MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	NESTLE PAKISTAN LTD.
Registered Office :	308 Upper Mall, Lahore
Country :	Pakistan
Financials (as on) :	31.12.2010
Year of Establishment :	1988
Legal Form :	Public Subsidiary Company
Line of Business :	Manufacturing, Processing and Sale of Food Products

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Pakistan	b2	b2

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

Company name & address

Nestle Pakistan Ltd.

308 Upper Mall

Lahore,

Pakistan

Tel: 92-42-575708295

Fax: 92-42-5789303

Web: www.nestle.pk

Synthesis

Employees: 2,345

Company Type: Public Subsidiary

Corporate Family: 1308 Companies

Ultimate Parent: Nestle SA

Traded: Karachi Stock Exchange: NESTLE

Incorporation Date: 1988

Auditor: KPMG LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Pakistan Rupee

Annual Sales: 604.4 1

Net Income: 48.3

Total Assets: 268.0 2

Market Value: 1,711.6

(28-Oct-2011)

Business Description

Nestle Pakistan Limited is a Pakistan-based company engaged in manufacturing, processing and sale of food products, including dairy, confectionary, culinary, coffee, beverages, infant nutrition and drinking water. Its segments are milk and nutrition products, beverages and other operations. The Company's products include MILKPAK, NESVITA, NIDO, EVERYDAY, NESTLE DAHI, FRUIT YOGURT and CERELAC baby food. Its manufacturing facilities are located in Sheikhupura, Kabirwala, Islamabad and Karachi, Pakistan. For the Fiscal year ended 31 December 2010, Nestle Pakistan Ltd.'s revenues increased 25% to PKR51.49B. Net income increased 37% to PKR4.11B. Revenues reflect higher income from Milk & nutrition products business & increased contribution from Beverages segment. Net income also reflects by increase in other operating income, decrease in financing cost. The Company is engaged in manufacturing, processing and sale of food products.

Industry

Industry Food Processing

ANZSIC 2006: 1131 - Milk and Cream Processing

NACE 2002: 1511 - Production and preserving of meat

NAICS 2002: 311511 - Fluid Milk Manufacturing

UK SIC 2003: 15511 - Liquid milk and cream production

US SIC 1987: 2026 - Fluid Milk

Key Executives

Name	Title
Ian J. Donald	Chief Executive Officer, Managing Director, Director
Raymond Franke	Chief Financial Officer, Director
Zafar Hussain Shah	Head of Sales
Ali Sadozai	Company Secretary, Head of Legal Affairs
Salman Nazir	Head of Supply Chain

Significant Developments

Topic #* Most Recent Headline Date

Dividends 2 Nestle Pakistan Ltd. to Pay FY 2011 Interim Dividend 25-Oct-2011

* number of significant developments within the last 12 months

News

Title	Date
Roundup: KSE sheds 11,800 over technical correction Xinhua News Agency (851 Words)	1-Nov-2011
INVESTORS TURN UP FOR PAKISTANI BUSINESS CONFERENCE Asia Pulse Businesswire (428 Words)	26-Oct-2011
Karachi index ends lower Times of Oman (124 Words)	26-Oct-2011
46 Investors & Business Leaders attend Multilateral Conference - seek joint-ventures in Pakistan South Asian Media Network (Pakistan) (561 Words)	22-Oct-2011
Investors from 15 countries participating in Multilateral Investment & Trade Conference today. South Asian Media Network (Pakistan) (457 Words)	22-Oct-2011

Financial Summary

As of 30-Sep-2011

Key Ratios Company Industry

Sales 5 Year Growth 24.60 6.97

Net Profit Margin (TTM) % 7.67 7.06

Stock Snapshot

Traded: Karachi Stock Exchange: NESTLE

As of 28-Oct-2011

   Financials in: PKR

Recent Price	3,270.00	EPS	93.12
52 Week High	5,675.00	Price/Sales	2.88
52 Week Low	1,830.00	Dividend Rate	55.00
Avg. Volume (mil)	0.0001	Price/Earnings	35.70
Market Value (mil)	148,293.00	Price/Book	26.57
		Beta	0.76

	Price % Change	Rel S&P 500%
4 Week	-12.79%	-11.28%
13 Week	-22.59%	-18.38%
52 Week	66.97%	53.59%
Year to Date	37.97%	43.46%

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 85.18328

2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 85.645

Corporate Overview

Location

308 Upper Mall

Lahore, Pakistan

Tel: 92-42-575708295

Fax: 92-42-5789303

Web: www.nestle.pk

Quote Symbol - Exchange

NESTLE - Karachi Stock Exchange

Sales PKR(mil): 51,487.3

Assets PKR(mil): 22,952.2

Employees: 2,345

Fiscal Year End: 31-Dec-2010

Industry: Food Processing

Incorporation Date: 1988

Company Type: Public Subsidiary

Quoted Status: Quoted

Chief Executive Officer,

Managing Director,

Director: Ian J. Donald

Company Web Links

· Corporate History/Profile

· Employment Opportunities

· Financial Information

· Home Page

· News Releases

· Products/Services

Contents

· Industry Codes

· Business Description

· Brand/Trade Names

· Financial Data

· Market Data

· Shareholders

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1133 - Cheese and Other Dairy Product Manufacturing

1131 - Milk and Cream Processing

0199 - Other Livestock Farming Not Elsewhere Classified

NACE 2002 Codes:

1551 - Operation of dairies and cheese making

1511 - Production and preserving of meat

0142 - Animal husbandry service activities, except veterinary activities

NAICS 2002 Codes:

311513 - Cheese Manufacturing

311512 - Creamery Butter Manufacturing

311511 - Fluid Milk Manufacturing

812910 - Pet Care (except Veterinary) Services

US SIC 1987:

2022 - Natural, Processed, and Imitation Cheese

2021 - Creamery Butter

0752 - Animal Specialty Services, Except Veterinary

2026 - Fluid Milk

UK SIC 2003:

15512 - Butter and cheese production

15511 - Liquid milk and cream production

0142 - Animal husbandry service activities, except veterinary activities

Business Description

Nestle Pakistan Limited is a Pakistan-based company engaged in manufacturing, processing and sale of food products, including dairy, confectionary, culinary, coffee, beverages, infant nutrition and drinking water. Its segments are milk and nutrition products, beverages and other operations. The Company's products include MILKPAK, NESVITA, NIDO, EVERYDAY, NESTLE DAHI, FRUIT YOGURT and CERELAC baby food. Its manufacturing facilities are located in Sheikhupura, Kabirwala, Islamabad and Karachi, Pakistan. For the Fiscal year ended 31 December 2010, Nestle Pakistan Ltd.'s revenues increased 25% to PKR51.49B. Net income increased 37% to PKR4.11B. Revenues reflect higher income from Milk & nutrition products business & increased contribution from Beverages segment. Net income also reflects by increase in other operating income, decrease in financing cost. The Company is engaged in manufacturing, processing and sale of food products.

More Business Descriptions

Production of milk powder, infant formulas, infant cereals, fruit juices, UHT milk, confectionery and drinking water, and instant coffee

Dairy Product (except Frozen) Manufacturing

Brand/Trade Names

· Milkpak

· Nido

· Everyday

· Cerelac

· Milo

· Nestle Pure Life

· Maggi

· Ava

· Nestlebutter

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 85.18328

2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 85.645

Financial Data

Financials in:	PKR(mil)
Revenue:	51,487.3
Net Income:	4,112.8
Assets:	22,952.2
Long Term Debt:	5,629.2
Total Liabilities:	17,370.4
Working Capital:	-0.8
Date of Financial Data:	31-Dec-2010

1 Year Growth

25.1%

36.9%

23.5%

Market Data

Quote Symbol:	NESTLE
Exchange:	Karachi Stock Exchange
Currency:	PKR
Stock Price:	3,270.0
Stock Price Date:	10-28-2011
52 Week Price Change %:	67.0
Market Value (mil):	148,292,992.0
SEDOL:	6593054
ISIN:	PK0025101012
Equity and Dept Distribution:
06/2005, Company name changed from Nestle Milkpak Limited.

Shareholders

Major Shareholders

Nestlé SA, Switzerland (59%)

Key Corporate Relationships

Auditor:	KPMG LLP
Bank:	Citibank NA, Deutsche Bank AG, Habib Bank Limited, MCB Bank Limited, Standard Chartered Bank (Pakistan) Ltd, United Bank Limited, National Bank of Pakistan Limited, Allied Bank Limited, Barclays Bank Plc, Bank Al Habib Limited, The Hongkong and Shanghai Bank Corporation Limited
Auditor:	KPMG LLP, KPMG Taseer Hadi & Company

Corporate Family	Corporate Structure News:
	Nestle SA Nestle Pakistan Ltd.
Nestle Pakistan Ltd. Total Corporate Family Members: 1308 Excluded Small Branches and/or Trading Addresses: 874 (Available via export)

