MIRA INFORM REPORT

Report Date :

11.07.2012

IDENTIFICATION DETAILS

Name :	CHERAT CEMENT COMPANY LIMITED
Registered Office :	Modern Motors House, Beaumont Road, Karachi, 75530
Country :	Pakistan
Financials (as on) :	30.06.2011
Year of Establishment :	1981
Legal Form :	Public Independent Company
Line of Business :	Subject is engaged in the construction materials industry
No. of Employees :	690

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 :	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 31^st, 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

Cherat Cement Company Limited

Modern Motors House, Beaumont Road

Karachi, 75530

Pakistan

Tel: 92-21-35683566

Fax: 92-21-35683425

Web: www.gfg.com.pk

Registration data

Employees: 690

Company Type: Public Independent

Traded: Karachi Stock Exchange: CHCC

Incorporation Date: 1981

Auditor: Ernst & Young LLP

Financials in: USD (Millions)

Fiscal Year End: 30-Jun-2011

Reporting Currency: Pakistan Rupee

Annual Sales: 49.6 1

Net Income: 0.8

Total Assets: 62.4 2

Market Value: 29.9 (29-Jun-2012)

Business Description

Cherat Cement Company Limited is a Pakistan-based company engaged in the construction materials industry. The Company manufactures, markets and sells cement. During the fiscal year ended June 30, 2011, it produced 978,670 tons of clinker and 985,732 tons of cement against its installed capacity of one million tons of clinker per year. The Company is part of the Ghulam Faruque Group. For the six months ended 31 December 2010, Cherat Cement Co. Ltd's revenues increased 10% to PKR1.82B. Net income totaled PKR1.3M vs. a loss of PKR62.4M. Revenues reflect an increase in sales for the company products and services. Net income reflects an increase in gross & operating profit margin, lower administrative expenses, an increase in other operating income and higher profit on saving accounts with banks.

Industry

Industry Construction - Raw Materials

ANZSIC 2006: 2031 - Cement and Lime Manufacturing

NACE 2002: 2651 - Manufacture of cement

NAICS 2002: 32731 - Cement Manufacturing

UK SIC 2003: 2651 - Manufacture of cement

US SIC 1987: 3241 - Cement, Hydraulic

Key Executives

Name	Title
Azam Faruque	Chief Executive Officer, Director
Yasir Masood	Chief Financial Officer
Abid A. Vazir	Company Secretary
Mohammed Faruque	Chairman of the Board
Aamir Amin	Director - Nominee of NIT

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	3	Cherat Cement Company Limited Not To Pay FY 2012 Interim Dividend	20-Apr-2012

* number of significant developments within the last 12 months,

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.02	2.04
Quick Ratio (MRQ)	0.06	1.12
Debt to Equity (MRQ)	0.85	1.04
Sales 5 Year Growth	11.76	-0.71
Net Profit Margin (TTM) %	4.82	-1.38
Return on Assets (TTM) %	4.88	-0.0060
Return on Equity (TTM) %	10.33	-2.72

Stock Snapshot

Traded: Karachi Stock Exchange: CHCC

As of 29-Jun-2012

   Financials in: PKR

Recent Price	29.52	EPS	0.71
52 Week High	31.50	Price/Sales	0.66
52 Week Low	6.45	Price/Earnings	7.64
Avg. Volume (mil)	0.71	Price/Book	1.21
Market Value (mil)	2,821.52	Beta	0.82

	Price % Change	Rel S&P 500%
4 Week	-1.96%	-1.43%
13 Week	49.09%	48.66%
52 Week	228.00%	196.97%
Year to Date	307.17%	234.79%

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

Modern Motors House, Beaumont Road

Karachi, 75530

Pakistan

Tel: 92-21-35683566

Fax: 92-21-35683425

Web: www.gfg.com.pk

Quote Symbol - Exchange

CHCC - Karachi Stock Exchange

Sales PKR(mil): 4,244.0

Assets PKR(mil): 5,365.3

Employees: 690

Fiscal Year End: 30-Jun-2011

Industry: Construction - Raw Materials

Incorporation Date: 1981

Company Type: Public Independent

Quoted Status: Quoted

Chief Executive Officer,

Director: Azam Faruque

Company Web Links

Corporate History/Profile

Financial Information

Home Page

Contents

Industry Codes

Business Description

Brand/Trade Names

Financial Data

Market Data

Shareholders

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2031 - Cement and Lime Manufacturing

NACE 2002 Codes:

2651 - Manufacture of cement

NAICS 2002 Codes:

32731 - Cement Manufacturing

US SIC 1987:

3241 - Cement, Hydraulic

UK SIC 2003:

2651 - Manufacture of cement

Business Description

Cherat Cement Company Limited is a Pakistan-based company engaged in the construction materials industry. The Company manufactures, markets and sells cement. During the fiscal year ended June 30, 2011, it produced 978,670 tons of clinker and 985,732 tons of cement against its installed capacity of one million tons of clinker per year. The Company is part of the Ghulam Faruque Group. For the six months ended 31 December 2010, Cherat Cement Co. Ltd's revenues increased 10% to PKR1.82B. Net income totaled PKR1.3M vs. a loss of PKR62.4M. Revenues reflect an increase in sales for the company products and services. Net income reflects an increase in gross & operating profit margin, lower administrative expenses, an increase in other operating income and higher profit on saving accounts with banks.

More Business Descriptions

· Manufacture, marketing and sale of cement

Cement Mfr

Cement Manufacturing

Brand/Trade Names

CHERAT

Financial Data

Financials in:	PKR(mil)
Revenue:	4,244.0
Net Income:	68.7
Assets:	5,365.3
Long Term Debt:	1,220.8
Total Liabilities:	3,033.6
Working Capital:	0.2
Date of Financial Data:	30-Jun-2011

1 Year Growth

22.3%

NA

10.5%

Market Data

Quote Symbol:	CHCC
Exchange:	Karachi Stock Exchange
Currency:	PKR
Stock Price:	29.5
Stock Price Date:	06-29-2012
52 Week Price Change %:	228.0
Market Value (mil):	2,821,522.0
SEDOL:	6190109
ISIN:	PK0029801013
Equity and Dept Distribution:
10/2006, Scrip Issue, 15 new shares for every 100 shares held. 10/2005, Scrip Issue, 25 new shares for every 100 shares held.

Shareholders

Major Shareholders

Faruque (Private) Limited

Key Corporate Relationships

Auditor:	Ernst & Young LLP
Bank:	Allied Bank Ltd, Bank Al Habib Ltd, Citibank NA, HSBC Middle East Ltd, MCB Bank Ltd, National Bank of Pakistan, NIB Bank Ltd, Standard Chartered Bank (Pakistan) Ltd, Soneri Bank Ltd, United Bank Ltd
Auditor:	Ernst & Young Ford Rhodes Sidat Hyder & Co, Ernst & Young LLP

Executive report

Board of Directors

Name	Title	Function
Mohammed Faruque	Chairman of the Board	Chairman
Raja Sarfaraz Akram	Director	Director/Board Member
Aamir Amin	Director - Nominee of NIT	Director/Board Member
Javaid Anwar	Director - Nominee of NIT	Director/Board Member
Age: 72 Education: University of Punjab, M (Chemical Technology)
Azam Faruque	Chief Executive Officer, Director	Director/Board Member
Age: 49 Education: University of Chicago, M (Business Administration) Princeton University, BA (Computer Science) Princeton University, BA (Electrical Engineering) Compensation/Salary:10,930 Compensation Currency: PKR
Shehryar Faruque	Director	Director/Board Member
Education: Davis & Elkins College, bachelors (Marketing)
Arif Faruque	Director	Director/Board Member
Tariq Faruque	Director	Director/Board Member
Education: Case Western Reserve University, BA (Economics And Political Science)
Akbarali Pesnani	Director	Director/Board Member
Saquib H. Shirazi	Director	Director/Board Member
Muhammad Nawaz Tishna	Director	Director/Board Member
Anis Wahab Zuberi	Director	Director/Board Member

Executives

Name	Title	Function
Azam Faruque	Chief Executive Officer, Director	Chief Executive Officer
Age: 49 Education: University of Chicago, M (Business Administration) Princeton University, BA (Computer Science) Princeton University, BA (Electrical Engineering) Compensation/Salary:10,930 Compensation Currency: PKR
Abid A. Vazir	Company Secretary	Company Secretary
Yasir Masood	Chief Financial Officer	Finance Executive

Significant Developments

Cherat Cement Company Limited Not To Pay FY 2012 Interim Dividend Apr 20, 2012

Cherat Cement Company Limited announced that it is not to pay interim dividend for the quarter ended March 31, 2012.

Cherat Cement Company Limited Not to Pay Dividend Feb 07, 2012

Cherat Cement Company Limited announced that it will not pay dividend for the half year ended December 31, 2011.

