luck final modified latest

8/14/2019 LUCK FINAL modified latest

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EPS 1.13 0.87 2.59 3.14

Rs mn FY02 FY03 FY04 FY05

Pezu unit 1 1,320,000 1,440,000 1,440,000 1,440,000Pezu unit 2 - - - 1,260,000Karachi unit Line E - - - -Karachi unit Line F - - - -

1,320,000 1,440,000 1,440,000 2,700,000

Design Capacity-Cement 1,416,236 1,484,517 1,445,377 2,934,948

Rated CapacityClinker 1,200,000 1,200,000 1,257,143 1,257,143Cement 1,287,487 1,237,097 1,261,838 1,366,537

Clinker to cement conversion factor 1.07 1.03 1.00 1.09

Actual ProductionClinker 731,145 1,054,200 1,126,045 1,295,655Cement 784,450 1,086,790 1,130,250 1,408,400

Designed Capacity UtilizationClinker 55% 73% 78% 48%Cement 55% 73% 78% 48%

Raetd Capacity UtilizationClinker 61% 88% 90% 103%

Cement 61% 88% 90% 103%

Rated Capacity / Designed CapacityClinker 91% 83% 87% 47%Cement 91% 83% 87% 47%

Multiple RegressionLocal

Export

Total

Mn to unit Convertor 1,000,000 1,000,000 1,000,000 1,000,000

Composition of sales (tons)Local sales 779,804 1,055,945 1,003,165 1,143,087Export sales 5,175 46,706 116,920 277,268Total 784,979 1,102,651 1,120,085 1,420,355

Production Capacities (Clinker) Mttons


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Composition of sales (%)Local sales 99% 96% 90% 80%Export sales 1% 4% 10% 20%

Market share in salesTotal 8% 10% 8% 9%Local 8% 10% 8% 8%Exports 5% 11% 10% 18%

Market share in capacity

Total 9% 9% 8% 17%1.12 0.95 1.03 1.94

Gross Price per tonLocal 4,164 3,533 4,016 4,284

Export 1,682 1,676 2,066 2,414

Net revenue per ton 2,519 1,986 2,596 2,802

Excise duty per ton 1,000 985 750 750

Sales tax per ton 630 533 569 560

Sales tax % 15% 15% 14% 13%

Commission and rebates per ton - - - 36

Retention price per ton 2,536 2,074 2,899 3,482

Retention price per bag 127 104 145 174

Retail Price 228 197 221 236Dealer's Margin 20 20 20 20

Gross price 208 177 201 216Commission to stockist - - - 2Ex-Factory price 208 177 201 214Sales tax 31 27 28 28Excise duty 38 38 38 38Retention price 139 112 134 148


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Change in retail price % -14% 12% 7%

Export price per ton (% chg) 0% 23% 17%

Export price per ton in US$ 27 28 34 40Change % 2% 23% 17%

Exchange rate Rupee-US$ 61 58 58 59

0% 0% 1% 1%

Inflation

Raw material consumed 36 54 66 93Packing meterial 154 224 216 242

Salaraies, wages and benefits 97 98 116 141Fuel and power 825 951 1,026 1,581Stores and spares consumed 96 93 126 144Repairs and maintenance 15 13 23 25Depreciation 193 210 211 233Insurance 26 36 36 35Other manufacturing expenses 23 26 35 43Amortization of quarry development 1 - - -

1,466 1,705 1,855 2,538

Work in process

Opening 127 61 58 91Closing (61) (58) (91) (42)

66 4 (33) 49

COGM 1,533 1,709 1,822 2,587

Finished goodsOpening 56 51 18 32Closing (51) (18) (32) (18)

5 34 (14) 14

COGS 1,537 1,743 1,807 2,601

P & L assumptions cost per tonRaw material consumed 46 50 58 66Packing meterial 197 206 192 172Salaraies, wages and benefits 124 91 103 100

Loading and other charges as % ofsales


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Fuel and power 1,052 875 908 1,123Stores and spares consumed 122 86 111 102Repairs and maintenance 19 12 20 18Depreciation 246 193 187 165Insurance 33 33 32 25Other manufacturing expenses 29 24 31 30Amortization of quarry development 2 - - -

COGS % changeRaw material consumed 9% 17% 14%Packing meterial 5% -7% -10%Salaraies, wages and benefits -27% 13% -2%Fuel and power -17% 4% 24%Stores and spares consumed -30% 29% -8%Repairs and maintenance -39% 71% -12%Depreciation -21% -3% -12%Insurance 1% -4% -21%

Other manufacturing expenses -19% 31% -2%Amortization of quarry development -100%

Inflation

WIP FG cost per ton

Distribution costsSalaries and benefits 9 9 11 11Communication 2 2 2 2

Ttravelling and conveyance 1 1 1 1Priniting and stationery 0 0 0 0Insurance 0 0 0 1Rent, rates and taxes 1 1 1 2Utilities 0 1 1 1Vehicles running and maintenance 0 1 1 1Repairs and maintenance 0 0 0 0Fees, subscription and periodicals 1 0 0 0Advertisement and sales promotion 0 0 1 4Entertainment 0 0 0 0Depreciation 2 3 3 1

Sales promotion 4 0 - -Export logisticsOthers 1 0 0 0

23 20 23 24

Cost at start

Freehold land 5 5 5


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Buildings on freehold land 892 982 996Plant and machinery 3,120 3,520 3,539Generators - 634 634Quarrry equipments 188 188 188Vehicles subject to financial lease 23 35 37Furniture and fixture 6 7 8Office equipments 24 27 29Othr assests 12 13 13Total - 4,270 5,411 5,449

Additions

Freehold land - - -Buildings on freehold land 60 14 588Plant and machinery 400 19 2,251Generators - 0 904Quarrry equipments - - 109

Vehicles subject to financial lease 11 6 24Furniture and fixture 0 1 4Office equipments 2 2 14Other assests 0 0 0Total - 474 43 3,895

Disposals

Freehold land - - -Buildings on freehold land - - -Plant and machinery - - -

Generators - - -Quarrry equipments - - (25)Vehicles subject to financial lease (0) (4) (8)Furniture and fixture - (0) (0)Office equipments - (0) (0)Othr assests (0) - (0)Total - (0) (5) (32)

Adjustments

Freehold land - - -

Buildings on freehold land 31 - -Plant and machinery - - -Generators 634 - -Quarrry equipments - - -Vehicles subject to financial lease 1 - -Furniture and fixture 0 - -Office equipments 1 - -Othr assests 1 - -


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Total - 668 - -

Cost at end

Freehold land - 5 5 5Buildings on freehold land - 982 996 1,584Plant and machinery - 3,520 3,539 5,791Generators - 634 634 1,538Quarrry equipments - 188 188 273Vehicles subject to financial lease - 35 37 54Furniture and fixture - 7 8 12Office equipments - 27 29 43Othr assests - 13 13 13Total - 5,411 5,449 9,312

Depriciation rate

Freehold landBuildings on freehold landPlant and machineryGeneratorsQuarrry equipmentsVehicles subject to financial leaseFurniture and fixtureOffice equipmentsOthr assestsTotal

Depreciation at start

Freehold land - - -Buildings on freehold land 223 281 331Plant and machinery 521 639 757Generators - 205 236Quarrry equipments 51 61 70Vehicles subject to financial lease 17 20 22Furniture and fixture 3 4 4Office equipments 11 14 15Othr assests 5 7 7

Total - 833 1,230 1,442

Depreciation for the year

Freehold land - - -Buildings on freehold land 49 50 51Plant and machinery 117 118 130Generators 32 32 36


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Quarrry equipments 9 9 14Vehicles subject to financial lease 4 4 8Furniture and fixture 0 0 1Office equipments 2 2 3Othr assests 1 1 1Total - 214 215 241

Disposals

Freehold land - - -Buildings on freehold land - - -Plant and machinery - - -Generators - - -Quarrry equipments - - (11)Vehicles subject to financial lease (0) (3) (6)Furniture and fixture - (0) (0)Office equipments - (0) (0)

Other assests (0) - (0)Total - (0) (3) (17)

Adjustments

Freehold land - - -Buildings on freehold land 8 - -Plant and machinery - - -Generators 173 - -Quarrry equipments - - -Vehicles subject to financial lease 0 - -

Furniture and fixture 0 - -Office equipments 1 - -Othr assests 1 - -Total - 183 - -

Depriciation at end

Freehold land - - - -Buildings on freehold land - 281 331 381Plant and machinery - 639 757 886Generators - 205 236 272

Quarrry equipments - 61 70 73Vehicles subject to financial lease - 20 22 23Furniture and fixture - 4 4 5Office equipments - 14 15 18Othr assests - 7 7 8

Total - 1,230 1,442 1,666


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Net book value at end

Freehold land - 5 5 5Buildings on freehold land - 701 665 1,202Plant and machinery - 2,881 2,783 4,905Generators - 429 397 1,266Quarrry equipments - 128 118 200Vehicles subject to financial lease - 15 15 31Furniture and fixture - 3 4 7Office equipments - 14 14 25Othr assests - 6 5 5Total - 4,182 4,007 7,646

Depreciation allocation

Cost of sales 193 210 211 233Distribution costs 2 3 3 1Administrative expenses 0 1 1 4

Capital WIP - - - 4196 214 215 241

Cost of sales 99% 98% 98% 96%Distribution costs 1% 1% 1% 0%Administrative expenses 0% 0% 0% 2%Capital WIP 0% 0% 0% 1%

Capital WIP

Building and civil works 46 8 269 1,557Plant and machinery 241 4 341 4,241

- 29 395 -Advance for gas installation 19 19

287 41 1,025 5,817

Opening

Building and civil works

Plant and machineryAdvances to suppliers vehiclesAdvance for gas installation

Additions balance

Building and civil worksPlant and machineryAdvances to suppliers vehicles

Advances to suppliers -plant &machinery


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Advance for gas installation

Building and civil worksPlant and machineryAdvances to suppliers vehiclesAdvance for gas installation

Closing balance

Building and civil worksPlant and machineryAdvances to suppliers vehiclesAdvance for gas installation

Additions balance



Salaries and benefits growth 2% 15% 5%Communication % of sales 0% 0% 0% 0%Ttravelling and conveyance % of sales 0% 0% 0% 0%Priniting and stationery % of sales 0% 0% 0% 0%Insurance % of sales 0% 0% 0% 0%Rent, rates and taxes % of sales 0% 0% 0% 0%

Utilities % of sales 0% 0% 0% 0%

0% 0% 0% 0%Repairs and maintenance % of sales 0% 0% 0% 0%

0% 0% 0% 0%

0% 0% 0% 0%

Transferred to operating fixedassets

Transferred to operating fixedassets

Vehicles running and maintenance %of sales

Fees, subscription and periodicals %of salesAdvertisement and sales promotion %of sales


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Entertainment % of sales 0% 0% 0% 0%Depreciation % of sales 0% 0% 0% 0%Sales promotion % of sales 0% 0% 0% 0%Others % of sales 0% 0% 0% 0%

Administrative expensesSalaries and benefits 19 19 25 29Communication 3 3 4 4Travelling and conveyance 3 1 2 2Insurance 0 1 1 1Rent, rates and taxes 0 0 1 1Vehicles running and maintenance 1 1 1 2Printing and stationery 2 2 2 2Fees and subscription 1 1 1 4Security servics 0 0 0 0Legal and professional 4 4 3 4

Transport and freight 0 0 0 0Utilities 1 1 1 1Repairs and maintenance 1 1 0 1Advertisement 1 1 - -Donations - - 0 5Auditors' remuneration 0 1 0 0Depreciation 0 1 1 4Octori refundable written off - - - 1Amortization of deferred cost 5 - - -Others 1 1 1 1

43 37 44 61

Salaries and benefits growth 4% 29% 16%Communication % of sales 0% 0% 0% 0%Travelling and conveyance % of sales 0% 0% 0% 0%Insurance % of sales 0% 0% 0% 0%Rent, rates and taxes % of sales 0% 0% 0% 0%

0% 0% 0% 0%Printing and stationery growth 0% 0% 0% 0%Fees and subscription growth 0% 0% 0% 0%

Security servics growth 0% 0% 0% 0%Legal and professional growth -17% -20% 33%Transport and freight % of sales 0% 0% 0% 0%Utilities growth 0% 0% 0% 0%Repairs and maintenance % of sales 0% 0% 0% 0%Advertisement growth 0% 0% 0% 0%Donations growth 0% 0% 0% 0%Auditors' remuneration growth 166% -55% 1%

