KAPCO LTD

Balance Sheet
For the Year ended 2007

2,007 2,006
Equity
Issued, subscribed and paid up capital 8,802,532 8802532
Capital reserve 444451 444451
Unappropriated profit 9616465 10874854
Total Equity 18,863,448 20,121,837

Non Current Liabilities

Long term loan-Unsecured 6946906 7846620
Long term advances 14414 0
Deffered Liabilities 3575932 3418353
Total non Current Liabilities 10537252 11264973
Current Liabilities
Current Portion of long term liabilities 902121 1007216
Finances under mark up arrangements 6431343
Creditors accrued and other liablities 2152227 1801611
provision for taxation 44635 82145
Total Current liabilities 9530326 2890972
Total liabilities 20067578 14155945

Total Liabilities and equity 38,931,026 34,277,782

Assets
Non Current Assets
Property plant and equipment 21174460 22695516
Intangible assets 2674 245
Capital worl in process 90724 60420
Long term loans and deposits 20217 17834

Total non current assets 21288075 22774015

Current Assets
Stores and spares 2553701 2472538
Stock in trade 1759459 1129664
Trade debts 11574384 3115000
Loans advances payments and other receivables 1546408 420511
Cash and bank balance 208999 4366054
Total Current assets 17642951 11503767
Total Assets 38931026 34277782
 Index Analysis Common Size Analysis
Indexed % Change 2,007 2006

1 0 23 26
1 0 1.14 1.3
0.88 -12 24.7 31.73
0.94 -6 48.45 58.7

0.89 -11 17.84 22.89

0.04 0
1.05 5 9.19 9.97
0.94 -6 27.07 32.86

0.9 -10 2.32 2.94

16.52 0
1.19 19 5.53 5.26
0.54 -46 0.11 0.24
3.3 230 24.48 8.43
1.42 42 51.55 41.3

1.14 14 100 100

0

0.93 -7 54.39 66.21

10.91 991 0.01 0
1.5 50 0.23 0.18
1.13 13 0.05 0.05

0.93 -7 54.68 66.44

1.03 3 6.56 7.21

1.56 56 4.52 3.3
3.72 272 29.73 9.09
3.68 268 3.97 1.23
0.05 -95 0.54 12.74
1.53 53 45.32 33.56
1.14 14 100 100
 Ratios Analysis

2007 2006
Liquidity Ratios

Current Ratio 1.85 3.98

Quick Ratio 1.4 2.73
Asset Management

Inventory Turnover(Days) 41.87 39.5

Sales Outstanding (Days) 112.35 34.15
Operating Cycle(Days) 154.22 73.65
Total asset turnover 0.95 0.96
Sales/Equity 1.97 1.63

Debt Management %

Debt to Assets % 51.55 41.3

Debt to Equity (Times) 1.06 0.7
Times Interest earned 6.71 6.87
Long term D/E Ratio 55.86 55.98

Profitability Ratios %
Gross Profit Mrgin 23.58 29.95
Net Profit Margin 13.46 16.19
Return on Assets 12.82 15.51
Return on Equity 26.46 26.43
Per Share
EPS 5.67 6.04
Dividend Per Share 7.1 8.82
Book Value 21.43 22.86
 Ratio Analysis
2002 2003 2004 2005 2006 2007 2008
Liquidity Ratios

Current Ratio 4.01 1.55 2.14 2.31 3.98 1.85 1.38

Quick Ratio 3.26 1.03 1.35 1.36 2.73 1.4 1.21
Asset Management Ratios
Inventory Turnover(Days) 44.87 56.56 48.13 66.02 39.5 41.87 30.52
Sales Outstanding (Days) 151.65 47.95 33.22 30.44 34.15 112.35 188.56
Operating Cycle(Days) 196.52 104.51 81.35 96.46 73.65 154.22 219.08
Total asset turnover 0.59 0.64 0.66 0.75 0.96 0.95 0.98
Sales/Equity 1.05 1.44 1.21 1.24 1.63 1.97 2.62
Debt Management Ratios
Debt to Assets % 43.74 56 45.25 39.32 41.3 51.55 62.56
Debt to Equity (Times) 0.78 1.27 0.83 0.65 0.7 1.06 1.67
Times Interest earned 13.54 3.46 4.29 5.6 6.87 6.71 4.65
Long term D/E Ratio 60.89 83.84 62 40.89 55.98 55.86 41.3
Profitability Ratios %
Gross Profit Mrgin 43.98 32.45 39.19 35.32 29.95 23.58 16.71
Net Profit Margin 117.54 23.54 31.76 29.2 16.19 13.46 14.24
Return on Assets 69.49 14.95 21.08 21.91 15.51 12.82 13.98
Return on Equity 123.51 33.97 38.49 36.11 26.43 26.46 37.35
Per Share
EPS 35.11 6.21 7.88 9.14 6.04 5.67 9.05
Dividend Per Share 2.99 5.07 7.95 3.86 8.82 7.1 6.23
Book Value 28.42 18.27 20.47 25.32 22.86 21.43 24.23