MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	KOHINOOR SPINNING MILLS LIMITED

Registered Office :	7/1 E-3 Main Boulevard Gulberg III Lahore

Country :	Pakistan

Financials (as on) :	30.06.2009

Date of Incorporation :	23.07.1970

Legal Form :	Public Independent

Line of Business :	Preparation and spinning of textile fibres.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Pakistan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

Top of Form

Bottom of Form

Kohinoor Spinning Mills Limited

7/1 E-3 Main Boulevard
Gulberg III

Lahore,
Pakistan

Tel:	92-42-5757108
Fax:	92-42-5764036

www.kohinoorspinning.com

Employees:

2,591

Company Type:

Public Independent

Traded:

Karachi Stock Exchange:

KOSM

Incorporation Date:

23-Jul-1970

Auditor:

Hameed Khan & Co.

Financials in:	USD (mil)

Fiscal Year End:	30-Jun-2009
Reporting Currency:	Pakistan Rupee
Annual Sales:	36.7 ¹
Net Income:	(2.6)
Total Assets:	31.8 ²
Market Value:	1.5
	(18-Oct-2011)

Business Description

Kohinoor Spinning Mills Ltd. is a Pakistan-based company. The Company is engaged in the business of textile spinning. For the three months ended 30 September 2009, Kohinoor Spinning Mills Limited's revenues decreased 7% to PKR839.2M. Net loss totaled PKR34.2M, vs. an income of PKR3.4M. Revenue reflects a decrease in demand for the Company's product & services. Net loss reflects a decrease in gross & operating margin and higher distribution expenses. The Company is engaged in the business of textile spinning in Pakistan.

Industry

Industry	Textiles - Non Apparel
ANZSIC 2006:	1312 - Natural Textile Manufacturing
NACE 2002:	171 - Preparation and spinning of textile fibres
NAICS 2002:	313111 - Yarn Spinning Mills
UK SIC 2003:	171 - Preparation and spinning of textile fibres
US SIC 1987:	2282 - Yarn Texturizing, Throwing, Twisting, and Winding Mills

Key Executives

Name	Title
Khawaja Mohammad Naveed	Chief Executive, Director
Muhammad Saeed Zafar	Chief Financial Officer
Hasan Ahmad	Corporate Secretary
Mohammad Naveed	Chief Executive Officer
Mohammad Jahang Khan	Company Secretary

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	2	Kohinoor Spinning Mills Ltd Not to Pay FY 2010-2011 Final Dividend	10-Oct-2011

* number of significant developments within the last 12 months

Financial Summary

As of 30-Sep-2009

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.01	2.22
Quick Ratio (MRQ)	0.41	1.09
Debt to Equity (MRQ)	8.13	1.83
Net Profit Margin (TTM) %	-8.50	1.34
Return on Assets (TTM) %	-10.22	1.80
Return on Equity (TTM) %	-73.48	6.70

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Stock Snapshot

Traded: Karachi Stock Exchange: KOSM

As of 18-Oct-2011

Financials in: PKR

Recent Price	1.00	EPS	-1.56
52 Week High	2.28	Price/Sales	0.05
52 Week Low	0.16	Price/Book	0.54
Avg. Volume (mil)	0.0024	Beta	-0.96
Market Value (mil)	130.00

	Price % Change	Rel S&P 500%
4 Week	-25.93%	-24.65%
13 Week	-20.00%	-15.65%
52 Week	0.0000%	-8.01%
Year to Date	-18.70%	-15.46%

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 78.57394
2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 81.44

Corporate Overview

Location
7/1 E-3 Main Boulevard
Gulberg III
Lahore, Pakistan

Tel:	92-42-5757108
Fax:	92-42-5764036

$\\vivek\D\Kohinoor Spinning Mills Limited_files\externalright.gif$ www.kohinoorspinning.com

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Quote Symbol - Exchange
KOSM - Karachi Stock Exchange
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Sales PKR(mil):	2,885.6
Assets PKR(mil):	2,593.1
Employees:	2,591
Fiscal Year End:	30-Jun-2009

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Industry:	Textiles - Non Apparel

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Incorporation Date:	23-Jul-1970
Company Type:	Public Independent
Quoted Status:	Quoted

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Chief Executive, Director:	Khawaja Mohammad Naveed

Contents

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Key Corporate Relationships

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Industry Codes

ANZSIC 2006 Codes:
1312	-	Natural Textile Manufacturing

NACE 2002 Codes:
171	-	Preparation and spinning of textile fibres

NAICS 2002 Codes:
313111	-	Yarn Spinning Mills

US SIC 1987:
2282	-	Yarn Texturizing, Throwing, Twisting, and Winding Mills

UK SIC 2003:
171	-	Preparation and spinning of textile fibres

Business Description

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More Business Descriptions

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All Other Textile Product Mills

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Financial Data

Financials in:	PKR(mil)
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Revenue:	2,885.6
Net Income:	-202.2
Assets:	2,593.1
Long Term Debt:	972.2
Total Liabilities:	2,353.0
Working Capital:	0.0
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Date of Financial Data:	30-Jun-2009

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1 Year Growth

14.9%

13.4%

Market Data

Quote Symbol:	KOSM
Exchange:	Karachi Stock Exchange
Currency:	PKR
Stock Price:	1.0
Stock Price Date:	10-18-2011
52 Week Price Change %:	0.0
Market Value (mil):	130,000.0
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SEDOL:	6492225
ISIN:	PK0028601018

Key Corporate Relationships

Auditor:	Hameed Khan & Co.
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Auditor:	Hameed Khan & Co.
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Executives Report

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Board of Directors

Name

Title

Function

Khawaja Mohammad Jahangir

Director

Director/Board Member

Khawaja Mohammad Jawed

Director

Director/Board Member

Khawaja Mohammad Kaleem

Director

Director/Board Member

Mohammad Nadeem Khawaja

Director

Director/Board Member

Khawaja Mohammad Naveed

Chief Executive, Director

Director/Board Member

Mohammad Hamza Yousaf

Director

Director/Board Member

Executives

Name

Title

Function

Khawaja Mohammad Naveed

Chief Executive, Director

Chief Executive Officer

Mohammad Naveed

Chief Executive Officer

Hasan Ahmad

Corporate Secretary

Company Secretary

Mohammad Jahang Khan

Company Secretary

Muhammad Saeed Zafar

Chief Financial Officer

Finance Executive

Significant Developments

Kohinoor Spinning Mills Ltd Not to Pay FY 2010-2011 Final Dividend

Oct 10, 2011

Kohinoor Spinning Mills Limited announced that it is not to pay final dividend for fiscal year ended June 30, 2011. It paid a cash dividend at PKR 0.50 per share i.e. 5% for fiscal year ended June 30, 2010.

Kohinoor Spinning Mills Limited Not to Pay Dividend

Feb 28, 2011

Kohinoor Spinning Mills Limited announced that it will not pay dividend for the second quarter ended December 31, 2010.

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
Period Length	12 Months	12 Months	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	78.573941	62.550956	60.637036	59.865977	59.345369
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Sales	36.7	40.2	39.9	36.0	24.5
Excise Tax Receipts	-	-	0.0	0.0	-
Revenue	36.7	40.2	39.9	36.0	24.5
Other Revenue	-	-	0.0	-0.1	-
Other Revenue, Total	-	-	0.0	-0.1	-
Total Revenue	36.7	40.2	39.9	35.9	24.5

Cost of Revenue	33.7	35.9	35.5	31.9	21.8
Cost of Revenue, Total	33.7	35.9	35.5	31.9	21.8
Gross Profit	3.1	4.3	4.4	4.1	2.7

Selling/General/Administrative Expense	2.0	2.1	2.0	1.7	1.2
Total Selling/General/Administrative Expenses	2.0	2.1	2.0	1.7	1.2
Loss (Gain) on Sale of Assets - Operating	0.0	0.0	0.0	-	-
Unusual Expense (Income)	0.0	0.0	0.0	-	-
Other Operating Expense	0.0	0.0	0.0	0.1	0.1
Other, Net	-0.1	-0.1	-0.1	-0.4	-0.7
Other Operating Expenses, Total	-0.1	-0.1	-0.1	-0.3	-0.6
Total Operating Expense	35.7	37.8	37.4	33.2	22.4

Operating Income	1.1	2.4	2.5	2.7	2.1

Interest Expense - Non-Operating	-3.0	-1.6	-1.6	-2.0	-1.1
Interest Expense, Net Non-Operating	-3.0	-1.6	-1.6	-2.0	-1.1
Interest Income (Expense) - Net Non-Operating	-0.5	-0.4	-0.3	-	-
Interest Income (Expense) - Net Non-Operating Total	-3.5	-2.0	-1.9	-2.0	-1.1
Income Before Tax	-2.4	0.4	0.6	0.6	1.1

Total Income Tax	0.1	0.2	0.3	0.1	0.6
Income After Tax	-2.6	0.2	0.3	0.5	0.4

Net Income Before Extraord Items	-2.6	0.2	0.3	0.5	0.4
Net Income	-2.6	0.2	0.3	0.5	0.4

Income Available to Common Excl Extraord Items	-2.6	0.2	0.3	0.5	0.4

Income Available to Common Incl Extraord Items	-2.6	0.2	0.3	0.5	0.4

Basic/Primary Weighted Average Shares	130.0	130.0	130.0	130.0	39.5
Basic EPS Excl Extraord Items	-0.02	0.00	0.00	0.00	0.01
Basic/Primary EPS Incl Extraord Items	-0.02	0.00	0.00	0.00	0.01
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	-2.6	0.2	0.3	0.5	0.4
Diluted Weighted Average Shares	130.0	130.0	130.0	130.0	39.5
Diluted EPS Excl Extraord Items	-0.02	0.00	0.00	0.00	0.01
Diluted EPS Incl Extraord Items	-0.02	0.00	0.00	0.00	0.01
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.01	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	-	0.0
Interest Expense, Supplemental	3.0	1.6	1.6	2.0	1.1
Depreciation, Supplemental	0.9	1.0	1.0	1.2	0.9
Total Special Items	0.0	0.0	0.0	-	-
Normalized Income Before Tax	-2.4	0.4	0.6	0.6	1.1

Effect of Special Items on Income Taxes	0.0	0.0	0.0	-	-
Inc Tax Ex Impact of Sp Items	0.1	0.2	0.3	0.1	0.6
Normalized Income After Tax	-2.6	0.2	0.3	0.5	0.4