Cherat Cement Company Limited Not to Pay Interim Dividend Oct 21, 2011

Cherat Cement Company Limited announced that it is not to pay interim dividend for the quarter ended September 30, 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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	20.3	19.3	19.8	18.1	13.4
Gross Revenue	40.3	31.5	53.7	43.9	43.5
Sales Returns and Allowances	-10.5	-9.2	-15.0	-13.6	-13.7
Excise Tax Receipts	-0.5	-0.2	-0.4	-0.3	0.0
Revenue	49.6	41.4	58.1	48.2	43.2
Total Revenue	49.6	41.4	58.1	48.2	43.2
Cost of Revenue	43.0	40.3	49.6	45.3	37.0
Cost of Revenue, Total	43.0	40.3	49.6	45.3	37.0
Gross Profit	6.6	1.1	8.5	2.9	6.2
Selling/General/Administrative Expense	2.7	2.9	2.7	2.7	2.5
Total Selling/General/Administrative Expenses	2.7	2.9	2.7	2.7	2.5
Investment Income - Operating	0.0	0.0	0.9	0.0	-0.1
Interest/Investment Income - Operating	0.0	0.0	0.9	0.0	-0.1
Interest Expense (Income) - Net Operating Total	0.0	0.0	0.9	0.0	-0.1
Impairment-Assets Held for Sale	0.0	0.0	0.0	-0.1	-0.3
Loss (Gain) on Sale of Assets - Operating	0.0	0.0	0.0	0.0	0.0
Unusual Expense (Income)	0.0	0.0	0.0	-0.1	-0.3
Other Operating Expense	0.1	0.0	0.3	0.0	0.4
Other, Net	-0.2	-0.2	0.0	-0.1	-1.5
Other Operating Expenses, Total	-0.1	-0.2	0.3	0.0	-1.1
Total Operating Expense	45.6	43.0	53.4	47.8	37.9
Operating Income	4.0	-1.6	4.7	0.4	5.3
Interest Expense - Non-Operating	-3.3	-1.9	-1.5	-1.3	-1.2
Interest Expense, Net Non-Operating	-3.3	-1.9	-1.5	-1.3	-1.2
Interest Income (Expense) - Net Non-Operating	-	-	-	-	0.0
Interest Income (Expense) - Net Non-Operating Total	-3.3	-1.9	-1.5	-1.3	-1.2
Income Before Tax	0.6	-3.5	3.3	-0.9	4.1
Total Income Tax	-0.2	-3.4	1.2	-1.1	1.0
Income After Tax	0.8	-0.2	2.0	0.2	3.0
Net Income Before Extraord Items	0.8	-0.2	2.0	0.2	3.0
Net Income	0.8	-0.2	2.0	0.2	3.0
Income Available to Common Excl Extraord Items	0.8	-0.2	2.0	0.2	3.0
Income Available to Common Incl Extraord Items	0.8	-0.2	2.0	0.2	3.0
Basic/Primary Weighted Average Shares	95.6	95.6	95.6	95.6	95.6
Basic EPS Excl Extraord Items	0.01	0.00	0.02	0.00	0.03
Basic/Primary EPS Incl Extraord Items	0.01	0.00	0.02	0.00	0.03
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	0.8	-0.2	2.0	0.2	3.0
Diluted Weighted Average Shares	95.6	95.6	95.6	95.6	95.6
Diluted EPS Excl Extraord Items	0.01	0.00	0.02	0.00	0.03
Diluted EPS Incl Extraord Items	0.01	0.00	0.02	0.00	0.03
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.02
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	1.6
Interest Expense, Supplemental	3.3	1.9	1.5	1.3	1.2
Depreciation, Supplemental	3.1	2.6	2.5	2.8	3.9
Total Special Items	0.0	0.0	0.0	-0.1	-0.3
Normalized Income Before Tax	0.6	-3.6	3.2	-1.0	3.7
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	-0.1
Inc Tax Ex Impact of Sp Items	-0.2	-3.4	1.2	-1.1	1.0
Normalized Income After Tax	0.8	-0.2	2.0	0.1	2.8
Normalized Inc. Avail to Com.	0.8	-0.2	2.0	0.1	2.8
Basic Normalized EPS	0.01	0.00	0.02	0.00	0.03
Diluted Normalized EPS	0.01	0.00	0.02	0.00	0.03
Amort of Intangibles, Supplemental	0.0	0.0	0.0	-	-
Rental Expenses	0.1	0.1	0.1	0.1	0.1
Advertising Expense, Supplemental	0.0	0.0	0.0	0.0	0.0
Normalized EBIT	4.0	-1.6	5.6	0.2	4.9
Normalized EBITDA	7.1	1.0	8.1	3.1	8.8
Current Tax - Domestic	0.5	0.3	0.2	0.2	1.3
Current Tax - Other	0.0	0.0	0.1	-0.2	-0.1
Current Tax - Total	0.5	0.3	0.3	0.1	1.2
Deferred Tax - Domestic	-0.6	-3.7	1.0	-1.1	-0.2
Deferred Tax - Total	-0.6	-3.7	1.0	-1.1	-0.2
Income Tax - Total	-0.2	-3.4	1.2	-1.1	1.0
Interest Cost - Domestic	0.2	0.2	0.2	0.2	0.2
Service Cost - Domestic	0.1	0.1	0.1	0.1	0.1
Expected Return on Assets - Domestic	-0.1	-0.1	-0.1	-0.2	-0.1
Actuarial Gains and Losses - Domestic	0.1	0.1	0.1	0.0	0.0
Domestic Pension Plan Expense	0.2	0.3	0.3	0.2	0.1
Total Pension Expense	0.2	0.3	0.3	0.2	0.1
Discount Rate - Domestic	11.00%	11.00%	12.00%	12.00%	10.00%
Expected Rate of Return - Domestic	14.00%	11.00%	12.00%	12.00%	10.00%
Compensation Rate - Domestic	14.00%	13.00%	12.00%	12.00%	-
Total Plan Interest Cost	0.2	0.2	0.2	0.2	0.2
Total Plan Service Cost	0.1	0.1	0.1	0.1	0.1
Total Plan Expected Return	-0.1	-0.1	-0.1	-0.2	-0.1

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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	0.8	0.6	0.7	1.0	1.2
Short Term Investments	0.0	0.0	0.0	0.0	6.8
Cash and Short Term Investments	0.8	0.6	0.7	1.0	8.0
Other Receivables	1.0	0.6	0.5	1.4	0.2
Total Receivables, Net	1.0	0.6	0.5	1.4	0.2
Inventories - Finished Goods	0.5	0.5	0.8	0.6	0.6
Inventories - Work In Progress	2.8	0.8	1.7	1.4	0.5
Inventories - Raw Materials	1.1	1.0	1.0	1.0	0.8
Inventories - Other	13.7	10.9	11.0	19.0	10.2
Total Inventory	18.1	13.2	14.5	22.1	12.2
Prepaid Expenses	-	0.0	0.1	-	-
Other Current Assets	0.0	0.0	0.6	0.7	0.1
Other Current Assets, Total	0.0	0.0	0.6	0.7	0.1
Total Current Assets	20.0	14.5	16.5	25.1	20.5
Buildings	6.0	5.9	5.0	6.0	5.3
Land/Improvements	0.1	0.1	0.1	0.1	0.1
Machinery/Equipment	69.4	68.6	55.9	62.6	67.6
Construction in Progress	1.1	0.2	12.6	5.3	2.6
Property/Plant/Equipment - Gross	76.6	74.8	73.6	74.0	75.6
Accumulated Depreciation	-37.2	-34.5	-33.6	-37.2	-39.3
Property/Plant/Equipment - Net	39.4	40.3	40.0	36.8	36.3
Intangibles - Gross	0.3	0.2	0.1	-	-
Accumulated Intangible Amortization	0.0	0.0	0.0	-	-
Intangibles, Net	0.2	0.2	0.1	0.0	-
LT Investment - Affiliate Companies	1.2	1.2	1.2	-	-
LT Investments - Other	0.8	0.5	0.3	1.6	1.2
Long Term Investments	2.1	1.7	1.5	1.6	1.2
Deferred Income Tax - Long Term Asset	0.7	0.1	0.0	-	-
Other Long Term Assets	0.0	0.0	0.2	0.4	0.4
Other Long Term Assets, Total	0.7	0.1	0.2	0.4	0.4
Total Assets	62.4	56.8	58.2	64.0	58.4
Accounts Payable	2.0	0.9	0.6	9.9	0.4
Accrued Expenses	1.3	0.8	1.2	0.4	1.5
Notes Payable/Short Term Debt	12.0	13.0	6.2	7.3	1.6
Current Portion - Long Term Debt/Capital Leases	3.0	1.3	2.1	2.6	3.5
Dividends Payable	0.1	0.1	0.1	0.2	0.2
Customer Advances	0.3	0.7	0.6	0.6	-
Other Payables	1.0	1.0	0.8	1.1	-
Deferred Income Tax - Current Liability	-	-	-	0.0	0.2
Other Current Liabilities	1.2	1.2	1.5	1.3	1.7
Other Current liabilities, Total	2.7	2.9	3.0	3.2	2.0
Total Current Liabilities	20.9	19.0	13.2	23.3	9.0
Long Term Debt	14.2	11.4	13.4	5.6	7.2
Total Long Term Debt	14.2	11.4	13.4	5.6	7.2
Total Debt	29.2	25.7	21.7	15.4	12.3
Deferred Income Tax - LT Liability	-	0.0	3.7	3.4	5.0
Deferred Income Tax	-	0.0	3.7	3.4	5.0
Other Long Term Liabilities	0.1	0.1	0.2	0.2	0.2
Other Liabilities, Total	0.1	0.1	0.2	0.2	0.2
Total Liabilities	35.3	30.5	30.4	32.5	21.4
Common Stock	11.1	11.2	11.7	14.0	15.8
Common Stock	11.1	11.2	11.7	14.0	15.8
Additional Paid-In Capital	0.6	0.6	0.6	0.7	0.8
Retained Earnings (Accumulated Deficit)	15.4	14.5	15.4	16.5	20.1
Other Comprehensive Income	0.0	0.0	0.1	0.3	0.2
Other Equity, Total	0.0	0.0	0.1	0.3	0.2
Total Equity	27.1	26.3	27.9	31.5	37.0
Total Liabilities & Shareholders’ Equity	62.4	56.8	58.2	64.0	58.4
Shares Outstanding - Common Stock Primary Issue	95.6	95.6	95.6	95.6	95.6
Total Common Shares Outstanding	95.6	95.6	95.6	95.6	95.6
Number of Common Shareholders	4,523	4,612	4,969	4,919	5,160
Accumulated Intangible Amort, Suppl.	0.0	0.0	0.0	-	-
Deferred Revenue - Current	0.3	0.7	0.6	0.6	-
Pension Obligation - Domestic	1.8	2.2	2.0	1.9	2.0
Plan Assets - Domestic	0.8	1.0	0.9	1.1	1.6
Funded Status - Domestic	-1.0	-1.1	-1.1	-0.8	-0.4
Total Funded Status	-1.0	-1.1	-1.1	-0.8	-0.4
Accrued Liabilities - Domestic	-1.0	-1.1	-1.1	-0.8	-0.4
Net Assets Recognized on Balance Sheet	-1.0	-1.1	-1.1	-0.8	-0.4
Total Plan Obligations	1.8	2.2	2.0	1.9	2.0
Total Plan Assets	0.8	1.0	0.9	1.1	1.6

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	Reclassified Normal 30-Jun-2009	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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	0.6	-3.5	3.3	-0.9	4.1
Depreciation	3.1	2.6	2.5	2.8	3.9
Depreciation/Depletion	3.1	2.6	2.5	2.8	3.9
Amortization of Intangibles	0.0	0.0	0.0	-	-
Amortization	0.0	0.0	0.0	-	-
Unusual Items	0.0	0.0	0.0	0.0	-0.3
Equity in Net Earnings (Loss)	0.0	0.0	0.0	0.0	-
Other Non-Cash Items	3.3	1.9	2.3	1.3	1.1
Non-Cash Items	3.3	1.9	2.3	1.3	0.9
Accounts Receivable	-0.4	-0.1	0.7	-1.1	2.4
Inventories	-5.0	0.6	4.2	-12.4	-3.1
Other Assets	0.0	0.7	-0.1	-0.7	0.0
Accounts Payable	1.3	0.2	-8.6	11.1	-1.1
Other Liabilities	-	-	-	-	0.4
Other Operating Cash Flow	-0.5	-0.3	-0.3	-0.4	-0.7
Changes in Working Capital	-4.5	1.1	-4.1	-3.5	-2.1
Cash from Operating Activities	2.5	2.1	3.9	-0.3	6.7
Purchase of Fixed Assets	-1.5	-16.9	-3.5	-4.7	-1.4
Capital Expenditures	-1.5	-16.9	-3.5	-4.7	-1.4
Sale of Fixed Assets	0.1	0.1	0.1	0.1	0.1
Sale/Maturity of Investment	0.0	0.0	-	-	-
Purchase of Investments	-0.2	-0.1	-0.6	6.0	-3.9
Intangible, Net	0.0	-0.2	-0.1	0.0	-
Other Investing Cash Flow	-0.9	11.9	-8.3	-3.3	-1.3
Other Investing Cash Flow Items, Total	-1.1	11.6	-8.9	2.7	-5.1
Cash from Investing Activities	-2.6	-5.3	-12.5	-2.0	-6.4
Other Financing Cash Flow	-3.3	-2.1	-0.6	-1.3	-1.3
Financing Cash Flow Items	-3.3	-2.1	-0.6	-1.3	-1.3
Cash Dividends Paid - Common	0.0	0.0	0.0	-1.5	-1.4
Total Cash Dividends Paid	0.0	0.0	0.0	-1.5	-1.4
Short Term Debt Issued	-	7.3	0.1	6.4	-
Short Term Debt, Net	-1.0	7.3	0.1	6.4	-
Long Term Debt, Net	4.5	-2.1	9.0	-1.5	-2.7
Issuance (Retirement) of Debt, Net	3.6	5.2	9.1	4.9	-2.7
Cash from Financing Activities	0.3	3.2	8.5	2.1	-5.4
Net Change in Cash	0.2	-0.1	-0.1	-0.2	-5.1
Net Cash - Beginning Balance	0.6	0.7	0.8	1.2	6.3
Net Cash - Ending Balance	0.8	0.6	0.8	1.0	1.2
Cash Interest Paid	3.3	2.1	0.6	1.3	1.3
Cash Taxes Paid	0.5	0.3	0.3	0.4	0.7

