MIRA INFORM REPORT

Report Date :

14.11.2011

IDENTIFICATION DETAILS

Name :	AYESHA TEXTILE MILLS LIMITED
Registered Office :	97-B Gulberg II, Lahore
Country :	Pakistan
Financials (as on) :	30.06.2008
Date of Incorporation :	Not Available
Legal Form :	Public Independent Company
Line of Business :	manufacture of cotton and polyester cotton yarn

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Usually Correct
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

Ayesha Textile Mills Limited

97-B Gulberg II

Lahore,

Pakistan

Tel: 92-42-5756707

Fax: 92-42-5712151

Web: www.ayeshagroup.com

synthesis

Employees: 1,919

Company Type: Public Independent

Traded: Karachi Stock Exchange: AYTM

Auditor: Mushtaq & Company Chartered Accountants

Financials in: USD (Millions)

Fiscal Year End: 30-Jun-2008

Reporting Currency: Pakistan Rupee

Annual Sales: 33.3 1

Net Income: (0.6)

Total Assets: 36.5 2

Business Description

Ayesha Textile Mills Limited is a Pakistan-based company. The Company is engaged in the manufacture of cotton and polyester cotton yarn. During the fiscal year ended June 30, 2010, 82.65% of the Company's sales came from the sale of yarn. For the nine months ended 31 March 2009, Ayesha Textile Mills Limited's sales decreased 6% to PKR1.44B. Net loss decreased 43% to PKR47.3M. Saless reflect a decrease in local sales, lower export sales and a fall in sale of raw cotton . Lower loss reflects a decrease in cost of sales, lower administrative expense, higher gross profit margins and a decrease in depreciation expense. The Company is principally engaged in the manufacture of cotton.

Industry

Industry Apparel and Accessories

ANZSIC 2006: 1312 - Natural Textile Manufacturing

NACE 2002: 171 - Preparation and spinning of textile fibres

NAICS 2002: 313111 - Yarn Spinning Mills

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

US SIC 1987: 2281 - Yarn Spinning Mills

Key Executives

Name	Title
Muhammad Rafi	Chairman of the Board, Chief Executive Officer
A. G. K. Lodhi	Chief Financial Officer, Director
Saqib Hameed Khokhar	Company Secretary
Nasir Anwar	Non-Executive Director
Tariq Rafi	Non-Executive Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	2	Ayesha Textile Mills Ltd Not to Pay Dividend	1-Nov-2011

* number of significant developments within the last 12 months

News

Title	Date
BOARD MEETINGS South Asian Media Network (Pakistan) (382 Words)	27-Feb-2011

Financial Summary

As of 31-Mar-2009

Key Ratios Company Industry

Current Ratio (MRQ) 0.74 2.75

Quick Ratio (MRQ) 0.36 1.45

Debt to Equity (MRQ) 0.89 0.52

Net Profit Margin (TTM) % 0.07 7.39

Return on Assets (TTM) % 0.06 7.59

Return on Equity (TTM) % 0.14 15.09

Stock Snapshot

Traded: Karachi Stock Exchange: AYTM

As of 30-Jun-2008 Financials in: PKR

Price % Change Rel S&P 500%

Key IDSM Number: 45960975

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 62.55096

2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 68.45

Corporate Overview

Location

97-B Gulberg II

Lahore, Pakistan

Tel: 92-42-5756707

Fax: 92-42-5712151

Web: www.ayeshagroup.com

Quote Symbol - Exchange

AYTM - Karachi Stock Exchange

Sales PKR(mil): 2,084.5

Assets PKR(mil): 2,500.9

Employees: 1,919

Fiscal Year End: 30-Jun-2008

Industry: Apparel and Accessories

Company Type: Public Independent

Quoted Status: Quoted

Chairman of the Board,

Chief Executive Officer: Muhammad Rafi

Company Web Links

· Company Contact/E-mail

· Home Page

Contents

· Industry Codes

· Business Description

· Financial Data

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1312 - Natural Textile Manufacturing

3711 - Textile Product Wholesaling

3739 - Other Goods Wholesaling Not Elsewhere Classified

NACE 2002 Codes:

5141 - Wholesale of textiles

171 - Preparation and spinning of textile fibres

5190 - Other wholesale

NAICS 2002 Codes:

424990 - Other Miscellaneous Nondurable Goods Merchant Wholesalers

313111 - Yarn Spinning Mills

424310 - Piece Goods, Notions, and Other Dry Goods Merchant Wholesalers

US SIC 1987:

5199 - Nondurable Goods, Not Elsewhere Classified

2281 - Yarn Spinning Mills

5131 - Piece Goods, Notions, and Other Dry Good

UK SIC 2003:

171 - Preparation and spinning of textile fibres

5190 - Other wholesale

5141 - Wholesale of textiles

Business Description

Ayesha Textile Mills Limited is a Pakistan-based company. The Company is engaged in the manufacture of cotton and polyester cotton yarn. During the fiscal year ended June 30, 2010, 82.65% of the Company's sales came from the sale of yarn. For the nine months ended 31 March 2009, Ayesha Textile Mills Limited's sales decreased 6% to PKR1.44B. Net loss decreased 43% to PKR47.3M. Saless reflect a decrease in local sales, lower export sales and a fall in sale of raw cotton . Lower loss reflects a decrease in cost of sales, lower administrative expense, higher gross profit margins and a decrease in depreciation expense. The Company is principally engaged in the manufacture of cotton.

More Business Descriptions

Textile and Fabric Finishing Mills

Financial Data

Financials in:	PKR(mil)
Sales:	2,084.5
Net Income:	-34.5
Assets:	2,500.9
Long Term Debt:	326.8
Total Liabilities:	1,398.3
Working Capital:	-0.2
Date of Financial Data:	30-Jun-2008

1 Year Growth

-1.1%

NA

NA

Top

Key Corporate Relationships

Auditor:	Mushtaq & Company Chartered Accountants
Auditor:	Mushtaq & Company Chartered Accountants

Executive report

Board of Directors

Name	Title	Function
Muhammad Rafi	Chairman of the Board, Chief Executive Officer	Chairman
Nasir Anwar	Non-Executive Director	Director/Board Member
A. G. K. Lodhi	Chief Financial Officer, Director	Director/Board Member
Anjum Rafi	Director	Director/Board Member
Arif Rafi	Non-Executive Director	Director/Board Member
Tariq Rafi	Non-Executive Director	Director/Board Member
Abdullah Rafi	Director	Director/Board Member

Executives

Name	Title	Function
Muhammad Rafi	Chairman of the Board, Chief Executive Officer	Chief Executive Officer
Syed Shah	General Manager	Managing Director
Saqib Hameed Khokhar	Company Secretary	Company Secretary
A. G. K. Lodhi	Chief Financial Officer, Director	Finance Executive

Significant Developments

Ayesha Textile Mills Ltd Not to Pay Dividend Nov 01, 2011

Ayesha Textile Mills Ltd announced that it is not to pay dividend for the first quarter ended September 30, 2011.

Ayesha Textile Mills Ltd Not to Pay FY 2010-2011 Final Dividend Oct 10, 2011

Ayesha Textile Mills Ltd announced that its Board of Directors did not declare any final dividend for fiscal year ended June 30, 2011.

Annual Income Statement

Financials in: USD (mil)

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

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
Period Length	12 Months	12 Months	12 Months	9 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008	Restated Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	62.550956	60.637036	59.865977	59.345369	57.788522
Auditor		Mushtaq & Company Chartered Accountants	Mushtaq & Company Chartered Accountants	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	-	-	-	21.7	35.4
Gross Sales	33.9	35.8	32.1	-	-
Sales Returns and Allowances	-0.6	-1.1	-0.9	-	-
Sales	33.3	34.8	31.2	21.7	35.4
Total Sales	33.3	34.8	31.2	21.7	35.4
Cost of Sales	32.5	34.1	29.3	20.1	33.4
Cost of Sales, Total	32.5	34.1	29.3	20.1	33.4
Gross Profit	0.8	0.7	1.9	1.6	2.1
Selling/General/Administrative Expense	0.4	0.5	0.6	0.3	0.5
Advertising Expense	0.0	0.0	-	-	-
Total Selling/General/Administrative Expenses	0.5	0.5	0.6	0.3	0.5
Depreciation	0.0	0.0	-	-	-
Depreciation/Amortization	0.0	0.0	-	-	-
Investment Income - Operating	0.1	0.0	0.0	-	-
Interest/Investment Income - Operating	0.1	0.0	0.0	-	-
Interest Expense (Income) - Net Operating Total	0.1	0.0	0.0	-	-
Loss (Gain) on Sale of Assets - Operating	0.0	0.0	0.0	-	-
Other Unusual Expense (Income)	0.1	0.0	-	-	-
Unusual Expense (Income)	0.1	0.0	0.0	-	-
Other Operating Expense	0.0	0.0	0.0	-	-
Other, Net	0.0	-0.3	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	-0.3	0.0	0.0	0.0
Total Operating Expense	33.1	34.4	29.9	20.4	33.8
Operating Income	0.2	0.4	1.3	1.3	1.6
Interest Expense - Non-Operating	-0.9	-1.1	-1.1	-0.6	-0.7
Interest Expense, Net Non-Operating	-0.9	-1.1	-1.1	-0.6	-0.7
Investment Income - Non-Operating	-0.1	-0.1	0.0	0.0	0.0
Interest/Investment Income - Non-Operating	-0.1	-0.1	0.0	0.0	0.0
Interest Income (Expense) - Net Non-Operating Total	-1.0	-1.1	-1.1	-0.6	-0.7
Other Non-Operating Income (Expense)	-0.3	-0.2	-	0.0	-0.1
Other, Net	-0.3	-0.2	-	0.0	-0.1
Income Before Tax	-1.1	-1.0	0.3	0.7	0.8
Total Income Tax	-0.5	-0.2	0.1	0.2	0.2
Income After Tax	-0.6	-0.8	0.1	0.4	0.7
Net Income Before Extraord Items	-0.6	-0.8	0.1	0.4	0.7
Net Income	-0.6	-0.8	0.1	0.4	0.7
Income Available to Common Excl Extraord Items	-0.6	-0.8	0.1	0.4	0.7
Income Available to Common Incl Extraord Items	-0.6	-0.8	0.1	0.4	0.7
Basic/Primary Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Basic EPS Excl Extraord Items	-0.39	-0.60	0.10	0.29	0.48
Basic/Primary EPS Incl Extraord Items	-0.39	-0.60	0.10	0.29	0.48
Dilution Adjustment	0.0	0.0	-	0.0	0.0
Diluted Net Income	-0.6	-0.8	0.1	0.4	0.7
Diluted Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Diluted EPS Excl Extraord Items	-0.39	-0.60	0.10	0.29	0.48
Diluted EPS Incl Extraord Items	-0.39	-0.60	0.10	0.29	0.48
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.9	1.1	1.0	0.6	0.7
Depreciation, Supplemental	1.1	2.2	1.1	0.7	1.0
Total Special Items	0.1	0.0	0.0	-	-
Normalized Income Before Tax	-1.0	-1.0	0.3	0.7	0.8
Effect of Special Items on Income Taxes	0.0	0.0	0.0	-	-
Inc Tax Ex Impact of Sp Items	-0.5	-0.2	0.1	0.2	0.2
Normalized Income After Tax	-0.5	-0.8	0.1	0.4	0.7
Normalized Inc. Avail to Com.	-0.5	-0.8	0.1	0.4	0.7
Basic Normalized EPS	-0.36	-0.60	0.10	0.29	0.48
Diluted Normalized EPS	-0.36	-0.60	0.10	0.29	0.48
Rental Expenses	0.0	0.0	0.0	0.0	0.0
Advertising Expense, Supplemental	0.0	0.0	0.0	0.0	0.0
Normalized EBIT	0.4	0.3	1.3	1.3	1.6
Normalized EBITDA	1.5	2.5	2.4	2.0	2.5
Current Tax - Total	0.2	0.2	0.2	0.1	0.2
Current Tax - Total	0.2	0.2	0.2	0.1	0.2
Deferred Tax - Total	-0.7	-0.2	0.0	0.1	0.1
Deferred Tax - Total	-0.7	-0.2	0.0	0.1	0.1
Other Tax	0.0	-0.1	-0.1	0.0	-0.1
Income Tax - Total	-0.5	-0.2	0.1	0.2	0.2
Interest Cost - Domestic	0.0	0.0	0.0	-	-
Service Cost - Domestic	0.1	0.0	0.1	-	-
Actuarial Gains and Losses - Domestic	0.0	0.0	-	-	-
Domestic Pension Plan Expense	0.1	0.0	0.1	-	-
Defined Contribution Expense - Domestic	0.1	0.2	-	-	-
Total Pension Expense	0.2	0.2	0.1	-	-
Discount Rate - Domestic	12.00%	9.00%	9.00%	-	-
Compensation Rate - Domestic	10.00%	8.00%	8.00%	-	-
Total Plan Interest Cost	0.0	0.0	0.0	-	-
Total Plan Service Cost	0.1	0.0	0.1	-	-