Normalized Inc. Avail to Com.	-2.6	0.2	0.3	0.5	0.4

Basic Normalized EPS	-0.02	0.00	0.00	0.00	0.01
Diluted Normalized EPS	-0.02	0.00	0.00	0.00	0.01
Rental Expenses	0.0	0.0	0.0	0.0	0.0
Advertising Expense, Supplemental	0.0	0.0	0.0	0.0	0.0
Normalized EBIT	1.1	2.3	2.5	2.7	2.1
Normalized EBITDA	1.9	3.3	3.5	3.8	3.0
Interest Cost - Domestic	0.0	0.0	0.0	-	-
Service Cost - Domestic	0.1	0.2	0.2	-	-
Domestic Pension Plan Expense	0.1	0.2	0.2	-	-
Defined Contribution Expense - Domestic	0.1	0.2	0.1	-	-
Total Pension Expense	0.2	0.4	0.4	-	-
Discount Rate - Domestic	12.00%	12.00%	10.00%	-	-
Compensation Rate - Domestic	11.00%	11.00%	9.00%	-	-
Total Plan Interest Cost	0.0	0.0	0.0	-	-
Total Plan Service Cost	0.1	0.2	0.2	-	-

Annual Balance Sheet

Financials in: USD (mil)

$\\vivek\D\Kohinoor Spinning Mills Limited_files\info_icon.gif$ Financial Glossary

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
UpdateType/Date	Updated Normal 30-Jun-2009	Reclassified Normal 30-Jun-2009	Updated Normal 30-Jun-2007	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	81.44	68.45	60.47	60.21	59.61
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Cash	0.0	0.1	0.2	2.8	3.3
Short Term Investments	1.4	1.5	2.5	0.1	2.2
Cash and Short Term Investments	1.4	1.7	2.7	2.9	5.5
Trade Accounts Receivable - Net	1.1	1.0	0.8	0.5	0.3
Other Receivables	0.9	0.8	0.9	0.8	0.2
Total Receivables, Net	1.9	1.8	1.7	1.3	0.5
Inventories - Finished Goods	1.7	2.0	1.0	0.5	0.4
Inventories - Work In Progress	0.4	0.4	0.3	0.3	0.2
Inventories - Raw Materials	9.6	7.9	6.0	8.2	8.0
Inventories - Other	0.3	0.2	0.2	0.2	0.2
Total Inventory	11.9	10.5	7.5	9.2	8.9
Prepaid Expenses	-	-	-	0.0	0.0
Other Current Assets	1.5	1.9	0.2	0.2	0.9
Other Current Assets, Total	1.5	1.9	0.2	0.2	0.9
Total Current Assets	16.8	15.8	12.1	13.5	15.8

Buildings	4.2	5.0	5.5	5.3	4.3
Land/Improvements	0.1	0.2	0.2	0.2	0.2
Machinery/Equipment	24.8	28.4	29.9	27.6	21.3
Construction in Progress	0.0	0.0	0.0	0.0	0.0
Leases	0.2	0.2	0.2	1.6	1.3
Property/Plant/Equipment - Gross	29.3	33.7	35.8	34.8	27.2
Accumulated Depreciation	-14.4	-16.1	-17.2	-16.1	-15.2
Property/Plant/Equipment - Net	15.0	17.6	18.6	18.7	11.9
LT Investments - Other	0.0	0.0	0.0	0.0	0.4
Long Term Investments	0.0	0.0	0.0	0.0	0.4
Note Receivable - Long Term	0.1	0.1	0.1	0.1	0.1
Total Assets	31.8	33.4	30.8	32.4	28.3

Accounts Payable	3.4	1.9	1.9	3.0	3.1
Accrued Expenses	1.1	0.8	1.0	1.0	0.7
Notes Payable/Short Term Debt	10.7	11.2	8.1	8.4	10.2
Current Portion - Long Term Debt/Capital Leases	1.0	1.2	0.7	1.2	1.6
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Income Taxes Payable	0.0	0.0	0.0	0.0	0.2
Other Current Liabilities	0.3	0.4	0.4	0.3	0.3
Other Current liabilities, Total	0.3	0.4	0.4	0.3	0.5
Total Current Liabilities	16.6	15.4	12.0	13.9	16.1

Long Term Debt	11.5	10.2	11.1	10.6	19.7
Capital Lease Obligations	0.4	0.9	0.1	0.5	0.5
Total Long Term Debt	11.9	11.1	11.1	11.1	20.3
Total Debt	23.6	23.5	19.9	20.7	32.0

Other Long Term Liabilities	0.4	0.5	0.5	0.5	0.5
Other Liabilities, Total	0.4	0.5	0.5	0.5	0.5
Total Liabilities	28.9	26.9	23.7	25.5	36.8

Common Stock	16.0	19.0	21.5	21.6	6.6
Common Stock	16.0	19.0	21.5	21.6	6.6
Retained Earnings (Accumulated Deficit)	-13.0	-12.5	-14.4	-14.7	-15.1
Unrealized Gain (Loss)	0.0	0.0	0.0	-	-
Total Equity	2.9	6.5	7.1	6.9	-8.5

Total Liabilities & Shareholders’ Equity	31.8	33.4	30.8	32.4	28.3

Shares Outstanding - Common Stock Primary Issue	130.0	130.0	130.0	130.0	39.5
Total Common Shares Outstanding	130.0	130.0	130.0	130.0	39.5
Employees	2,591	2,684	3,014	2,828	2,301
Number of Common Shareholders	550	550	564	590	622
Interest Costs	-0.1	-0.2	0.0	-0.1	-
Total Capital Leases, Supplemental	0.8	1.3	0.1	0.9	-
Capital Lease Payments Due in Year 1	0.0	0.5	0.0	0.4	-
Capital Lease Payments Due in Year 2	0.5	0.5	0.1	0.4	-
Capital Lease Payments Due in Year 3	0.4	0.4	0.0	0.2	-
Capital Lease Payments Due in Year 4	0.0	0.0	0.0	0.0	-
Capital Lease Payments Due in Year 5	-	-	0.0	0.0	-
Capital Lease Payments Due in 2-3 Years	0.9	1.0	0.1	0.5	-
Capital Lease Payments Due in 4-5 Years	0.0	0.0	0.0	0.0	-
Discount Rate - Domestic	12.00%	12.00%	10.00%	-	-
Compensation Rate - Domestic	11.00%	11.00%	9.00%	-	-
Accrued Liabilities - Domestic	-0.4	-0.5	-0.5	-	-
Net Assets Recognized on Balance Sheet	-0.4	-0.5	-0.5	-	-

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
Period Length	12 Months	12 Months	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	78.573941	62.550956	60.637036	59.865977	59.345369
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income/Starting Line	-2.4	0.4	0.6	0.6	1.1
Depreciation	0.8	1.0	1.0	1.2	0.9
Depreciation/Depletion	0.8	1.0	1.0	1.2	0.9
Unusual Items	0.0	0.0	0.0	-0.3	-0.6
Other Non-Cash Items	3.6	2.1	1.5	2.2	1.2
Non-Cash Items	3.6	2.1	1.5	1.9	0.5
Accounts Receivable	-0.3	-0.3	-0.3	-0.2	0.1
Inventories	-3.3	-4.2	1.6	-0.4	1.2
Other Assets	-0.1	-1.1	0.2	2.3	-1.7
Accounts Payable	2.0	0.3	-1.0	0.0	0.3
Other Liabilities	-	-	-	-	0.0
Other Operating Cash Flow	-3.6	-2.5	-2.5	-2.4	-1.3
Changes in Working Capital	-5.1	-7.9	-1.9	-0.6	-1.4
Cash from Operating Activities	-3.2	-4.4	1.2	3.0	1.1

Purchase of Fixed Assets	-1.1	-2.3	-1.0	-8.8	-0.4
Capital Expenditures	-1.1	-2.3	-1.0	-8.8	-0.4
Sale of Fixed Assets	0.0	0.0	0.0	0.7	0.1
Sale/Maturity of Investment	-	-	-	0.4	0.7
Other Investing Cash Flow	0.0	0.1	0.1	0.1	0.0
Other Investing Cash Flow Items, Total	0.1	0.1	0.1	1.2	0.9
Cash from Investing Activities	-1.0	-2.1	-0.9	-7.6	0.5

Cash Dividends Paid - Common	-	0.0	0.0	0.0	-
Total Cash Dividends Paid	-	0.0	0.0	0.0	-
Sale/Issuance of Common	-	-	-	15.1	0.0
Common Stock, Net	-	-	-	15.1	0.0
Issuance (Retirement) of Stock, Net	-	-	-	15.1	0.0
Short Term Debt, Net	1.3	4.4	-0.3	-1.7	-0.9
Long Term Debt, Net	2.8	2.0	-0.4	-9.4	-0.7
Issuance (Retirement) of Debt, Net	4.1	6.4	-0.7	-11.0	-1.6
Cash from Financing Activities	4.1	6.4	-0.8	4.1	-1.6

Net Change in Cash	-0.1	-0.1	-0.4	-0.5	0.0

Net Cash - Beginning Balance	0.1	0.2	0.6	3.3	3.4
Net Cash - Ending Balance	0.0	0.1	0.2	2.8	3.3
Cash Interest Paid	3.2	2.1	1.9	1.9	-
Cash Taxes Paid	0.3	0.2	0.3	0.4	-

Annual Income Statement

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
Period Length	12 Months	12 Months	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	78.573941	62.550956	60.637036	59.865977	59.345369
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Local Sales	22.8	25.6	20.0	11.5	-
Export Sales	13.9	14.6	19.8	24.4	-
Sales Tax	-	-	0.0	0.0	-
Commission	-	-	0.0	-0.1	-
Sales	-	-	-	-	24.5
Total Revenue	36.7	40.2	39.9	35.9	24.5

Cost of Goods Sold	33.7	35.9	35.5	31.9	21.8
Selling/Distribution Cost	0.9	0.9	0.9	0.8	0.6
Administrative	1.1	1.2	1.1	0.9	0.6
Operating Expenses	0.0	0.0	0.0	0.1	0.1
Other Income	-0.1	-0.1	-0.1	-0.4	-0.7
Gain on Sale of Fixed Asset	0.0	0.0	0.0	-	-
Profit on Sale of Raw Material	0.0	0.0	0.0	-	-
Total Operating Expense	35.7	37.8	37.4	33.2	22.4

Interest Expense	-3.0	-1.6	-1.6	-2.0	-1.1
Bank Charges and Commissions	-0.4	-0.2	-0.2	-	-
Inland Letters of Credit Charges	-0.1	-0.1	-0.1	-	-
Net Income Before Taxes	-2.4	0.4	0.6	0.6	1.1

