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Name of the Assignment: Mother Steel Limited Auditor: Arif Hussain & Co. Closing Date: 31 December Status of Disclosures: Moderate Language of Audited Report: English BALANCE SHEET Year 1 Year 2 Year 3 Year 4 Yea Application of Fund 2009 2010 2011 2012 20 Gross Fixed Assets 22.7 61.7 68.6 92.5 93  (-) Accumulated Depreciation 0.7 3.3 3.2 4.6 3  Net Fixed Assets 22.04 58.43 65.44 87.85 89. Capital work-in-prograss (Decoration) 0.00 0.00 0.00 0.00 0. Intangible & Other Fictitious Assets 0.04 0.04 0.04 0.04 0. Intercompany Investment (Short term) 0.00 0.00 0.00 0.00 0. Inventories, WIP, On-going projects, Stocks and Spares 279.37 53.72 8.34 376.27 462. Advance, Deposits & Prepayments 3.25 0.04 105.73 54.20 26. Other Current Assets (Security Deposit, LC Margin, Advance Tax, VAT) 0.00 0.21 0.21 0.21 0 Def. Revenue Exp 0.00 0.00 0.00 0.00 0. A/C Receivables/Debtors/Bills Receivables 12.68 1.55 59.52 527.78 32. Land lease from WDB 0.00 0.00 3.38 2.73 0. Cash, Bank Balance & Equivalents 3.84 3.08 49.51 65.53 3. Current Assets 299.14 58.60 226.69 1026.71 525. Total Assets 321.22 117.06 292.17 1114.60 615. Source of Fund 2009 2010 2011 2012 20 Authorized Capital 50.00 50.00 50.00 50.00 50. Paid Up Capital 5.00 5.00 5.00 5.00 5. Tax Holiday Reserve/ Provission for Income Tax 0.00 0.00 0.00 0.00 0. Share Money Deposits 0.00 0.00 0.00 0.00 0. General Reserve 0.00 0.00 0.00 0. Proposed Stock Dividend 0.00 0.00 0.00 0.00 0. Retained Earnings/(Loss Carried Forward) -5.54 57.18 96.00 52.98 86. Revaluation Reserve 0.00 0.00 0.00 0.00 Shareholders' Equity -0.54 62.18 101.00 57.98 91. Loan from Directors 0.00 0.00 0.00 0.00 0. Long Term Loan/CC 0.00 0.00 0.00 0.00 0. Lease Finance 0.00 0.00 0.00 0.00 0. Total Long Tem Loan 0.00 0.00 0.00 0.00 0. OD/Pre-shipmennt Investment/PC/Other Short Term Loan 321.44 53.24 190.75 934.52 298. Loan for Import and Duty 0.00 0.00 0.00 0.00 0. Loan Against Trust Receipts 0.00 0.00 0 Other Short Term Loan 0.00 0.00 0 Borrowed from others 0.00 0.00 0.00 0.00 0. Dues/Liabilities with Associated Company/ Current Accounts (in case of Proprietorship) 0.00 0.00 0.00 0.00 0. Proposed & Unclaimed Dividend 0.00 0.00 0.00 0.00 0. WPPF 0.00 0.00 0. Discounted Export Bills Receivables 0.00 0.00 0.00 0.00 0. Provisions for Tax, Expenses & Contingencies 0.00 0.00 0.00 0.00 0. Advance from Buyers 0.00 0.00 0.00 48.17 101. Creditors for Other Expenses/ Accrued Expenses 0.00 1.64 0.43 0.51 0. A/C Payables/Creditors for Suppliers 0.26 0.00 0.00 73.43 123. Current Liabilities 321.70 54.88 191.18 1056.62 523. Total Liabilities 321.70 54.88 191.18 1056.62 523. Total Liabilities & Equity 321.17 117.06 292.18 1114.60 615. Asset Liability Mismatch 0.05 0.00 0.00 0.00 0. Summary - Balance Sheet (for Ratio) 2009 2010 2011 2012 20 Avg. Total Assets 321.2 219.1 204.6 703.4 864 Avg. Shareholders Equity -0.5 30.8 81.6 79.5 74 Avg. Inventory 279.4 166.5 31.0 192.3 419 Avg. A/C Receivables 12.7 7.1 30.5 293.6 279 Total Payables 0.3 1.6 0.4 73.9 123 Avg. Payables 0.3 1.0 1.0 0.0 98 Total Borrowed Fund 321.4 53.2 190.8 934.5 298 Capital Expenditure (CapEx) 5.8 39.7 10.2 27.0 8 Current Assets 299.1 58.6 226.7 1026.7 525 Quick Assets 19.8 4.9 218.3 650.4 62 Net Working Capital -22.6 3.7 35.5 -29.9 1 Calculation of Changes in Net Working Capital for Cash Flow 2009.0 2010.0 2011.0 2012.0 2013 Changes in Invenotry 225.7 45.4 -367.9 -86 Changes in Receivables 11.1 -58.0 -468.3 495 Changes Advance, prepayments 3.3 3.2 -105.7 51.5 27 Total Changes in Current Assets arises from operation 3.3 240.0 -118.3 -784.6 436 Changes in Accrued Expenses 0.0 1.6 -1.2 0.1 -0 Changes in A/C Payables 0.3 -0.3 0.0 73.4 49 Total Changes in Current Liabilities arises from operation 0.3 1.4 -1.2 73.5 49 Changes in Net Working Capital 3.5 241.4 -119.5 -711.1 486 INCOME STATEMENT Year 1 Year 2 Year 3 Year 4 Yea 2009 2010 2011 2012 20 Revenue 109.41 459.11 507.18 1529.28 845. Cost of Goods Sold 98.44 383.54 459.89 1444.30 718. Gross Profit 10.97 75.57 47.28 84.98 126. Admin & Office Expenses 6.80 3.35 4.08 20.50 10. Selling and Marketing Expenses 0.00 0.00 0.00 0.00 0. Operating Expenses 6.80 3.35 4.08 20.50 10.

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