MIRA INFORM REPORT

 

 

Report Date :

11.07.2012

 

IDENTIFICATION DETAILS

 

Name :

IBRAHIM FIBRES LIMITED

 

 

Registered Office :

Ibrahim Centre, 15 - Club Road, Faisalabad, 38000

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

Not Available 

 

 

Com. Reg. No.:

Not Available 

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

manufacture and sale of polyester staple fibre (PSF) and yarn

 

 

No. of Employees :

2,958

 

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

 

 

Maximum Credit Limit :

115000 USD

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 

 

Ibrahim Fibres Limited

Ibrahim Centre, 15 - Club Road

Faisalabad, 38000

Pakistan

Tel:       92-41-2617836

Fax:      92-41-2617842

Web:    www.igcpk.com

 

 

synthesis  

 

Employees:                  2,958

Company Type:             Public Parent

Corporate Family:          3 Companies

Traded:                         Karachi Stock Exchange:           IBFL

Auditor:                        Avais Hyder Liaquat Nauman     

Financials in:                 USD (Millions)

Fiscal Year End:            30-Jun-2011

Reporting Currency:       Pakistan Rupee

Annual Sales:               435.9  1

Net Income:                  48.5

Total Assets:                350.2  2

Market Value:               165.3 (29-Jun-2012)

 

 

Business Description     

 

Ibrahim Fibres Limited is a Pakistan-based company. The principal business of the Company is manufacture and sale of polyester staple fibre (PSF) and yarn. The polyester fiber division of the Company produces a range of the PSF of different lusters and varieties, including semi-dull, bright, optical bright, anti pilling, flame retardant and trlobal with cut length of 32, 38, 44, 51 and 64 millimeters. The Company’s manufacturing units are located at Faisalabad in the province of Punjab. The Company has an annual installed production capacity of 208,600 metric tons of PSF/polyester chips. During the fiscal year ended June 30, 2011, its actual production was 207,066 metric tons of PSF/polyester chips. For the six months ended 31 December 2010, Ibrahim Fibres Limited's revenues increased 41% to PKR17.69B. Net income increased 32% to PKR2.15B. Revenues reflect an increase in Company's products & services. Net income was partially offset by an increase in cost of goods sold, higher selling & distribution expenses, increased administrative expenses and a rise in other operating expenses.

 

Industry             

Industry            Textiles - Non Apparel

ANZSIC 2006:    1332 - Rope, Cordage and Twine Manufacturing

NACE 2002:      1754 - Manufacture of other textiles not elsewhere classified

NAICS 2002:     313111 - Yarn Spinning Mills

UK SIC 2003:    17549 - Manufacture of other textiles not elsewhere classified

US SIC 1987:    2299 - Textile goods, Not Elsewhere Classified

           

Key Executives   

 

Name

Title

Mohammad Naeem Mukhtar

Chief Executive Officer, Executive Director

Anwarul Haque

Company Secretary, Director

Mukhtar Ahmed

Chairman of the Board

Shahid Amin

Non-Executive Director

Sheikh Mukhtar Ahmed

Chairman

 

 

Significant Developments  

 

 

Topic

#*

Most Recent Headline

Date

Dividends

3

Ibrahim Fibres Limited Not to Pay Dividend

25-Apr-2012

 

* number of significant developments within the last 12 months       

 

 

News

 

Title

Date

Closing rates of Karachi Stock Exchange
Frontier Star (Pakistan) (1875 Words)

13-Mar-2012

Closing rates of Karachi Stock Exchange
Frontier Star (Pakistan) (1103 Words)

8-Mar-2012

Closing rates of Karachi Stock Exchange
Frontier Star (Pakistan) (1741 Words)

7-Mar-2012

Closing rates of Karachi Stock Exchange
Daily Pak Banker (Pakistan) (677 Words)

10-Jan-2012

Closing rates of Karachi Stock Exchange
Daily Pak Banker (Pakistan) (697 Words)

7-Jan-2012

 

 

Financial Summary 

 

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.23

2.22

Quick Ratio (MRQ)

0.29

1.09

Debt to Equity (MRQ)

0.51

1.83

Sales 5 Year Growth

16.73

-1.82

Net Profit Margin (TTM) %

11.68

1.34

Return on Assets (TTM) %

12.70

1.80

Return on Equity (TTM) %

21.56

6.70

 

 

Stock Snapshot    

 

 

Traded: Karachi Stock Exchange: IBFL

 

As of 29-Jun-2012

   Financials in: PKR

Recent Price

50.25

 

EPS

13.28

52 Week High

60.00

 

Price/Sales

0.42

52 Week Low

25.82

 

Dividend Rate

3.00

Avg. Volume (mil)

0.06

 

Price/Earnings

2.81

Market Value (mil)

15,602.98

 

Price/Book

0.83

 

 

 

Beta

0.99

 

Price % Change

Rel S&P 500%

4 Week

-11.38%

-10.90%

13 Week

31.89%

31.51%

52 Week

19.16%

7.89%

Year to Date

85.97%

52.91%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 85.56559

2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 85.97

 

Corporate Overview

 

Location

Ibrahim Centre, 15 - Club Road

Faisalabad, 38000

Pakistan

Tel:       92-41-2617836

Fax:      92-41-2617842

Web     www.igcpk.com

           

Quote Symbol - Exchange

IBFL - Karachi Stock Exchange

Sales PKR(mil):             37,300.7

Assets PKR(mil):           30,110.4

Employees:                   2,958

Fiscal Year End:            30-Jun-2011

Industry:                        Textiles - Non Apparel

Company Type:             Public Parent

Quoted Status:              Quoted

Chief Executive Officer,

Executive Director:         Mohammad Naeem Mukhtar

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

News Releases

Products/Services

 

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Key Corporate Relationships

 

Industry Codes

ANZSIC 2006 Codes:

3711     -          Textile Product Wholesaling

1332     -          Rope, Cordage and Twine Manufacturing

 

NACE 2002 Codes:

1754     -          Manufacture of other textiles not elsewhere classified

5141     -          Wholesale of textiles

 

NAICS 2002 Codes:

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

313111  -          Yarn Spinning Mills

 

US SIC 1987:

5131     -          Piece Goods, Notions, and Other Dry Good

2299     -          Textile goods, Not Elsewhere Classified

 

UK SIC 2003:

17549   -          Manufacture of other textiles not elsewhere classified

5141     -          Wholesale of textiles

 

Business Description

Ibrahim Fibres Limited is a Pakistan-based company. The principal business of the Company is manufacture and sale of polyester staple fibre (PSF) and yarn. The polyester fiber division of the Company produces a range of the PSF of different lusters and varieties, including semi-dull, bright, optical bright, anti pilling, flame retardant and trlobal with cut length of 32, 38, 44, 51 and 64 millimeters. The Company’s manufacturing units are located at Faisalabad in the province of Punjab. The Company has an annual installed production capacity of 208,600 metric tons of PSF/polyester chips. During the fiscal year ended June 30, 2011, its actual production was 207,066 metric tons of PSF/polyester chips. For the six months ended 31 December 2010, Ibrahim Fibres Limited's revenues increased 41% to PKR17.69B. Net income increased 32% to PKR2.15B. Revenues reflect an increase in Company's products & services. Net income was partially offset by an increase in cost of goods sold, higher selling & distribution expenses, increased administrative expenses and a rise in other operating expenses.

 

More Business Descriptions

Manufacture and distribution of polyester staple fibre and yarn

Textile Mfr

 

Ibrahim Fibres Limited (Ibrahim Fibres) operates in the business of manufacturing and distribution of polyester staple fiber (PSF) and yarns.It operates through four business divisions, namely, Polyester division, Textile division, Power Generation division and Financial Services division.The Polyester business division of the company is engaged in the manufacturing of different variants of PSF. It manufactures a broad range of PSF of various lusters and varieties like anti-pilling, optical bright, bright, semi dull, flame retardant trlobal with diffring cut lengths. The divisions product range includes dyed fibre and hollow fibre in siloconised and non-siliconised varieties. It operates two PSF manufacturing plants located at Shahkot near Faisalabad with the combined annual capacity of 210,000 tons. The company's Textile business division, produces spun yarn products. The branded textile products of spun yarn include Clock Tower, A. A. and Gold Star. This division of the company comprises of three projects, namely, TP1 (Ibrahim Textiles), TP2 (AA Textiles) and TP3 (Zainab Textiles). TP1 has three operating units with total installed capacity of 58,080 spindles. The manufacturing operations at TP2 includes two units with combined installed capacity of 40,608 spindles. TP3 project manufacturing yarn operates two units with combined installed capacity of 38,400 spindles.Through the Power Generation business division, the company has set up a power plant for its own consumption in order to meet the electricity demand of its mills. The company has a power generating capacity of 31.8 MW based on heavy fuel oil and bi-fuel (HFO and natural gas). The plant comprises of six furnace oil power generating sets, with production capacity of 5.3 MW each. Ibrahim Fibres operates in Financial Services business through Allied Bank Limited. The bank's services portfolio consists of universal banking and retail banking solutions. Allied Bank serves three categories, namely, consumer, commercial and corporate. The bank has more than 700 branches scattered across Pakistan for providing integrated banking solutions to retail clients as well as to the corporate clients. The consumer category of the bank provides a range of products and services which include credit cards, auto loans, debit cards, personal loans and mortgages. The commercial division offers an array of asset and liability based retail products. It also offers services including ATM network, unclaimed deposits, deposit account, SME, internet banking, online banking, profit rates, agriculture and corporate leasing. In the corporate business category, the bank provides a broad range of financial services to the public and private sector entities. It also provides services in project finance, trade finance, syndication, advisory, cash management, long-term financing, short-term financing and home remittance services.Ibrahim Fibres manufacturing units are located at Faisalabad in the Province of Punjab. The company has installed annual production capacity of 208,600 tons of PSF and 41,696 tons of yarn; while the company produced 181,579 tons of PSF and 48,712 tons of yarn during the fiscal year 2010. The company has received ISO 9002 quality certification for its manufacturing process.