Provision for Income Taxes	0.1	0.2	0.3	0.1	0.6
Net Income After Taxes	-2.6	0.2	0.3	0.5	0.4

Net Income Before Extra. Items	-2.6	0.2	0.3	0.5	0.4
Net Income	-2.6	0.2	0.3	0.5	0.4

Income Available to Com Excl ExtraOrd	-2.6	0.2	0.3	0.5	0.4

Income Available to Com Incl ExtraOrd	-2.6	0.2	0.3	0.5	0.4

Basic Weighted Average Shares	130.0	130.0	130.0	130.0	39.5
Basic EPS Excluding ExtraOrdinary Items	-0.02	0.00	0.00	0.00	0.01
Basic EPS Including ExtraOrdinary Item	-0.02	0.00	0.00	0.00	0.01
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	-2.6	0.2	0.3	0.5	0.4
Diluted Weighted Average Shares	130.0	130.0	130.0	130.0	39.5
Diluted EPS Excluding ExtraOrd Items	-0.02	0.00	0.00	0.00	0.01
Diluted EPS Including ExtraOrd Items	-0.02	0.00	0.00	0.00	0.01
DPS-Ordinary Shares	0.00	0.00	0.00	0.01	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	-	0.0
Normalized Income Before Taxes	-2.4	0.4	0.6	0.6	1.1

Inc Tax Ex Impact of Sp Items	0.1	0.2	0.3	0.1	0.6
Normalized Income After Taxes	-2.6	0.2	0.3	0.5	0.4

Normalized Inc. Avail to Com.	-2.6	0.2	0.3	0.5	0.4

Basic Normalized EPS	-0.02	0.00	0.00	0.00	0.01
Diluted Normalized EPS	-0.02	0.00	0.00	0.00	0.01
Interest Expense	3.0	1.6	1.6	2.0	1.1
Depreciation	0.9	1.0	1.0	1.2	0.9
Advertising Expenses	0.0	0.0	0.0	0.0	0.0
Rental Expense	0.0	0.0	0.0	0.0	0.0
Service Cost	0.1	0.2	0.2	-	-
Interest Cost	0.0	0.0	0.0	-	-
Domestic Pension Plan Expense	0.1	0.2	0.2	-	-
Gratuity	0.1	0.2	0.1	-	-
Total Pension Expense	0.2	0.4	0.4	-	-
Discount Rate	12.00%	12.00%	10.00%	-	-
Expected Rate of Increase in Salary	11.00%	11.00%	9.00%	-	-

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
UpdateType/Date	Updated Normal 30-Jun-2009	Reclassified Normal 30-Jun-2009	Updated Normal 30-Jun-2007	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	81.44	68.45	60.47	60.21	59.61
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Stores	0.0	0.1	0.0	0.0	0.0
Spares	0.2	0.1	0.1	0.1	0.1
Raw Material	9.6	7.9	6.0	8.2	8.0
Work in Progress	0.4	0.4	0.3	0.3	0.2
Finished Goods	1.7	2.0	1.0	0.5	0.4
Waste	0.0	0.0	0.0	0.0	0.0
Trade Debts	1.1	1.0	0.8	0.5	0.3
Advances and Loans	1.5	1.9	0.2	0.2	0.9
Deposits	0.5	0.1	0.4	0.1	2.2
Prepayments	-	-	-	0.0	0.0
Other Receivable	0.9	0.8	0.9	0.8	0.2
Short Term Investments	0.9	1.5	2.2	-	-
Cash in Hand	0.0	0.0	0.0	0.0	-
Cash/Bank	0.0	0.1	0.2	2.8	3.3
Total Current Assets	16.8	15.8	12.1	13.5	15.8

Freehold Land	0.1	0.2	0.2	0.2	0.2
Office Building	0.0	0.0	0.1	0.1	0.1
Factory Building	3.4	4.0	4.4	4.3	3.4
Colony Building	0.8	0.9	1.0	0.9	0.8
Plant/Machinery	22.5	25.7	28.5	26.2	20.3
Tube Wells	0.0	0.0	0.0	0.0	0.0
Electric Install	0.6	0.7	0.7	0.7	0.5
Tools/Equipment	0.1	0.1	0.1	0.1	0.1
Telephone Inst.	0.0	0.0	0.0	0.0	0.0
Office Equipment	0.1	0.1	0.1	0.1	0.1
Furn./Fixtures	0.1	0.1	0.1	0.1	0.1
Computer Software	0.0	0.0	0.0	0.0	0.0
Vehicles	0.3	0.3	0.4	0.3	0.3
Power House Machinery	1.1	1.3	0.0	-	-
Finance Lease	0.2	0.2	0.2	1.6	1.3
Fuel Tank - Power House	-	-	-	0.0	0.0
Depreciation	-14.4	-16.1	-17.2	-16.1	-15.2
Capital Work in Progress	0.0	0.0	0.0	0.0	0.0
LT Loans	0.0	0.0	0.1	0.1	0.1
LT Deposits	0.0	0.0	0.0	0.1	0.1
LT Investments	0.0	0.0	0.0	0.0	0.4
Total Assets	31.8	33.4	30.8	32.4	28.3

Sec. Creditors	1.2	0.5	0.6	0.6	0.7
Unsec Creditors	2.2	1.4	1.3	2.4	2.4
Unsec. Accrued	0.6	0.6	0.6	0.6	0.4
Unclaimed Div.	0.0	0.0	0.0	0.0	0.0
Workers Partic.	0.3	0.4	0.4	0.3	0.2
Other Liabs.	0.0	0.0	0.0	0.0	0.0
Accrued Interest on Loans and Borrowings	0.5	0.2	0.4	0.4	0.3
ST Borrowings-Banking	10.7	11.1	8.1	8.4	10.2
ST Borrowings-Related Parties	0.0	0.1	0.0	-	-
Cur Por LT Liabs	0.6	0.8	0.6	1.2	1.6
Finance Lease	0.4	0.4	0.1	-	-
Tax Provision	0.0	0.0	0.0	0.0	0.2
Total Current Liabilities	16.6	15.4	12.0	13.9	16.1

Obligations Lease	0.4	0.9	0.1	0.5	0.5
LT Loan-Banking	6.7	4.4	4.5	10.6	19.7
LT Loan-Related Parties	4.9	5.8	6.6	-	-
Total Long Term Debt	11.9	11.1	11.1	11.1	20.3

Def. Gratuity/Liabilities	0.4	0.5	0.5	0.5	0.5
Total Liabilities	28.9	26.9	23.7	25.5	36.8

Share Capital	16.0	19.0	21.5	21.6	6.6
Accumulated	-13.0	-12.5	-14.4	-14.7	-15.1
Unrealised Gain /Loss on LT Investments	0.0	0.0	0.0	-	-
Total Equity	2.9	6.5	7.1	6.9	-8.5

Total Liabilities & Shareholders' Equity	31.8	33.4	30.8	32.4	28.3

S/O-Ordinary Shares	130.0	130.0	130.0	130.0	39.5
Total Common Shares Outstanding	130.0	130.0	130.0	130.0	39.5
Full-Time Employees	2,591	2,684	3,014	2,828	2,301
Number of Common Shareholders	550	550	564	590	622
Capitla lease Due Within 1 Year	0.0	0.5	0.0	0.4	-
Capitla lease Due Within 2 Year	0.5	0.5	0.1	0.4	-
Capitla lease Due Within 3 Year	0.4	0.4	0.0	0.2	-
Capitla lease Due Within 4 Year	0.0	0.0	0.0	0.0	-
Capitla lease Due Within 5 Year	-	-	0.0	0.0	-
Financial Charges	-0.1	-0.2	0.0	-0.1	-
Total Capital Leases	0.8	1.3	0.1	0.9	-
Discount Rate	12.00%	12.00%	10.00%	-	-
Expected rate	11.00%	11.00%	9.00%	-	-
Gratuity	-0.4	-0.5	-0.5	-	-
Net Assets Recognized on Balance Sheet	-0.4	-0.5	-0.5	-	-

Annual Cash Flows

Financials in: USD (mil)

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
Period Length	12 Months	12 Months	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	78.573941	62.550956	60.637036	59.865977	59.345369
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income	-2.4	0.4	0.6	0.6	1.1
Depreciation	0.8	1.0	1.0	1.2	0.9
Gratuity	0.1	0.2	0.2	0.2	0.1
Worker Profit Participation Fund	0.0	0.0	0.0	0.0	0.1
Dividend Income	-	-	-	0.0	0.0
Sale of Fixed Assets	0.0	0.0	0.0	0.0	-0.1
Doubtful Balance Written off	-	-	-	-	0.0
Gain on Sale of Investments	-	-	-	-0.3	-0.5
Interest Income	-0.1	-0.1	-0.1	-0.1	0.0
Financial Expenses	3.5	2.0	1.9	2.0	1.1
Stores/Spares	-0.1	0.0	0.0	0.0	0.0
Stock in Trade	-3.2	-4.2	1.6	-0.4	1.2
Machibery Held For Sales	-	-	-	-	0.0
Trade Debts	-0.3	-0.3	-0.3	-0.2	0.1
Loans and Advances	0.1	-1.9	0.0	0.3	0.4
Short Term Investments	0.4	0.5	0.5	-	-
Adv./Dep./Prepay./Other Receivables	-0.5	0.3	-0.3	2.0	-2.1
Trade and Other Payable	2.0	0.3	-1.0	0.0	0.3
Interest Paid	-3.2	-2.1	-1.9	-1.9	-1.0
Income Tax Paid	-0.3	-0.2	-0.3	-0.4	-0.2
Gratuity Paid	-0.1	-0.2	-0.2	-0.1	-0.1
Adjustment	-	-	-0.5	-	-
Cash from Operating Activities	-3.2	-4.4	1.2	3.0	1.1

Capital Expenditure	-1.1	-2.3	-1.0	-8.8	-0.4
LT Deposits	0.0	0.0	0.0	0.0	0.0
LT Advances	0.0	0.1	0.0	0.0	0.0
Sale/Fixed Assets	0.0	0.0	0.0	0.7	0.1
Proc./LT Deposits/Investments	-	-	-	0.4	0.7
Dividend Received	-	-	-	0.0	0.0
Profit received on bank account	0.0	0.1	0.1	0.1	0.0
Cash from Investing Activities	-1.0	-2.1	-0.9	-7.6	0.5

