ATLAS BATTERY LIMTED

BALANCE SHEET
AS AT JUNE 30

2004

ASSETS

NON CURRENT ASSETS

Property, plant and equipment
Intangible assets
Long term Investments - Available for sale
Long term deposits

CURRENT ASSETS
Stores, spares and loose tools
Stock in trade
Trade debts
Investments-available for sale
Loans and advances
Tarde deposits and prepayments
Investments at fair value through profit and loss
Accured mark-up / interest
Other receviables
Income tax refundable
Cash and bank balances

TOTAL ASSETS

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised capital
10,000,000 Ordinary Shares of Rs. 10/- each.
Share capital
General reserve
Unaapropriated profit
Surplus on revaluation of property, plant and equipment-leasehold land

NON CURRENT LIABILITIES

Long Term Loan
Deffered Liabilities

CURRENT LIABILITIES
Trade and other payables
Acurred mark-up / interest
Short term borrowings - secured
Current portion of long-term financing
Provision for taxation

TOTAL EQUITY AND LIABILITIES

Vertical and Horizontal Analysis of Balance Sheet

Atlas Vertical Analysis of Balance Sheet

2004

ASSETS

NON CURRENT ASSETS

Property, plant and equipment
Intangible assets
Long term Investments - Available for sale
Long term deposits

CURRENT ASSETS
Stores, spares and loose tools
Stock in trade
Trade debts
Investments-available for sale
Loans and advances
Tarde deposits and prepayments
Investments at fair value through profit and loss
Accured mark-up / interest
Other receviables
Income tax refundable
Cash and bank balances

TOTAL ASSETS

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised capital
10,000,000 Ordinary Shares of Rs. 10/- each.
Share capital
General reserve
Unaapropriated profit

Surplus on revaluation of property, plant and equipment-leasehold land

NON CURRENT LIABILITIES

Long Term Loan
Deffered Liabilities

CURRENT LIABILITIES
Trade and other payables
Acurred mark-up / interest
Short term borrowings - secured
Current portion of long-term financing
Provision for taxation

TOTAL EQUITY AND LIABILITIES

Atlas Horizontal Analysis of Balance Sheet

2004

ASSETS
NON CURRENT ASSETS
Property, plant and equipment
Intangible assets
Long term Investments - Available for sale
Long term deposits

CURRENT ASSETS
Stores, spares and loose tools
Stock in trade
Trade debts
Investments-available for sale
Loans and advances
Tarde deposits and prepayments
Investments at fair value through profit and loss
Accured mark-up / interest
Other receviables
Income tax refundable
Cash and bank balances

TOTAL ASSETS

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised capital
10,000,000 Ordinary Shares of Rs. 10/- each.
Share capital
General reserve
Unaapropriated profit

Surplus on revaluation of property, plant and equipment-leasehold land

NON CURRENT LIABILITIES

Long Term Loan
Deffered Liabilities

CURRENT LIABILITIES
Trade and other payables
Acurred mark-up / interest
Short term borrowings - secured
Current portion of long-term financing
Provision for taxation

TOTAL EQUITY AND LIABILITIES

 2005 2006 2007 2008 2009
Rupees in '000'

151,188 239,712 310,995 517,862 635,294

375 0 0 0 0
- - - - -
2,612 4,012 4,012 4,012 2,439
154,175 243,724 315,007 521,874 637,733

6,601 8,659 10,730 12,968 14,122

211,650 218,012 306,171 410,672 434,594
39,536 45,864 51,834 77,387 88,521
39,835
18,966 14,355 30,694 1,475 2,381
2,238 1,224 2,826 74,191 7,025
0 254 278 - 6,132
107 121 175 175 14
0 365 26 58,720 80,742
21
32,607 30,309 37,501 49,274 28,892
351,561 319,163 440,235 684,862 662,423

505,736 562,887 755,242 1,206,736 1,300,156

100,000 100,000 100,000 - -

45,977 52,874 60,805 69,926 69,926
188,544 211,476 275,193 228,500 282,500
- - - 107,886 179,120
234,521 264,350 335,998 406,312 531,546
 0 0 0 173,786 173,786

60,000 40,000 0 0 0
34,593 50,517 62,881 61,823 85,627

74,521 93,250 156,154 185,267 329,326

2,060 1,726 2,469 7,057 1,603
74,314 90,974 171,200 313,002 103,616
16,000 16,000 - - -
9,727 6,070 26,540 59,489 74,652
176,622 208,020 356,363 564,815 509,197

505,736 562,887 755,242 1,206,736 1,300,156

nce Sheet

2005 2006 2007 2008 2009

29.89% 42.59% 41.18% 42.91% 48.86%

0.07% 0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00% 0.00%
0.52% 0.71% 0.53% 0.33% 0.19%
30.49% 43.30% 41.71% 43.25% 49.05%