Vehicles running and maintenance %of sales


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Depreciation % of sales 0% 0% 0% 0%Octori refundable written off growth 0% 0% 0% 0%Amortization of deferred cost growth 0% 0% 0% 0%Others growth 0% 0% 0% 0%

Gratuity 9 (2) 10 13% of Admin and Distribution 29% 32%

Other operating incomeGain on disposal of fixed assets 1 0 1 1Laibilities no more payable writtn backExchange gainExcise duty refundable *Others 0 0 0 0

1 0 2 1

BV of disposals 0 2 15Sale proceeds 0 3 16Gain on disposal of assets 0 1 1

Sale proceeds as % of BV 281% 176% 107%

Others as % of gain on disposal 24% 93% 6% 10%

Other chargesWPPF 16 18 51 64

Loss on disposalof fixed assets 0 0 3 -16 18 54 64

Other charges per ton 16 46 45

Growth 178% -2%

Taxation-current 10 11 17 20-prior years' - 88 1 3

-deferred - 16 268 36110 115 285 383

Taxation-current 3% 3% 2% 2%-prior years' 0% 26% 0% 0%-deferred 0% 5% 28% 30%


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BS assumptions

AssetsNon-current assets

Property, plant and equipment 4,182 4,222 5,032 13,462Long term security deposits 3 2 2 2

4,184 4,225 5,034 13,464

growth -14% -8% -4%

Current assetsStores and sparesStores 116 134 427 529Spares 208 188 194 229Spares in transit 5 4 12 107

329 326 633 864

% of salesStores 6% 6% 15% 13%Spares 11% 9% 7% 6%Spares in transit 0% 0% 0% 3%

Stock-in-tradeRaw and packing materials- in hand 19 40 50 55Work-in-process 61 57 91 42

Finished goods 51 18 32 18131 115 172 116

% of salesRaw and packing materials- in hand 1% 2% 2% 1%Work-in-process 3% 3% 3% 1%Finished goods 3% 1% 1% 0%

16 5 16 23

% of sales 1% 0% 1% 1%

Loans & advancesSecured 105 68 3 3Unsecured 21 19 29 132

126 87 32 135

% of sales

Trade debts- unsecured, consideredgood


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Secured 0% 0%Unsecured 1% 3%

Deposits 6 5 7 10Prepayments 0 1 1 0Special case - - - -

6 6 8 10

% of salesDeposits 0% 0% 0% 0%Prepayments 0% 0% 0% 0%

Other receivables 21 14 79 20

% of salesOther receivables 0 1% 3% 1%

Taxation-net - - 37 34

% of sales 1% 1%

Share capital 2,450 2,450 2,450 2,634Share premium 990 990 990 990General reserve

Unappropriated profit 350 181 864 1,5073,790 3,621 4,304 5,131

Non - current liabilitiesDeferred taxation - 230 498 859

Staff Gratuity 33 30 39 49Retention money 11 11 11 11Encasment of performance guarantee 56 56 56 56

101 98 106 116

Long term deposits 17 17 20 25% of sales 1% 1% 1% 1%

Current liabilitiesTrade and other payablesCreditors 161 147 188 264

Trade deposits and short termprepayments


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Accrued liabilities 28 22 27 29Running account with customers 36 39 66 168Retention money 4 1 0 53Bills payable 41 - 52 -Workers' profit participation fund 18 18 12 64Sales tax payable 28 20 - 17Excise duty payable - - 8 -

12 5 - -Unclaimed dividend 13 6 2 8Proposed dividend - - - -Others 2 0 - 13

343 259 353 615

% of salesCreditors 8% 7% 6% 7%Accrued liabilities 1% 1% 1% 1%

Running account with customers 2% 2% 2% 4%Retention money 0% 0% 0% 1%Bills payable 2% 0% 2% 0%Workers' profit participation fund 1% 1% 0% 2%Sales tax payable 1% 1% 0% 0%Excise duty payable 0% 0% 0% 0%

1% 0% 0% 0%Unclaimed dividend 7% 3%Others 0% 0% 0% 0%

Accrued mark-upLonng term finances - - 3 108Short term borrowings - - 6 17

- - 9 125

% of LT finances 0% 2%% of ST borrowings 1% 2%

Short term borrowings- secured

Running financeForeighn currency import financeExport refinance

47 278 568 787

% of sales 2% 13% 20% 20%

Mark on long term loan & ST bankborrowing

Mark on long term loan & ST bankborrowing

Running finance under mark-uparrangements from banks


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Running financeForeighn currency import financeExport refinance

GratuityPresent value 33 32 38 58Unrecognized acturial (loss)/gain - (2) 1 (9)

33 30 39 49

Opening balance 33 30 39Charge/ (reversal) for the year (2) 10 13Payment made during the year (1) (2) (3)Closing balance 33 30 39 49

-6% 35% 33%

-3% -6% -8%

Number of shares 245 263

Mark up on long term ( cash flows )

Charge/ (reversal) for the year % ofopening balance

Payment made during the year % of ofopening balance


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7.35 9.67 8.23 8.61 10.00 11.30

FY06 FY07 FY08 FY09 FY10 FY11

1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,0002,520,000 2,520,000 2,520,000 2,520,000 2,520,000 2,520,000

- 1,260,000 1,260,000 1,260,000 1,260,000 1,260,000- 1,260,000 1,260,000 1,260,000 1,260,000

3,960,000 5,220,000 6,480,000 6,480,000 6,480,000 6,480,000

3,942,961 5,435,886 6,747,997 6,747,997 6,746,531 6,696,973

2,373,333 3,842,312 4,582,909 4,446,727 4,244,991 4,449,6332,363,121 4,001,220 4,772,447 4,630,633 4,419,593 4,598,622

1.00 1.04 1.04 1.04 1.04 1.03

2,227,878 3,345,003 4,176,306 4,076,499 3,906,434 4,012,8892,218,292 3,483,344 4,349,028 4,245,093 4,067,110 4,147,255

56% 62% 64% 62% 58% 60%56% 62% 64% 62% 58% 60%

94% 87% 91% 92% 92% 90%

94% 87% 91% 92% 92% 90%

60% 74% 71% 69% 66% 69%60% 74% 71% 69% 66% 69%

21,033,261 23,177,916 24,982,183 27,377,677 30,002,66110% 8% 10% 10%

3,187,961 4,148,430 5,174,122 6,199,815 7,430,64630% 25% 20% 20%

24,221,222 27,326,345 30,156,305 33,577,492 37,433,307

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1,816,617 3,182,897 3,244,908 3,247,684 3,285,321 3,600,319324,419 1,456,573 1,866,793 2,069,649 2,479,926 2,972,258

2,141,036 4,639,470 5,111,702 5,317,333 5,765,247 6,572,578


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85% 69% 63% 61% 57% 55%15% 31% 37% 39% 43% 45%

12% 19% 14% 12% 10% 10%11% 15% 14% 13% 12% 12%22% 46% 45% 40% 40% 40%

19% 16% 20% 18% 16% 16%1.62 1.53 1.41 1.51 1.60 1.53

5,163 4,427 4,671 4,937 5,148 5,262

4,096 3,031 3,369 3,733 3,980 4,178

3,729 2,699 3,260 3,546 3,767 3,916

755 750 750 750 750 750

675 626 652 684 711 729

13% 14% 14% 14% 14% 14%

31 30 30 30 30 30

-13% -5% 0% 0% 0% 0%

4,395 3,051 3,268 3,504 3,687 3,783

220 153 163 175 184 189

280 243 256 271 284 29020 20 20 22 25 25

260 223 236 249 259 2652 1 1 1 1 1

258 222 234 247 258 26434 31 33 34 36 3638 38 38 38 38 38

186 153 163 175 184 189


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19% -13% 5% 6% 5% 2%

70% 27% 34% 21% 16% 10%

68 49 54 60 63 6670% 5% 10% 10% 5% 5%

60 61 62 62 63 63

1% 1% 1% 1% 1% 1%

7% 7% 7% 7% 7%

181 482 613 646 669 737405 790 1,060 1,107 1,135 1,238

257 470 631 659 675 7373,583 5,722 7,287 7,682 7,949 8,754

357 431 578 604 619 67536 45 60 62 64 70

409 857 464 540 596 65437 42 43 33 24 2080 133 179 187 191 209- - - - - -

5,346 8,970 10,914 11,519 11,923 13,094

42 264 308 308 308 308(264) (308) (308) (308) (308) (308)(222) (43) - - - -

5,123 8,927 10,914 11,519 11,923 13,094

18 68 148 (1,684) (4,458) (9,187)(68) (148) 1,684 4,458 9,187 16,462(50) (80) 1,833 2,773 4,729 7,275

5,074 8,847 12,747 14,293 16,652 20,368

82 138 141 152 164 178183 227 244 261 279 299116 135 145 155 166 178


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1,615 1,643 1,676 1,810 1,954 2,111161 124 133 142 152 16316 13 14 15 16 17

184 246 209 243 269 29517 12 10 8 6 536 38 41 44 47 50- - - - - -

2,575 2,612 2,830 3,054 3,294

23% 0% 2% 8% 8% 8%6% -2% -3% -2% 0% -2%

16% 0% 7% 5% 7% 5%44% 0% 2% 8% 8% 8%58% 12% 23% 21% 28% 21%-7% 3% 14% 0% 2% 5%11% -6% -2% -2% 0% -3%

-33% -14% -18% -22% -22% -19%

18% 7% 14% 9% 12% 10%

8% 8% 7% 7% 7%

2,329 2,403 2,586 2,785 2,999

21 24 32 44 63 852 2 10 10 11 13

1 1 4 5 5 60 1 2 2 2 21 2 3 3 4 42 3 7 8 8 100 1 3 3 3 31 3 5 5 5 70 0 1 1 1 10 0 1 1 2 21 5 7 9 10 100 0 2 2 2 24 17 6 6 7 8

- 1 0 0 0 1439

1 2 2 2 334 498 84 99 125 156

5 230 230 286 357 444


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1,584 3,394 4,464 5,533 6,603 7,6725,791 10,874 13,938 17,938 19,938 19,9581,538 3,131 3,189 3,246 3,246 3,246

273 596 642 682 721 76354 94 427 762 1,097 1,43312 19 37 44 53 6443 84 116 138 165 19613 31 46 55 66 79

9,312 18,454 23,089 28,686 32,246 33,855

225 - 56 70 88 541,810 1,070 1,070 1,070 1,070 1,0705,083 3,064 4,000 2,000 19 191,594 57 57 0 0 0

324 46 46 46 46 46

42 341 341 341 341 3417 17 8 9 10 11

42 32 22 27 31 2818 15 8 11 13 12

9,145 4,642 5,608 3,574 1,618 1,580

- - - - - -- - - - - -- - - - - -

- - - - - -- - (6) (8) (3) (4)(2) (7) (5) (6) (5) (6)(0) (0) (0) (0) (0) (0)(1) (0) (0) (0) (0) (0)(0) (0) (0) (0) (0) (0)(3) (8) (12) (14) (9) (10)

- - - - - -

- - - - - -- - - - - -- - - - - -- - - - - -- - - - - -- - - - - -- - - - - -- - - - - -


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- - - - - -

230 230 286 357 444 4983,394 4,464 5,533 6,603 7,672 8,742

10,874 13,938 17,938 19,938 19,958 19,9773,131 3,189 3,246 3,246 3,246 3,246

596 642 682 721 763 80594 427 762 1,097 1,433 1,76819 37 44 53 64 7584 116 138 165 196 22431 46 55 66 79 90

18,454 23,089 28,686 32,246 33,855 35,425

0% 0% 0% 0% 0%2% 2% 2% 2% 2%1% 1% 1% 1% 1%2% 2% 2% 2% 2%5% 5% 5% 5% 5%

10% 10% 10% 10% 10%5% 5% 5% 5% 5%5% 5% 5% 5% 5%5% 5% 5% 5% 5%

- - - - - -381 469 677 788 920 1,074886 1,096 1,531 1,711 1,910 2,110272 357 517 582 646 71173 92 124 155 188 22523 36 61 134 241 3825 6 9 12 14 17

18 24 39 46 54 648 11 14 17 20 24

1,666 2,091 2,973 3,444 3,994 4,607

- - - - - -87 209 111 132 153 175

209 436 179 199 200 20085 159 65 65 65 65


22/107

19 32 34 36 38 4014 25 76 110 143 1771 3 2 3 3 47 15 7 8 10 112 4 3 3 4 5

426 883 477 556 616 676

- - - - - -- - - - - -- - - - - -- - - - - -- - (3) (3) (2) (2)(2) (1) (3) (3) (2) (2)(0) (0) (0) (0) (0) (0)(0) (0) (0) (0) (0) (0)