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Nestle SA	Parent	Vevey	Switzerland	Food Processing	100,333.0	281,000
Acquisition of Prometheus Laboratories Inc proposed/announced.See corporate structure news on Nestle SA for details Acquisition of Hsu Fu Chi International Limited proposed/announced.See corporate structure news on Nestle SA for details Pending acquisition of Xiamen Yinlu Food Co.,Ltd..See corporate structure news on Nestle SA for details
Nestlé France SAS	Subsidiary	Marne la Vallée	France	Food Processing	2,449.9	17,445
Nestle Water France	Subsidiary	Meudon-La-Forêt	France	Food Processing
Nestlé Unternehmungen Deutschland GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Commercial Banks	4,780.9	12,400
Nestlé Waters Direct Deutschland GmbH	Subsidiary	Neuss, Nordrhein-Westfalen	Germany	Appliance and Tool		150
Nestlé Waters Europe Holding GmbH	Subsidiary	Mainz, Rheinland-Pfalz	Germany	Commercial Banks		80
Scholler Glaces Et Desserts	Subsidiary	Noisiel	France	Food Processing		34
Jannys Eis Franchise GmbH	Subsidiary	Seevetal, Niedersachsen	Germany	Consumer Financial Services		11
Nestlé Deutschland AG	Subsidiary	Frankfurt am Main	Germany	Food Processing	4,569.1	12,000
Maggi GmbH	Subsidiary	Frankfurt am Main	Germany	Food Processing		1,900
Wagner Tiefkühlprodukte GmbH	Subsidiary	Nonnweiler, Saarland	Germany	Food Processing	364.8	1,200
Herta GmbH	Subsidiary	Herten	Germany	Food Processing	58.8	1,100
Herta Produktions GmbH	Subsidiary	Herten, Nordrhein-Westfalen	Germany	Food Processing	31.4	850
Erlenbacher Backwaren GmbH	Subsidiary	Gross-Gerau	Germany	Food Processing	194.7	450
Nestlé Purina PetCare Deutschland GmbH	Subsidiary	Euskirchen	Germany	Food Processing	438.8	400
Nestlé GLOBE Center Europe GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Computer Services		400
Nestlé Professional GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Food Processing		214
Nestlé Großverbraucher GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Food Processing		171
Bübchen-Werk Ewald Hermes Pharmazeutische Fabrik GmbH	Subsidiary	Soest, Nordrhein-Westfalen	Germany	Medical Equipment and Supplies		150
WCO Kinderkost GmbH Conow	Subsidiary	Malliß, Mecklenburg-Vorpommern	Germany	Food Processing		80
MAGGI Kochstudio Treff GmbH	Subsidiary	Frankfurt Am Main, Hessen	Germany	Personal Services		80
Nespresso Deutschland GmbH	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Retail (Specialty)	1.0	30
APONTI Vertriebsgesellschaft mbH	Subsidiary	Soest, Nordrhein-Westfalen	Germany	Biotechnology and Drugs		1
Nestlé Nutrition AG	Subsidiary	Frankfurt am Main	Germany	Biotechnology and Drugs
Nestlé Schöller Produktions GmbH	Subsidiary	Uelzen	Germany	Food Processing
Nestlé Servicios SA de CV	Subsidiary	Delegación Miguel Hidalgo, Federal District	Mexico	Miscellaneous Capital Goods	1,924.0	7,000
Nestlé Middle East FZE	Subsidiary	Dubai	United Arab Emirates	Food Processing	1.4	7,000
Nestlé Australia Ltd	Subsidiary	Rhodes, NSW	Australia	Food Processing	2,176.1	5,700
Petersville & Peters Foods Australia Pty Ltd	Subsidiary	Mulgrave, VIC	Australia	Food Processing		1
Supercoat Petcare Pty Ltd	Subsidiary	Glendenning, NSW	Australia	Food Processing
Nestle India Limited	Subsidiary	Gurgaon/Haryana	India	Food Processing	1,377.3	5,573
Nestle (Malaysia) Berhad	Subsidiary	Selangor	Malaysia	Food Processing	1,250.2	5,004
Nestlé Manufacturing (Malaysia) Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Food Processing	547.6	3,482
Nestlé Products Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Food Processing	803.6	1,445
Nestlé México, S.A. de C.V.	Subsidiary	México DF	Mexico	Food Processing	3,295.0	5,000
Nestle (China) Ltd	Subsidiary	Beijing	China	Food Processing	1,000.0	5,000
Nestlé Food	Subsidiary	Moscow	Russian Federation	Food Processing	750.0	5,000
Osem Investment Ltd.	Subsidiary	Petah Tikva	Israel	Food Processing	1,019.8	4,804
Tivall Min Hatsomeach (1993) Ltd	Subsidiary	M P Galil Maaravi	Israel	Food Processing		350
Nestle Holdings (U.K.) PLC	Subsidiary	Croydon	United Kingdom	Commercial Banks		4,686
Nestle UK Ltd.	Subsidiary	Croydon	United Kingdom	Food Processing	2,320.4	4,510
Nestle Uk Pension Trust Ltd.	Subsidiary	Croydon	United Kingdom	Nonclassifiable Industries
Nespresso UK Ltd	Subsidiary	Croydon	United Kingdom	Retail (Specialty)	76.5	114
Buxton Mineral Water Ltd.	Subsidiary	Rickmansworth	United Kingdom	Beverages (Non-Alcoholic)		65
Nestl㉠Waters Gb Ltd.	Subsidiary	Buxton	United Kingdom	Beverages (Non-Alcoholic)		90
Purlaw Co.	Subsidiary	Croydon	United Kingdom	Food Processing	0.7
Nestle Waters (Uk) Holdings Ltd.	Subsidiary	Croydon	United Kingdom	Commercial Banks
Nestle Waters UK Ltd.	Subsidiary	Rickmansworth	United Kingdom	Personal Services	95.2	143
Purina Pension Trust Ltd.	Subsidiary	Croydon	United Kingdom	Investment Services
Nestlé Philippines Inc	Subsidiary	Makati City	Philippines	Food Processing	1,809.5	4,500
Nestlé Chile SA	Subsidiary	Santiago	Chile	Food Processing	750.0	4,190
Nestle Italiana SpA	Subsidiary	Milano, MI	Italy	Food Processing	2,534.1	4,105
Spacci Nestle SRL	Subsidiary	Milano, Milano (Milan)	Italy	Retail (Grocery)	7.2	12
Nestlé South Africa (Pty) Ltd	Subsidiary	Randburg	South Africa	Food Processing		3,600
Nestle Canada Inc.	Subsidiary	North York, ON	Canada	Food Processing	2,748.2	3,500
Nestlé Canada Inc	Branch	Toronto, ON	Canada	Food Processing	616.2	600
Nestle Canada Inc	Branch	London, ON	Canada	Food Processing	320.6	400
Nestle Canada Inc	Branch	Trenton, ON	Canada	Food Processing	95.3	200
Nestle Purina Pet Care Co	Subsidiary	Mississauga, ON	Canada	Food Processing		100
Nestle Purina Pet Care Canada	Branch	Innisfail, AB	Canada	Personal and Household Products	37.3	40
Nestle Purina Pet Care Canada	Branch	Moncton, NB	Canada	Personal and Household Products	36.7	40
Nestle Canada Inc	Branch	Calgary, AB	Canada	Food Processing	58.9	40
Nestle Waters Canada	Subsidiary	Guelph, ON	Canada	Beverages (Non-Alcoholic)		3
Nestlé Waters Canada	Branch	Hope, BC	Canada	Beverages (Non-Alcoholic)	53.1	120
Nestlé Waters Canada Ltee	Branch	Laval, QC	Canada	Beverages (Non-Alcoholic)	1.8	12
Nestle Purina PetCare Co	Subsidiary	Mississauga, ON	Canada	Food Processing
Nestle España Sa	Subsidiary	Esplugues De Llobregat, Barcelona	Spain	Food Processing	1,668.8	3,218
Helados Y Postres Sa	Subsidiary	Vitoria-Gasteiz, Alava	Spain	Food Processing	365.5	1,288
Nestle Purina Petcare España Sa	Subsidiary	Castellbisbal, Barcelona	Spain	Food Processing	121.3	195
Nestle Healthcare Nutrition Sa	Subsidiary	Esplugues De Llobregat, Barcelona	Spain	Food Processing	133.8	125
Davigel España Sa	Subsidiary	Sant Just Desvern, Barcelona	Spain	Food Processing	44.0	122
Nestlé Polska S.A.	Subsidiary	Warszawa	Poland	Food Processing	864.7	3,082
Gerber Products Co	Subsidiary	Florham Park, NJ	United States	Food Processing	1,750.0	3,000
Gerber Products Co	Branch	Fremont, MI	United States	Food Processing	633.0	750
Gerber Products Co	Branch	Fort Smith, AR	United States	Food Processing	590.8	700
Gerber Life Insurance Co	Branch	White Plains, NY	United States	Investment Services	11.0	50
Gerber Products Co	Branch	Anaheim, CA	United States	Food Processing	5.1	6
Gerber Products Co	Subsidiary	Fremont, MI	United States	Food Processing	506.4	600
Galderma Pharma SA	Joint Venture	Lausanne	Switzerland	Biotechnology and Drugs	1,360.1	3,000
Galderma Research & Development	Subsidiary	Biot	France	Biotechnology and Drugs	87.6	374
Laboratoires Galderma	Subsidiary	Alby Sur Cheran	France	Biotechnology and Drugs	86.1	261
Galderma Laboratories LP	Subsidiary	Fort Worth, TX	United States	Biotechnology and Drugs	500.0	150
Galderma Brasil Ltda.	Subsidiary	São Paulo	Brazil	Retail (Specialty)		50
CollaGenex Pharmaceuticals, Inc.	Subsidiary	Newtown, PA	United States	Biotechnology and Drugs	30.1	130
Galderma Laboratorium GmbH	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Biotechnology and Drugs	38.2	82
Galderma Mexico SA de CV	Subsidiary	Delegacion Benito Juarez, Federal District	Mexico	Miscellaneous Capital Goods	26.0	77
Galderma Argentina S.A.	Subsidiary	Ciudad De Buenos Aires, Ciudad De Buenos Aires	Argentina	Miscellaneous Capital Goods	2.2	50
Galderma Laboratories South Africa (Pty) Ltd	Subsidiary	Bryanston	South Africa	Biotechnology and Drugs	8.0	28
Galderma Colombia SA	Subsidiary	Bogota, Cundinamarca	Colombia	Miscellaneous Capital Goods	8.0	26
Galderma Canada Inc	Joint Venture	Thornhill, ON	Canada	Personal and Household Products	25.1	14
Galderma Hellas Trade of Pharmaceutical Products SA	Subsidiary	Attica	Greece	Food Processing	3.9	9
Galderma (Singapore) Pte Ltd	Subsidiary	Singapore	Singapore	Food Processing		9
Galderma Hong Kong Ltd Taiwan Branch	Subsidiary	Taipei City, Taipei City	Taiwan	Food Processing		8
Galderma Philippines Inc	Subsidiary	Greenhills, San Juan, Metro Manila	Philippines	Biotechnology and Drugs
Galderma India Pvt Ltd	Subsidiary	Maharashtra	India	Miscellaneous Capital Goods
Galderma Polska Sp zoo	Subsidiary	Warsaw	Poland	Food Processing
Galderma Hong Kong Ltd	Subsidiary	Causeway Bay, Hong Kong Island	Hong Kong	Food Processing
Laboratorios Galderma Venezuela SA	Subsidiary	Caracas	Venezuela	Food Processing
Jenny Craig Inc	Subsidiary	Carlsbad, CA	United States	Biotechnology and Drugs	262.4	3,000
Jenny Craig Distribution Center	Branch	Rancho Cucamonga, CA	United States	Advertising	9.0	40
Jenny Craig Weight Loss Centres	Subsidiary	Melbourne, VIC	Australia	Recreational Activities	1.0	30
Lviv Confectionery Firm Svitoch, JSC	Subsidiary	Lviv	Ukraine	Food Processing	75.0	3,000
Chocolates Garoto S.A.	Subsidiary	São Paulo, SP	Brazil	Food Processing	1,085.0	2,947
Nestle France	Subsidiary	Noisiel	France	Food Processing	2,449.9	2,938
Davigel	Subsidiary	Martin Eglise	France	Food Processing	989.4	2,586
Herta	Subsidiary	Noisiel	France	Food Processing	768.3	1,525
Nestle Grand Froid	Subsidiary	Noisiel	France	Food Processing	441.4	854
Soc Produits Aliment Caudry	Subsidiary	Noisiel	France	Food Processing	53.6	169
Nestle Waters Supply Centre	Subsidiary	Issy Les Moulineaux	France	Beverages (Non-Alcoholic)	21.6	74
Mistral Constructeur	Subsidiary	Ris Orangis	France	Miscellaneous Capital Goods	5.7	34
Nestlé (Thailand) Ltd	Subsidiary	Bangkok	Thailand	Food Processing	805.3	2,600
Nestlé Suisse S.A.	Subsidiary	Tour-de-Peilz, Vaud	Switzerland	Food Processing		2,581
Nestle Pakistan Ltd.	Subsidiary	Lahore	Pakistan	Food Processing	604.4	2,345
Nestlé Waters Deutschland AG	Subsidiary	Mainz	Germany	Beverages (Non-Alcoholic)	2,781.5	2,500
Blaue Quellen GmbH	Subsidiary	Löhnberg, Hessen	Germany	Beverages (Alcoholic)		50
Nestlé Indonesia, P.T.	Subsidiary	Jakarta	Indonesia	Food Processing	1.0	2,500
Nestlé Egypt SAE	Subsidiary	Cairo	Egypt	Food Processing	260.0	2,200
Nestle Japan Ltd	Subsidiary	Kobe-shi, Hyogo	Japan	Food Processing		2,100
Nestle Japan Ltd	Subsidiary	Kobe-shi, Hyogo	Japan	Beverages (Non-Alcoholic)		2,100
Nestlé Cesko s.r.o.	Subsidiary	Praha	Czech Republic	Food Processing	337.8	2,056
Nestle Foods Nigeria PLC	Subsidiary	Lagos	Nigeria	Food Processing	547.6	2,038
Nestlé Nigeria Plc	Subsidiary	Lagos	Nigeria	Food Processing	456.3	2,038
Nestlé Argentina S.A.	Subsidiary	Vicente López, Buenos Aires	Argentina	Food Processing	150.0	1,990
Nestle Argentina S.A.	Subsidiary	Vicente Lopez, Buenos Aires	Argentina	Food Processing	470.9	1,800
Nestle Waters Supply Est	Subsidiary	Issy Les Moulineaux	France	Food Processing	476.6	1,771
Nestle Purina Petcare France	Subsidiary	Rueil Malmaison	France	Food Processing	1,129.8	1,639
Nestle USA	Subsidiary	Glendale, CA	United States	Food Processing	74,255.0	1,500
Nestle Purina PetCare Co	Division	St Louis, MO	United States	Food Processing	4,300.0	1,900
Golden Products Corp	Subsidiary	St Louis, MO	United States	Retail (Specialty)	621.0	2,700
Nestle Purina Pet Care Co	Branch	St Louis, MO	United States	Personal and Household Products	1,436.0	2,000
Nestlé Purina Chile SA	Subsidiary	Santiago	Chile	Miscellaneous Capital Goods	26.0	100
Ralston Purina do Brasil Ltda	Subsidiary	Ribeirao Preto , São Paulo	Brazil	Crops
Nestle Purina Pet Care Co	Branch	Davenport, IA	United States	Retail (Specialty)	62.8	400
Nestle Purina Pet Care Co	Branch	Crete, NE	United States	Food Processing	359.0	320
Nestle Purina Pet Care Co	Branch	Jefferson, WI	United States	Food Processing	336.6	300
Nestle Purina Pet Care Co	Branch	Denver, CO	United States	Food Processing	336.6	300
Nestle Purina Pet Care Co	Branch	Clinton, IA	United States	Food Processing	319.8	285
Nestle Purina Pet Care Co	Branch	Edmond, OK	United States	Food Processing	280.5	250
Nestle Purina Pet Care Co	Branch	Dunkirk, NY	United States	Food Processing	280.5	250
Nestle Purina Pet Care Co	Branch	Fairburn, GA	United States	Fish and Livestock	130.0	243
Nestle Purina Pet Care Co	Branch	St Joseph, MO	United States	Food Processing	240.1	214
Nestle Purina Pet Care Co	Branch	Fort Dodge, IA	United States	Food Processing	224.4	200
Nestle Purina Pet Care Co	Branch	Flagstaff, AZ	United States	Food Processing	209.8	187
Nestle Purina Pet Care Co	Branch	Bloomfield, MO	United States	Personal and Household Products	118.5	165
Nestle Purina Pet Care Co	Branch	Zanesville, OH	United States	Food Processing	117.8	105
Nestle Purina Pet Care Co	Branch	St Joseph, MO	United States	Food Processing	84.4	100
Nestle Purina Pet Care Co	Branch	St Louis, MO	United States	Advertising	17.8	85
Nestle Purina Pet Care Co	Branch	Maricopa, CA	United States	Food Processing	48.7	60
Nestle Purina Pet Care Co	Branch	Springfield, MO	United States	Waste Management Services	18.3	35
Nestle Purina Petcare	Branch	Mechanicsburg, PA	United States	Food Processing	29.2	26
Nestle Purina Pet Care Co	Branch	Scottsdale, AZ	United States	Food Processing	21.1	25
Waggin Train LLC	Subsidiary	Anderson, SC	United States	Food Processing	3.4	4
Agribrands Purina S.A. de C.V.	Subsidiary	Irapuato	Mexico	Food Processing	175.0
Nestle USA	Branch	Springville, UT	United States	Food Processing	615.5	1,650
Nestle USA	Branch	Mt Sterling, KY	United States	Food Processing	324.0	800
Nestle USA	Branch	Bloomington, IL	United States	Food Processing	263.3	650
Nestle Chocolate & Confection	Branch	Burlington, WI	United States	Food Processing	394.9	550
Nestle Prepared Foods Co	Subsidiary	Cleveland, OH	United States	Food Processing	1,900.0	500
Nestle Prepared Foods Co	Branch	Chatsworth, CA	United States	Food Processing	186.5	500
Nestle Prepared Foods Co	Branch	Danville, VA	United States	Food Processing	162.0	400
Nestle Prepared Foods Co	Branch	Englewood, CO	United States	Food Processing	200.0	175
Nestle USA	Branch	Eau Claire, WI	United States	Food Processing	568.5	500
Nestle USA	Branch	Anderson, IN	United States	Food Processing	454.8	400
Willy Wonka Candy Factory	Subsidiary	Itasca, IL	United States	Food Processing		350
Dreyer's Grand Ice Cream Inc	Subsidiary	Oakland, CA	United States	Food Processing	2,000.0	300
Dreyer's Grand Ice Cream	Branch	Walnut, CA	United States	Food Processing	146.2	600
Nestle Grand Ice Cream	Branch	Bakersfield, CA	United States	Food Processing	339.4	550
Dreyer's Grand Ice Cream	Branch	Laurel, MD	United States	Food Processing	154.3	250
Edy's Grand Ice Cream	Subsidiary	Oakland, CA	United States	Food Processing		250
Edy's Grand Ice Cream	Branch	Fort Wayne, IN	United States	Food Processing	154.3	250
Edy's Grand Ice Cream	Branch	Glendale Heights, IL	United States	Restaurants	6.0	150
Edy's Grand Ice Cream	Branch	New Berlin, WI	United States	Food Processing	49.4	80
Edy's Grand Ice Cream	Branch	Weston, FL	United States	Food Processing	67.2	70
Edy's Grand Ice Cream	Branch	Fridley, MN	United States	Food Processing	43.2	45
Edy's Grand Ice Cream	Branch	Overland Park, KS	United States	Food Processing	38.4	40
Edy's Grand Ice Cream	Branch	Duluth, GA	United States	Food Processing	38.4	40
Edy's Grand Ice Cream	Branch	Richmond, VA	United States	Food Processing	38.4	40
Edy's Grand Ice Cream	Branch	Jacksonville, FL	United States	Food Processing	17.3	28
Dreyer's Grand Ice Cream	Subsidiary	Houston, TX	United States	Food Processing	192.0	200
Dreyer's Grand Ice Cream	Branch	Kent, WA	United States	Food Processing	74.6	150
Dreyer's Grand Ice Cream	Branch	Denver, CO	United States	Food Processing	95.0	99
Dreyer's Grand Ice Cream	Branch	Grand Prairie, TX	United States	Food Processing	57.6	60
Dreyer's Grand Ice Cream	Branch	Phoenix, AZ	United States	Food Processing	32.7	60
Dreyer's Grand Ice Cream	Branch	Salt Lake City, UT	United States	Food Processing	30.9	50
Dreyer's Grand Ice Cream	Branch	San Ramon, CA	United States	Food Processing	43.2	45
Dreyer's Grand Ice Cream	Branch	Long Beach, CA	United States	Food Processing	38.4	40
Dreyer's Grand Ice Cream	Branch	Anchorage, AK	United States	Food Processing	33.6	35
Dreyer's Grand Ice Cream	Branch	Flagstaff, AZ	United States	Food Processing	28.8	30
Dreyer's Grand Ice Cream	Branch	Bloomington, CA	United States	Food Processing	27.8	29
Dreyer's Grand Ice Cream	Branch	Irvine, CA	United States	Food Processing	23.0	24
Nestle USA	Branch	Morton, IL	United States	Food Processing	83.9	225
Nestle USA	Branch	Dekalb, IL	United States	Food Processing	227.4	200
Nestle Healthcare Nutrition	Subsidiary	Florham Park, NJ	United States	Medical Equipment and Supplies	666.4	160
Nestlé Servicios Corporativos, S.A. de C.V.	Subsidiary	Querétaro, Querétaro	Mexico	Food Processing	75.0	600
Nestle USA	Branch	Modesto, CA	United States	Food Processing	113.7	100
Nestle USA	Branch	Bentonville, AR	United States	Food Processing	39.8	35
Nestle USA	Branch	Rogers, AR	United States	Food Processing	39.8	35
Nestle USA	Branch	Mooresville, NC	United States	Food Processing	12.2	30
Nestle USA	Branch	Eden Prairie, MN	United States	Miscellaneous Capital Goods	18.9	20
Nestle Holdings Inc	Branch	Norwalk, CT	United States	Miscellaneous Financial Services	16.1	20
Haagen-Dazs Shoppe Co Inc	Subsidiary	Minneapolis, MN	United States	Food Processing		20
Haagen-Dazs Shop	Branch	Tulare, CA	United States	Restaurants	20.0	500
Nestle Waters North America	Subsidiary	Greenwich, CT	United States	Beverages (Non-Alcoholic)	2,500.0
Poland Spring Water	Branch	Poland Spring, ME	United States	Retail (Grocery)	46.0	400
Nestle Waters North America	Branch	Breinigsville, PA	United States	Food Processing	288.0	300
Nestle Waters North America	Branch	Raynham, MA	United States	Retail (Grocery)	34.5	300
Poland Spring Water	Branch	Raynham, MA	United States	Retail (Grocery)	24.2	210
Nestle Waters North America	Branch	Framingham, MA	United States	Retail (Grocery)	23.0	200
Nestle Waters North America	Branch	Coppell, TX	United States	Retail (Grocery)	23.0	200
Nestle Waters North America	Branch	Red Boiling Spgs, TN	United States	Retail (Grocery)	18.9	164
Ice Mountain Spring Water	Branch	Stanwood, MI	United States	Retail (Grocery)	17.3	150
Arrowhead Mountain Spring Wtr	Branch	Orange, CA	United States	Retail (Grocery)	9.2	80
Nestle Water North America	Branch	Orange, CA	United States	Food Processing	42.2	50
Nestle Waters North America	Branch	North Haven, CT	United States	Retail (Grocery)	5.8	50
Zephyrhills Natural Spring Wtr	Branch	Jupiter, FL	United States	Retail (Grocery)	5.2	45
Zephyrhills Natural Spring Wtr	Branch	Jacksonville, FL	United States	Retail (Grocery)	3.5	30
Nestle Professional	Subsidiary	Glendale, CA	United States	Food Processing	800.0
Vitality Foodservice, Inc.	Subsidiary	Tampa, FL	United States	Personal and Household Products	625.0	700
Vitality Foodservice Inc	Branch	Wheeling, IL	United States	Food Processing	31.8	30
Konditerskaya Firma Altay, LLC	Subsidiary	Barnaul	Russian Federation	Food Processing	30.2
Nestle Usa Foundation	Subsidiary	Glendale , CA	United States	Personal Services
Nestle Beverage	Branch	Waverly, IA	United States	Food Processing	337.6	400
Nestle Beverage	Branch	Freehold, NJ	United States	Food Processing	294.6	349
Nestle Beverage	Branch	Jacksonville, IL	United States	Retail (Grocery)	49.4	200
Nestle USA Sales Division	Subsidiary	Glendale, CA	United States	Retail (Grocery)
Nestle USA	Branch	Cleveland, OH	United States	Food Processing	101.3	250
Nestlé Schöller GmbH	Subsidiary	Nürnberg	Germany	Food Processing	31.4	1,500
Nestle Waters Supply Sud	Subsidiary	Issy Les Moulineaux	France	Food Processing	276.2	1,499
Sichuan Haoji Food Co.,Ltd.	Subsidiary	Liangshan Yizu Autonomous Prefecture, Si Chuan	China	Food Processing	53.1	1,451
Nestlé Perú S.A.	Subsidiary	Lima	Peru	Food Processing	75.0	1,381
Nestlé Hungária Kft	Subsidiary	Budapest	Hungary	Food Processing	404.3	1,329
Corporación Inlaca, C.A.	Subsidiary	Valencia, Carabobo	Venezuela	Food Processing	0.2	1,240
Nestlé Indonesia, PT	Joint Venture	Jakarta	Indonesia	Food Processing		1,232
Nestlé Peru SA	Subsidiary	Lima	Peru	Miscellaneous Capital Goods	278.0	1,216
Nestlé Industrial e Comercial Ltda.	Subsidiary	São Paulo	Brazil	Food Processing		1,200
Nestlé Portugal, S.A.	Subsidiary	Linda-a-Velha	Portugal	Food Processing	718.9	1,190
Prolacto - LacticÃnios de São Miguel SA	Subsidiary	Ponta Delgada	Portugal	Food Processing	34.2	60
Nestle Purina Petcare (U.K.) Ltd.	Subsidiary	Wisbech	United Kingdom	Food Processing	705.3	1,099
Nestlé Brasil Ltda.	Subsidiary	São Paulo, SP	Brazil	Food Processing	3,357.1	1,000
Nestlé (Thai) Ltd	Subsidiary	Lumpini, Pathumwan, Bangkok	Thailand	Food Processing	750.0	1,000
Nestlé de Colombia S.A.	Subsidiary	Bogotá DC	Colombia	Food Processing	583.7	1,000
Cicolac Ltda	Subsidiary	Bogotá	Colombia	Food Processing		174
Nestlé Purina PetCare de Colombia S.A.	Subsidiary	Bogotá DC	Colombia	Food Processing	55.3	100
Comestibles La Rosa S.A.	Subsidiary	Bogotá DC	Colombia	Food Processing	20.7
Nestlé Ecuador S.A.	Subsidiary	Quito, Pichincha	Ecuador	Food Processing	364.6	1,000
Nestlé Bulgaria AD	Subsidiary	Sofia	Bulgaria	Food Processing	60.0	1,000
Compa±ia Nestle, S.A. De C.V.	Subsidiary	Mexico City, Distrito Federal	Mexico	Food Processing	21.0	1,000
Compa±ia Nestle, S.A. De C.V.	Subsidiary	Mexico City, Distrito Federal	Mexico	Food Processing	20.0	1,000
Nestlé Türkiye Gida Sanayi AS	Subsidiary	Istanbul	Turkey	Food Processing	274.0	960
Nestle Indonesia Pt	Subsidiary	Jakarta, Jakarta	Indonesia	Food Processing		846
Nestlé Slovensko s.r.o.	Subsidiary	Prievidza	Slovakia	Food Processing	208.6	810
Nestle Purina Pet Care	Subsidiary	North Ryde, NSW	Australia	Food Processing	62.6	800
Nestle Thai Limited	Subsidiary	Bangkok	Thailand	Food Processing	1.0	800
Nestle Products (Thailand) Inc	Subsidiary	Bangkok, Bangkok	Thailand	Food Processing		800
Nestle Vietnam Ltd	Subsidiary	Ho Chi Minh, Ho Chi Minh	Viet Nam	Food Processing		772
Nestle Panamá S.A.	Subsidiary	Ciudad de Panamá	Panama	Food Processing	75.0	760
Nestlé Korea Ltd	Subsidiary	Kangam-Ku	Korea, Republic of	Miscellaneous Capital Goods	229.0	750
NESTEC S.A.	Subsidiary	Vevey, Vaud	Switzerland	Business Services		750
Nespresso France	Subsidiary	Paris	France	Food Processing	97.2	749
Nestle Korea Ltd	Subsidiary	Seoul, Seoul	Korea, Republic of	Food Processing		738
Nestle Cote D'Ivoire SA	Subsidiary	Abidjan	Cote d'Ivoire	Food Processing	221.7	710
Nestle	Subsidiary	Auckland	New Zealand	Food Processing	204.7	702
Nestlé Vietnam Ltd	Subsidiary	Ho Chi Minh City	Viet Nam	Food Processing	214.0	700
Nestlé New Zealand Limited	Subsidiary	Auckland	New Zealand	Food Processing		700
Nestle (Lanka) Ltd.	Subsidiary	Colombo 10	Sri Lanka	Food Processing	189.5	667
Koine SpA	Subsidiary	Madone, Bergamo	Italy	Trucking	93.6	609
Nestlé Hellas SA	Subsidiary	Athens	Greece	Food Processing	463.6	550
Eismann Sa	Subsidiary	Barcelona	Spain	Retail (Catalog and Mail Order)	44.5	544
Nestle FoodServices	Subsidiary	Cleveland, OH	United States	Food Processing	2.5	500
Nestle Beverages Indonesia, P.T.	Subsidiary	Jakarta	Indonesia	Beverages (Non-Alcoholic)	1.0	500
Nestlé (PNG) Pty Ltd.	Subsidiary	Lae	Papua New Guinea	Food Processing		500
Nestle (Thailand) Ltd	Subsidiary	Bangkok, Bangkok	Thailand	Food Processing		485
Nestlé Jamaica Ltd	Subsidiary	Kingston	Jamaica	Food Processing		456
Nestlé Trinidad & Tobago Ltd	Subsidiary	Port-of-Spain	Trinidad and Tobago	Food Processing		455
Nestlé Romania SRL	Subsidiary	Bucharest	Romania	Food Processing	30.0	450
Nestlé Maroc SA	Subsidiary	Casablanca	Morocco	Food Processing		450
Soc Indust Transformation Produits Agricoles	Subsidiary	Noisiel	France	Food Processing	171.9	448
Suomen Nestlé Oy	Subsidiary	Helsinki	Finland	Food Processing	222.9	445
Nestlé Purina PetCare	Subsidiary	Vantaa	Finland	Food Processing	1.8
Alima-Gerber S.A.	Subsidiary	Warszawa	Poland	Food Processing		420
Nestle Waters Marketing & Distribution	Subsidiary	Issy Les Moulineaux	France	Food Processing	1,374.5	415
Nestlé Taiwan Ltd	Subsidiary	Taipei	Taiwan	Fish and Livestock	1.0	390
Qingdao Nestle Co.,Ltd.	Subsidiary	Qingdao City, Shan Dong	China	Fish and Livestock	144.1	382
Productos Del Cafe Sociedad Anonima	Subsidiary	Reus, Tarragona	Spain	Food Processing	135.6	379
Centres De Recherche Et Developpement Nestle	Subsidiary	Beauvais	France	Miscellaneous Financial Services	93.6	374
Nestle Waters Management & Technology	Subsidiary	Issy Les Moulineaux	France	Business Services	25.9	374
Nestlé Waters Brazil Bebidas e Alimentos Ltda.	Subsidiary	São Paulo, SP	Brazil	Beverages (Non-Alcoholic)	85.0	350
Nestle Singapore (Pte) LTD	Subsidiary	Singapore	Singapore	Food Processing	239.4	360
Nestlé Österreich GesmbH	Subsidiary	Wien, Wien	Austria	Food Processing	197.5	360
Nestle Waters España Sa	Subsidiary	Barcelona	Spain	Beverages (Non-Alcoholic)	83.0	351
Aquarel Iberica Sa	Subsidiary	Barcelona	Spain	Beverages (Alcoholic)	63.6
Nestlé Iran PJS Co	Subsidiary	Tehran	Iran	Food Processing	107.0	350
Nestlé Hong Kong Ltd	Subsidiary	Kowloon, Kowloon	Hong Kong	Food Processing	107.0	350
Nestlé Puerto Rico Inc	Subsidiary	Km 3.4, Barrio Palmas, Catano	Puerto Rico	Food Processing	107.0	350
Nestlé Österreich GmbH	Subsidiary	Wien	Austria	Food Processing	192.7	340
Nestlé Tunisie SA	Subsidiary	Tunis	Tunisia	Food Processing	40.9	320
Houdebine	Subsidiary	Noyal Pontivy	France	Food Processing	81.7	314
Nestle Dairy (Thailand) Co Ltd	Subsidiary	Bang Phlee, Samut Prakan	Thailand	Food Processing		310
Nestlé Waters (Suisse) SA Henniez	Subsidiary	Henniez	Switzerland	Beverages (Non-Alcoholic)	8,666.5	300
Nestle Foods (Thailand) Ltd	Subsidiary	Bangkok, Bangkok	Thailand	Food Processing		300
Nestle Belgilux	Subsidiary	Bruxelles	Belgium	Food Processing	354.1	281
Nestlé Sverige AB	Subsidiary	Helsingborg	Sweden	Food Processing	312.7	278
Nestlé Cameroun	Subsidiary	Douala	Cameroon	Food Processing	92.0	274
Nestlé Norge A/S	Subsidiary	Oslo	Norway	Food Processing	209.4	253
Société des Eaux Minérales Libanaises SAL	Subsidiary	Beirut	Lebanon	Beverages (Non-Alcoholic)		250
Nestle Clinical Nutrition France	Subsidiary	Noisiel	France	Biotechnology and Drugs	130.2	241
Nestle Homecare	Subsidiary	Noisiel	France	Healthcare Facilities	38.0	34
Jenny Craig France	Subsidiary	La Baule	France	Retail (Grocery)		74
Nespresso Belgique - Nespresso Belgie	Subsidiary	Bruxelles	Belgium	Food Processing	70.7	232
Nestlé Danmark A/S	Subsidiary	København Ø	Denmark	Food Processing	163.0	230
Nestle Mfg (Thailand) Ltd	Subsidiary	Bangkok, Bangkok	Thailand	Food Processing		230
Nestlé Sénégal	Subsidiary	Dakar	Senegal	Food Processing	83.3	200
Nestlé Venezuela SA	Subsidiary	Caracas	Venezuela	Miscellaneous Capital Goods	52.0	200
Nestlé Waters Direct Portugal - Comércio E Distribuição De Produtos Alimentares, S.A.	Subsidiary	São João Da Talha	Portugal	Beverages (Non-Alcoholic)	21.0	186
Nespresso Italiana SpA	Subsidiary	Milano, Milano (Milan)	Italy	Miscellaneous Capital Goods	175.5	181
Nestlé Product Technology Centre Lebensmittelforschung GmbH	Subsidiary	Singen (Hohentwiel), Baden-Württemberg	Germany	Biotechnology and Drugs	42.6	180
Hemglass AB	Subsidiary	Solna	Sweden	Food Processing	33.2	163
Société pour l'Exportation des Produits Nestlé SA	Subsidiary	Beirut	Lebanon	Food Processing	51.0	158
Jede AB	Subsidiary	Mariestad	Sweden	Miscellaneous Capital Goods	47.9	152
Nestle (Ireland) Limited	Subsidiary	Dublin	Ireland	Food Processing	210.6	151
Nestle Distribution (Ireland) Limited	Subsidiary	Dublin	Ireland	Food Processing	156.0	248
Nestle Purina Petcare (Ireland) Limited	Subsidiary	Dublin	Ireland	Retail (Grocery)	8.7
Nestle Food Services	Branch	Dorval, QC	Canada	Food Processing	168.4	150
Longa Vida - Indústrias Lácteas, S.A.	Subsidiary	Perafita	Portugal	Food Processing	150.7	150
Nestle Waters Direct France	Subsidiary	Issy Les Moulineaux	France	Retail (Specialty)		149
Saudi Food Industries Co Ltd	Subsidiary	Jeddah	Saudi Arabia	Food Processing		130
Schöller Lebensmittel GesmbH	Subsidiary	Wien, Wien	Austria	Food Processing	47.9	120
Nestlé Haiti SA	Subsidiary	Port-au-Prince	Haiti	Food Processing	31.0	100
Nestle R&D Center (Pte)Ltd	Subsidiary	Singapore	Singapore	Biotechnology and Drugs	9.9	100
Nestle Trading (Thailand) Limited	Subsidiary	Bangkok	Thailand	Consumer Financial Services	1.0	100
Nestlé Nouvelle-Calédonia S.A.S.	Subsidiary	Noumea	New Caledonia	Food Processing		100
PowerBar Europe GmbH	Subsidiary	München, Bayern	Germany	Personal and Household Products		100
Suomen Kotijäätelö Oy	Subsidiary	Vantaa	Finland	Retail (Grocery)	18.6	98
Nestlé Italiana S.p.A. - Buitoni	Subsidiary	Milano	Italy	Food Processing	1.0	70
Cm & D Pharma Ltd.	Subsidiary	London	United Kingdom	Biotechnology and Drugs	12.3	66
Cm&D Pharma (Investments) Ltd.	Subsidiary	Esher	United Kingdom	Biotechnology and Drugs
Biohealth Italia SRL	Subsidiary	Rivoli, Torino (Turin)	Italy	Chemicals - Plastics and Rubber	6.7	20
Nestle Waters Benelux	Subsidiary	Etalle	Belgium	Beverages (Non-Alcoholic)	30.1	59
Nestle Asean Indonesia Pt	Subsidiary	Jakarta, Jakarta	Indonesia	Food Processing		57
Alcon Nederland B.V.	Subsidiary	Gorinchem, Zuid-Holland	Netherlands	Personal and Household Products		53
DISTRIBUTA Gesellschaft für Lebensmittellogistik mbH	Subsidiary	Wildau, Brandenburg	Germany	Personal Services		49
Nestlé El Salvador S.A. de C.V.	Subsidiary	San Salvador	El Salvador	Food Processing		49
Hjem-Is A/S	Subsidiary	Kolding	Denmark	Food Processing	57.0	47
Osem U.K. Ltd.	Subsidiary	Basildon	United Kingdom	Retail (Grocery)	29.2	46
Nestlé Gabon	Subsidiary	Libreville	Gabon	Food Processing		46
Kaffeknappen Sverige AB	Subsidiary	Stockholm, Stockholm	Sweden	Beverages (Non-Alcoholic)	12.8	45
Nestle Waters	Subsidiary	Issy Les Moulineaux	France	Beverages (Non-Alcoholic)	1,750.0	34
Sanpellegrino SpA	Subsidiary	Milano, Milano (Milan)	Italy	Beverages (Non-Alcoholic)	1,183.0	1,703
Fastlog SpA	Subsidiary	Madone, Bergamo	Italy	Trucking	24.4	60
Nestle Vera SRL	Subsidiary	Santo Stefano Quisquina, Agrigento	Italy	Retail (Grocery)	19.9	22
Kékkúti Ã�sványvÃz Kitermelõ, Töltõ és Forgalmazó Zrt	Subsidiary	Budapest	Hungary	Beverages (Non-Alcoholic)		129
Eaux Minerales De Plancoet Source Sassay	Subsidiary	Plancoet	France	Beverages (Non-Alcoholic)		34
Nestle Waters France	Subsidiary	Issy Les Moulineaux	France	Beverages (Non-Alcoholic)	1.7	17
Societe Industrielle De Vergeze	Subsidiary	Garons	France	Containers and Packaging		374
Nestle Waters Services	Subsidiary	Issy Les Moulineaux	France	Computer Services		374
Source Du Val Saint Lambert	Subsidiary	St Lambert	France	Beverages (Non-Alcoholic)		34
Societe Francaise Des Eaux Regionales	Subsidiary	Issy Les Moulineaux	France	Computer Services	2.4	14
Sa Des Eaux Minerales De Ribeauville	Subsidiary	Ribeauville	France	Beverages (Non-Alcoholic)	24.1	53
Societe Des Eaux Minerales Darcachon	Subsidiary	Arcachon	France	Beverages (Non-Alcoholic)	11.3	34
Perrier Vittel France	Subsidiary	Vittel	France	Beverages (Non-Alcoholic)	450.0
Perrier Vittel France	Branch	Issy-les-Moulineaux	France	Beverages (Non-Alcoholic)
Nestlé Baltics UAB	Subsidiary	Vilnius	Lithuania	Food Processing	30.0	33
Nestle GmbH	Subsidiary	Ölbronn-Dürrn, Baden-Württemberg	Germany	Personal and Household Products		30
Nestle Capital Management Ltd	Subsidiary	Croydon	United Kingdom	Business Services	15.2	28
Nestlé's Products (Mauritius) Limited	Subsidiary	Riche Terre	Mauritius	Food Processing		26
Nestle Catering Services	Subsidiary	Bruxelles	Belgium	Retail (Grocery)	10.3	23
Nestlé Purina Korea Inc	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Capital Goods	6.0	20
Alcon Finland Oy	Subsidiary	Vantaa	Finland	Personal and Household Products	15.7	16
Coordinatie Centrum Nestle	Subsidiary	Bruxelles	Belgium	Commercial Banks	2.4	13
Pereast Ltd	Subsidiary	Hong Kong, Hong Kong	Hong Kong	Beverages (Non-Alcoholic)		10
Nestle Brasil Ltda ( Marilia- Sp )	Subsidiary	Marilia, Sao Paulo	Brazil	Food Processing	2,558.9
Nestle Brasil Ltda ( Brasilia )	Subsidiary	Brasilia, Distrito Federal	Brazil	Food Processing	2,558.9
Nestle Brasil Ltda	Subsidiary	Ibia, Minas Gerais	Brazil	Food Processing	2,558.9
Nestlé Japan Limited	Subsidiary	Kobe	Japan	Food Processing	2,500.0
Nestlé Confectionery K. K.	Subsidiary	Kobe	Japan	Food Processing	1.0
Dairy Partners Americas Brazil Ltda.	Joint Venture	São Paulo, SP	Brazil	Food Processing	540.1
Nestlé Nederland BV	Subsidiary	Amsterdam	Netherlands	Food Processing	524.8
Nespresso Nederland B.V.	Subsidiary	Amsterdam Zuidoost, North Holland	Netherlands	Food Processing		32
Nestle Korea Limited	Subsidiary	Seoul	Korea, Republic of	Beverages (Non-Alcoholic)	294.6
Nestlé Venezuela S.A.	Subsidiary	Caracas	Venezuela	Food Processing	175.0
Nestlé Ghana ltd.	Subsidiary	Accra	Ghana	Food Processing	75.0
CPW Philippines Inc	Subsidiary	Makati City	Philippines	Food Processing	52.4
Nestlé Guatemala S.A.	Subsidiary	Guatemala City	Guatemala	Food Processing	40.0
Cooperativa de Productores de Leche	Subsidiary	Alajuela	Costa Rica	Fish and Livestock	40.0
Societe Immobiliere De Noisiel	Subsidiary	Noisiel	France	Business Services	11.5
Nestle European Information Technology Operations Center	Subsidiary	Bruxelles	Belgium	Business Services	0.6
Nestlé CSA Ltd	Subsidiary	Accra	Ghana	Food Processing
Nestlé Zimbabwe (Pvt) Ltd	Subsidiary	Harare	Zimbabwe	Miscellaneous Capital Goods
Nestlé Venezuela S.A.	Subsidiary	Caracas, Distrito Capital	Venezuela	Food Processing
Nestlé Jordan Trading Company Ltd	Subsidiary	Amman	Jordan	Consumer Financial Services
Nestle Paraguay S.A.	Subsidiary	Asunción	Paraguay	Food Processing
Z. L. Uzdrowisko Naleczów S.A.	Subsidiary	Naleczów	Poland	Business Services
Nestle d.o.o.	Subsidiary	Slovenj Gradec	Slovenia	Food Processing
Nestlé Adriatik d.o.o.e.l Makedonija	Subsidiary	Skopje	Macedonia	Food Processing
Nestlé Hellas SAI	Subsidiary	Maroussi	Greece	Food Processing
Nestle Watercoolers Uk Ltd.	Subsidiary	Croydon	United Kingdom	Beverages (Non-Alcoholic)
Nestle Coffee Specialties S. A.	Subsidiary	London	United Kingdom
Nestlé del Uruguay S.A.	Subsidiary	Montevideo	Uruguay	Retail (Grocery)
Nestlé Nicaragua, S.A.	Subsidiary	Managua	Nicaragua	Food Processing
Nestle Kuwait General Trading Co	Subsidiary	Safat	Kuwait	Retail (Grocery)
Nestlé S.A. (Pension Fund)	Subsidiary	Vevey	Switzerland	Investment Services
Nestlé Dominicana SA	Subsidiary	Santo Domingo	Dominican Republic	Food Processing
Nestlé WaterCoolers CIS	Subsidiary	Moscow	Russian Federation	Food Processing
Nestlé Syria Ltd	Subsidiary	Khan-Al Sheih, Damascus	Syria	Food Processing
Nestlé Bolivia S.R.L.	Subsidiary	Santa Cruz	Bolivia	Food Processing
Vitaflo International Holdings Ltd.	Subsidiary	Liverpool	United Kingdom	Healthcare Facilities
Vitaflo (International) Ltd.	Subsidiary	Liverpool	United Kingdom	Healthcare Facilities	25.6	73
Vitaflo Ltd.	Subsidiary	Paisley	United Kingdom	Personal Services
Vitaflo Research Foundation Ltd.	Subsidiary	Liverpool	United Kingdom	Biotechnology and Drugs
Nestlé Angola Lda.	Subsidiary	Luanda	Angola	Food Processing
Nestlé Adriatic BH d.o.o.	Subsidiary	Sarajevo	Bosnia and Herzegovina	Food Processing
Nestlé Waters (Suisse) S.A.	Subsidiary	Henniez	Switzerland	Food Processing
Société pour l'Exportation	Subsidiary	Brazzaville	Congo	Food Processing
Société pour l'Exportation	Subsidiary	Kingabwa	Congo	Food Processing
Nestlé (Fiji) Ltd.	Subsidiary	Lami	Fiji	Food Processing
Nestle Gibraltar Ltd.	Subsidiary	Gibraltar	Gibraltar	Food Processing
Nestlé Hondureña S.A.	Subsidiary	San Pedro Sula	Honduras	Food Processing
Nestlé Adriatic d.o.o.	Subsidiary	Zagreb	Croatia	Food Processing
Nestlé Malta Limited	Subsidiary	Lija	Malta	Food Processing
Nestle Mozambique Limitada	Subsidiary	Maputo	Mozambique	Food Processing
Nestle Waters Polska S.A.	Subsidiary	Warsaw	Poland	Food Processing
Nestlé Polynesia S.A.S	Subsidiary	Papeete	French Polynesia	Food Processing
Confectionery Union Rossiya, OJSC	Subsidiary	Samara	Russian Federation	Food Processing
SHA'S Company for Water Services Ltd	Subsidiary	Riyadh	Saudi Arabia	Water Utilities
Nestlé Adriatic Foods d.o.o.	Subsidiary	Belgrade	Serbia	Food Processing
Nestlé Ukraine, LLC	Subsidiary	Kiev	Ukraine	Food Processing
Nestlé Uzbekistan, LLC	Subsidiary	Tashkent	Uzbekistan	Fish and Livestock
CompañÃa Nestlé (Costa Rica) S.A.	Subsidiary	San José	Costa Rica	Food Processing
Nestlé Foods Kenya Ltd	Subsidiary	Nairobi	Kenya	Food Processing
Nestlé (China) Ltd.	Subsidiary	Beijing	China	Food Processing
Nestlé Bangladesh Ltd	Subsidiary	Dhaka	Bangladesh	Food Processing
Nestlé Waters Direct Netherlands B.V.	Subsidiary	Zoetermeer, Zuid-Holland	Netherlands	Retail (Grocery)
Nestle Asean (Thailand) Ltd	Subsidiary	Bangkok, Bangkok	Thailand	Food Processing
Nestlé Caribbean Inc.	Subsidiary	Valsayn	Trinidad and Tobago	Food Processing