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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Local Sales	40.3	31.5	53.7	43.9	43.5
Sales Tax	-5.9	-4.4	-7.5	-5.7	-5.6
Exice Duty	-4.6	-4.8	-7.5	-7.9	-8.1
Special Excise Duty	-0.5	-0.2	-0.4	-0.3	0.0
Export Sales	20.3	19.3	19.8	18.1	13.4
Total Revenue	49.6	41.4	58.1	48.2	43.2
Cost of Goods Sold	43.0	40.3	49.6	45.3	37.0
Administration Expenses	1.2	1.3	1.5	1.5	1.4
Selling and Distribution Expenses	1.5	1.5	1.2	1.2	1.1
Share of Loss of Joint Venture	0.0	0.0	0.0	0.0	-
Exchange Loss	0.0	0.0	0.9	0.1	0.0
Other Operating Expenses	0.1	0.0	0.3	0.0	0.4
Other Income	-0.2	-0.2	0.0	-0.1	-1.5
Gain on Sale of Short Term Investment	0.0	0.0	0.0	-0.1	-0.3
Dividend Income	0.0	0.0	0.0	-0.1	-0.1
Exchange Gain on Translation of Held to	-	-	0.0	0.0	0.0
Gain on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	45.6	43.0	53.4	47.8	37.9
Financial Charges	-3.3	-1.9	-1.5	-1.3	-1.2
Interest on WPPF	-	-	-	-	0.0
Net Income Before Taxes	0.6	-3.5	3.3	-0.9	4.1
Provision for Income Taxes	-0.2	-3.4	1.2	-1.1	1.0
Net Income After Taxes	0.8	-0.2	2.0	0.2	3.0
Net Income Before Extra. Items	0.8	-0.2	2.0	0.2	3.0
Net Income	0.8	-0.2	2.0	0.2	3.0
Income Available to Com Excl ExtraOrd	0.8	-0.2	2.0	0.2	3.0
Income Available to Com Incl ExtraOrd	0.8	-0.2	2.0	0.2	3.0
Basic Weighted Average Shares	95.6	95.6	95.6	95.6	95.6
Basic EPS Excluding ExtraOrdinary Items	0.01	0.00	0.02	0.00	0.03
Basic EPS Including ExtraOrdinary Items	0.01	0.00	0.02	0.00	0.03
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	0.8	-0.2	2.0	0.2	3.0
Diluted Weighted Average Shares	95.6	95.6	95.6	95.6	95.6
Diluted EPS Excluding ExtraOrd Items	0.01	0.00	0.02	0.00	0.03
Diluted EPS Including ExtraOrd Items	0.01	0.00	0.02	0.00	0.03
DPS-Ordinary Shares	0.00	0.00	0.00	0.00	0.02
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	1.6
Normalized Income Before Taxes	0.6	-3.6	3.2	-1.0	3.7
Inc Tax Ex Impact of Sp Items	-0.2	-3.4	1.2	-1.1	1.0
Normalized Income After Taxes	0.8	-0.2	2.0	0.1	2.8
Normalized Inc. Avail to Com.	0.8	-0.2	2.0	0.1	2.8
Basic Normalized EPS	0.01	0.00	0.02	0.00	0.03
Diluted Normalized EPS	0.01	0.00	0.02	0.00	0.03
Interest Expense	3.3	1.9	1.5	1.3	1.2
Rental	0.1	0.1	0.1	0.1	0.1
Advertisment	0.0	0.0	0.0	0.0	0.0
Depreciation	3.1	2.6	2.5	2.8	3.9
Amort of Intangibles	0.0	0.0	0.0	-	-
Current Tax-Domestic	0.5	0.3	0.2	0.2	1.3
Current Tax-Prior	0.0	0.0	0.1	-0.2	-0.1
Current Tax - Total	0.5	0.3	0.3	0.1	1.2
Deferred	-0.6	-3.7	1.0	-1.1	-0.2
Deferred Tax - Total	-0.6	-3.7	1.0	-1.1	-0.2
Income Tax - Total	-0.2	-3.4	1.2	-1.1	1.0
Service Cost - Pension	0.1	0.1	0.1	0.1	0.1
Interest Cost - Pension	0.2	0.2	0.2	0.2	0.2
Expected Return on Assets - Pension	-0.1	-0.1	-0.1	-0.2	-0.1
Actuarial Gain/Loss - Pension	0.1	0.1	0.1	0.0	0.0
Domestic Pension Plan Expense	0.2	0.3	0.3	0.2	0.1
Total Pension Expense	0.2	0.3	0.3	0.2	0.1
Discount Rate - Pension	11.00%	11.00%	12.00%	12.00%	10.00%
Compensation Rate	14.00%	13.00%	12.00%	12.00%	-
Expected Rate of Return - Pension	14.00%	11.00%	12.00%	12.00%	10.00%

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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Stores	7.4	4.8	5.7	13.1	4.7
Spares	5.5	5.9	5.1	5.2	3.9
Loose Tools	0.0	0.0	0.0	0.0	0.0
Spares in Transit	0.8	0.1	0.2	0.7	1.7
Raw and Packing Material	1.1	1.0	1.0	1.0	0.8
Work in Progress	2.8	0.8	1.7	1.4	0.5
Finished Goods	0.5	0.5	0.8	0.6	0.6
Loans and Advances	0.3	0.1	0.2	0.1	0.2
Advances & Deposits	0.0	0.0	0.6	0.7	0.1
Short Term Prepayments	-	0.0	0.1	-	-
Other Receivables	0.5	0.3	0.2	1.0	0.0
Short Term Investments	0.0	0.0	0.0	0.0	6.8
Taxation	0.2	0.2	0.2	0.2	0.0
Cash and Bank Balances	0.8	0.6	0.7	1.0	1.2
Total Current Assets	20.0	14.5	16.5	25.1	20.5
Freehold Land	0.0	0.0	0.0	0.0	0.0
Leasehold Land	0.1	0.1	0.1	0.1	0.1
Building on Freehold Land	6.0	5.9	5.0	6.0	5.3
Plant and Machinery	60.9	60.5	48.9	54.8	61.5
Power and Other Installations	1.4	1.4	0.6	0.7	0.8
Furnitures, Fixtures and Office Equip.	0.4	0.4	0.4	0.5	0.5
Quarry Factory and Lab. Equip.	4.6	4.3	4.1	4.7	2.8
Motor Vehicles	1.3	1.2	1.1	1.1	1.2
Office Equipment	0.1	0.1	0.1	0.1	0.1
Computers	0.7	0.6	0.6	0.7	0.7
Capital WIP	1.1	0.2	12.6	5.3	2.6
Depreciation-Operating Assets	-37.2	-34.5	-33.6	-37.2	-39.3
Intangible asset	-	-	-	0.0	-
Intangible Asset	0.3	0.2	0.1	-	-
Accumulated Amortisation	0.0	0.0	0.0	-	-
LT Loans	0.0	0.1	0.1	0.1	0.1
Derivative Financial Assets	0.0	0.0	0.2	0.4	0.4
Investment in A Joint Venture	1.2	1.2	1.2	-	-
Investments	0.6	0.2	0.2	1.5	1.1
LT Deposits	0.2	0.2	0.0	0.0	0.0
Deferred Taxation	0.7	0.1	0.0	-	-
Total Assets	62.4	56.8	58.2	64.0	58.4
Short-Term Finance	12.0	13.0	6.2	7.3	1.6
Current Maturity of LT Liab.	3.0	1.3	2.1	2.6	3.5
Creditors	2.0	0.9	0.6	9.9	0.4
Accrued Liab.	1.3	0.8	1.2	0.4	1.5
Other Payables	1.0	1.0	0.8	1.1	-
Advance from Customer	0.3	0.7	0.6	0.6	-
Other Liabilities	1.2	1.2	1.5	1.3	1.7
Taxation	-	-	-	0.0	0.2
Unclaimed Dividend	0.1	0.1	0.1	0.2	0.2
Total Current Liabilities	20.9	19.0	13.2	23.3	9.0
Long Term Loans	14.2	11.4	13.4	5.6	7.2
Total Long Term Debt	14.2	11.4	13.4	5.6	7.2
LT Deposits	0.1	0.1	0.2	0.2	0.2
Deferred Tax	-	0.0	3.7	3.4	5.0
Total Liabilities	35.3	30.5	30.4	32.5	21.4
Issued & Paid-up Share Capital	11.1	11.2	11.7	14.0	15.8
Capital Reserve	0.6	0.6	0.6	0.7	0.8
General Reserve	4.9	4.9	5.2	6.1	6.9
Unappropriated Profit	10.2	9.4	10.1	9.6	12.3
Unrealized Gain on Hedging Instruments	0.0	0.0	0.1	0.3	0.2
Fair Value Gain on Securities	0.4	0.2	0.2	0.8	0.8
Total Equity	27.1	26.3	27.9	31.5	37.0
Total Liabilities & Shareholders' Equity	62.4	56.8	58.2	64.0	58.4
S/O-Ordinary Shares	95.6	95.6	95.6	95.6	95.6
Total Common Shares Outstanding	95.6	95.6	95.6	95.6	95.6
Accumulated Intangible Amort	0.0	0.0	0.0	-	-
Deferred Revenue - Current	0.3	0.7	0.6	0.6	-
Shareholders	4,523	4,612	4,969	4,919	5,160
Projected Benefit Obligation - Pension	1.8	2.2	2.0	1.9	2.0
FV of Plan Assets - Pension	0.8	1.0	0.9	1.1	1.6
Funded Status - Pension	-1.0	-1.1	-1.1	-0.8	-0.4
Total Funded Status	-1.0	-1.1	-1.1	-0.8	-0.4
Provision - Pension	-1.0	-1.1	-1.1	-0.8	-0.4
Net Assets Recognized on Balance Sheet	-1.0	-1.1	-1.1	-0.8	-0.4