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
UpdateType/Date	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Restated Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	68.45	60.47	60.21	59.61	59.26
Auditor		Mushtaq & Company Chartered Accountants	Mushtaq & Company Chartered Accountants	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash	0.3	0.1	0.9	0.4	0.5
Cash and Short Term Investments	0.3	0.1	0.9	0.4	0.5
Trade Accounts Receivable - Net	2.4	1.6	1.5	1.6	2.5
Notes Receivable - Short Term	0.1	0.0	0.9	0.3	0.1
Other Receivables	0.2	0.3	0.2	0.1	0.1
Total Receivables, Net	2.6	1.9	2.6	2.1	2.7
Inventories - Finished Goods	0.6	0.5	0.3	0.3	0.3
Inventories - Work In Progress	0.4	0.5	0.3	0.2	0.3
Inventories - Raw Materials	4.1	3.4	3.0	3.3	4.0
Inventories - Other	1.2	1.1	0.8	0.7	0.6
Total Inventory	6.4	5.5	4.5	4.6	5.1
Prepaid Expenses	0.0	0.0	0.0	0.0	0.0
Other Current Assets	0.9	1.4	1.5	0.7	0.6
Other Current Assets, Total	0.9	1.4	1.5	0.7	0.6
Total Current Assets	10.3	8.9	9.4	7.8	8.9
Buildings	4.9	5.3	5.3	1.7	1.7
Land/Improvements	6.3	7.1	6.9	0.8	0.8
Machinery/Equipment	17.4	19.2	15.9	15.7	14.7
Construction in Progress	0.4	0.2	0.2	0.1	0.1
Leases	0.2	0.2	0.2	0.0	-
Property/Plant/Equipment - Gross	29.1	32.0	28.3	18.4	17.3
Accumulated Depreciation	-3.2	-2.5	-0.3	-8.8	-8.2
Property/Plant/Equipment - Net	25.9	29.5	28.0	9.5	9.1
LT Investment - Affiliate Companies	0.2	0.4	0.4	0.1	0.1
LT Investments - Other	0.1	0.1	0.1	0.0	0.0
Long Term Investments	0.3	0.4	0.5	0.1	0.1
Note Receivable - Long Term	0.0	0.0	0.0	0.0	0.0
Other Long Term Assets	-	-	0.3	-	-
Other Long Term Assets, Total	-	-	0.3	-	-
Total Assets	36.5	38.9	38.2	17.4	18.1
Accounts Payable	4.1	2.7	2.6	0.7	3.0
Accrued Expenses	0.5	0.5	0.6	0.4	0.3
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	7.3	6.4	5.4	6.3	5.1
Customer Advances	0.0	0.0	0.1	0.1	0.1
Income Taxes Payable	0.6	0.6	0.9	0.4	0.3
Other Current Liabilities	0.0	0.0	0.1	0.1	0.2
Other Current liabilities, Total	0.7	0.6	1.1	0.5	0.6
Total Current Liabilities	12.6	10.2	9.7	7.9	9.0
Long Term Debt	4.7	5.6	4.2	3.4	3.5
Capital Lease Obligations	0.1	0.1	0.1	0.0	-
Total Long Term Debt	4.8	5.7	4.3	3.4	3.5
Total Debt	12.1	12.1	9.7	9.7	8.6
Deferred Income Tax - LT Liability	3.0	3.4	0.4	-	-
Deferred Income Tax	3.0	3.4	0.4	-	-
Pension Benefits - Underfunded	0.1	0.2	0.2	-	-
Other Long Term Liabilities	-	-	-	0.6	0.4
Other Liabilities, Total	0.1	0.2	0.2	0.6	0.4
Total Liabilities	20.4	19.5	14.6	11.9	12.9
Common Stock	0.2	0.2	0.2	0.2	0.2
Common Stock	0.2	0.2	0.2	0.2	0.2
Additional Paid-In Capital	0.1	0.1	0.1	0.1	0.1
Retained Earnings (Accumulated Deficit)	4.0	4.6	4.7	4.4	4.0
Unrealized Gain (Loss)	11.8	14.4	18.6	0.7	0.7
Total Equity	16.1	19.4	23.6	5.5	5.1
Total Liabilities & Shareholders’ Equity	36.5	38.9	38.2	17.4	18.1
Shares Outstanding - Common Stock Primary Issue	1.4	1.4	1.4	1.4	1.4
Total Common Shares Outstanding	1.4	1.4	1.4	1.4	1.4
Employees	-	-	1,919	1,701	1,615
Number of Common Shareholders	85	85	85	85	-
Deferred Sales - Current	0.0	0.0	0.1	0.1	0.1
Total Capital Leases, Supplemental	0.1	0.1	0.2	-	-
Capital Lease Payments Due in Year 1	0.0	0.0	0.0	-	-
Capital Lease Payments Due in Year 2	0.0	0.0	0.0	-	-
Capital Lease Payments Due in Year 3	0.0	0.0	0.0	-	-
Capital Lease Payments Due in Year 4	0.0	0.0	0.0	-	-
Capital Lease Payments Due in Year 5	0.0	0.0	0.0	-	-
Capital Lease Payments Due in 2-3 Years	0.0	0.1	0.0	-	-
Capital Lease Payments Due in 4-5 Years	0.0	0.1	0.0	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.1	-	-
Pension Obligation - Domestic	0.1	0.2	0.2	-	-
Funded Status - Domestic	-0.1	-0.2	-0.2	-	-
Total Funded Status	-0.1	-0.2	-0.2	-	-
Discount Rate - Domestic	12.00%	9.00%	9.00%	-	-
Compensation Rate - Domestic	10.00%	8.00%	8.00%	-	-
Accrued Liabilities - Domestic	-0.1	-0.2	-0.2	-	-
Net Assets Recognized on Balance Sheet	-0.1	-0.2	-0.2	-	-
Total Plan Obligations	0.1	0.2	0.2	-	-

Annual Cash Flows

Financials in: USD (mil)

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
Period Length	12 Months	12 Months	12 Months	9 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Reclassified Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	62.550956	60.637036	59.865977	59.345369	57.788522
Auditor		Mushtaq & Company Chartered Accountants	Mushtaq & Company Chartered Accountants	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	-1.1	-1.0	0.3	0.7	0.8
Depreciation	1.1	2.2	1.1	0.7	1.0
Depreciation/Depletion	1.1	2.2	1.1	0.7	1.0
Unusual Items	0.1	0.0	0.0	0.0	0.0
Equity in Net Earnings (Loss)	0.1	0.1	0.0	-	-
Other Non-Cash Items	1.3	1.3	1.2	0.7	0.8
Non-Cash Items	1.4	1.4	1.1	0.7	0.8
Accounts Receivable	-1.1	0.0	0.1	0.9	-0.3
Inventories	-1.7	-1.0	0.0	0.5	-2.7
Prepaid Expenses	0.0	0.0	0.0	-0.3	-0.2
Other Assets	0.5	0.5	-0.8	0.0	0.1
Accounts Payable	2.0	-0.1	2.1	-2.5	2.3
Other Liabilities	2.0	1.2	-0.9	0.9	0.2
Other Operating Cash Flow	-1.4	-1.5	-1.3	-0.7	-1.0
Changes in Working Capital	0.3	-1.0	-0.8	-1.1	-1.4
Cash from Operating Activities	1.8	1.5	1.8	0.9	1.1
Purchase of Fixed Assets	-1.1	-3.5	-2.1	-1.2	-1.2
Capital Expenditures	-1.1	-3.5	-2.1	-1.2	-1.2
Sale of Fixed Assets	0.1	0.0	0.0	0.0	0.0
Other Investing Cash Flow	0.0	0.0	0.0	0.0	0.0
Other Investing Cash Flow Items, Total	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-1.0	-3.5	-2.2	-1.2	-1.2
Other Financing Cash Flow	0.3	0.0	-	0.0	0.0
Financing Cash Flow Items	0.3	0.0	-	0.0	0.0
Long Term Debt Issued	0.3	2.2	1.4	1.0	0.9
Long Term Debt Reduction	-1.1	-1.0	-0.6	-0.8	-0.9
Long Term Debt, Net	-0.8	1.2	0.8	0.2	0.0
Issuance (Retirement) of Debt, Net	-0.8	1.2	0.8	0.2	0.0
Cash from Financing Activities	-0.5	1.2	0.8	0.2	0.0
Net Change in Cash	0.2	-0.8	0.4	0.0	-0.1
Net Cash - Beginning Balance	0.1	0.9	0.4	0.5	0.6
Net Cash - Ending Balance	0.3	0.1	0.9	0.4	0.5
Cash Interest Paid	1.1	1.2	1.0	0.6	0.7
Cash Taxes Paid	0.1	0.1	0.1	0.1	0.2

Annual Income Statement

Financials in: USD (mil)