1.31% 1.54% 1.42% 1.07% 1.09%

41.85% 38.73% 40.54% 34.03% 33.43%
7.82% 8.15% 6.86% 6.41% 6.81%
7.88% 0.00% 0.00% 0.00% 0.00%
3.75% 2.55% 4.06% 0.12% 0.18%
0.44% 0.22% 0.37% 6.15% 0.54%
0.00% 0.05% 0.04% 0.00% 0.47%
0.02% 0.02% 0.02% 0.01% 0.00%
 0.00% 0.06% 0.00% 4.87% 6.21%
0.00% 0.00% 0.00% 0.00% 0.00%
6.45% 5.38% 4.97% 4.08% 2.22%
69.51% 56.70% 58.29% 56.75% 50.95%

100% 100% 100% 100% 100%

19.77% 17.77% 13.24% 0.00% 0.00%

9.09% 9.39% 8.05% 5.79% 5.38%
37.28% 37.57% 36.44% 18.94% 21.73%
0.00% 0.00% 0.00% 8.94% 13.78%
46.37% 46.96% 44.49% 33.67% 40.88%

0.00% 0.00% 0.00% 14.40% 13.37%

11.86% 7.11% 0.00% 0.00% 0.00%

6.84% 8.97% 8.33% 5.12% 6.59%

14.74% 16.57% 20.68% 15.35% 25.33%

0.41% 0.31% 0.33% 0.58% 0.12%
14.69% 16.16% 22.67% 25.94% 7.97%
3.16% 2.84%
1.92% 1.08% 3.51% 4.93% 5.74%
34.92% 36.96% 47.19% 46.81% 39.16%

100% 100% 100% 100% 100%

2005 2006 2007 2008 2009

 63.07% 100% 129.74% 216.04% 265.02%
0.00% 100% 0.00% 0.00% 0.00%
0.00% 100% 0.00% 0.00% 0.00%
65.10% 100% 100.00% 100.00% 60.79%
63.26% 100% 129.25% 214.12% 261.66%

76.23% 100% 123.92% 149.76% 163.09%

97.08% 100% 140.44% 188.37% 199.34%
86.20% 100% 113.02% 168.73% 193.01%
0.00% 100% 0.00% 0.00% 0.00%
132.12% 100% 213.82% 10.28% 16.59%
182.84% 100% 230.88% 6061.36% 573.94%
0.00% 100% 109.45% 0.00% 2414.17%
88.43% 100% 144.63% 144.63% 11.57%
0.00% 100% 7.12% 16087.67% 22121.10%
0.00% 100% 0.00% 0.00% 0.00%
107.58% 100% 123.73% 162.57% 95.32%
110.15% 100% 137.93% 214.58% 207.55%

89.85% 100% 134.17% 214.38% 230.98%

100.00% 100% 100.00% 0.00% 0.00%

86.96% 100% 115.00% 132.25% 132.25%
89.16% 100% 130.13% 108.05% 133.58%
0.00% 100% 0.00% 0.00% 0.00%
88.72% 100% 127.10% 153.70% 201.08%

0.00% 100% 0.00% 0.00% 0.00%

150.00% 100% 0.00% 0.00% 0.00%

68.48% 100% 124.47% 122.38% 169.50%

79.92% 100% 167.46% 198.68% 353.16%

119.35% 100% 143.05% 408.86% 92.87%
 81.69% 100% 188.19% 344.06% 113.90%
100.00% 100% 0.00% 0.00% 0.00%
160.25% 100% 437.23% 980.05% 1229.85%
84.91% 100% 171.31% 271.52% 244.78%

89.85% 100% 134.17% 214.38% 230.98%

EXIDE PAKISTAN LIMTED
BALANCE SHEET
AS AT MARCH 31

2004 2005

ASSETS

NON CURRENT ASSETS

Property, plant and equipment 298,662
Long term investment 25,531
Long term loans 981
Long term deposit 11,104
336,278

CURRENT ASSETS
Spares 17,743
Stock in trade 353,669
Trade debts 90,448
Loans and advances 4,098
Trade deposits, short term and other receivable 4,001
Taxation receviable 4,641
cash and bank balances 54,026
528,626

TOTAL ASSETS 864,904

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised share capital

18,000,000 (2009: 18,000,000) ordinary share of Rs 10 rach 100,000

Issued, subscribed and paid up share capital 54,057

Capital reserve 259
Revenue reserve 250,491
Share to be issued -
Reseve arising on amalgamation-net -
Unappropraited profit 59,441
364,248
Surplus on revaluation of property, plant and equipment-net of tax 31,955

NON CURRENT LIABILITIES

Long Term Loan 64,000
Deffered tax liabilities-net 18,699
82,699
CURRENT LIABILITIES
Trade and other payables 124,596
Current portion of long tern finance 16,000
Acurred mark-up 3,241
Taxation -
Short term borrowings 242,165
386,002

TOTAL EQUITY AND LIABILITIES 864,904

Vertical and Horizontal Analysis of Balance Sheet

Eixde Vertical Analysis of Balance Sheet

2004 2005

ASSETS

NON CURRENT ASSETS

Property, plant and equipment 34.53%
Long term investment 2.95%
Long term loans 0.11%
Long term deposit 1.28%
38.88%

CURRENT ASSETS
Spares 2.05%
Stock in trade 40.89%
Trade debts 10.46%
Loans and advances 0.47%
Trade deposits, short term and other receivable 0.46%
Taxation receviable 0.54%
cash and bank balances 6.25%
 61.12%