(0) (0) (0) (0) (0) (0)(2) (1) (6) (6) (4) (4)

- - - - - -- - - - - -- - - - - -- - - - - -- - - - - -- - - - - -

- - - - - -- - - - - -- - - - - -- - - - - -

- - - - - -469 677 788 920 1,074 1,248

1,096 1,531 1,711 1,910 2,110 2,309357 517 582 646 711 776

92 124 155 188 225 26336 61 134 241 382 5576 9 12 14 17 21

24 39 46 54 64 7511 14 17 20 24 29

2,091 2,973 3,444 3,994 4,607 5,279


23/107

230 230 286 357 444 4982,925 3,786 4,745 5,683 6,599 7,4949,779 12,407 16,228 18,028 17,848 17,6682,774 2,672 2,664 2,600 2,535 2,470

504 518 527 533 539 54258 366 628 856 1,050 1,21113 27 33 39 46 5460 77 92 111 132 14921 32 38 45 54 62

16,364 20,116 25,241 28,252 29,248 30,146

409 857 464 540 596 6544 17 6 6 7 85 9 4 6 7 7

9 - 3 5 6 6426 883 477 556 616 676

96% 97% 97% 97% 97% 97%1% 2% 1% 1% 1% 1%1% 1% 1% 1% 1% 1%2% 0% 1% 1% 1% 1%

823 12 (2,056) (4,621) (7,681) (11,237)1,976 60 4,728 10,737 17,415 24,100

- 105 - - - -3 26 (47) (183) (301) (401)

2,801 203 2,625 5,933 9,432 12,462

1,557 823 12 (2,056) (4,621) (7,681)

4,241 1,976 60 4,728 10,737 17,41519 3 105 (47) (183) (301)

- 26 26 26 265,817 2,801 203 2,651 5,958 9,458

1,453 260 4,095 5,076 6,057 7,0383,915 1,467 9,424 12,129 13,481 13,494

3 108 23 42 60 79


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265,371 1,861 13,542 17,247 19,598 20,611

2,187 1,071 6,163 7,640 9,117 10,5946,181 3,383 4,756 6,121 6,803 6,810

19 6 175 178 178 178-

8,386 4,460 11,094 13,939 16,099 17,582

823 12 (2,056) (4,621) (7,681) (11,237)1,976 60 4,728 10,737 17,415 24,100

3 105 (47) (183) (301) (401)26 26 26 26 26

2,801 203 2,651 5,958 9,458 12,487

92% 92% 92% 92% 92% 92%68% 68% 68% 68% 68% 68%5% 5% 5% 5% 5% 5%

138% 138% 138% 138% 138% 138%34% 34% 34% 34% 34% 34%5% 5% 5% 5% 5% 5%

82% 26% 32% 37% 44% 35%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%

0% 0% 0% 0% 0% 0%

0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%

0% 0% 0% 0% 0% 0%

0% 0% 0% 0% 0% 0%


25/107

0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%

62 53 61 71 81 944 5 19 20 21 263 3 9 10 11 131 1 3 3 4 41 1 3 3 4 45 6 8 9 11 132 3 8 9 10 113 3 10 11 14 141 2 2 2 2 36 7 8 10 12 15

0 0 1 1 1 11 2 6 6 6 81 7 3 3 3 42 2 2 2 3 47 4 9 13 17 171 4 7 16 39 815 9 4 6 7 7

- - 1 1 1 1- - 2 2 3 41 1 5 5 6 7

107 111 171 202 256 332

113% 15% 15% 15% 15% 15%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%

0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%

0% 0% 0% 0% 0% 0%47% 11% 18% 27% 26% 20%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%

278% 97% 80% 114% 143% 109%


26/107

0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%

74 39 53 75 83 10789% 50% 57% 65% 57% 60%

0 - 3 2 2 36823

5390 - 1 0 0 10 629 3 3 3 4

1 7 6 7 5 61 6 9 10 7 90 (0) 3 2 2 3

118% 170% 143% 135% 141% 147%

10% 29% 30% 17% 19% 21%

134 142 172 197 235 295

- 0 - - - -134 142 172 197 235 295

63 31 34 37 41 45

40% 10% 10% 10% 10% 10%

40 63 60 56 66 77- - - - - -

577 80 650 679 788 892617 143 711 735 855 969

2% 2% 2% 2% 2% 2%0% 0% 0% 0% 0% 0%

23% 23% 23% 23% 23% 23%


27/107

19,165 20,319 27,866 34,184 38,681 42,6082 2 2 2 2 2

19,167 20,321 27,868 34,186 38,682 42,610

0% -7% -5% -4% -4% -5%

323 1,054 1,563 1,892 1,978 2,129860 906 1,341 1,497 1,779 2,23485 33 175 231 301 290

1,267 1,994 3,079 3,620 4,058 4,653

4% 9% 9% 10% 9% 8%11% 8% 8% 8% 8% 9%1% 1% 1% 1% 1% 1%

99 220 252 274 305 362264 308 425 479 526 693

68 148 146 168 184 238431 676 823 920 1,014 1,293

1% 1% 2% 1% 1% 1%3% 3% 3% 3% 2% 3%1% 1% 1% 1% 1% 1%

98 477 110 140 169 211

1% 1% 1% 1% 1% 1%

2 5 9 9 12 14200 237 450 470 541 659202 242 459 479 553 673


28/107

0% 0% 0% 0% 0% 0%3% 2% 3% 2% 2% 3%

7 9 34 37 41 464 1 5 6 7 9

274 - - - - -285 10 39 43 48 55

0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%

84 177 204 253 231 302

1% 1% 1% 1% 1% 1%

24 50 108 110 148 165

0% 1% 1% 1% 1% 1%

2,634 2,634 2,634 2,634 2,634 2,634990 990 990 990 990 990

3,000

3,446 2,730 4,633 6,639 8,876 11,4587,070 9,354 8,257 10,262 12,500 15,082

1,436 1,516 2,166 2,845 3,633 4,526

114 147 211 301 427 61111 - - - - -56 - - - - -

182 147 211 301 427 611

27 26 103 112 124 1430% 1% 1% 1% 1% 1%

459 364 1,076 1,208 1,389 1,635


29/107

59 112 146 160 180 219177 105 430 517 617 660538 225 326 440 608 79787 577 129 175 164 233

104 152 171 202 261 289- - 62 50 70 777 - 14 19 15 21

- - - - - -8 11 10 15 15 15

- - 254 380 380 38013 1 21 28 38 38

1,451 1,547 2,639 3,194 3,738 4,365

6% 7% 6% 6% 6% 6%1% 1% 1% 1% 1% 1%

2% 2% 3% 3% 3% 3%7% 2% 2% 2% 3% 3%1% 1% 1% 1% 1% 1%1% 1% 1% 1% 1% 1%0% 1% 0% 0% 0% 0%0% 0% 0% 0% 0% 0%

0%3% 5% 4% 4% 4% 4%0% 0% 0% 0% 0% 0%

182 289 194 102 46 719 37 45 48 56 65

190 326 239 151 102 136

2% 2% 2% 2% 2% 2%1% 1% 2% 1% 2% 2%

256 247 293 329 3771,873 1,808 2,142 2,406 2,756735 709 841 944 1,081

646 2,864 2,765 3,276 3,678 4,214

8% 23% 17% 17% 17% 16%


30/107

9% 9% 9% 9% 9%65% 65% 65% 65% 65%26% 26% 26% 26% 26%

114 147 211 301 427 611- - - - - -

114 147 211 301 427 611

49 114 147 211 301 42774 43 78 113 160 227(8) (10) (14) (23) (35) (43)

114 147 211 301 427 611

151% 53% 53% 53% 53% 53%

-17% -8% -10% -11% -11% -10%

263 263

29% 30% 46% 45% 50%


31/107

2.62

4QF-Y07E 9M

-

5,652,967 15,380,297

1,119,698 2,145,487

6,772,665 17,525,784

1,000,000

729,808 2,453,250539,681 917,212

1,269,489 3,370,462


32/107

57% 73%43% 27%

19% 19%13% 16%48% 43%

4,427

3,678

3,277

750

626

0

30

0%

3,051

153

24320

2231

2223138

153


33/107

60

61

0

0

1531626%

-


34/107


35/107


36/107


37/107


38/107


39/107


40/107


41/107

21-

178199

2%0%

20%


42/107


43/107

2,634


44/107


45/107


46/107

EPS 3.14 7.35

FY05 FY06

GDP at current factor cost (Rs mn) 4,577,061 4,879,496Real GDP Growth (Revised) 8.57% 6.61%Real GDP Growth (Reported) 8.35% 6.60%Real GDP growth forecast by USDA 5.60% 5.00%Inflation 9.28% 7.94%Nominal GDP 17.85% 14.54%GDP (mp) 6,547,590 7,499,932

18.34% 14.54%

1,117 1,423

PSDP allocations 228 327PSDP growth 41% 43%

PSDP as a % of GDP at mp 0.00% 0.00%PSDP as a % of GDP at fc 4.98% 6.70%Normal PSDP forecast at GDP fcPSDP as a % of Govt. expenditure

Population 154 157Population Growth 2.32% 1.80%

Per capita income (real GDP) 29,729 31,134Per capita income (nominal GDP) 42,528 47,854

Industry Production Capacity 17,436,050 20,940,476

Total expenditure of consolidated federal and provincialgovt.


47/107

9.67 8.23 8.61 10.00 11.30

FY07 FY08 FY09 FY10 FY11

5,196,663 5,508,463 5,838,971 6,189,309 6,560,6686.50% 6.00% 6.00% 6.00% 6.00%7.00% 6.50% 6.00% 6.00% 6.00%4.80% 4.50% 4.20% 4.20% 4.20%6.50% 6.00% 6.00% 5.50% 5.50%

13.00% 12.00% 12.00% 11.50% 11.50%8,474,923 9,491,914 10,630,944 11,853,502 13,216,655

13.00% 12.00% 12.00% 11.50% 11.50%

415 494 585 664 714

0.00% 5.20% 5.50% 5.60% 5.40%7.99%

160 162 165 168 1711.80% 1.72% 1.91% 1.81% 1.81%

32,573 33,943 35,306 36,761 38,27553,121 58,489 64,282 70,403 77,106

33,000,000 34,000,000 38,000,000 42,591,950 42,591,950

73% 80% 79% 79% 88%


48/107


49/107

Contingencies and commitments - -

4,869 4,818

- 0

Net debt 388 378Net debt change (10)

2450.8


50/107

2.59 3.14 7.35 9.67 8.23 8.61


5,032 13,462 19,165 20,319 27,866 34,1842 2 2 2 2 2

5,034 13,464 19,167 20,321 27,868 34,186

633 864 1,267 1,994 3,079 3,620172 116 431 676 823 92016 23 98 477 110 14032 135 202 242 459 479

8 10 285 10 39 4379 20 84 177 204 253

53937 34 24 50 108 110

1,000 141 2,063 1,238 (3,733) (8,881)1,978 1,342 4,455 5,402 1,090 (3,316)

7,012 14,807 23,623 25,723 28,958 30,870

2,450 2,634 2,634 2,634 2,634 2,6341,854 2,497 4,436 6,720 5,623 7,629

4,304 5,131 7,070 9,354 8,257 10,262

1,150 6,530 10,157 8,329 11,057 5,882498 859 1,436 1,516 2,166 2,845106 116 182 147 211 30120 25 27 26 103 112

1,774 7,530 11,801 10,018 13,537 9,140

353 615 1,451 1,547 2,639 3,194

9 125 190 326 239 151568 787 646 2,864 2,765 3,276

- 617 2,383 1,615 1,521 4,848- - 82 - - -- - - - - -- - - - - -

931 2,143 4,752 6,352 7,164 11,468


51/107


52/107

10.00 11.30

FY10 FY11

38,681 42,6082 2

38,682 42,610

4,058 4,6531,014 1,293

169 211553 673

48 55231 302

148 165(13,532) (15,027)(7,311) (7,675)

31,371 34,935

2,634 2,6349,866 12,448

12,500 15,082

2,609 4,0483,633 4,526

427 611124 143

6,793 9,328

3,738 4,365

102 1363,678 4,2144,561 1,811

- -- -- -

12,079 10,525


53/107

- -

31,371 34,935

- -

10,848 10,072(3,158) (775)

