ITTEHAD CHEMICALS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED JUNE 30, 2003

Issued, subscribed and paid up	Unappropriated profits	Total
Capital
------------------------- (Rupees 000’s) ---------------------

Balance as at June 30, 2001	250,000	135,921	385,921
Profit after taxation for the year	-	52,807	52,807
Proposed dividend	-	(37,500)	(37,500)
Balance as at June 30, 2002	250,000	151,228	401,228
Profit after taxation for the year	-	47,142	47,142
Balance as at June 30, 2003	250,000	198,370	448,370

CHIEF EXECUTIVE DIRECTOR