TOTAL ASSETS 100%

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised share capital

18,000,000 (2009: 18,000,000) ordinary share of Rs 10 rach 11.56%

Issued, subscribed and paid up share capital 6.25%

Capital reserve 0.03%
Revenue reserve 28.96%
Share to be issued 0.00%
Reseve arising on amalgamation-net 0.00%
Unappropraited profit 6.87%
42.11%

Surplus on revaluation of property, plant and equipment-net of tax 3.69%

NON CURRENT LIABILITIES

Long Term Loan 7.40%
Deffered tax liabilities-net 2.16%
9.56%
CURRENT LIABILITIES
Trade and other payables 14.41%
Current portion of long tern finance 1.85%
Acurred mark-up 0.37%
Taxation 0.00%
Short term borrowings 28.00%
44.63%

TOTAL EQUITY AND LIABILITIES 100%

Atlas Horizontal Analysis of Balance Sheet

2004 2005

ASSETS
NON CURRENT ASSETS
Property, plant and equipment 59.01%
Long term investment 100.00%
Long term loans 104.47%
Long term deposit 92.56%
61.75%

CURRENT ASSETS
Spares 97.83%
Stock in trade 86.15%
Trade debts 86.38%
Loans and advances 294.19%
Trade deposits, short term and other receivable 44.15%
Taxation receviable 0.00%
cash and bank balances 83.53%
86.87%

TOTAL ASSETS 75.01%

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised share capital

18,000,000 (2009: 18,000,000) ordinary share of Rs 10 rach 100.00%

Issued, subscribed and paid up share capital 100.00%

Capital reserve 100.00%
Revenue reserve 83.78%
Share to be issued 0.00%
Reseve arising on amalgamation-net 0.00%
Unappropraited profit 93.42%
87.36%

Surplus on revaluation of property, plant and equipment-net of tax 12.85%

NON CURRENT LIABILITIES

Long Term Loan 80.00%
Deffered tax liabilities-net 135.39%
88.15%
CURRENT LIABILITIES
Trade and other payables 81.47%
Current portion of long tern finance 0.00%
Acurred mark-up 37.69%
Taxation 0.00%
Short term borrowings 109.52%
98.05%

TOTAL EQUITY AND LIABILITIES 75.01%

 2006 2007 2008 2009
Rupees in '000'

506,150 502,357 536,855 671,711

25,531 32,531 40,094 224
939 1,033 1,084 1,669
11,997 13,704 13,856 16,751
544,617 549,625 591,889 690,355

18,137 22,259 25,403 32,550

410,508 556,077 920,042 859,857
104,712 87,462 138,939 162,668
1,393 10,150 3,547 2,168
9,063 16,671 54,391 19,234
- - 17,214 35,076
64,679 60,918 96,049 234,679
608,492 753,537 ### ###

### ### ### ###

100,000 100,000 100,000 180,000

54,057 54,057 54,057 54,057

259 259 259 259
298,991 343,991 413,991 488,991
- - - 2,442
- - - 25,823
63,631 106,714 122,007 154,392
416,938 505,021 590,314 725,964
 248,665 244,115 239,107 255,000

80,000 60,000 100,000 20,000

13,811 14,144 22,367 23,899
93,811 74,144 122,367 43,899

152,938 151,808 408,478 452,953

- 20,000 20,000 20,000
8,599 8,973 14,889 14,037
11,048 8,631 - -
221,110 290,470 452,319 524,734
393,695 479,882 895,686 ###

### ### ### ###

2006 2007 2008 2009

43.89% 38.55% 29.06% 32.98%

2.21% 2.50% 2.17% 0.01%
0.08% 0.08% 0.06% 0.08%
1.04% 1.05% 0.75% 0.82%
47.23% 42.18% 32.04% 33.90%

1.57% 1.71% 1.38% 1.60%

35.60% 42.67% 49.80% 42.22%
9.08% 6.71% 7.52% 7.99%
0.12% 0.78% 0.19% 0.11%
0.79% 1.28% 2.94% 0.94%
0.00% 0.00% 0.93% 1.72%
5.61% 4.67% 5.20% 11.52%
52.77% 57.82% 67.96% 66.10%

100% 100% 100% 100%

8.67% 7.67% 5.41% 8.84%

4.69% 4.15% 2.93% 2.65%

0.02% 0.02% 0.01% 0.01%
25.93% 26.40% 22.41% 24.01%
0.00% 0.00% 0.00% 0.12%
0.00% 0.00% 0.00% 1.27%
5.52% 8.19% 6.60% 7.58%
36.16% 38.75% 31.95% 35.65%

21.56% 18.73% 12.94% 12.52%

6.94% 4.60% 5.41% 0.98%

1.20% 1.09% 1.21% 1.17%
8.14% 5.69% 6.62% 2.16%

13.26% 11.65% 22.11% 22.24%

0.00% 1.53% 1.08% 0.98%
0.75% 0.69% 0.81% 0.69%
0.96% 0.66% 0.00% 0.00%
19.18% 22.29% 24.48% 25.77%
34.14% 36.82% 48.48% 49.68%