263 2631.5 1.5


54/107

EPS 1.13 0.87 2.59 3.14


Local sales 3,247 3,730 4,028 4,897Export sales 9 78 242 669Gross sales 3,255 3,809 4,270 5,566

Excise duty 780 1,040 752 857Sales tax 491 563 571 640

- - 41Loading and other charges 7 16 39 49

1,278 1,618 1,362 1,586

Net sales 1,977 2,190 2,908 3,980Cost of sales 1,537 1,743 1,807 2,601

Gross profit 440 448 1,100 1,380GP margin 22% 20% 38% 35%

Distribution costs 23 20 23 24Administrative expenses 43 37 44 61

373 390 1,034 1,294

Other operating income 1 0 (2) (1)Other charges 16 18 54 64

358 372 979 1,232

Finance cost 51 29 11 22

Profit before taxation 307 343 968 1,210

Taxation-current 10 11 17 20-prior years' - 88 1 3-deferred - 16 268 361

10 115 285 383

Profit after taxation 297 228 683 827

EPS 1.13 0.87 2.59 3.14

Dividends 184 184 - -

Payout 8% 8% 0% 0%

Net margin 15% 10% 23% 21%

Commission and rebates onsales

Profit before interest andtaxation


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Unappropriated profit b/f 137 365 864

Final dividend from prior year (184) (184) -

Bonus shares issued - - (184)

Profit after taxation 228 683 827

General reserve

Unappropriated profit c/f 181 864 1,507

ROE 16% 16%Retention 100% 100%Average ROEAverage RetentionTerminal growth

199% 21%

27 10 15

12 15

No of shares 245 263price 28 42Market cap 6,782 11,014Debt 1,718 7,933Cash and investments 1,000 141EV 7,500 18,807EV/share 31 71

EBITDA 1,194 1,473EV/EBITDA 6 13EBITDA/ton 1.07 1.04EV/ton 7 13

- -

41% 37%


56/107

35% 62%

11

3 6

8 7

8 7

12 15

2 3

12 13


57/107

7.35 9.67 8.23 8.61 10.00 11.30


9,379 12,310 15,188 16,067 16,946 18,9801,329 4,314 6,234 7,664 9,798 12,330

10,708 16,623 21,422 23,731 26,744 31,310

1,371 2,387 2,434 2,436 2,464 2,7001,226 1,607 2,116 2,220 2,337 2,626

57 107 96 96 97 10770 - 113 124 129 142

2,723 4,102 4,759 4,876 5,027 5,574

7,985 12,522 16,663 18,855 21,717 25,7365,074 8,847 12,747 14,293 16,652 20,368

2,911 3,675 3,917 4,562 5,065 5,36836% 29% 24% 24% 23% 21%

34 498 84 99 125 156107 111 171 202 256 332

2,770 3,066 3,662 4,261 4,684 4,880

(0) (629) (3) (3) (3) (4)134 142 172 197 235 295

2,636 3,553 3,493 4,066 4,451 4,589

83 863 615 1,062 964 642

2,553 2,690 2,878 3,004 3,487 3,947

40 63 60 56 66 77- - - - - -

577 80 650 679 788 892617 143 711 735 855 969

1,936 2,547 2,167 2,269 2,632 2,977

7.35 9.67 8.23 8.61 10.00 11.30

263 263 263 395 395 395

10% 10% 10% 15% 15% 15%

24% 20% 13% 12% 12% 12%


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1,510 3,446 2,730 4,633 6,639 8,876

- (263) (263) (263) (395) (395)

- - - - - -

1,936 2,547 2,167 2,269 2,632 2,977

(3,000)

3,446 2,730 4,633 6,639 8,876 11,458

1,443 1,706 2,074 2,237 2,417

27% 27% 26% 22% 21% 20%90% 90% 90% 85% 85% 85%

23%87%20%

134% 32% -15% 5% 16% 13%

37 248

30 48 63 72 82 98

263 263 263 263 263 26383 91 119 119 119 119

21,855 23,962 31,210 31,210 31,210 31,21013,185 12,809 15,342 14,005 10,848 10,0722,063 1,238 (3,733) (8,881) (13,532) (15,027)

32,976 35,532 50,285 54,097 55,590 56,309125 135 191 205 211 214

3,062 4,436 3,970 4,623 5,068 5,26511 8 13 12 11 11

1.43 0.96 0.78 0.87 0.88 0.8015 8 10 10 10 91% 1% 1% 1% 1% 1%

38% 35% 24% 25% 23% 20%


59/107


60/107

2.62

3QFY07E

3,2381,9695,207

547457

2222

1,047

4,1602,995

1,16528%

2247

1,097

(2)34

1,065

175

890

21-

178199

691

2.62

-

0%

17%


61/107


62/107


63/107

EPS 1.13 0.87 2.59 3.14


Cash flows from operating activities

Profit before taxation 305 343 971 1,232Adjustments for non cash charges and other itemsAmortization of deferred cost 6 - - -Depreciation 196 214 215 238Gain on sale of fixed assets (1) (0) (1) (1)Provision for gratuity 9 (2) 10 13

Liabilities no more payable written backFinance cost 53 29 -

568 584 1,195 1,481Working capital changes

Increase in current assets 23 40 (475) (227)Increase in current liabilities 137 (70) 102 250

728 554 822 1,505Cash generated from operations

Income tax paid (30) (75) (19) (19)Gratuity paid (1) (1) (2) (3)

(31) (76) (20) (22)Mark-up on long term finances paid (58) (36) -Long term deposits 2 (0) 4 5Net cash inflow from operating activities 641 442 806 1,488

Cash flows from investing activities

Fixed capital expenditure (275) (254) (1,008) (8,514)

Sale proceeds of fixed assets 1 0 3 16Net cash used in investing activities (274) (254) (1,005) (8,498)

Cash flows from financing activities

Long term finances (120) (241) 1,050 5,997Short trm borrowings - (64)Dividend paid (170) (191) (182) 0

Net cash inflow from financing activities (290) (432) 868 5,933

Net increase in cash and cash equivalents 76 (244) 669 (1,077)Cash and cash equivalents at the beginning (70) 6 (238) 431Cash and cash equivalent at the end of the period 6 (238) 431 (645)

3 6

3 6


64/107

khalid.mahmood@p
mailto:[email protected]:[email protected]


65/107

7.35 9.67 8.23 8.61 10.00 11.30


2,553 2,690 2,878 3,004 3,487 3,947

- - - - - -417 883 474 552 610 670

(0) 0 (3) (2) (2) (3)74 43 78 113 160 227

(68)83 863 615 1,062 964 642

3,127 4,412 4,043 4,728 5,220 5,483

(1,201) (1,745) (1,139) (741) (618) (1,115)1,406 (52) 1,093 550 544 627

3,332 2,614 3,996 4,537 5,146 4,995

(30) (26) (58) (2) (38) (16)(8) (10) (14) (23) (35) (43)

(38) (36) (73) (25) (72) (60)(572) (727) (3,203) (1,217) (1,169) (740)

2 (1) 77 8 12 192,724 1,850 797 3,304 3,917 4,215

(6,054) (2,043) (8,045) (6,868) (5,109) (4,599)

1 6 9 10 7 9(6,053) (2,037) (8,036) (6,858) (5,102) (4,590)

5,392 (2,595) 2,633 (1,848) (3,561) (1,311)1,962 (347) 218 74 159

(0) (261) (11) (10) (15) (15)

5,392 (893) 2,276 (1,640) (3,502) (1,167)

2,063 (1,081) (4,962) (5,194) (4,687) (1,542)(645) 2,063 982 (3,980) (9,174) (13,861)

1,418 982 (3,980) (9,174) (13,861) (15,403)

10 7 3 13 15 16

10 7 263 263 263 263


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kic.com
mailto:[email protected]:[email protected]


67/107


68/107


69/107

FY02 FY03 FY04 FY05 FY06 FY07 FY08

EBITDA 554 586 1,194 1,473 3,062 4,436 3,970

EBITDA/ton 705 531 1,066 1,037 1,430 956 777

Enterprise Value

Market capitalization 34,976Plus: market value of debt 12,809Less: cash and investments 1,238EV 46,546EV/share 177

Market price 133


70/107


71/107

FY07 FY08 FY09 FY10

EPS 9.67 8.23 8.61 10.00

NBP

Amount outstanding 665No of installments remaining 4No of installments per year 2Interest rate 11.30%Installments 191

Date Balance Installment

Nov FY08 665 191Jun FY08 513 191Nov FY09 351 191Jun FY09 180 191

NBP

Amount outstanding 1,008No of installments remaining 1No of installments per year 1Interest rate 10.00%Installments $1,108.44


Jul FY09 1,008 $1,108.44

NBPAmount outstanding 700No of installments remaining 4No of installments per year 4Interest rate 10.00%Installments $186.07


Sep FY10 700 $186.07Dec FY10 531.43 $186.07Mar FY10 358.64 $186.07Jun FY10 181.53 $186.07

SCB

Amount outstanding 798.77No of installments remaining 4No of installments per year 2Interest rate 11.50%Installments $229.20


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Dec FY08 798.77 $229.20Jun FY08 615.5 $229.20Dec FY09 421.69 $229.20Jun FY09 216.74 $229.20

HBL

Amount outstanding 400No of installments remaining 2No of installments per year 2Interest rate 12.00%Installments $218.17


Jul FY08 400 $218.17Jan FY08 205.83 $218.17

HBL

Amount outstanding 1,000No of installments remaining 2No of installments per year 2Interest rate 10.00%Installments $537.80


Jul FY09 1,000 $537.80Jan FY09 512.2 $537.80

UBL



Dec FY08 450 $168.35

Jun FY08 308.65 $168.35Dec FY09 158.82 $168.35

Citi Bank

Amount outstanding 225No of installments remaining 6


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No of installments per year 4Interest rate 11.50%Installments $41.36


Sep FY08 225 $41.36Dec FY08 190.11 $41.36Mar FY08 154.21 $41.36Jun FY08 117.28 $41.36Sep FY09 79.29 $41.36Dec FY09 40.21 $41.36

Citi Bank

Amount outstanding 901No of installments remaining 10No of installments per year 2

Interest rate 11.50%Installments $121.04


Dec FY08 901 $121.04Jun FY08 832.28 $121.04DecFY09 759.1 $121.04Jun FY09 681.71 $121.04Dec FY10 599.88 $121.04Jun FY10 513.33 $121.04Dec FY11 421.81 $121.04Jun FY11 325.03 $121.04

Dec FY12 222.69 $121.04Jun FY12 114.45 $121.04

ABL



Oct FY10 1,500 $400.79Jan FY10 1,140 $400.79Apr FY10 770 $400.79Jul FY11 390 $400.79

ABL

Amount outstanding 500


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75/107

Amount outstanding 1300No of installments remaining 1No of installments per year 1Interest rate 9.00%Installments $1,417.00


Aug FY10 1300 $1,417.00

New Loan 2 (FY08)



Jul FY09 4,000 $606.44Jan FY09 $3,573.56 $606.44Jul FY10 $3,127.93 $606.44Jan FY10 $2,662.25 $606.44Jul FY11 $2,175.61 $606.44Jan FY11 $1,667.08 $606.44Jul FY12 $1,135.66 $606.44Jan FY12 $580.32 $606.44

New Loan 2 (FY10)



Jul FY12 2,000 $387.76Jan FY12 $1,702.24 $387.76Jul FY13 $1,391.09 $387.76Jan FY13 $1,065.93 $387.76Jul FY14 $726.14 $387.76Jan FY14 $371.06 $387.76

New Loan 2 (FY09)




76/107

Jul FY12 2,500 $484.70Jan FY12 $2,127.80 $484.70Jul FY13 $1,738.86 $484.70Jan FY13 $1,332.41 $484.70Jul FY14 $907.67 $484.70Jan FY14 $463.82 $484.70

New Loan 2 (FY09)



Jul FY12 500 $96.94Jan FY12 $425.56 $96.94Jul FY13 $347.77 $96.94

Jan FY13 $266.48 $96.94Jul FY14 $181.53 $96.94Jan FY14 $92.76 $96.94

New Loan 2 (FY10)


Date Balance InstallmentJul FY12 2,000 $387.76Jan FY12 $1,702.24 $387.76Jul FY13 $1,391.09 $387.76Jan FY13 $1,065.93 $387.76Jul FY14 $726.14 $387.76Jan FY14 $371.06 $387.76