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	Reclassified Normal 30-Jun-2009	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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	0.6	-3.5	3.3	-0.9	4.1
Depreciation	3.1	2.6	2.5	2.8	3.9
Amortisation	0.0	0.0	0.0	-	-
Unrealized Fair Value Gain On Inv	0.0	0.0	0.0	0.0	-0.3
Return on US Dollar Bonds	-	-	0.0	0.0	0.0
Return of Loan to Related Party	-	-	-	-	-0.2
Gain on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Financial Charges	3.3	1.9	1.5	1.3	1.2
Exchange Loss	0.0	0.0	0.9	0.0	0.0
Dividend Income	0.0	0.0	0.0	-0.1	-0.1
Share of Loss in Joint Venture	0.0	0.0	0.0	0.0	-
Write Down of Inventory	-	-	-	-	0.0
Stock and Spares	-2.9	-0.4	5.1	-10.9	-3.6
Stock in Trade	-2.1	0.9	-0.9	-1.4	0.5
Loans and Advances	-0.1	0.0	-0.1	0.1	2.4
Trade Deposits and ST Prepayments	0.0	0.7	-0.1	-0.7	0.0
Receivables	-0.2	-0.1	0.7	-1.1	0.0
Short Term Finance	-	-	-	-	0.6
Trade and Other Payables	1.3	0.2	-8.6	11.1	-1.1
Income Tax Paid	-0.5	-0.3	-0.3	-0.4	-0.7
Cash from Operating Activities	2.5	2.1	3.9	-0.3	6.7
Purchase of Fixed Assets	-1.5	-16.9	-3.5	-4.7	-1.4
Sale Proceeds of Fixed Assets	0.1	0.1	0.1	0.1	0.1
Intangible Asset	0.0	-0.2	-0.1	0.0	-
Capital WIP	-1.0	12.0	-8.4	-3.4	-1.4
Long Term Advances	0.0	0.0	0.0	0.0	0.0
Purchase of Investments	-0.2	-0.1	-0.6	6.0	-3.9
Proceeds from ST Investment	0.0	0.0	-	-	-
Dividend Received	0.0	0.0	0.0	0.1	0.1
LT Deposit	0.0	-0.2	0.0	0.0	0.0
Cash from Investing Activities	-2.6	-5.3	-12.5	-2.0	-6.4
LT Loans	4.5	-2.1	9.0	-1.5	-2.7
Lease Rentals	-	-	-	-	0.0
LT Deposits	0.0	0.0	0.0	0.0	0.0
Short-term borrowings	-1.0	-	-	-	-
Short Term Running Finance	-	7.3	0.1	6.4	-
Dividend Paid	0.0	0.0	0.0	-1.5	-1.4
Finance Costs Paid	-3.3	-2.1	-0.6	-1.3	-1.3
Cash from Financing Activities	0.3	3.2	8.5	2.1	-5.4
Net Change in Cash	0.2	-0.1	-0.1	-0.2	-5.1
Cash Balance- Beginning	0.6	0.7	0.8	1.2	6.3
Cash Balance-Ending	0.8	0.6	0.8	1.0	1.2
Cash Interest Paid	3.3	2.1	0.6	1.3	1.3
Cash Taxes Paid	0.5	0.3	0.3	0.4	0.7

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	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	13.8	19.77%	49.6	22.34%	12.09%	11.76%
Operating Income1	2.3	165.00%	4.0	-	138.84%	-15.63%
Income Available to Common Excl Extraord Items1	1.1	2,815.62%	0.8	-	87.87%	-33.75%
Basic EPS Excl Extraord Items1	0.01	2,814.25%	0.01	-	87.89%	-33.75%
Capital Expenditures2	0.3	-72.00%	1.5	-90.96%	-24.14%	-35.24%
Cash from Operating Activities2	7.4	608.59%	2.5	22.46%	-	-23.06%
Free Cash Flow	6.9	-	1.0	-	-	-
Total Assets3	55.0	-2.61%	62.4	10.46%	6.98%	8.24%
Total Liabilities3	27.4	-12.68%	35.3	16.16%	10.90%	15.14%
Total Long Term Debt3	10.8	23.96%	14.2	25.04%	47.49%	13.44%
Total Common Shares Outstanding3	95.6	0.00%	95.6	0.00%	0.00%	2.83%
1-ExchangeRate: PKR to USD Average for Period	90.572051	Â	85.565587	Â	Â	Â
2-ExchangeRate: PKR to USD Average for Period	88.371861	Â	85.565587	Â	Â	Â
3-ExchangeRate: PKR to USD Period End Date	90.716531	Â	85.970000	Â	Â	Â

Key Ratios
Â	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008	30-Jun-2007
Profitability
Gross Margin	13.36%	2.57%	14.69%	5.95%	14.41%
Operating Margin	8.05%	-3.93%	8.13%	0.83%	12.31%
Pretax Margin	1.30%	-8.57%	5.63%	-1.87%	9.43%
Net Profit Margin	1.62%	-0.40%	3.49%	0.34%	7.03%
Financial Strength
Current Ratio	0.95	0.76	1.25	1.08	2.29
Long Term Debt/Equity	0.52	0.43	0.48	0.18	0.20
Total Debt/Equity	1.07	0.98	0.78	0.49	0.33
Interest Coverage	-	-	-	-	1,279.99
Management Effectiveness
Return on Assets	1.34%	-0.29%	3.49%	0.26%	5.15%
Return on Equity	3.00%	-0.61%	7.20%	0.47%	8.47%
Efficiency
Receivables Turnover	61.16	74.92	67.83	56.76	27.03
Inventory Turnover	2.73	2.92	2.90	2.52	3.49
Asset Turnover	0.83	0.72	1.00	0.76	0.73

Market Valuation USD (mil)
P/E (TTM)	11.40	.	Enterprise Value2	54.4
Price/Sales (TTM)	0.55	.	Enterprise Value/Revenue (TTM)	0.96
Price/Book (MRQ)	1.13	.	Enterprise Value/EBITDA (TTM)	5.39
Market Cap as of 29-Jun-20121	29.9	.
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	0.95	0.76	1.25	1.08	2.29
Quick/Acid Test Ratio	0.09	0.06	0.10	0.10	0.92
Working Capital1	-1.0	-4.5	3.3	1.8	11.5
Long Term Debt/Equity	0.52	0.43	0.48	0.18	0.20
Total Debt/Equity	1.07	0.98	0.78	0.49	0.33
Long Term Debt/Total Capital	0.25	0.22	0.27	0.12	0.15
Total Debt/Total Capital	0.52	0.50	0.44	0.33	0.25
Interest Coverage	-	-	-	-	1,279.99
Payout Ratio	0.00%	0.00%	0.00%	0.00%	51.90%
Effective Tax Rate	-24.38%	-	38.00%	-	25.45%
Total Capital1	56.3	52.0	49.5	46.9	49.3
Efficiency
Asset Turnover	0.83	0.72	1.00	0.76	0.73
Inventory Turnover	2.73	2.92	2.90	2.52	3.49
Days In Inventory	133.49	124.88	126.05	144.72	104.66
Receivables Turnover	61.16	74.92	67.83	56.76	27.03
Days Receivables Outstanding	5.97	4.87	5.38	6.43	13.50
Profitability
Gross Margin	13.36%	2.57%	14.69%	5.95%	14.41%
Operating Margin	8.05%	-3.93%	8.13%	0.83%	12.31%
EBITDA Margin	14.26%	2.41%	12.42%	6.70%	21.34%
EBIT Margin	8.05%	-3.93%	8.13%	0.83%	12.31%
Pretax Margin	1.30%	-8.57%	5.63%	-1.87%	9.43%
Net Profit Margin	1.62%	-0.40%	3.49%	0.34%	7.03%
COGS/Revenue	86.64%	97.43%	85.31%	94.05%	85.59%
SG&A Expense/Revenue	5.46%	6.91%	4.61%	5.54%	5.71%
Management Effectiveness
Return on Assets	1.34%	-0.29%	3.49%	0.26%	5.15%
Return on Equity	3.00%	-0.61%	7.20%	0.47%	8.47%
Valuation
Free Cash Flow/Share2	0.01	-0.15	0.00	-0.05	0.06
Operating Cash Flow/Share 2	0.03	0.02	0.04	0.00	0.07
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)	11.40
Market Cap/Equity (MRQ)	1.13
Market Cap/Revenue (TTM)	0.55
Market Cap/EBIT (TTM)	4.30
Market Cap/EBITDA (TTM)	3.08
Enterprise Value/Earnings (TTM)	19.92
Enterprise Value/Equity (MRQ)	1.97
Enterprise Value/Revenue (TTM)	0.96
Enterprise Value/EBIT (TTM)	7.52
Enterprise Value/EBITDA (TTM)	5.39

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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	20.3	19.3	19.8	18.1	13.4
Gross Revenue	40.3	31.5	53.7	43.9	43.5
Sales Returns and Allowances	-10.5	-9.2	-15.0	-13.6	-13.7
Excise Tax Receipts	-0.5	-0.2	-0.4	-0.3	0.0
Revenue	49.6	41.4	58.1	48.2	43.2
Total Revenue	49.6	41.4	58.1	48.2	43.2
Cost of Revenue	43.0	40.3	49.6	45.3	37.0
Cost of Revenue, Total	43.0	40.3	49.6	45.3	37.0
Gross Profit	6.6	1.1	8.5	2.9	6.2
Selling/General/Administrative Expense	2.7	2.9	2.7	2.7	2.5
Total Selling/General/Administrative Expenses	2.7	2.9	2.7	2.7	2.5
Investment Income - Operating	0.0	0.0	0.9	0.0	-0.1
Interest/Investment Income - Operating	0.0	0.0	0.9	0.0	-0.1
Interest Expense (Income) - Net Operating Total	0.0	0.0	0.9	0.0	-0.1
Impairment-Assets Held for Sale	0.0	0.0	0.0	-0.1	-0.3
Loss (Gain) on Sale of Assets - Operating	0.0	0.0	0.0	0.0	0.0
Unusual Expense (Income)	0.0	0.0	0.0	-0.1	-0.3
Other Operating Expense	0.1	0.0	0.3	0.0	0.4
Other, Net	-0.2	-0.2	0.0	-0.1	-1.5
Other Operating Expenses, Total	-0.1	-0.2	0.3	0.0	-1.1
Total Operating Expense	45.6	43.0	53.4	47.8	37.9
Operating Income	4.0	-1.6	4.7	0.4	5.3
Interest Expense - Non-Operating	-3.3	-1.9	-1.5	-1.3	-1.2
Interest Expense, Net Non-Operating	-3.3	-1.9	-1.5	-1.3	-1.2
Interest Income (Expense) - Net Non-Operating	-	-	-	-	0.0
Interest Income (Expense) - Net Non-Operating Total	-3.3	-1.9	-1.5	-1.3	-1.2
Income Before Tax	0.6	-3.5	3.3	-0.9	4.1
Total Income Tax	-0.2	-3.4	1.2	-1.1	1.0
Income After Tax	0.8	-0.2	2.0	0.2	3.0
Net Income Before Extraord Items	0.8	-0.2	2.0	0.2	3.0
Net Income	0.8	-0.2	2.0	0.2	3.0
Income Available to Common Excl Extraord Items	0.8	-0.2	2.0	0.2	3.0
Income Available to Common Incl Extraord Items	0.8	-0.2	2.0	0.2	3.0
Basic/Primary Weighted Average Shares	95.6	95.6	95.6	95.6	95.6
Basic EPS Excl Extraord Items	0.01	0.00	0.02	0.00	0.03
Basic/Primary EPS Incl Extraord Items	0.01	0.00	0.02	0.00	0.03
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	0.8	-0.2	2.0	0.2	3.0
Diluted Weighted Average Shares	95.6	95.6	95.6	95.6	95.6
Diluted EPS Excl Extraord Items	0.01	0.00	0.02	0.00	0.03
Diluted EPS Incl Extraord Items	0.01	0.00	0.02	0.00	0.03
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.02
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	1.6
Interest Expense, Supplemental	3.3	1.9	1.5	1.3	1.2
Depreciation, Supplemental	3.1	2.6	2.5	2.8	3.9
Total Special Items	0.0	0.0	0.0	-0.1	-0.3
Normalized Income Before Tax	0.6	-3.6	3.2	-1.0	3.7
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	-0.1
Inc Tax Ex Impact of Sp Items	-0.2	-3.4	1.2	-1.1	1.0
Normalized Income After Tax	0.8	-0.2	2.0	0.1	2.8
Normalized Inc. Avail to Com.	0.8	-0.2	2.0	0.1	2.8
Basic Normalized EPS	0.01	0.00	0.02	0.00	0.03
Diluted Normalized EPS	0.01	0.00	0.02	0.00	0.03
Amort of Intangibles, Supplemental	0.0	0.0	0.0	-	-
Rental Expenses	0.1	0.1	0.1	0.1	0.1
Advertising Expense, Supplemental	0.0	0.0	0.0	0.0	0.0
Normalized EBIT	4.0	-1.6	5.6	0.2	4.9
Normalized EBITDA	7.1	1.0	8.1	3.1	8.8
Current Tax - Domestic	0.5	0.3	0.2	0.2	1.3
Current Tax - Other	0.0	0.0	0.1	-0.2	-0.1
Current Tax - Total	0.5	0.3	0.3	0.1	1.2
Deferred Tax - Domestic	-0.6	-3.7	1.0	-1.1	-0.2
Deferred Tax - Total	-0.6	-3.7	1.0	-1.1	-0.2
Income Tax - Total	-0.2	-3.4	1.2	-1.1	1.0
Interest Cost - Domestic	0.2	0.2	0.2	0.2	0.2
Service Cost - Domestic	0.1	0.1	0.1	0.1	0.1
Expected Return on Assets - Domestic	-0.1	-0.1	-0.1	-0.2	-0.1
Actuarial Gains and Losses - Domestic	0.1	0.1	0.1	0.0	0.0
Domestic Pension Plan Expense	0.2	0.3	0.3	0.2	0.1
Total Pension Expense	0.2	0.3	0.3	0.2	0.1
Discount Rate - Domestic	11.00%	11.00%	12.00%	12.00%	10.00%
Expected Rate of Return - Domestic	14.00%	11.00%	12.00%	12.00%	10.00%
Compensation Rate - Domestic	14.00%	13.00%	12.00%	12.00%	-
Total Plan Interest Cost	0.2	0.2	0.2	0.2	0.2
Total Plan Service Cost	0.1	0.1	0.1	0.1	0.1
Total Plan Expected Return	-0.1	-0.1	-0.1	-0.2	-0.1