 

Ibrahim Fibres Limited (Ibrahim Fibres) is a diversified business company. The company is engaged in manufacturing and the distribution of yarn and polyester staple fiber (PSF) products. It offers a broad range of PSF's which includes colored, bright, optical bright, hollow and fire retardant polyesters for several applications. Ibrahim Fibres also provides textile products under the brand names such as Gold Star, A.A. and Clock Tower. It is involved in producing electricity, mostly for own consumption in its own mills. The company operates Allied Bank Limited, which is provides universal banking services and retail banking services with its network of over 700 branches throughout Pakistan. The company is headquartered in Faisalabad, Pakistan.The company reported revenues of (Pakistan Rupee) PKR 37,300.68 million during the fiscal year ended June 2011, an increase of 37.52% over 2010. The operating profit of the company was PKR 2,479.01 million during the fiscal year 2011, an increase of 13.91% over 2010. The net profit of the company was PKR 4,151.82 million during the fiscal year 2011, an increase of 23.56% over 2010.

 

Textile and Fabric Finishing Mills

 

Financial Data

Financials in:

PKR(mil)

 

Revenue:

37,300.7

Net Income:

4,151.8

Assets:

30,110.4

Long Term Debt:

2,541.7

 

Total Liabilities:

11,334.4

 

Working Capital:

-0.8

 

 

 

Date of Financial Data:

30-Jun-2011

 

1 Year Growth

37.5%

23.6%

11.5%

Market Data

Quote Symbol:

IBFL

Exchange:

Karachi Stock Exchange

Currency:

PKR

Stock Price:

50.3

Stock Price Date:

06-29-2012

52 Week Price Change %:

19.2

Market Value (mil):

15,602,980.0

 

SEDOL:

6459208

ISIN:

PK0070801011

 

 

Shareholders

 

 

Major Shareholders

Mohammad Waseem Mukhtar (25.4%); Sheikh Mukhtar Ahmed (24.1%); Mohammad N Mukhtar (24.5%)

 

 

 

Key Corporate Relationships

Auditor:

Avais Hyder Liaquat Nauman

Bank:

Bank Alfalah Limited, Bank Al Habib Limited, Barclays Bank PLC, Citibank, N.A, Deutsche Bank AG, Faysal Bank Limited, Habib Bank Limited, Habib Metropolitan Bank Limited, HSBC Bank Middle East Limited, MCB Bank Limited, Meezan Bank Limited, National Bank of Pakistan, Standard Chartered Bank (Pakistan) Limited, United Bank Limited

 

Auditor:

Avais Hyder Liaquat Nauman, Avais Hyder Liaquat Nauman

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

Ibrahim Fibres Limited

Ibrahim Fibres Limited 
Total Corporate Family Members: 3 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Source

Ibrahim Fibres Limited

Parent

Faisalabad

Pakistan

Textiles - Non Apparel

435.9

2,958

RT

Allied Bank Limited

Subsidiary

Lahore

Pakistan

Commercial Banks

 

8,947

GW

Ibrahim Leasing Ltd.

Subsidiary

Lahore

Pakistan

Investment Services

 

 

LEX

 

 

 

Competitors Report

 

Company Name

Location

Employees

Ownership

Ayesha Textile Mills Limited

Lahore, Pakistan

1,919

Public

Dewan Salman Fibre Ltd.

Karachi, Pakistan

3,745

Public

Nishat (Chunian) Limited

Lahore, Pakistan

4,859

Public

The Crescent Textile Mills Limited

Faisalabad, Pakistan

4,408

Public




Executive report

 

Board of Directors

 

Name

Title

Function

 

Sheikh Mukhtar Ahmed

 

Chairman

Chairman

 

Mukhtar Ahmed

 

Chairman of the Board

Chairman

 

Shahid Amin

 

Non-Executive Director

Director/Board Member

 

Iqbal Begum

 

Director

Director/Board Member

 

Anwarul Haque

 

Company Secretary, Director

Director/Board Member

 

Syed Asif Hasan

 

Director

Director/Board Member

 

Mohammad Naeem Mukhtar

 

Chief Executive Officer, Executive Director

Director/Board Member

 

Biography:

Mr. Mukhtar is the chief executive officer and a director of the company. He also serves as the chairman of Allied Bank Limited.

 

Education:

University of Glamorgan, Master's (Total Quality Management)
Cardiff Business School U.K, MBA 

 

Ghazala Naeem

 

Director

Director/Board Member

 

 

Mohammad Pervaiz Aslam Rana

 

Director

Director/Board Member

 

 

Bina Sheikh

 

Director

Director/Board Member

 

 

 

 

Executives

 

Name

Title

Function

 

Mohammad Naeem Mukhtar

 

Chief Executive Officer, Executive Director

Chief Executive Officer

 

Biography:

Mr. Mukhtar is the chief executive officer and a director of the company. He also serves as the chairman of Allied Bank Limited.

 

Education:

University of Glamorgan, Master's (Total Quality Management)
Cardiff Business School U.K, MBA 

 

Anwarul Haque

 

Company Secretary, Director

Company Secretary

 

 

 

 

Significant Developments

 

Ibrahim Fibres Limited Not to Pay Dividend Apr 25, 2012

 

Ibrahim Fibres Limited announced that no dividend was declared or recommended for the third quarter ended March 31, 2012.

 

Ibrahim Fibres Limited Not to Pay Dividend Feb 27, 2012

 

Ibrahim Fibres Limited announced that it is not to pay dividend for the half year ended December 31, 2011.

 

Ibrahim Fibres Limited to Pay FY 2010-2011 Dividend Sep 29, 2011

 

Ibrahim Fibres Limited announced that it is to pay PKR 3 per share as final cash dividend for fiscal year ended June 30, 2011 to shareholders whose names appear in the Register of Members on October 18, 2011.

 

 

Annual income statement

 

Financials in: USD (mil) 

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

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.565587

83.860328

78.573941

62.550956

60.637036

Auditor

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Nauman Rizwani

M. Yousuf Adil Saleem & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Revenue

445.6

323.6

280.9

344.6

269.2

    Sales Returns and Allowances

-9.7

-0.1

-0.1

-0.1

-

Revenue

435.9

323.4

280.7

344.5

269.2

Total Revenue

435.9

323.4

280.7

344.5

269.2

 

 

 

 

 

 

    Cost of Revenue

399.4

290.7

251.3

309.6

242.3

Cost of Revenue, Total

399.4

290.7

251.3

309.6

242.3

Gross Profit

36.5

32.8

29.4

35.0

26.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

3.9

3.6

3.5

7.9

6.8

    Labor & Related Expense

5.5

4.6

3.4

0.9

0.6

    Advertising Expense

0.0

0.0

0.0

0.0

-

Total Selling/General/Administrative Expenses

9.3

8.3

6.9

8.8

7.3

    Depreciation

0.5

0.3

0.4

-

-

    Amortization of Intangibles

0.0

0.1

0.1

-

-

Depreciation/Amortization

0.5

0.4

0.4

-

-

        Interest Income - Operating

-0.3

0.0

0.0

0.0

-

        Investment Income - Operating

-1.7

-2.0

0.0

0.0

0.0

    Interest/Investment Income - Operating

-1.9

-2.0

0.0

0.0

0.0

Interest Expense (Income) - Net Operating Total

-1.9

-2.0

0.0

0.0

0.0

    Loss (Gain) on Sale of Assets - Operating

-0.4

0.1

-0.9

-0.9

-0.4

Unusual Expense (Income)

-0.4

0.1

-0.9

-0.9

-0.4

    Other Operating Expense

0.0

0.0

0.0

0.0

0.0

    Other, Net

0.0

0.0

-0.1

0.0

0.0

Other Operating Expenses, Total

0.0

0.0

-0.1

0.0

0.0

Total Operating Expense

407.0

297.5

257.7

317.5

249.2

 

 

 

 

 

 

Operating Income

29.0

26.0

23.1

27.0

20.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-9.7

-15.0

-17.7

-13.9

-15.2

    Interest Expense, Net Non-Operating

-9.7

-15.0

-17.7

-13.9

-15.2

        Investment Income - Non-Operating

37.7

35.5

19.1

20.6

24.4

    Interest/Investment Income - Non-Operating

37.7

35.5

19.1

20.6

24.4

    Interest Income (Expense) - Net Non-Operating

-

-

-

0.0

-

Interest Income (Expense) - Net Non-Operating Total

28.0

20.5

1.4

6.7

9.2

    Other Non-Operating Income (Expense)

-

-

-

-

0.0

Other, Net

-

-

-

-

0.0

Income Before Tax

57.0

46.4

24.5

33.7

29.2

 

 

 

 

 

 

Total Income Tax

8.4

6.4

3.8

8.4

4.2

Income After Tax

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Net Income Before Extraord Items