Share Capital Increase	-	-	-	15.1	0.0
Payment of Long Term Financing	3.0	0.7	0.3	-9.2	-0.4
Obligations/Lease	-0.3	1.3	-0.8	-0.2	-0.3
ST Borrowings	1.3	4.4	-0.3	-1.7	-0.9
Associated Companies	-	-	-	-	0.0
Dividend	-	0.0	0.0	0.0	-
Cash from Financing Activities	4.1	6.4	-0.8	4.1	-1.6

Net Change in Cash	-0.1	-0.1	-0.4	-0.5	0.0

Net Cash - Beginning Balance	0.1	0.2	0.6	3.3	3.4
Net Cash - Ending Balance	0.0	0.1	0.2	2.8	3.3
Cash Interest Paid	3.2	2.1	1.9	1.9	-
Cash Taxes Paid	0.3	0.2	0.3	0.4	-

Financial Health

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
	Quarter Ending 30-Sep-2009	Quarter Ending Yr Ago	Annual Year End 30-Jun-2009	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	10.2	-7.16%	36.7	14.89%	10.35%	7.89%
Operating Income1	0.4	-53.04%	1.1	-43.06%	-19.20%	17.12%
Income Available to Common Excl Extraord Items1	-0.4	-	-2.6	-	-	-
Basic EPS Excl Extraord Items1	0.00	-	-0.02	-	-	-
Capital Expenditures2	0.1	-	1.1	-41.13%	-45.88%	-3.44%
Cash from Operating Activities2	3.3	-	-3.2	-	-	-
Free Cash Flow	3.2	-	-4.1	-	-	-
Total Assets3	28.7	4.35%	31.8	13.36%	9.99%	8.36%
Total Liabilities3	26.2	18.26%	28.9	27.58%	15.29%	0.78%
Total Long Term Debt3	11.8	29.88%	11.9	28.34%	13.27%	-4.86%
Employees3	-	-	2591	-3.46%	-2.88%	3.00%
Total Common Shares Outstanding3	130.0	0.00%	130.0	0.00%	0.00%	26.91%
1-ExchangeRate: PKR to USD Average for Period	82.619511		78.573941
2-ExchangeRate: PKR to USD Average for Period	82.619511		78.573941
3-ExchangeRate: PKR to USD Period End Date	83.160000		81.440000

Key Ratios
	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
Profitability
Gross Margin	8.32%	10.70%	11.11%	11.37%	11.11%
Operating Margin	2.91%	5.86%	6.28%	7.40%	8.67%
Pretax Margin	-6.63%	0.93%	1.53%	1.70%	4.30%
Net Profit Margin	-7.01%	0.42%	0.83%	1.38%	1.74%
Financial Strength
Current Ratio	1.02	1.02	1.01	0.98	0.98
Long Term Debt/Equity	4.05	1.71	1.56	1.62	-2.39
Total Debt/Equity	8.02	3.62	2.79	3.02	-3.79
Interest Coverage	1.98	6.49	9.18	-	-
Management Effectiveness
Return on Assets	-8.29%	0.51%	1.06%	1.63%	1.48%
Return on Equity	-59.19%	2.43%	4.77%	-65.70%	-4.91%
Efficiency
Receivables Turnover	20.72	22.64	27.12	41.02	37.72
Inventory Turnover	3.13	3.84	4.28	3.53	2.29
Asset Turnover	1.18	1.21	1.27	1.18	0.85

Market Valuation USD (mil)
Enterprise Value2	20.7	.	Price/Sales (TTM)	0.05
Enterprise Value/Revenue (TTM)	0.61	.	Price/Book (MRQ)	0.63
Enterprise Value/EBITDA (TTM)	15.15	.	Market Cap1	1.5
1-ExchangeRate: PKR to USD on 18-Oct-2011	86.695000
2-ExchangeRate: PKR to USD on 30-Sep-2009	83.160000

Annual Ratios

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
Financial Strength
Current Ratio	1.02	1.02	1.01	0.98	0.98
Quick/Acid Test Ratio	0.20	0.22	0.37	0.30	0.37
Working Capital1	0.3	0.4	0.1	-0.3	-0.3
Long Term Debt/Equity	4.05	1.71	1.56	1.62	-2.39
Total Debt/Equity	8.02	3.62	2.79	3.02	-3.79
Long Term Debt/Total Capital	0.45	0.37	0.41	0.40	0.86
Total Debt/Total Capital	0.89	0.78	0.74	0.75	1.36
Interest Coverage	1.98	6.49	9.18	-	-
Payout Ratio	0.00%	0.00%	0.00%	328.52%	0.00%
Effective Tax Rate	-	54.37%	45.48%	18.85%	59.61%
Total Capital1	26.6	29.9	27.0	27.6	23.6

Efficiency
Asset Turnover	1.18	1.21	1.27	1.18	0.85
Inventory Turnover	3.13	3.84	4.28	3.53	2.29
Days In Inventory	116.44	95.05	85.25	103.39	159.18
Receivables Turnover	20.72	22.64	27.12	41.02	37.72
Days Receivables Outstanding	17.62	16.12	13.46	8.90	9.68
Revenue/Employee2	13,675	13,670	13,269	12,613	10,609
Operating Income/Employee2	397	801	833	933	920
EBITDA/Employee2	720	1,141	1,168	1,347	1,314

Profitability
Gross Margin	8.32%	10.70%	11.11%	11.37%	11.11%
Operating Margin	2.91%	5.86%	6.28%	7.40%	8.67%
EBITDA Margin	5.26%	8.35%	8.80%	10.68%	12.39%
EBIT Margin	2.91%	5.86%	6.28%	7.40%	8.67%
Pretax Margin	-6.63%	0.93%	1.53%	1.70%	4.30%
Net Profit Margin	-7.01%	0.42%	0.83%	1.38%	1.74%
COGS/Revenue	91.68%	89.30%	88.89%	88.82%	88.89%
SG&A Expense/Revenue	5.58%	5.15%	5.03%	4.76%	5.09%

Management Effectiveness
Return on Assets	-8.29%	0.51%	1.06%	1.63%	1.48%
Return on Equity	-59.19%	2.43%	4.77%	-65.70%	-4.91%

Valuation
Free Cash Flow/Share2	-0.03	-0.05	0.00	-0.04	0.02
Operating Cash Flow/Share 2	-0.02	-0.03	0.01	0.02	0.03
1-ExchangeRate: PKR to USD Period End Date	81.44	68.45	60.47	60.21	59.61
2-ExchangeRate: PKR to USD Average for Period	81.44	68.45	60.47	60.21	59.61

Current Market Multiples
Market Cap/Earnings (TTM)	-0.54
Market Cap/Equity (MRQ)	0.63
Market Cap/Revenue (TTM)	0.05
Market Cap/EBIT (TTM)	2.87
Market Cap/EBITDA (TTM)	1.15
Enterprise Value/Earnings (TTM)	-7.16
Enterprise Value/Equity (MRQ)	8.34
Enterprise Value/Revenue (TTM)	0.61
Enterprise Value/EBIT (TTM)	37.97
Enterprise Value/EBITDA (TTM)	15.15

Annual Income Statement

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
Period Length	12 Months	12 Months	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	78.573941	62.550956	60.637036	59.865977	59.345369
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Sales	36.7	40.2	39.9	36.0	24.5
Excise Tax Receipts	-	-	0.0	0.0	-
Revenue	36.7	40.2	39.9	36.0	24.5
Other Revenue	-	-	0.0	-0.1	-
Other Revenue, Total	-	-	0.0	-0.1	-
Total Revenue	36.7	40.2	39.9	35.9	24.5

Cost of Revenue	33.7	35.9	35.5	31.9	21.8
Cost of Revenue, Total	33.7	35.9	35.5	31.9	21.8
Gross Profit	3.1	4.3	4.4	4.1	2.7

Selling/General/Administrative Expense	2.0	2.1	2.0	1.7	1.2
Total Selling/General/Administrative Expenses	2.0	2.1	2.0	1.7	1.2
Loss (Gain) on Sale of Assets - Operating	0.0	0.0	0.0	-	-
Unusual Expense (Income)	0.0	0.0	0.0	-	-
Other Operating Expense	0.0	0.0	0.0	0.1	0.1
Other, Net	-0.1	-0.1	-0.1	-0.4	-0.7
Other Operating Expenses, Total	-0.1	-0.1	-0.1	-0.3	-0.6
Total Operating Expense	35.7	37.8	37.4	33.2	22.4

Operating Income	1.1	2.4	2.5	2.7	2.1

Interest Expense - Non-Operating	-3.0	-1.6	-1.6	-2.0	-1.1
Interest Expense, Net Non-Operating	-3.0	-1.6	-1.6	-2.0	-1.1
Interest Income (Expense) - Net Non-Operating	-0.5	-0.4	-0.3	-	-
Interest Income (Expense) - Net Non-Operating Total	-3.5	-2.0	-1.9	-2.0	-1.1
Income Before Tax	-2.4	0.4	0.6	0.6	1.1

Total Income Tax	0.1	0.2	0.3	0.1	0.6
Income After Tax	-2.6	0.2	0.3	0.5	0.4

Net Income Before Extraord Items	-2.6	0.2	0.3	0.5	0.4
Net Income	-2.6	0.2	0.3	0.5	0.4

Income Available to Common Excl Extraord Items	-2.6	0.2	0.3	0.5	0.4

Income Available to Common Incl Extraord Items	-2.6	0.2	0.3	0.5	0.4

Basic/Primary Weighted Average Shares	130.0	130.0	130.0	130.0	39.5
Basic EPS Excl Extraord Items	-0.02	0.00	0.00	0.00	0.01
Basic/Primary EPS Incl Extraord Items	-0.02	0.00	0.00	0.00	0.01
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	-2.6	0.2	0.3	0.5	0.4
Diluted Weighted Average Shares	130.0	130.0	130.0	130.0	39.5
Diluted EPS Excl Extraord Items	-0.02	0.00	0.00	0.00	0.01
Diluted EPS Incl Extraord Items	-0.02	0.00	0.00	0.00	0.01
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.01	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	-	0.0
Interest Expense, Supplemental	3.0	1.6	1.6	2.0	1.1
Depreciation, Supplemental	0.9	1.0	1.0	1.2	0.9
Total Special Items	0.0	0.0	0.0	-	-
Normalized Income Before Tax	-2.4	0.4	0.6	0.6	1.1