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

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
Period Length	12 Months	12 Months	12 Months	9 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008	Restated Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	62.550956	60.637036	59.865977	59.345369	57.788522
Auditor		Mushtaq & Company Chartered Accountants	HLB Ijaz Tabussum & Co	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Sales	33.9	35.8	32.1	-	-
Sales Returns	-0.3	-0.7	-0.5	-	-
Commisions	-0.2	-0.4	-0.3	-	-
Sales	-	-	-	21.7	35.4
Total Sales	33.3	34.8	31.2	21.7	35.4
Cost of Sales	32.5	34.1	29.3	20.1	33.4
Advertising	0.0	0.0	-	-	-
Depreciation	0.0	0.0	-	-	-
Administration	0.2	0.3	0.3	0.2	0.2
Selling/Distribution	0.2	0.3	0.3	0.1	0.2
Gain on Disposal of Fixed Assets	0.0	0.0	0.0	-	-
Interest on Savings	0.0	0.0	0.0	-	-
Exchange Gain	0.0	0.0	0.0	-	-
Other Operating Income	0.0	-0.3	0.0	0.0	0.0
Exchange Loss on Plant and Equipment	0.1	0.0	-	-	-
Loss on Disposal of Assets	0.1	0.0	-	-	-
Other Operating Expenses	0.0	0.0	0.0	-	-
Total Operating Expense	33.1	34.4	29.9	20.4	33.8
Interet on Workers Participate Fund	0.0	0.0	-	-	-
Bank Charges	-0.3	-0.2	-	-	-
Financial Exp.	-0.9	-1.1	-1.1	-0.6	-0.7
Exchange Loss	-	-	0.0	0.0	0.0
Share of Loss/Profit in Associate	-0.1	-0.1	0.0	-	-
Workers Profit Fund	-	-	-	0.0	0.0
Work. Welfare Fund	-	-	-	0.0	0.0
Net Income Before Taxes	-1.1	-1.0	0.3	0.7	0.8
Provision for Income Taxes	-0.5	-0.2	0.1	0.2	0.2
Net Income After Taxes	-0.6	-0.8	0.1	0.4	0.7
Net Income Before Extra. Items	-0.6	-0.8	0.1	0.4	0.7
Net Income	-0.6	-0.8	0.1	0.4	0.7
Income Available to Com Excl ExtraOrd	-0.6	-0.8	0.1	0.4	0.7
Income Available to Com Incl ExtraOrd	-0.6	-0.8	0.1	0.4	0.7
Basic Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Basic EPS Excluding ExtraOrdinary Items	-0.39	-0.60	0.10	0.29	0.48
Basic EPS Including ExtraOrdinary Item	-0.39	-0.60	0.10	0.29	0.48
Dilution Adjustment	0.0	0.0	-	0.0	0.0
Diluted Net Income	-0.6	-0.8	0.1	0.4	0.7
Diluted Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Diluted EPS Excluding ExtraOrd Items	-0.39	-0.60	0.10	0.29	0.48
Diluted EPS Including ExtraOrd Items	-0.39	-0.60	0.10	0.29	0.48
DPS-Ordinary Shares	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-1.0	-1.0	0.3	0.7	0.8
Inc Tax Ex Impact of Sp Items	-0.5	-0.2	0.1	0.2	0.2
Normalized Income After Taxes	-0.5	-0.8	0.1	0.4	0.7
Normalized Inc. Avail to Com.	-0.5	-0.8	0.1	0.4	0.7
Basic Normalized EPS	-0.36	-0.60	0.10	0.29	0.48
Diluted Normalized EPS	-0.36	-0.60	0.10	0.29	0.48
Rent	0.0	0.0	0.0	0.0	0.0
Advertising	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.9	1.1	1.0	0.6	0.7
Depreciation	1.1	2.2	1.1	0.7	1.0
Current Income Tax	0.2	0.2	0.2	0.1	0.2
Current Tax - Total	0.2	0.2	0.2	0.1	0.2
Deferred Income Tax	-0.7	-0.2	0.0	0.1	0.1
Deferred Tax - Total	-0.7	-0.2	0.0	0.1	0.1
Prior Years	0.0	-0.1	-0.1	0.0	-0.1
Income Tax - Total	-0.5	-0.2	0.1	0.2	0.2
Service Cost - Gratuity	0.1	0.0	0.1	-	-
Interest Cost - Gratuity	0.0	0.0	0.0	-	-
Acturial Gain Recognised	0.0	0.0	-	-	-
Domestic Pension Plan Expense	0.1	0.0	0.1	-	-
Defined Benifit Obligation	0.1	0.2	-	-	-
Total Pension Expense	0.2	0.2	0.1	-	-
Discount Rate - Gratuity	12.00%	9.00%	9.00%	-	-
Compensation Rate - Gratuity	10.00%	8.00%	8.00%	-	-

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
UpdateType/Date	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Restated Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	68.45	60.47	60.21	59.61	59.26
Auditor		Mushtaq & Company Chartered Accountants	HLB Ijaz Tabussum & Co	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Stores	1.1	1.0	0.7	0.6	0.5
Spare Parts	0.1	0.1	0.1	0.1	0.1
Loose Tools	0.0	0.0	0.0	-	-
Raw Materials	4.1	3.4	3.0	3.1	4.0
Work in Progress	0.4	0.5	0.3	0.2	0.3
Finished Goods	0.6	0.5	0.3	0.3	0.3
Raw Materials in Transit	-	-	-	0.2	0.0
Trade Debtors	2.4	1.6	1.5	1.6	2.5
LT Loans	0.0	0.0	0.0	0.0	0.0
Letter of Credit	0.0	0.0	0.9	0.3	0.0
Supplier Advance	0.1	0.6	0.3	0.2	0.2
Due, Associates	0.0	0.0	0.0	0.0	0.0
Prepayments	0.0	0.0	0.0	0.0	0.0
Other Receivables	0.0	0.1	0.0	0.0	0.0
Advance Income Tax	0.6	0.5	0.9	0.4	0.3
Sales Tax Refund	0.3	0.3	0.3	0.1	0.0
Income Tax Refundable	0.2	0.2	0.1	0.1	0.1
Cash/Bank	0.3	0.1	0.9	0.4	0.5
Total Current Assets	10.3	8.9	9.4	7.8	8.9
Land	6.3	7.1	6.9	0.8	0.8
Buildings	4.9	5.3	5.3	1.7	1.7
Plant/Machinery	17.0	18.8	15.5	15.3	14.4
Vehicles	0.3	0.3	0.3	0.3	0.2
Furn./Fittings	0.0	0.0	0.0	0.0	0.0
Office Computer	0.0	0.0	0.0	0.0	0.0
Office Equip.	0.0	0.0	0.0	0.0	0.0
Tools/Equipment	0.0	0.0	0.0	0.0	0.0
Vehicles Under Lease	0.2	0.2	0.2	0.0	-
Capital Work in Progress	0.4	0.2	0.2	0.1	0.1
Depreciation	-3.2	-2.5	-0.3	-8.8	-8.2
Investment	0.2	0.4	0.4	0.1	0.1
LT Loan	0.0	0.0	0.0	0.0	0.0
LT Deposits	0.1	0.1	0.1	0.0	0.0
Adjustment	-	-	0.3	-	-
Total Assets	36.5	38.9	38.2	17.4	18.1
Current Portion of LT Loans	6.5	5.3	4.1	5.1	4.1
LT Liabilities	0.8	1.1	1.3	1.2	0.9
Trade Creditors	4.1	2.7	2.6	0.7	3.0
Advances from Customers	0.0	0.0	0.1	0.1	0.1
Accrued Expenses	0.2	0.2	0.4	0.2	0.2
LT Loan Interest	0.1	0.1	0.1	0.1	0.1
ST Loan Interest	0.2	0.2	0.1	0.1	0.1
Workers Profit	-	0.0	0.0	0.0	0.0
Workers Welfare	0.0	0.0	0.1	0.1	0.0
Tax, Source	0.0	0.0	0.0	0.0	0.0
Sales Tax Payable	-	-	-	0.0	0.1
Unclaimed Div.	0.0	0.0	0.0	0.0	0.0
Taxation Prov.	0.6	0.6	0.9	0.4	0.3
Total Current Liabilities	12.6	10.2	9.7	7.9	9.0
Capital Lease	0.1	0.1	0.1	0.0	-
Mark-Up Finance	3.4	4.5	3.2	2.4	2.5
Loans from Associate Undertakings	0.6	0.3	0.3	0.3	0.3
Loans from Directors and Sponsors	0.7	0.8	0.8	0.8	0.8
Total Long Term Debt	4.8	5.7	4.3	3.4	3.5
Deferred Tax	3.0	3.4	0.4	-	-
Retirement Benefit Obligations	0.1	0.2	0.2	-	-
Defered Liabilities	-	-	-	0.6	0.4
Total Liabilities	20.4	19.5	14.6	11.9	12.9
Share Capital	0.2	0.2	0.2	0.2	0.2
Capital Reserves	0.1	0.1	0.1	0.1	0.1
Special Reserves	0.0	0.0	0.0	0.0	0.0
General Reserves	1.0	1.2	1.2	1.2	1.2
Investment in Associate	0.0	0.0	0.0	-	-
Profit/Loss	2.9	3.4	3.5	3.2	2.9
Fix. Asset Surp.	11.8	14.4	18.6	0.7	0.7
Total Equity	16.1	19.4	23.6	5.5	5.1
Total Liabilities & Shareholders' Equity	36.5	38.9	38.2	17.4	18.1
S/O-Ordinary Shares	1.4	1.4	1.4	1.4	1.4
Total Common Shares Outstanding	1.4	1.4	1.4	1.4	1.4
Advances Fom Customers	0.0	0.0	0.1	0.1	0.1
Full-Time Employees	-	-	1,919	1,701	1,615
Number of Common Shareholders	85	85	85	85	-
Lease Payments due within 1 Year	0.0	0.0	0.0	-	-
Lease Payments due within 5 Years	0.1	0.1	0.1	-	-
Lease Payments Thereafter	-	0.0	0.1	-	-
Total Capital Leases	0.1	0.1	0.2	-	-
Projected Benefit Obligation - Gratuity	0.1	0.2	0.2	-	-
Funded Status	-0.1	-0.2	-0.2	-	-
Total Funded Status	-0.1	-0.2	-0.2	-	-
Discount Rate - Gratuity	12.00%	9.00%	9.00%	-	-
Compensation Rate - Gratuity	10.00%	8.00%	8.00%	-	-
Accrued Benefit Liability - Gratuity	-0.1	-0.2	-0.2	-	-
Net Assets Recognized on Balance Sheet	-0.1	-0.2	-0.2	-	-

Annual Cash Flows

Financials in: USD (mil)