48.5

40.1

20.7

25.3

25.0

Net Income

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

310.5

310.5

310.5

310.5

310.5

Basic EPS Excl Extraord Items

0.16

0.13

0.07

0.08

0.08

Basic/Primary EPS Incl Extraord Items

0.16

0.13

0.07

0.08

0.08

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

48.5

40.1

20.7

25.3

25.0

Diluted Weighted Average Shares

310.5

310.5

310.5

310.5

310.5

Diluted EPS Excl Extraord Items

0.16

0.13

0.07

0.08

0.08

Diluted EPS Incl Extraord Items

0.16

0.13

0.07

0.08

0.08

Dividends per Share - Common Stock Primary Issue

0.04

0.02

0.00

0.02

0.00

Gross Dividends - Common Stock

10.9

7.4

0.0

7.4

0.0

Interest Expense, Supplemental

9.7

15.0

17.7

13.9

15.2

Depreciation, Supplemental

8.4

9.0

9.2

11.9

12.7

Total Special Items

-0.4

0.1

-0.9

-0.9

-0.4

Normalized Income Before Tax

56.6

46.5

23.6

32.9

28.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.1

0.0

-0.1

-0.2

-0.1

Inc Tax Ex Impact of Sp Items

8.4

6.4

3.7

8.2

4.1

Normalized Income After Tax

48.2

40.2

20.0

24.7

24.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

48.2

40.2

20.0

24.7

24.6

 

 

 

 

 

 

Basic Normalized EPS

0.16

0.13

0.06

0.08

0.08

Diluted Normalized EPS

0.16

0.13

0.06

0.08

0.08

Amort of Intangibles, Supplemental

0.0

0.1

0.1

0.1

0.1

Rental Expenses

0.3

0.3

0.2

0.1

0.1

Advertising Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Normalized EBIT

26.6

24.1

22.2

26.1

19.6

Normalized EBITDA

35.0

33.2

31.5

38.1

32.3

    Current Tax - Total

7.5

5.5

1.2

4.3

2.2

Current Tax - Total

7.5

5.5

1.2

4.3

2.2

    Deferred Tax - Total

1.9

0.9

2.6

2.3

4.6

Deferred Tax - Total

1.9

0.9

2.6

2.3

4.6

    Other Tax

-1.0

0.0

0.0

1.8

-2.6

Income Tax - Total

8.4

6.4

3.8

8.4

4.2

Interest Cost - Domestic

0.6

0.5

0.4

-

-

Service Cost - Domestic

1.1

0.8

0.7

-

-

Actuarial Gains and Losses - Domestic

0.0

0.0

-

-

-

Domestic Pension Plan Expense

1.8

1.3

1.1

-

-

Defined Contribution Expense Retirement

-

-

-

0.2

0.2

Total Pension Expense

1.8

1.3

1.1

0.2

0.2

Discount Rate - Domestic

14.00%

12.00%

12.00%

-

-

Expected Rate of Return - Domestic

13.00%

11.00%

11.00%

-

-

Total Plan Interest Cost

0.6

0.5

0.4

-

-

Total Plan Service Cost

1.1

0.8

0.7

-

-

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

85.97

85.525

81.44

68.45

60.47

Auditor

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Nauman Rizwani

M. Yousuf Adil Saleem & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

0.9

0.2

1.0

1.7

4.9

    Short Term Investments

27.0

4.9

1.1

1.9

-

Cash and Short Term Investments

27.9

5.1

2.1

3.6

4.9

    Trade Accounts Receivable - Net

1.9

1.6

2.0

1.9

2.0

    Notes Receivable - Short Term

2.7

0.1

0.0

3.5

0.1

    Other Receivables

13.5

20.9

13.4

20.2

17.5

Total Receivables, Net

18.1

22.7

15.5

25.6

19.5

    Inventories - Finished Goods

13.4

9.1

13.9

15.9

21.5

    Inventories - Work In Progress

3.4

3.2

2.9

4.2

3.7

    Inventories - Raw Materials

14.1

15.1

18.8

40.8

16.1

    Inventories - Other

9.9

8.5

8.6

10.9

8.2

Total Inventory

40.8

36.0

44.3

71.8

49.4

Prepaid Expenses

0.1

0.1

0.1

0.1

0.1

    Other Current Assets

0.1

0.1

0.3

1.4

2.4

Other Current Assets, Total

0.1

0.1

0.3

1.4

2.4

Total Current Assets

87.0

64.0

62.3

102.4

76.3

 

 

 

 

 

 

        Buildings

25.5

25.6

25.2

27.7

26.5

        Land/Improvements

3.0

3.0

3.1

3.7

4.1

        Machinery/Equipment

166.8

161.0

169.0

187.2

202.1

        Construction in Progress

20.0

0.0

1.6

3.1

6.4

        Leases

0.0

0.0

0.0

0.0

0.0

    Property/Plant/Equipment - Gross

215.3

189.7

198.9

221.7

239.1

    Accumulated Depreciation

-112.6

-105.6

-103.0

-112.1

-115.2

Property/Plant/Equipment - Net

102.7

84.1

96.0

109.6

123.9

    Intangibles - Gross

0.4

0.4

0.4

0.4

0.5

    Accumulated Intangible Amortization

-0.4

-0.3

-0.3

-0.2

-0.2

Intangibles, Net

0.1

0.1

0.2

0.2

0.3

    LT Investment - Affiliate Companies

160.2

167.4

166.7

136.2

141.2

Long Term Investments

160.2

167.4

166.7

136.2

141.2

    Other Long Term Assets

0.3

0.3

0.0

0.1

0.1

Other Long Term Assets, Total

0.3

0.3

0.0

0.1

0.1

Total Assets

350.2

315.9

325.1

348.5

341.8

 

 

 

 

 

 

Accounts Payable

12.2

8.0

30.1

43.3

28.3

Accrued Expenses

7.5

5.3

5.7

5.1

6.1

Notes Payable/Short Term Debt

8.2

10.6

10.6

23.3

8.5

Current Portion - Long Term Debt/Capital Leases

20.7

29.3

29.7

32.9

42.4

    Dividends Payable

0.2

0.2

0.2

0.2

0.2

    Customer Advances

0.9

0.3

0.3

0.5

0.2

    Income Taxes Payable

7.5

5.4

1.2

3.9

2.2

    Other Current Liabilities

15.9

2.3

0.8

1.6

0.8

Other Current liabilities, Total

24.5

8.1

2.4

6.2

3.4

Total Current Liabilities

73.1

61.2

78.5

110.6

88.8

 

 

 

 

 

 

    Long Term Debt

29.6

50.6

75.7

55.4

77.4

Total Long Term Debt

29.6

50.6

75.7

55.4

77.4

Total Debt

58.5

90.4

115.9

111.5

128.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

23.0

21.2

21.4

22.4

21.0

Deferred Income Tax

23.0

21.2

21.4

22.4

21.0

    Pension Benefits - Underfunded

6.1

4.7

3.8

3.7

3.8

Other Liabilities, Total

6.1

4.7

3.8

3.7

3.8

Total Liabilities

131.8

137.7

179.4

192.1

191.0

 

 

 

 

 

 

    Common Stock

36.1

36.3

38.1

45.4

51.3

Common Stock

36.1

36.3

38.1

45.4

51.3

Additional Paid-In Capital

11.6

11.7

12.3

14.6

16.5

Retained Earnings (Accumulated Deficit)

169.6

129.2

94.4

95.4

81.8

    Other Equity

1.1

1.0

1.0

1.0

1.1

Other Equity, Total

1.1

1.0

1.0

1.0

1.1

Total Equity

218.4

178.2

145.8

156.4

150.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

350.2

315.9

325.1

348.5

341.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

310.5

310.5

310.5

310.5

310.5

Total Common Shares Outstanding

310.5

310.5

310.5

310.5

310.5

Number of Common Shareholders

2,572

2,611

2,740

2,816

3,078

Accumulated Intangible Amort, Suppl.