Effect of Special Items on Income Taxes	0.0	0.0	0.0	-	-
Inc Tax Ex Impact of Sp Items	0.1	0.2	0.3	0.1	0.6
Normalized Income After Tax	-2.6	0.2	0.3	0.5	0.4

Normalized Inc. Avail to Com.	-2.6	0.2	0.3	0.5	0.4

Basic Normalized EPS	-0.02	0.00	0.00	0.00	0.01
Diluted Normalized EPS	-0.02	0.00	0.00	0.00	0.01
Rental Expenses	0.0	0.0	0.0	0.0	0.0
Advertising Expense, Supplemental	0.0	0.0	0.0	0.0	0.0
Normalized EBIT	1.1	2.3	2.5	2.7	2.1
Normalized EBITDA	1.9	3.3	3.5	3.8	3.0
Interest Cost - Domestic	0.0	0.0	0.0	-	-
Service Cost - Domestic	0.1	0.2	0.2	-	-
Domestic Pension Plan Expense	0.1	0.2	0.2	-	-
Defined Contribution Expense - Domestic	0.1	0.2	0.1	-	-
Total Pension Expense	0.2	0.4	0.4	-	-
Discount Rate - Domestic	12.00%	12.00%	10.00%	-	-
Compensation Rate - Domestic	11.00%	11.00%	9.00%	-	-
Total Plan Interest Cost	0.0	0.0	0.0	-	-
Total Plan Service Cost	0.1	0.2	0.2	-	-

Interim Income Statement

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

Financial Glossary

	30-Sep-2009	30-Jun-2009	31-Mar-2009	31-Dec-2008	30-Sep-2008
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2009	Updated Normal 30-Jun-2009	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2009	Updated Normal 30-Sep-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	82.619511	80.751022	79.729396	79.797043	74.087124

Net Sales	10.2	9.2	7.3	8.2	12.2
Revenue	10.2	9.2	7.3	8.2	12.2
Total Revenue	10.2	9.2	7.3	8.2	12.2

Cost of Revenue	9.4	8.8	6.8	7.4	10.8
Cost of Revenue, Total	9.4	8.8	6.8	7.4	10.8
Gross Profit	0.8	0.4	0.5	0.8	1.4

Selling/General/Administrative Expense	0.4	0.9	0.4	0.3	0.5
Total Selling/General/Administrative Expenses	0.4	0.9	0.4	0.3	0.5
Other Operating Expense	-	0.0	-	-	-
Other, Net	0.0	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	9.7	9.7	7.2	7.7	11.2

Operating Income	0.4	-0.4	0.1	0.5	1.0

Interest Income (Expense) - Net Non-Operating	-0.7	-1.3	-0.6	-0.8	-0.9
Interest Income (Expense) - Net Non-Operating Total	-0.7	-1.3	-0.6	-0.8	-0.9
Income Before Tax	-0.3	-1.7	-0.5	-0.3	0.1

Total Income Tax	0.1	0.0	0.0	0.0	0.1
Income After Tax	-0.4	-1.7	-0.5	-0.3	0.0

Net Income Before Extraord Items	-0.4	-1.7	-0.5	-0.3	0.0
Net Income	-0.4	-1.7	-0.5	-0.3	0.0

Income Available to Common Excl Extraord Items	-0.4	-1.7	-0.5	-0.3	0.0

Income Available to Common Incl Extraord Items	-0.4	-1.7	-0.5	-0.3	0.0

Basic/Primary Weighted Average Shares	130.0	130.0	130.0	130.0	130.0
Basic EPS Excl Extraord Items	0.00	-0.01	0.00	0.00	0.00
Basic/Primary EPS Incl Extraord Items	0.00	-0.01	0.00	0.00	0.00
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	-0.4	-1.7	-0.5	-0.3	0.0
Diluted Weighted Average Shares	130.0	130.0	130.0	130.0	130.0
Diluted EPS Excl Extraord Items	0.00	-0.01	0.00	0.00	0.00
Diluted EPS Incl Extraord Items	0.00	-0.01	0.00	0.00	0.00
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Depreciation, Supplemental	0.2	0.2	0.2	0.2	0.2
Normalized Income Before Tax	-0.3	-1.7	-0.5	-0.3	0.1

Inc Tax Ex Impact of Sp Items	0.1	0.0	0.0	0.0	0.1
Normalized Income After Tax	-0.4	-1.7	-0.5	-0.3	0.0

Normalized Inc. Avail to Com.	-0.4	-1.7	-0.5	-0.3	0.0

Basic Normalized EPS	0.00	-0.01	0.00	0.00	0.00
Diluted Normalized EPS	0.00	-0.01	0.00	0.00	0.00
Normalized EBIT	0.4	-0.4	0.1	0.5	1.0
Normalized EBITDA	0.6	-0.2	0.3	0.7	1.2

Annual Balance Sheet

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

$\\vivek\D\Kohinoor Spinning Mills Limited_files\info_icon.gif$ Financial Glossary

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
UpdateType/Date	Updated Normal 30-Jun-2009	Reclassified Normal 30-Jun-2009	Updated Normal 30-Jun-2007	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	81.44	68.45	60.47	60.21	59.61
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Cash	0.0	0.1	0.2	2.8	3.3
Short Term Investments	1.4	1.5	2.5	0.1	2.2
Cash and Short Term Investments	1.4	1.7	2.7	2.9	5.5
Trade Accounts Receivable - Net	1.1	1.0	0.8	0.5	0.3
Other Receivables	0.9	0.8	0.9	0.8	0.2
Total Receivables, Net	1.9	1.8	1.7	1.3	0.5
Inventories - Finished Goods	1.7	2.0	1.0	0.5	0.4
Inventories - Work In Progress	0.4	0.4	0.3	0.3	0.2
Inventories - Raw Materials	9.6	7.9	6.0	8.2	8.0
Inventories - Other	0.3	0.2	0.2	0.2	0.2
Total Inventory	11.9	10.5	7.5	9.2	8.9
Prepaid Expenses	-	-	-	0.0	0.0
Other Current Assets	1.5	1.9	0.2	0.2	0.9
Other Current Assets, Total	1.5	1.9	0.2	0.2	0.9
Total Current Assets	16.8	15.8	12.1	13.5	15.8

Buildings	4.2	5.0	5.5	5.3	4.3
Land/Improvements	0.1	0.2	0.2	0.2	0.2
Machinery/Equipment	24.8	28.4	29.9	27.6	21.3
Construction in Progress	0.0	0.0	0.0	0.0	0.0
Leases	0.2	0.2	0.2	1.6	1.3
Property/Plant/Equipment - Gross	29.3	33.7	35.8	34.8	27.2
Accumulated Depreciation	-14.4	-16.1	-17.2	-16.1	-15.2
Property/Plant/Equipment - Net	15.0	17.6	18.6	18.7	11.9
LT Investments - Other	0.0	0.0	0.0	0.0	0.4
Long Term Investments	0.0	0.0	0.0	0.0	0.4
Note Receivable - Long Term	0.1	0.1	0.1	0.1	0.1
Total Assets	31.8	33.4	30.8	32.4	28.3

Accounts Payable	3.4	1.9	1.9	3.0	3.1
Accrued Expenses	1.1	0.8	1.0	1.0	0.7
Notes Payable/Short Term Debt	10.7	11.2	8.1	8.4	10.2
Current Portion - Long Term Debt/Capital Leases	1.0	1.2	0.7	1.2	1.6
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Income Taxes Payable	0.0	0.0	0.0	0.0	0.2
Other Current Liabilities	0.3	0.4	0.4	0.3	0.3
Other Current liabilities, Total	0.3	0.4	0.4	0.3	0.5
Total Current Liabilities	16.6	15.4	12.0	13.9	16.1

Long Term Debt	11.5	10.2	11.1	10.6	19.7
Capital Lease Obligations	0.4	0.9	0.1	0.5	0.5
Total Long Term Debt	11.9	11.1	11.1	11.1	20.3
Total Debt	23.6	23.5	19.9	20.7	32.0

Other Long Term Liabilities	0.4	0.5	0.5	0.5	0.5
Other Liabilities, Total	0.4	0.5	0.5	0.5	0.5
Total Liabilities	28.9	26.9	23.7	25.5	36.8

Common Stock	16.0	19.0	21.5	21.6	6.6
Common Stock	16.0	19.0	21.5	21.6	6.6
Retained Earnings (Accumulated Deficit)	-13.0	-12.5	-14.4	-14.7	-15.1
Unrealized Gain (Loss)	0.0	0.0	0.0	-	-
Total Equity	2.9	6.5	7.1	6.9	-8.5

Total Liabilities & Shareholders’ Equity	31.8	33.4	30.8	32.4	28.3

Shares Outstanding - Common Stock Primary Issue	130.0	130.0	130.0	130.0	39.5
Total Common Shares Outstanding	130.0	130.0	130.0	130.0	39.5
Employees	2,591	2,684	3,014	2,828	2,301
Number of Common Shareholders	550	550	564	590	622
Interest Costs	-0.1	-0.2	0.0	-0.1	-
Total Capital Leases, Supplemental	0.8	1.3	0.1	0.9	-
Capital Lease Payments Due in Year 1	0.0	0.5	0.0	0.4	-
Capital Lease Payments Due in Year 2	0.5	0.5	0.1	0.4	-
Capital Lease Payments Due in Year 3	0.4	0.4	0.0	0.2	-
Capital Lease Payments Due in Year 4	0.0	0.0	0.0	0.0	-
Capital Lease Payments Due in Year 5	-	-	0.0	0.0	-
Capital Lease Payments Due in 2-3 Years	0.9	1.0	0.1	0.5	-
Capital Lease Payments Due in 4-5 Years	0.0	0.0	0.0	0.0	-
Discount Rate - Domestic	12.00%	12.00%	10.00%	-	-
Compensation Rate - Domestic	11.00%	11.00%	9.00%	-	-
Accrued Liabilities - Domestic	-0.4	-0.5	-0.5	-	-
Net Assets Recognized on Balance Sheet	-0.4	-0.5	-0.5	-	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

$\\vivek\D\Kohinoor Spinning Mills Limited_files\info_icon.gif$ Financial Glossary

	30-Sep-2009	30-Jun-2009	31-Mar-2009	30-Sep-2008	30-Jun-2008
UpdateType/Date	Updated Normal 30-Sep-2009	Updated Normal 30-Jun-2009	Updated Normal 31-Mar-2009	Updated Normal 30-Sep-2008	Reclassified Normal 30-Jun-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	83.16	81.44	80.51	78.25	68.45