Executive report

Board of Directors

Name	Title	Function
Syed Babar Ali	Director	Chairman
Syed Hyder Ali	Director	Director/Board Member
Alexandre Cantacuzene	Director	Director/Board Member
Ian J. Donald	Chief Executive Officer, Managing Director, Director	Director/Board Member
Raymond Franke	Chief Financial Officer, Director	Director/Board Member
Fritz Van Dijk	Director	Director/Board Member

Executives

Name	Title	Function
Ronald Decorvet	Chief Executive Officer & Managing Director	Chief Executive Officer
Ian J. Donald	Chief Executive Officer, Managing Director, Director	Chief Executive Officer
Haseeb Aslam	Country Business Manager Water	Administration Executive
Usman Iqbal Bhatty	Country Business Manager Nutrition	Administration Executive
Nauman Khan	Country Business Manager	Administration Executive
Arsalan Khan	Business Manager Beverages	Administration Executive
Ali Sadozai	Company Secretary, Head of Legal Affairs	Company Secretary
Raymond Franke	Chief Financial Officer, Director	Finance Executive
Uzma Qaiser Butt	Head of Human Resources	Human Resources Executive
Zafar Hussain Shah	Head of Sales	Sales Executive
Shaheen Sadiq	Head of Communications	Corporate Communications Executive
Peter Wuethrich	Head of Technical	Engineering/Technical Executive
Salman Nazir	Head of Supply Chain	Purchasing Executive
Syed Fakhar Ahmed	Head of Corporate Affairs, National Project Director	Other
Salman Altaf	Product Unit Manager-Culinary	Other
Ali Aziz	Product Unit Manager-Beverages	Other
Khurram Javed	Business Manager-Dairy 2	Other
Samra Maqbool	Product Unit Manager Culinary	Other
Khurram Zia	Business Manager-Dairy 1	Other

Significant Developments

Nestle Pakistan Ltd. to Pay FY 2011 Interim Dividend Oct 25, 2011

Nestle Pakistan Ltd. announced that it will pay PKR 25.00 per share as interim dividend for fiscal year 2011 to shareholders whose names appear in the Register of Members on November 15, 2011. It declared an interim cash dividend of PKR 20.00 per share for fiscal year 2010. 

Nestle Pakistan Ltd. Declares Dividend Feb 14, 2011

Nestle Pakistan Ltd. announced that it will pay PKR 30 per share as final cash dividend for the year ended December 31, 2010 to shareholders of record on March 21, 2011. 