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	13.8	15.1	13.5	16.2	12.2
Revenue	13.8	15.1	13.5	16.2	12.2
Total Revenue	13.8	15.1	13.5	16.2	12.2
Cost of Revenue	10.8	11.2	12.7	13.7	10.7
Cost of Revenue, Total	10.8	11.2	12.7	13.7	10.7
Gross Profit	3.0	4.0	0.8	2.5	1.5
Selling/General/Administrative Expense	0.6	0.8	0.7	0.7	0.7
Total Selling/General/Administrative Expenses	0.6	0.8	0.7	0.7	0.7
Loss (Gain) on Sale of Assets - Operating	-0.1	-0.1	-0.1	-	0.0
Unusual Expense (Income)	-0.1	-0.1	-0.1	-	0.0
Other Operating Expense	0.1	0.1	0.0	0.1	0.0
Other, Net	0.1	0.0	0.0	0.0	-0.1
Other Operating Expenses, Total	0.2	0.1	0.0	0.0	-0.1
Total Operating Expense	11.5	11.9	13.2	14.5	11.3
Operating Income	2.3	3.2	0.2	1.7	0.9
Interest Expense - Non-Operating	-0.8	-1.0	-1.1	-0.9	-0.9
Interest Expense, Net Non-Operating	-0.8	-1.0	-1.1	-0.9	-0.9
Interest Income (Expense) - Net Non-Operating Total	-0.8	-1.0	-1.1	-0.9	-0.9
Income Before Tax	1.6	2.2	-0.9	0.8	0.0
Total Income Tax	0.4	0.4	-0.1	0.2	0.0
Income After Tax	1.1	1.8	-0.8	0.6	0.0
Net Income Before Extraord Items	1.1	1.8	-0.8	0.6	0.0
Net Income	1.1	1.8	-0.8	0.6	0.0
Income Available to Common Excl Extraord Items	1.1	1.8	-0.8	0.6	0.0
Income Available to Common Incl Extraord Items	1.1	1.8	-0.8	0.6	0.0
Basic/Primary Weighted Average Shares	95.6	95.6	95.6	94.7	95.6
Basic EPS Excl Extraord Items	0.01	0.02	-0.01	0.01	0.00
Basic/Primary EPS Incl Extraord Items	0.01	0.02	-0.01	0.01	0.00
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.1	1.8	-0.8	0.6	0.0
Diluted Weighted Average Shares	95.6	95.6	95.6	94.7	95.6
Diluted EPS Excl Extraord Items	0.01	0.02	-0.01	0.01	0.00
Diluted EPS Incl Extraord Items	0.01	0.02	-0.01	0.01	0.00
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Interest Expense, Supplemental	0.8	1.0	1.1	0.8	0.9
Depreciation, Supplemental	0.7	0.7	0.7	0.8	0.8
Total Special Items	-0.1	-0.1	-0.1	-	0.0
Normalized Income Before Tax	1.5	2.1	-1.0	0.8	0.0
Effect of Special Items on Income Taxes	0.0	0.0	0.0	-	0.0
Inc Tax Ex Impact of Sp Items	0.4	0.4	-0.2	0.2	0.0
Normalized Income After Tax	1.1	1.7	-0.8	0.6	0.0
Normalized Inc. Avail to Com.	1.1	1.7	-0.8	0.6	0.0
Basic Normalized EPS	0.01	0.02	-0.01	0.01	0.00
Diluted Normalized EPS	0.01	0.02	-0.01	0.01	0.00
Amort of Intangibles, Supplemental	0.0	0.0	0.0	0.0	0.0
Normalized EBIT	2.2	3.1	0.1	1.7	0.9
Normalized EBITDA	2.9	3.8	0.8	2.5	1.7
Current Tax - Other	0.1	0.1	0.1	0.1	0.1
Current Tax - Total	0.1	0.1	0.1	0.1	0.1
Deferred Tax - Total	0.3	0.3	-0.3	0.1	-0.1
Deferred Tax - Total	0.3	0.3	-0.3	0.1	-0.1
Income Tax - Total	0.4	0.4	-0.1	0.2	0.0

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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash	0.8	0.6	0.7	1.0	1.2
Short Term Investments	0.0	0.0	0.0	0.0	6.8
Cash and Short Term Investments	0.8	0.6	0.7	1.0	8.0
Other Receivables	1.0	0.6	0.5	1.4	0.2
Total Receivables, Net	1.0	0.6	0.5	1.4	0.2
Inventories - Finished Goods	0.5	0.5	0.8	0.6	0.6
Inventories - Work In Progress	2.8	0.8	1.7	1.4	0.5
Inventories - Raw Materials	1.1	1.0	1.0	1.0	0.8
Inventories - Other	13.7	10.9	11.0	19.0	10.2
Total Inventory	18.1	13.2	14.5	22.1	12.2
Prepaid Expenses	-	0.0	0.1	-	-
Other Current Assets	0.0	0.0	0.6	0.7	0.1
Other Current Assets, Total	0.0	0.0	0.6	0.7	0.1
Total Current Assets	20.0	14.5	16.5	25.1	20.5
Buildings	6.0	5.9	5.0	6.0	5.3
Land/Improvements	0.1	0.1	0.1	0.1	0.1
Machinery/Equipment	69.4	68.6	55.9	62.6	67.6
Construction in Progress	1.1	0.2	12.6	5.3	2.6
Property/Plant/Equipment - Gross	76.6	74.8	73.6	74.0	75.6
Accumulated Depreciation	-37.2	-34.5	-33.6	-37.2	-39.3
Property/Plant/Equipment - Net	39.4	40.3	40.0	36.8	36.3
Intangibles - Gross	0.3	0.2	0.1	-	-
Accumulated Intangible Amortization	0.0	0.0	0.0	-	-
Intangibles, Net	0.2	0.2	0.1	0.0	-
LT Investment - Affiliate Companies	1.2	1.2	1.2	-	-
LT Investments - Other	0.8	0.5	0.3	1.6	1.2
Long Term Investments	2.1	1.7	1.5	1.6	1.2
Deferred Income Tax - Long Term Asset	0.7	0.1	0.0	-	-
Other Long Term Assets	0.0	0.0	0.2	0.4	0.4
Other Long Term Assets, Total	0.7	0.1	0.2	0.4	0.4
Total Assets	62.4	56.8	58.2	64.0	58.4
Accounts Payable	2.0	0.9	0.6	9.9	0.4
Accrued Expenses	1.3	0.8	1.2	0.4	1.5
Notes Payable/Short Term Debt	12.0	13.0	6.2	7.3	1.6
Current Portion - Long Term Debt/Capital Leases	3.0	1.3	2.1	2.6	3.5
Dividends Payable	0.1	0.1	0.1	0.2	0.2
Customer Advances	0.3	0.7	0.6	0.6	-
Other Payables	1.0	1.0	0.8	1.1	-
Deferred Income Tax - Current Liability	-	-	-	0.0	0.2
Other Current Liabilities	1.2	1.2	1.5	1.3	1.7
Other Current liabilities, Total	2.7	2.9	3.0	3.2	2.0
Total Current Liabilities	20.9	19.0	13.2	23.3	9.0
Long Term Debt	14.2	11.4	13.4	5.6	7.2
Total Long Term Debt	14.2	11.4	13.4	5.6	7.2
Total Debt	29.2	25.7	21.7	15.4	12.3
Deferred Income Tax - LT Liability	-	0.0	3.7	3.4	5.0
Deferred Income Tax	-	0.0	3.7	3.4	5.0
Other Long Term Liabilities	0.1	0.1	0.2	0.2	0.2
Other Liabilities, Total	0.1	0.1	0.2	0.2	0.2
Total Liabilities	35.3	30.5	30.4	32.5	21.4
Common Stock	11.1	11.2	11.7	14.0	15.8
Common Stock	11.1	11.2	11.7	14.0	15.8
Additional Paid-In Capital	0.6	0.6	0.6	0.7	0.8
Retained Earnings (Accumulated Deficit)	15.4	14.5	15.4	16.5	20.1
Other Comprehensive Income	0.0	0.0	0.1	0.3	0.2
Other Equity, Total	0.0	0.0	0.1	0.3	0.2
Total Equity	27.1	26.3	27.9	31.5	37.0
Total Liabilities & Shareholders’ Equity	62.4	56.8	58.2	64.0	58.4
Shares Outstanding - Common Stock Primary Issue	95.6	95.6	95.6	95.6	95.6
Total Common Shares Outstanding	95.6	95.6	95.6	95.6	95.6
Number of Common Shareholders	4,523	4,612	4,969	4,919	5,160
Accumulated Intangible Amort, Suppl.	0.0	0.0	0.0	-	-
Deferred Revenue - Current	0.3	0.7	0.6	0.6	-
Pension Obligation - Domestic	1.8	2.2	2.0	1.9	2.0
Plan Assets - Domestic	0.8	1.0	0.9	1.1	1.6
Funded Status - Domestic	-1.0	-1.1	-1.1	-0.8	-0.4
Total Funded Status	-1.0	-1.1	-1.1	-0.8	-0.4
Accrued Liabilities - Domestic	-1.0	-1.1	-1.1	-0.8	-0.4
Net Assets Recognized on Balance Sheet	-1.0	-1.1	-1.1	-0.8	-0.4
Total Plan Obligations	1.8	2.2	2.0	1.9	2.0
Total Plan Assets	0.8	1.0	0.9	1.1	1.6

