MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	LIBERTY MILLS LTD.
Registered Office :	A/51-A, S.I.T.E., Karachi, 75700
Country :	Pakistan
Financials (as on) :	30.06.2011
Date of Incorporation :	22.05.1965
Legal Form :	Public Independent Company
Line of Business :	manufacturing and processing of all kinds of fabrics and textile made-up
No. of Employees :	976

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Good
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

Liberty Mills Ltd.

A/51-A, S.I.T.E.

Karachi, 75700

Pakistan

Tel: 92-21-2578100

Fax: 92-21-2561050

Web: www.libertymillslimited.com

synthesis

Employees: 976

Company Type: Public Independent

Traded: Karachi Stock Exchange: LIBM

Incorporation Date: 22-Feb-1965

Auditor: Hyder Bhimji & Co.

Financials in: USD (Millions)

Fiscal Year End: 30-Jun-2011

Reporting Currency: Pakistan Rupee

Annual Sales: 227.9 1

Net Income: 15.0

Total Assets: 390.6 2

Market Value: 15.5

(18-May-2012)

Business Description

Liberty Mills Limited is a Pakistan-based company. The Company is engaged in the business of manufacturing and processing of all kinds of fabrics and textile made-up. The Company has a production capacity for 3 shifts per day of 66,000,000 meters of fabric. During the fiscal year ended June 30, 2011, its actual production was 60,718,058 meters of fabric. Liberty Power Tech Limited (LPTL), the subsidiary of the Company, is engaged in owning, operating and maintaining a Residual Furnace Oil (RFO) power project, with an installed capacity of 200 Megawatt. For the three months ended 30 September 2010, Liberty Mills Limited's revenues increased 45% to PKR1.9B. Net income decreased 45% to PKR98.6M. Revenues reflect an increase in Company's sales & services. Net income was offset by increased cost of sales, higher administrative expenses,a rise in distribution cost, an increase in finance cost and a decrease in gross profit margins. The Company is a textile manufacturing company.

Industry

Industry Apparel and Accessories

ANZSIC 2006: 1312 - Natural Textile Manufacturing

NACE 2002: 171 - Preparation and spinning of textile fibres

NAICS 2002: 313111 - Yarn Spinning Mills

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

US SIC 1987: 2281 - Yarn Spinning Mills

Key Executives

Name	Title
Ashraf Salim Mukaty	Chief Executive Officer, Executive Director
Younus Dawood	Chief Financial Officer
Muhammad Iqbal Haroon	Company Secretary
Younus Bhathda	CFO
Abdul Razzak Ghanyani	Head-Internal Audit

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	3	Liberty Mills Ltd. Not to Pay Dividend	29-Feb-2012

* number of significant developments within the last 12 months

News

Title	Date
BRIEF: Parkview looking to expand in southwest Allen County News-Sentinel (Fort Wayne, IN) (203 Words)	6-Oct-2011
Karachi Stock Exchange - Top Symbols by Price Decrease Daily Pak Banker (Pakistan) (410 Words)	4-Oct-2011
Karachi Stock Exchange - Top Symbols by Price Decrease Daily Pak Banker (Pakistan) (442 Words)	29-Sep-2011
Karachi Stock Exchange - Top Symbols by Price Decrease Daily Pak Banker (Pakistan) (435 Words)	28-Sep-2011
Karachi Stock Exchange - Top Symbols by Price Decrease Daily Pak Banker (Pakistan) (445 Words)	11-Jul-2011

Financial Summary

As of 31-Dec-2011

Key Ratios Company Industry

Current Ratio (MRQ) 1.16 2.75

Quick Ratio (MRQ) 0.94 1.45

Debt to Equity (MRQ) 8.13 0.52

Sales 5 Year Growth 38.81 10.05

Net Profit Margin (TTM) % 6.79 7.39

Return on Assets (TTM) % 6.50 7.59

Return on Equity (TTM) % 74.66 15.09

Stock Snapshot

Traded: Karachi Stock Exchange: LIBM

As of 18-May-2012

   Financials in: PKR

Recent Price	61.06	EPS	55.47
52 Week High	66.00	Price/Sales	0.07
52 Week Low	42.09	Dividend Rate	1.50
Avg. Volume (mil)	0.0002	Price/Earnings	0.50
Market Value (mil)	1,410.20	Price/Book	0.49
		Beta	0.65

	Price % Change	Rel S&P 500%
4 Week	5.00%	5.59%
13 Week	37.90%	24.35%
52 Week	-4.08%	-17.78%
Year to Date	32.74%	8.70%

Key IDSM Number: 50487462

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

A/51-A, S.I.T.E.