100% 100% 100% 100%

2006 2007 2008 2009

100% 99.25% 106.07% 132.71%
100% 127.42% 157.04% 0.88%
100% 110.01% 115.44% 177.74%
100% 114.23% 115.50% 139.63%
100% 100.92% 108.68% 126.76%

100% 122.73% 140.06% 179.47%

100% 135.46% 224.12% 209.46%
100% 83.53% 132.69% 155.35%
100% 728.64% 254.63% 155.64%
100% 183.95% 600.14% 212.23%
100% 0.00% 0.00% 0.00%
100% 94.19% 148.50% 362.84%
100% 123.84% 206.34% 221.24%

100% 113.01% 160.22% 176.62%

100% 100.00% 100.00% 180.00%

100% 100.00% 100.00% 100.00%

100% 100.00% 100.00% 100.00%
100% 115.05% 138.46% 163.55%
100% 0.00% 0.00% 0.00%
100% 0.00% 0.00% 0.00%
100% 167.71% 191.74% 242.64%
100% 121.13% 141.58% 174.12%

100% 98.17% 96.16% 102.55%

100% 75.00% 125.00% 25.00%

100% 102.41% 161.95% 173.04%
100% 79.04% 130.44% 46.80%

100% 99.26% 267.09% 296.17%

100% 0.00% 0.00% 0.00%
100% 104.35% 173.15% 163.24%
100% 78.12% 0.00% 0.00%
100% 131.37% 204.57% 237.32%
100% 121.89% 227.51% 256.98%

100% 113.01% 160.22% 176.62%

ATLAS BATTERY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED JUNE 30
2005 2006
RUPEES IN '000'

Net Sales 949,755 ###

Cost of sales -792,172 ###
Gross Profit 157,583 189,063
Distribution costs -60,108 -77,515
Administrative expenses -36,184 -33,505
Other operating expenses -4,057 -4,077
Other operating income 5,969 10,135
Profit from operations 63,203 84,101
Finance costs -9,199 -17,877
Profit before taxation 54,004 66,224
Taxation -13,157 -24,901
Profit after taxation 40,847 41,323

Atlas Vertical and Horizontal Analysis Of

PROFIT AND LOSS ACCOUNT

Vertical Analysis Of Profit and loss Account

2005 2006

Net Sales 100% 100%

Cost of sales -83.41% -84.36%
Gross Profit 16.59% 15.64%
Distribution costs -6.33% -6.41%
Administrative expenses -3.81% -2.77%
Other operating expenses -0.43% -0.34%
Other operating income 0.63% 0.84%
Profit from operations 6.65% 6.96%
Finance costs -0.97% -1.48%
Profit before taxation 5.69% 5.48%
Taxation -1.39% -2.06%
Profit after taxation 4.30% 3.42%

Horizontal Analysis Of Profit and loss Account

2005 2006

Net Sales 78.55% 100%

Cost of sales 77.67% 100%
Gross Profit 83.35% 100%
Distribution costs 77.54% 100%
Administrative expenses 108.00% 100%
Other operating expenses 99.51% 100%
Other operating income 58.89% 100%
Profit from operations 75.15% 100%
Finance costs 51.46% 100%
Profit before taxation 81.55% 100%
Taxation 52.84% 100%
Profit after taxation 98.85% 100%
 2007 2008 2009
UPEES IN '000'

### ### ###

### ### ###
291,622 386,883 530,067
-96,481 -114,957 -124,359
-42,661 -55,957 -70,549
-9,477 1,929 2,149
1,296 -12,231 -20,891
144,299 205,667 316,417
-22,042 -41,536 -43,537
122,257 164,131 272,880
-34,747 -57,335 -95,202
87,510 106,796 177,678

2007 2008 2009

100% 100% 100%

-81.61% -85.28% -83.21%
18.39% 14.72% 16.79%
-6.08% -4.37% -3.94%
-2.69% -2.13% -2.23%
-0.60% 0.07% 0.07%
0.08% -0.47% -0.66%
9.10% 7.82% 10.02%
-1.39% -1.58% -1.38%
7.71% 6.24% 8.64%
 -2.19% -2.18% -3.02%
5.52% 4.06% 5.63%

2007 2008 2009

131.15% 217.43% 261.10%

126.87% 219.80% 257.53%
154.25% 204.63% 280.37%
124.47% 148.30% 160.43%
127.33% 167.01% 210.56%
232.45% -47.31% -52.71%
12.79% -120.68% -206.13%
171.58% 244.55% 376.23%
123.30% 232.34% 243.54%
184.61% 247.84% 412.06%
139.54% 230.25% 382.32%
211.77% 258.44% 429.97%
EXIDE PAKISTAN LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED JUNE 30
2005

Net Sales ###

Cost of sales ###
Gross Profit 225,618
Selling and distribution expenses -86,064
Administration and general expenses -31,573
107,981
Other operating income 3,969
111,950
Other operating charges -6,448
Operating profit 105,502
Finance costs -17,951
Profit before taxation 87,551
Taxation -33,616
Profit after taxation 53,935