Cash	0.3	0.0	0.1	0.2	0.1
Short Term Investments	0.8	0.9	1.0	1.2	1.5
Cash and Short Term Investments	1.0	0.9	1.1	1.3	1.6
Trade Accounts Receivable - Net	1.5	1.1	0.7	1.6	1.0
Other Receivables	1.6	1.4	1.1	0.9	0.8
Total Receivables, Net	3.1	2.5	1.8	2.5	1.8
Inventories - Finished Goods	1.4	1.7	1.9	2.0	2.0
Inventories - Work In Progress	0.4	0.4	0.3	0.2	0.4
Inventories - Raw Materials	6.5	9.8	12.0	6.2	8.0
Inventories - Other	0.0	0.0	0.0	0.1	0.0
Total Inventory	8.3	11.9	14.3	8.5	10.5
Other Current Assets	1.6	1.5	2.0	1.8	1.9
Other Current Assets, Total	1.6	1.5	2.0	1.8	1.9
Total Current Assets	14.1	16.8	19.2	14.1	15.8

Construction in Progress	-	-	-	0.0	0.0
Leases	1.1	1.1	1.1	1.1	1.3
Property/Plant/Equipment - Gross	1.1	1.1	1.1	1.1	1.3
Property/Plant/Equipment - Net	14.5	15.0	14.7	15.3	17.6
LT Investments - Other	0.0	0.0	0.0	0.0	0.0
Long Term Investments	0.0	0.0	0.0	0.0	0.0
Note Receivable - Long Term	0.1	0.1	0.1	0.1	0.1
Total Assets	28.7	31.8	34.0	29.5	33.4

Accounts Payable	5.2	4.3	5.0	3.5	2.8
Accrued Expenses	0.5	0.5	0.2	0.2	0.2
Notes Payable/Short Term Debt	7.5	10.7	13.3	9.3	11.2
Current Portion - Long Term Debt/Capital Leases	0.8	1.0	0.8	0.8	1.2
Income Taxes Payable	-	0.0	-	-	0.0
Other Current liabilities, Total	-	0.0	-	-	0.0
Total Current Liabilities	14.0	16.6	19.2	13.8	15.4

Long Term Debt	11.5	11.5	9.3	8.9	10.2
Capital Lease Obligations	0.3	0.4	0.5	0.6	0.9
Total Long Term Debt	11.8	11.9	9.7	9.6	11.1
Total Debt	20.1	23.6	23.7	19.6	23.5

Other Long Term Liabilities	0.4	0.4	0.4	0.4	0.5
Other Liabilities, Total	0.4	0.4	0.4	0.4	0.5
Total Liabilities	26.2	28.9	29.3	23.8	26.9

Common Stock	15.6	16.0	16.1	16.6	19.0
Common Stock	15.6	16.0	16.1	16.6	19.0
Retained Earnings (Accumulated Deficit)	-13.2	-13.0	-11.4	-10.9	-12.5
Unrealized Gain (Loss)	0.0	0.0	0.0	0.0	0.0
Total Equity	2.5	2.9	4.7	5.7	6.5

Total Liabilities & Shareholders’ Equity	28.7	31.8	34.0	29.5	33.4

Shares Outstanding - Common Stock Primary Issue	130.0	130.0	130.0	130.0	130.0
Total Common Shares Outstanding	130.0	130.0	130.0	130.0	130.0
Accrued Liabilities - Domestic	-0.4	-0.4	-0.4	-0.4	-0.5
Net Assets Recognized on Balance Sheet	-0.4	-0.4	-0.4	-0.4	-0.5

Annual Cash Flows

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

$\\vivek\D\Kohinoor Spinning Mills Limited_files\info_icon.gif$ Financial Glossary

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
Period Length	12 Months	12 Months	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	78.573941	62.550956	60.637036	59.865977	59.345369
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income/Starting Line	-2.4	0.4	0.6	0.6	1.1
Depreciation	0.8	1.0	1.0	1.2	0.9
Depreciation/Depletion	0.8	1.0	1.0	1.2	0.9
Unusual Items	0.0	0.0	0.0	-0.3	-0.6
Other Non-Cash Items	3.6	2.1	1.5	2.2	1.2
Non-Cash Items	3.6	2.1	1.5	1.9	0.5
Accounts Receivable	-0.3	-0.3	-0.3	-0.2	0.1
Inventories	-3.3	-4.2	1.6	-0.4	1.2
Other Assets	-0.1	-1.1	0.2	2.3	-1.7
Accounts Payable	2.0	0.3	-1.0	0.0	0.3
Other Liabilities	-	-	-	-	0.0
Other Operating Cash Flow	-3.6	-2.5	-2.5	-2.4	-1.3
Changes in Working Capital	-5.1	-7.9	-1.9	-0.6	-1.4
Cash from Operating Activities	-3.2	-4.4	1.2	3.0	1.1

Purchase of Fixed Assets	-1.1	-2.3	-1.0	-8.8	-0.4
Capital Expenditures	-1.1	-2.3	-1.0	-8.8	-0.4
Sale of Fixed Assets	0.0	0.0	0.0	0.7	0.1
Sale/Maturity of Investment	-	-	-	0.4	0.7
Other Investing Cash Flow	0.0	0.1	0.1	0.1	0.0
Other Investing Cash Flow Items, Total	0.1	0.1	0.1	1.2	0.9
Cash from Investing Activities	-1.0	-2.1	-0.9	-7.6	0.5

Cash Dividends Paid - Common	-	0.0	0.0	0.0	-
Total Cash Dividends Paid	-	0.0	0.0	0.0	-
Sale/Issuance of Common	-	-	-	15.1	0.0
Common Stock, Net	-	-	-	15.1	0.0
Issuance (Retirement) of Stock, Net	-	-	-	15.1	0.0
Short Term Debt, Net	1.3	4.4	-0.3	-1.7	-0.9
Long Term Debt, Net	2.8	2.0	-0.4	-9.4	-0.7
Issuance (Retirement) of Debt, Net	4.1	6.4	-0.7	-11.0	-1.6
Cash from Financing Activities	4.1	6.4	-0.8	4.1	-1.6

Net Change in Cash	-0.1	-0.1	-0.4	-0.5	0.0

Net Cash - Beginning Balance	0.1	0.2	0.6	3.3	3.4
Net Cash - Ending Balance	0.0	0.1	0.2	2.8	3.3
Cash Interest Paid	3.2	2.1	1.9	1.9	-
Cash Taxes Paid	0.3	0.2	0.3	0.4	-

Interim Cash Flows

Standardized

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

$\\vivek\D\Kohinoor Spinning Mills Limited_files\info_icon.gif$ Financial Glossary

	30-Sep-2009	30-Jun-2009	31-Mar-2009	30-Sep-2008	30-Jun-2008
Period Length	3 Months	12 Months	9 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 30-Sep-2009	Updated Normal 30-Jun-2009	Updated Normal 31-Mar-2009	Updated Normal 30-Sep-2008	Updated Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	82.619511	78.573941	77.851736	74.087124	62.550956

Net Income/Starting Line	-0.3	-2.4	-0.7	0.1	0.4
Depreciation	0.2	0.8	0.6	0.2	1.0
Depreciation/Depletion	0.2	0.8	0.6	0.2	1.0
Unusual Items	-	0.0	0.0	-	0.0
Other Non-Cash Items	0.8	3.6	2.3	0.9	2.1
Non-Cash Items	0.8	3.6	2.3	0.9	2.1
Accounts Receivable	-0.4	-0.3	0.1	-0.8	-0.3
Inventories	3.4	-3.3	-5.6	0.7	-4.2
Other Assets	-0.3	-0.1	-0.5	-0.1	-1.1
Accounts Payable	0.9	2.0	2.7	1.1	0.3
Other Operating Cash Flow	-0.9	-3.6	-2.6	-0.9	-2.5
Changes in Working Capital	2.7	-5.1	-5.9	-0.1	-7.9
Cash from Operating Activities	3.3	-3.2	-3.7	1.1	-4.4

Purchase of Fixed Assets	-0.1	-1.1	-0.4	-0.1	-2.3
Capital Expenditures	-0.1	-1.1	-0.4	-0.1	-2.3
Sale of Fixed Assets	-	0.0	0.0	-	0.0
Other Investing Cash Flow	0.0	0.0	0.1	0.0	0.1
Other Investing Cash Flow Items, Total	0.0	0.1	0.1	0.0	0.1
Cash from Investing Activities	0.0	-1.0	-0.3	-0.1	-2.1

Cash Dividends Paid - Common	-	-	-	-	0.0
Total Cash Dividends Paid	-	-	-	-	0.0
Short Term Debt, Net	-3.0	1.3	3.8	-0.6	4.4
Long Term Debt Issued	-	-	0.3	-	-
Long Term Debt, Net	0.0	2.8	0.1	-0.3	2.0
Issuance (Retirement) of Debt, Net	-3.0	4.1	3.9	-0.9	6.4
Cash from Financing Activities	-3.0	4.1	3.9	-0.9	6.4

Net Change in Cash	0.3	-0.1	0.0	0.0	-0.1

Net Cash - Beginning Balance	0.0	0.1	0.1	0.1	0.2
Net Cash - Ending Balance	0.3	0.0	0.1	0.2	0.1
Cash Interest Paid	0.8	3.2	2.3	0.8	2.1
Cash Taxes Paid	0.1	0.3	0.2	0.1	0.2

Annual Income Statement

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
Period Length	12 Months	12 Months	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	78.573941	62.550956	60.637036	59.865977	59.345369
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Local Sales	22.8	25.6	20.0	11.5	-
Export Sales	13.9	14.6	19.8	24.4	-
Sales Tax	-	-	0.0	0.0	-
Commission	-	-	0.0	-0.1	-
Sales	-	-	-	-	24.5
Total Revenue	36.7	40.2	39.9	35.9	24.5

Cost of Goods Sold	33.7	35.9	35.5	31.9	21.8
Selling/Distribution Cost	0.9	0.9	0.9	0.8	0.6
Administrative	1.1	1.2	1.1	0.9	0.6
Operating Expenses	0.0	0.0	0.0	0.1	0.1
Other Income	-0.1	-0.1	-0.1	-0.4	-0.7
Gain on Sale of Fixed Asset	0.0	0.0	0.0	-	-
Profit on Sale of Raw Material	0.0	0.0	0.0	-	-
Total Operating Expense	35.7	37.8	37.4	33.2	22.4