0.4

0.3

0.3

0.2

0.2

Deferred Revenue - Current

0.9

0.3

0.3

0.5

0.2

Discount Rate - Domestic

14.00%

12.00%

12.00%

-

-

Compensation Rate - Domestic

13.00%

11.00%

11.00%

-

-

Accrued Liabilities - Domestic

-7.0

-5.3

-4.2

-

-

Other Assets, Net - Domestic

-0.9

-0.6

-0.4

-

-

Net Assets Recognized on Balance Sheet

-8.0

-5.9

-4.7

-

-

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.565587

83.860328

78.573941

62.550956

60.637036

Auditor

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Nauman Rizwani

M. Yousuf Adil Saleem & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

57.0

46.4

24.5

33.7

29.2

    Depreciation

8.4

9.0

9.2

11.9

12.7

Depreciation/Depletion

8.4

9.0

9.2

11.9

12.7

    Amortization of Intangibles

0.0

0.1

0.1

0.1

0.1

Amortization

0.0

0.1

0.1

0.1

0.1

    Unusual Items

-1.7

-1.4

0.0

0.0

0.0

    Equity in Net Earnings (Loss)

-37.7

-35.5

-19.1

-20.6

-24.4

    Other Non-Cash Items

11.1

16.4

18.6

15.0

16.1

Non-Cash Items

-28.2

-20.6

-0.5

-5.6

-8.3

    Accounts Receivable

6.6

-7.8

4.4

-4.6

-2.4

    Inventories

-5.0

6.3

16.6

-30.8

-16.5

    Prepaid Expenses

0.0

0.0

0.0

0.0

0.0

    Other Assets

-2.5

-1.1

3.3

-2.9

1.1

    Accounts Payable

21.1

-18.8

-6.8

21.0

3.2

    Other Liabilities

-0.3

-0.3

-0.3

-0.6

-0.4

    Other Operating Cash Flow

-13.8

-16.4

-20.3

-17.6

-19.7

Changes in Working Capital

5.9

-38.0

-3.1

-35.5

-34.9

Cash from Operating Activities

43.0

-3.0

30.2

4.5

-1.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-27.6

-2.2

-13.5

-11.7

-8.6

    Purchase/Acquisition of Intangibles

0.0

0.0

-0.1

0.0

-0.1

Capital Expenditures

-27.6

-2.2

-13.6

-11.7

-8.6

    Sale of Fixed Assets

0.2

0.1

0.2

0.2

0.6

    Sale/Maturity of Investment

10.2

10.8

0.0

-

-

    Investment, Net

13.8

13.6

7.2

8.2

5.9

    Purchase of Investments

-

0.0

-42.1

0.0

-

    Other Investing Cash Flow

0.3

0.0

0.0

0.0

0.0

Other Investing Cash Flow Items, Total

24.4

24.5

-34.7

8.4

6.5

Cash from Investing Activities

-3.2

22.3

-48.2

-3.3

-2.2

 

 

 

 

 

 

    Cash Dividends Paid - Common

-7.2

0.0

-5.9

0.0

0.0

Total Cash Dividends Paid

-7.2

0.0

-5.9

0.0

0.0

    Short Term Debt, Net

-10.1

0.9

-10.2

8.0

18.6

        Long Term Debt Issued

0.0

32.8

52.8

12.8

7.4

        Long Term Debt Reduction

-21.5

-54.0

-19.6

-22.8

-22.1

    Long Term Debt, Net

-21.5

-21.2

33.2

-10.0

-14.7

Issuance (Retirement) of Debt, Net

-31.6

-20.4

23.0

-2.0

3.8

Cash from Financing Activities

-38.8

-20.4

17.1

-2.0

3.8

 

 

 

 

 

 

Net Change in Cash

1.0

-1.2

-1.0

-0.8

0.5

 

 

 

 

 

 

Net Cash - Beginning Balance

0.9

2.0

3.1

4.8

4.4

Net Cash - Ending Balance

1.8

0.9

2.2

3.9

4.9

Cash Interest Paid

10.0

15.9

16.4

14.6

15.8

Cash Taxes Paid

3.9

0.5

3.9

3.0

3.9

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.565587

83.860328

78.573941

62.550956

60.637036

Auditor

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Nauman Rizwani

M. Yousuf Adil Saleem & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Sales

445.6

323.6

280.9

344.6

269.2

    Discont on Sales

-

0.0

0.0

0.0

-

    Commission on Bokereage

-9.7

-0.1

-0.1

-0.1

-

Total Revenue

435.9

323.4

280.7

344.5

269.2

 

 

 

 

 

 

    Cost of Goods

399.4

290.7

251.3

309.6

242.3

    Salaries and benefits

0.8

0.8

0.7

-

-

    Staff retirement benefits

0.2

0.1

0.1

-

-

    Selling

0.8

0.9

0.8

2.3

1.9

    Directors remuneration

0.3

0.3

0.3

-

-

    Salaries and benefits

2.6

2.3

1.8

-

-

    Staff retirement benefits

0.3

0.3

0.2

-

-

    Advertising Expense

0.0

0.0

0.0

0.0

-

    Depreciation / amortisation of property,

0.5

0.3

0.4

-

-

    Amortisation of intangible assets

0.0

0.1

0.1

-

-

    Administrative Expenses

3.0

2.7

2.7

5.6

4.9

    Profit on Deposit

-0.3

0.0

0.0

0.0

-

    Exchange differences

0.0

0.0

0.0

0.0

0.0

    Disposal of Property and Equip.

-

0.0

0.0

0.0

-

    Gain on disposal of investment in associ

-1.6

-1.9

0.0

-

-

    Investment available for sale - ABL Asse

-0.1

0.0

-

-

-

    Scrap sales

-0.3

-0.4

-0.8

-0.9

-0.5

    Gain on disposal of property, plant and

-0.1

0.0

-

-

-

    Balances written back - net

0.0

0.0

-

-

-

    Misc. Income

0.0

0.0

-0.1

0.0

0.0

    Workers' profit participation fund

0.9

0.5

0.3

0.7

0.3

    Loss on disposal of property, plant

0.0

0.5

0.0

0.0

0.0

    Workers' welfare fund

0.4

0.3

0.0

0.2

0.3

    Other operating expenses

0.0

0.0

0.0

0.0

0.0

Total Operating Expense

407.0

297.5

257.7

317.5

249.2

 

 

 

 

 

 

    Financial Charges

-9.7

-15.0

-17.7

-13.9

-15.2

    Bank Charges

-

-

-

0.0

-

    Interest on Participation Fund

-

-

-

-

0.0

    Exchange Difference

-

-

-

-

-0.1

    Profit Participation

-

-

-

-

0.0

    Share of Profit in Associate

37.7

35.5

19.1

20.6

24.4

Net Income Before Taxes

57.0

46.4

24.5

33.7

29.2

 

 

 

 

 

 

Provision for Income Taxes

8.4

6.4

3.8

8.4

4.2

Net Income After Taxes

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Net Income Before Extra. Items

48.5

40.1

20.7

25.3

25.0

Net Income

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Basic Weighted Average Shares

310.5

310.5

310.5

310.5

310.5

Basic EPS Excluding ExtraOrdinary Items

0.16

0.13

0.07

0.08

0.08

Basic EPS Including ExtraOrdinary Item

0.16

0.13

0.07

0.08

0.08

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

48.5

40.1

20.7

25.3

25.0

Diluted Weighted Average Shares

310.5

310.5

310.5

310.5

310.5

Diluted EPS Excluding ExtraOrd Items

0.16

0.13

0.07

0.08

0.08

Diluted EPS Including ExtraOrd Items

0.16

0.13

0.07

0.08

0.08

DPS-Common Stock

0.04

0.02

0.00

0.02

0.00

Gross Dividends - Common Stock

10.9

7.4

0.0

7.4

0.0

Normalized Income Before Taxes

56.6

46.5

23.6

32.9

28.7

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

8.4

6.4

3.7

8.2

4.1

Normalized Income After Taxes

48.2

40.2

20.0

24.7

24.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

48.2

40.2

20.0

24.7

24.6

 

 

 

 

 

 

Basic Normalized EPS

0.16

0.13

0.06

0.08

0.08

Diluted Normalized EPS

0.16

0.13

0.06

0.08

0.08

Interest Expense

9.7

15.0

17.7

13.9

15.2

Depreciation

8.4

9.0

9.2

11.9

12.7

Amort of Intangibles

0.0

0.1

0.1

0.1

0.1

Advertising Expenditure

0.0

0.0

0.0

0.0

0.0

Rental Expense

0.3

0.3

0.2

0.1

0.1

    Current Tax

7.5

5.5

1.2

4.3

2.2

Current Tax - Total

7.5

5.5

1.2

4.3

2.2

    Deferred Tax

1.9

0.9

2.6

2.3

4.6

Deferred Tax - Total

1.9

0.9

2.6

2.3

4.6

    Prior Year's

-1.0

0.0

0.0

1.8

-2.6

Income Tax - Total

8.4

6.4

3.8

8.4

4.2

Service Cost - Pension

1.1

0.8

0.7

-

-

Interest Cost - Pension

0.6

0.5

0.4

-

-

Actuarial Gains and Losses - Domestic

0.0

0.0

-

-

-

Domestic Pension Plan Expense

1.8

1.3

1.1

-

-

Staff retirement benefits

-

-

-

0.2

0.2

Total Pension Expense

1.8

1.3

1.1

0.2

0.2

Discount Rate - Pension

14.00%

12.00%

12.00%

-

-

Expected Rate of Return - Pension

13.00%

11.00%

11.00%

-

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

85.97

85.525

81.44

68.45

60.47

Auditor

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Nauman Rizwani

M. Yousuf Adil Saleem & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Stores

4.0

2.5

2.4

3.8

2.2

    Spares in Hand

5.6

5.1

5.4

5.8

5.1

    Spares in Transit

0.0

0.8

0.7

1.1

0.8

    Loose Tools

0.0

0.0

0.0

0.0

0.0

    Raw Materials

14.1

15.1

18.8

40.8

16.1

    Work in Progress

3.4

3.2

2.9

4.2

3.7

    Finished Goods

13.4

9.1

13.9

15.9

21.5

    Waste

0.2

0.1

0.1

0.1

0.1

    Trade Debtors - Secured

0.5

0.2

0.3

0.4

0.5

    Trade Debtors - Foreign Secured

0.0

0.1

0.0

0.1

0.0

    Trade Debtors - Unsecured

1.4

1.3

1.7

1.3

1.5

    Advances to Employees

0.4

0.4

0.1

0.2

0.3

    Advances to Suppliers

0.6

0.6

0.3

0.6

1.5

    Income Tax

6.3

7.1

8.1

9.0

9.3

    Customs Duty Refundable

1.2

6.4

3.1

7.2

5.4

    Income Tax

1.0

2.8

0.0

-

-

    Sales Tax Refund

3.9

3.6

1.9

3.2

1.0

    Claims Received

0.1

0.1

0.3

1.4

2.4

    Other

0.0

0.0

0.0

0.0

0.1

    Letters of Credit Fee, Margin & Expenses

2.7

0.1

0.0

3.5

0.1

    Non - current assets held for sale Inve

26.1

4.3

0.0

-

-

    Prepayments

0.1

0.1

0.1

0.1

0.1

    Cash in Hand

0.1

0.1

0.4

1.7

0.5

    Cash at Bank

0.8

0.2

0.6

-

4.4

    Deposit Account

0.9

0.6

1.1

1.9

-

Total Current Assets

87.0

64.0

62.3

102.4

76.3

 

 

 

 

 

 

    Freehold Land

3.0

3.0

3.1

3.7

4.1

    Leasehold Land

0.0

0.0

0.0

0.0

0.0

    Building/Freeh.

