Ittehad Chemicals Limited						1000								1000
June 30, 2003
Seven Years at a Glance
(Rupees in Millions )		2003		2002		2001		2000		1999		1998		1997
Net Sales Revenue		1,321		1,307		1,239		1,187		1,082		1,015		957
Cost of Sales		1,156		1,126		1,058		956		914		850		807
Gross Profit		165		181		182		231		168		165		150
Operating Expenses		76		75		64		112		64		53		51
Operating Profit		89		107		117		119		104		113		99
Profit before tax		76		96		103		105		83		80		83
Taxes and Duties		29		44		45		33		38		32		26
Profit after Tax		47		53		58		72		45		48		58
Net Operating Fixed assets		189		150		155		151		120		122		71
Other Fixed Capital expenditure		112		55		33		24		22		23		23
Capital Work in Progress		478		88		45		46		51		22		46
Long Term Investments		58		56		50		31		47		0		0
Long Term Deposits		7		7		8		8		3		5		3
Deffered Cost		3		-		-		-		26		52		79
Non Current Assets		846		356		292		261		270		224		222
Stores and Spares		107		98		121		96		87		76		84
Stock in Trade		40		40		44		44		35		39		50
Trade Debts		149		105		132		203		188		159		151
Advances, Deposits, Prepayments and Other Receivables		151		149		56		31		30		32		48
Short Term Investments		-		-		-		-		10		92		-
Cash and Bank Balances		287		16		18		18		30		18		24
Current Assets		734		408		371		393		380		417		358
Total Assets		1,580		764		663		654		650		641		580
Issued Subscribed and Paid Up Capital		250		250		250		250		250		250		250
Unappropriated Profit		161		151		136		116		82		74		25
Equity		411		401		386		366		332		324		275
Debentures		-		-		-		1		1		2		2
Redeemable capital (TFCs)		250		-		-		-		-		-		-
Long Term Loans		369		22		14		-		-		-		-
Liabilities Against Assets Subject to Finance Lease		0		1		3		4		7		17		15
Non Current Liabilities		619		23		17		5		8		19		17
Deferred Liabilities		27		27		12		9		33		38		33
Current Portion of Long Term Liabilities		71		12		11		9		11		13		13
Short Term Running Finances		57		104		45		66		58		103		61
Refundable to subscribers of TFCs		213		-		-		-		-		-		-
Creditors, Accrued and other Liabilities		144		159		155		159		148		141		180
Taxation		-		-		-		3		22		3		-
Proposed Dividend		38		38		38		38		38		-		-
Current Liabilities		522		313		248		275		277		260		254
Total Equity and Liabilities		1,580		764		663		654		650		641		580
Net Current Assets		212		95		122		118		102		157		104
PROFITIBILITY
Gross Profit		12.5%		13.9%		14.6%		19.5%		15.6%		16.3%		15.7%
Operating Profit		6.7%		8.2%		9.5%		10.1%		9.7%		11.1%		10.4%
Net Profit		3.6%		4.0%		4.6%		6.0%		4.2%		4.8%		6.0%
Return On Equity		11.6%		13.4%		15.3%		20.5%		13.8%		16.2%		23.3%
Return on operating fixed assets		27.8%		34.6%		37.5%		52.7%		37.4%		50.1%		80.9%
Earning Per Share		1.89		2.11		2.30		2.87		1.81		1.94		2.30
LIQUIDITY
Current Ratio (Times)		1.63		1.35		1.56		1.48		1.43		1.69		1.48
Working Capital		212		95		122		118		102		157		104
Acid Test Ratio (Times)		1.12		0.86		0.83		0.92		0.93		1.16		0.88
Super Quick Ratio		0.55		0.05		0.07		0.07		0.14		0.42		0.09
LEVERAGE
Debt Equity Ratio (Times)		57:43		04:96		07:93		04:96		06:94		09:91		10:90