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.183279	81.692096	70.718347	60.729836	60.283969
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	5.4	6.7	8.9	9.8	365.5
Gross Revenue	642.7	533.8	510.9	491.7	-
Sales Returns and Allowances	-30.0	-25.6	-25.8	-26.9	-
Excise Tax Receipts	-13.7	-11.1	-10.6	-9.7	-
Revenue	604.4	503.8	483.4	464.9	365.5
Total Revenue	604.4	503.8	483.4	464.9	365.5
Cost of Revenue	441.5	358.1	356.8	334.0	261.7
Cost of Revenue, Total	441.5	358.1	356.8	334.0	261.7
Gross Profit	162.9	145.7	126.6	130.9	103.7
Selling/General/Administrative Expense	30.5	56.6	48.3	73.1	59.9
Labor & Related Expense	20.7	17.6	16.8	-	-
Advertising Expense	28.4	-	-	-	-
Total Selling/General/Administrative Expenses	79.6	74.2	65.1	73.1	59.9
Depreciation	2.7	2.7	2.8	-	-
Amortization of Intangibles	0.1	0.5	0.6	-	-
Depreciation/Amortization	2.8	3.2	3.4	-	-
Investment Income - Operating	1.6	5.3	15.6	1.7	-
Interest/Investment Income - Operating	1.6	5.3	15.6	1.7	-
Interest Expense (Income) - Net Operating Total	1.6	5.3	15.6	1.7	-
Impairment-Assets Held for Use	0.5	2.4	0.8	0.6	-
Loss (Gain) on Sale of Assets - Operating	1.3	0.7	0.0	0.3	-
Unusual Expense (Income)	1.8	3.1	0.8	1.0	-
Other Operating Expense	6.2	4.9	3.2	4.6	4.1
Other Operating Expenses, Total	6.2	4.9	3.2	4.6	4.1
Total Operating Expense	533.5	448.9	444.9	414.4	325.7
Operating Income	70.9	54.9	38.5	50.5	39.7
Interest Expense - Non-Operating	-3.5	-4.8	-7.9	-9.6	-7.4
Interest Expense, Net Non-Operating	-3.5	-4.8	-7.9	-9.6	-7.4
Investment Income - Non-Operating	-2.5	-0.6	0.0	-	-
Interest/Investment Income - Non-Operating	-2.5	-0.6	0.0	-	-
Interest Income (Expense) - Net Non-Operating Total	-6.0	-5.4	-7.9	-9.6	-7.4
Gain (Loss) on Sale of Assets	-	0.0	0.1	0.0	-
Other Non-Operating Income (Expense)	2.0	1.8	0.8	1.1	1.0
Other, Net	2.0	1.8	0.8	1.1	1.0
Income Before Tax	66.9	51.2	31.5	42.0	33.3
Total Income Tax	18.6	14.5	9.5	12.3	10.7
Income After Tax	48.3	36.8	22.0	29.7	22.6
Net Income Before Extraord Items	48.3	36.8	22.0	29.7	22.6
Net Income	48.3	36.8	22.0	29.7	22.6
Income Available to Common Excl Extraord Items	48.3	36.8	22.0	29.7	22.6
Income Available to Common Incl Extraord Items	48.3	36.8	22.0	29.7	22.6
Basic/Primary Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Basic EPS Excl Extraord Items	1.06	0.81	0.48	0.66	0.50
Basic/Primary EPS Incl Extraord Items	1.06	0.81	0.48	0.66	0.50
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	48.3	36.8	22.0	29.7	22.6
Diluted Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Diluted EPS Excl Extraord Items	1.06	0.81	0.48	0.66	0.50
Diluted EPS Incl Extraord Items	1.06	0.81	0.48	0.66	0.50
Dividends per Share - Common Stock Primary Issue	0.35	0.73	0.59	0.16	0.08
Dividends per Share - Common Stock Issue 2	-	0.73	0.59	0.16	0.08
Gross Dividends - Common Stock	16.0	33.3	26.6	7.5	3.8
Interest Expense, Supplemental	5.8	4.3	7.4	9.1	7.4
Depreciation, Supplemental	14.9	14.8	15.5	15.7	9.6
Total Special Items	1.8	3.1	0.7	1.0	-
Normalized Income Before Tax	68.7	54.4	32.2	43.0	33.3
Effect of Special Items on Income Taxes	0.5	0.9	0.2	0.3	-
Inc Tax Ex Impact of Sp Items	19.1	15.3	9.8	12.5	10.7
Normalized Income After Tax	49.6	39.0	22.5	30.4	22.6
Normalized Inc. Avail to Com.	49.6	39.0	22.5	30.4	22.6
Basic Normalized EPS	1.09	0.86	0.50	0.67	0.50
Diluted Normalized EPS	1.09	0.86	0.50	0.67	0.50
Amort of Intangibles, Supplemental	0.1	0.5	0.6	0.7	0.7
Rental Expenses	3.5	3.4	3.9	3.7	3.1
Advertising Expense, Supplemental	28.4	29.9	21.3	23.8	-
Normalized EBIT	74.3	63.3	54.9	53.2	39.7
Normalized EBITDA	89.3	78.7	71.0	69.6	50.1
Current Tax - Domestic	18.5	14.0	11.2	5.2	1.8
Current Tax - Other	-2.0	-2.2	-0.9	0.0	0.4
Current Tax - Total	16.5	11.9	10.3	5.2	2.2
Deferred Tax - Domestic	2.0	2.6	-0.7	7.1	8.4
Deferred Tax - Other	-	-	-	-	0.0
Deferred Tax - Total	2.0	2.6	-0.7	7.1	8.4
Income Tax - Total	18.6	14.5	9.5	12.3	10.7
Interest Cost - Domestic	1.6	1.7	1.2	1.2	0.9
Service Cost - Domestic	1.5	1.3	1.3	1.2	1.1
Expected Return on Assets - Domestic	-1.3	-1.0	-1.0	-0.8	-0.8
Other Pension, Net - Domestic	-0.3	-0.3	-0.2	-0.2	-0.2
Domestic Pension Plan Expense	1.5	1.7	1.3	1.4	0.9
Total Pension Expense	1.5	1.7	1.3	1.4	0.9
Total Plan Interest Cost	1.6	1.7	1.2	1.2	0.9
Total Plan Service Cost	1.5	1.3	1.3	1.2	1.1
Total Plan Expected Return	-1.3	-1.0	-1.0	-0.8	-0.8
Total Plan Other Expense	-0.3	-0.3	-0.2	-0.2	-0.2

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	85.645	84.325	79.125	61.625	60.88
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	5.9	3.7	5.3	6.6	0.6
Cash and Short Term Investments	5.9	3.7	5.3	6.6	0.6
Provision for Doubtful Accounts	0.0	0.0	0.0	0.0	0.0
Trade Accounts Receivable - Net	1.4	2.8	5.8	5.6	3.9
Notes Receivable - Short Term	0.2	0.2	0.3	0.3	0.1
Other Receivables	24.0	17.8	18.8	32.8	34.7
Total Receivables, Net	25.6	20.9	24.9	38.7	38.7
Inventories - Finished Goods	13.9	14.9	6.6	15.4	8.5
Inventories - Work In Progress	2.8	2.1	2.3	4.8	2.2
Inventories - Raw Materials	37.1	29.2	22.6	18.8	20.6
Inventories - Other	12.3	10.3	10.2	6.9	5.4
Total Inventory	66.0	56.5	41.6	45.9	36.7
Total Current Assets	97.5	81.2	71.8	91.3	76.0
Buildings	26.4	25.6	25.1	31.0	22.4
Land/Improvements	7.9	8.1	6.1	7.9	0.9
Machinery/Equipment	172.9	158.2	145.7	169.5	144.4
Construction in Progress	35.9	10.9	17.5	15.8	18.2
Leases	6.7	6.8	7.2	6.9	4.9
Property/Plant/Equipment - Gross	249.9	209.6	201.7	231.0	190.8
Accumulated Depreciation	-81.2	-71.8	-64.6	-68.0	-57.9
Property/Plant/Equipment - Net	168.7	137.8	137.1	163.0	132.9
Intangibles - Gross	2.7	2.5	2.7	3.5	3.5
Accumulated Intangible Amortization	-2.5	-2.4	-2.1	-2.0	-1.3
Intangibles, Net	0.2	0.1	0.6	1.5	2.2
LT Investments - Other	0.1	0.1	0.1	0.1	0.1
Long Term Investments	0.1	0.1	0.1	0.1	0.1
Other Long Term Assets	1.5	1.3	1.2	1.3	1.1
Other Long Term Assets, Total	1.5	1.3	1.2	1.3	1.1
Total Assets	268.0	220.4	210.9	257.2	212.4
Accounts Payable	13.3	17.5	12.8	14.9	9.5
Accrued Expenses	34.9	21.3	18.7	29.8	27.2
Notes Payable/Short Term Debt	57.5	48.9	28.1	43.4	41.4
Current Portion - Long Term Debt/Capital Leases	0.7	0.7	0.7	0.5	5.1
Dividends Payable	0.1	0.1	0.0	0.0	0.0
Customer Advances	0.8	2.1	1.1	1.0	0.9
Security Deposits	1.5	1.3	1.6	2.0	1.7
Other Payables	5.9	4.1	3.9	5.4	-
Other Current liabilities, Total	8.2	7.5	6.7	8.5	2.7
Total Current Liabilities	114.5	95.9	67.1	97.0	85.8
Long Term Debt	65.1	49.9	65.0	65.4	65.1
Capital Lease Obligations	0.6	1.4	2.2	1.9	0.5
Total Long Term Debt	65.7	51.3	67.2	67.3	65.6
Total Debt	123.9	101.0	96.0	111.2	112.0
Deferred Income Tax - LT Liability	19.9	18.2	16.7	22.3	15.5
Deferred Income Tax	19.9	18.2	16.7	22.3	15.5
Pension Benefits - Underfunded	2.7	2.6	4.4	3.9	3.8
Other Liabilities, Total	2.7	2.6	4.4	3.9	3.8
Total Liabilities	202.8	167.9	155.4	190.5	170.8
Common Stock	5.3	5.4	5.7	7.4	7.4
Common Stock	5.3	5.4	5.7	7.4	7.4
Additional Paid-In Capital	2.9	3.0	3.2	4.0	4.1
Retained Earnings (Accumulated Deficit)	57.0	44.2	46.6	55.3	30.0
Total Equity	65.2	52.5	55.5	66.7	41.6
Total Liabilities & Shareholders’ Equity	268.0	220.4	210.9	257.2	212.4
Shares Outstanding - Common Stock Primary Issue	29.9	29.9	29.9	29.9	29.8
Shares Outstanding - Common Stock Issue 2	15.5	15.5	15.5	15.5	15.5
Total Common Shares Outstanding	45.3	45.3	45.3	45.3	45.3
Employees	-	-	-	2,345	2,174
Number of Common Shareholders	-	-	-	671	663
Accumulated Intangible Amort, Suppl.	2.5	2.4	2.1	2.0	1.3
Deferred Revenue - Current	0.8	2.1	1.1	1.0	0.9
Total Long Term Debt, Supplemental	65.1	64.9	65.0	0.5	-
Long Term Debt Maturing within 1 Year	0.0	15.0	0.0	0.5	-
Long Term Debt Maturing in Year 2	16.3	12.5	16.2	-	-
Long Term Debt Maturing in Year 3	16.3	12.5	16.2	-	-
Long Term Debt Maturing in Year 4	16.3	12.5	16.2	-	-
Long Term Debt Maturing in Year 5	16.3	12.5	16.2	-	-
Long Term Debt Maturing in 2-3 Years	32.5	25.0	32.5	-	-
Long Term Debt Maturing in 4-5 Years	32.5	25.0	32.5	-	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	-
Interest Costs	-	-	-	-	0.0
Total Capital Leases, Supplemental	1.3	2.1	2.9	2.4	0.7
Capital Lease Payments Due in Year 1	0.7	0.7	0.7	0.5	0.1
Capital Lease Payments Due in Year 2	0.2	0.4	0.6	0.5	0.1
Capital Lease Payments Due in Year 3	0.2	0.4	0.6	0.5	0.1
Capital Lease Payments Due in Year 4	0.2	0.4	0.6	0.5	0.1
Capital Lease Payments Due in Year 5	0.2	0.4	0.6	0.5	0.1
Capital Lease Payments Due in 2-3 Years	0.3	0.7	1.1	1.0	0.3
Capital Lease Payments Due in 4-5 Years	0.3	0.7	1.1	1.0	0.3
Pension Obligation - Domestic	16.7	13.8	11.4	13.4	10.9
Plan Assets - Domestic	14.0	11.2	7.0	9.5	7.1
Funded Status - Domestic	-2.7	-2.6	-4.4	-3.9	-3.8
Total Funded Status	-2.7	-2.6	-4.4	-3.9	-3.8
Accrued Liabilities - Domestic	-2.7	-2.6	-4.4	-3.9	-3.8
Other Assets, Net - Domestic	3.9	3.7	3.6	2.8	2.9
Net Assets Recognized on Balance Sheet	1.2	1.2	-0.9	-1.1	-1.0
Total Plan Obligations	16.7	13.8	11.4	13.4	10.9
Total Plan Assets	14.0	11.2	7.0	9.5	7.1

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.183279	81.692096	70.718347	60.729836	60.283969
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	66.9	51.2	31.5	42.0	33.3
Depreciation	14.9	14.8	15.5	15.7	9.6
Depreciation/Depletion	14.9	14.8	15.5	15.7	9.6
Amortization of Intangibles	0.1	0.5	0.6	0.7	0.7
Amortization	0.1	0.5	0.6	0.7	0.7
Unusual Items	1.8	3.1	0.7	1.8	0.2
Other Non-Cash Items	7.8	8.2	23.6	11.4	7.6
Non-Cash Items	9.6	11.3	24.4	13.2	7.8
Accounts Receivable	1.3	2.6	-1.6	-1.8	-3.2
Inventories	-8.3	-17.2	-1.3	-8.9	-6.9
Accounts Payable	10.6	12.1	-3.7	14.2	0.2
Other Liabilities	-0.1	0.0	0.0	0.0	-
Other Operating Cash Flow	-31.1	-19.0	-15.4	-15.9	-30.9
Changes in Working Capital	-27.5	-21.5	-22.1	-12.3	-40.7
Cash from Operating Activities	64.0	56.4	49.9	59.3	10.7
Purchase of Fixed Assets	-50.4	-27.8	-26.5	-47.9	-59.5
Purchase/Acquisition of Intangibles	-0.2	-	-	-	-
Capital Expenditures	-50.6	-27.8	-26.5	-47.9	-59.5
Sale of Fixed Assets	0.5	0.4	1.0	1.1	1.1
Other Investing Cash Flow Items, Total	0.5	0.4	1.0	1.1	1.1
Cash from Investing Activities	-50.2	-27.4	-25.4	-46.8	-58.4
Cash Dividends Paid - Common	-34.6	-36.1	-17.0	-3.7	-18.8
Total Cash Dividends Paid	-34.6	-36.1	-17.0	-3.7	-18.8
Short Term Debt Issued	0.0	24.4	0.0	-	-
Short Term Debt, Net	0.0	20.8	-10.4	5.5	9.5
Long Term Debt Reduction	-0.8	-0.7	-0.9	-5.2	-19.2
Long Term Debt, Net	-0.8	-0.7	-0.9	-5.2	31.7
Issuance (Retirement) of Debt, Net	-0.8	20.1	-11.3	0.3	41.2
Cash from Financing Activities	-35.3	-16.0	-28.3	-3.5	22.5
Net Change in Cash	-21.5	13.0	-3.9	9.1	-25.2
Net Cash - Beginning Balance	-5.2	-18.4	-17.4	-29.4	-4.3
Net Cash - Ending Balance	-26.7	-5.4	-21.3	-20.3	-29.6
Cash Interest Paid	5.9	6.1	7.7	9.8	6.5
Cash Taxes Paid	17.8	12.1	0.6	3.9	8.0