24.7

24.9

24.4

26.8

25.4

    Building/Lease.

0.7

0.7

0.8

0.9

1.1

    Plant/Machinery

161.4

156.1

163.8

181.3

196.8

    Furniture&Fix.

1.3

1.2

1.3

1.4

0.9

    Office Equip.

1.6

1.4

2.0

2.2

2.1

    Vehicles

2.5

2.3

2.0

2.3

2.3

    Depreciation

-112.6

-105.6

-103.0

-112.1

-115.2

    Capital WIP

20.0

0.0

1.6

3.1

6.4

    Intangible

0.4

0.4

0.4

0.4

0.5

    Amortisation

-0.4

-0.3

-0.3

-0.2

-0.2

    Computer Software Under Implementation

0.1

0.1

0.1

0.0

-

    LT Deposits/Def.

0.0

0.0

0.0

0.1

0.1

    Long term loans

0.2

0.3

0.0

-

-

    Investment in Associated

160.2

167.4

166.7

136.2

141.2

Total Assets

350.2

315.9

325.1

348.5

341.8

 

 

 

 

 

 

    Interest on Secured Loans

1.8

2.1

3.1

2.2

3.2

    Current portion of Long Term Loans

20.7

19.7

18.2

18.1

16.2

    Running finances

8.2

10.6

10.6

23.3

8.5

    Term finances

0.0

7.8

7.8

10.4

21.3

    Short Term Morabaha

0.0

1.8

3.7

4.4

5.0

    Creditors

2.5

3.6

2.3

1.7

1.4

    Accrued Charges

5.7

3.2

2.6

2.8

2.9

    Advances from Customers

0.9

0.3

0.3

0.5

0.2

    Advance From Directors

13.9

0.0

-

-

-

    Capital Expenditure Payable

0.4

0.3

0.3

0.5

0.1

    Foreign Bills Payable

9.7

4.4

27.8

41.5

26.9

    Workers Profit Participation

0.9

0.5

0.3

0.6

0.3

    Workers Welfare Fund

0.4

0.3

0.0

0.2

0.2

    Unclaimed Dividend

0.2

0.2

0.2

0.2

0.2

    Other

0.3

1.1

0.2

0.2

0.3

    Taxation

7.5

5.4

1.2

3.9

2.2

Total Current Liabilities

73.1

61.2

78.5

110.6

88.8

 

 

 

 

 

 

    LT Loans

29.6

50.6

73.8

48.8

65.0

    Long Term Morhaba

-

0.0

1.8

6.6

12.4

Total Long Term Debt

29.6

50.6

75.7

55.4

77.4

 

 

 

 

 

 

    Deferred Tax

23.0

21.2

21.4

22.4

21.0

    Staff Retirement Gratuity

6.1

4.7

3.8

3.7

3.8

Total Liabilities

131.8

137.7

179.4

192.1

191.0

 

 

 

 

 

 

    Share Capital

36.1

36.3

38.1

45.4

51.3

    Share Premium

11.6

11.7

12.3

14.6

16.5

    Merger Reserve

0.8

0.8

0.9

1.1

1.2

    Changes in Equity of Shareholders

1.1

1.0

1.0

1.0

1.1

    General Reserve

24.6

24.3

24.3

28.1

31.2

    Unapprop. Profit

144.2

104.0

69.2

66.2

49.4

Total Equity

218.4

178.2

145.8

156.4

150.7

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

350.2

315.9

325.1

348.5

341.8

 

 

 

 

 

 

    S/O-Common Stock

310.5

310.5

310.5

310.5

310.5

Total Common Shares Outstanding

310.5

310.5

310.5

310.5

310.5

Deferred Revenue

0.9

0.3

0.3

0.5

0.2

Intangible Amortisation

0.4

0.3

0.3

0.2

0.2

Number of Common Shareholders

2,572

2,611

2,740

2,816

3,078

Discount Rate - Pension

14.00%

12.00%

12.00%

-

-

Compensation Rate - Pension

13.00%

11.00%

11.00%

-

-

Cumulative Net Unrecong. Acturial Losses

-0.9

-0.6

-0.4

-

-

Provision - Pension

-7.0

-5.3

-4.2

-

-

Net Assets Recognized on Balance Sheet

-8.0

-5.9

-4.7

-

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.565587

83.860328

78.573941

62.550956

60.637036

Auditor

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Nauman Rizwani

M. Yousuf Adil Saleem & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

57.0

46.4

24.5

33.7

29.2

    Depreciation

8.4

9.0

9.2

11.9

12.7

    Amort of Int.

0.0

0.1

0.1

0.1

0.1

    Gratuity Provision

1.8

1.3

1.1

1.1

0.9

    Sale/Fixed

-0.1

0.5

0.0

0.0

0.0

    Investment - available for sale

-0.1

0.0

-

-

-

    Profit on deposits

-0.3

0.0

0.0

0.0

0.0

    Gain on disposal of investment in associ

-1.6

-1.9

0.0

-

-

    Balance Written Back

0.0

0.0

-0.1

0.0

0.0

    Share in Associated

-37.7

-35.5

-19.1

-20.6

-24.4

    Financial Charges

9.7

15.0

17.7

13.9

15.3

    Stores/Tools

-1.3

-0.3

0.5

-3.9

-2.2

    Stock in Trade

-3.8

6.6

16.1

-26.8

-14.3

    Trade Debts

-0.3

0.3

-0.4

-0.2

0.6

    Advances/Other

-2.6

-0.8

3.3

-2.9

1.1

    Prepayments

0.0

0.0

0.0

0.0

0.0

    Other Receivables

6.8

-8.0

4.8

-4.5

-3.0

    Long term loans

0.1

-0.3

0.0

-

-

    Creditors/Accrued

21.1

-18.8

-6.8

21.0

3.2

    Finance cost paid

-10.0

-15.9

-16.4

-14.6

-15.8

    Income tax paid

-3.9

-0.5

-3.9

-3.0

-3.9

    Gratuity Paid

-0.3

-0.3

-0.3

-0.6

-0.4

Cash from Operating Activities

43.0

-3.0

30.2

4.5

-1.2

 

 

 

 

 

 

    Capital Expenditures

-27.6

-2.2

-13.5

-11.7

-8.6

    Purchase of Intangible

0.0

0.0

-0.1

0.0

-0.1

    Investment - available for sale

-13.4

0.0

-

-

-

    Proceeds from disposal of investment in

13.4

10.8

0.0

-

-

    Investment in associate

-

0.0

-42.1

0.0

-

    Non - current assets held for sale

10.1

0.0

-

-

-

    Disposal/Fixed

0.2

0.1

0.2

0.2

0.6

    LT Deposits

0.0

0.0

0.0

0.0

0.0

    Profit on deposits

0.3

0.0

0.0

0.0

0.0

    Dividend

13.8

13.6

7.2

8.2

5.9

Cash from Investing Activities

-3.2

22.3

-48.2

-3.3

-2.2

 

 

 

 

 

 

    LT Loans Issd.

0.0

32.8

52.8

12.8

7.4

    Repayment/LT Loans

-19.7

-50.5

-15.8

-18.0

-19.7

    Long Term Morabaha

-1.8

-3.6

-3.8

-4.8

-2.5

    ST Borrowings-Net

-10.1

0.9

-10.2

8.0

18.6

    Dividend Payment

-7.2

0.0

-5.9

0.0

0.0

Cash from Financing Activities

-38.8

-20.4

17.1

-2.0

3.8

 

 

 

 

 

 

Net Change in Cash

1.0

-1.2

-1.0

-0.8

0.5

 

 

 

 

 

 

Net Cash - Beginning Balance

0.9

2.0

3.1

4.8

4.4

Net Cash - Ending Balance

1.8

0.9

2.2

3.9

4.9

    Cash Interest Paid

10.0

15.9

16.4

14.6

15.8

    Cash Taxes Paid

3.9

0.5

3.9

3.0

3.9

 

 