New Loan 2 (FY11)



Jul FY12 2,500 $484.70Jan FY12 $2,127.80 $484.70Jul FY13 $1,738.86 $484.70Jan FY13 $1,332.41 $484.70


77/107


78/107


79/107

FY11

11.30

Principle Interest Interest Rate Balance

153 37.6 6% 513162 28.96 6% 351171 19.83 6% 180180 10.19 6% -


$1,007.67 100.77 10% $0.00


$168.57 17.5 3% $531.43$172.79 13.29 3% $358.64$177.11 8.97 3% $181.53$181.53 4.54 3% ($0.00)


80/107


$183.27 45.93 6% $615.50$193.81 35.39 6% $421.69$204.95 24.25 6% $216.74$216.74 12.46 6% $0.00


$194.17 24 6% $205.83$205.83 12.35 6% $0.00


$487.80 50 5% $512.20$512.20 25.61 5% $0.00


$141.35 27 6% $308.65

$149.83 18.52 6% $158.82$158.82 9.53 6% $0.00


81/107


$34.89 6.47 3% $190.11$35.90 5.47 3% $154.21$36.93 4.43 3% $117.28$37.99 3.37 3% $79.29$39.08 2.28 3% $40.21$40.21 1.16 3% $0.00


$69.20 51.84 6% $832.28$73.18 47.86 6% $759.10$77.39 43.65 6% $681.71$81.84 39.2 6% $599.88$86.54 34.49 6% $513.33$91.52 29.52 6% $421.81$96.78 24.25 6% $325.03

$102.35 18.69 6% $222.69

$108.23 12.8 6% $114.45$114.45 6.58 6% $0.00


$360.07 40.73 2.72% $1,139.93$369.84 30.95 2.72% $770.09$379.89 20.91 2.72% $390.20$390.20 10.59 2.72% $0.00


82/107


$98.21 4.53 1% $401.79$99.10 3.64 1% $302.70$99.99 2.74 1% $202.71

$100.90 1.83 1% $101.81$101.81 0.92 1% $0.00

Principle Interest Interest Rate Balance$74.44 22.5 5% $425.56$77.79 19.15 5% $347.77$81.29 15.65 5% $266.48$84.95 11.99 5% $181.53$88.77 8.17 5% $92.76$92.76 4.17 5% ($0.00)


$23.76 2.75 1% $276.24$23.98 2.53 1% $252.25$24.20 2.31 1% $228.05$24.42 2.09 1% $203.63$24.65 1.87 1% $178.98$24.87 1.64 1% $154.11$25.10 1.41 1% $129.00$25.33 1.18 1% $103.67$25.56 0.95 1% $78.11$25.80 0.72 1% $52.31$26.04 0.48 1% $26.27$26.27 0.24 1% $0.00


83/107


84/107

$372.20 113 5% $2,127.80$388.94 95.75 5% $1,738.86$406.45 78.25 5% $1,332.41$424.74 59.96 5% $907.67$443.85 40.85 5% $463.82$463.82 20.87 5% ($0.00)


$74.44 23 5% $425.56$77.79 19.15 5% $347.77$81.29 15.65 5% $266.48

$84.95 11.99 5% $181.53$88.77 8.17 5% $92.76$92.76 4.17 5% ($0.00)

Principle Interest Interest Rate Balance$297.76 90 5% $1,702.24$311.16 76.6 5% $1,391.09$325.16 62.6 5% $1,065.93$339.79 47.97 5% $726.14$355.08 32.68 5% $371.06$371.06 16.7 5% ($0.00)


$372.20 113 5% $2,127.80$388.94 95.75 5% $1,738.86$406.45 78.25 5% $1,332.41$424.74 59.96 5% $907.67


85/107

$443.85 40.85 5% $463.82$463.82 20.87 5% ($0.00)

FY05 FY06 FY07 FY08 FY09 FY10 FY11

0 97 889 349 748 611 23913 52 128 252 299 336 3853 2 9 7 8 10 116 5 11 6 7 7 80 (74) (174) 0 0 0 0

22 83 863 615 1062 964 642

FY05 FY06 FY07 FY08 FY09 FY10 FY117,147 12,539 9,944 12,578 10,730 7,169 5,858

617 2,383 1,615 1,521 4,848 4,561 1,8116,530 10,157 8,329 11,057 5,882 2,609 4,048