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.183279	81.692096	70.718347	60.729836	60.283969
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Sales	642.7	533.8	510.9	491.7	-
Goods Purchased for Resale	5.4	6.7	8.9	9.8	-
Sales Tax	-13.7	-11.1	-10.6	-9.7	-
Trade Discount	-30.0	-25.6	-25.8	-26.9	-
Sales	-	-	-	-	365.5
Total Revenue	604.4	503.8	483.4	464.9	365.5
Cost of Goods Sold	441.5	358.1	356.8	334.0	261.7
Staff Cost - Dist. Expense	12.6	11.2	10.8	-	-
Depreciaton - Dist. Expense	1.9	1.8	1.8	-	-
Sales Promotion and Advertisement	28.4	-	-	-	-
Distribution & Selling Expenses	24.1	51.1	-	-	-
Staff Cost - Administratrive Expense	8.1	6.4	6.1	-	-
Depreciation - Administratrive Expense	0.8	0.9	1.0	-	-
Amortization - Administratrive Expense	0.1	0.5	0.6	-	-
Administratrive Expense	6.4	5.4	-	-	-
Admin./Selling	-	-	42.5	58.3	48.5
Administration Expenses	-	-	5.9	14.8	11.4
Loss on Disposal of Plant and Equipment	1.3	0.7	0.0	0.3	-
Impairment Loss on Plant and Property	0.5	2.4	0.8	0.6	-
Exchnge Loss	1.6	5.3	15.6	1.7	-
Other Operating Expenses	6.2	4.9	3.2	4.6	4.1
Total Operating Expense	533.5	448.9	444.9	414.4	325.7
Exchagne Loss on Derivative Liab.	-2.5	-0.6	0.0	-	-
Financial Charges	-3.5	-4.8	-7.9	-9.6	-7.4
Gain on Sale of Plant	-	0.0	0.1	0.0	-
Other Income	2.0	1.8	0.8	1.1	1.0
Net Income Before Taxes	66.9	51.2	31.5	42.0	33.3
Provision for Income Taxes	18.6	14.5	9.5	12.3	10.7
Net Income After Taxes	48.3	36.8	22.0	29.7	22.6
Net Income Before Extra. Items	48.3	36.8	22.0	29.7	22.6
Net Income	48.3	36.8	22.0	29.7	22.6
Income Available to Com Excl ExtraOrd	48.3	36.8	22.0	29.7	22.6
Income Available to Com Incl ExtraOrd	48.3	36.8	22.0	29.7	22.6
Basic Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Basic EPS Excluding ExtraOrdinary Items	1.06	0.81	0.48	0.66	0.50
Basic EPS Including ExtraOrdinary Item	1.06	0.81	0.48	0.66	0.50
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	48.3	36.8	22.0	29.7	22.6
Diluted Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Diluted EPS Excluding ExtraOrd Items	1.06	0.81	0.48	0.66	0.50
Diluted EPS Including ExtraOrd Items	1.06	0.81	0.48	0.66	0.50
DPS-Fully Paid Ordinary	0.35	0.73	0.59	0.16	0.08
DPS-Bonus Ordinary	-	0.73	0.59	0.16	0.08
Gross Dividends - Common Stock	16.0	33.3	26.6	7.5	3.8
Normalized Income Before Taxes	68.7	54.4	32.2	43.0	33.3
Inc Tax Ex Impact of Sp Items	19.1	15.3	9.8	12.5	10.7
Normalized Income After Taxes	49.6	39.0	22.5	30.4	22.6
Normalized Inc. Avail to Com.	49.6	39.0	22.5	30.4	22.6
Basic Normalized EPS	1.09	0.86	0.50	0.67	0.50
Diluted Normalized EPS	1.09	0.86	0.50	0.67	0.50
Interest Expense	5.8	4.3	7.4	9.1	7.4
Rent Expense	3.5	3.4	3.9	3.7	3.1
Depreciation	14.9	14.8	15.5	15.7	9.6
Amortization Expenses	0.1	0.5	0.6	0.7	0.7
Advertising Fees	28.4	29.9	21.3	23.8	-
Domestic	18.5	14.0	11.2	5.2	1.8
Others	-2.0	-2.2	-0.9	0.0	0.4
Current Tax - Total	16.5	11.9	10.3	5.2	2.2
Domestic	2.0	2.6	-0.7	7.1	8.4
Others	-	-	-	-	0.0
Deferred Tax - Total	2.0	2.6	-0.7	7.1	8.4
Income Tax - Total	18.6	14.5	9.5	12.3	10.7
Interest Cost - Pension	0.9	0.9	0.7	0.6	0.5
Current Service Cost - Pension	0.8	0.6	0.6	0.8	0.6
Expected Return on Assets - Pension	-0.8	-0.7	-0.6	-0.5	-0.5
Contribution Made by Employees-Pension	-0.3	-0.3	-0.2	-0.2	-0.2
Interest Cost - Gratuity	0.7	0.8	0.5	0.6	0.3
Current Service Cost - Gratuity	0.7	0.7	0.7	0.5	0.5
Expected Return on Assets - Gratuity	-0.6	-0.3	-0.4	-0.3	-0.3
Domestic Pension Plan Expense	1.5	1.7	1.3	1.4	0.9
Total Pension Expense	1.5	1.7	1.3	1.4	0.9
Discount Rate - Pension	13.00%	12.00%	15.00%	10.00%	10.00%
Salary Increase Rate - Pension	13.00%	12.00%	15.00%	10.00%	10.00%
Expected Rate of Return - Pension	12.00%	15.00%	12.00%	12.00%	14.00%
Expected Remaining Working Life-Pension	13.00%	13.00%	13.00%	13.00%	-
Discount Rate - Gratuity	13.00%	12.00%	15.00%	10.00%	10.00%
Salary Increase Rate - Gratuity	12.00%	12.00%	15.00%	10.00%	10.00%
Expected Rate of Return - Gratuity	12.00%	15.00%	12.00%	12.00%	14.00%
Expected Remaining Working Life-Pension	13.00%	13.00%	13.00%	13.00%	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	85.645	84.325	79.125	61.625	60.88
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Stores and Spare	12.3	10.3	10.2	7.1	5.4
Obsol. Provision	-	-	-	0.0	0.0
Raw Materials	37.1	29.2	22.6	18.8	20.6
Work in Process	2.8	2.1	2.3	4.8	2.2
Finished Goods	12.4	13.2	4.9	13.3	6.6
Goods For Resale	1.5	1.7	1.7	2.2	1.9
Obsol. Provision	-	-	0.0	-0.2	0.0
Assoc. Debts- Related Parties	-	-	-	0.0	0.0
Other Trade Debt	1.5	2.9	5.8	5.6	3.9
D/ful Debts	0.0	0.0	0.0	0.0	0.0
Prov. D/ful Debt	0.0	0.0	0.0	0.0	0.0
Current Portion of Long Term Loans	0.2	0.2	0.3	0.3	0.1
Advances/Prepayments	23.9	17.8	18.8	32.8	34.6
Cash/Bank	5.9	3.7	5.3	6.6	0.6
Total Current Assets	97.5	81.2	71.8	91.3	76.0
F/hold Land	7.9	8.1	6.1	7.9	0.9
Leasehold Land	0.4	0.4	0.4	0.5	0.5
Building on Lease Hold Land	2.6	2.6	2.8	3.6	3.6
Buildings	26.4	25.6	25.1	31.0	22.4
Plant/Machinery	165.6	152.8	139.7	162.0	137.6
Furniture/Fixs.	2.3	2.3	2.6	2.0	1.6
Vehicles	4.9	3.1	3.4	5.4	5.0
Office Equipment	0.0	0.1	0.1	0.1	0.2
Plant & Machinery	3.8	3.8	4.1	2.8	0.7
Depreciation	-81.2	-71.8	-64.6	-68.0	-57.9
Work in Progress	35.9	10.9	17.5	15.8	18.2
Intangibles	2.7	2.5	2.7	3.5	3.5
Amortization	-2.5	-2.4	-2.1	-2.0	-1.3
Long Term Advances	1.5	1.3	1.2	1.3	1.1
LT Deposits	0.1	0.1	0.1	0.1	0.1
Total Assets	268.0	220.4	210.9	257.2	212.4
Current Secured	-	-	-	0.0	4.9
Associated Co. - Foreign Currency	0.0	15.0	0.0	-	-
Finance Lease	0.7	0.7	0.7	0.5	0.1
Short Term Borrowings - unsecured	25.0	25.0	0.0	-	-
Short Term Borrowing	-	0.0	3.8	16.8	11.5
Short Term Running Finance	32.5	9.0	24.3	26.6	29.9
Trade Creditors	7.2	13.2	5.1	3.1	1.0
Assoc. Creditors	6.0	4.2	7.7	11.8	8.5
Unclaimed Div.	0.1	0.1	0.0	0.0	0.0
Advances	0.8	2.1	1.1	1.0	0.9
Other Accrued	34.2	20.7	17.4	28.3	25.6
Other Payable	5.9	4.1	3.9	5.4	-
Security Deposit	1.5	1.3	1.6	2.0	1.7
Interest & Mark up Accrued	0.7	0.6	1.3	1.4	1.6
Total Current Liabilities	114.5	95.9	67.1	97.0	85.8
Finance Lease	0.6	1.4	2.2	1.9	0.5
Long Term	65.1	49.9	65.0	65.4	65.1
Total Long Term Debt	65.7	51.3	67.2	67.3	65.6
Deferred Tax	19.9	18.2	16.7	22.3	15.5
Retirement Benefits	2.7	2.6	4.4	3.9	3.8
Total Liabilities	202.8	167.9	155.4	190.5	170.8
Paid-up Capital	5.3	5.4	5.7	7.4	7.4
Share Premium	2.9	3.0	3.2	4.0	4.1
General Reserve	3.3	3.3	3.5	4.5	4.6
Accum. Profit	53.7	40.8	43.0	50.8	25.4
Total Equity	65.2	52.5	55.5	66.7	41.6
Total Liabilities & Shareholders' Equity	268.0	220.4	210.9	257.2	212.4
S/O-Fully Paid Ordinary	29.9	29.9	29.9	29.9	29.8
S/O-Bonus Ordinary	15.5	15.5	15.5	15.5	15.5
Total Common Shares Outstanding	45.3	45.3	45.3	45.3	45.3
Deferred Revenue - Current	0.8	2.1	1.1	1.0	0.9
Intangible Amortization	2.5	2.4	2.1	2.0	1.3
Full-Time Employees	-	-	-	2,345	2,174
Shareholder	-	-	-	671	663
Long Term Loans Payable Within 1 Year	0.0	15.0	0.0	0.5	-
Long Term Loans Payable Within 2-5 Years	65.1	49.9	65.0	-	-
Total Long Term Debt, Supplemental	65.1	64.9	65.0	0.5	-
Finance Lease Maturing within 1 Year	0.7	0.7	0.7	0.5	0.1
Finance Lease Maturing: 1-5 Years	0.6	1.4	2.2	1.9	0.5
Finance Cost	-	-	-	-	0.0
Total Capital Leases	1.3	2.1	2.9	2.4	0.7
PV of Funded Obligations - Pension	9.1	7.7	6.0	7.7	6.2
FV of Plan Assets - Pension	8.2	6.6	4.7	6.0	4.6
Funded Status - Pension	-1.0	-1.1	-1.3	-1.7	-1.6
PV of Funded Obligations - Gratuity	7.6	6.1	5.4	5.7	4.7
FV of Plan Assets - Gratuity	5.9	4.7	2.3	3.5	2.5
Funded Status - Gratuity	-1.7	-1.4	-3.2	-2.2	-2.2
Total Funded Status	-2.7	-2.6	-4.4	-3.9	-3.8
Discount Rate - Pension	13.00%	12.00%	15.00%	10.00%	10.00%
Salary Increase Rate - Pension	13.00%	12.00%	15.00%	10.00%	10.00%
Expected Rate of Return - Pension	12.00%	15.00%	12.00%	12.00%	14.00%
Expected Remaining Working Life-Pension	13.00%	13.00%	13.00%	13.00%	12.00%
Discount Rate - Gratuity	13.00%	12.00%	15.00%	10.00%	10.00%
Salary Increase Rate - Gratuity	12.00%	12.00%	15.00%	10.00%	10.00%
Expected Rate of Return - Gratuity	12.00%	15.00%	12.00%	12.00%	14.00%
Expected Remainig Working Life-Gratuity	13.00%	13.00%	13.00%	13.00%	12.00%
Accured Benefit Liability - Pension	-1.0	-1.1	-1.3	-1.7	-1.6
Accured Benefit Liability- Gratuity Fund	-1.7	-1.4	-3.2	-2.2	-2.2
Cum. Actuarial G/L - Gratuity	2.6	2.3	2.8	1.8	1.9
Cum. Actuarial G/L - Pension	1.2	1.5	0.8	0.9	0.9
Net Assets Recognized on Balance Sheet	1.2	1.2	-0.9	-1.1	-1.0
Equity Securities % - Pension	-	-	-	-	49.70%
Debt Securities % - Pension	-	-	-	-	40.90%
Cash and Other Deposits % - Pension	-	-	-	-	9.30%
Equity Securities % - Gratuity	-	-	-	-	17.80%
Debt Securities % - Gratuity	-	-	-	-	52.20%
Cash and Other Securities % - Gratuity	-	-	-	-	30.00%

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.183279	81.692096	70.718347	60.729836	60.283969
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	66.9	51.2	31.5	42.0	33.3
Depreciation	14.9	14.8	15.5	15.7	9.6
Amortisation of Intangibles	0.1	0.5	0.6	0.7	0.7
Impairment Loss on Assets	0.5	2.4	0.8	0.6	0.0
Sale Fixed Assets	1.3	0.7	-0.1	0.3	-0.3
Foreign Exchange Loss	1.6	5.4	15.7	1.1	0.0
Prov. Obsol. Stock	-	-	-	0.0	0.0
Prov. Obsol. Stores	-	-	0.0	0.2	0.0
Stores W/off	-	-	0.0	0.7	0.0
Stock W/off	-	-	0.0	0.2	0.5
Prov. D/ful Debts	0.0	0.0	0.0	0.0	0.0
Employee Bens.	1.6	1.7	1.3	1.4	0.9
Financial Charges	5.8	4.9	7.9	9.6	7.4
Stores/Spares	-2.1	-0.8	-5.2	-2.0	-1.9
Stock	-8.3	-17.2	-1.3	-8.9	-6.9
Trade Debts	1.3	2.6	-1.6	-1.8	-3.2
Advances/Deposits	-5.1	0.1	-1.6	0.2	-14.0
Creditors	10.6	12.1	-3.7	14.2	0.2
Security Deposits	0.3	-0.3	0.0	0.4	0.4
LT Loans	-	-	-	0.0	0.0
Decrease in Long Term Loans	-0.1	0.0	0.0	0.0	-
Long Term Advance	-0.1	-0.1	-0.3	-0.4	-0.4
Gratuity/Pension	-1.6	-3.6	-1.3	-1.2	-1.1
Financial Charges Pd	-5.9	-6.1	-7.7	-9.8	-6.5
Taxes Paid	-17.8	-12.1	-0.6	-3.9	-8.0
Cash from Operating Activities	64.0	56.4	49.9	59.3	10.7
Capital Expenditure	-50.4	-27.8	-26.5	-47.9	-59.5
Purchase of Intangible Asset	-0.2	-	-	-	-
Sale Fixed Assets	0.5	0.4	1.0	1.1	1.1
Cash from Investing Activities	-50.2	-27.4	-25.4	-46.8	-58.4
Rdmbl. Capital	-	-	-	0.0	50.9
Redeemable Capital Repaid	-	-	0.0	-4.9	-19.1
ST Borrowings from Associated Co.	0.0	24.4	0.0	-	-
Receipt of Short Term Borrowings	0.0	-3.7	-10.4	5.5	9.5
Lease Liability	-0.8	-0.7	-0.9	-0.3	-0.1
Dividend Paid	-34.6	-36.1	-17.0	-3.7	-18.8
Cash from Financing Activities	-35.3	-16.0	-28.3	-3.5	22.5
Net Change in Cash	-21.5	13.0	-3.9	9.1	-25.2
Net Cash - Beginning Balance	-5.2	-18.4	-17.4	-29.4	-4.3
Net Cash - Ending Balance	-26.7	-5.4	-21.3	-20.3	-29.6
Cash Interest Paid	5.9	6.1	7.7	9.8	6.5
Cash Taxes Paid	17.8	12.1	0.6	3.9	8.0

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	183.4	25.54%	604.4	25.10%	22.17%	24.60%
Operating Income1	20.4	9.33%	70.9	34.67%	25.32%	27.91%
Income Available to Common Excl Extraord Items1	12.9	-0.90%	48.3	36.86%	31.58%	28.96%
Basic EPS Excl Extraord Items1	0.28	-0.93%	1.06	36.86%	31.58%	28.96%
Capital Expenditures2	25.2	201.25%	50.6	89.96%	14.04%	9.30%
Cash from Operating Activities2	-32.0	-	64.0	18.25%	14.78%	13.32%
Free Cash Flow	-56.8	-	13.2	-51.44%	17.79%	49.92%
Total Assets3	374.6	58.41%	268.0	23.49%	13.14%	20.90%
Total Liabilities3	294.9	60.28%	202.8	22.67%	13.96%	19.85%
Total Long Term Debt3	65.3	30.25%	65.7	30.03%	10.71%	23.66%
Total Common Shares Outstanding3	45.3	0.00%	45.3	0.00%	0.00%	0.04%
1-ExchangeRate: PKR to USD Average for Period	86.759355	Â	85.183279	Â	Â	Â
2-ExchangeRate: PKR to USD Average for Period	85.391421	Â	85.183279	Â	Â	Â
3-ExchangeRate: PKR to USD Period End Date	85.970000	Â	85.645000	Â	Â	Â

Key Ratios
Â	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin	26.96%	28.91%	26.19%	28.16%	28.38%
Operating Margin	11.73%	10.90%	7.97%	10.87%	10.87%
Pretax Margin	11.06%	10.17%	6.52%	9.03%	9.10%
Net Profit Margin	7.99%	7.30%	4.54%	6.39%	6.19%
Financial Strength
Current Ratio	0.85	0.85	1.07	0.94	0.89
Long Term Debt/Equity	1.01	0.98	1.21	1.01	1.58
Total Debt/Equity	1.90	1.92	1.73	1.67	2.70
Management Effectiveness
Return on Assets	19.80%	17.04%	9.55%	12.55%	12.50%
Return on Equity	82.18%	68.18%	36.54%	54.35%	62.05%
Efficiency
Receivables Turnover	26.00	22.02	15.68	11.90	13.26
Inventory Turnover	7.22	7.26	8.24	8.01	7.93
Asset Turnover	2.48	2.33	2.10	1.96	2.02

Market Valuation USD (mil)
P/E (TTM)	31.14	.	Enterprise Value2	1,696.2
Price/Sales (TTM)	2.39	.	Enterprise Value/Revenue (TTM)	2.39
Enterprise Value/EBITDA (TTM)	17.73	.	Market Cap1	1,711.6
1-ExchangeRate: PKR to USD on 28-Oct-2011	86.640000
2-ExchangeRate: PKR to USD on 30-Sep-2011	87.425000

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio	0.85	0.85	1.07	0.94	0.89
Quick/Acid Test Ratio	0.28	0.26	0.45	0.47	0.46
Working Capital1	-17.0	-14.7	4.8	-5.8	-9.8
Long Term Debt/Equity	1.01	0.98	1.21	1.01	1.58
Total Debt/Equity	1.90	1.92	1.73	1.67	2.70
Long Term Debt/Total Capital	0.35	0.33	0.44	0.38	0.43
Total Debt/Total Capital	0.66	0.66	0.63	0.62	0.73
Payout Ratio	33.08%	90.55%	121.19%	25.12%	16.63%
Effective Tax Rate	27.80%	28.21%	30.28%	29.20%	32.02%
Total Capital1	189.1	153.5	151.5	177.9	153.6
Efficiency
Asset Turnover	2.48	2.33	2.10	1.96	2.02
Inventory Turnover	7.22	7.26	8.24	8.01	7.93
Days In Inventory	50.55	50.26	44.29	45.58	46.03
Receivables Turnover	26.00	22.02	15.68	11.90	13.26
Days Receivables Outstanding	14.04	16.57	23.27	30.66	27.53
Revenue/Employee2	-	-	-	195,386	166,456
Operating Income/Employee2	-	-	-	21,232	18,098
EBITDA/Employee2	-	-	-	28,127	22,798
Profitability
Gross Margin	26.96%	28.91%	26.19%	28.16%	28.38%
Operating Margin	11.73%	10.90%	7.97%	10.87%	10.87%
EBITDA Margin	14.21%	13.95%	11.29%	14.40%	13.70%
EBIT Margin	11.73%	10.90%	7.97%	10.87%	10.87%
Pretax Margin	11.06%	10.17%	6.52%	9.03%	9.10%
Net Profit Margin	7.99%	7.30%	4.54%	6.39%	6.19%
COGS/Revenue	73.04%	71.09%	73.81%	71.84%	71.62%
SG&A Expense/Revenue	13.17%	14.72%	13.48%	15.72%	16.40%
Management Effectiveness
Return on Assets	19.80%	17.04%	9.55%	12.55%	12.50%
Return on Equity	82.18%	68.18%	36.54%	54.35%	62.05%
Valuation
Free Cash Flow/Share2	0.29	0.61	0.46	0.25	-1.07
Operating Cash Flow/Share 2	1.40	1.20	0.98	1.29	0.23
1-ExchangeRate: PKR to USD Period End Date	85.645	84.325	79.125	61.625	60.88
2-ExchangeRate: PKR to USD Average for Period	85.645	84.325	79.125	61.625	60.88

Current Market Multiples
Market Cap/Revenue (TTM)	2.39
Market Cap/EBIT (TTM)	20.18
Market Cap/EBITDA (TTM)	17.73
Enterprise Value/Revenue (TTM)	2.39
Enterprise Value/EBIT (TTM)	20.18
Enterprise Value/EBITDA (TTM)	17.73

