Automobile Parts & Accessories: AGRIAUTO INDUSTRIES LIMITED - Nine Months Ended March 31 2004

The company was incorporated in the province of Sindh in June 25, 1981 as a public limited company. It was listed on Karachi Stock Exchange in 1984 and its shares are also quoted at Lahore Stock Exchange.
The company is primarily engaged in the manufacture and sale of components for automotive vehicles, motorcycles and agricultural tractors.
At present its share is trading at Rs 49.90 per share which is almost 5 times of the par value. During the last one year the price of the share ranged between Rs 22.55 and Rs 51.55 per share at transaction of 292 thousand shares.
It has consistent profit distribution policy. In 2002 it declared dividend @7.5% and in 2003 the pay out was doubled @15%.
Its manufacturing facilities are located in Balochistan Province at Hub Chowki which is the adjoining area of the port city Karachi which is hub of automobile industry. The company has made quantum jump in sales and profitability and at the same time it has robust financial backbone and a vibrant enterprise.
The director explained that the upward trend in the sales of the company is due to the consistent business friendly policies of the govt and improvement in macroeconomic situation.

======================================================
Performance Statistics                (Million Rupees)
======================================================
Balance sheet                                  -As At-
======================================================
                                  March 31     June 30
                                      2004        2003
======================================================
Share Capital-Paid-up:              120.00      120.00
Reserves & Surplus:                 204.61       70.78
Shareholders Equity:                324.61      190.78
Deferred Tax:                         2.91        4.07
Current Liabilities:                196.42      112.72
Fixed Assets Tangible:               80.77       81.33
L T Deposits:                         1.38        1.62
Current Assets:                     441.79      224.62
Total Assets:                       523.94      307.57
------------------------------------------------------
Profit & Loss A/c For the
 Nine Months Ended           March 31 2004        2003
------------------------------------------------------
Revenue:                            900.70      476.46
Gross Profit:                       253.38       89.31
Operating Profit:                   222.57       66.95
Other Income:                         1.04        1.43
Financial (Charges):                 (0.43)     (5.67)
Profit Before Taxation:             206.74       57.61
Profit After Taxation:              133.83       37.19
Earnings Per Share (Rs):              5.58        1.55
Share Price (Rs) on 20-10-04:        49.99           -
Price/Earning Ratio:                  8.96           -
Book Value Of Share (Rs):            27.05       15.89
Debt/Equity Ratio:                   0:100       0:100
Current Ratio:                        2.25        1.99
Gross Profit Margin (%):             28.15       18.98
Net Profit Margin (%):               14.86        7.91
R O A:                               25.54        2.10
======================================================

COMPANY INFORMATION: Chairman:R.D. Minwala; Chief Executive: Sohail P. Ahmed; Company Secretary: Fahim Kapadia; Registered Office: 5th Floor, House of Habib 3 JCH, Main Shahrah-e-Faisal Karachi; Web Address: www.agriauto.com.pk; Factory: 243 Mouza Baroot, Hub Chowki, Distt. Lasbela, Balochistan.