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	0.3	0.6	0.5	0.8	0.3
Short Term Investments	-	-	-	0.0	0.0
Cash and Short Term Investments	0.3	0.6	0.5	0.8	0.3
Other Receivables	0.7	0.6	0.8	1.0	0.7
Total Receivables, Net	0.7	0.6	0.8	1.0	0.7
Inventories - Finished Goods	-	-	0.7	0.5	-
Inventories - Work In Progress	-	-	1.9	2.8	-
Inventories - Raw Materials	-	-	1.1	1.1	-
Inventories - Other	15.9	16.0	16.4	13.7	16.7
Total Inventory	15.9	16.0	20.1	18.1	16.7
Other Current Assets	0.1	0.1	0.0	0.0	0.0
Other Current Assets, Total	0.1	0.1	0.0	0.0	0.0
Total Current Assets	16.9	17.3	21.5	20.0	17.7
Construction in Progress	0.0	0.1	1.1	1.1	0.4
Property/Plant/Equipment - Gross	0.0	0.1	1.1	1.1	0.4
Property/Plant/Equipment - Net	35.8	36.6	38.2	39.4	39.4
Intangibles - Gross	-	-	-	0.3	0.3
Accumulated Intangible Amortization	-	-	-	0.0	0.0
Intangibles, Net	0.2	0.2	0.2	0.2	0.3
LT Investment - Affiliate Companies	1.2	1.2	1.2	1.2	1.2
LT Investments - Other	0.6	0.5	0.6	0.8	0.6
Long Term Investments	1.7	1.7	1.9	2.0	1.9
Note Receivable - Long Term	0.0	0.0	0.0	0.0	0.1
Deferred Income Tax - Long Term Asset	0.4	0.7	0.9	0.7	0.8
Other Long Term Assets	-	-	-	0.0	0.0
Other Long Term Assets, Total	0.4	0.7	0.9	0.7	0.8
Total Assets	55.0	56.5	62.8	62.4	60.0
Accounts Payable	3.1	3.5	3.5	4.8	3.9
Accrued Expenses	0.6	1.3	0.8	1.0	0.7
Notes Payable/Short Term Debt	9.3	9.3	16.6	12.0	16.9
Current Portion - Long Term Debt/Capital Leases	3.4	3.5	2.9	3.0	2.3
Dividends Payable	0.1	0.1	0.1	0.1	0.1
Other Current liabilities, Total	0.1	0.1	0.1	0.1	0.1
Total Current Liabilities	16.5	17.8	23.9	20.9	24.0
Long Term Debt	10.8	11.8	13.0	14.2	9.2
Total Long Term Debt	10.8	11.8	13.0	14.2	9.2
Total Debt	23.5	24.6	32.4	29.2	28.5
Other Long Term Liabilities	0.1	0.1	0.1	0.1	0.2
Other Liabilities, Total	0.1	0.1	0.1	0.1	0.2
Total Liabilities	27.4	29.8	37.0	35.3	33.4
Common Stock	10.5	10.6	10.9	11.1	11.2
Common Stock	10.5	10.6	10.9	11.1	11.2
Additional Paid-In Capital	0.6	0.6	0.6	0.6	0.6
Retained Earnings (Accumulated Deficit)	16.5	15.5	14.2	15.4	14.9
Other Comprehensive Income	0.0	-	-	0.0	0.0
Other Equity, Total	0.0	-	-	0.0	0.0
Total Equity	27.6	26.7	25.7	27.1	26.7
Total Liabilities & Shareholders’ Equity	55.0	56.5	62.8	62.4	60.0
Shares Outstanding - Common Stock Primary Issue	95.6	95.6	95.6	95.6	95.6
Total Common Shares Outstanding	95.6	95.6	95.6	95.6	95.6
Accumulated Intangible Amort, Suppl.	-	-	-	0.0	0.0

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	Reclassified Normal 30-Jun-2009	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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	0.6	-3.5	3.3	-0.9	4.1
Depreciation	3.1	2.6	2.5	2.8	3.9
Depreciation/Depletion	3.1	2.6	2.5	2.8	3.9
Amortization of Intangibles	0.0	0.0	0.0	-	-
Amortization	0.0	0.0	0.0	-	-
Unusual Items	0.0	0.0	0.0	0.0	-0.3
Equity in Net Earnings (Loss)	0.0	0.0	0.0	0.0	-
Other Non-Cash Items	3.3	1.9	2.3	1.3	1.1
Non-Cash Items	3.3	1.9	2.3	1.3	0.9
Accounts Receivable	-0.4	-0.1	0.7	-1.1	2.4
Inventories	-5.0	0.6	4.2	-12.4	-3.1
Other Assets	0.0	0.7	-0.1	-0.7	0.0
Accounts Payable	1.3	0.2	-8.6	11.1	-1.1
Other Liabilities	-	-	-	-	0.4
Other Operating Cash Flow	-0.5	-0.3	-0.3	-0.4	-0.7
Changes in Working Capital	-4.5	1.1	-4.1	-3.5	-2.1
Cash from Operating Activities	2.5	2.1	3.9	-0.3	6.7
Purchase of Fixed Assets	-1.5	-16.9	-3.5	-4.7	-1.4
Capital Expenditures	-1.5	-16.9	-3.5	-4.7	-1.4
Sale of Fixed Assets	0.1	0.1	0.1	0.1	0.1
Sale/Maturity of Investment	0.0	0.0	-	-	-
Purchase of Investments	-0.2	-0.1	-0.6	6.0	-3.9
Intangible, Net	0.0	-0.2	-0.1	0.0	-
Other Investing Cash Flow	-0.9	11.9	-8.3	-3.3	-1.3
Other Investing Cash Flow Items, Total	-1.1	11.6	-8.9	2.7	-5.1
Cash from Investing Activities	-2.6	-5.3	-12.5	-2.0	-6.4
Other Financing Cash Flow	-3.3	-2.1	-0.6	-1.3	-1.3
Financing Cash Flow Items	-3.3	-2.1	-0.6	-1.3	-1.3
Cash Dividends Paid - Common	0.0	0.0	0.0	-1.5	-1.4
Total Cash Dividends Paid	0.0	0.0	0.0	-1.5	-1.4
Short Term Debt Issued	-	7.3	0.1	6.4	-
Short Term Debt, Net	-1.0	7.3	0.1	6.4	-
Long Term Debt, Net	4.5	-2.1	9.0	-1.5	-2.7
Issuance (Retirement) of Debt, Net	3.6	5.2	9.1	4.9	-2.7
Cash from Financing Activities	0.3	3.2	8.5	2.1	-5.4
Net Change in Cash	0.2	-0.1	-0.1	-0.2	-5.1
Net Cash - Beginning Balance	0.6	0.7	0.8	1.2	6.3
Net Cash - Ending Balance	0.8	0.6	0.8	1.0	1.2
Cash Interest Paid	3.3	2.1	0.6	1.3	1.3
Cash Taxes Paid	0.5	0.3	0.3	0.4	0.7

Interim Cash Flows

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	9 Months	6 Months	3 Months	12 Months	9 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)	88.371861	87.286027	86.759355	85.565587	85.656455
Net Income/Starting Line	2.9	1.3	-0.9	0.6	-0.2
Depreciation	2.2	1.4	0.7	3.1	2.3
Depreciation/Depletion	2.2	1.4	0.7	3.1	2.3
Amortization of Intangibles	0.0	0.0	0.0	0.0	0.0
Amortization	0.0	0.0	0.0	0.0	0.0
Unusual Items	-0.1	-0.1	-0.1	0.0	0.0
Equity in Net Earnings (Loss)	0.0	0.0	0.0	0.0	0.0
Other Non-Cash Items	2.9	2.1	1.1	3.3	2.5
Non-Cash Items	2.8	2.0	1.0	3.3	2.5
Accounts Receivable	0.3	0.3	0.2	-0.4	-0.1
Inventories	1.3	1.4	-2.4	-5.0	-3.4
Other Assets	-0.1	-0.1	0.0	0.0	0.0
Accounts Payable	-1.6	-1.1	-1.3	1.3	0.4
Other Operating Cash Flow	-0.4	-0.3	-0.1	-0.5	-0.4
Changes in Working Capital	-0.4	0.3	-3.6	-4.5	-3.5
Cash from Operating Activities	7.4	5.0	-2.7	2.5	1.1
Purchase of Fixed Assets	-0.3	-0.1	-0.1	-1.5	-1.1
Purchase/Acquisition of Intangibles	0.0	0.0	0.0	0.0	0.0
Capital Expenditures	-0.3	-0.1	-0.1	-1.5	-1.2
Sale of Fixed Assets	0.1	0.1	0.1	0.1	0.1
Sale/Maturity of Investment	-	-	-	0.0	-
Investment, Net	0.0	0.0	0.0	-	0.0
Purchase of Investments	-	-	-	-0.2	-
Other Investing Cash Flow	-0.2	-0.2	0.0	-0.9	-0.2
Other Investing Cash Flow Items, Total	-0.1	-0.1	0.1	-1.1	-0.2
Cash from Investing Activities	-0.4	-0.1	0.0	-2.6	-1.4
Other Financing Cash Flow	-3.3	-1.8	-1.3	-3.3	-2.7
Financing Cash Flow Items	-3.3	-1.8	-1.3	-3.3	-2.7
Cash Dividends Paid - Common	0.0	0.0	0.0	0.0	0.0
Total Cash Dividends Paid	0.0	0.0	0.0	0.0	0.0
Short Term Debt, Net	-2.1	-2.2	4.8	-1.0	3.8
Long Term Debt, Net	-2.1	-1.1	-1.0	4.5	-1.2
Issuance (Retirement) of Debt, Net	-4.2	-3.4	3.8	3.6	2.7
Cash from Financing Activities	-7.5	-5.1	2.5	0.3	-0.1
Net Change in Cash	-0.5	-0.2	-0.3	0.2	-0.3
Net Cash - Beginning Balance	0.8	0.8	0.8	0.6	0.6
Net Cash - Ending Balance	0.3	0.6	0.5	0.8	0.3
Cash Interest Paid	3.3	1.8	1.3	3.3	2.7
Cash Taxes Paid	0.4	0.3	0.1	0.5	0.4