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.183279	81.692096	70.718347	60.729836	60.283969
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	5.4	6.7	8.9	9.8	365.5
Gross Revenue	642.7	533.8	510.9	491.7	-
Sales Returns and Allowances	-30.0	-25.6	-25.8	-26.9	-
Excise Tax Receipts	-13.7	-11.1	-10.6	-9.7	-
Revenue	604.4	503.8	483.4	464.9	365.5
Total Revenue	604.4	503.8	483.4	464.9	365.5
Cost of Revenue	441.5	358.1	356.8	334.0	261.7
Cost of Revenue, Total	441.5	358.1	356.8	334.0	261.7
Gross Profit	162.9	145.7	126.6	130.9	103.7
Selling/General/Administrative Expense	30.5	56.6	48.3	73.1	59.9
Labor & Related Expense	20.7	17.6	16.8	-	-
Advertising Expense	28.4	-	-	-	-
Total Selling/General/Administrative Expenses	79.6	74.2	65.1	73.1	59.9
Depreciation	2.7	2.7	2.8	-	-
Amortization of Intangibles	0.1	0.5	0.6	-	-
Depreciation/Amortization	2.8	3.2	3.4	-	-
Investment Income - Operating	1.6	5.3	15.6	1.7	-
Interest/Investment Income - Operating	1.6	5.3	15.6	1.7	-
Interest Expense (Income) - Net Operating Total	1.6	5.3	15.6	1.7	-
Impairment-Assets Held for Use	0.5	2.4	0.8	0.6	-
Loss (Gain) on Sale of Assets - Operating	1.3	0.7	0.0	0.3	-
Unusual Expense (Income)	1.8	3.1	0.8	1.0	-
Other Operating Expense	6.2	4.9	3.2	4.6	4.1
Other Operating Expenses, Total	6.2	4.9	3.2	4.6	4.1
Total Operating Expense	533.5	448.9	444.9	414.4	325.7
Operating Income	70.9	54.9	38.5	50.5	39.7
Interest Expense - Non-Operating	-3.5	-4.8	-7.9	-9.6	-7.4
Interest Expense, Net Non-Operating	-3.5	-4.8	-7.9	-9.6	-7.4
Investment Income - Non-Operating	-2.5	-0.6	0.0	-	-
Interest/Investment Income - Non-Operating	-2.5	-0.6	0.0	-	-
Interest Income (Expense) - Net Non-Operating Total	-6.0	-5.4	-7.9	-9.6	-7.4
Gain (Loss) on Sale of Assets	-	0.0	0.1	0.0	-
Other Non-Operating Income (Expense)	2.0	1.8	0.8	1.1	1.0
Other, Net	2.0	1.8	0.8	1.1	1.0
Income Before Tax	66.9	51.2	31.5	42.0	33.3
Total Income Tax	18.6	14.5	9.5	12.3	10.7
Income After Tax	48.3	36.8	22.0	29.7	22.6
Net Income Before Extraord Items	48.3	36.8	22.0	29.7	22.6
Net Income	48.3	36.8	22.0	29.7	22.6
Income Available to Common Excl Extraord Items	48.3	36.8	22.0	29.7	22.6
Income Available to Common Incl Extraord Items	48.3	36.8	22.0	29.7	22.6
Basic/Primary Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Basic EPS Excl Extraord Items	1.06	0.81	0.48	0.66	0.50
Basic/Primary EPS Incl Extraord Items	1.06	0.81	0.48	0.66	0.50
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	48.3	36.8	22.0	29.7	22.6
Diluted Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Diluted EPS Excl Extraord Items	1.06	0.81	0.48	0.66	0.50
Diluted EPS Incl Extraord Items	1.06	0.81	0.48	0.66	0.50
Dividends per Share - Common Stock Primary Issue	0.35	0.73	0.59	0.16	0.08
Dividends per Share - Common Stock Issue 2	-	0.73	0.59	0.16	0.08
Gross Dividends - Common Stock	16.0	33.3	26.6	7.5	3.8
Interest Expense, Supplemental	5.8	4.3	7.4	9.1	7.4
Depreciation, Supplemental	14.9	14.8	15.5	15.7	9.6
Total Special Items	1.8	3.1	0.7	1.0	-
Normalized Income Before Tax	68.7	54.4	32.2	43.0	33.3
Effect of Special Items on Income Taxes	0.5	0.9	0.2	0.3	-
Inc Tax Ex Impact of Sp Items	19.1	15.3	9.8	12.5	10.7
Normalized Income After Tax	49.6	39.0	22.5	30.4	22.6
Normalized Inc. Avail to Com.	49.6	39.0	22.5	30.4	22.6
Basic Normalized EPS	1.09	0.86	0.50	0.67	0.50
Diluted Normalized EPS	1.09	0.86	0.50	0.67	0.50
Amort of Intangibles, Supplemental	0.1	0.5	0.6	0.7	0.7
Rental Expenses	3.5	3.4	3.9	3.7	3.1
Advertising Expense, Supplemental	28.4	29.9	21.3	23.8	-
Normalized EBIT	74.3	63.3	54.9	53.2	39.7
Normalized EBITDA	89.3	78.7	71.0	69.6	50.1
Current Tax - Domestic	18.5	14.0	11.2	5.2	1.8
Current Tax - Other	-2.0	-2.2	-0.9	0.0	0.4
Current Tax - Total	16.5	11.9	10.3	5.2	2.2
Deferred Tax - Domestic	2.0	2.6	-0.7	7.1	8.4
Deferred Tax - Other	-	-	-	-	0.0
Deferred Tax - Total	2.0	2.6	-0.7	7.1	8.4
Income Tax - Total	18.6	14.5	9.5	12.3	10.7
Interest Cost - Domestic	1.6	1.7	1.2	1.2	0.9
Service Cost - Domestic	1.5	1.3	1.3	1.2	1.1
Expected Return on Assets - Domestic	-1.3	-1.0	-1.0	-0.8	-0.8
Other Pension, Net - Domestic	-0.3	-0.3	-0.2	-0.2	-0.2
Domestic Pension Plan Expense	1.5	1.7	1.3	1.4	0.9
Total Pension Expense	1.5	1.7	1.3	1.4	0.9
Total Plan Interest Cost	1.6	1.7	1.2	1.2	0.9
Total Plan Service Cost	1.5	1.3	1.3	1.2	1.1
Total Plan Expected Return	-1.3	-1.0	-1.0	-0.8	-0.8
Total Plan Other Expense	-0.3	-0.3	-0.2	-0.2	-0.2

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	86.759355	85.292258	85.487912	85.79172	85.692742
Net Sales	183.4	195.4	190.4	154.0	147.9
Revenue	183.4	195.4	190.4	154.0	147.9
Total Revenue	183.4	195.4	190.4	154.0	147.9
Cost of Revenue	137.2	144.5	137.0	114.5	106.5
Cost of Revenue, Total	137.2	144.5	137.0	114.5	106.5
Gross Profit	46.2	50.9	53.4	39.5	41.4
Selling/General/Administrative Expense	22.7	27.1	25.2	20.6	19.2
Total Selling/General/Administrative Expenses	22.7	27.1	25.2	20.6	19.2
Other Operating Expense	3.1	1.9	2.3	1.4	3.3
Other Operating Expenses, Total	3.1	1.9	2.3	1.4	3.3
Total Operating Expense	163.0	173.5	164.5	136.5	129.0
Operating Income	20.4	21.9	25.9	17.5	18.9
Interest Income (Expense) - Net Non-Operating	-3.8	-3.6	-2.2	-2.4	-0.8
Interest Income (Expense) - Net Non-Operating Total	-3.8	-3.6	-2.2	-2.4	-0.8
Other Non-Operating Income (Expense)	0.6	0.1	0.9	1.2	0.2
Other, Net	0.6	0.1	0.9	1.2	0.2
Income Before Tax	17.2	18.4	24.6	16.3	18.3
Total Income Tax	4.3	5.1	7.1	4.4	5.2
Income After Tax	12.9	13.3	17.5	11.8	13.1
Net Income Before Extraord Items	12.9	13.3	17.5	11.8	13.1
Net Income	12.9	13.3	17.5	11.8	13.1
Income Available to Common Excl Extraord Items	12.9	13.3	17.5	11.8	13.1
Income Available to Common Incl Extraord Items	12.9	13.3	17.5	11.8	13.1
Basic/Primary Weighted Average Shares	45.4	45.3	45.4	45.4	45.3
Basic EPS Excl Extraord Items	0.28	0.29	0.39	0.26	0.29
Basic/Primary EPS Incl Extraord Items	0.28	0.29	0.39	0.26	0.29
Diluted Net Income	12.9	13.3	17.5	11.8	13.1
Diluted Weighted Average Shares	45.4	45.3	45.4	45.4	45.3
Diluted EPS Excl Extraord Items	0.28	0.29	0.39	0.26	0.29
Diluted EPS Incl Extraord Items	0.28	0.29	0.39	0.26	0.29
Dividends per Share - Common Stock Primary Issue	0.29	0.00	0.00	0.35	0.00
Dividends per Share - Common Stock Issue 2	-	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	0.0	0.0	15.9	0.0
Depreciation, Supplemental	-	4.5	4.0	3.4	3.8
Normalized Income Before Tax	17.2	18.4	24.6	16.3	18.3
Inc Tax Ex Impact of Sp Items	4.3	5.1	7.1	4.4	5.2
Normalized Income After Tax	12.9	13.3	17.5	11.8	13.1
Normalized Inc. Avail to Com.	12.9	13.3	17.5	11.8	13.1
Basic Normalized EPS	0.28	0.29	0.39	0.26	0.29
Diluted Normalized EPS	0.28	0.29	0.39	0.26	0.29
Normalized EBIT	20.4	21.9	25.9	17.5	18.9
Normalized EBITDA	20.4	26.4	29.9	20.9	22.6

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	85.645	84.325	79.125	61.625	60.88
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	5.9	3.7	5.3	6.6	0.6
Cash and Short Term Investments	5.9	3.7	5.3	6.6	0.6
Provision for Doubtful Accounts	0.0	0.0	0.0	0.0	0.0
Trade Accounts Receivable - Net	1.4	2.8	5.8	5.6	3.9
Notes Receivable - Short Term	0.2	0.2	0.3	0.3	0.1
Other Receivables	24.0	17.8	18.8	32.8	34.7
Total Receivables, Net	25.6	20.9	24.9	38.7	38.7
Inventories - Finished Goods	13.9	14.9	6.6	15.4	8.5
Inventories - Work In Progress	2.8	2.1	2.3	4.8	2.2
Inventories - Raw Materials	37.1	29.2	22.6	18.8	20.6
Inventories - Other	12.3	10.3	10.2	6.9	5.4
Total Inventory	66.0	56.5	41.6	45.9	36.7
Total Current Assets	97.5	81.2	71.8	91.3	76.0
Buildings	26.4	25.6	25.1	31.0	22.4
Land/Improvements	7.9	8.1	6.1	7.9	0.9
Machinery/Equipment	172.9	158.2	145.7	169.5	144.4
Construction in Progress	35.9	10.9	17.5	15.8	18.2
Leases	6.7	6.8	7.2	6.9	4.9
Property/Plant/Equipment - Gross	249.9	209.6	201.7	231.0	190.8
Accumulated Depreciation	-81.2	-71.8	-64.6	-68.0	-57.9
Property/Plant/Equipment - Net	168.7	137.8	137.1	163.0	132.9
Intangibles - Gross	2.7	2.5	2.7	3.5	3.5
Accumulated Intangible Amortization	-2.5	-2.4	-2.1	-2.0	-1.3
Intangibles, Net	0.2	0.1	0.6	1.5	2.2
LT Investments - Other	0.1	0.1	0.1	0.1	0.1
Long Term Investments	0.1	0.1	0.1	0.1	0.1
Other Long Term Assets	1.5	1.3	1.2	1.3	1.1
Other Long Term Assets, Total	1.5	1.3	1.2	1.3	1.1
Total Assets	268.0	220.4	210.9	257.2	212.4
Accounts Payable	13.3	17.5	12.8	14.9	9.5
Accrued Expenses	34.9	21.3	18.7	29.8	27.2
Notes Payable/Short Term Debt	57.5	48.9	28.1	43.4	41.4
Current Portion - Long Term Debt/Capital Leases	0.7	0.7	0.7	0.5	5.1
Dividends Payable	0.1	0.1	0.0	0.0	0.0
Customer Advances	0.8	2.1	1.1	1.0	0.9
Security Deposits	1.5	1.3	1.6	2.0	1.7
Other Payables	5.9	4.1	3.9	5.4	-
Other Current liabilities, Total	8.2	7.5	6.7	8.5	2.7
Total Current Liabilities	114.5	95.9	67.1	97.0	85.8
Long Term Debt	65.1	49.9	65.0	65.4	65.1
Capital Lease Obligations	0.6	1.4	2.2	1.9	0.5
Total Long Term Debt	65.7	51.3	67.2	67.3	65.6
Total Debt	123.9	101.0	96.0	111.2	112.0
Deferred Income Tax - LT Liability	19.9	18.2	16.7	22.3	15.5
Deferred Income Tax	19.9	18.2	16.7	22.3	15.5
Pension Benefits - Underfunded	2.7	2.6	4.4	3.9	3.8
Other Liabilities, Total	2.7	2.6	4.4	3.9	3.8
Total Liabilities	202.8	167.9	155.4	190.5	170.8
Common Stock	5.3	5.4	5.7	7.4	7.4
Common Stock	5.3	5.4	5.7	7.4	7.4
Additional Paid-In Capital	2.9	3.0	3.2	4.0	4.1
Retained Earnings (Accumulated Deficit)	57.0	44.2	46.6	55.3	30.0
Total Equity	65.2	52.5	55.5	66.7	41.6
Total Liabilities & Shareholders’ Equity	268.0	220.4	210.9	257.2	212.4
Shares Outstanding - Common Stock Primary Issue	29.9	29.9	29.9	29.9	29.8
Shares Outstanding - Common Stock Issue 2	15.5	15.5	15.5	15.5	15.5
Total Common Shares Outstanding	45.3	45.3	45.3	45.3	45.3
Employees	-	-	-	2,345	2,174
Number of Common Shareholders	-	-	-	671	663
Accumulated Intangible Amort, Suppl.	2.5	2.4	2.1	2.0	1.3
Deferred Revenue - Current	0.8	2.1	1.1	1.0	0.9
Total Long Term Debt, Supplemental	65.1	64.9	65.0	0.5	-
Long Term Debt Maturing within 1 Year	0.0	15.0	0.0	0.5	-
Long Term Debt Maturing in Year 2	16.3	12.5	16.2	-	-
Long Term Debt Maturing in Year 3	16.3	12.5	16.2	-	-
Long Term Debt Maturing in Year 4	16.3	12.5	16.2	-	-
Long Term Debt Maturing in Year 5	16.3	12.5	16.2	-	-
Long Term Debt Maturing in 2-3 Years	32.5	25.0	32.5	-	-
Long Term Debt Maturing in 4-5 Years	32.5	25.0	32.5	-	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	-
Interest Costs	-	-	-	-	0.0
Total Capital Leases, Supplemental	1.3	2.1	2.9	2.4	0.7
Capital Lease Payments Due in Year 1	0.7	0.7	0.7	0.5	0.1
Capital Lease Payments Due in Year 2	0.2	0.4	0.6	0.5	0.1
Capital Lease Payments Due in Year 3	0.2	0.4	0.6	0.5	0.1
Capital Lease Payments Due in Year 4	0.2	0.4	0.6	0.5	0.1
Capital Lease Payments Due in Year 5	0.2	0.4	0.6	0.5	0.1
Capital Lease Payments Due in 2-3 Years	0.3	0.7	1.1	1.0	0.3
Capital Lease Payments Due in 4-5 Years	0.3	0.7	1.1	1.0	0.3
Pension Obligation - Domestic	16.7	13.8	11.4	13.4	10.9
Plan Assets - Domestic	14.0	11.2	7.0	9.5	7.1
Funded Status - Domestic	-2.7	-2.6	-4.4	-3.9	-3.8
Total Funded Status	-2.7	-2.6	-4.4	-3.9	-3.8
Accrued Liabilities - Domestic	-2.7	-2.6	-4.4	-3.9	-3.8
Other Assets, Net - Domestic	3.9	3.7	3.6	2.8	2.9
Net Assets Recognized on Balance Sheet	1.2	1.2	-0.9	-1.1	-1.0
Total Plan Obligations	16.7	13.8	11.4	13.4	10.9
Total Plan Assets	14.0	11.2	7.0	9.5	7.1

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	31-Mar-2010
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 31-Mar-2010
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	85.97	85.4	85.645	86.285	84.035
Cash	9.6	10.6	5.9	16.6	6.3
Cash and Short Term Investments	9.6	10.6	5.9	16.6	6.3
Trade Accounts Receivable - Net	13.2	5.3	1.5	4.6	3.1
Notes Receivable - Short Term	0.2	0.2	0.2	0.2	0.3
Other Receivables	40.3	34.0	23.9	28.5	22.7
Total Receivables, Net	53.7	39.5	25.6	33.3	26.0
Inventories - Finished Goods	111.2	100.1	53.7	49.0	60.6
Inventories - Raw Materials	13.5	12.2	12.3	11.6	10.4
Total Inventory	124.8	112.3	66.0	60.7	71.0
Total Current Assets	188.0	162.4	97.5	110.6	103.3
Construction in Progress	27.1	39.9	35.9	9.0	10.8
Leases	2.5	2.6	2.7	2.8	3.0
Property/Plant/Equipment - Gross	29.6	42.5	38.6	11.8	13.8
Property/Plant/Equipment - Net	183.8	177.0	168.7	137.1	137.2
Intangibles, Net	0.2	0.2	0.2	0.0	0.0
LT Investments - Other	0.1	0.1	0.1	0.1	0.1
Long Term Investments	0.1	0.1	0.1	0.1	0.1
Note Receivable - Long Term	2.6	1.5	1.5	1.4	1.4
Total Assets	374.6	341.2	268.0	249.2	241.9
Accounts Payable	64.3	83.7	54.1	58.6	49.9
Accrued Expenses	2.3	1.0	0.7	0.2	0.5
Notes Payable/Short Term Debt	133.5	98.1	57.5	35.3	63.5
Current Portion - Long Term Debt/Capital Leases	0.6	0.6	0.7	0.7	0.7
Security Deposits	1.7	1.5	1.5	1.5	1.3
Other Current liabilities, Total	1.7	1.5	1.5	1.5	1.3
Total Current Liabilities	202.3	185.0	114.5	96.3	116.0
Long Term Debt	65.0	65.0	65.1	64.8	50.1
Capital Lease Obligations	0.4	0.5	0.6	0.8	1.2
Total Long Term Debt	65.3	65.5	65.7	65.6	51.3
Total Debt	199.4	164.2	123.9	101.6	115.6
Deferred Income Tax - LT Liability	24.4	20.9	19.9	18.5	18.2
Deferred Income Tax	24.4	20.9	19.9	18.5	18.2
Pension Benefits - Underfunded	2.9	2.9	2.7	2.7	2.7
Other Liabilities, Total	2.9	2.9	2.7	2.7	2.7
Total Liabilities	294.9	274.3	202.8	183.1	188.2
Common Stock	5.3	5.3	5.3	5.3	5.4
Common Stock	5.3	5.3	5.3	5.3	5.4
Additional Paid-In Capital	2.9	2.9	2.9	2.9	3.0
Retained Earnings (Accumulated Deficit)	71.5	58.7	57.0	58.0	45.3
Total Equity	79.7	66.9	65.2	66.2	53.7
Total Liabilities & Shareholders’ Equity	374.6	341.2	268.0	249.2	241.9
Shares Outstanding - Common Stock Primary Issue	45.3	45.3	29.9	45.3	29.9
Shares Outstanding - Common Stock Issue 2	-	-	15.5	-	15.5
Total Common Shares Outstanding	45.3	45.3	45.3	45.3	45.3
Total Long Term Debt, Supplemental	-	-	0.7	0.7	15.8
Long Term Debt Maturing within 1 Year	-	-	0.7	0.7	15.8
Long Term Debt Matur. in Year 6 & Beyond	-	-	0.0	0.0	0.0
Accrued Liabilities - Domestic	-2.9	-2.9	-2.7	-2.7	-2.7
Net Assets Recognized on Balance Sheet	-2.9	-2.9	-2.7	-2.7	-2.7

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.183279	81.692096	70.718347	60.729836	60.283969
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	66.9	51.2	31.5	42.0	33.3
Depreciation	14.9	14.8	15.5	15.7	9.6
Depreciation/Depletion	14.9	14.8	15.5	15.7	9.6
Amortization of Intangibles	0.1	0.5	0.6	0.7	0.7
Amortization	0.1	0.5	0.6	0.7	0.7
Unusual Items	1.8	3.1	0.7	1.8	0.2
Other Non-Cash Items	7.8	8.2	23.6	11.4	7.6
Non-Cash Items	9.6	11.3	24.4	13.2	7.8
Accounts Receivable	1.3	2.6	-1.6	-1.8	-3.2
Inventories	-8.3	-17.2	-1.3	-8.9	-6.9
Accounts Payable	10.6	12.1	-3.7	14.2	0.2
Other Liabilities	-0.1	0.0	0.0	0.0	-
Other Operating Cash Flow	-31.1	-19.0	-15.4	-15.9	-30.9
Changes in Working Capital	-27.5	-21.5	-22.1	-12.3	-40.7
Cash from Operating Activities	64.0	56.4	49.9	59.3	10.7
Purchase of Fixed Assets	-50.4	-27.8	-26.5	-47.9	-59.5
Purchase/Acquisition of Intangibles	-0.2	-	-	-	-
Capital Expenditures	-50.6	-27.8	-26.5	-47.9	-59.5
Sale of Fixed Assets	0.5	0.4	1.0	1.1	1.1
Other Investing Cash Flow Items, Total	0.5	0.4	1.0	1.1	1.1
Cash from Investing Activities	-50.2	-27.4	-25.4	-46.8	-58.4
Cash Dividends Paid - Common	-34.6	-36.1	-17.0	-3.7	-18.8
Total Cash Dividends Paid	-34.6	-36.1	-17.0	-3.7	-18.8
Short Term Debt Issued	0.0	24.4	0.0	-	-
Short Term Debt, Net	0.0	20.8	-10.4	5.5	9.5
Long Term Debt Reduction	-0.8	-0.7	-0.9	-5.2	-19.2
Long Term Debt, Net	-0.8	-0.7	-0.9	-5.2	31.7
Issuance (Retirement) of Debt, Net	-0.8	20.1	-11.3	0.3	41.2
Cash from Financing Activities	-35.3	-16.0	-28.3	-3.5	22.5
Net Change in Cash	-21.5	13.0	-3.9	9.1	-25.2
Net Cash - Beginning Balance	-5.2	-18.4	-17.4	-29.4	-4.3
Net Cash - Ending Balance	-26.7	-5.4	-21.3	-20.3	-29.6
Cash Interest Paid	5.9	6.1	7.7	9.8	6.5
Cash Taxes Paid	17.8	12.1	0.6	3.9	8.0