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
Period Length	12 Months	12 Months	12 Months	9 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Reclassified Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	62.550956	60.637036	59.865977	59.345369	57.788522
Auditor		Mushtaq & Company Chartered Accountants	HLB Ijaz Tabussum & Co	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income	-1.1	-1.0	0.3	0.7	0.8
Depreciation	1.1	2.2	1.1	0.7	1.0
Gratuity Prov.	0.1	0.0	0.1	0.1	0.1
Diposal Fixed Asset	0.1	0.0	0.0	0.0	0.0
Financial Charges	1.2	1.3	1.1	0.6	0.7
Share of Profit/ Loss of Associate	0.1	0.1	0.0	-	-
Other Operating Expenses	-	0.0	0.0	-	-
Workers' Profit Fund	-	-	-	0.0	0.0
Workers Welfare Fund	-	-	-	0.0	0.0
Stores/Spares/Stock	-0.3	-0.3	-0.1	-0.1	-0.2
Stock in Trade	-1.5	-0.7	0.2	0.7	-2.5
Trade Debtors	-1.1	0.0	0.1	0.9	-0.3
Loans and Advances	0.4	0.6	-0.6	-	-
Adv./Dep./Prepayment	0.0	0.0	0.0	-0.3	-0.2
Other Receivables	0.1	-0.1	0.0	-	-
Tax refunds due from Govt	0.0	0.0	-0.2	0.0	0.1
Short Term Borrowings	2.0	1.2	-0.9	0.9	0.2
Creditors/Accrued	2.0	-0.1	2.1	-2.5	2.3
Interest Paid	-1.1	-1.2	-1.0	-0.6	-0.7
Gratuity Paid	-0.1	-0.1	-0.1	-0.1	-0.1
Workers Profit Participation Fund	-	-	-	0.0	0.0
Other Operating Expenses Paid	0.0	-0.1	0.0	-	-
Workers Welfare Fund Paid	-	-	-	0.0	-0.1
Taxes Paid	-0.1	-0.1	-0.1	-0.1	-0.2
Adjustments	-	0.0	-	-	-
Cash from Operating Activities	1.8	1.5	1.8	0.9	1.1
Sale Fixed Assets	0.1	0.0	0.0	0.0	0.0
Capital Expenditure	-1.1	-3.5	-2.1	-1.2	-1.2
LT Deposits	0.0	0.0	0.0	0.0	0.0
LT Loans	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-1.0	-3.5	-2.2	-1.2	-1.2
Long Term Loans Received	0.3	2.2	1.4	1.0	0.9
Long Term Loans Repaid	-1.1	-0.9	-0.6	-0.8	-0.9
Rcvd., Associate	-	-	-	0.0	0.0
Lease Payment	0.0	0.0	0.0	0.0	-
Loan from Associated Undertakings	0.3	0.0	-	-	-
Cash from Financing Activities	-0.5	1.2	0.8	0.2	0.0
Net Change in Cash	0.2	-0.8	0.4	0.0	-0.1
Net Cash - Beginning Balance	0.1	0.9	0.4	0.5	0.6
Net Cash - Ending Balance	0.3	0.1	0.9	0.4	0.5
Cash Interest Paid	1.1	1.2	1.0	0.6	0.7
Cash Taxes Paid	0.1	0.1	0.1	0.1	0.2

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
	Quarter Ending 31-Mar-2009	Quarter Ending Yr Ago	Annual Year End 30-Jun-2008	1 Year Growth	3 Year Growth	5 Year Growth
Total Sales1	4.9	-23.32%	33.3	-1.12%	17.41%	4.90%
Operating Income1	0.0	-	0.2	-38.92%	-45.08%	-29.01%
Income Available to Common Excl Extraord Items1	-0.4	-	-0.6	-	-	-
Basic EPS Excl Extraord Items1	-0.26	-	-0.39	-	-	-
Capital Expenditures2	0.9	31.62%	1.1	-68.40%	-1.23%	-16.31%
Cash from Operating Activities2	0.5	-54.97%	1.8	18.33%	26.70%	6.32%
Free Cash Flow	-0.3	-	0.6	-	-	-
Total Assets3	30.0	-6.84%	36.5	6.43%	34.12%	22.86%
Total Liabilities3	16.9	-9.81%	20.4	18.75%	25.43%	17.34%
Total Long Term Debt3	4.3	4.33%	4.8	-5.24%	16.79%	8.68%
Total Common Shares Outstanding3	1.4	0.00%	1.4	0.00%	0.00%	0.00%
1-ExchangeRate: PKR to USD Average for Period	79.729396		62.550956
2-ExchangeRate: PKR to USD Average for Period	77.851736		62.550956
3-ExchangeRate: PKR to USD Period End Date	80.510000		68.450000

Key Ratios
	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
Profitability
Gross Margin	2.53%	1.91%	6.23%	7.57%	5.80%
Operating Margin	0.62%	1.01%	4.18%	6.08%	4.51%
Pretax Margin	-3.15%	-2.86%	0.81%	3.00%	2.38%
Net Profit Margin	-1.66%	-2.42%	0.43%	1.86%	1.92%
Financial Strength
Current Ratio	0.82	0.88	0.97	0.99	0.99
Long Term Debt/Equity	0.30	0.29	0.18	0.63	0.68
Total Debt/Equity	0.75	0.62	0.41	1.77	1.67
Management Effectiveness
Return on Assets	-1.42%	-2.20%	0.48%	2.27%	3.99%
Return on Equity	-3.03%	-3.94%	0.92%	7.56%	13.79%
Efficiency
Receivables Turnover	14.07	15.58	13.43	9.16	13.82
Inventory Turnover	5.27	6.90	6.49	4.14	8.49
Asset Turnover	0.86	0.91	1.12	1.22	2.08

Annual Ratios

Financials in: USD (mil)

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

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
Financial Strength
Current Ratio	0.82	0.88	0.97	0.99	0.99
Quick/Acid Test Ratio	0.23	0.20	0.36	0.32	0.35
Working Capital1	-2.3	-1.2	-0.3	-0.1	-0.1
Long Term Debt/Equity	0.30	0.29	0.18	0.63	0.68
Total Debt/Equity	0.75	0.62	0.41	1.77	1.67
Long Term Debt/Total Capital	0.17	0.18	0.13	0.23	0.26
Total Debt/Total Capital	0.43	0.38	0.29	0.64	0.63
Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Effective Tax Rate	-	-	47.16%	38.22%	19.49%
Total Capital1	28.2	31.5	33.3	15.2	13.7
Efficiency
Asset Turnover	0.86	0.91	1.12	1.22	2.08
Inventory Turnover	5.27	6.90	6.49	4.14	8.49
Days In Inventory	69.27	52.92	56.22	88.19	43.01
Receivables Turnover	14.07	15.58	13.43	9.16	13.82
Days Receivables Outstanding	25.95	23.43	27.18	39.83	26.42
Sales/Employee2	-	-	16,174	12,702	21,379
Operating Income/Employee2	-	-	676	773	964
EBITDA/Employee2	-	-	1,254	1,190	1,538
Profitability
Gross Margin	2.53%	1.91%	6.23%	7.57%	5.80%
Operating Margin	0.62%	1.01%	4.18%	6.08%	4.51%
EBITDA Margin	3.96%	7.34%	7.75%	9.37%	7.19%
EBIT Margin	0.62%	1.01%	4.18%	6.08%	4.51%
Pretax Margin	-3.15%	-2.86%	0.81%	3.00%	2.38%
Net Profit Margin	-1.66%	-2.42%	0.43%	1.86%	1.92%
COGS/Sales	97.47%	98.09%	93.77%	92.43%	94.20%
SG&A Expense/Sales	1.35%	1.48%	2.00%	1.51%	1.30%
Management Effectiveness
Return on Assets	-1.42%	-2.20%	0.48%	2.27%	3.99%
Return on Equity	-3.03%	-3.94%	0.92%	7.56%	13.79%
Valuation
Free Cash Flow/Share2	0.45	-1.42	-0.27	-0.19	-0.06
Operating Cash Flow/Share 2	1.16	1.11	1.25	0.65	0.80
1-ExchangeRate: PKR to USD Period End Date	68.45	60.47	60.21	59.61	59.26
2-ExchangeRate: PKR to USD Average for Period	68.45	60.47	60.21	59.61	59.26

Annual Income Statement

Standardized

Financials in: USD (mil)

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

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
Period Length	12 Months	12 Months	12 Months	9 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008	Restated Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	62.550956	60.637036	59.865977	59.345369	57.788522
Auditor		Mushtaq & Company Chartered Accountants	Mushtaq & Company Chartered Accountants	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	-	-	-	21.7	35.4
Gross Sales	33.9	35.8	32.1	-	-
Sales Returns and Allowances	-0.6	-1.1	-0.9	-	-
Sales	33.3	34.8	31.2	21.7	35.4
Total Sales	33.3	34.8	31.2	21.7	35.4
Cost of Sales	32.5	34.1	29.3	20.1	33.4
Cost of Sales, Total	32.5	34.1	29.3	20.1	33.4
Gross Profit	0.8	0.7	1.9	1.6	2.1
Selling/General/Administrative Expense	0.4	0.5	0.6	0.3	0.5
Advertising Expense	0.0	0.0	-	-	-
Total Selling/General/Administrative Expenses	0.5	0.5	0.6	0.3	0.5
Depreciation	0.0	0.0	-	-	-
Depreciation/Amortization	0.0	0.0	-	-	-
Investment Income - Operating	0.1	0.0	0.0	-	-
Interest/Investment Income - Operating	0.1	0.0	0.0	-	-
Interest Expense (Income) - Net Operating Total	0.1	0.0	0.0	-	-
Loss (Gain) on Sale of Assets - Operating	0.0	0.0	0.0	-	-
Other Unusual Expense (Income)	0.1	0.0	-	-	-
Unusual Expense (Income)	0.1	0.0	0.0	-	-
Other Operating Expense	0.0	0.0	0.0	-	-
Other, Net	0.0	-0.3	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	-0.3	0.0	0.0	0.0
Total Operating Expense	33.1	34.4	29.9	20.4	33.8
Operating Income	0.2	0.4	1.3	1.3	1.6
Interest Expense - Non-Operating	-0.9	-1.1	-1.1	-0.6	-0.7
Interest Expense, Net Non-Operating	-0.9	-1.1	-1.1	-0.6	-0.7
Investment Income - Non-Operating	-0.1	-0.1	0.0	0.0	0.0
Interest/Investment Income - Non-Operating	-0.1	-0.1	0.0	0.0	0.0
Interest Income (Expense) - Net Non-Operating Total	-1.0	-1.1	-1.1	-0.6	-0.7
Other Non-Operating Income (Expense)	-0.3	-0.2	-	0.0	-0.1
Other, Net	-0.3	-0.2	-	0.0	-0.1
Income Before Tax	-1.1	-1.0	0.3	0.7	0.8
Total Income Tax	-0.5	-0.2	0.1	0.2	0.2
Income After Tax	-0.6	-0.8	0.1	0.4	0.7
Net Income Before Extraord Items	-0.6	-0.8	0.1	0.4	0.7
Net Income	-0.6	-0.8	0.1	0.4	0.7
Income Available to Common Excl Extraord Items	-0.6	-0.8	0.1	0.4	0.7
Income Available to Common Incl Extraord Items	-0.6	-0.8	0.1	0.4	0.7
Basic/Primary Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Basic EPS Excl Extraord Items	-0.39	-0.60	0.10	0.29	0.48
Basic/Primary EPS Incl Extraord Items	-0.39	-0.60	0.10	0.29	0.48
Dilution Adjustment	0.0	0.0	-	0.0	0.0
Diluted Net Income	-0.6	-0.8	0.1	0.4	0.7
Diluted Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Diluted EPS Excl Extraord Items	-0.39	-0.60	0.10	0.29	0.48
Diluted EPS Incl Extraord Items	-0.39	-0.60	0.10	0.29	0.48
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.9	1.1	1.0	0.6	0.7
Depreciation, Supplemental	1.1	2.2	1.1	0.7	1.0
Total Special Items	0.1	0.0	0.0	-	-
Normalized Income Before Tax	-1.0	-1.0	0.3	0.7	0.8
Effect of Special Items on Income Taxes	0.0	0.0	0.0	-	-
Inc Tax Ex Impact of Sp Items	-0.5	-0.2	0.1	0.2	0.2
Normalized Income After Tax	-0.5	-0.8	0.1	0.4	0.7
Normalized Inc. Avail to Com.	-0.5	-0.8	0.1	0.4	0.7
Basic Normalized EPS	-0.36	-0.60	0.10	0.29	0.48
Diluted Normalized EPS	-0.36	-0.60	0.10	0.29	0.48
Rental Expenses	0.0	0.0	0.0	0.0	0.0
Advertising Expense, Supplemental	0.0	0.0	0.0	0.0	0.0
Normalized EBIT	0.4	0.3	1.3	1.3	1.6
Normalized EBITDA	1.5	2.5	2.4	2.0	2.5
Current Tax - Total	0.2	0.2	0.2	0.1	0.2
Current Tax - Total	0.2	0.2	0.2	0.1	0.2
Deferred Tax - Total	-0.7	-0.2	0.0	0.1	0.1
Deferred Tax - Total	-0.7	-0.2	0.0	0.1	0.1
Other Tax	0.0	-0.1	-0.1	0.0	-0.1
Income Tax - Total	-0.5	-0.2	0.1	0.2	0.2
Interest Cost - Domestic	0.0	0.0	0.0	-	-
Service Cost - Domestic	0.1	0.0	0.1	-	-
Actuarial Gains and Losses - Domestic	0.0	0.0	-	-	-
Domestic Pension Plan Expense	0.1	0.0	0.1	-	-
Defined Contribution Expense - Domestic	0.1	0.2	-	-	-
Total Pension Expense	0.2	0.2	0.1	-	-
Discount Rate - Domestic	12.00%	9.00%	9.00%	-	-
Compensation Rate - Domestic	10.00%	8.00%	8.00%	-	-
Total Plan Interest Cost	0.0	0.0	0.0	-	-
Total Plan Service Cost	0.1	0.0	0.1	-	-