(93)2% 8% 9% 9% 9% 9% 9%5% 2% 4% 4% 4% 4% 4%

-47% -17% -17% -17% -17% -17%


86/107


87/107

Covariance 0Variance 0Beta 0.79

Price Index Price change Index change

Fri/11/Jun/04 33.90 5,384.48

Mon/14/Jun/04 34.00 5,217.57 0% -3%Tue/15/Jun/04 32.30 5,318.36 -5% 2%

Wed/16/Jun/04 33.55 5,305.42 4% 0%

Thu/17/Jun/04 33.90 5,264.89 1% -1%

Fri/18/Jun/04 33.25 5,248.67 -2% 0%

Mon/21/Jun/04 33.00 5,103.67 -1% -3%

Tue/22/Jun/04 31.75 5,080.24 -4% 0%

Wed/23/Jun/04 31.45 5,088.86 -1% 0%

Thu/24/Jun/04 31.15 5,151.02 -1% 1%

Fri/25/Jun/04 31.95 5,105.69 3% -1%

Mon/28/Jun/04 31.30 5,279.03 -2% 3%

Tue/29/Jun/04 32.70 5,264.95 4% 0%

Wed/30/Jun/04 33.00 5,279.18 1% 0%Thu/01/Jul/04 32.80 5,347.72 -1% 1%

Fri/02/Jul/04 32.95 5,352.97 0% 0%

Mon/05/Jul/04 32.95 5,399.72 0% 1%

Tue/06/Jul/04 33.00 5,390.65 0% 0%

Wed/07/Jul/04 32.85 5,409.32 0% 0%

Thu/08/Jul/04 32.70 5,423.74 0% 0%

Fri/09/Jul/04 32.60 5,453.55 0% 1%

Mon/12/Jul/04 32.85 5,485.74 1% 1%

Tue/13/Jul/04 33.10 5,473.22 1% 0%

Wed/14/Jul/04 33.20 5,474.23 0% 0%

Thu/15/Jul/04 33.05 5,438.94 0% -1%

Fri/16/Jul/04 32.60 5,387.84 -1% -1%Mon/19/Jul/04 32.35 5,378.93 -1% 0%

Tue/20/Jul/04 32.25 5,389.14 0% 0%

Wed/21/Jul/04 32.15 5,440.49 0% 1%

Thu/22/Jul/04 32.35 5,426.11 1% 0%

Fri/23/Jul/04 32.10 5,409.37 -1% 0%

Mon/26/Jul/04 31.90 5,346.15 -1% -1%

Tue/27/Jul/04 31.30 5,314.40 -2% -1%

Wed/28/Jul/04 30.50 5,351.33 -3% 1%

Thu/29/Jul/04 31.00 5,303.56 2% -1%

Fri/30/Jul/04 30.15 5,290.04 -3% 0%

Mon/02/Aug/04 30.00 5,206.83 0% -2%

Tue/03/Aug/04 28.95 5,262.52 -4% 1%

Wed/04/Aug/04 29.75 5,309.05 3% 1%

Thu/05/Aug/04 30.00 5,303.84 1% 0%

Fri/06/Aug/04 30.45 5,343.52 1% 1%

Mon/09/Aug/04 30.25 5,363.96 -1% 0%

Tue/10/Aug/04 30.20 5,367.95 0% 0%

Wed/11/Aug/04 30.40 5,352.95 1% 0%

Thu/12/Aug/04 30.20 5,326.16 -1% -1%


88/107

Fri/13/Aug/04 29.90 5,335.82 -1% 0%

Mon/16/Aug/04 29.90 5,329.67 0% 0%

Tue/17/Aug/04 29.80 5,377.75 0% 1%

Wed/18/Aug/04 30.10 5,417.44 1% 1%

Thu/19/Aug/04 30.50 5,377.71 1% -1%

Fri/20/Aug/04 30.35 5,409.05 0% 1%

Mon/23/Aug/04 30.40 5,401.38 0% 0%Tue/24/Aug/04 30.20 5,368.23 -1% -1%

Wed/25/Aug/04 29.75 5,355.22 -1% 0%

Thu/26/Aug/04 29.85 5,381.09 0% 0%

Fri/27/Aug/04 30.05 5,393.99 1% 0%

Mon/30/Aug/04 30.00 5,329.86 0% -1%

Tue/31/Aug/04 29.50 5,346.15 -2% 0%

Wed/01/Sep/04 29.40 5,320.38 0% 0%

Thu/02/Sep/04 29.40 5,327.53 0% 0%

Fri/03/Sep/04 29.50 5,318.73 0% 0%

Mon/06/Sep/04 29.15 5,195.42 -1% -2%

Tue/07/Sep/04 27.70 5,168.77 -5% -1%

Wed/08/Sep/04 27.15 5,199.39 -2% 1%Thu/09/Sep/04 27.90 5,184.12 3% 0%

Fri/10/Sep/04 27.65 5,172.21 -1% 0%

Mon/13/Sep/04 27.65 5,118.39 0% -1%

Tue/14/Sep/04 27.70 5,087.37 0% -1%

Wed/15/Sep/04 27.60 4,997.35 0% -2%

Thu/16/Sep/04 27.15 5,055.03 -2% 1%

Fri/17/Sep/04 27.50 5,045.91 1% 0%

Mon/20/Sep/04 27.25 5,044.77 -1% 0%

Tue/21/Sep/04 27.30 4,958.41 0% -2%

Wed/22/Sep/04 26.75 4,890.22 -2% -1%

Thu/23/Sep/04 25.90 4,970.57 -3% 2%

Fri/24/Sep/04 25.35 5,080.67 -2% 2%

Mon/27/Sep/04 25.50 5,125.04 1% 1%

Tue/28/Sep/04 26.20 5,128.13 3% 0%

Wed/29/Sep/04 26.00 5,196.28 -1% 1%

Thu/30/Sep/04 26.00 5,217.65 0% 0%

Fri/01/Oct/04 26.20 5,245.82 1% 1%

Mon/04/Oct/04 25.05 5,267.21 -4% 0%

Tue/05/Oct/04 25.25 5,233.28 1% -1%

Wed/06/Oct/04 25.05 5,299.53 -1% 1%

Thu/07/Oct/04 25.55 5,295.76 2% 0%

Fri/08/Oct/04 25.50 5,342.94 0% 1%

Mon/11/Oct/04 25.90 5,372.13 2% 1%Tue/12/Oct/04 26.25 5,421.07 1% 1%

Wed/13/Oct/04 26.80 5,445.50 2% 0%

Thu/14/Oct/04 27.25 5,469.62 2% 0%

Fri/15/Oct/04 26.85 5,433.48 -1% -1%

Mon/18/Oct/04 26.45 5,380.72 -1% -1%

Tue/19/Oct/04 26.50 5,467.06 0% 2%

Wed/20/Oct/04 26.55 5,465.36 0% 0%

Thu/21/Oct/04 25.15 5,452.87 -5% 0%


89/107

Fri/22/Oct/04 25.05 5,458.32 0% 0%

Mon/25/Oct/04 25.00 5,468.12 0% 0%

Tue/26/Oct/04 24.80 5,390.35 -1% -1%

Wed/27/Oct/04 24.25 5,383.42 -2% 0%

Thu/28/Oct/04 24.20 5,367.68 0% 0%

Fri/29/Oct/04 24.00 5,332.24 -1% -1%

Mon/01/Nov/04 23.05 5,246.91 -4% -2%Tue/02/Nov/04 22.10 5,329.88 -4% 2%

Wed/03/Nov/04 22.80 5,351.51 3% 0%

Thu/04/Nov/04 23.05 5,347.72 1% 0%

Fri/05/Nov/04 23.25 5,352.30 1% 0%

Mon/08/Nov/04 23.20 5,378.85 0% 0%

Wed/10/Nov/04 23.95 5,427.45 3% 1%

Fri/12/Nov/04 24.30 5,483.88 1% 1%

Thu/18/Nov/04 24.45 5,515.43 1% 1%

Fri/19/Nov/04 24.85 5,520.17 2% 0%

Mon/22/Nov/04 25.10 5,502.56 1% 0%

Tue/23/Nov/04 25.00 5,514.49 0% 0%

Wed/24/Nov/04 24.80 5,533.22 -1% 0%Thu/25/Nov/04 24.85 5,523.27 0% 0%

Fri/26/Nov/04 24.90 5,556.87 0% 1%

Mon/29/Nov/04 25.40 5,571.88 2% 0%

Tue/30/Nov/04 25.55 5,567.79 1% 0%

Wed/01/Dec/04 25.55 5,560.50 0% 0%

Thu/02/Dec/04 25.60 5,552.50 0% 0%

Fri/03/Dec/04 25.25 5,575.96 -1% 0%

Mon/06/Dec/04 25.25 5,633.13 0% 1%

Tue/07/Dec/04 25.45 5,675.79 1% 1%

Wed/08/Dec/04 25.45 5,698.64 0% 0%

Thu/09/Dec/04 25.90 5,738.49 2% 1%

Fri/10/Dec/04 26.15 5,700.82 1% -1%

Mon/13/Dec/04 26.00 5,758.28 -1% 1%

Tue/14/Dec/04 27.10 5,766.62 4% 0%

Wed/15/Dec/04 27.05 5,824.25 0% 1%

Thu/16/Dec/04 27.15 5,827.84 0% 0%

Fri/17/Dec/04 26.80 5,842.59 -1% 0%

Mon/20/Dec/04 26.65 5,852.87 -1% 0%

Tue/21/Dec/04 26.45 5,874.19 -1% 0%

Wed/22/Dec/04 26.60 5,966.05 1% 2%

Thu/23/Dec/04 26.40 5,978.32 -1% 0%

Fri/24/Dec/04 26.20 6,045.80 -1% 1%

Mon/27/Dec/04 25.95 6,046.16 -1% 0%Tue/28/Dec/04 26.10 6,077.83 1% 1%

Wed/29/Dec/04 26.60 6,123.67 2% 1%

Thu/30/Dec/04 26.95 6,106.93 1% 0%

Fri/31/Dec/04 26.20 6,218.40 -3% 2%

Mon/03/Jan/05 25.90 6,220.28 -1% 0%

Tue/04/Jan/05 26.30 6,297.70 2% 1%

Wed/05/Jan/05 28.20 6,285.68 7% 0%

Thu/06/Jan/05 27.35 6,353.27 -3% 1%


90/107


91/107

Tue/22/Mar/05 25.80 8,694.61 -5% -4%

Thu/24/Mar/05 24.55 8,314.00 -5% -4%

Fri/25/Mar/05 23.35 7,964.95 -5% -4%

Mon/28/Mar/05 22.20 7,708.29 -5% -3%

Tue/29/Mar/05 21.30 7,855.14 -4% 2%

Wed/30/Mar/05 22.85 8,085.56 7% 3%

Thu/31/Mar/05 24.55 7,770.33 7% -4%Fri/01/Apr/05 24.50 7,596.87 0% -2%

Mon/04/Apr/05 24.80 8,050.25 1% 6%

Tue/05/Apr/05 26.50 7,820.83 7% -3%

Wed/06/Apr/05 25.45 7,613.63 -4% -3%

Thu/07/Apr/05 25.30 7,784.34 -1% 2%

Fri/08/Apr/05 25.70 7,593.30 2% -2%

Mon/11/Apr/05 25.00 7,244.49 -3% -5%

Tue/12/Apr/05 23.75 6,939.03 -5% -4%

Wed/13/Apr/05 22.60 7,123.62 -5% 3%

Thu/14/Apr/05 24.00 7,202.84 6% 1%

Fri/15/Apr/05 24.45 7,512.91 2% 4%

Mon/18/Apr/05 25.25 7,234.21 3% -4%Tue/19/Apr/05 24.45 6,952.72 -3% -4%

Wed/20/Apr/05 23.70 7,030.83 -3% 1%

Thu/21/Apr/05 24.40 7,101.38 3% 1%

Mon/25/Apr/05 24.25 6,996.82 -1% -1%

Tue/26/Apr/05 24.00 7,164.73 -1% 2%

Wed/27/Apr/05 24.25 7,275.74 1% 2%

Thu/28/Apr/05 25.20 7,144.48 4% -2%

Fri/29/Apr/05 24.40 7,104.65 -3% -1%

Mon/02/May/05 23.90 6,832.74 -2% -4%

Tue/03/May/05 22.80 6,887.93 -5% 1%

Wed/04/May/05 22.70 6,898.72 0% 0%

Thu/05/May/05 22.75 7,098.22 0% 3%

Fri/06/May/05 22.95 7,183.25 1% 1%

Mon/09/May/05 22.80 7,384.98 -1% 3%

Tue/10/May/05 23.20 7,367.69 2% 0%

Wed/11/May/05 22.75 7,497.62 -2% 2%

Thu/12/May/05 22.95 7,284.05 1% -3%

Fri/13/May/05 22.25 7,411.33 -3% 2%

Mon/16/May/05 22.60 7,315.50 2% -1%

Tue/17/May/05 22.25 7,437.95 -2% 2%

Wed/18/May/05 22.70 7,348.06 2% -1%

Thu/19/May/05 22.25 7,413.70 -2% 1%

Fri/20/May/05 22.40 7,300.09 1% -2%Mon/23/May/05 22.10 6,983.30 -1% -4%

Tue/24/May/05 21.10 7,034.84 -5% 1%

Wed/25/May/05 21.50 6,942.42 2% -1%

Thu/26/May/05 21.15 6,664.86 -2% -4%

Fri/27/May/05 20.30 6,467.15 -4% -3%

Mon/30/May/05 19.50 6,707.56 -4% 4%

Tue/31/May/05 20.10 6,857.67 3% 2%

Wed/01/Jun/05 20.25 7,019.60 1% 2%


92/107

Thu/02/Jun/05 20.80 7,322.38 3% 4%

Fri/03/Jun/05 21.80 7,213.17 5% -1%

Mon/06/Jun/05 21.30 7,104.40 -2% -2%

Tue/07/Jun/05 21.20 7,391.18 0% 4%

Wed/08/Jun/05 22.25 7,263.56 5% -2%

Thu/09/Jun/05 21.95 7,307.02 -1% 1%

Fri/10/Jun/05 21.60 7,345.29 -2% 1%Mon/13/Jun/05 21.60 7,441.77 0% 1%

Tue/14/Jun/05 22.65 7,368.95 5% -1%

Wed/15/Jun/05 22.85 7,488.73 1% 2%

Thu/16/Jun/05 23.25 7,330.91 2% -2%

Fri/17/Jun/05 22.60 7,398.73 -3% 1%

Mon/20/Jun/05 23.05 7,663.04 2% 4%

Tue/21/Jun/05 24.20 7,489.71 5% -2%

Wed/22/Jun/05 23.70 7,409.07 -2% -1%

Thu/23/Jun/05 23.75 7,417.70 0% 0%

Fri/24/Jun/05 23.60 7,350.46 -1% -1%

Mon/27/Jun/05 23.20 7,255.44 -2% -1%

Tue/28/Jun/05 22.85 7,431.80 -2% 2%Wed/29/Jun/05 23.05 7,494.75 1% 1%

Thu/30/Jun/05 23.15 7,450.12 0% -1%

Fri/01/Jul/05 23.15 7,464.60 0% 0%

Mon/04/Jul/05 22.85 7,408.55 -1% -1%

Tue/05/Jul/05 22.80 7,517.52 0% 1%

Wed/06/Jul/05 22.90 7,530.34 0% 0%

Thu/07/Jul/05 23.35 7,589.07 2% 1%

Fri/08/Jul/05 23.35 7,588.94 0% 0%

Mon/11/Jul/05 23.30 7,554.28 0% 0%

Tue/12/Jul/05 23.15 7,511.94 -1% -1%

Wed/13/Jul/05 23.10 7,481.17 0% 0%

Thu/14/Jul/05 23.15 7,471.64 0% 0%

Fri/15/Jul/05 22.90 7,535.81 -1% 1%