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	6 Months	3 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.391421	85.487912	85.183279	84.975945	84.614672
Net Income/Starting Line	43.0	24.6	66.9	50.6	32.3
Depreciation	8.5	4.0	14.9	11.5	7.8
Depreciation/Depletion	8.5	4.0	14.9	11.5	7.8
Amortization of Intangibles	0.0	-	0.1	-	0.1
Amortization	0.0	-	0.1	-	0.1
Unusual Items	0.3	0.1	1.8	1.6	0.7
Other Non-Cash Items	6.8	2.2	9.1	6.6	4.9
Non-Cash Items	7.1	2.3	10.9	8.1	5.6
Accounts Receivable	-23.8	-15.4	-3.8	-14.4	-9.1
Inventories	-59.4	-46.1	-10.4	-5.5	-6.1
Accounts Payable	10.5	13.5	10.6	14.5	1.1
Other Operating Cash Flow	-18.0	-6.7	-25.2	-15.8	-11.9
Changes in Working Capital	-90.6	-54.6	-28.8	-21.3	-26.0
Cash from Operating Activities	-32.0	-23.7	64.0	49.0	19.7
Purchase of Fixed Assets	-25.2	-12.3	-50.4	-15.8	-8.4
Purchase/Acquisition of Intangibles	-	-	-0.2	-	-
Capital Expenditures	-25.2	-12.3	-50.6	-15.8	-8.4
Sale of Fixed Assets	0.5	0.4	0.5	0.3	0.3
Other Investing Cash Flow Items, Total	0.5	0.4	0.5	0.3	0.3
Cash from Investing Activities	-24.6	-11.9	-50.2	-15.5	-8.1
Cash Dividends Paid - Common	-15.9	0.0	-34.6	-21.3	-10.7
Total Cash Dividends Paid	-15.9	0.0	-34.6	-21.3	-10.7
Short Term Debt Issued	43.2	-	0.0	0.0	0.0
Short Term Debt, Net	43.2	-	0.0	0.0	0.0
Long Term Debt Reduction	-0.4	-0.2	-0.8	-0.6	-0.3
Long Term Debt, Net	-0.4	-0.2	-0.8	-0.6	-0.3
Issuance (Retirement) of Debt, Net	42.8	-0.2	-0.8	-0.6	-0.3
Cash from Financing Activities	26.9	-0.2	-35.3	-21.9	-11.0
Net Change in Cash	-29.8	-35.9	-21.5	11.5	0.5
Net Cash - Beginning Balance	-26.6	-26.6	-5.2	-5.2	-5.2
Net Cash - Ending Balance	-56.4	-16.8	-26.7	6.3	-4.7
Cash Interest Paid	-4.2	1.9	5.9	4.0	-2.5
Cash Taxes Paid	-12.2	4.6	17.8	11.2	-8.9

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Reclassified Normal 31-Dec-2008	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.183279	81.692096	70.718347	60.729836	60.283969
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Gross Sales	642.7	533.8	510.9	491.7	-
Goods Purchased for Resale	5.4	6.7	8.9	9.8	-
Sales Tax	-13.7	-11.1	-10.6	-9.7	-
Trade Discount	-30.0	-25.6	-25.8	-26.9	-
Sales	-	-	-	-	365.5
Total Revenue	604.4	503.8	483.4	464.9	365.5
Cost of Goods Sold	441.5	358.1	356.8	334.0	261.7
Staff Cost - Dist. Expense	12.6	11.2	10.8	-	-
Depreciaton - Dist. Expense	1.9	1.8	1.8	-	-
Sales Promotion and Advertisement	28.4	-	-	-	-
Distribution & Selling Expenses	24.1	51.1	-	-	-
Staff Cost - Administratrive Expense	8.1	6.4	6.1	-	-
Depreciation - Administratrive Expense	0.8	0.9	1.0	-	-
Amortization - Administratrive Expense	0.1	0.5	0.6	-	-
Administratrive Expense	6.4	5.4	-	-	-
Admin./Selling	-	-	42.5	58.3	48.5
Administration Expenses	-	-	5.9	14.8	11.4
Loss on Disposal of Plant and Equipment	1.3	0.7	0.0	0.3	-
Impairment Loss on Plant and Property	0.5	2.4	0.8	0.6	-
Exchnge Loss	1.6	5.3	15.6	1.7	-
Other Operating Expenses	6.2	4.9	3.2	4.6	4.1
Total Operating Expense	533.5	448.9	444.9	414.4	325.7
Exchagne Loss on Derivative Liab.	-2.5	-0.6	0.0	-	-
Financial Charges	-3.5	-4.8	-7.9	-9.6	-7.4
Gain on Sale of Plant	-	0.0	0.1	0.0	-
Other Income	2.0	1.8	0.8	1.1	1.0
Net Income Before Taxes	66.9	51.2	31.5	42.0	33.3
Provision for Income Taxes	18.6	14.5	9.5	12.3	10.7
Net Income After Taxes	48.3	36.8	22.0	29.7	22.6
Net Income Before Extra. Items	48.3	36.8	22.0	29.7	22.6
Net Income	48.3	36.8	22.0	29.7	22.6
Income Available to Com Excl ExtraOrd	48.3	36.8	22.0	29.7	22.6
Income Available to Com Incl ExtraOrd	48.3	36.8	22.0	29.7	22.6
Basic Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Basic EPS Excluding ExtraOrdinary Items	1.06	0.81	0.48	0.66	0.50
Basic EPS Including ExtraOrdinary Item	1.06	0.81	0.48	0.66	0.50
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	48.3	36.8	22.0	29.7	22.6
Diluted Weighted Average Shares	45.4	45.4	45.4	45.4	45.4
Diluted EPS Excluding ExtraOrd Items	1.06	0.81	0.48	0.66	0.50
Diluted EPS Including ExtraOrd Items	1.06	0.81	0.48	0.66	0.50
DPS-Fully Paid Ordinary	0.35	0.73	0.59	0.16	0.08
DPS-Bonus Ordinary	-	0.73	0.59	0.16	0.08
Gross Dividends - Common Stock	16.0	33.3	26.6	7.5	3.8
Normalized Income Before Taxes	68.7	54.4	32.2	43.0	33.3
Inc Tax Ex Impact of Sp Items	19.1	15.3	9.8	12.5	10.7
Normalized Income After Taxes	49.6	39.0	22.5	30.4	22.6
Normalized Inc. Avail to Com.	49.6	39.0	22.5	30.4	22.6
Basic Normalized EPS	1.09	0.86	0.50	0.67	0.50
Diluted Normalized EPS	1.09	0.86	0.50	0.67	0.50
Interest Expense	5.8	4.3	7.4	9.1	7.4
Rent Expense	3.5	3.4	3.9	3.7	3.1
Depreciation	14.9	14.8	15.5	15.7	9.6
Amortization Expenses	0.1	0.5	0.6	0.7	0.7
Advertising Fees	28.4	29.9	21.3	23.8	-
Domestic	18.5	14.0	11.2	5.2	1.8
Others	-2.0	-2.2	-0.9	0.0	0.4
Current Tax - Total	16.5	11.9	10.3	5.2	2.2
Domestic	2.0	2.6	-0.7	7.1	8.4
Others	-	-	-	-	0.0
Deferred Tax - Total	2.0	2.6	-0.7	7.1	8.4
Income Tax - Total	18.6	14.5	9.5	12.3	10.7
Interest Cost - Pension	0.9	0.9	0.7	0.6	0.5
Current Service Cost - Pension	0.8	0.6	0.6	0.8	0.6
Expected Return on Assets - Pension	-0.8	-0.7	-0.6	-0.5	-0.5
Contribution Made by Employees-Pension	-0.3	-0.3	-0.2	-0.2	-0.2
Interest Cost - Gratuity	0.7	0.8	0.5	0.6	0.3
Current Service Cost - Gratuity	0.7	0.7	0.7	0.5	0.5
Expected Return on Assets - Gratuity	-0.6	-0.3	-0.4	-0.3	-0.3
Domestic Pension Plan Expense	1.5	1.7	1.3	1.4	0.9
Total Pension Expense	1.5	1.7	1.3	1.4	0.9
Discount Rate - Pension	13.00%	12.00%	15.00%	10.00%	10.00%
Salary Increase Rate - Pension	13.00%	12.00%	15.00%	10.00%	10.00%
Expected Rate of Return - Pension	12.00%	15.00%	12.00%	12.00%	14.00%
Expected Remaining Working Life-Pension	13.00%	13.00%	13.00%	13.00%	-
Discount Rate - Gratuity	13.00%	12.00%	15.00%	10.00%	10.00%
Salary Increase Rate - Gratuity	12.00%	12.00%	15.00%	10.00%	10.00%
Expected Rate of Return - Gratuity	12.00%	15.00%	12.00%	12.00%	14.00%
Expected Remaining Working Life-Pension	13.00%	13.00%	13.00%	13.00%	-

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.292258	85.487912	85.79172	85.692742	84.610538
Sales	195.4	190.4	154.0	147.9	160.1
Total Revenue	195.4	190.4	154.0	147.9	160.1
Cost of Goods Sold	144.5	137.0	114.5	106.5	117.7
Distribution & Selling Expenses	22.8	21.0	15.8	15.5	18.8
Administration Expenses	4.3	4.2	4.9	3.7	3.5
Other Operating Expenses	1.9	2.3	1.4	3.3	3.3
Total Operating Expense	173.5	164.5	136.5	129.0	143.3
Financial Charges	-3.6	-2.2	-2.4	-0.8	-1.1
Other Income	0.1	0.9	1.2	0.2	0.3
Net Income Before Taxes	18.4	24.6	16.3	18.3	16.0
Provision for Income Taxes	5.1	7.1	4.4	5.2	4.4
Net Income After Taxes	13.3	17.5	11.8	13.1	11.6
Net Income Before Extra. Items	13.3	17.5	11.8	13.1	11.6
Net Income	13.3	17.5	11.8	13.1	11.6
Income Available to Com Excl ExtraOrd	13.3	17.5	11.8	13.1	11.6
Income Available to Com Incl ExtraOrd	13.3	17.5	11.8	13.1	11.6
Basic Weighted Average Shares	45.3	45.4	45.4	45.3	45.3
Basic EPS Excluding ExtraOrdinary Items	0.29	0.39	0.26	0.29	0.25
Basic EPS Including ExtraOrdinary Item	0.29	0.39	0.26	0.29	0.25
Diluted Net Income	13.3	17.5	11.8	13.1	11.6
Diluted Weighted Average Shares	45.3	45.4	45.4	45.3	45.3
Diluted EPS Excluding ExtraOrd Items	0.29	0.39	0.26	0.29	0.25
Diluted EPS Including ExtraOrd Items	0.29	0.39	0.26	0.29	0.25
DPS-Fully Paid Ordinary	0.00	0.00	0.35	0.00	0.00
DPS-Bonus Ordinary	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	15.9	0.0	0.0
Normalized Income Before Taxes	18.4	24.6	16.3	18.3	16.0
Inc Tax Ex Impact of Sp Items	5.1	7.1	4.4	5.2	4.4
Normalized Income After Taxes	13.3	17.5	11.8	13.1	11.6
Normalized Inc. Avail to Com.	13.3	17.5	11.8	13.1	11.6
Basic Normalized EPS	0.29	0.39	0.26	0.29	0.25
Diluted Normalized EPS	0.29	0.39	0.26	0.29	0.25
Depreciation	4.5	4.0	3.4	3.8	3.8

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	85.645	84.325	79.125	61.625	60.88
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Stores and Spare	12.3	10.3	10.2	7.1	5.4
Obsol. Provision	-	-	-	0.0	0.0
Raw Materials	37.1	29.2	22.6	18.8	20.6
Work in Process	2.8	2.1	2.3	4.8	2.2
Finished Goods	12.4	13.2	4.9	13.3	6.6
Goods For Resale	1.5	1.7	1.7	2.2	1.9
Obsol. Provision	-	-	0.0	-0.2	0.0
Assoc. Debts- Related Parties	-	-	-	0.0	0.0
Other Trade Debt	1.5	2.9	5.8	5.6	3.9
D/ful Debts	0.0	0.0	0.0	0.0	0.0
Prov. D/ful Debt	0.0	0.0	0.0	0.0	0.0
Current Portion of Long Term Loans	0.2	0.2	0.3	0.3	0.1
Advances/Prepayments	23.9	17.8	18.8	32.8	34.6
Cash/Bank	5.9	3.7	5.3	6.6	0.6
Total Current Assets	97.5	81.2	71.8	91.3	76.0
F/hold Land	7.9	8.1	6.1	7.9	0.9
Leasehold Land	0.4	0.4	0.4	0.5	0.5
Building on Lease Hold Land	2.6	2.6	2.8	3.6	3.6
Buildings	26.4	25.6	25.1	31.0	22.4
Plant/Machinery	165.6	152.8	139.7	162.0	137.6
Furniture/Fixs.	2.3	2.3	2.6	2.0	1.6
Vehicles	4.9	3.1	3.4	5.4	5.0
Office Equipment	0.0	0.1	0.1	0.1	0.2
Plant & Machinery	3.8	3.8	4.1	2.8	0.7
Depreciation	-81.2	-71.8	-64.6	-68.0	-57.9
Work in Progress	35.9	10.9	17.5	15.8	18.2
Intangibles	2.7	2.5	2.7	3.5	3.5
Amortization	-2.5	-2.4	-2.1	-2.0	-1.3
Long Term Advances	1.5	1.3	1.2	1.3	1.1
LT Deposits	0.1	0.1	0.1	0.1	0.1
Total Assets	268.0	220.4	210.9	257.2	212.4
Current Secured	-	-	-	0.0	4.9
Associated Co. - Foreign Currency	0.0	15.0	0.0	-	-
Finance Lease	0.7	0.7	0.7	0.5	0.1
Short Term Borrowings - unsecured	25.0	25.0	0.0	-	-
Short Term Borrowing	-	0.0	3.8	16.8	11.5
Short Term Running Finance	32.5	9.0	24.3	26.6	29.9
Trade Creditors	7.2	13.2	5.1	3.1	1.0
Assoc. Creditors	6.0	4.2	7.7	11.8	8.5
Unclaimed Div.	0.1	0.1	0.0	0.0	0.0
Advances	0.8	2.1	1.1	1.0	0.9
Other Accrued	34.2	20.7	17.4	28.3	25.6
Other Payable	5.9	4.1	3.9	5.4	-
Security Deposit	1.5	1.3	1.6	2.0	1.7
Interest & Mark up Accrued	0.7	0.6	1.3	1.4	1.6
Total Current Liabilities	114.5	95.9	67.1	97.0	85.8
Finance Lease	0.6	1.4	2.2	1.9	0.5
Long Term	65.1	49.9	65.0	65.4	65.1
Total Long Term Debt	65.7	51.3	67.2	67.3	65.6
Deferred Tax	19.9	18.2	16.7	22.3	15.5
Retirement Benefits	2.7	2.6	4.4	3.9	3.8
Total Liabilities	202.8	167.9	155.4	190.5	170.8
Paid-up Capital	5.3	5.4	5.7	7.4	7.4
Share Premium	2.9	3.0	3.2	4.0	4.1
General Reserve	3.3	3.3	3.5	4.5	4.6
Accum. Profit	53.7	40.8	43.0	50.8	25.4
Total Equity	65.2	52.5	55.5	66.7	41.6
Total Liabilities & Shareholders' Equity	268.0	220.4	210.9	257.2	212.4
S/O-Fully Paid Ordinary	29.9	29.9	29.9	29.9	29.8
S/O-Bonus Ordinary	15.5	15.5	15.5	15.5	15.5
Total Common Shares Outstanding	45.3	45.3	45.3	45.3	45.3
Deferred Revenue - Current	0.8	2.1	1.1	1.0	0.9
Intangible Amortization	2.5	2.4	2.1	2.0	1.3
Full-Time Employees	-	-	-	2,345	2,174
Shareholder	-	-	-	671	663
Long Term Loans Payable Within 1 Year	0.0	15.0	0.0	0.5	-
Long Term Loans Payable Within 2-5 Years	65.1	49.9	65.0	-	-
Total Long Term Debt, Supplemental	65.1	64.9	65.0	0.5	-
Finance Lease Maturing within 1 Year	0.7	0.7	0.7	0.5	0.1
Finance Lease Maturing: 1-5 Years	0.6	1.4	2.2	1.9	0.5
Finance Cost	-	-	-	-	0.0
Total Capital Leases	1.3	2.1	2.9	2.4	0.7
PV of Funded Obligations - Pension	9.1	7.7	6.0	7.7	6.2
FV of Plan Assets - Pension	8.2	6.6	4.7	6.0	4.6
Funded Status - Pension	-1.0	-1.1	-1.3	-1.7	-1.6
PV of Funded Obligations - Gratuity	7.6	6.1	5.4	5.7	4.7
FV of Plan Assets - Gratuity	5.9	4.7	2.3	3.5	2.5
Funded Status - Gratuity	-1.7	-1.4	-3.2	-2.2	-2.2
Total Funded Status	-2.7	-2.6	-4.4	-3.9	-3.8
Discount Rate - Pension	13.00%	12.00%	15.00%	10.00%	10.00%
Salary Increase Rate - Pension	13.00%	12.00%	15.00%	10.00%	10.00%
Expected Rate of Return - Pension	12.00%	15.00%	12.00%	12.00%	14.00%
Expected Remaining Working Life-Pension	13.00%	13.00%	13.00%	13.00%	12.00%
Discount Rate - Gratuity	13.00%	12.00%	15.00%	10.00%	10.00%
Salary Increase Rate - Gratuity	12.00%	12.00%	15.00%	10.00%	10.00%
Expected Rate of Return - Gratuity	12.00%	15.00%	12.00%	12.00%	14.00%
Expected Remainig Working Life-Gratuity	13.00%	13.00%	13.00%	13.00%	12.00%
Accured Benefit Liability - Pension	-1.0	-1.1	-1.3	-1.7	-1.6
Accured Benefit Liability- Gratuity Fund	-1.7	-1.4	-3.2	-2.2	-2.2
Cum. Actuarial G/L - Gratuity	2.6	2.3	2.8	1.8	1.9
Cum. Actuarial G/L - Pension	1.2	1.5	0.8	0.9	0.9
Net Assets Recognized on Balance Sheet	1.2	1.2	-0.9	-1.1	-1.0
Equity Securities % - Pension	-	-	-	-	49.70%
Debt Securities % - Pension	-	-	-	-	40.90%
Cash and Other Deposits % - Pension	-	-	-	-	9.30%
Equity Securities % - Gratuity	-	-	-	-	17.80%
Debt Securities % - Gratuity	-	-	-	-	52.20%
Cash and Other Securities % - Gratuity	-	-	-	-	30.00%

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	31-Mar-2010
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 31-Mar-2010
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	85.97	85.4	85.645	86.285	84.035
Stores & Spares	13.5	12.2	12.3	11.6	10.4
Stock in Trade	111.2	100.1	53.7	49.0	60.6
Trade Debts	13.2	5.3	1.5	4.6	3.1
Current Portion of Long Term Loans	0.2	0.2	0.2	0.2	0.3
Advances/Prepayments	40.3	34.0	23.9	28.5	22.7
Cash/Bank	9.6	10.6	5.9	16.6	6.3
Total Current Assets	188.0	162.4	97.5	110.6	103.3
Fixed Assets	154.2	134.5	130.1	125.4	123.4
Assets subject to Lease	2.5	2.6	2.7	2.8	3.0
Work in Progress	27.1	39.9	35.9	9.0	10.8
Intangibles	0.2	0.2	0.2	0.0	0.0
Long Term Loans & Advances	2.6	1.5	1.5	1.4	1.4
LT Deposits	0.1	0.1	0.1	0.1	0.1
Total Assets	374.6	341.2	268.0	249.2	241.9
Liabilities Subject to Lease	0.6	0.6	0.7	0.7	0.7
Associated Co. - Foreign Currency	-	-	0.0	0.0	15.0
Short Term Borrowings - Secured	42.9	-	0.0	-	-
Short Term Borrowings - unsecured	25.0	25.0	25.0	24.9	25.1
Short Term Running Finance	65.6	73.1	32.5	10.4	23.4
Security Deposits	1.7	1.5	1.5	1.5	1.3
Trade Creditors	64.3	83.7	54.1	58.6	49.9
Interest & Mark up Accrued	2.3	1.0	0.7	0.2	0.5
Total Current Liabilities	202.3	185.0	114.5	96.3	116.0
Long Term Finance	65.0	65.0	65.1	64.8	50.1
Finance Lease	0.4	0.5	0.6	0.8	1.2
Total Long Term Debt	65.3	65.5	65.7	65.6	51.3
Deferred Tax	24.4	20.9	19.9	18.5	18.2
Retirement Benefits	2.9	2.9	2.7	2.7	2.7
Total Liabilities	294.9	274.3	202.8	183.1	188.2
Paid-up Capital	5.3	5.3	5.3	5.3	5.4
Share Premium	2.9	2.9	2.9	2.9	3.0
General Reserve	3.3	3.3	3.3	3.2	3.3
Accumulated Profit	68.3	55.4	53.7	54.8	42.0
Total Equity	79.7	66.9	65.2	66.2	53.7
Total Liabilities & Shareholders' Equity	374.6	341.2	268.0	249.2	241.9
S/O-Fully Paid Ordinary	45.3	45.3	29.9	45.3	29.9
S/O-Bonus Ordinary	-	-	15.5	-	15.5
Total Common Shares Outstanding	45.3	45.3	45.3	45.3	45.3
Current maturities	-	-	0.7	0.7	15.8
Total Long Term Debt, Supplemental	-	-	0.7	0.7	15.8
Retirement Benefits	-2.9	-2.9	-2.7	-2.7	-2.7
Net Assets Recognized on Balance Sheet	-2.9	-2.9	-2.7	-2.7	-2.7