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-2012

Quarter
Ending
Yr Ago

Annual
Year End
30-Jun-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

99.2

-18.19%

435.9

37.52%

20.07%

16.73%

Operating Income1

5.9

-24.81%

29.0

13.91%

13.64%

8.57%

Income Available to Common Excl Extraord Items1

10.2

-17.65%

48.5

23.56%

37.92%

22.87%

Basic EPS Excl Extraord Items1

0.03

-17.68%

0.16

23.56%

37.92%

22.87%

Capital Expenditures2

89.3

306.98%

27.6

1,181.28%

47.75%

64.44%

Cash from Operating Activities2

-21.1

-

43.0

-

135.28%

5.59%

Free Cash Flow

-107.6

-

15.3

-

-

-12.78%

Total Assets3

403.7

23.60%

350.2

11.45%

8.07%

10.26%

Total Liabilities3

170.7

31.87%

131.8

-3.77%

-4.84%

0.63%

Total Long Term Debt3

76.3

126.89%

29.6

-41.23%

-12.49%

-14.34%

Total Common Shares Outstanding3

310.5

0.00%

310.5

0.00%

0.00%

0.00%

1-ExchangeRate: PKR to USD Average for Period

90.572051

 

85.565587

 

 

 

2-ExchangeRate: PKR to USD Average for Period

88.371861

 

85.565587

 

 

 

3-ExchangeRate: PKR to USD Period End Date

90.716531

 

85.970000

 

 

 

Key Ratios

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Profitability

Gross Margin

8.37%

10.14%

10.48%

10.15%

9.99%

Operating Margin

6.65%

8.02%

8.22%

7.84%

7.44%

Pretax Margin

13.07%

14.36%

8.73%

9.79%

10.84%

Net Profit Margin

11.13%

12.39%

7.37%

7.34%

9.28%

Financial Strength

Current Ratio

1.19

1.04

0.79

0.93

0.86

Long Term Debt/Equity

0.14

0.28

0.52

0.35

0.51

Total Debt/Equity

0.27

0.51

0.80

0.71

0.85

Interest Coverage

-

-

-

540.52

-

Management Effectiveness

Return on Assets

14.54%

12.56%

6.46%

7.11%

7.74%

Return on Equity

24.41%

24.79%

14.40%

15.97%

18.24%

Efficiency

Receivables Turnover

21.36

16.97

14.65

14.70

14.87

Inventory Turnover

10.38

7.29

4.64

4.90

5.91

Asset Turnover

1.31

1.01

0.88

0.97

0.83

Market Valuation USD (mil)

P/E (TTM)

3.71

.

Enterprise Value2

289.6

Price/Sales (TTM)

0.43

.

Enterprise Value/Revenue (TTM)

0.73

Price/Book (MRQ)

0.74

.

Enterprise Value/EBITDA (TTM)

8.81

Market Cap as of 29-Jun-20121

165.3

.

 

 

1-ExchangeRate: PKR to USD on 29-Jun-2012

94.400002

 

 

 

2-ExchangeRate: PKR to USD on 31-Mar-2012

90.716531

 

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

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

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Financial Strength

Current Ratio

1.19

1.04

0.79

0.93

0.86

Quick/Acid Test Ratio

0.63

0.45

0.22

0.26

0.28

Working Capital1

13.8

2.7

-16.2

-8.2

-12.4

Long Term Debt/Equity

0.14

0.28

0.52

0.35

0.51

Total Debt/Equity

0.27

0.51

0.80

0.71

0.85

Long Term Debt/Total Capital

0.11

0.19

0.29

0.21

0.28

Total Debt/Total Capital

0.21

0.34

0.44

0.42

0.46

Interest Coverage

-

-

-

540.52

-

Payout Ratio

22.44%

18.48%

0.00%

29.43%

0.00%

Effective Tax Rate

14.83%

13.71%

15.62%

24.97%

14.34%

Total Capital1

276.9

268.6

261.7

267.9

279.1

 

 

 

 

 

 

Efficiency

Asset Turnover

1.31

1.01

0.88

0.97

0.83

Inventory Turnover

10.38

7.29

4.64

4.90

5.91

Days In Inventory

35.17

50.05

78.73

74.47

61.80

Receivables Turnover

21.36

16.97

14.65

14.70

14.87

Days Receivables Outstanding

17.09

21.51

24.91

24.83

24.54

 

 

 

 

 

 

Profitability

Gross Margin

8.37%

10.14%

10.48%

10.15%

9.99%

Operating Margin

6.65%

8.02%

8.22%

7.84%

7.44%

EBITDA Margin

8.57%

10.84%

11.53%

11.31%

12.17%

EBIT Margin

6.65%

8.02%

8.22%

7.84%

7.44%

Pretax Margin

13.07%

14.36%

8.73%

9.79%

10.84%

Net Profit Margin

11.13%

12.39%

7.37%

7.34%

9.28%

COGS/Revenue

91.63%

89.86%

89.52%

89.85%

90.01%

SG&A Expense/Revenue

2.14%

2.56%

2.45%

2.56%

2.72%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

14.54%

12.56%

6.46%

7.11%

7.74%

Return on Equity

24.41%

24.79%

14.40%

15.97%

18.24%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.05

-0.02

0.05

-0.02

-0.03

Operating Cash Flow/Share 2

0.14

-0.01

0.09

0.01

0.00

1-ExchangeRate: PKR to USD Period End Date

85.97

85.525

81.44

68.45

60.47

2-ExchangeRate: PKR to USD Average for Period

85.97

85.525

81.44

68.45

60.47

 

Current Market Multiples

Market Cap/Earnings (TTM)

3.71

Market Cap/Equity (MRQ)

0.74

Market Cap/Revenue (TTM)

0.43

Market Cap/EBIT (TTM)

6.88

Market Cap/EBITDA (TTM)

5.23

Enterprise Value/Earnings (TTM)

6.25

Enterprise Value/Equity (MRQ)

1.24

Enterprise Value/Revenue (TTM)

0.73

Enterprise Value/EBIT (TTM)

11.59

Enterprise Value/EBITDA (TTM)

8.81

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.565587

83.860328

78.573941

62.550956

60.637036

Auditor

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Nauman Rizwani

M. Yousuf Adil Saleem & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Revenue

445.6

323.6

280.9

344.6

269.2

    Sales Returns and Allowances

-9.7

-0.1

-0.1

-0.1

-

Revenue

435.9

323.4

280.7

344.5

269.2

Total Revenue

435.9

323.4

280.7

344.5

269.2

 

 

 

 

 

 

    Cost of Revenue

399.4

290.7

251.3

309.6

242.3

Cost of Revenue, Total

399.4

290.7

251.3

309.6

242.3

Gross Profit

36.5

32.8

29.4

35.0

26.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

3.9

3.6

3.5

7.9

6.8

    Labor & Related Expense

5.5

4.6

3.4

0.9

0.6

    Advertising Expense

0.0

0.0

0.0

0.0

-

Total Selling/General/Administrative Expenses

9.3

8.3

6.9

8.8

7.3

    Depreciation

0.5

0.3

0.4

-

-

    Amortization of Intangibles

0.0

0.1

0.1

-

-

Depreciation/Amortization

0.5

0.4

0.4

-

-

        Interest Income - Operating

-0.3

0.0

0.0

0.0

-

        Investment Income - Operating

-1.7

-2.0

0.0

0.0

0.0

    Interest/Investment Income - Operating

-1.9

-2.0

0.0

0.0

0.0

Interest Expense (Income) - Net Operating Total

-1.9

-2.0

0.0

0.0

0.0

    Loss (Gain) on Sale of Assets - Operating

-0.4

0.1

-0.9

-0.9

-0.4

Unusual Expense (Income)

-0.4

0.1

-0.9

-0.9

-0.4

    Other Operating Expense

0.0

0.0

0.0

0.0

0.0

    Other, Net

0.0

0.0

-0.1

0.0

0.0

Other Operating Expenses, Total

0.0

0.0

-0.1

0.0

0.0

Total Operating Expense

407.0

297.5

257.7

317.5

249.2

 

 

 

 

 

 

Operating Income

29.0

26.0

23.1

27.0

20.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-9.7

-15.0

-17.7

-13.9

-15.2

    Interest Expense, Net Non-Operating

-9.7

-15.0

-17.7

-13.9

-15.2

        Investment Income - Non-Operating

37.7

35.5

19.1

20.6

24.4

    Interest/Investment Income - Non-Operating

37.7

35.5

19.1

20.6

24.4

    Interest Income (Expense) - Net Non-Operating

-

-

-

0.0

-

Interest Income (Expense) - Net Non-Operating Total

28.0

20.5

1.4

6.7

9.2

    Other Non-Operating Income (Expense)

-

-

-

-

0.0

Other, Net

-

-

-

-

0.0

Income Before Tax

57.0

46.4

24.5

33.7

29.2

 

 

 

 

 

 

Total Income Tax

8.4

6.4

3.8

8.4

4.2

Income After Tax

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Net Income Before Extraord Items

48.5

40.1

20.7

25.3

25.0

Net Income

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

48.5

40.1

20.7

25.3

25.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

310.5

310.5

310.5

310.5

310.5

Basic EPS Excl Extraord Items

0.16

0.13

0.07

0.08

0.08

Basic/Primary EPS Incl Extraord Items

0.16

0.13

0.07

0.08

0.08

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

48.5

40.1

20.7

25.3

25.0

Diluted Weighted Average Shares

310.5

310.5

310.5

310.5

310.5

Diluted EPS Excl Extraord Items

0.16

0.13

0.07

0.08

0.08

Diluted EPS Incl Extraord Items

0.16

0.13

0.07

0.08

0.08

Dividends per Share - Common Stock Primary Issue

0.04

0.02

0.00

0.02

0.00

Gross Dividends - Common Stock

10.9

7.4

0.0

7.4

0.0

Interest Expense, Supplemental

9.7

15.0

17.7

13.9

15.2

Depreciation, Supplemental

8.4

9.0

9.2

11.9

12.7

Total Special Items

-0.4

0.1

-0.9

-0.9

-0.4

Normalized Income Before Tax

56.6

46.5

23.6

32.9

28.7

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-0.1

0.0

-0.1

-0.2

-0.1

Inc Tax Ex Impact of Sp Items

8.4

6.4

3.7

8.2

4.1

Normalized Income After Tax

48.2

40.2

20.0

24.7

24.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

48.2

40.2

20.0

24.7

24.6

 

