2004 2005 2006 2007

SHARE CAPITAL AND RESERVES

Authorized Capital 1500000 1500000 1500000 2500000
Paid up Capital 873840 1092300 1365375 1706719
Reserves 4674314 5645662 6171543 6410922
5548154 6737962 7536918 8117641
NON CURRENT LIABILITIES
staff retirement benefits-gratuity 149069 158467 66057 23192
Deffered Texation 75987 97387 137041 262458
225056 255854 203098 285650
CURRENT LIABILITIES
Trade and other payables 953829 894170 1598432 1698374
Texation 138151 372525 105374 62844
1091980 1266695 1703806 1761218

6865190 8260511 9443822 10164509

NON CURRENT ASSETS

Fixed assets - property, plant and equipment 1433626 1503102 1774449 2236720
Long Term loans 47699 39568 35786 53755
Long term deposits 7248 7008 6808 6808
Investments 406730 191674 96425 346824

CURRENT ASSETS
Stores and spares 53980 52877 64996 107199
Stock in trade 1632308 1972953 2195407 2277175
Trade debts 33407 64881 84697 116847
Loans and advances 50074 62781 64589 81039
Trade deposits and payments 44518 62592 76420 84348
Accrued interest 21625 66624 189829 109851
Refund Due from government 79918 56107 39430 14898
Onther receivables 49416 378071
Investments 196045 99100 98227
Cash Bank Balance 3054057 3984299 4666470 4252745
Texation Payments less provision
Total Current Asset 4969887 6519159 7530354 7520400

Total Asset 6865190 8260511 9443822 10164507

 2004 2005 2006 2007

INCOME STATEMENT
Net Sales 8866959 9416881 10088247 10610882
Cost of goods sold 5,361,319 5,570,505 6,221,581 6,658,753
Gross profit 3,505,640 3,846,376 3,866,666 3,952,129

selling, marketing and distibution espenses 1038073 901,671 1,053,388 1,210,818

Administrative expenses 351,460 362,287 436,881 487,420
Other operating expenses 155,818 225186 221662 223912
other operating income 187577 350402 496390 639415
operating profit 2147866 2707634 2651125 2669394

Financial Charges 28601 13246 19316 11550

Profit before texation 2119265 2694388 2631809 2657844
Texation 648000 880731 966906 988018
Profit after texation 1471265 1813657 1664903 1669826
2008 2009

2500000 2500000
1706718 1706718
6648173 6397381
8354891 8104099

20802 58894
312270 320435
333072 379329

1867275 2524426
70387
1937662 2524426

10625625 11007854

2415255 2600814
61666 61299
6788 7027
171855 168687

116084 129239
3494054 4061840
1016968 996915
119242 91315
93377 87754
80596 21503
15468 15436
153864 129156
155511 644889
2724897 1739236
252744
7970061 8170027

10625625 11007854
 2008 2009

13403224 14719132
9,547,619 11,173,470
3,855,605 3,545,662

1,328,925 1,673,809
520,216 589,714
208355 138585
1279790 436615
3077899 1580169

76859 14348
3001040 1565821
1045853 632791
1955187 933030
Cost of goods sold
Raw and packing materials consumed 3556271 3798525 4057514
Manufacturing charges to third party 133720 137001 78554
Stores and spares consumed 20767 17583 24154
Salaries, wages, benefits and staff welfare – note 20.1 628574 566874 775250
Fuel and Power 115648 122606 152482
Rent, rates and taxes 5518 5467 9288
Royalty and technical fee 9776 9282 126822
Lease rentals 473 120
Insurance 22890 27860 42252
Repairs and maintenance 72675 73526 93011
Training expenses 2210 2196 1237
Travelling and entertainment 6547 10547 12753
Vehicle running 5048 6022 6563
Depreciation / Amortisation 89529 89922 90946
Impairment loss 1311 30211 40392
Provision for slow moving and obsolete stock written back 12960 10667 21648
Provision for slow moving and obsolete stores 223 151
Canteen expenses 29659 36409 45134
Laboratory expenses 8897 15295 15658
Communication and stationery 8396 8463 8493
Security expenses 2651 2372 2389
Other expenses 10450 14320 15507
4718050 4963711 5620198
Opening stock of work-in-process 228550 221860 212401
Closing stock of work-in-process 221860 212401 188,306
Cost of goods manufactured 4724740 4973170 5644293
Opening stock of finished goods 703842 762045 878741
Purchase of finished goods 787534 791746 1026701
Provision for slow moving and obsolete stock-finish goods
6216116 6526961 7549735