Eixde Vertical and Horizontal Analysis Of

PROFIT AND LOSS ACCOUNT

Vertical Analysis Of Profit and loss Account

2005

Net Sales 100%

Cost of sales -82.49%
Gross Profit 17.51%
Selling and distribution expenses -6.68%
Administration and general expenses -2.45%
8.38%
Other operating income 0.31%
8.69%
Other operating charges -0.50%
Operating profit 8.19%
Finance costs -1.39%
Profit before taxation 6.79%
Taxation -2.61%
Profit after taxation 4.19%

Horizontal Analysis Of Profit and loss Account

2005

Net Sales 84.24%

Cost of sales 83.86%
Gross Profit 86.04%
Selling and distribution expenses 93.03%
Administration and general expenses 93.84%
79.35%
Other operating income 107.07%
80.09%
Other operating charges 50.33%
Operating profit 83.09%
Finance costs 60.56%
Profit before taxation 89.95%
Taxation 83.98%
Profit after taxation 94.12%
 2006 2007 2008 2009
RUPEES IN '000'

### ### ### ###

### ### ### ###
262,237 314,084 361,265 620,572
-92,512 -98,675 -117,976 -237,235
-33,647 -34,681 -40,116 -59,241
136,078 180,728 203,173 324,096
3,707 11,168 13,574 3,993
139,785 191,896 216,747 328,089
-12,811 -19,122 -24,494 -63,565
126,974 172,774 192,253 264,524
-29,640 -32,915 -49,099 -82,521
97,334 139,859 143,154 182,003
-40,029 -48,217 -49,355 -63,797
57,305 91,642 93,799 118,206

2006 2007 2008 2009

100% 100% 100% 100%

-82.86% -83.74% -88.05% -88.98%
17.14% 16.26% 11.95% 11.02%
-6.05% -5.11% -3.90% -4.21%
-2.20% -1.80% -1.33% -1.05%
8.90% 9.36% 6.72% 5.76%
0.24% 0.58% 0.45% 0.07%
9.14% 9.94% 7.17% 5.83%
-0.84% -0.99% -0.81% -1.13%
8.30% 8.95% 6.36% 4.70%
-1.94% -1.70% -1.62% -1.47%
6.36% 7.24% 4.74% 3.23%
-2.62% -2.50% -1.63% -1.13%
3.75% 4.74% 3.10% 2.10%

2006 2007 2008 2009

100% 126.26% 197.56% 368.05%

100% 127.60% 209.94% 395.24%
100% 119.77% 137.76% 236.65%
100% 106.66% 127.53% 256.44%
100% 103.07% 119.23% 176.07%
100% 132.81% 149.31% 238.17%
100% 301.27% 366.17% 107.72%
100% 137.28% 155.06% 234.71%
100% 149.26% 191.20% 496.18%
100% 136.07% 151.41% 208.33%
100% 111.05% 165.65% 278.41%
100% 143.69% 147.08% 186.99%
100% 120.46% 123.30% 159.38%
100% 159.92% 163.68% 206.28%
ATLAS BATTERY LIMITED
CASH FLOW STATEMENT
FOE THE YEAR ENDED JUNE 30

2005 2006
Rupees in '000'

CASH FLOW FROM OPERATING ACTIVITIES

Cash generated from operation -24,691 103,356

Markup paid -6,082 -16,915
Gratuity paid -1276 -94
Compensated absences paid -16 -982
Income tax paid -16,479 -6,894
Long term deposit -2,079 -1,401
Net cash ( outflow ) / generated from operating activities
-50,623 77,070

CASH FLOW FROM INVESTING ACTIVITIES

Capital Expenditure -77,176 -118,864
Intangible assets -750
Investment acquired
Sale proceed of property , plant & equipment 1,763 5,893
Short term investment -115,260
Sale proceed of investment 36,878 163,443
Dividend received 50
Net cash from investing activities -39,285 -64,738

Net cash flows before financing activities -89,908 12,332

CASH FLOW FROM FINANCING ACTIVITIES

( Decrease ) Increase in short term borrowing 39,631 16,660
Long term borrowings obtained 80,000
Repayment of long term loan -4,000 -20,000
Dividend paid -19,537 -11,290

Net cash from financing activities 96,094 -14,630

Outflow / Inflow in cash & cash equivalent 6,186 -2,298

Cash &cash equivalent at the beginning of the year 26,421 32,607

Cash &cash equivalent at the end of the year 32,607 30,309

 2007 2008 2009
upees in '000'

148,187 66,942 406,363

-19,632 -34,933 -
-136 -51 -
-409 -3,362 -
-24,861 -55,193 -
- - -
103,149 -26,597 406,363

-108,718 -75,033 -164,392

-55,500
4,203 7,354 4,288

293 49,916

### -67,386 ###

-1,366 -93,983 240,675

80,227 141,802 -209,386

- - -
-56,000 - -
-15,669 -36,046 -51,671

8,558 105,756 ###

7,192 11,773 -20,382

30,309 37,501 49,274

37,501 49,274 28,892

EXIDE PAKISTAN LIMITED
CASH FLOW STATEMENT
FOE THE YEAR ENDED MARCH 31

CASH FLOW FROM OPERATING ACTIVITIES

Cash generated from / ( used in ) operation

Financial charges paid
Gratuity paid
Taxes paid
Increase in long term deposits
Increase in long term loans
Net cash ( used in) / generated from operating activities