Interest Expense	-3.0	-1.6	-1.6	-2.0	-1.1
Bank Charges and Commissions	-0.4	-0.2	-0.2	-	-
Inland Letters of Credit Charges	-0.1	-0.1	-0.1	-	-
Net Income Before Taxes	-2.4	0.4	0.6	0.6	1.1

Provision for Income Taxes	0.1	0.2	0.3	0.1	0.6
Net Income After Taxes	-2.6	0.2	0.3	0.5	0.4

Net Income Before Extra. Items	-2.6	0.2	0.3	0.5	0.4
Net Income	-2.6	0.2	0.3	0.5	0.4

Income Available to Com Excl ExtraOrd	-2.6	0.2	0.3	0.5	0.4

Income Available to Com Incl ExtraOrd	-2.6	0.2	0.3	0.5	0.4

Basic Weighted Average Shares	130.0	130.0	130.0	130.0	39.5
Basic EPS Excluding ExtraOrdinary Items	-0.02	0.00	0.00	0.00	0.01
Basic EPS Including ExtraOrdinary Item	-0.02	0.00	0.00	0.00	0.01
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	-2.6	0.2	0.3	0.5	0.4
Diluted Weighted Average Shares	130.0	130.0	130.0	130.0	39.5
Diluted EPS Excluding ExtraOrd Items	-0.02	0.00	0.00	0.00	0.01
Diluted EPS Including ExtraOrd Items	-0.02	0.00	0.00	0.00	0.01
DPS-Ordinary Shares	0.00	0.00	0.00	0.01	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	-	0.0
Normalized Income Before Taxes	-2.4	0.4	0.6	0.6	1.1

Inc Tax Ex Impact of Sp Items	0.1	0.2	0.3	0.1	0.6
Normalized Income After Taxes	-2.6	0.2	0.3	0.5	0.4

Normalized Inc. Avail to Com.	-2.6	0.2	0.3	0.5	0.4

Basic Normalized EPS	-0.02	0.00	0.00	0.00	0.01
Diluted Normalized EPS	-0.02	0.00	0.00	0.00	0.01
Interest Expense	3.0	1.6	1.6	2.0	1.1
Depreciation	0.9	1.0	1.0	1.2	0.9
Advertising Expenses	0.0	0.0	0.0	0.0	0.0
Rental Expense	0.0	0.0	0.0	0.0	0.0
Service Cost	0.1	0.2	0.2	-	-
Interest Cost	0.0	0.0	0.0	-	-
Domestic Pension Plan Expense	0.1	0.2	0.2	-	-
Gratuity	0.1	0.2	0.1	-	-
Total Pension Expense	0.2	0.4	0.4	-	-
Discount Rate	12.00%	12.00%	10.00%	-	-
Expected Rate of Increase in Salary	11.00%	11.00%	9.00%	-	-

Interim Income Statement

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	30-Sep-2009	30-Jun-2009	31-Mar-2009	31-Dec-2008	30-Sep-2008
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2009	Updated Normal 30-Jun-2009	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2009	Updated Normal 30-Sep-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	82.619511	80.751022	79.729396	79.797043	74.087124

Sales	10.2	9.2	7.3	8.2	12.2
Total Revenue	10.2	9.2	7.3	8.2	12.2

Cost of Goods Sold	9.4	8.8	6.8	7.4	10.8
Selling Expenses	0.2	0.5	0.1	0.1	0.2
Administrative Expenses	0.2	0.4	0.3	0.2	0.3
Other Income	0.0	0.0	0.0	0.0	0.0
Other Operating Expenses	-	0.0	-	-	-
Total Operating Expense	9.7	9.7	7.2	7.7	11.2

Finance costs	-0.7	-1.3	-0.6	-0.8	-0.9
Net Income Before Taxes	-0.3	-1.7	-0.5	-0.3	0.1

Provision for Income Taxes	0.1	0.0	0.0	0.0	0.1
Net Income After Taxes	-0.4	-1.7	-0.5	-0.3	0.0

Net Income Before Extra. Items	-0.4	-1.7	-0.5	-0.3	0.0
Net Income	-0.4	-1.7	-0.5	-0.3	0.0

Income Available to Com Excl ExtraOrd	-0.4	-1.7	-0.5	-0.3	0.0

Income Available to Com Incl ExtraOrd	-0.4	-1.7	-0.5	-0.3	0.0

Basic Weighted Average Shares	130.0	130.0	130.0	130.0	130.0
Basic EPS Excluding ExtraOrdinary Items	0.00	-0.01	0.00	0.00	0.00
Basic EPS Including ExtraOrdinary Item	0.00	-0.01	0.00	0.00	0.00
Dilution Adjustment	0.0	0.0	0.0	0.0	-
Diluted Net Income	-0.4	-1.7	-0.5	-0.3	0.0
Diluted Weighted Average Shares	130.0	130.0	130.0	130.0	130.0
Diluted EPS Excluding ExtraOrd Items	0.00	-0.01	0.00	0.00	0.00
Diluted EPS Including ExtraOrd Items	0.00	-0.01	0.00	0.00	0.00
DPS-Ordinary Shares	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-0.3	-1.7	-0.5	-0.3	0.1

Inc Tax Ex Impact of Sp Items	0.1	0.0	0.0	0.0	0.1
Normalized Income After Taxes	-0.4	-1.7	-0.5	-0.3	0.0

Normalized Inc. Avail to Com.	-0.4	-1.7	-0.5	-0.3	0.0

Basic Normalized EPS	0.00	-0.01	0.00	0.00	0.00
Diluted Normalized EPS	0.00	-0.01	0.00	0.00	0.00
Depreciation Expenses	0.2	0.2	0.2	0.2	0.2

Annual Balance Sheet

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
UpdateType/Date	Updated Normal 30-Jun-2009	Reclassified Normal 30-Jun-2009	Updated Normal 30-Jun-2007	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	81.44	68.45	60.47	60.21	59.61
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Stores	0.0	0.1	0.0	0.0	0.0
Spares	0.2	0.1	0.1	0.1	0.1
Raw Material	9.6	7.9	6.0	8.2	8.0
Work in Progress	0.4	0.4	0.3	0.3	0.2
Finished Goods	1.7	2.0	1.0	0.5	0.4
Waste	0.0	0.0	0.0	0.0	0.0
Trade Debts	1.1	1.0	0.8	0.5	0.3
Advances and Loans	1.5	1.9	0.2	0.2	0.9
Deposits	0.5	0.1	0.4	0.1	2.2
Prepayments	-	-	-	0.0	0.0
Other Receivable	0.9	0.8	0.9	0.8	0.2
Short Term Investments	0.9	1.5	2.2	-	-
Cash in Hand	0.0	0.0	0.0	0.0	-
Cash/Bank	0.0	0.1	0.2	2.8	3.3
Total Current Assets	16.8	15.8	12.1	13.5	15.8

Freehold Land	0.1	0.2	0.2	0.2	0.2
Office Building	0.0	0.0	0.1	0.1	0.1
Factory Building	3.4	4.0	4.4	4.3	3.4
Colony Building	0.8	0.9	1.0	0.9	0.8
Plant/Machinery	22.5	25.7	28.5	26.2	20.3
Tube Wells	0.0	0.0	0.0	0.0	0.0
Electric Install	0.6	0.7	0.7	0.7	0.5
Tools/Equipment	0.1	0.1	0.1	0.1	0.1
Telephone Inst.	0.0	0.0	0.0	0.0	0.0
Office Equipment	0.1	0.1	0.1	0.1	0.1
Furn./Fixtures	0.1	0.1	0.1	0.1	0.1
Computer Software	0.0	0.0	0.0	0.0	0.0
Vehicles	0.3	0.3	0.4	0.3	0.3
Power House Machinery	1.1	1.3	0.0	-	-
Finance Lease	0.2	0.2	0.2	1.6	1.3
Fuel Tank - Power House	-	-	-	0.0	0.0
Depreciation	-14.4	-16.1	-17.2	-16.1	-15.2
Capital Work in Progress	0.0	0.0	0.0	0.0	0.0
LT Loans	0.0	0.0	0.1	0.1	0.1
LT Deposits	0.0	0.0	0.0	0.1	0.1
LT Investments	0.0	0.0	0.0	0.0	0.4
Total Assets	31.8	33.4	30.8	32.4	28.3

Sec. Creditors	1.2	0.5	0.6	0.6	0.7
Unsec Creditors	2.2	1.4	1.3	2.4	2.4
Unsec. Accrued	0.6	0.6	0.6	0.6	0.4
Unclaimed Div.	0.0	0.0	0.0	0.0	0.0
Workers Partic.	0.3	0.4	0.4	0.3	0.2
Other Liabs.	0.0	0.0	0.0	0.0	0.0
Accrued Interest on Loans and Borrowings	0.5	0.2	0.4	0.4	0.3
ST Borrowings-Banking	10.7	11.1	8.1	8.4	10.2
ST Borrowings-Related Parties	0.0	0.1	0.0	-	-
Cur Por LT Liabs	0.6	0.8	0.6	1.2	1.6
Finance Lease	0.4	0.4	0.1	-	-
Tax Provision	0.0	0.0	0.0	0.0	0.2
Total Current Liabilities	16.6	15.4	12.0	13.9	16.1

Obligations Lease	0.4	0.9	0.1	0.5	0.5
LT Loan-Banking	6.7	4.4	4.5	10.6	19.7
LT Loan-Related Parties	4.9	5.8	6.6	-	-
Total Long Term Debt	11.9	11.1	11.1	11.1	20.3

Def. Gratuity/Liabilities	0.4	0.5	0.5	0.5	0.5
Total Liabilities	28.9	26.9	23.7	25.5	36.8

Share Capital	16.0	19.0	21.5	21.6	6.6
Accumulated	-13.0	-12.5	-14.4	-14.7	-15.1
Unrealised Gain /Loss on LT Investments	0.0	0.0	0.0	-	-
Total Equity	2.9	6.5	7.1	6.9	-8.5