Annual Income Statement

As Reported

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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Local Sales	40.3	31.5	53.7	43.9	43.5
Sales Tax	-5.9	-4.4	-7.5	-5.7	-5.6
Exice Duty	-4.6	-4.8	-7.5	-7.9	-8.1
Special Excise Duty	-0.5	-0.2	-0.4	-0.3	0.0
Export Sales	20.3	19.3	19.8	18.1	13.4
Total Revenue	49.6	41.4	58.1	48.2	43.2
Cost of Goods Sold	43.0	40.3	49.6	45.3	37.0
Administration Expenses	1.2	1.3	1.5	1.5	1.4
Selling and Distribution Expenses	1.5	1.5	1.2	1.2	1.1
Share of Loss of Joint Venture	0.0	0.0	0.0	0.0	-
Exchange Loss	0.0	0.0	0.9	0.1	0.0
Other Operating Expenses	0.1	0.0	0.3	0.0	0.4
Other Income	-0.2	-0.2	0.0	-0.1	-1.5
Gain on Sale of Short Term Investment	0.0	0.0	0.0	-0.1	-0.3
Dividend Income	0.0	0.0	0.0	-0.1	-0.1
Exchange Gain on Translation of Held to	-	-	0.0	0.0	0.0
Gain on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Total Operating Expense	45.6	43.0	53.4	47.8	37.9
Financial Charges	-3.3	-1.9	-1.5	-1.3	-1.2
Interest on WPPF	-	-	-	-	0.0
Net Income Before Taxes	0.6	-3.5	3.3	-0.9	4.1
Provision for Income Taxes	-0.2	-3.4	1.2	-1.1	1.0
Net Income After Taxes	0.8	-0.2	2.0	0.2	3.0
Net Income Before Extra. Items	0.8	-0.2	2.0	0.2	3.0
Net Income	0.8	-0.2	2.0	0.2	3.0
Income Available to Com Excl ExtraOrd	0.8	-0.2	2.0	0.2	3.0
Income Available to Com Incl ExtraOrd	0.8	-0.2	2.0	0.2	3.0
Basic Weighted Average Shares	95.6	95.6	95.6	95.6	95.6
Basic EPS Excluding ExtraOrdinary Items	0.01	0.00	0.02	0.00	0.03
Basic EPS Including ExtraOrdinary Items	0.01	0.00	0.02	0.00	0.03
Dilution Adjustment	0.0	0.0	0.0	-	-
Diluted Net Income	0.8	-0.2	2.0	0.2	3.0
Diluted Weighted Average Shares	95.6	95.6	95.6	95.6	95.6
Diluted EPS Excluding ExtraOrd Items	0.01	0.00	0.02	0.00	0.03
Diluted EPS Including ExtraOrd Items	0.01	0.00	0.02	0.00	0.03
DPS-Ordinary Shares	0.00	0.00	0.00	0.00	0.02
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	1.6
Normalized Income Before Taxes	0.6	-3.6	3.2	-1.0	3.7
Inc Tax Ex Impact of Sp Items	-0.2	-3.4	1.2	-1.1	1.0
Normalized Income After Taxes	0.8	-0.2	2.0	0.1	2.8
Normalized Inc. Avail to Com.	0.8	-0.2	2.0	0.1	2.8
Basic Normalized EPS	0.01	0.00	0.02	0.00	0.03
Diluted Normalized EPS	0.01	0.00	0.02	0.00	0.03
Interest Expense	3.3	1.9	1.5	1.3	1.2
Rental	0.1	0.1	0.1	0.1	0.1
Advertisment	0.0	0.0	0.0	0.0	0.0
Depreciation	3.1	2.6	2.5	2.8	3.9
Amort of Intangibles	0.0	0.0	0.0	-	-
Current Tax-Domestic	0.5	0.3	0.2	0.2	1.3
Current Tax-Prior	0.0	0.0	0.1	-0.2	-0.1
Current Tax - Total	0.5	0.3	0.3	0.1	1.2
Deferred	-0.6	-3.7	1.0	-1.1	-0.2
Deferred Tax - Total	-0.6	-3.7	1.0	-1.1	-0.2
Income Tax - Total	-0.2	-3.4	1.2	-1.1	1.0
Service Cost - Pension	0.1	0.1	0.1	0.1	0.1
Interest Cost - Pension	0.2	0.2	0.2	0.2	0.2
Expected Return on Assets - Pension	-0.1	-0.1	-0.1	-0.2	-0.1
Actuarial Gain/Loss - Pension	0.1	0.1	0.1	0.0	0.0
Domestic Pension Plan Expense	0.2	0.3	0.3	0.2	0.1
Total Pension Expense	0.2	0.3	0.3	0.2	0.1
Discount Rate - Pension	11.00%	11.00%	12.00%	12.00%	10.00%
Compensation Rate	14.00%	13.00%	12.00%	12.00%	-
Expected Rate of Return - Pension	14.00%	11.00%	12.00%	12.00%	10.00%

Interim Income Statement

As Reported

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
Sales	13.8	15.1	13.5	16.2	12.2
Total Revenue	13.8	15.1	13.5	16.2	12.2
Cost of Goods Sold	10.8	11.2	12.7	13.7	10.7
Selling and Distribution Expenses	0.4	0.4	0.4	0.4	0.4
Administration Expenses	0.3	0.4	0.3	0.3	0.3
Other Operating Expenses	0.1	0.1	0.0	0.1	0.0
Other Income	0.1	0.0	0.0	0.0	-0.1
Gain on Disposal of Fixed Assets	-0.1	-0.1	-0.1	-	0.0
Total Operating Expense	11.5	11.9	13.2	14.5	11.3
Financial Charges	-0.8	-1.0	-1.1	-0.9	-0.9
Net Income Before Taxes	1.6	2.2	-0.9	0.8	0.0
Provision for Income Taxes	0.4	0.4	-0.1	0.2	0.0
Net Income After Taxes	1.1	1.8	-0.8	0.6	0.0
Net Income Before Extra. Items	1.1	1.8	-0.8	0.6	0.0
Net Income	1.1	1.8	-0.8	0.6	0.0
Income Available to Com Excl ExtraOrd	1.1	1.8	-0.8	0.6	0.0
Income Available to Com Incl ExtraOrd	1.1	1.8	-0.8	0.6	0.0
Basic Weighted Average Shares	95.6	95.6	95.6	94.7	95.6
Basic EPS Excluding ExtraOrdinary Items	0.01	0.02	-0.01	0.01	0.00
Basic EPS Including ExtraOrdinary Items	0.01	0.02	-0.01	0.01	0.00
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	1.1	1.8	-0.8	0.6	0.0
Diluted Weighted Average Shares	95.6	95.6	95.6	94.7	95.6
Diluted EPS Excluding ExtraOrd Items	0.01	0.02	-0.01	0.01	0.00
Diluted EPS Including ExtraOrd Items	0.01	0.02	-0.01	0.01	0.00
DPS-Ordinary Shares	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Taxes	1.5	2.1	-1.0	0.8	0.0
Inc Tax Ex Impact of Sp Items	0.4	0.4	-0.2	0.2	0.0
Normalized Income After Taxes	1.1	1.7	-0.8	0.6	0.0
Normalized Inc. Avail to Com.	1.1	1.7	-0.8	0.6	0.0
Basic Normalized EPS	0.01	0.02	-0.01	0.01	0.00
Diluted Normalized EPS	0.01	0.02	-0.01	0.01	0.00
Interest Expense	0.8	1.0	1.1	0.8	0.9
Depreciation	0.7	0.7	0.7	0.8	0.8
Amort of Intangibles, Supplemental	0.0	0.0	0.0	0.0	0.0
Current Tax For The Period	0.1	0.1	0.1	0.2	0.1
Current Tax Prior Period	-	-	-	0.0	0.0
Current Tax - Total	0.1	0.1	0.1	0.1	0.1
Deferred Tax	0.3	0.3	-0.3	0.1	-0.1
Deferred Tax - Total	0.3	0.3	-0.3	0.1	-0.1
Income Tax - Total	0.4	0.4	-0.1	0.2	0.0

Annual Balance Sheet

As Reported

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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Stores	7.4	4.8	5.7	13.1	4.7
Spares	5.5	5.9	5.1	5.2	3.9
Loose Tools	0.0	0.0	0.0	0.0	0.0
Spares in Transit	0.8	0.1	0.2	0.7	1.7
Raw and Packing Material	1.1	1.0	1.0	1.0	0.8
Work in Progress	2.8	0.8	1.7	1.4	0.5
Finished Goods	0.5	0.5	0.8	0.6	0.6
Loans and Advances	0.3	0.1	0.2	0.1	0.2
Advances & Deposits	0.0	0.0	0.6	0.7	0.1
Short Term Prepayments	-	0.0	0.1	-	-
Other Receivables	0.5	0.3	0.2	1.0	0.0
Short Term Investments	0.0	0.0	0.0	0.0	6.8
Taxation	0.2	0.2	0.2	0.2	0.0
Cash and Bank Balances	0.8	0.6	0.7	1.0	1.2
Total Current Assets	20.0	14.5	16.5	25.1	20.5
Freehold Land	0.0	0.0	0.0	0.0	0.0
Leasehold Land	0.1	0.1	0.1	0.1	0.1
Building on Freehold Land	6.0	5.9	5.0	6.0	5.3
Plant and Machinery	60.9	60.5	48.9	54.8	61.5
Power and Other Installations	1.4	1.4	0.6	0.7	0.8
Furnitures, Fixtures and Office Equip.	0.4	0.4	0.4	0.5	0.5
Quarry Factory and Lab. Equip.	4.6	4.3	4.1	4.7	2.8
Motor Vehicles	1.3	1.2	1.1	1.1	1.2
Office Equipment	0.1	0.1	0.1	0.1	0.1
Computers	0.7	0.6	0.6	0.7	0.7
Capital WIP	1.1	0.2	12.6	5.3	2.6
Depreciation-Operating Assets	-37.2	-34.5	-33.6	-37.2	-39.3
Intangible asset	-	-	-	0.0	-
Intangible Asset	0.3	0.2	0.1	-	-
Accumulated Amortisation	0.0	0.0	0.0	-	-
LT Loans	0.0	0.1	0.1	0.1	0.1
Derivative Financial Assets	0.0	0.0	0.2	0.4	0.4
Investment in A Joint Venture	1.2	1.2	1.2	-	-
Investments	0.6	0.2	0.2	1.5	1.1
LT Deposits	0.2	0.2	0.0	0.0	0.0
Deferred Taxation	0.7	0.1	0.0	-	-
Total Assets	62.4	56.8	58.2	64.0	58.4
Short-Term Finance	12.0	13.0	6.2	7.3	1.6
Current Maturity of LT Liab.	3.0	1.3	2.1	2.6	3.5
Creditors	2.0	0.9	0.6	9.9	0.4
Accrued Liab.	1.3	0.8	1.2	0.4	1.5
Other Payables	1.0	1.0	0.8	1.1	-
Advance from Customer	0.3	0.7	0.6	0.6	-
Other Liabilities	1.2	1.2	1.5	1.3	1.7
Taxation	-	-	-	0.0	0.2
Unclaimed Dividend	0.1	0.1	0.1	0.2	0.2
Total Current Liabilities	20.9	19.0	13.2	23.3	9.0
Long Term Loans	14.2	11.4	13.4	5.6	7.2
Total Long Term Debt	14.2	11.4	13.4	5.6	7.2
LT Deposits	0.1	0.1	0.2	0.2	0.2
Deferred Tax	-	0.0	3.7	3.4	5.0
Total Liabilities	35.3	30.5	30.4	32.5	21.4
Issued & Paid-up Share Capital	11.1	11.2	11.7	14.0	15.8
Capital Reserve	0.6	0.6	0.6	0.7	0.8
General Reserve	4.9	4.9	5.2	6.1	6.9
Unappropriated Profit	10.2	9.4	10.1	9.6	12.3
Unrealized Gain on Hedging Instruments	0.0	0.0	0.1	0.3	0.2
Fair Value Gain on Securities	0.4	0.2	0.2	0.8	0.8
Total Equity	27.1	26.3	27.9	31.5	37.0
Total Liabilities & Shareholders' Equity	62.4	56.8	58.2	64.0	58.4
S/O-Ordinary Shares	95.6	95.6	95.6	95.6	95.6
Total Common Shares Outstanding	95.6	95.6	95.6	95.6	95.6
Accumulated Intangible Amort	0.0	0.0	0.0	-	-
Deferred Revenue - Current	0.3	0.7	0.6	0.6	-
Shareholders	4,523	4,612	4,969	4,919	5,160
Projected Benefit Obligation - Pension	1.8	2.2	2.0	1.9	2.0
FV of Plan Assets - Pension	0.8	1.0	0.9	1.1	1.6
Funded Status - Pension	-1.0	-1.1	-1.1	-0.8	-0.4
Total Funded Status	-1.0	-1.1	-1.1	-0.8	-0.4
Provision - Pension	-1.0	-1.1	-1.1	-0.8	-0.4
Net Assets Recognized on Balance Sheet	-1.0	-1.1	-1.1	-0.8	-0.4