CASH FLOWS FROM INVESTING ACTIVTIES

Payment for capital expenditure
Proceeds from sale of operating fixed assets
Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVTIES

Import finance
Short term borrowing
Loan from a director
Loan term finance - net
Dividend paid
Net cash generated from / ( used in ) financing activities

Net increase / ( decrease ) in cash & cash equivalent

Cash &cash equivalent at the beginning of the year

Cash &cash equivalent at the end of the year

 2005 2006 2007 2008 2009
Rupees in '000'

18,496 118,561 50,616 25,411 552,633

-13,946 -26,334 -32,541 -43,183 -84,378
-580 -1,348 -1,598 -1,458 -
-4,442 -28,378 -50,301 -66,977 -81,935
-1,135 -893 -1,707 -152 -2,143
-58 42 -94 -51 -585
operating activities-1,665 61,650 -35,625 -86,410 383,592

-20,206 -21,071 -32,455 -76,824 -144,299

833 1,755 3,071 3,029 2,480
-19,373 -19,316 -29,384 -73,795 ###

3,402 -9,010 -30,951 40,000 -46,342

-43,000 -82,000 -35,000 - -
- - 20,000 -40,000 -
- - - 40,000 -80,000
-10,949 -10,626 -8,112 -6,513 -17,659
) financing activities
-50,547 ### -54,063 33,487 ###

cash equivalent -71,585 -59,302 ### ### 97,772

ning of the year 60,407 -11,178 -70,480 -189,552 -357,827

the year -11,178 -70,480 ### ### ###

ATLAS BATTERY LIMITED
Short Term Accounting Liquidity Ratios

2005 2006 2007 2008

Current Ratio 1.99 1.53 1.24 1.21
Quick Ratio 0.63 0.37 0.25 0.22
Cash Ratio 0.41 0.15 0.11 0.09

ATLAS BATTERY LTD

Current Ratio
3

2
Current Ratio
2

2005 2006 2007 2008 2009

ATLAS BATTERY LTD

Quick Ratio
1
1

Quick Ratio

2005 2006 2007 2008 2009

ATLAS BATTERY LTD

Cash Ratio
 ATLAS BATTERY LTD
Cash Ratio

Cash Ratio

2005 2006 2007 2008 2009

2009
1.3
0.23
0.06
EXIDE PAKISTAN LIMITED
Short Term Accounting Liquidity Ratios

2005 2006 2007

Current Ratio 1.37 1.55 1.57
Quick Ratio 0.37 0.43 0.31
Cash Ratio 0.14 0.16 0.13

EXIDE PAKISTAN LTD

Current Ratio
2
2
2
Current Ratio
1
1
1
1
1
1
2005 2006 2007 2008 2009

EXIDE PAKISTAN LTD

Quick Ratio

Quick Ratio

2005 2006 2007 2008 2009

 EXIDE PAKISTAN LTD
Cash Ratio

Cash Ratio

2005 2006 2007 2008 2009

 2008 2009
1.4 1.33
0.26 0.39
0.11 0.23

N LTD
tio

Current Ratio

N LTD
o

Quick Ratio

09
N LTD
o

Cash Ratio

009
ATLAS BATTERY LIMITED
Long Term Accounting Ratio

2005 2006 2007 2008 2009

Fixed Assets Turnover Ratio6.28 5.04 5.1 5.08 4.97
Total Assets Turnover Ratio1.88 2.15 2.1 2.18 2.43

ATLAS BATTERY LTD

Fixed Assets Turnover Ratio
7
6
Fixed Assets
5 Turnover
4 Ratio

3
2
1

2005 2006 2007 2008 2009

ATLAS BATTERY LTD

Total Assets Turnover Ratio
3

3
Total Assets
2 Turnover
Ratio
2

2005 2006 2007 2008 2009

EXIDE PAKISTAN LIMITED
Long Term Accounting Ratio

2005 2006 2007 2008 2009

Fixed Assets Turnover Ratio4.31 3.02 3.84 5.63 8.38
Total Assets Turnover Ratio1.49 1.33 1.48 1.64 2.76

EXIDE PAKISTAN LTD

Fixed Assets Turnover Ratio
9
8
7
Fixed Assets
6 Turnover Ratio
5
4
3
2
1

2005 2006 2007 2008 2009

EXIDE PAKISTAN LTD

Total Assets Turnover Ratio
3

3
Total Assets
2 Turnover Ratio
2

2005 2006 2007 2008 2009

ATLAS BATTERY LIMITED
Profitability Term Accounting Ratios

2005 2006 2007 2008

Net Profit Ratio 4.30% 3.42% 5.52% 4.06%
Gross Profit Ratio 16.59% 15.64% 18.39% 14.72%
Operating Margin Ratio 6.65% 6.96% 9.10% 7.82%