Total Liabilities & Shareholders' Equity	31.8	33.4	30.8	32.4	28.3

S/O-Ordinary Shares	130.0	130.0	130.0	130.0	39.5
Total Common Shares Outstanding	130.0	130.0	130.0	130.0	39.5
Full-Time Employees	2,591	2,684	3,014	2,828	2,301
Number of Common Shareholders	550	550	564	590	622
Capitla lease Due Within 1 Year	0.0	0.5	0.0	0.4	-
Capitla lease Due Within 2 Year	0.5	0.5	0.1	0.4	-
Capitla lease Due Within 3 Year	0.4	0.4	0.0	0.2	-
Capitla lease Due Within 4 Year	0.0	0.0	0.0	0.0	-
Capitla lease Due Within 5 Year	-	-	0.0	0.0	-
Financial Charges	-0.1	-0.2	0.0	-0.1	-
Total Capital Leases	0.8	1.3	0.1	0.9	-
Discount Rate	12.00%	12.00%	10.00%	-	-
Expected rate	11.00%	11.00%	9.00%	-	-
Gratuity	-0.4	-0.5	-0.5	-	-
Net Assets Recognized on Balance Sheet	-0.4	-0.5	-0.5	-	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	30-Sep-2009	30-Jun-2009	31-Mar-2009	30-Sep-2008	30-Jun-2008
UpdateType/Date	Updated Normal 30-Sep-2009	Updated Normal 30-Jun-2009	Updated Normal 31-Mar-2009	Updated Normal 30-Sep-2008	Reclassified Normal 30-Jun-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	83.16	81.44	80.51	78.25	68.45

Stores and Spares	0.2	0.2	0.2	0.2	0.2
Raw Materials	6.3	9.6	11.8	6.1	7.9
Work-in-progress	0.4	0.4	0.3	0.2	0.4
Finished Goods	1.4	1.7	1.9	2.0	2.0
Waste	0.0	0.0	0.0	0.1	0.0
Trade Debts	1.5	1.1	0.7	1.6	1.0
Loans and Advances	1.6	1.5	2.0	1.8	1.9
Advances, Deposits & Prepayments	1.6	1.4	1.1	0.9	0.8
Short Term Investments	0.8	0.9	1.0	1.2	1.5
Cash and Bank Balances	0.3	0.0	0.1	0.2	0.1
Total Current Assets	14.1	16.8	19.2	14.1	15.8

Operating Assets	13.5	13.9	13.6	14.2	16.3
Long Term Loans	0.0	0.0	0.0	0.0	0.0
Long Term Deposits	0.0	0.0	0.0	0.0	0.0
Long Term Investments	0.0	0.0	0.0	0.0	0.0
Assets Subject to Finance Lease	1.1	1.1	1.1	1.1	1.3
Capital Work-in-progress	-	-	-	0.0	0.0
Total Assets	28.7	31.8	34.0	29.5	33.4

Trade and other Payables	5.2	4.3	5.0	3.5	2.8
Accrued Interest on Loans and Borrowings	0.5	0.5	0.2	0.2	0.2
Short-term Borrowings	7.5	10.7	13.3	9.3	11.2
Current Portion of Long-term Liabilities	0.8	1.0	0.8	0.8	1.2
Provision for Taxation	-	0.0	-	-	0.0
Total Current Liabilities	14.0	16.6	19.2	13.8	15.4

Long Term Loan	11.5	11.5	9.3	8.9	10.2
Obligations Under Finance Lease	0.3	0.4	0.5	0.6	0.9
Total Long Term Debt	11.8	11.9	9.7	9.6	11.1

Def. Gratuity/Liabilities	0.4	0.4	0.4	0.4	0.5
Total Liabilities	26.2	28.9	29.3	23.8	26.9

Share Capital	15.6	16.0	16.1	16.6	19.0
Accumulated Loss	-13.2	-13.0	-11.4	-10.9	-12.5
Unrealised Gain/(Loss) on Long term Inv	0.0	0.0	0.0	0.0	0.0
Total Equity	2.5	2.9	4.7	5.7	6.5

Total Liabilities & Shareholders' Equity	28.7	31.8	34.0	29.5	33.4

S/O-Ordinary Shares	130.0	130.0	130.0	130.0	130.0
Total Common Shares Outstanding	130.0	130.0	130.0	130.0	130.0
Gratuity	-0.4	-0.4	-0.4	-0.4	-0.5
Net Assets Recognized on Balance Sheet	-0.4	-0.4	-0.4	-0.4	-0.5

Annual Cash Flows

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	30-Jun-2009	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005
Period Length	12 Months	12 Months	12 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008	Updated Normal 30-Jun-2006	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	78.573941	62.550956	60.637036	59.865977	59.345369
Auditor	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.	Hameed Khan & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified

Net Income	-2.4	0.4	0.6	0.6	1.1
Depreciation	0.8	1.0	1.0	1.2	0.9
Gratuity	0.1	0.2	0.2	0.2	0.1
Worker Profit Participation Fund	0.0	0.0	0.0	0.0	0.1
Dividend Income	-	-	-	0.0	0.0
Sale of Fixed Assets	0.0	0.0	0.0	0.0	-0.1
Doubtful Balance Written off	-	-	-	-	0.0
Gain on Sale of Investments	-	-	-	-0.3	-0.5
Interest Income	-0.1	-0.1	-0.1	-0.1	0.0
Financial Expenses	3.5	2.0	1.9	2.0	1.1
Stores/Spares	-0.1	0.0	0.0	0.0	0.0
Stock in Trade	-3.2	-4.2	1.6	-0.4	1.2
Machibery Held For Sales	-	-	-	-	0.0
Trade Debts	-0.3	-0.3	-0.3	-0.2	0.1
Loans and Advances	0.1	-1.9	0.0	0.3	0.4
Short Term Investments	0.4	0.5	0.5	-	-
Adv./Dep./Prepay./Other Receivables	-0.5	0.3	-0.3	2.0	-2.1
Trade and Other Payable	2.0	0.3	-1.0	0.0	0.3
Interest Paid	-3.2	-2.1	-1.9	-1.9	-1.0
Income Tax Paid	-0.3	-0.2	-0.3	-0.4	-0.2
Gratuity Paid	-0.1	-0.2	-0.2	-0.1	-0.1
Adjustment	-	-	-0.5	-	-
Cash from Operating Activities	-3.2	-4.4	1.2	3.0	1.1

Capital Expenditure	-1.1	-2.3	-1.0	-8.8	-0.4
LT Deposits	0.0	0.0	0.0	0.0	0.0
LT Advances	0.0	0.1	0.0	0.0	0.0
Sale/Fixed Assets	0.0	0.0	0.0	0.7	0.1
Proc./LT Deposits/Investments	-	-	-	0.4	0.7
Dividend Received	-	-	-	0.0	0.0
Profit received on bank account	0.0	0.1	0.1	0.1	0.0
Cash from Investing Activities	-1.0	-2.1	-0.9	-7.6	0.5

Share Capital Increase	-	-	-	15.1	0.0
Payment of Long Term Financing	3.0	0.7	0.3	-9.2	-0.4
Obligations/Lease	-0.3	1.3	-0.8	-0.2	-0.3
ST Borrowings	1.3	4.4	-0.3	-1.7	-0.9
Associated Companies	-	-	-	-	0.0
Dividend	-	0.0	0.0	0.0	-
Cash from Financing Activities	4.1	6.4	-0.8	4.1	-1.6

Net Change in Cash	-0.1	-0.1	-0.4	-0.5	0.0

Net Cash - Beginning Balance	0.1	0.2	0.6	3.3	3.4
Net Cash - Ending Balance	0.0	0.1	0.2	2.8	3.3
Cash Interest Paid	3.2	2.1	1.9	1.9	-
Cash Taxes Paid	0.3	0.2	0.3	0.4	-

Interim Cash Flows

As Reported

Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)

	30-Sep-2009	30-Jun-2009	31-Mar-2009	30-Sep-2008	30-Jun-2008
Period Length	3 Months	12 Months	9 Months	3 Months	12 Months
UpdateType/Date	Updated Normal 30-Sep-2009	Updated Normal 30-Jun-2009	Updated Normal 31-Mar-2009	Updated Normal 30-Sep-2008	Updated Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	82.619511	78.573941	77.851736	74.087124	62.550956

Net Income	-0.3	-2.4	-0.7	0.1	0.4
Depreciation	0.2	0.8	0.6	0.2	1.0
Gratuity- Net of Payments	0.0	0.1	0.1	0.0	0.2
Workers Participation Fund	-	0.0	-	-	0.0
Gain on Sale of Fixed Assets	-	0.0	0.0	-	0.0
Interest Income	0.0	-0.1	0.0	0.0	-0.1
Finance Cost	0.7	3.5	2.2	0.9	2.0
Stores and Spares	0.0	-0.1	0.0	0.0	0.0
Stock-in-trade	3.4	-3.2	-5.6	0.7	-4.2
Trade Debts	-0.4	-0.3	0.1	-0.8	-0.3
Loans and Advance	-0.2	0.1	-0.3	-0.1	-1.9
Short Term Investment	0.1	0.4	0.3	0.1	0.5
Advances, Deposits, and Prepayments	-0.3	-0.5	-0.5	-0.1	0.3
Trade and Other Payable	0.9	2.0	2.7	1.1	0.3
Financial Charges Paid	-0.8	-3.2	-2.3	-0.8	-2.1
Income Tax Paid	-0.1	-0.3	-0.2	-0.1	-0.2
Gratuity Paid	0.0	-0.1	-0.1	0.0	-0.2
Cash from Operating Activities	3.3	-3.2	-3.7	1.1	-4.4

Fixed Capital Expenditures	-0.1	-1.1	-0.4	-0.1	-2.3
Long Term Deposits	0.0	0.0	0.0	0.0	0.0
Long Term Advances	0.0	0.0	0.0	0.0	0.1
Sale Proceeds of Fixed Assets	-	0.0	0.0	-	0.0
Profit Received on Bank Accounts	0.0	0.0	0.1	0.0	-
Interest Income Received	-	-	-	-	0.1
Cash from Investing Activities	0.0	-1.0	-0.3	-0.1	-2.1

Long Term Financing	-	-	0.3	-	-
Long Term Loans from Bank	0.1	3.0	-	-0.2	0.7
Obligations Under Lease	-0.1	-0.3	-0.2	-0.1	1.3
Decrease in Short term Debt	-3.0	1.3	3.8	-0.6	4.4
Dividend	-	-	-	-	0.0
Cash from Financing Activities	-3.0	4.1	3.9	-0.9	6.4

Net Change in Cash	0.3	-0.1	0.0	0.0	-0.1

Opening Balance	0.0	0.1	0.1	0.1	0.2
Closing Balance	0.3	0.0	0.1	0.2	0.1
Cash Interest Paid	0.8	3.2	2.3	0.8	2.1
Cash Taxes Paid	0.1	0.3	0.2	0.1	0.2

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.44

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Company name and address

Corporate Overview

Financial Data

Executives Report

Significant Developments

Annual Income Statement

Unit