Interim Income Statement

Standardized

Financials in: USD (mil)

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

	31-Mar-2009	31-Dec-2008	30-Sep-2008	30-Jun-2008	31-Mar-2008
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008	Updated Normal 30-Sep-2008	Updated Normal 30-Jun-2008	Reclassified Normal 31-Mar-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	79.729396	79.797043	74.087124	66.109892	62.589368
Net Sales	-	-	8.4	8.7	-
Gross Sales	4.9	5.4	-	-	8.2
Sales Returns and Allowances	0.0	0.0	-	-	-0.1
Sales	4.9	5.4	8.4	8.7	8.1
Total Sales	4.9	5.4	8.4	8.7	8.1
Cost of Sales	4.8	5.1	8.0	7.9	8.3
Cost of Sales, Total	4.8	5.1	8.0	7.9	8.3
Gross Profit	0.0	0.3	0.4	0.8	-0.2
Selling/General/Administrative Expense	0.1	0.1	0.1	0.1	0.1
Total Selling/General/Administrative Expenses	0.1	0.1	0.1	0.1	0.1
Other Operating Expense	0.0	0.0	0.0	0.1	0.0
Other, Net	0.0	0.0	0.0	0.0	0.0
Other Operating Expenses, Total	0.0	0.0	0.0	0.2	0.0
Total Operating Expense	4.9	5.2	8.1	8.2	8.4
Operating Income	0.0	0.2	0.3	0.5	-0.3
Investment Income - Non-Operating	0.0	0.0	0.0	-0.1	0.0
Interest/Investment Income - Non-Operating	0.0	0.0	0.0	-0.1	0.0
Interest Income (Expense) - Net Non-Operating	-0.3	-0.4	-0.3	-0.3	-0.4
Interest Income (Expense) - Net Non-Operating Total	-0.3	-0.4	-0.3	-0.4	-0.4
Income Before Tax	-0.4	-0.2	-0.1	0.1	-0.7
Total Income Tax	0.0	-0.1	0.0	-0.7	0.0
Income After Tax	-0.4	-0.2	-0.1	0.7	-0.7
Net Income Before Extraord Items	-0.4	-0.2	-0.1	0.7	-0.7
Net Income	-0.4	-0.2	-0.1	0.7	-0.7
Income Available to Common Excl Extraord Items	-0.4	-0.2	-0.1	0.7	-0.7
Income Available to Common Incl Extraord Items	-0.4	-0.2	-0.1	0.7	-0.7
Basic/Primary Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Basic EPS Excl Extraord Items	-0.26	-0.12	-0.05	0.53	-0.50
Basic/Primary EPS Incl Extraord Items	-0.26	-0.12	-0.05	0.53	-0.50
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-0.4	-0.2	-0.1	0.7	-0.7
Diluted Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Diluted EPS Excl Extraord Items	-0.26	-0.12	-0.05	0.53	-0.50
Diluted EPS Incl Extraord Items	-0.26	-0.12	-0.05	0.53	-0.50
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Depreciation, Supplemental	0.2	0.2	0.2	-	0.5
Normalized Income Before Tax	-0.4	-0.2	-0.1	0.1	-0.7
Inc Tax Ex Impact of Sp Items	0.0	-0.1	0.0	-0.7	0.0
Normalized Income After Tax	-0.4	-0.2	-0.1	0.7	-0.7
Normalized Inc. Avail to Com.	-0.4	-0.2	-0.1	0.7	-0.7
Basic Normalized EPS	-0.26	-0.12	-0.05	0.53	-0.50
Diluted Normalized EPS	-0.26	-0.12	-0.05	0.53	-0.50
Normalized EBIT	0.0	0.2	0.3	0.5	-0.3
Normalized EBITDA	0.2	0.3	0.5	0.5	0.3

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
UpdateType/Date	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Restated Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	68.45	60.47	60.21	59.61	59.26
Auditor		Mushtaq & Company Chartered Accountants	Mushtaq & Company Chartered Accountants	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Cash	0.3	0.1	0.9	0.4	0.5
Cash and Short Term Investments	0.3	0.1	0.9	0.4	0.5
Trade Accounts Receivable - Net	2.4	1.6	1.5	1.6	2.5
Notes Receivable - Short Term	0.1	0.0	0.9	0.3	0.1
Other Receivables	0.2	0.3	0.2	0.1	0.1
Total Receivables, Net	2.6	1.9	2.6	2.1	2.7
Inventories - Finished Goods	0.6	0.5	0.3	0.3	0.3
Inventories - Work In Progress	0.4	0.5	0.3	0.2	0.3
Inventories - Raw Materials	4.1	3.4	3.0	3.3	4.0
Inventories - Other	1.2	1.1	0.8	0.7	0.6
Total Inventory	6.4	5.5	4.5	4.6	5.1
Prepaid Expenses	0.0	0.0	0.0	0.0	0.0
Other Current Assets	0.9	1.4	1.5	0.7	0.6
Other Current Assets, Total	0.9	1.4	1.5	0.7	0.6
Total Current Assets	10.3	8.9	9.4	7.8	8.9
Buildings	4.9	5.3	5.3	1.7	1.7
Land/Improvements	6.3	7.1	6.9	0.8	0.8
Machinery/Equipment	17.4	19.2	15.9	15.7	14.7
Construction in Progress	0.4	0.2	0.2	0.1	0.1
Leases	0.2	0.2	0.2	0.0	-
Property/Plant/Equipment - Gross	29.1	32.0	28.3	18.4	17.3
Accumulated Depreciation	-3.2	-2.5	-0.3	-8.8	-8.2
Property/Plant/Equipment - Net	25.9	29.5	28.0	9.5	9.1
LT Investment - Affiliate Companies	0.2	0.4	0.4	0.1	0.1
LT Investments - Other	0.1	0.1	0.1	0.0	0.0
Long Term Investments	0.3	0.4	0.5	0.1	0.1
Note Receivable - Long Term	0.0	0.0	0.0	0.0	0.0
Other Long Term Assets	-	-	0.3	-	-
Other Long Term Assets, Total	-	-	0.3	-	-
Total Assets	36.5	38.9	38.2	17.4	18.1
Accounts Payable	4.1	2.7	2.6	0.7	3.0
Accrued Expenses	0.5	0.5	0.6	0.4	0.3
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.0
Current Portion - Long Term Debt/Capital Leases	7.3	6.4	5.4	6.3	5.1
Customer Advances	0.0	0.0	0.1	0.1	0.1
Income Taxes Payable	0.6	0.6	0.9	0.4	0.3
Other Current Liabilities	0.0	0.0	0.1	0.1	0.2
Other Current liabilities, Total	0.7	0.6	1.1	0.5	0.6
Total Current Liabilities	12.6	10.2	9.7	7.9	9.0
Long Term Debt	4.7	5.6	4.2	3.4	3.5
Capital Lease Obligations	0.1	0.1	0.1	0.0	-
Total Long Term Debt	4.8	5.7	4.3	3.4	3.5
Total Debt	12.1	12.1	9.7	9.7	8.6
Deferred Income Tax - LT Liability	3.0	3.4	0.4	-	-
Deferred Income Tax	3.0	3.4	0.4	-	-
Pension Benefits - Underfunded	0.1	0.2	0.2	-	-
Other Long Term Liabilities	-	-	-	0.6	0.4
Other Liabilities, Total	0.1	0.2	0.2	0.6	0.4
Total Liabilities	20.4	19.5	14.6	11.9	12.9
Common Stock	0.2	0.2	0.2	0.2	0.2
Common Stock	0.2	0.2	0.2	0.2	0.2
Additional Paid-In Capital	0.1	0.1	0.1	0.1	0.1
Retained Earnings (Accumulated Deficit)	4.0	4.6	4.7	4.4	4.0
Unrealized Gain (Loss)	11.8	14.4	18.6	0.7	0.7
Total Equity	16.1	19.4	23.6	5.5	5.1
Total Liabilities & Shareholders’ Equity	36.5	38.9	38.2	17.4	18.1
Shares Outstanding - Common Stock Primary Issue	1.4	1.4	1.4	1.4	1.4
Total Common Shares Outstanding	1.4	1.4	1.4	1.4	1.4
Employees	-	-	1,919	1,701	1,615
Number of Common Shareholders	85	85	85	85	-
Deferred Sales - Current	0.0	0.0	0.1	0.1	0.1
Total Capital Leases, Supplemental	0.1	0.1	0.2	-	-
Capital Lease Payments Due in Year 1	0.0	0.0	0.0	-	-
Capital Lease Payments Due in Year 2	0.0	0.0	0.0	-	-
Capital Lease Payments Due in Year 3	0.0	0.0	0.0	-	-
Capital Lease Payments Due in Year 4	0.0	0.0	0.0	-	-
Capital Lease Payments Due in Year 5	0.0	0.0	0.0	-	-
Capital Lease Payments Due in 2-3 Years	0.0	0.1	0.0	-	-
Capital Lease Payments Due in 4-5 Years	0.0	0.1	0.0	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-	0.0	0.1	-	-
Pension Obligation - Domestic	0.1	0.2	0.2	-	-
Funded Status - Domestic	-0.1	-0.2	-0.2	-	-
Total Funded Status	-0.1	-0.2	-0.2	-	-
Discount Rate - Domestic	12.00%	9.00%	9.00%	-	-
Compensation Rate - Domestic	10.00%	8.00%	8.00%	-	-
Accrued Liabilities - Domestic	-0.1	-0.2	-0.2	-	-
Net Assets Recognized on Balance Sheet	-0.1	-0.2	-0.2	-	-
Total Plan Obligations	0.1	0.2	0.2	-	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Mar-2009	31-Dec-2008	30-Sep-2008	30-Jun-2008	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008	Updated Normal 30-Sep-2008	Updated Normal 30-Jun-2008	Updated Normal 31-Mar-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	80.51	79.125	78.25	68.45	62.695
Cash	0.4	0.3	0.2	0.3	0.2
Cash and Short Term Investments	0.4	0.3	0.2	0.3	0.2
Trade Accounts Receivable - Net	1.5	2.0	1.8	2.4	1.8
Notes Receivable - Short Term	0.9	0.1	0.6	0.2	0.5
Other Receivables	0.0	0.0	0.9	0.0	1.1
Total Receivables, Net	2.4	2.1	3.3	2.6	3.4
Inventories - Other	3.8	4.7	4.3	6.4	9.7
Total Inventory	3.8	4.7	4.3	6.4	9.7
Prepaid Expenses	0.0	0.0	0.1	0.0	0.0
Other Current Assets	0.9	0.9	-	1.0	-
Other Current Assets, Total	0.9	0.9	-	1.0	-
Total Current Assets	7.5	8.0	7.9	10.3	13.4
Construction in Progress	0.3	0.3	0.3	0.4	0.2
Property/Plant/Equipment - Gross	0.3	0.3	0.3	0.4	0.2
Property/Plant/Equipment - Net	22.3	22.7	22.5	25.9	27.5
LT Investment - Affiliate Companies	0.2	0.2	0.2	0.2	0.3
LT Investments - Other	0.0	0.0	0.1	0.1	0.1
Long Term Investments	0.2	0.2	0.2	0.3	0.4
Note Receivable - Long Term	0.0	0.0	0.0	0.0	0.0
Total Assets	30.0	30.9	30.7	36.5	41.3
Accounts Payable	1.9	2.6	2.8	4.4	5.3
Accrued Expenses	0.4	0.4	0.3	0.3	0.3
Notes Payable/Short Term Debt	6.4	6.0	5.8	6.5	8.2
Current Portion - Long Term Debt/Capital Leases	0.9	0.8	0.6	0.8	0.7
Income Taxes Payable	0.6	0.6	0.6	0.6	0.7
Other Current liabilities, Total	0.6	0.6	0.6	0.6	0.7
Total Current Liabilities	10.2	10.4	10.1	12.6	15.3
Long Term Debt	4.2	4.3	3.8	4.7	5.2
Capital Lease Obligations	0.1	0.1	0.1	0.1	0.1
Total Long Term Debt	4.3	4.3	3.9	4.8	5.3
Total Debt	11.6	11.2	10.3	12.1	14.2
Other Long Term Liabilities	2.4	2.5	2.6	3.1	3.5
Other Liabilities, Total	2.4	2.5	2.6	3.1	3.5
Total Liabilities	16.9	17.2	16.6	20.4	24.0
Common Stock	0.2	0.2	0.2	0.2	0.2
Common Stock	0.2	0.2	0.2	0.2	0.2
Retained Earnings (Accumulated Deficit)	3.1	3.4	3.6	4.1	3.8
Unrealized Gain (Loss)	9.9	10.1	10.3	11.8	13.3
Total Equity	13.1	13.7	14.0	16.1	17.3
Total Liabilities & Shareholders’ Equity	30.0	30.9	30.7	36.5	41.3
Shares Outstanding - Common Stock Primary Issue	1.4	1.4	1.4	1.4	1.4
Total Common Shares Outstanding	1.4	1.4	1.4	1.4	1.4