 

 

 

 

 

Basic Normalized EPS

0.16

0.13

0.06

0.08

0.08

Diluted Normalized EPS

0.16

0.13

0.06

0.08

0.08

Amort of Intangibles, Supplemental

0.0

0.1

0.1

0.1

0.1

Rental Expenses

0.3

0.3

0.2

0.1

0.1

Advertising Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Normalized EBIT

26.6

24.1

22.2

26.1

19.6

Normalized EBITDA

35.0

33.2

31.5

38.1

32.3

    Current Tax - Total

7.5

5.5

1.2

4.3

2.2

Current Tax - Total

7.5

5.5

1.2

4.3

2.2

    Deferred Tax - Total

1.9

0.9

2.6

2.3

4.6

Deferred Tax - Total

1.9

0.9

2.6

2.3

4.6

    Other Tax

-1.0

0.0

0.0

1.8

-2.6

Income Tax - Total

8.4

6.4

3.8

8.4

4.2

Interest Cost - Domestic

0.6

0.5

0.4

-

-

Service Cost - Domestic

1.1

0.8

0.7

-

-

Actuarial Gains and Losses - Domestic

0.0

0.0

-

-

-

Domestic Pension Plan Expense

1.8

1.3

1.1

-

-

Defined Contribution Expense Retirement

-

-

-

0.2

0.2

Total Pension Expense

1.8

1.3

1.1

0.2

0.2

Discount Rate - Domestic

14.00%

12.00%

12.00%

-

-

Expected Rate of Return - Domestic

13.00%

11.00%

11.00%

-

-

Total Plan Interest Cost

0.6

0.5

0.4

-

-

Total Plan Service Cost

1.1

0.8

0.7

-

-

 

 Interim Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

90.572051

87.814194

86.759355

85.292258

85.487912

 

 

 

 

 

 

    Net Sales

99.2

98.8

112.2

101.2

128.4

Revenue

99.2

98.8

112.2

101.2

128.4

Total Revenue

99.2

98.8

112.2

101.2

128.4

 

 

 

 

 

 

    Cost of Revenue

91.7

90.7

105.7

96.4

117.7

Cost of Revenue, Total

91.7

90.7

105.7

96.4

117.7

Gross Profit

7.4

8.1

6.5

4.8

10.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

2.2

2.0

2.0

2.0

2.1

Total Selling/General/Administrative Expenses

2.2

2.0

2.0

2.0

2.1

    Other Operating Expense

0.2

0.3

0.2

0.0

0.5

    Other, Net

-0.8

-0.1

-6.9

-0.1

-0.2

Other Operating Expenses, Total

-0.6

0.2

-6.7

-0.1

0.3

Total Operating Expense

93.3

92.9

101.0

98.3

120.1

 

 

 

 

 

 

Operating Income

5.9

5.9

11.2

2.9

8.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-2.5

-2.1

-2.1

-2.5

-2.3

    Interest Expense, Net Non-Operating

-2.5

-2.1

-2.1

-2.5

-2.3

        Investment Income - Non-Operating

6.4

7.3

9.2

9.7

10.2

    Interest/Investment Income - Non-Operating

6.4

7.3

9.2

9.7

10.2

Interest Income (Expense) - Net Non-Operating Total

3.9

5.2

7.1

7.2

7.9

Income Before Tax

9.7

11.1

18.2

10.1

16.2

 

 

 

 

 

 

Total Income Tax

-0.4

1.2

0.6

-0.3

3.1

Income After Tax

10.2

9.9

17.7

10.4

13.1

 

 

 

 

 

 

Net Income Before Extraord Items

10.2

9.9

17.7

10.4

13.1

Net Income

10.2

9.9

17.7

10.4

13.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

10.2

9.9

17.7

10.4

13.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

10.2

9.9

17.7

10.4

13.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

310.5

310.7

310.5

310.3

310.4

Basic EPS Excl Extraord Items

0.03

0.03

0.06

0.03

0.04

Basic/Primary EPS Incl Extraord Items

0.03

0.03

0.06

0.03

0.04

Diluted Net Income

10.2

9.9

17.7

10.4

13.1

Diluted Weighted Average Shares

310.5

310.7

310.5

310.3

310.4

Diluted EPS Excl Extraord Items

0.03

0.03

0.06

0.03

0.04

Diluted EPS Incl Extraord Items

0.03

0.03

0.06

0.03

0.04

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.04

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

10.9

0.0

Interest Expense, Supplemental

2.5

2.1

2.1

2.5

2.3

Depreciation, Supplemental

2.0

2.0

2.0

2.1

2.1

Normalized Income Before Tax

9.7

11.1

18.2

10.1

16.2

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-0.4

1.2

0.6

-0.3

3.1

Normalized Income After Tax

10.2

9.9

17.7

10.4

13.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

10.2

9.9

17.7

10.4

13.1

 

 

 

 

 

 

Basic Normalized EPS

0.03

0.03

0.06

0.03

0.04

Diluted Normalized EPS

0.03

0.03

0.06

0.03

0.04

Amort of Intangibles, Supplemental

0.0

0.0

0.0

0.0

0.0

Normalized EBIT

5.9

5.9

11.2

2.9

8.3

Normalized EBITDA

7.9

7.9

13.2

5.0

10.4

 

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

85.97

85.525

81.44

68.45

60.47

Auditor

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Nauman Rizwani

M. Yousuf Adil Saleem & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

0.9

0.2

1.0

1.7

4.9

    Short Term Investments

27.0

4.9

1.1

1.9

-

Cash and Short Term Investments

27.9

5.1

2.1

3.6

4.9

    Trade Accounts Receivable - Net

1.9

1.6

2.0

1.9

2.0

    Notes Receivable - Short Term

2.7

0.1

0.0

3.5

0.1

    Other Receivables

13.5

20.9

13.4

20.2

17.5

Total Receivables, Net

18.1

22.7

15.5

25.6

19.5

    Inventories - Finished Goods

13.4

9.1

13.9

15.9

21.5

    Inventories - Work In Progress

3.4

3.2

2.9

4.2

3.7

    Inventories - Raw Materials

14.1

15.1

18.8

40.8

16.1

    Inventories - Other

9.9

8.5

8.6

10.9

8.2

Total Inventory

40.8

36.0

44.3

71.8

49.4

Prepaid Expenses

0.1

0.1

0.1

0.1

0.1

    Other Current Assets

0.1

0.1

0.3

1.4

2.4

Other Current Assets, Total

0.1

0.1

0.3

1.4

2.4

Total Current Assets

87.0

64.0

62.3

102.4

76.3

 

 

 

 

 

 

        Buildings

25.5

25.6

25.2

27.7

26.5

        Land/Improvements

3.0

3.0

3.1

3.7

4.1

        Machinery/Equipment

166.8

161.0

169.0

187.2

202.1

        Construction in Progress

20.0

0.0

1.6

3.1

6.4

        Leases

0.0

0.0

0.0

0.0

0.0

    Property/Plant/Equipment - Gross

215.3

189.7

198.9

221.7

239.1

    Accumulated Depreciation

-112.6

-105.6

-103.0

-112.1

-115.2

Property/Plant/Equipment - Net

102.7

84.1

96.0

109.6

123.9

    Intangibles - Gross

0.4

0.4

0.4

0.4

0.5

    Accumulated Intangible Amortization

-0.4

-0.3

-0.3

-0.2

-0.2

Intangibles, Net

0.1

0.1

0.2

0.2

0.3

    LT Investment - Affiliate Companies

160.2

167.4

166.7

136.2

141.2

Long Term Investments

160.2

167.4

166.7

136.2

141.2

    Other Long Term Assets

0.3

0.3

0.0

0.1

0.1

Other Long Term Assets, Total

0.3

0.3

0.0

0.1

0.1

Total Assets

350.2

315.9

325.1

348.5

341.8

 

 

 

 

 

 

Accounts Payable

12.2

8.0

30.1

43.3

28.3

Accrued Expenses

7.5

5.3

5.7

5.1

6.1

Notes Payable/Short Term Debt

8.2

10.6

10.6

23.3

8.5

Current Portion - Long Term Debt/Capital Leases

20.7

29.3

29.7

32.9

42.4

    Dividends Payable

0.2

0.2

0.2

0.2

0.2

    Customer Advances

0.9

0.3

0.3

0.5

0.2

    Income Taxes Payable

7.5

5.4

1.2

3.9

2.2

    Other Current Liabilities

15.9

2.3

0.8

1.6

0.8

Other Current liabilities, Total

24.5

8.1

2.4

6.2

3.4

Total Current Liabilities

73.1

61.2

78.5

110.6

88.8

 

 

 

 

 

 

    Long Term Debt

29.6

50.6

75.7

55.4

77.4

Total Long Term Debt

29.6

50.6

75.7

55.4

77.4

Total Debt

58.5

90.4

115.9

111.5

128.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

23.0

21.2

21.4

22.4

21.0

Deferred Income Tax

23.0

21.2

21.4

22.4

21.0

    Pension Benefits - Underfunded

6.1

4.7

3.8

3.7

3.8

Other Liabilities, Total

6.1

4.7

3.8

3.7

3.8

Total Liabilities

131.8

137.7

179.4

192.1

191.0

 

 

 

 

 

 

    Common Stock

36.1

36.3

38.1

45.4

51.3

Common Stock

36.1

36.3

38.1

45.4

51.3

Additional Paid-In Capital

11.6

11.7

12.3

14.6

16.5

Retained Earnings (Accumulated Deficit)

169.6

129.2

94.4

95.4

81.8

    Other Equity

1.1

1.0

1.0

1.0

1.1

Other Equity, Total

1.1

1.0

1.0

1.0

1.1

Total Equity

218.4

178.2

145.8

156.4

150.7

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

350.2

315.9

325.1

348.5

341.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

310.5

310.5

310.5

310.5

310.5

Total Common Shares Outstanding

310.5

310.5

310.5

310.5

310.5

Number of Common Shareholders

2,572

2,611

2,740

2,816

3,078

Accumulated Intangible Amort, Suppl.