Closing stock of finished goods 762045 878741 1255365

Cost of samples shown under selling, marketing
and distribution expenses 92752 77715 72789

5,361,319 5,570,505 6,221,581

 4074237 4912391 7,108,891
99996 115585 136,211
21980 20166 31,814
651229 827758 887,668
165032 218633 238,002
8439 2421 4,191
128463 152256 157,754

47621 38146 48,995

92831 96987 94,139
2362 1567 127
9404 9294 11,647
8611 10835 9,723
103387 141214 167,483
1241 14541 17,913
61903 18569 13,857
648 805 80
50681 62648 72,184
19538 25738 29,378
7838 8093 7,699
4273 4597 7,366
20496 21221 20,535
5576432 6703465 9,065,657
188306 118537 201,425
118,537 201425 245411
5646201 6620577 9021671
1255365 1250190 1,659,566
1083946 3344404 2,989,569
59674 75901
7985512 11274845 13746707

1250190 1659565 2452874

76569 67661 120363

6,658,753 9,547,619 11,173,470

Selling and Marketing Expenses
Salaries, wages, benefits and staff welfare 385,528 305,260 395,321 509,837
Handling, freight and transportation 57,553 59,919 86,339 86,844
Advertising 54,905 71,495 59,768 66,727
Sales promotion 339,708 269,919 298,272 303,519
Travelling and entertainment 79,557 71,110 92,624 101,478
Vehicle running 18,082 20,266 21,742 28,649
Depreciation / Amortisation 20,008 16,951 18,844 21,412
Canteen expenses 208 260 461 635
Rent, rates and taxes 8,986 6,548 6,371 6,617
Lease rentals 2,797 2,266
Training expenses 3,579 9,119 2,276 1,974
Fuel and power 6,442 9,170 8,008 9,580
Publication and subscriptions 10,102 9,000 12,937 13,108
Insurance 11,066 11,291 7,684 6,905
Repairs and maintenance 2,380 4,567 5,506 8,206
Stationery 8,354 7,022 7,557 6,617
Postage, telex and telephone 19,305 14,220 12,733 14,484
Security expenses 2,107 3,721 2,769 7,143
Security deposit written off 2,108 885 2,186
Other expenses 5,298 9,567 13,291 14,897
1,038,073 901,671 1,053,388 1,210,818
 484,198 612,538
12,507 470,436
70,059 118,682
374,776 163,783
104,079 120,831
33,611 31,298
28,339 34,164
880 21,513
5,912 14,814

1,107 13,417
104,719 11,600
15,775 10,796
8,562 9,448
12,711 9,370
7,532 7,944
15,171 2,581
7,682 1,013
1,824 1,060
17,780 18,521
1,328,925 1,673,809
Administrative Expenses
Salaries, wages, benefits and staff welfare 179,340 182,632 234,993
Travelling and entertainment 10,493 11,491 12,820
Vehicle running 5,419 7,483 8,180
Depreciation / Amortisation 48,399 44,732 42,976
Canteen expenses 11,031 4,537 3,620
Rent, rates and taxes 2,834 2,333 18,509
Lease rentals 1,489 1,134
Training expenses 1,518 4,482 11,850
Publication and subscriptions 2,743 4,106 2,296
Insurance 2,703 3,814 3,586
Repairs and maintenance 16,931 20,985 20,285
Stationery 6,770 7,976 8,606
Legal and professional charges 17,467 16,290 16,793
Auditors’ remuneration 9,531 7,705 8,086
Donations 6,863 15,972 14,581
Postage, telex and telephone 14,392 17,993 18,531
Security expenses 3,600 3,510 3,740
Other expenses net of recovery from a related party of 9,937 5,112 7,429
351,460 362,287 436,881
264,758 239,959 301,647
7,195 61,488 68,145
9,871 33,787 33,567
47,563 14,568 28,529
2,918 18,980 14,264
6,500 4,406 28,181

16,754 8,985 19,317

5,843 16,397 15,472
4,536 7,863 13,086
29,622 4,935 11,784
10,095 12,641 11,390
15,361 15,743 11,209
9,627 11,312 8,418
21,568 22,452 5,817
20,940 27,082 4,199
4,417 8,376 4,171
9,852 11,242 10,518
487,420 520,216 589,714