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
Period Length	12 Months	12 Months	12 Months	9 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Reclassified Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	62.550956	60.637036	59.865977	59.345369	57.788522
Auditor		Mushtaq & Company Chartered Accountants	Mushtaq & Company Chartered Accountants	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	-1.1	-1.0	0.3	0.7	0.8
Depreciation	1.1	2.2	1.1	0.7	1.0
Depreciation/Depletion	1.1	2.2	1.1	0.7	1.0
Unusual Items	0.1	0.0	0.0	0.0	0.0
Equity in Net Earnings (Loss)	0.1	0.1	0.0	-	-
Other Non-Cash Items	1.3	1.3	1.2	0.7	0.8
Non-Cash Items	1.4	1.4	1.1	0.7	0.8
Accounts Receivable	-1.1	0.0	0.1	0.9	-0.3
Inventories	-1.7	-1.0	0.0	0.5	-2.7
Prepaid Expenses	0.0	0.0	0.0	-0.3	-0.2
Other Assets	0.5	0.5	-0.8	0.0	0.1
Accounts Payable	2.0	-0.1	2.1	-2.5	2.3
Other Liabilities	2.0	1.2	-0.9	0.9	0.2
Other Operating Cash Flow	-1.4	-1.5	-1.3	-0.7	-1.0
Changes in Working Capital	0.3	-1.0	-0.8	-1.1	-1.4
Cash from Operating Activities	1.8	1.5	1.8	0.9	1.1
Purchase of Fixed Assets	-1.1	-3.5	-2.1	-1.2	-1.2
Capital Expenditures	-1.1	-3.5	-2.1	-1.2	-1.2
Sale of Fixed Assets	0.1	0.0	0.0	0.0	0.0
Other Investing Cash Flow	0.0	0.0	0.0	0.0	0.0
Other Investing Cash Flow Items, Total	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-1.0	-3.5	-2.2	-1.2	-1.2
Other Financing Cash Flow	0.3	0.0	-	0.0	0.0
Financing Cash Flow Items	0.3	0.0	-	0.0	0.0
Long Term Debt Issued	0.3	2.2	1.4	1.0	0.9
Long Term Debt Reduction	-1.1	-1.0	-0.6	-0.8	-0.9
Long Term Debt, Net	-0.8	1.2	0.8	0.2	0.0
Issuance (Retirement) of Debt, Net	-0.8	1.2	0.8	0.2	0.0
Cash from Financing Activities	-0.5	1.2	0.8	0.2	0.0
Net Change in Cash	0.2	-0.8	0.4	0.0	-0.1
Net Cash - Beginning Balance	0.1	0.9	0.4	0.5	0.6
Net Cash - Ending Balance	0.3	0.1	0.9	0.4	0.5
Cash Interest Paid	1.1	1.2	1.0	0.6	0.7
Cash Taxes Paid	0.1	0.1	0.1	0.1	0.2

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Mar-2009	31-Dec-2008	30-Sep-2008	30-Jun-2008	31-Mar-2008
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008	Updated Normal 30-Sep-2008	Updated Normal 30-Jun-2008	Updated Normal 31-Mar-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	77.851736	76.935014	74.087124	62.550956	61.348709
Net Income/Starting Line	-0.7	-0.3	-0.1	-1.1	-1.1
Depreciation	0.6	0.4	0.2	1.1	1.7
Depreciation/Depletion	0.6	0.4	0.2	1.1	1.7
Unusual Items	0.0	0.0	0.0	0.1	0.0
Equity in Net Earnings (Loss)	0.0	0.0	0.0	0.1	0.0
Other Non-Cash Items	1.0	0.7	0.3	1.3	0.9
Non-Cash Items	1.1	0.7	0.3	1.4	0.9
Accounts Receivable	0.6	0.1	0.3	-1.1	-0.3
Inventories	1.7	0.9	1.4	-1.7	-4.5
Prepaid Expenses	0.0	0.0	-0.1	0.0	0.0
Other Assets	-0.7	0.0	-0.5	0.5	0.1
Accounts Payable	-1.9	-1.3	-1.1	2.0	2.6
Other Liabilities	0.9	0.5	0.1	2.0	3.2
Other Operating Cash Flow	-1.1	-0.7	-0.3	-1.4	-0.9
Changes in Working Capital	-0.5	-0.5	-0.1	0.3	0.1
Cash from Operating Activities	0.5	0.3	0.3	1.8	1.5
Purchase of Fixed Assets	-0.9	-0.7	-0.1	-1.1	-0.8
Capital Expenditures	-0.9	-0.7	-0.1	-1.1	-0.8
Sale of Fixed Assets	0.0	0.0	0.0	0.1	0.1
Other Investing Cash Flow	0.0	0.0	-	0.0	0.0
Other Investing Cash Flow Items, Total	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-0.9	-0.7	-0.1	-1.0	-0.8
Other Financing Cash Flow	0.2	0.1	-0.3	0.3	0.1
Financing Cash Flow Items	0.2	0.1	-0.3	0.3	0.1
Long Term Debt Issued	1.2	0.6	0.1	0.3	0.4
Long Term Debt Reduction	-0.8	-0.4	-0.2	-1.1	-1.1
Long Term Debt, Net	0.3	0.2	-0.1	-0.8	-0.6
Issuance (Retirement) of Debt, Net	0.3	0.2	-0.1	-0.8	-0.6
Cash from Financing Activities	0.5	0.3	-0.4	-0.5	-0.6
Net Change in Cash	0.1	0.0	-0.1	0.2	0.1
Net Cash - Beginning Balance	0.3	0.3	0.3	0.1	0.1
Net Cash - Ending Balance	0.4	0.3	0.2	0.3	0.2
Cash Interest Paid	0.9	0.6	0.3	1.1	0.8
Cash Taxes Paid	0.1	0.1	0.0	0.1	0.1

Annual Income Statement

As Reported

Financials in: USD (mil)

