

The table and graph above show the horizental analysis of owner’s equity of KSML
over the last five years.
The owner’s equity of KSML has remained almost the same over the last five
years.

VERTICAL ANALYSIS

26
 (2002)
2002

Sales 100%
Cost of sale 84.82%
Gross Profit 15.00%
Operating Expense
Admisnistrative 4.11%
Selling 0.33%
Operating profit(loss) 11%
Financial Charges 6%
Other Income 1.00%
Prior years adjustments 0.16%

Workers profit paricipation Fund 0.29%

Profit (loss) before taxation 5.54%
Taxation -0.50%
Profit (Loss) after taxation 5.03%
Balance brought forward -6.48%

2002

1.2
1
0.8
0.6 2002
0.4
0.2
0
-0.2
Financial

Taxation
Operating

Prior years
Selling

Balance
Cost of sale

Workers

27
 (2003)
2003

Sales 100%
Cost of sale 86.00%
Gross Profit 13.00%
Operating Expense
Admisnistrative 4.52%
Selling 0.39%
Operating profit(loss) 9%
Financial Charges 6%
Other Income 1.54%
Prior years adjustments 1.65%

Workers profit paricipation Fund 0.42%

Profit (loss) before taxation 4.12%
Taxation 4.85%
Profit (Loss) after taxation 4.14%
Balance brought forward 5.45%

28
 2003

1.2
1
0.8
0.6 2003
0.4
0.2
0

Prior years

Workers
Financial
Cost of sale

Balance
Operating

Selling

Taxation
(2004)
2004

Sales 100%
Cost of sale 88%
Gross Profit 12.00%
Operating Expense
Admisnistrative 4.50%
Selling 0.33%
Operating profit(loss) .0.7%
Financial Charges 3.27%
Other Income 0.21%
Prior years adjustments -0.07%

Workers profit paricipation Fund 0.20%

Profit (loss) before taxation 4%
Taxation -0.50%
Profit (Loss) after taxation 4%
Balance brought forward -7.38%

29
 2004

1.2
1
0.8
0.6
2004
0.4
0.2
0
-0.2

Prior years

Workers
Financial

Balance
Cost of sale

Operating

Selling

Taxation

(2005)

2005

Sales 100%
Cost of sale 84.13
Gross Profit 15.86
Operating Expense
Admisnistrative 4.77%
Selling 0.19%
Operating profit(loss) 10.89%
Financial Charges 2.44%
Other Income 2%
Prior years adjustments -----

Workers profit paricipation Fund 0.49%

Profit (loss) before taxation 9.94%
Taxation 3.62%
Profit (Loss) after taxation 6.34%
Balance brought forward 6.45%

30
 2005

100
80
60
2005
40
20
0

Prior years

Workers
Financial
Cost of sale

Balance
Operating

Selling

Taxation

(2006)
2006

Sales 100%
Cost of sale 85%
Gross Profit 15.06%
Operating Expense
Admisnistrative 5.40%
Selling 0.20%
Operating profit(loss) 9.47%
Financial Charges 5.64%
Other Income 0.51%
Prior years adjustments -------

Workers profit paricipation Fund 0.19%

Profit (loss) before taxation 4.04%
Taxation 3.15%
Profit (Loss) after taxation 0.89%
Balance brought forward 0%

31
 0
0.2
0.4
0.6
0.8
1
1.2

Cost of sale

Operating

Selling

Financial
2006

Prior years

Workers

Taxation

Balance
2006

32
 (Balance Sheet)

2002 2003 2004 2005 2006

FIXED ASSETS
Operating fixed assets 52% 48% 55.21% 57% 47^%
Property plant and equipment 3.94% 3.17% 3.12% 4.12% 2.54%
Capital work in progress 4.55% 6.26% 2.62% 0.10% 3.52%
Long term deposits 0.25% 32.00% 0.48% 0.57%
CURRENT ASSETS
Stores spare parts and loose tools 4.98% 5.35% 6.38% 8.02% 7%
Stock in trade 6.22% 8.55% 9.64% 5.88% 8.65%
Trade debts longs and
advances 0.00% 0.29% 4.71% 4.00% 3.94%
Short term depoits and prepayments 3.55% 6.63% 3.31% 1.95% 4.25%
Other recevables --------- 2.28% 3.17% 3.99% 4.27%
Taxtion 1.92% 0.23% 0.11% 0.28% 0.23%
Cash and bank balances 0.51% 0.49% 0.54% 0.51% 0.53%
CURRENT LIABILITIES
Trade and other payables 25.32% 30.48% 25.32% 32.22% 27%
Accrued mark up 1.32% 2.53% 1.59% 1.33% 2.12%
Short term borrowing Secured 1.29% 1.39% 16.53% 14.99% 17.32%
Current portion of long term liabilities 3.01% 3.85% 8.78% 5.55% 4.52%
Provision for
taxation 0.31% 0.35% 1.40% 0.91% 0.73%
CURRENT ASSETS LESS CURRENT LIABITES
TOTAL ASSETS LESS CURRENT LIABITIES
CONTINGENCIES AND COMMITMENTS
NON CURRENT LIABILITEDS
Long term finances secured 6.32% 8.48% 1.88% 2.32% 2.20I%
Liabilities against assets subject to finance lease 1.62% 1.96% 1.74% 1.66% 1.91%
Other loan unsecured 4.21% 3.12% 58% 5.21% 4.96%
DEFERED TAXATRION
OTHER LIABILITIES 1.23% 1.29% 1.47% 1.21% 1.32%
NET ASSETS
PEPRESENTED BY
Share capital 7.98% 8.40% 9.56% 8.21% 7.56%
Capital reserve -premium on right shares 2.97% 3.64% 4.40% 4.52% 3.97%
General reserve 4.20% 5.49% 62.51% 5.03% 4.32%
Unappropriated
profit 5.21% 5.36% 3.19% 5.32% 4.14%
TOTAL CAPITAL AND RESERVES 11.21% 12.19% 16.77% 14.21% 15.45%
SURPLUS ON REVALUATION OF LAND 27.32% 29.60% 33.70% 35.21% 33.12%

33
 2002

0.6
0.5
0.4
0.3 2002
0.2
0.1
0
FIXED ASSETS Short term General reserve
borrowing
Secured

2003

0.6
0.5
0.4
0.3 2003
0.2
0.1
0
FIXED ASSETS Accrued mark up Share capital

2004

0.8
0.6
0.4 2004
0.2
0
FIXED ASSETS Accrued mark up Share capital

34
 2005

0.6
0.5
0.4
0.3 2005
0.2
0.1
0
FIXED ASSETS Accrued mark up Share capital

2006

0.4
0.3
0.2 2006
0.1
0
FIXED ASSETS Accrued mark up Share capital

35