Mon/18/Jul/05 23.20 7,437.55 1% -1%

Tue/19/Jul/05 22.90 7,319.77 -1% -2%

Wed/20/Jul/05 22.75 7,410.98 -1% 1%

Thu/21/Jul/05 22.80 7,410.91 0% 0%

Fri/22/Jul/05 22.70 7,353.85 0% -1%

Mon/25/Jul/05 22.55 7,305.30 -1% -1%

Tue/26/Jul/05 22.70 7,310.57 1% 0%

Wed/27/Jul/05 22.55 7,217.60 -1% -1%

Thu/28/Jul/05 22.35 7,215.44 -1% 0%

Fri/29/Jul/05 22.05 7,178.93 -1% -1%Mon/01/Aug/05 21.95 7,195.32 0% 0%

Tue/02/Aug/05 21.65 7,324.80 -1% 2%

Wed/03/Aug/05 22.05 7,442.04 2% 2%

Thu/04/Aug/05 22.25 7,404.95 1% 0%

Fri/05/Aug/05 22.25 7,418.61 0% 0%

Mon/08/Aug/05 22.00 7,318.48 -1% -1%

Tue/09/Aug/05 21.90 7,184.48 0% -2%

Wed/10/Aug/05 21.00 7,064.29 -4% -2%


93/107


94/107


95/107

Fri/06/Jan/06 28.80 9886.30 0% 0%

Mon/09/Jan/06 28.50 9990.19 -1% 1%

Mon/16/Jan/06 28.50 10093.52 0% 1%

Tue/17/Jan/06 28.30 10165.91 -1% 1%

Wed/18/Jan/06 28.00 10235.17 -1% 1%

Thu/19/Jan/06 27.75 10259.86 -1% 0%

Fri/20/Jan/06 27.75 10227.87 0% 0%Mon/23/Jan/06 27.45 10346.47 -1% 1%

Tue/24/Jan/06 28.20 10170.40 3% -2%

Wed/25/Jan/06 27.50 10214.01 -2% 0%

Thu/26/Jan/06 27.25 10304.80 -1% 1%

Fri/27/Jan/06 27.45 10447.56 1% 1%

Mon/30/Jan/06 27.95 10527.85 2% 1%

Tue/31/Jan/06 28.35 10524.16 1% 0%

Wed/01/Feb/06 28.05 10496.95 -1% 0%

Thu/02/Feb/06 28.00 10466.40 0% 0%

Fri/03/Feb/06 29.35 10726.46 5% 2%

Mon/06/Feb/06 30.40 10802.32 4% 1%

Tue/07/Feb/06 31.90 10913.78 5% 1%Fri/10/Feb/06 32.15 11052.86 1% 1%

Mon/13/Feb/06 32.40 11218.03 1% 1%

Tue/14/Feb/06 32.55 10920.09 0% -3%

Wed/15/Feb/06 30.95 11259.29 -5% 3%

Thu/16/Feb/06 32.45 11176.81 5% -1%

Fri/17/Feb/06 32.70 11352.63 1% 2%

Mon/20/Feb/06 34.30 11441.85 5% 1%

Tue/21/Feb/06 36.00 11537.02 5% 1%

Wed/22/Feb/06 37.80 11444.12 5% -1%

Thu/23/Feb/06 38.55 11609.37 2% 1%

Fri/24/Feb/06 38.30 11546.79 -1% -1%

Mon/27/Feb/06 37.75 11191.75 -1% -3%

Tue/28/Feb/06 36.75 11456.27 -3% 2%

Wed/01/Mar/06 37.05 11473.99 1% 0%

Thu/02/Mar/06 36.30 11381.61 -2% -1%

Fri/03/Mar/06 36.00 11415.29 -1% 0%

Mon/06/Mar/06 37.80 10947.09 5% -4%

Tue/07/Mar/06 35.95 11085.03 -5% 1%

Wed/08/Mar/06 36.10 10594.01 0% -4%

Thu/09/Mar/06 34.50 10803.99 -4% 2%

Fri/10/Mar/06 35.30 10474.20 2% -3%

Mon/13/Mar/06 34.00 10093.24 -4% -4%

Tue/14/Mar/06 32.30 10433.17 -5% 3%Wed/15/Mar/06 33.50 10392.91 4% 0%

Thu/16/Mar/06 31.90 10689.20 -5% 3%

Fri/17/Mar/06 32.90 10951.08 3% 2%

Mon/20/Mar/06 33.00 11032.31 0% 1%

Tue/21/Mar/06 34.45 11129.77 4% 1%

Wed/22/Mar/06 36.15 11278.48 5% 1%

Fri/24/Mar/06 37.95 11459.58 5% 2%

Mon/27/Mar/06 39.80 11402.11 5% -1%


96/107

Tue/28/Mar/06 41.75 11449.44 5% 0%

Wed/29/Mar/06 41.30 11414.37 -1% 0%

Thu/30/Mar/06 41.75 11568.64 1% 1%

Fri/31/Mar/06 42.30 11485.90 1% -1%

Mon/03/Apr/06 41.25 11573.97 -2% 1%

Tue/04/Apr/06 40.00 11664.97 -3% 1%

Wed/05/Apr/06 40.45 11666.38 1% 0%Thu/06/Apr/06 39.80 11685.44 -2% 0%

Fri/07/Apr/06 39.50 11936.59 -1% 2%

Mon/10/Apr/06 41.45 11992.23 5% 0%

Thu/13/Apr/06 42.30 12060.73 2% 1%

Fri/14/Apr/06 42.65 12136.83 1% 1%

Mon/17/Apr/06 42.20 12273.77 -1% 1%

Tue/18/Apr/06 44.30 12115.46 5% -1%

Wed/19/Apr/06 46.00 12048.11 4% -1%

Thu/20/Apr/06 45.00 12075.75 -2% 0%

Fri/21/Apr/06 45.80 12007.60 2% -1%

Mon/24/Apr/06 44.30 11802.68 -3% -2%

Tue/25/Apr/06 42.10 11941.82 -5% 1%Wed/26/Apr/06 40.30 11910.09 -4% 0%

Thu/27/Apr/06 40.45 11683.72 0% -2%

Fri/28/Apr/06 38.75 11342.17 -4% -3%

Tue/02/May/06 36.85 11572.58 -5% 2%

Wed/03/May/06 38.65 11728.14 5% 1%

Thu/04/May/06 40.55 11690.25 5% 0%

Fri/05/May/06 40.05 11686.44 -1% 0%

Mon/08/May/06 39.75 11775.52 -1% 1%

Tue/09/May/06 39.20 11576.83 -1% -2%

Wed/10/May/06 39.15 11571.83 0% 0%

Thu/11/May/06 38.35 11531.37 -2% 0%

Fri/12/May/06 38.10 11511.54 -1% 0%

Mon/15/May/06 38.05 11096.86 0% -4%

Tue/16/May/06 36.15 10706.96 -5% -4%

Wed/17/May/06 34.35 11094.41 -5% 4%

Thu/18/May/06 35.50 10687.88 3% -4%

Fri/19/May/06 34.00 10861.31 -4% 2%

Mon/22/May/06 35.70 10930.55 5% 1%

Tue/23/May/06 36.75 10932.58 3% 0%

Wed/24/May/06 36.70 11116.88 0% 2%

Thu/25/May/06 36.70 11018.85 0% -1%

Fri/26/May/06 36.10 10660.39 -2% -3%

Mon/29/May/06 34.35 10247.60 -5% -4%Tue/30/May/06 32.65 10118.73 -5% -1%

Wed/31/May/06 32.25 9800.69 -1% -3%

Thu/01/Jun/06 30.65 10183.77 -5% 4%

Fri/02/Jun/06 32.15 10346.23 5% 2%

Mon/05/Jun/06 33.75 10373.86 5% 0%

Tue/06/Jun/06 35.00 10531.86 4% 2%

Wed/07/Jun/06 35.50 10202.36 1% -3%

Thu/08/Jun/06 33.75 9775.04 -5% -4%


97/107

Fri/09/Jun/06 32.10 9849.83 -5% 1%

Mon/12/Jun/06 31.95 9732.86 0% -1%

Tue/13/Jun/06 31.60 9314.91 -1% -4%

Wed/14/Jun/06 30.05 8766.98 -5% -6%

Thu/15/Jun/06 27.05 9177.46 -10% 5%

Fri/16/Jun/06 28.40 9607.11 5% 5%

Mon/19/Jun/06 29.80 9943.83 5% 4%Tue/20/Jun/06 31.25 10105.17 5% 2%

Wed/21/Jun/06 30.65 10103.31 -2% 0%

Thu/22/Jun/06 30.10 10171.00 -2% 1%

Fri/23/Jun/06 29.50 9807.53 -2% -4%

Mon/26/Jun/06 28.80 9404.70 -2% -4%

Tue/27/Jun/06 27.60 9041.62 -4% -4%

Wed/28/Jun/06 26.25 9434.15 -5% 4%

Thu/29/Jun/06 27.55 9841.43 5% 4%

Fri/30/Jun/06 28.90 9989.41 5% 2%

Mon/03/Jul/06 28.90 9603.65 0% -4%

Tue/04/Jul/06 28.25 9829.40 -2% 2%

Wed/05/Jul/06 28.65 9936.33 1% 1%Thu/06/Jul/06 28.90 9916.08 1% 0%

Fri/07/Jul/06 28.10 9836.04 -3% -1%

Mon/10/Jul/06 27.75 9504.47 -1% -3%

Tue/11/Jul/06 26.65 9655.93 -4% 2%

Wed/12/Jul/06 27.30 9920.66 2% 3%

Thu/13/Jul/06 28.35 10014.88 4% 1%

Fri/14/Jul/06 28.35 10027.09 0% 0%

Mon/17/Jul/06 28.05 9947.80 -1% -1%

Tue/18/Jul/06 28.25 10191.84 1% 2%

Wed/19/Jul/06 29.65 10198.78 5% 0%

Thu/20/Jul/06 30.35 10198.32 2% 0%

Fri/21/Jul/06 30.85 10257.63 2% 1%

Mon/24/Jul/06 31.85 10350.63 3% 1%

Tue/25/Jul/06 31.90 10401.13 0% 0%

Wed/26/Jul/06 31.20 10343.67 -2% -1%

Thu/27/Jul/06 30.50 10430.73 -2% 1%

Fri/28/Jul/06 30.70 10353.52 1% -1%

Mon/31/Jul/06 30.20 10497.63 -2% 1%

Tue/01/Aug/06 30.35 10507.09 0% 0%

Wed/02/Aug/06 30.20 10558.32 0% 0%

Thu/03/Aug/06 30.45 10667.49 1% 1%

Fri/04/Aug/06 31.00 10772.58 2% 1%

Mon/07/Aug/06 30.90 10846.74 0% 1%Tue/08/Aug/06 30.60 10828.39 -1% 0%

Wed/09/Aug/06 30.45 10655.54 0% -2%

Thu/10/Aug/06 30.10 10525.09 -1% -1%

Fri/11/Aug/06 29.05 10406.40 -3% -1%

Tue/15/Aug/06 28.30 10317.41 -3% -1%

Wed/16/Aug/06 28.20 10576.71 0% 3%

Thu/17/Aug/06 29.30 10557.25 4% 0%

Fri/18/Aug/06 29.00 10481.64 -1% -1%


98/107

Mon/21/Aug/06 28.95 10220.71 0% -2%

Tue/22/Aug/06 28.40 10244.69 -2% 0%

Wed/23/Aug/06 27.45 9955.23 -3% -3%

Thu/24/Aug/06 27.40 9584.79 0% -4%

Fri/25/Aug/06 26.50 9876.51 -3% 3%

Mon/28/Aug/06 25.20 9942.87 -5% 1%

Tue/29/Aug/06 25.85 10086.15 3% 1%Wed/30/Aug/06 26.50 10064.13 3% 0%

Thu/31/Aug/06 27.80 10170.97 5% 1%

Fri/01/Sep/06 27.15 10125.91 -2% 0%

Mon/04/Sep/06 27.35 10001.79 1% -1%

Tue/05/Sep/06 27.25 10068.70 0% 1%

Wed/06/Sep/06 26.70 9927.10 -2% -1%

Thu/07/Sep/06 26.60 9965.21 0% 0%

Fri/08/Sep/06 26.35 9892.77 -1% -1%

Mon/11/Sep/06 26.45 10157.17 0% 3%

Tue/12/Sep/06 27.00 9988.63 2% -2%

Wed/13/Sep/06 28.35 10028.50 5% 0%

Thu/14/Sep/06 27.70 9984.57 -2% 0%Fri/15/Sep/06 27.65 9876.40 0% -1%

Mon/18/Sep/06 27.65 9908.85 0% 0%

Tue/19/Sep/06 26.85 10032.57 -3% 1%

Wed/20/Sep/06 26.90 10155.10 0% 1%

Thu/21/Sep/06 27.05 10306.75 1% 1%

Fri/22/Sep/06 27.35 10252.15 1% -1%

Mon/25/Sep/06 28.70 10305.43 5% 1%

Tue/26/Sep/06 27.90 10386.52 -3% 1%

Wed/27/Sep/06 28.50 10528.69 2% 1%

Thu/28/Sep/06 27.90 10512.48 -2% 0%

Fri/29/Sep/06 28.25 10616.24 1% 1%

Mon/02/Oct/06 27.90 10592.72 -1% 0%

Tue/03/Oct/06 29.25 10743.55 5% 1%

Wed/04/Oct/06 28.65 10855.82 -2% 1%

Thu/05/Oct/06 29.25 10926.91 2% 1%

Fri/06/Oct/06 29.20 10942.75 0% 0%

Mon/09/Oct/06 28.90 10959.71 -1% 0%

Tue/10/Oct/06 29.20 10886.42 1% -1%

Wed/11/Oct/06 28.80 10880.29 -1% 0%

Thu/12/Oct/06 28.65 10924.55 -1% 0%

Fri/13/Oct/06 28.25 10909.31 -1% 0%

Mon/16/Oct/06 28.60 11167.04 1% 2%

Tue/17/Oct/06 28.30 11399.83 -1% 2%Wed/18/Oct/06 28.50 11566.80 1% 1%

Thu/19/Oct/06 29.10 11528.27 2% 0%

Mon/30/Oct/06 27.85 11327.71 -4% -2%

Tue/31/Oct/06 29.00 11010.59 4% -3%

Wed/01/Nov/06 28.50 10945.35 -2% -1%

Thu/02/Nov/06 27.10 11246.71 -5% 3%

Fri/03/Nov/06 27.30 11012.40 1% -2%

Mon/06/Nov/06 28.35 11017.51 4% 0%


99/107

Tue/07/Nov/06 27.80 10973.08 -2% 0%

Wed/08/Nov/06 27.65 10739.45 -1% -2%

Fri/10/Nov/06 27.70 10743.84 0% 0%

Mon/13/Nov/06 27.30 10869.32 -1% 1%

Tue/14/Nov/06 27.60 10811.86 1% -1%

Wed/15/Nov/06 27.55 10850.04 0% 0%

Thu/16/Nov/06 27.25 10705.87 -1% -1%Fri/17/Nov/06 27.15 10430.66 0% -3%

Mon/20/Nov/06 27.30 10622.55 1% 2%

Tue/21/Nov/06 26.70 10646.26 -2% 0%

Wed/22/Nov/06 27.20 10867.11 2% 2%

Thu/23/Nov/06 27.55 10870.90 1% 0%

Fri/24/Nov/06 27.55 10750.41 0% -1%