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

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
Period Length	12 Months	12 Months	12 Months	9 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008	Restated Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	62.550956	60.637036	59.865977	59.345369	57.788522
Auditor		Mushtaq & Company Chartered Accountants	HLB Ijaz Tabussum & Co	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Sales	33.9	35.8	32.1	-	-
Sales Returns	-0.3	-0.7	-0.5	-	-
Commisions	-0.2	-0.4	-0.3	-	-
Sales	-	-	-	21.7	35.4
Total Sales	33.3	34.8	31.2	21.7	35.4
Cost of Sales	32.5	34.1	29.3	20.1	33.4
Advertising	0.0	0.0	-	-	-
Depreciation	0.0	0.0	-	-	-
Administration	0.2	0.3	0.3	0.2	0.2
Selling/Distribution	0.2	0.3	0.3	0.1	0.2
Gain on Disposal of Fixed Assets	0.0	0.0	0.0	-	-
Interest on Savings	0.0	0.0	0.0	-	-
Exchange Gain	0.0	0.0	0.0	-	-
Other Operating Income	0.0	-0.3	0.0	0.0	0.0
Exchange Loss on Plant and Equipment	0.1	0.0	-	-	-
Loss on Disposal of Assets	0.1	0.0	-	-	-
Other Operating Expenses	0.0	0.0	0.0	-	-
Total Operating Expense	33.1	34.4	29.9	20.4	33.8
Interet on Workers Participate Fund	0.0	0.0	-	-	-
Bank Charges	-0.3	-0.2	-	-	-
Financial Exp.	-0.9	-1.1	-1.1	-0.6	-0.7
Exchange Loss	-	-	0.0	0.0	0.0
Share of Loss/Profit in Associate	-0.1	-0.1	0.0	-	-
Workers Profit Fund	-	-	-	0.0	0.0
Work. Welfare Fund	-	-	-	0.0	0.0
Net Income Before Taxes	-1.1	-1.0	0.3	0.7	0.8
Provision for Income Taxes	-0.5	-0.2	0.1	0.2	0.2
Net Income After Taxes	-0.6	-0.8	0.1	0.4	0.7
Net Income Before Extra. Items	-0.6	-0.8	0.1	0.4	0.7
Net Income	-0.6	-0.8	0.1	0.4	0.7
Income Available to Com Excl ExtraOrd	-0.6	-0.8	0.1	0.4	0.7
Income Available to Com Incl ExtraOrd	-0.6	-0.8	0.1	0.4	0.7
Basic Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Basic EPS Excluding ExtraOrdinary Items	-0.39	-0.60	0.10	0.29	0.48
Basic EPS Including ExtraOrdinary Item	-0.39	-0.60	0.10	0.29	0.48
Dilution Adjustment	0.0	0.0	-	0.0	0.0
Diluted Net Income	-0.6	-0.8	0.1	0.4	0.7
Diluted Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Diluted EPS Excluding ExtraOrd Items	-0.39	-0.60	0.10	0.29	0.48
Diluted EPS Including ExtraOrd Items	-0.39	-0.60	0.10	0.29	0.48
DPS-Ordinary Shares	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-1.0	-1.0	0.3	0.7	0.8
Inc Tax Ex Impact of Sp Items	-0.5	-0.2	0.1	0.2	0.2
Normalized Income After Taxes	-0.5	-0.8	0.1	0.4	0.7
Normalized Inc. Avail to Com.	-0.5	-0.8	0.1	0.4	0.7
Basic Normalized EPS	-0.36	-0.60	0.10	0.29	0.48
Diluted Normalized EPS	-0.36	-0.60	0.10	0.29	0.48
Rent	0.0	0.0	0.0	0.0	0.0
Advertising	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.9	1.1	1.0	0.6	0.7
Depreciation	1.1	2.2	1.1	0.7	1.0
Current Income Tax	0.2	0.2	0.2	0.1	0.2
Current Tax - Total	0.2	0.2	0.2	0.1	0.2
Deferred Income Tax	-0.7	-0.2	0.0	0.1	0.1
Deferred Tax - Total	-0.7	-0.2	0.0	0.1	0.1
Prior Years	0.0	-0.1	-0.1	0.0	-0.1
Income Tax - Total	-0.5	-0.2	0.1	0.2	0.2
Service Cost - Gratuity	0.1	0.0	0.1	-	-
Interest Cost - Gratuity	0.0	0.0	0.0	-	-
Acturial Gain Recognised	0.0	0.0	-	-	-
Domestic Pension Plan Expense	0.1	0.0	0.1	-	-
Defined Benifit Obligation	0.1	0.2	-	-	-
Total Pension Expense	0.2	0.2	0.1	-	-
Discount Rate - Gratuity	12.00%	9.00%	9.00%	-	-
Compensation Rate - Gratuity	10.00%	8.00%	8.00%	-	-

Interim Income Statement

As Reported

Financials in: USD (mil)

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

	31-Mar-2009	31-Dec-2008	30-Sep-2008	30-Jun-2008	31-Mar-2008
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008	Updated Normal 30-Sep-2008	Updated Normal 30-Jun-2008	Reclassified Normal 31-Mar-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	79.729396	79.797043	74.087124	66.109892	62.589368
Sales	-	-	8.4	8.7	-
Saless	4.9	5.4	-	-	8.2
Commission	0.0	0.0	-	-	-0.1
Total Sales	4.9	5.4	8.4	8.7	8.1
Cost of Sales	4.8	5.1	8.0	7.9	8.3
Other Operating Income	0.0	0.0	0.0	0.0	0.0
Selling/Distribution	0.0	0.0	0.1	0.1	0.0
Administration	0.0	0.1	0.1	0.1	0.1
Other Operating Expenses	0.0	0.0	0.0	0.1	0.0
Total Operating Expense	4.9	5.2	8.1	8.2	8.4
Financial Exp.	-0.3	-0.4	-0.3	-0.3	-0.4
Share of Profit of Associate	0.0	0.0	0.0	-0.1	0.0
Net Income Before Taxes	-0.4	-0.2	-0.1	0.1	-0.7
Provision for Income Taxes	0.0	-0.1	0.0	-0.7	0.0
Net Income After Taxes	-0.4	-0.2	-0.1	0.7	-0.7
Net Income Before Extra. Items	-0.4	-0.2	-0.1	0.7	-0.7
Net Income	-0.4	-0.2	-0.1	0.7	-0.7
Income Available to Com Excl ExtraOrd	-0.4	-0.2	-0.1	0.7	-0.7
Income Available to Com Incl ExtraOrd	-0.4	-0.2	-0.1	0.7	-0.7
Basic Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Basic EPS Excluding ExtraOrdinary Items	-0.26	-0.12	-0.05	0.53	-0.50
Basic EPS Including ExtraOrdinary Item	-0.26	-0.12	-0.05	0.53	-0.50
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-0.4	-0.2	-0.1	0.7	-0.7
Diluted Weighted Average Shares	1.4	1.4	1.4	1.4	1.4
Diluted EPS Excluding ExtraOrd Items	-0.26	-0.12	-0.05	0.53	-0.50
Diluted EPS Including ExtraOrd Items	-0.26	-0.12	-0.05	0.53	-0.50
DPS-Ordinary Shares	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	-0.4	-0.2	-0.1	0.1	-0.7
Inc Tax Ex Impact of Sp Items	0.0	-0.1	0.0	-0.7	0.0
Normalized Income After Taxes	-0.4	-0.2	-0.1	0.7	-0.7
Normalized Inc. Avail to Com.	-0.4	-0.2	-0.1	0.7	-0.7
Basic Normalized EPS	-0.26	-0.12	-0.05	0.53	-0.50
Diluted Normalized EPS	-0.26	-0.12	-0.05	0.53	-0.50
Depreciation	0.2	0.2	0.2	-	0.5

Annual Balance Sheet

As Reported

Financials in: USD (mil)

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

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
UpdateType/Date	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Restated Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	68.45	60.47	60.21	59.61	59.26
Auditor		Mushtaq & Company Chartered Accountants	HLB Ijaz Tabussum & Co	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Stores	1.1	1.0	0.7	0.6	0.5
Spare Parts	0.1	0.1	0.1	0.1	0.1
Loose Tools	0.0	0.0	0.0	-	-
Raw Materials	4.1	3.4	3.0	3.1	4.0
Work in Progress	0.4	0.5	0.3	0.2	0.3
Finished Goods	0.6	0.5	0.3	0.3	0.3
Raw Materials in Transit	-	-	-	0.2	0.0
Trade Debtors	2.4	1.6	1.5	1.6	2.5
LT Loans	0.0	0.0	0.0	0.0	0.0
Letter of Credit	0.0	0.0	0.9	0.3	0.0
Supplier Advance	0.1	0.6	0.3	0.2	0.2
Due, Associates	0.0	0.0	0.0	0.0	0.0
Prepayments	0.0	0.0	0.0	0.0	0.0
Other Receivables	0.0	0.1	0.0	0.0	0.0
Advance Income Tax	0.6	0.5	0.9	0.4	0.3
Sales Tax Refund	0.3	0.3	0.3	0.1	0.0
Income Tax Refundable	0.2	0.2	0.1	0.1	0.1
Cash/Bank	0.3	0.1	0.9	0.4	0.5
Total Current Assets	10.3	8.9	9.4	7.8	8.9
Land	6.3	7.1	6.9	0.8	0.8
Buildings	4.9	5.3	5.3	1.7	1.7
Plant/Machinery	17.0	18.8	15.5	15.3	14.4
Vehicles	0.3	0.3	0.3	0.3	0.2
Furn./Fittings	0.0	0.0	0.0	0.0	0.0
Office Computer	0.0	0.0	0.0	0.0	0.0
Office Equip.	0.0	0.0	0.0	0.0	0.0
Tools/Equipment	0.0	0.0	0.0	0.0	0.0
Vehicles Under Lease	0.2	0.2	0.2	0.0	-
Capital Work in Progress	0.4	0.2	0.2	0.1	0.1
Depreciation	-3.2	-2.5	-0.3	-8.8	-8.2
Investment	0.2	0.4	0.4	0.1	0.1
LT Loan	0.0	0.0	0.0	0.0	0.0
LT Deposits	0.1	0.1	0.1	0.0	0.0
Adjustment	-	-	0.3	-	-
Total Assets	36.5	38.9	38.2	17.4	18.1
Current Portion of LT Loans	6.5	5.3	4.1	5.1	4.1
LT Liabilities	0.8	1.1	1.3	1.2	0.9
Trade Creditors	4.1	2.7	2.6	0.7	3.0
Advances from Customers	0.0	0.0	0.1	0.1	0.1
Accrued Expenses	0.2	0.2	0.4	0.2	0.2
LT Loan Interest	0.1	0.1	0.1	0.1	0.1
ST Loan Interest	0.2	0.2	0.1	0.1	0.1
Workers Profit	-	0.0	0.0	0.0	0.0
Workers Welfare	0.0	0.0	0.1	0.1	0.0
Tax, Source	0.0	0.0	0.0	0.0	0.0
Sales Tax Payable	-	-	-	0.0	0.1
Unclaimed Div.	0.0	0.0	0.0	0.0	0.0
Taxation Prov.	0.6	0.6	0.9	0.4	0.3
Total Current Liabilities	12.6	10.2	9.7	7.9	9.0
Capital Lease	0.1	0.1	0.1	0.0	-
Mark-Up Finance	3.4	4.5	3.2	2.4	2.5
Loans from Associate Undertakings	0.6	0.3	0.3	0.3	0.3
Loans from Directors and Sponsors	0.7	0.8	0.8	0.8	0.8
Total Long Term Debt	4.8	5.7	4.3	3.4	3.5
Deferred Tax	3.0	3.4	0.4	-	-
Retirement Benefit Obligations	0.1	0.2	0.2	-	-
Defered Liabilities	-	-	-	0.6	0.4
Total Liabilities	20.4	19.5	14.6	11.9	12.9
Share Capital	0.2	0.2	0.2	0.2	0.2
Capital Reserves	0.1	0.1	0.1	0.1	0.1
Special Reserves	0.0	0.0	0.0	0.0	0.0
General Reserves	1.0	1.2	1.2	1.2	1.2
Investment in Associate	0.0	0.0	0.0	-	-
Profit/Loss	2.9	3.4	3.5	3.2	2.9
Fix. Asset Surp.	11.8	14.4	18.6	0.7	0.7
Total Equity	16.1	19.4	23.6	5.5	5.1
Total Liabilities & Shareholders' Equity	36.5	38.9	38.2	17.4	18.1
S/O-Ordinary Shares	1.4	1.4	1.4	1.4	1.4
Total Common Shares Outstanding	1.4	1.4	1.4	1.4	1.4
Advances Fom Customers	0.0	0.0	0.1	0.1	0.1
Full-Time Employees	-	-	1,919	1,701	1,615
Number of Common Shareholders	85	85	85	85	-
Lease Payments due within 1 Year	0.0	0.0	0.0	-	-
Lease Payments due within 5 Years	0.1	0.1	0.1	-	-
Lease Payments Thereafter	-	0.0	0.1	-	-
Total Capital Leases	0.1	0.1	0.2	-	-
Projected Benefit Obligation - Gratuity	0.1	0.2	0.2	-	-
Funded Status	-0.1	-0.2	-0.2	-	-
Total Funded Status	-0.1	-0.2	-0.2	-	-
Discount Rate - Gratuity	12.00%	9.00%	9.00%	-	-
Compensation Rate - Gratuity	10.00%	8.00%	8.00%	-	-
Accrued Benefit Liability - Gratuity	-0.1	-0.2	-0.2	-	-
Net Assets Recognized on Balance Sheet	-0.1	-0.2	-0.2	-	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Mar-2009	31-Dec-2008	30-Sep-2008	30-Jun-2008	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008	Updated Normal 30-Sep-2008	Updated Normal 30-Jun-2008	Updated Normal 31-Mar-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	80.51	79.125	78.25	68.45	62.695
Stores & Spares	1.1	1.1	1.1	1.2	1.2
Stocks in Trade	2.7	3.5	3.3	5.2	8.5
Trade Debtors	1.5	2.0	1.8	2.4	1.8
Loan & Advances	0.9	0.1	0.6	0.2	0.5
Trade Deposits & Prepayments	0.0	0.0	0.1	0.0	0.0
Other Receivables	0.0	0.0	0.9	0.0	1.1
Tax Refund Due from Government	0.9	0.9	-	1.0	-
Cash/Bank	0.4	0.3	0.2	0.3	0.2
Total Current Assets	7.5	8.0	7.9	10.3	13.4
Property & Equipment, Net	21.9	22.3	22.2	25.5	27.3
Capital Work in Progress	0.3	0.3	0.3	0.4	0.2
LT Investment	0.2	0.2	0.2	0.2	0.3
LT Loan	0.0	0.0	0.0	0.0	0.0
LT Deposits	0.0	0.0	0.1	0.1	0.1
Total Assets	30.0	30.9	30.7	36.5	41.3
Trade & Other Payables	1.9	2.6	2.8	4.4	5.3
Accrued Expenses	0.4	0.4	0.3	0.3	0.3
Short Term Borrowings	6.4	6.0	5.8	6.5	8.2
Current Portion of LT Loans	0.9	0.8	0.6	0.8	0.7
Provision for Taxation	0.6	0.6	0.6	0.6	0.7
Total Current Liabilities	10.2	10.4	10.1	12.6	15.3
Long Term Loans	3.0	3.1	3.0	3.4	4.1
Loans from Associate Undertakings	0.6	0.6	0.2	0.6	0.3
Loans from Directors and Sponsors	0.6	0.6	0.6	0.7	0.8
Finance Leases	0.1	0.1	0.1	0.1	0.1
Total Long Term Debt	4.3	4.3	3.9	4.8	5.3
Defered Liabilities	2.4	2.5	2.6	3.1	3.5
Total Liabilities	16.9	17.2	16.6	20.4	24.0
Share Capital	0.2	0.2	0.2	0.2	0.2
Reserves	1.0	1.0	1.0	1.1	1.2
Un-appropriated Profit	2.1	2.4	2.6	2.9	2.5
Surplus on Revaluation of Assets	9.9	10.1	10.3	11.8	13.3
Total Equity	13.1	13.7	14.0	16.1	17.3
Total Liabilities & Shareholders' Equity	30.0	30.9	30.7	36.5	41.3
S/O-Ordinary Shares	1.4	1.4	1.4	1.4	1.4
Total Common Shares Outstanding	1.4	1.4	1.4	1.4	1.4