Interim Balance Sheet

As Reported

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
Stores, Spares and Loose Tools	12.2	10.1	16.4	13.7	12.0
Stock in Trade	3.7	5.8	-	-	4.7
Raw Material	-	-	1.1	1.1	-
Work in Process	-	-	1.9	2.8	-
Finished Goods	-	-	0.7	0.5	-
Loans and Advances	0.1	0.1	0.1	0.3	0.2
Advances & Deposits	0.1	0.1	0.0	0.0	0.0
Other Receivables	0.4	0.4	0.5	0.5	0.3
Short Term Investments	-	-	-	0.0	0.0
Taxation	0.2	0.2	0.2	0.2	0.2
Cash and Bank Balances	0.3	0.6	0.5	0.8	0.3
Total Current Assets	16.9	17.3	21.5	20.0	17.7
Operating Assets	35.7	36.4	37.0	38.3	39.0
Intangible Asset	0.2	0.2	0.2	-	-
Intangible asset	-	-	-	0.3	0.3
Amortisation	-	-	-	0.0	0.0
Capital WIP	0.0	0.1	1.1	1.1	0.4
Investment in Joint Venture	1.2	1.2	1.2	1.2	1.2
Investments	0.4	0.3	0.4	0.6	0.4
LT Loans	0.0	0.0	0.0	0.0	0.1
LT Deposits	0.2	0.2	0.2	0.2	0.2
Derivative Financial Assets	-	-	-	0.0	0.0
Deferred Taxation	0.4	0.7	0.9	0.7	0.8
Total Assets	55.0	56.5	62.8	62.4	60.0
Creditors	3.1	3.5	3.5	4.8	3.9
Accrued Mark-up	0.6	1.3	0.8	1.0	0.7
Short-Term Finance	9.3	9.3	16.6	12.0	16.9
Current Maturity of LT Liab.	3.4	3.5	2.9	3.0	2.3
Unclaimed Dividend	0.1	0.1	0.1	0.1	0.1
Total Current Liabilities	16.5	17.8	23.9	20.9	24.0
Long Term Loans	10.8	11.8	13.0	14.2	9.2
Total Long Term Debt	10.8	11.8	13.0	14.2	9.2
LT Deposits	0.1	0.1	0.1	0.1	0.2
Total Liabilities	27.4	29.8	37.0	35.3	33.4
Issued & Paid-up Share Capital	10.5	10.6	10.9	11.1	11.2
Capital Reserve	0.6	0.6	0.6	0.6	0.6
General Reserve	4.6	4.7	4.8	4.9	4.9
Unappropriated Profit	11.8	10.7	9.2	10.2	9.6
Unrealized gain	0.0	-	-	0.0	0.0
Fair Value Gain on Securities	0.1	0.1	0.2	0.4	0.4
Total Equity	27.6	26.7	25.7	27.1	26.7
Total Liabilities & Shareholders' Equity	55.0	56.5	62.8	62.4	60.0
S/O-Ordinary Shares	95.6	95.6	95.6	95.6	95.6
Total Common Shares Outstanding	95.6	95.6	95.6	95.6	95.6
Accumulated Intangible Amort, Suppl.	-	-	-	0.0	0.0

Annual Cash Flows

As Reported

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	Reclassified Normal 30-Jun-2009	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	Ernst & Young LLP	Ernst & Young LLP	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.	Ford Rhodes Sidat Hyder & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	0.6	-3.5	3.3	-0.9	4.1
Depreciation	3.1	2.6	2.5	2.8	3.9
Amortisation	0.0	0.0	0.0	-	-
Unrealized Fair Value Gain On Inv	0.0	0.0	0.0	0.0	-0.3
Return on US Dollar Bonds	-	-	0.0	0.0	0.0
Return of Loan to Related Party	-	-	-	-	-0.2
Gain on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Financial Charges	3.3	1.9	1.5	1.3	1.2
Exchange Loss	0.0	0.0	0.9	0.0	0.0
Dividend Income	0.0	0.0	0.0	-0.1	-0.1
Share of Loss in Joint Venture	0.0	0.0	0.0	0.0	-
Write Down of Inventory	-	-	-	-	0.0
Stock and Spares	-2.9	-0.4	5.1	-10.9	-3.6
Stock in Trade	-2.1	0.9	-0.9	-1.4	0.5
Loans and Advances	-0.1	0.0	-0.1	0.1	2.4
Trade Deposits and ST Prepayments	0.0	0.7	-0.1	-0.7	0.0
Receivables	-0.2	-0.1	0.7	-1.1	0.0
Short Term Finance	-	-	-	-	0.6
Trade and Other Payables	1.3	0.2	-8.6	11.1	-1.1
Income Tax Paid	-0.5	-0.3	-0.3	-0.4	-0.7
Cash from Operating Activities	2.5	2.1	3.9	-0.3	6.7
Purchase of Fixed Assets	-1.5	-16.9	-3.5	-4.7	-1.4
Sale Proceeds of Fixed Assets	0.1	0.1	0.1	0.1	0.1
Intangible Asset	0.0	-0.2	-0.1	0.0	-
Capital WIP	-1.0	12.0	-8.4	-3.4	-1.4
Long Term Advances	0.0	0.0	0.0	0.0	0.0
Purchase of Investments	-0.2	-0.1	-0.6	6.0	-3.9
Proceeds from ST Investment	0.0	0.0	-	-	-
Dividend Received	0.0	0.0	0.0	0.1	0.1
LT Deposit	0.0	-0.2	0.0	0.0	0.0
Cash from Investing Activities	-2.6	-5.3	-12.5	-2.0	-6.4
LT Loans	4.5	-2.1	9.0	-1.5	-2.7
Lease Rentals	-	-	-	-	0.0
LT Deposits	0.0	0.0	0.0	0.0	0.0
Short-term borrowings	-1.0	-	-	-	-
Short Term Running Finance	-	7.3	0.1	6.4	-
Dividend Paid	0.0	0.0	0.0	-1.5	-1.4
Finance Costs Paid	-3.3	-2.1	-0.6	-1.3	-1.3
Cash from Financing Activities	0.3	3.2	8.5	2.1	-5.4
Net Change in Cash	0.2	-0.1	-0.1	-0.2	-5.1
Cash Balance- Beginning	0.6	0.7	0.8	1.2	6.3
Cash Balance-Ending	0.8	0.6	0.8	1.0	1.2
Cash Interest Paid	3.3	2.1	0.6	1.3	1.3
Cash Taxes Paid	0.5	0.3	0.3	0.4	0.7

Interim Cash Flows

As Reported

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	9 Months	6 Months	3 Months	12 Months	9 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)	88.371861	87.286027	86.759355	85.565587	85.656455
Net Income	2.9	1.3	-0.9	0.6	-0.2
Depreciation	2.2	1.4	0.7	3.1	2.3
Amortization of Intangible Assets	0.0	0.0	0.0	0.0	0.0
Unrealized Fair Value Gain On Inv	0.0	0.0	0.0	0.0	0.0
Gain on Sale of Fixed Assets	-0.1	-0.1	-0.1	0.0	0.0
Financial Charges	2.9	2.1	1.1	3.3	2.5
Exchange Loss	-	0.0	0.0	0.0	0.0
Share of Result of Joint Venture	0.0	0.0	0.0	0.0	0.0
Dividend Income	0.0	0.0	-	0.0	0.0
Stock and Spares	0.8	3.1	-3.0	-2.9	-1.1
Stock in Trade	0.5	-1.7	0.6	-2.1	-2.3
Loans and Advances	0.1	0.2	0.1	-0.1	-0.1
Trade Deposits and ST Prepayments	-0.1	-0.1	0.0	0.0	0.0
Other Receivables	0.1	0.2	0.0	-0.2	0.0
Trade and Other Payables	-1.6	-1.1	-1.3	1.3	0.4
Income Tax Paid	-0.4	-0.3	-0.1	-0.5	-0.4
Cash from Operating Activities	7.4	5.0	-2.7	2.5	1.1
Purchase of Fixed Assets	-0.3	-0.1	-0.1	-1.5	-1.1
Sale Proceeds of Fixed Assets	0.1	0.1	0.1	0.1	0.1
Capital WIP	-0.2	-0.2	0.0	-1.0	-0.3
Long Term Loans	0.0	0.0	0.0	0.0	0.0
Purchase of Investments	-	-	-	-0.2	-
Investments	0.0	0.0	0.0	-	0.0
Intangible Asset Acquired	0.0	0.0	0.0	0.0	0.0
Proceeds from ST Investment	-	-	-	0.0	-
Dividend Received	0.0	0.0	-	0.0	0.0
LT Deposit	0.0	0.0	0.0	0.0	0.0
Cash from Investing Activities	-0.4	-0.1	0.0	-2.6	-1.4
LT Loans	-2.1	-1.1	-1.0	4.5	-1.2
LT Deposits	0.0	0.0	0.0	0.0	0.0
Short Term Running Finance	-2.1	-2.2	4.8	-1.0	3.8
Dividend Paid	0.0	0.0	0.0	0.0	0.0
Finance Costs Paid	-3.3	-1.8	-1.3	-3.3	-2.7
Cash from Financing Activities	-7.5	-5.1	2.5	0.3	-0.1
Net Change in Cash	-0.5	-0.2	-0.3	0.2	-0.3
Cash Balance- Beginning	0.8	0.8	0.8	0.6	0.6
Cash Balance-Ending	0.3	0.6	0.5	0.8	0.3
Cash Interest Paid	3.3	1.8	1.3	3.3	2.7
Cash Taxes Paid	0.4	0.3	0.1	0.5	0.4

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.81
UK Pound	1	Rs.86.53
Euro	1	Rs.68.58

INFORMATION DETAILS

Report Prepared by :

MNL

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