ATLAS BATTERY LTD

Net Profit Ratio
6.00%

5.00%
Net Profit
4.00% Ratio
3.00%

2.00%

1.00%

0.00%
2005 2006 2007 2008 2009

ATLAS BATTERY LTD

Gross Profit Ratio
20.00%
18.00%
16.00%
14.00% Gross Profit
Ratio
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2005 2006 2007 2008 2009
 ATLAS BATTERY LTD
Operating Margin Ratio
12.00%

10.00%
Operating
8.00% Margin Ratio
6.00%

4.00%

2.00%

0.00%
2005 2006 2007 2008 2009
 2009
5.63%
16.79%
10.02%
EXIDE PAKISTAN LIMITED
Profitability Term Accounting Ratios

2005 2006 2007 2008

Net Profit Ratio 4.19% 3.75% 4.74% 3.10%
Gross Profit Ratio 17.51% 17.14% 16.26% 11.95%
Operating Margin Ratio 8.19% 8.30% 8.95% 6.36%

EXIDE PAKISTAN LTD

Net Profit Ratio
5.00%
4.50%
4.00%
3.50% Net Profit
Ratio
3.00%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
2005 2006 2007 2008 2009

EXIDE PAKISTAN LTD

Gross Profit Ratio
20.00%
18.00%
16.00%
14.00% Gross Profit
Ratio
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2005 2006 2007 2008 2009
 EXIDE PAKISTAN LTD
Operating Margin Ratio
10.00%
9.00%
8.00%
7.00% Operating
Margin Ratio
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
2005 2006 2007 2008 2009
 2009
2.10%
11.02%
4.70%
o

ating
in Ratio
ATLAS BATTERY LIMITED
DEBT ANALYSIS

2005 2006 2007 2008 2009

Debt to Capital Ratio 0.36 0.33 0.34 0.44 0.16
Debt to Equity Ratio 0.57 0.5 0.51 0.77 0.19

Capital 368,835 395,324 507,198 719,314 635,162

ATLAS BATTERY LTD

Debt to Capital Ratio

Debt to
Capital Ratio

2005 2006 2007 2008 2009

ATLAS BATTERY LTD

Debt to Equity Ratio
1
1
1
Debt to
1 Equity Ratio

1 2 3 4 5
1 2 3 4 5
EXIDE PAKISTAN LIMITED
DEBT ANALYSIS

2005 2006 2007 2008 2009

Debt to Capital Ratio 0.46 0.42 0.41 0.48 0.43
Debt to Equity Ratio 0.84 0.72 0.69 0.94 0.75

Capital 670,413 718,048 855,491 ### ###

EXIDE PAKISTAN LTD

Debt to Capital Ratio

Debt to Capital
Ratio

2005 2006 2007 2008 2009

EXIDE PAKISTAN LTD

Debt to Equity Ratio
1
1
1
1 Debt to Equity
Ratio
1

2005 2006 2007 2008 2009

 2009

0.33
equity multiplier 2.45

Net Income Assets Return on Assets

177678 ### 0.14

Net Income Sales Profit Margin Ratios

177678 ### 0.06

Sales Expenses
3156807 ###

Operating Expenses Non Operating Expenses

Cost of Sales Finance Cost
2626740 43,537
Distribution Costs Taxation
124,359 95,202
Adminstrative Expenses
70,549
Other Operating Expenses
2,149
Total Assets Sales Assets Turnover
1300156 ### 2.43

Operating Assets Non Operating Assets

Current Assets
Stores, Spares & loose tools Loans and Advances
14,122 2,381
Stock in trade Short Term Investment
434,594 6,132
Trade Debt Accured Mark-up / Interest
88,521 14

Trade deposit and prepayment

7,025
Other Receivable
80,742
Taxation
0
Income Tax Refundable
0

Cash and Bank Balance

28,892

Fixed Assets
635,294
Long Term Investment
0
Long Term Deposit
2,439
ATLAS BATTERY LIMTED

DU_PONT ANALYSIS

FOR THE YEAR 2008-2009

ROE

Increase / Decrease 0.07

ROA

Increase / Decrease 0.05

Profit Margin

Increase / Decrease 0.02

Increase / Decrease in Sales 527,987

Increase / Decrease in Expenses 448885

Increase / Decrease in Cost of Sales 384,803

Increase / Decrease in Distribution Costs 9,402
Increase / Decrease in Adminstrative Expenses
14,592
Increase / Decrease in Other Operating Expenses220
Increase / Decrease in Finance Costs 2,001
Increase / Decrease in Taxation 37,867

Assets Turnover
Increase / Decrease 0.25

Increase / Decrease Stores, Spares & loose tools

1,154

Increase / Decrease Stck in trade 23,922

Increase / Decrease Trade Debt 11,134

Increase / Decrease Trade deposit and prepayment

-67,166

Increase / Decrease Other Receviable 22,022

Increase / Decrease Taxation 0

Increase / Decrease Income Tax Refundable 0

Increase / Decrease Cash and Bank Balance -20,382

Increase / Decrease Fixed Assets 117,432

Increase / Decrease Loans and Advances

Increase / Decrease Short Term Investment 6,132

Increase / Decrease Long Term Investment 0

 2008
0.26
equity multiplier 2.97

Net Income Assets Return on Assets

106,796 ### 0.09

it Margin

Net Income Sales Profit Margin Ratios

106,796 ### 0.04

Sales Expenses
2,628,820 ###

Operating Expenses Non Operating Expenses

Cost of Sales Finance Cost
2,241,937 41,536
Distribution Costs Taxation
114,957 57,335
Adminstrative Expenses
55,957
Other Operating Expenses
1,929
s Turnover
Total Assets Sales Assets Turnover
1206736 ### 2.18