Mon/27/Nov/06 27.45 10762.16 0% 0%

Tue/28/Nov/06 27.15 10594.57 -1% -2%

Wed/29/Nov/06 27.10 10618.75 0% 0%

Thu/30/Nov/06 26.95 10388.19 -1% -2%

Fri/01/Dec/06 26.95 10416.00 0% 0%

Mon/04/Dec/06 26.45 10550.16 -2% 1%Tue/05/Dec/06 27.00 10677.38 2% 1%

Wed/06/Dec/06 27.05 10642.68 0% 0%

Thu/07/Dec/06 27.30 10561.97 1% -1%

Fri/08/Dec/06 26.70 10584.48 -2% 0%

Mon/11/Dec/06 26.70 10644.36 0% 1%

Tue/12/Dec/06 26.60 10587.09 0% -1%

Wed/13/Dec/06 26.35 10604.44 -1% 0%

Thu/14/Dec/06 26.20 10551.87 -1% 0%

Fri/15/Dec/06 25.95 10341.41 -1% -2%

Mon/18/Dec/06 25.75 10055.65 -1% -3%

Tue/19/Dec/06 24.75 10182.33 -4% 1%

Wed/20/Dec/06 24.20 9923.11 -2% -3%

Thu/21/Dec/06 24.80 9893.99 2% 0%

Fri/22/Dec/06 24.00 10025.34 -3% 1%

Tue/26/Dec/06 23.90 10031.46 0% 0%

Wed/27/Dec/06 23.85 10058.46 0% 0%

Thu/28/Dec/06 23.75 10040.50 0% 0%

Fri/29/Dec/06 23.75 10066.32 0% 0%

Wed/03/Jan/07 23.50 10184.52 -1% 1%

Thu/04/Jan/07 23.85 10147.36 1% 0%

Fri/05/Jan/07 24.25 10235.96 2% 1%

Mon/08/Jan/07 24.15 10405.21 0% 2%

Tue/09/Jan/07 24.60 10374.36 2% 0%Wed/10/Jan/07 24.70 10359.06 0% 0%

Thu/11/Jan/07 24.90 10425.46 1% 1%

Fri/12/Jan/07 24.40 10507.52 -2% 1%

Mon/15/Jan/07 24.30 10590.59 0% 1%

Tue/16/Jan/07 24.40 10617.11 0% 0%

Wed/17/Jan/07 24.40 10640.71 0% 0%

Thu/18/Jan/07 24.55 10641.31 1% 0%

Fri/19/Jan/07 25.75 10705.87 5% 1%


100/107

Mon/22/Jan/07 27.00 10705.32 5% 0%

Tue/23/Jan/07 27.25 10856.74 1% 1%

Wed/24/Jan/07 26.50 11031.08 -3% 2%

Thu/25/Jan/07 26.70 11105.34 1% 1%

Fri/26/Jan/07 27.45 11272.33 3% 2%

Wed/31/Jan/07 28.30 11348.62 3% 1%

Thu/01/Feb/07 28.15 11589.64 -1% 2%Fri/02/Feb/07 27.95 11632.04 -1% 0%

Tue/06/Feb/07 29.30 11728.08 5% 1%

Wed/07/Feb/07 28.90 11867.09 -1% 1%

Thu/08/Feb/07 29.25 11844.65 1% 0%

Fri/09/Feb/07 29.20 11629.75 0% -2%

Mon/12/Feb/07 28.40 11643.53 -3% 0%

Tue/13/Feb/07 28.20 11454.76 -1% -2%

Wed/14/Feb/07 27.55 11467.96 -2% 0%

Thu/15/Feb/07 26.65 11379.40 -3% -1%

Fri/16/Feb/07 26.70 11577.76 0% 2%

Mon/19/Feb/07 26.10 11463.18 -2% -1%

Tue/20/Feb/07 27.15 11520.62 4% 1%Wed/21/Feb/07 26.70 11542.98 -2% 0%

Thu/22/Feb/07 26.60 11607.84 0% 1%

Fri/23/Feb/07 27.15 11393.97 2% -2%

Mon/26/Feb/07 26.75 11376.12 -1% 0%

Tue/27/Feb/07 26.00 11179.97 -3% -2%

Wed/28/Feb/07 26.40 11207.79 2% 0%

Thu/01/Mar/07 25.80 11133.35 -2% -1%

Fri/02/Mar/07 24.95 10899.71 -3% -2%

Mon/05/Mar/07 24.15 10923.90 -3% 0%

Tue/06/Mar/07 24.00 11146.27 -1% 2%

Wed/07/Mar/07 24.10 11283.87 0% 1%

Thu/08/Mar/07 24.75 11413.12 3% 1%

Fri/09/Mar/07 25.45 11407.87 3% 0%

Mon/12/Mar/07 25.00 11404.95 -2% 0%

Tue/13/Mar/07 25.10 11276.66 0% -1%

Wed/14/Mar/07 24.90 11310.90 -1% 0%

Thu/15/Mar/07 24.75 11374.03 -1% 1%

Fri/16/Mar/07 24.90 11141.29 1% -2%

Mon/19/Mar/07 24.90 11331.35 0% 2%

Tue/20/Mar/07 24.55 11296.62 -1% 0%

Wed/21/Mar/07 24.65 11294.98 0% 0%

Thu/22/Mar/07 24.65 11301.62 0% 0%

Mon/26/Mar/07 24.60 11328.47 0% 0%Tue/27/Mar/07 24.60 11233.56 0% -1%

Wed/28/Mar/07 24.65 11221.51 0% 0%

Thu/29/Mar/07 24.60 11271.59 0% 0%

Fri/30/Mar/07 24.35 11276.51 -1% 0%

Mon/02/Apr/07 24.30 11432.74 0% 1%

Tue/03/Apr/07 24.35 11414.86 0% 0%

Wed/04/Apr/07 24.80 11596.08 2% 2%

Thu/05/Apr/07 24.70 11655.64 0% 1%


101/107

Fri/06/Apr/07 25.60 11676.59 4% 0%

Mon/09/Apr/07 25.45 11773.90 -1% 1%

Tue/10/Apr/07 25.30 11894.96 -1% 1%

Wed/11/Apr/07 26.40 11905.92 4% 0%

Thu/12/Apr/07 26.20 11977.74 -1% 1%

Fri/13/Apr/07 26.00 12004.59 -1% 0%

Mon/16/Apr/07 26.15 12002.77 1% 0%Tue/17/Apr/07 27.45 12189.29 5% 2%

Wed/18/Apr/07 27.45 12120.80 0% -1%

Thu/19/Apr/07 27.20 12091.53 -1% 0%

Fri/20/Apr/07 27.40 12016.18 1% -1%

Mon/23/Apr/07 27.70 12151.53 1% 1%

Tue/24/Apr/07 27.05 12166.03 -2% 0%

Wed/25/Apr/07 27.15 12208.87 0% 0%

Thu/26/Apr/07 27.00 12235.19 -1% 0%

Fri/27/Apr/07 27.05 12369.70 0% 1%

Mon/30/Apr/07 26.50 12433.22 -2% 1%

Wed/02/May/07 26.80 12430.16 1% 0%

Thu/03/May/07 27.75 12512.08 4% 1%Fri/04/May/07 27.80 12079.75 0% -3%

Mon/07/May/07 27.50 12331.91 -1% 2%

Tue/08/May/07 26.15 12393.28 -5% 0%

Wed/09/May/07 27.25 12346.89 4% 0%

Thu/10/May/07 26.85 12367.62 -1% 0%

Fri/11/May/07 26.35 12343.58 -2% 0%

Mon/14/May/07 26.80 12370.99 2% 0%

Tue/15/May/07 26.75 12258.85 0% -1%

Wed/16/May/07 26.50 12250.75 -1% 0%

Thu/17/May/07 25.90 12340.42 -2% 1%

Fri/18/May/07 26.15 12283.23 1% 0%

Mon/21/May/07 26.20 12436.19 0% 1%

Tue/22/May/07 26.05 12496.17 -1% 0%

Wed/23/May/07 26.10 12663.41 0% 1%

Thu/24/May/07 26.30 12732.41 1% 1%

Fri/25/May/07 27.00 12831.09 3% 1%

Mon/28/May/07 26.95 12817.31 0% 0%

Tue/29/May/07 27.10 12806.93 1% 0%

Wed/30/May/07 26.75 12961.26 -1% 1%

Thu/31/May/07 27.40 12933.66 2% 0%

Fri/01/Jun/07 27.00 12956.94 -1% 0%

Mon/04/Jun/07 26.65 13166.77 -1% 2%

Tue/05/Jun/07 26.45 13212.05 -1% 0%Wed/06/Jun/07 26.65 13237.38 1% 0%

Thu/07/Jun/07 26.60 13274.87 0% 0%

Fri/08/Jun/07 26.40 13268.28 -1% 0%

Mon/11/Jun/07 26.00 13326.17 -2% 0%


102/107


Net sales 1,977 2,190 2,908 3,980 7,985

Gross margins 22% 20% 38% 35% 36%

Profit after taxation 297 228 683 827 1,936

Net profit margin

Profitability ratiosGross profit to sales 22% 20% 38% 35% 36%

Profit before tax to sales 16% 16% 33% 30% 32%

Net profit after tax to sales 15% 10% 23% 21% 24%

Solvency ratios

Working capital ratio 0.93 0.79 2.12 0.63 0.94

Acid test ratio 0.74 0.63 1.93 0.57 0.85

Assessment ratios

ROE 8% 6% 16% 16% 27%

BV/share 14 14 16 19 27

Debt to equity ratio 0 0 0 1 2

Fair value

DCF based Rs 96/share


103/107


10,406 11,409 11,086 10,943 12,684

32% 34% 34% 34% 35%

1,899 2,154 2,156 1,984 2,322

32% 34% 34% 34% 35%

25% 26% 26% 25% 25%

18% 19% 19% 18% 18%

0.85 0.15 (0.29) (0.61) (0.73)

0.74 0.04 (0.37) (0.69) (0.85)

27% 26% 22% 21% 20%

36 31 39 47 57

1 2 1 1 0


104/107

Test Matches

Opener (minimum 20 innings)

Player Span Inns Runs HS Ave 100 50

1924-1935 83 4522 194 61.1 16 23

1929-1949 48 2390 189* 56.9 7 12

1937-1955 131 6721 364 56.47 19 31

1908-1930 97 5130 211 56.37 14 271960-1968 70 3664 311 55.51 8 19

Position 3 (minimum 20 innings)


1930-1948 56 5078 334 103.63 20 10

1960-1967 40 2626 172 77.23 13 7

1928-1937 52 3440 336* 74.78 14 4

1930-1948 32 2064 270* 71.17 10 4

1996-2006 111 6294 257 66.25 24 21



2000-2006 77 4437 177 70.42 15 23

2000-2006 33 2079 223 67.06 7 8

1957-1969 24 1530 226 63.75 6 4

1948-1958 57 3372 207 63.62 11 17

1963-1970 37 2065 274 62.57 7 8



1948-1962 23 1189 197* 59.45 3 91948-1960 31 1599 125 59.22 5 9

1955-1974 37 1895 178* 59.21 7 8

1939-1957 22 968 147 56.94 3 3

1993-2006 40 1933 119 56.85 6 13



1994-2006 39 2006 140 62.68 6 14

1974-1992 23 928 118 61.86 2 6

1982-1999 36 1591 119* 56.82 4 8

1955-1974 57 2614 174 53.34 8 111978-1994 63 2556 153 52.16 6 17



1992-1998 23 1051 113 58.38 1 10

1989-2004 22 701 136* 50.07 1 4

1999-2006 87 3503 204* 47.33 11 14

H Sutcliffe

B Mitchell (

L Hutton (E

JB Hobbs (RB Simpso

DG Bradm

KF Barring

WR Hamm

GA Headle

RT Ponting

JH Kallis (

Mohamma

GS Sobers

ED Weeke

RG Pollock

FMM WorrCL Walcott

GS Sobers

DCS Comp

Inzamam-u

S Chander

Imran Kha

Saleem Ma

GS SobersAR Border

BM McMill

HP Tillakar

AC Gilchris
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105/107

1984-1993 33 1317 128 45.41 3 10

1992-2004 40 1761 158 44.02 4 11



1997-2006 27 833 127 36.21 1 51993-1998 24 560 79* 35 0 5

1978-1993 58 1777 116 33.52 2 11

1995-2000 23 534 106* 33.37 1 1

1998-2006 37 994 122* 33.13 2 6



1995-2005 20 534 111 41.07 2 1

1975-1981 22 377 86 31.41 0 1

1994-2006 40 828 69 28.55 0 4

1981-1992 36 797 173 28.46 1 12000-2006 37 804 76 26.8 0 2



1964-1970 20 292 41 22.46 0 0

1953-1965 26 400 39* 21.05 0 0

1971-1983 30 381 73* 19.05 0 1

1992-1998 21 303 37 18.93 0 0

1993-2000 26 355 46 17.75 0 0



1966-1981 27 182 45* 18.19 0 0

1947-1955 33 159 28 14.45 0 0

1974-1985 24 201 24* 14.35 0 0

1951-1965 46 348 36* 13.91 0 0

1992-2002 32 204 32 13.59 0 0

Best ODI averages by batting position

Opener (minimum 20 innings)Player Span Inns Runs HS Ave 100 50

1999-2006 40 1736 125* 51.05 4 13

1973-1983 29 1197 171* 49.87 3 7

1994-2006 256 11565 186* 48.79 37 55

1992-2004 51 2166 153 47.08 5 15

1975-1991 120 4993 133* 45.39 11 31

GRJ Matth

CL Cairns

DL VettoriPR Reiffel

N Kapil De

PA Strang

MV Bouch

SM Pollock

KD Ghavri

WPUJC Va

IDS SmithN Boje (SA

PM Pollock

FS Truema

DK Lillee (

SK Warne

SB Doull (

DL Underw

WA Johnst

JR Thoms

JB Statha

AA Donald

HH Dippen

GM Turner

SR Tendul

BC Lara (

CG Greeni
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