Annual Cash Flows

As Reported

Financials in: USD (mil)

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

	30-Jun-2008	30-Jun-2007	30-Jun-2006	30-Jun-2005	30-Sep-2004
Period Length	12 Months	12 Months	12 Months	9 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2008	Updated Normal 30-Jun-2007	Reclassified Normal 30-Jun-2007	Updated Normal 30-Jun-2005	Updated Normal 30-Jun-2005
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	62.550956	60.637036	59.865977	59.345369	57.788522
Auditor		Mushtaq & Company Chartered Accountants	HLB Ijaz Tabussum & Co	Khalid Majid Rahman	Khalid Majid Rahman
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified
Net Income	-1.1	-1.0	0.3	0.7	0.8
Depreciation	1.1	2.2	1.1	0.7	1.0
Gratuity Prov.	0.1	0.0	0.1	0.1	0.1
Diposal Fixed Asset	0.1	0.0	0.0	0.0	0.0
Financial Charges	1.2	1.3	1.1	0.6	0.7
Share of Profit/ Loss of Associate	0.1	0.1	0.0	-	-
Other Operating Expenses	-	0.0	0.0	-	-
Workers' Profit Fund	-	-	-	0.0	0.0
Workers Welfare Fund	-	-	-	0.0	0.0
Stores/Spares/Stock	-0.3	-0.3	-0.1	-0.1	-0.2
Stock in Trade	-1.5	-0.7	0.2	0.7	-2.5
Trade Debtors	-1.1	0.0	0.1	0.9	-0.3
Loans and Advances	0.4	0.6	-0.6	-	-
Adv./Dep./Prepayment	0.0	0.0	0.0	-0.3	-0.2
Other Receivables	0.1	-0.1	0.0	-	-
Tax refunds due from Govt	0.0	0.0	-0.2	0.0	0.1
Short Term Borrowings	2.0	1.2	-0.9	0.9	0.2
Creditors/Accrued	2.0	-0.1	2.1	-2.5	2.3
Interest Paid	-1.1	-1.2	-1.0	-0.6	-0.7
Gratuity Paid	-0.1	-0.1	-0.1	-0.1	-0.1
Workers Profit Participation Fund	-	-	-	0.0	0.0
Other Operating Expenses Paid	0.0	-0.1	0.0	-	-
Workers Welfare Fund Paid	-	-	-	0.0	-0.1
Taxes Paid	-0.1	-0.1	-0.1	-0.1	-0.2
Adjustments	-	0.0	-	-	-
Cash from Operating Activities	1.8	1.5	1.8	0.9	1.1
Sale Fixed Assets	0.1	0.0	0.0	0.0	0.0
Capital Expenditure	-1.1	-3.5	-2.1	-1.2	-1.2
LT Deposits	0.0	0.0	0.0	0.0	0.0
LT Loans	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-1.0	-3.5	-2.2	-1.2	-1.2
Long Term Loans Received	0.3	2.2	1.4	1.0	0.9
Long Term Loans Repaid	-1.1	-0.9	-0.6	-0.8	-0.9
Rcvd., Associate	-	-	-	0.0	0.0
Lease Payment	0.0	0.0	0.0	0.0	-
Loan from Associated Undertakings	0.3	0.0	-	-	-
Cash from Financing Activities	-0.5	1.2	0.8	0.2	0.0
Net Change in Cash	0.2	-0.8	0.4	0.0	-0.1
Net Cash - Beginning Balance	0.1	0.9	0.4	0.5	0.6
Net Cash - Ending Balance	0.3	0.1	0.9	0.4	0.5
Cash Interest Paid	1.1	1.2	1.0	0.6	0.7
Cash Taxes Paid	0.1	0.1	0.1	0.1	0.2

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Mar-2009	31-Dec-2008	30-Sep-2008	30-Jun-2008	31-Mar-2008
Period Length	9 Months	6 Months	3 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 31-Mar-2009	Updated Normal 31-Dec-2008	Updated Normal 30-Sep-2008	Updated Normal 30-Jun-2008	Updated Normal 31-Mar-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	77.851736	76.935014	74.087124	62.550956	61.348709
Net Income	-0.7	-0.3	-0.1	-1.1	-1.1
Depreciation	0.6	0.4	0.2	1.1	1.7
Gratuity Prov.	0.0	0.0	-	0.1	0.0
Diposal Fixed Asset	0.0	0.0	0.0	0.1	0.0
Financial Charges	1.0	0.7	0.3	1.2	0.9
Share of Profit of Associate	0.0	0.0	0.0	0.1	0.0
Stores/Spares/Stock	0.0	-0.1	0.0	-0.3	-0.1
Stock in Trade	1.7	1.0	1.4	-1.5	-4.4
Trade Debtors	0.6	0.1	0.3	-1.1	-0.3
Loan & Advances	-0.8	0.0	-0.5	0.4	0.1
Trade Deposits & Prepayments	0.0	0.0	-0.1	0.0	0.0
Other Receivables	0.0	0.0	0.0	0.1	0.1
Tax refunds due from Govt	0.0	0.0	0.0	0.0	0.0
Short Term Borrowings	0.9	0.5	0.1	2.0	3.2
Trade & Other Payables	-1.9	-1.3	-1.1	2.0	2.6
Interest Paid	-0.9	-0.6	-0.3	-1.1	-0.8
Gratuity Paid	-0.1	-0.1	0.0	-0.1	-0.1
Taxes Paid	-0.1	-0.1	0.0	-0.1	-0.1
Other Operating Expenses Paid	-	-	-	0.0	-
Cash from Operating Activities	0.5	0.3	0.3	1.8	1.5
Sale Fixed Assets	0.0	0.0	0.0	0.1	0.1
Capital Expenditure	-0.9	-0.7	-0.1	-1.1	-0.8
LT Deposits	0.0	-	-	0.0	0.0
LT Loans	0.0	0.0	-	0.0	0.0
Cash from Investing Activities	-0.9	-0.7	-0.1	-1.0	-0.8
Long Term Loans Received	1.2	0.6	0.1	0.3	0.4
Long Term Loans Repaid	-0.8	-0.4	-0.1	-1.1	-1.1
Repayment of Leases	0.0	0.0	0.0	0.0	0.0
Loan from Associated Undertakings	-	0.1	-	0.3	-
Repayment of Due from Associates	0.2	-	-0.3	-	0.1
Cash from Financing Activities	0.5	0.3	-0.4	-0.5	-0.6
Net Change in Cash	0.1	0.0	-0.1	0.2	0.1
Net Cash - Beginning Balance	0.3	0.3	0.3	0.1	0.1
Net Cash - Ending Balance	0.4	0.3	0.2	0.3	0.2
Cash Interest Paid	0.9	0.6	0.3	1.1	0.8
Cash Taxes Paid	0.1	0.1	0.0	0.1	0.1

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%)

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