Operating Assets Non Operating Assets

Current Assets
Stores, Spares & loose tools Loans and Advances
12,968 1,475
Stock in trade Short Term Investment
410,672 0
Trade Debt Accured Mark-up / Interest
77,387 175

Trade deposit and prepayment

74,191
Other Receivable
58,720
Taxation
0
Income Tax Refundable
0

Cash and Bank Balance

49,274

Fixed Assets
517,862
Long Term Investment
0
Long Term Deposit
4,012
ng Expenses
ng Assets

nvestment

k-up / Interest

nvestment
 2009

0.16
Equity multiplier 2.81

Net Income Assets Return on Assets

118206 ### 0.06

Net Income Sales Profit Margin Ratios

118206 5630385 0.02

Sales Expenses
5630385 ###

Operating Expenses Non Operating Expenses

Cost of Sales Finance Cost
5009813 82521
Distribution Costs Taxation
237,235 63797

Adminstrative Expenses
59241
Other Operating Expenses
63565
Total Assets Sales Assets Turnover
2,036,587 5630385 2.76

Operating Assets Non Operating Assets

Current Assets
Stores, Spares & loose tools Loans and Advances
32,550 2,168
Stock in trade Short Term Investment
859,857 0
Trade Debt Accured Mark-up / Interest
162,668 0

Trade deposit and prepayment

19,234
Other Receivable
0
Taxation
0
Income Tax Refundable
35,076

Cash and Bank Balance

234,679

Fixed Assets
671,711
Long Term Investment
224
Long Term Deposit
16,751
EXIDE PAKISTAN LIMTED

DU_PONT ANALYSIS

FOR THE YEAR 2008-2009

ROE

0
Increase / Decrease
ROA

Increase / Decrease 0.01

Profit Margin

Increase / Decrease -0.01

Increase / Decrease in Sales 2,608,109

Increase / Decrease in Expenses 2574121

Increase / Decrease in Cost of Sales 2348802

Increase / Decrease in Distribution Costs 119,259
Increase / Decrease in Adminstrative Expenses19125
Increase / Decrease in Other Operating Expenses
39071

Increase / Decrease in Finance Costs 33422

Increase / Decrease in Taxation 14442
 Assets Turnover

Increase / Decrease 1.13

Increase / Decrease Stores, Spares & loose tools

7,147

Increase / Decrease Stck in trade -60,185

Increase / Decrease Trade Debt 23,729

Increase / Decrease Trade deposit and prepayment

-35,157

Increase / Decrease Other Receviable 0

Increase / Decrease Taxation 0

Increase / Decrease Income Tax Refundable 17,862

Increase / Decrease Cash and Bank Balance 138,630

Increase / Decrease Fixed Assets 134,856

Increase / Decrease Loans and Advances -1,379

Increase / Decrease Short Term Investment 0
Increase / Decrease Long Term Investment -39,870
 Equity multiplier

Net Income Assets

93799 ###

it Margin

Net Income Sales

93799 3,022,276

Sales Expenses
3,022,276 2942051

Operating Expenses
Cost of Sales
2661011
Distribution Costs
117976

Adminstrative Expenses
40116
Other Operating Expenses
24494
s Turnover

Total Assets Sales

1,847,474 3,022,276

Operating Assets

Current Assets
Stores, Spares & loose tools
25,403
Stock in trade
920,042
Trade Debt
138,939

Trade deposit and prepayment

54,391
Other Receivable
0
Taxation
0
Income Tax Refundable
17,214

Cash and Bank Balance

96,049

Fixed Assets
536,855
 2008

0.16
3.13

Return on Assets

0.05

Profit Margin Ratios

0.03

Non Operating Expenses

Finance Cost
49099
Taxation
49355
Assets Turnover
1.64

Non Operating Assets

Loans and Advances

3,547
Short Term Investment
0
Accured Mark-up / Interest
0

Long Term Investment

40,094
Long Term Deposit
13,856
Sector Comparison
Atlas Exide
2009 2009 2009
Current Ratio 1.32 1.3 1.33
Quick Ratio 0.31 0.23 0.39
Cash Ratio 0.14 0.06 0.23
Fixed Assets Turnover Ratio6.68 4.97 8.38
Total Assets Turnover Ratio 2.6 2.43 2.76
Net Profit Ratio 3.86 5.63% 2.10%
Gross Profit Ratio 13.91 16.79% 11.02%
Operating Margin Ratio 7.36 10.02% 4.70%
Debt to Capital Ratio 0.3 0.16 0.43
Debt to Equity Ratio 0.47 0.19 0.75