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Reclassified Normal 31-Dec-2007
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.183279	81.692096	70.718347	60.729836	60.283969
Auditor	KPMG LLP	KPMG LLP	KPMG Taseer Hadi & Co.	KPMG Taseer Hadi & Co.	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	66.9	51.2	31.5	42.0	33.3
Depreciation	14.9	14.8	15.5	15.7	9.6
Amortisation of Intangibles	0.1	0.5	0.6	0.7	0.7
Impairment Loss on Assets	0.5	2.4	0.8	0.6	0.0
Sale Fixed Assets	1.3	0.7	-0.1	0.3	-0.3
Foreign Exchange Loss	1.6	5.4	15.7	1.1	0.0
Prov. Obsol. Stock	-	-	-	0.0	0.0
Prov. Obsol. Stores	-	-	0.0	0.2	0.0
Stores W/off	-	-	0.0	0.7	0.0
Stock W/off	-	-	0.0	0.2	0.5
Prov. D/ful Debts	0.0	0.0	0.0	0.0	0.0
Employee Bens.	1.6	1.7	1.3	1.4	0.9
Financial Charges	5.8	4.9	7.9	9.6	7.4
Stores/Spares	-2.1	-0.8	-5.2	-2.0	-1.9
Stock	-8.3	-17.2	-1.3	-8.9	-6.9
Trade Debts	1.3	2.6	-1.6	-1.8	-3.2
Advances/Deposits	-5.1	0.1	-1.6	0.2	-14.0
Creditors	10.6	12.1	-3.7	14.2	0.2
Security Deposits	0.3	-0.3	0.0	0.4	0.4
LT Loans	-	-	-	0.0	0.0
Decrease in Long Term Loans	-0.1	0.0	0.0	0.0	-
Long Term Advance	-0.1	-0.1	-0.3	-0.4	-0.4
Gratuity/Pension	-1.6	-3.6	-1.3	-1.2	-1.1
Financial Charges Pd	-5.9	-6.1	-7.7	-9.8	-6.5
Taxes Paid	-17.8	-12.1	-0.6	-3.9	-8.0
Cash from Operating Activities	64.0	56.4	49.9	59.3	10.7
Capital Expenditure	-50.4	-27.8	-26.5	-47.9	-59.5
Purchase of Intangible Asset	-0.2	-	-	-	-
Sale Fixed Assets	0.5	0.4	1.0	1.1	1.1
Cash from Investing Activities	-50.2	-27.4	-25.4	-46.8	-58.4
Rdmbl. Capital	-	-	-	0.0	50.9
Redeemable Capital Repaid	-	-	0.0	-4.9	-19.1
ST Borrowings from Associated Co.	0.0	24.4	0.0	-	-
Receipt of Short Term Borrowings	0.0	-3.7	-10.4	5.5	9.5
Lease Liability	-0.8	-0.7	-0.9	-0.3	-0.1
Dividend Paid	-34.6	-36.1	-17.0	-3.7	-18.8
Cash from Financing Activities	-35.3	-16.0	-28.3	-3.5	22.5
Net Change in Cash	-21.5	13.0	-3.9	9.1	-25.2
Net Cash - Beginning Balance	-5.2	-18.4	-17.4	-29.4	-4.3
Net Cash - Ending Balance	-26.7	-5.4	-21.3	-20.3	-29.6
Cash Interest Paid	5.9	6.1	7.7	9.8	6.5
Cash Taxes Paid	17.8	12.1	0.6	3.9	8.0

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	30-Jun-2011	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010
Period Length	6 Months	3 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.391421	85.487912	85.183279	84.975945	84.614672
Net Income	43.0	24.6	66.9	50.6	32.3
Depreciation	8.5	4.0	14.9	11.5	7.8
Intangible Amortization	0.0	-	0.1	-	0.1
Impairment Loss	-	-	0.5	0.5	-
Gain/Loss on Sale Fixed Assets	0.3	0.1	1.3	1.1	0.7
Employee Bens.	0.9	0.4	1.6	1.1	0.7
Exchange Gain	6.0	-0.4	1.6	1.9	4.2
Prov. D/ful Debts	-	-	0.0	0.1	-
Financial Charges	-	2.2	5.8	3.6	-
Stores/Spares	-1.3	0.1	-2.1	-1.6	-0.5
Stock	-58.1	-46.1	-8.3	-3.9	-5.6
Trade Debts	-11.8	-3.8	1.3	-1.9	-1.0
Advances/Deposits	-12.0	-11.6	-5.1	-12.5	-8.2
Creditors	10.5	13.5	10.6	14.5	1.1
Long Term Advance	-1.1	0.0	-0.1	-0.1	-0.1
Decrease in Long Term Deposits	0.0	0.0	-	-	0.0
Decrease in Long Term Loans	-	-	-0.1	0.3	-
Security Deposits	0.2	0.0	0.3	-	0.2
LT Loans	-	-	-	-0.1	-
Retirement & other benefits paid	-0.6	-0.2	-1.6	-0.9	-0.6
Financial Charges Paid	-4.2	-1.9	-5.9	-4.0	-2.5
Taxes Paid	-12.2	-4.6	-17.8	-11.2	-8.9
Cash from Operating Activities	-32.0	-23.7	64.0	49.0	19.7
Capital Expenditure	-25.2	-12.3	-50.4	-15.8	-8.4
Purchase of Intangible Asset	-	-	-0.2	-	-
Sale Fixed Assets	0.5	0.4	0.5	0.3	0.3
Cash from Investing Activities	-24.6	-11.9	-50.2	-15.5	-8.1
Repayment of ST Borrowings - Secured	-	-	-	0.0	-
ST Borrowings - Asso. Company	-	-	0.0	-	-
Short Term Borrowings - unsecured	-	-	-	0.0	-
Lease Liability	-0.4	-0.2	-0.8	-0.6	-0.3
Short term borrowings Secured	43.2	-	-	-	0.0
Dividend Paid	-15.9	0.0	-34.6	-21.3	-10.7
Short Term Borrowings	-	-	0.0	-	-
Cash from Financing Activities	26.9	-0.2	-35.3	-21.9	-11.0
Net Change in Cash	-29.8	-35.9	-21.5	11.5	0.5
Net Cash - Beginning Balance	-26.6	-26.6	-5.2	-5.2	-5.2
Net Cash - Ending Balance	-56.4	-16.8	-26.7	6.3	-4.7
Cash Interest Paid	-4.2	1.9	5.9	4.0	-2.5
Cash Taxes Paid	-12.2	4.6	17.8	11.2	-8.9

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-09			31-Dec-08					31-Dec-07				31-Dec-06				31-Dec-05
Milk and Nutrition Product	435.3		86.4 %	418.2			86.5 %		401.3		86.3 %		312.4		85.5 %		247.2		85.9 %
Bewerage	64.0		12.7 %	59.3			12.3 %		57.8		12.4 %		47.6		13 %		35.4		12.3 %
Other Operation	4.5		0.9 %	5.9			1.2 %		5.8		1.3 %		5.5		1.5 %		5.1		1.8 %
Segment Total	503.8		100 %	483.4			100 %		464.9		100 %		365.5		100 %		287.6		100 %
Consolidated Total	503.8		100 %	483.4			100 %		464.9		100 %		365.5		100 %		287.6		100 %
Exchange Rate: PKR to USD	81.692096			70.718347					60.729836				60.283969				59.595669
Intersegment Revenue USD (mil)
		31-Dec-09				31-Dec-08				31-Dec-07				31-Dec-06				31-Dec-05
Milk and Nutrition Product		0.0			0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %
Bewerage		0.0			0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %
Other Operation		0.0			0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %
Segment Total		0.0			0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %
Consolidated Total		0.0			0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0		0 %
Exchange Rate: PKR to USD		81.692096				70.718347				60.729836				60.283969				59.595669

Total Revenue USD (mil)
	31-Dec-09		31-Dec-08			31-Dec-07		31-Dec-06				31-Dec-05
Milk and Nutrition Product	435.3	86.4 %	418.2		86.5 %	401.3	86.3 %	312.4		85.5 %		247.2		85.9 %
Bewerage	64.0	12.7 %	59.3		12.3 %	57.8	12.4 %	47.6		13 %		35.4		12.3 %
Other Operation	4.5	0.9 %	5.9		1.2 %	5.8	1.3 %	5.5		1.5 %		5.1		1.8 %
Segment Total	503.8	100 %	483.4		100 %	464.9	100 %	365.5		100 %		287.6		100 %
Consolidated Total	503.8	100 %	483.4		100 %	464.9	100 %	365.5		100 %		287.6		100 %
Exchange Rate: PKR to USD	81.692096		70.718347			60.729836		60.283969				59.595669
Other Unusual Expense (Income) USD (mil)
				31-Dec-09			31-Dec-08				31-Dec-07
Milk and Nutrition Product				0.0		0 %	0.0		0 %		0.2		35.1 %
Bewerage				2.4		100 %	0.8		100 %		0.4		64.9 %
Other Operation				0.0		0 %	0.0		0 %		0.0		0 %
Segment Total				2.4		100 %	0.8		100 %		0.6		100 %
Consolidated Total				2.4		100 %	0.8		100 %		0.6		100 %
Exchange Rate: PKR to USD				81.692096			70.718347				60.729836

Depreciation USD (mil)
	31-Dec-09				31-Dec-08				31-Dec-07				31-Dec-06				31-Dec-05
Milk and Nutrition Product	12.4		80.6 %		13.1		81.7 %		12.7		77.3 %		7.3		71.1 %		7.0		79.5 %
Bewerage	2.9		18.8 %		2.9		18 %		3.5		21.3 %		2.8		26.9 %		1.8		20.5 %
Other Operation	0.1		0.6 %		0.0		0.3 %		0.2		1.4 %		0.2		2.1 %		-		-
Segment Total	15.4		100 %		16.1		100 %		16.4		100 %		10.3		100 %		8.7		100 %
Unallocated	-		-		-		-		-		-		-		-		0.5		5.9 %
Consolidated Total	15.4		100 %		16.1		100 %		16.4		100 %		10.3		100 %		9.3		105.9 %
Exchange Rate: PKR to USD	81.692096				70.718347				60.729836				60.283969				59.595669
Earn. bef. Int. & Tax USD (mil)
		31-Dec-09				31-Dec-08				31-Dec-07				31-Dec-06				31-Dec-05
Milk and Nutrition Product		65.4		92.6 %		55.5		94.3 %		57.3		100 %		44.8		102.4 %		33.9		102 %
Bewerage		6.5		9.2 %		4.3		7.3 %		1.6		2.7 %		-0.5		-1.2 %		0.3		1 %
Other Operation		-1.3		-1.8 %		-0.9		-1.6 %		-1.6		-2.7 %		-0.5		-1.2 %		-1.0		-3 %
Segment Total		70.6		100 %		58.8		100 %		57.3		100 %		43.8		100 %		33.2		100 %
Consolidated Total		70.6		100 %		58.8		100 %		57.3		100 %		43.8		100 %		33.2		100 %
Exchange Rate: PKR to USD		81.692096				70.718347				60.729836				60.283969				59.595669

EBIT Margin (%)
				31-Dec-09				31-Dec-08			31-Dec-07			31-Dec-06		31-Dec-05
Milk and Nutrition Product				15.0		-		13.3		-	14.3		-	14.4	-	13.7		-
Bewerage				10.2		-		7.2		-	2.7		-	-1.1	-	1.0		-
Other Operation				-28.7		-		-16.1		-	-26.7		-	-9.3	-	-19.5		-
Segment Total				14.0		-		12.2		-	12.3		-	12.0	-	11.6		-
Consolidated Total				14.0		-		12.2		-	12.3		-	12.0	-	11.6		-
Total Assets USD (mil)
	31-Dec-09		31-Dec-08				31-Dec-07					31-Dec-06			31-Dec-05
Milk and Nutrition Product	158.4	80.3 %	127.5		73.3 %		146.3		78.1 %			115.2		82.5 %	93.1		77.7 %
Bewerage	38.0	19.3 %	45.0		25.9 %		39.3		21 %			23.6		16.9 %	23.7		19.8 %
Other Operation	0.8	0.4 %	1.4		0.8 %		1.6		0.9 %			0.9		0.6 %	3.0		2.5 %
Segment Total	197.2	100 %	173.8		100 %		187.3		100 %			139.6		100 %	119.7		100 %
Unallocated	23.2	11.8 %	37.0		21.3 %		69.9		37.3 %			72.8		52.1 %	28.9		24.2 %
Consolidated Total	220.4	111.8 %	210.9		121.3 %		257.2		137.3 %			212.4		152.1 %	148.6		124.2 %
Exchange Rate: PKR to USD	84.325000		79.125000				61.625000					60.880000			59.790000

Operating Return on Assets (%)
			31-Dec-09				31-Dec-08			31-Dec-07			31-Dec-06		31-Dec-05
Milk and Nutrition Product			40.0		-		38.9		-	38.6		-	38.5	-	36.3		-
Bewerage			16.6		-		8.5		-	3.9		-	-2.2	-	1.4		-
Other Operation			-151.6		-		-61.1		-	-95.2		-	-59.4	-	-33.5		-
Segment Total			34.7		-		30.3		-	30.1		-	31.1	-	27.7		-
Consolidated Total			31.0		-		24.9		-	21.9		-	20.4	-	22.3		-
Total Liabilities USD (mil)
	31-Dec-09		31-Dec-08			31-Dec-07					31-Dec-06			31-Dec-05
Milk and Nutrition Product	40.1	84.7 %	33.4	83.6 %		47.6		83.7 %			24.8		64.4 %	22.6		59.4 %
Bewerage	6.8	14.4 %	6.1	15.3 %		8.6		15.1 %			5.2		13.5 %	6.6		17.3 %
Other Operation	0.4	0.8 %	0.4	1.1 %		0.7		1.2 %			8.5		22.1 %	8.9		23.3 %
Segment Total	47.3	100 %	39.9	100 %		56.8		100 %			38.4		100 %	38.1		100 %
Unallocated	120.6	255.1 %	115.5	289.4 %		133.6		235.3 %			132.3		344.3 %	79.4		208.7 %
Consolidated Total	167.9	355.1 %	155.4	389.4 %		190.5		335.3 %			170.8		444.3 %	117.5		308.7 %
Exchange Rate: PKR to USD	84.325000		79.125000			61.625000					60.880000			59.790000

Purchase of Fixed Assets USD (mil)
	31-Dec-09		31-Dec-08		31-Dec-07		31-Dec-06		31-Dec-05
Milk and Nutrition Product	19.7	80.6 %	18.3	73.5 %	27.1	60.6 %	45.5	80.9 %	36.3	93.1 %
Bewerage	4.8	19.4 %	6.6	26.5 %	17.6	39.4 %	10.8	19.1 %	2.6	6.7 %
Other Operation	0.0	0 %	0.0	0 %	0.0	0 %	0.0	0 %	0.1	0.2 %
Segment Total	24.5	100 %	24.9	100 %	44.7	100 %	56.2	100 %	39.0	100 %
Unallocated	3.3	13.6 %	1.6	6.5 %	3.2	7.2 %	3.2	5.7 %	7.4	19 %
Consolidated Total	27.8	113.6 %	26.5	106.5 %	47.9	107.2 %	59.5	105.7 %	46.4	119 %
Exchange Rate: PKR to USD	81.692096		70.718347		60.729836		60.283969		59.595669

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10		30-Jun-10
Milk Products & Nutrition	157.8	80.8 %	168.3	88.4 %	133.8	86.9 %	384.6	86.1 %	134.3	83.9 %
Beverages	35.9	18.4 %	20.5	10.8 %	18.7	12.1 %	58.8	13.2 %	24.9	15.6 %
Other Operations	1.6	0.8 %	1.6	0.8 %	1.5	1 %	3.2	0.7 %	0.9	0.6 %
Segment Total	195.4	100 %	190.4	100 %	154.0	100 %	446.6	100 %	160.1	100 %
Consolidated Total	195.4	100 %	190.4	100 %	154.0	100 %	446.6	100 %	160.1	100 %
Exchange Rate: PKR to USD	85.292258		85.487912		85.791720		85.692742		84.610538
Total Revenue USD (mil)
	30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10		30-Jun-10
Milk Products & Nutrition	157.8	80.8 %	168.3	88.4 %	133.8	86.9 %	384.6	86.1 %	134.3	83.9 %
Beverages	35.9	18.4 %	20.5	10.8 %	18.7	12.1 %	58.8	13.2 %	24.9	15.6 %
Other Operations	1.6	0.8 %	1.6	0.8 %	1.5	1 %	3.2	0.7 %	0.9	0.6 %
Segment Total	195.4	100 %	190.4	100 %	154.0	100 %	446.6	100 %	160.1	100 %
Consolidated Total	195.4	100 %	190.4	100 %	154.0	100 %	446.6	100 %	160.1	100 %
Exchange Rate: PKR to USD	85.292258		85.487912		85.791720		85.692742		84.610538

Depreciation USD (mil)
					31-Dec-10				30-Sep-10
Milk Products & Nutrition					2.6		75.2 %		9.3		81.5 %
Beverages					0.9		24.3 %		2.1		18 %
Other Operations					0.0		0.5 %		0.1		0.5 %
Segment Total					3.5		100 %		11.4		100 %
Consolidated Total					3.5		100 %		11.4		100 %
Exchange Rate: PKR to USD					85.791720				85.692742
Income Before Tax USD (mil)
	30-Jun-11		31-Mar-11			31-Dec-10		30-Sep-10		30-Jun-10
Milk Products & Nutrition	20.3	85.3 %	27.7	98.3 %		17.8	94.1 %	58.4	95.6 %	18.2		90.6 %
Beverages	4.8	20 %	1.2	4.3 %		1.8	9.5 %	4.0	6.6 %	2.2		10.9 %
Other Operations	-1.3	-5.3 %	-0.7	-2.5 %		-0.7	-3.5 %	-1.3	-2.2 %	-0.3		-1.5 %
Segment Total	23.8	100 %	28.2	100 %		18.9	100 %	61.1	100 %	20.1		100 %
Consolidated Total	23.8	100 %	28.2	100 %		18.9	100 %	61.1	100 %	20.1		100 %
Exchange Rate: PKR to USD	85.292258		85.487912			85.791720		85.692742		84.610538

Pre-Tax Margin (%)
	30-Jun-11		31-Mar-11		31-Dec-10		30-Sep-10		30-Jun-10
Milk Products & Nutrition	12.9	-	16.5	-	13.3	-	15.2	-	13.5	-
Beverages	13.2	-	5.9	-	9.6	-	6.8	-	8.8	-
Other Operations	-78.0	-	-45.2	-	-45.1	-	-41.3	-	-32.0	-
Segment Total	12.2	-	14.8	-	12.3	-	13.7	-	12.5	-
Consolidated Total	12.2	-	14.8	-	12.3	-	13.7	-	12.5	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.45

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.