0.4

0.3

0.3

0.2

0.2

Deferred Revenue - Current

0.9

0.3

0.3

0.5

0.2

Discount Rate - Domestic

14.00%

12.00%

12.00%

-

-

Compensation Rate - Domestic

13.00%

11.00%

11.00%

-

-

Accrued Liabilities - Domestic

-7.0

-5.3

-4.2

-

-

Other Assets, Net - Domestic

-0.9

-0.6

-0.4

-

-

Net Assets Recognized on Balance Sheet

-8.0

-5.9

-4.7

-

-

 

 

 

Interim Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Mar-2012

31-Dec-2011

30-Sep-2011

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Dec-2011

Updated Normal 
30-Sep-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

90.716531

89.91

87.425

85.97

85.4

 

 

 

 

 

 

    Cash

1.8

2.3

12.9

1.8

1.8

    Short Term Investments

0.0

37.1

0.0

26.1

13.2

Cash and Short Term Investments

1.8

39.4

12.9

27.9

15.0

    Trade Accounts Receivable - Net

2.5

2.6

2.0

1.9

3.7

    Other Receivables

14.9

10.8

16.5

16.3

14.3

Total Receivables, Net

17.5

13.4

18.5

18.2

18.0

    Inventories - Finished Goods

50.3

48.6

28.3

31.1

30.5

    Inventories - Raw Materials

14.7

13.4

11.1

9.7

11.3

Total Inventory

65.0

61.9

39.5

40.8

41.8

Prepaid Expenses

0.3

0.5

0.7

0.1

0.2

Total Current Assets

84.6

115.2

71.5

87.0

74.9

 

 

 

 

 

 

        Construction in Progress

120.9

51.9

26.1

20.0

21.6

        Other Property/Plant/Equipment

73.7

76.1

79.9

82.7

78.7

    Property/Plant/Equipment - Gross

194.6

127.9

106.0

102.7

100.3

Property/Plant/Equipment - Net

194.6

127.9

106.0

102.7

100.3

Intangibles, Net

0.1

0.1

0.1

0.1

0.2

    LT Investment - Affiliate Companies

124.2

124.6

158.9

160.2

171.3

Long Term Investments

124.2

124.6

158.9

160.2

171.3

Note Receivable - Long Term

0.2

0.2

0.2

0.2

0.3

    Other Long Term Assets

0.0

0.0

0.0

0.0

0.0

Other Long Term Assets, Total

0.0

0.0

0.0

0.0

0.0

Total Assets

403.7

368.1

336.8

350.2

347.0

 

 

 

 

 

 

Accounts Payable

18.5

26.3

21.8

34.9

36.9

Accrued Expenses

2.6

1.5

0.7

1.8

0.8

Notes Payable/Short Term Debt

25.2

23.3

0.0

8.2

7.6

Current Portion - Long Term Debt/Capital Leases

17.9

19.6

20.4

20.7

20.9

    Income Taxes Payable

4.4

2.8

9.3

7.5

7.9

Other Current liabilities, Total

4.4

2.8

9.3

7.5

7.9

Total Current Liabilities

68.6

73.5

52.2

73.1

74.1

 

 

 

 

 

 

    Long Term Debt

76.3

41.8

24.7

29.6

35.7

Total Long Term Debt

76.3

41.8

24.7

29.6

35.7

Total Debt

119.5

84.6

45.1

58.5

64.3

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

18.7

20.9

21.2

23.0

22.1

Deferred Income Tax

18.7

20.9

21.2

23.0

22.1

    Pension Benefits - Underfunded

7.1

6.8

6.5

6.1

5.6

Other Liabilities, Total

7.1

6.8

6.5

6.1

5.6

Total Liabilities

170.7

143.0

104.7

131.8

137.5

 

 

 

 

 

 

    Common Stock

34.2

34.5

35.5

36.1

36.4

Common Stock

34.2

34.5

35.5

36.1

36.4

Additional Paid-In Capital

11.0

11.1

11.4

11.6

11.7

Retained Earnings (Accumulated Deficit)

187.0

178.5

184.3

169.6

160.3

    Other Equity

0.7

0.9

0.9

1.1

1.0

Other Equity, Total

0.7

0.9

0.9

1.1

1.0

Total Equity

233.0

225.0

232.2

218.4

209.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

403.7

368.1

336.8

350.2

347.0

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

310.5

310.5

310.5

310.5

310.5

Total Common Shares Outstanding

310.5

310.5

310.5

310.5

310.5

Accrued Liabilities - Domestic

-7.1

-6.8

-6.5

-6.1

-6.2

Net Assets Recognized on Balance Sheet

-7.1

-6.8

-6.5

-6.1

-6.2

 

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
30-Jun-2010

Updated Normal 
30-Jun-2009

Updated Normal 
30-Jun-2008

Updated Normal 
30-Jun-2007

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

85.565587

83.860328

78.573941

62.550956

60.637036

Auditor

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Liaquat Nauman

Avais Hyder Nauman Rizwani

M. Yousuf Adil Saleem & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

57.0

46.4

24.5

33.7

29.2

    Depreciation

8.4

9.0

9.2

11.9

12.7

Depreciation/Depletion

8.4

9.0

9.2

11.9

12.7

    Amortization of Intangibles

0.0

0.1

0.1

0.1

0.1

Amortization

0.0

0.1

0.1

0.1

0.1

    Unusual Items

-1.7

-1.4

0.0

0.0

0.0

    Equity in Net Earnings (Loss)

-37.7

-35.5

-19.1

-20.6

-24.4

    Other Non-Cash Items

11.1

16.4

18.6

15.0

16.1

Non-Cash Items

-28.2

-20.6

-0.5

-5.6

-8.3

    Accounts Receivable

6.6

-7.8

4.4

-4.6

-2.4

    Inventories

-5.0

6.3

16.6

-30.8

-16.5

    Prepaid Expenses

0.0

0.0

0.0

0.0

0.0

    Other Assets

-2.5

-1.1

3.3

-2.9

1.1

    Accounts Payable

21.1

-18.8

-6.8

21.0

3.2

    Other Liabilities

-0.3

-0.3

-0.3

-0.6

-0.4

    Other Operating Cash Flow

-13.8

-16.4

-20.3

-17.6

-19.7

Changes in Working Capital

5.9

-38.0

-3.1

-35.5

-34.9

Cash from Operating Activities

43.0

-3.0

30.2

4.5

-1.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-27.6

-2.2

-13.5

-11.7

-8.6

    Purchase/Acquisition of Intangibles

0.0

0.0

-0.1

0.0

-0.1

Capital Expenditures

-27.6

-2.2

-13.6

-11.7

-8.6

    Sale of Fixed Assets

0.2

0.1

0.2

0.2

0.6

    Sale/Maturity of Investment

10.2

10.8

0.0

-

-

    Investment, Net

13.8

13.6

7.2

8.2

5.9

    Purchase of Investments

-

0.0

-42.1

0.0

-

    Other Investing Cash Flow

0.3

0.0

0.0

0.0

0.0

Other Investing Cash Flow Items, Total

24.4

24.5

-34.7

8.4

6.5

Cash from Investing Activities

-3.2

22.3

-48.2

-3.3

-2.2

 

 

 

 

 

 

    Cash Dividends Paid - Common

-7.2

0.0

-5.9

0.0

0.0

Total Cash Dividends Paid

-7.2

0.0

-5.9

0.0

0.0

    Short Term Debt, Net

-10.1

0.9

-10.2

8.0

18.6

        Long Term Debt Issued

0.0

32.8

52.8

12.8

7.4

        Long Term Debt Reduction

-21.5

-54.0

-19.6

-22.8

-22.1

    Long Term Debt, Net

-21.5

-21.2

33.2

-10.0

-14.7

Issuance (Retirement) of Debt, Net

-31.6

-20.4

23.0

-2.0

3.8

Cash from Financing Activities

-38.8

-20.4

17.1

-2.0

3.8

 

 

 

 

 

 

Net Change in Cash

1.0

-1.2

-1.0

-0.8

0.5

 

 

 

 

 

 

Net Cash - Beginning Balance

0.9

2.0