Karachi, 75700

Pakistan

Tel: 92-21-2578100

Fax: 92-21-2561050

Web: www.libertymillslimited.com

Quote Symbol - Exchange

LIBM - Karachi Stock Exchange

Sales PKR(mil): 19,496.3

Assets PKR(mil): 33,582.4

Employees: 976

Fiscal Year End: 30-Jun-2011

Industry: Apparel and Accessories

Incorporation Date: 22-Feb-1965

Company Type: Public Independent

Quoted Status: Quoted

Chief Executive Officer,

Executive Director: Ashraf Salim Mukaty

Company Web Links

Company Contact/E-mail

Executives

Financial Information

Home Page

Contents

Industry Codes

Business Description

Financial Data

Market Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

1312 - Natural Textile Manufacturing

NACE 2002 Codes:

171 - Preparation and spinning of textile fibres

NAICS 2002 Codes:

313111 - Yarn Spinning Mills

US SIC 1987:

2281 - Yarn Spinning Mills

UK SIC 2003:

171 - Preparation and spinning of textile fibres

Business Description

Liberty Mills Limited is a Pakistan-based company. The Company is engaged in the business of manufacturing and processing of all kinds of fabrics and textile made-up. The Company has a production capacity for 3 shifts per day of 66,000,000 meters of fabric. During the fiscal year ended June 30, 2011, its actual production was 60,718,058 meters of fabric. Liberty Power Tech Limited (LPTL), the subsidiary of the Company, is engaged in owning, operating and maintaining a Residual Furnace Oil (RFO) power project, with an installed capacity of 200 Megawatt. For the three months ended 30 September 2010, Liberty Mills Limited's revenues increased 45% to PKR1.9B. Net income decreased 45% to PKR98.6M. Revenues reflect an increase in Company's sales & services. Net income was offset by increased cost of sales, higher administrative expenses,a rise in distribution cost, an increase in finance cost and a decrease in gross profit margins. The Company is a textile manufacturing company.

More Business Descriptions

Textile Fabrics Mfr

Textile and Fabric Finishing Mills

Financial Data

Financials in:	PKR(mil)
Revenue:	19,496.3
Net Income:	1,280.8
Assets:	33,582.4
Long Term Debt:	14,639.2
Total Liabilities:	30,680.5
Working Capital:	0.3
Date of Financial Data:	30-Jun-2011

1 Year Growth

247.4%

154.0%

55.7%

Market Data

Quote Symbol:	LIBM
Exchange:	Karachi Stock Exchange
Currency:	PKR
Stock Price:	61.1
Stock Price Date:	05-18-2012
52 Week Price Change %:	-4.1
Market Value (mil):	1,410,199.0
SEDOL:	6514765
ISIN:	PK0013901019

Key Corporate Relationships

Auditor:	Hyder Bhimji & Co.
Auditor:	Hyder Bhimji & Co.

Executive report

Board of Directors

Name	Title	Function
Salim N. Mukaty	Chairman of the Board	Chairman
Sattar Maniya, Arif Abdul	Board Member	Director/Board Member
Asif Younus Bawany	Director	Director/Board Member
Madni Gul Muhammad	Director	Director/Board Member
Ashraf Salim Mukaty	Chief Executive Officer, Executive Director	Director/Board Member
Yusuf N. Mukaty	Director	Director/Board Member
Hamida Salim Mukaty	Board Member	Director/Board Member
Noor Muhammad Yusuf Mukaty	Director	Director/Board Member
Luqman F. Poonawala	Director	Director/Board Member
Muhammad Imran Shekhani	Director	Director/Board Member

Executives

Name	Title	Function
Ashraf Salim Mukaty	Chief Executive Officer, Executive Director	Chief Executive Officer
Muhammad Iqbal Haroon	Company Secretary	Company Secretary
Haji Younus Bhathda	Chief Financial Officer	Finance Executive
Younus Bhathda	CFO	Finance Executive
Younus Dawood	Chief Financial Officer	Finance Executive
Abdul Razzak Ghanyani	Head-Internal Audit	Accounting Executive
Muhammad Ashraf Ghazi	Secretary	Other

Significant Developments

Liberty Mills Ltd. Not to Pay Dividend Feb 29, 2012

Liberty Mills Ltd. announced that it will not pay dividend for the quarter and half year ended December 31, 2011.

Liberty Mills Ltd. Not to Pay Dividend Oct 31, 2011

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

Liberty Mills Ltd. to Pay FY 2010-2011 Final Dividend Oct 07, 2011

Liberty Mills Ltd. announced that it is to pay out a final cash dividend of PKR 1.50 per share for fiscal year ended June 30, 2011 to shareholders whose names appear in the Register of Members on October 21, 2011. It paid a final cash dividend of PKR 3.00 per share for fiscal year ended June 30, 2010.

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	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	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Net Sales	134.8	0.0	-	-	-
Gross Revenue	93.1	66.9	66.5	73.6	73.0
Sales Returns and Allowances	0.0	0.0	0.0	0.0	0.0
Revenue	227.9	66.9	66.5	73.6	73.0
Total Revenue	227.9	66.9	66.5	73.6	73.0
Cost of Revenue	176.8	51.7	55.1	61.4	62.5
Cost of Revenue, Total	176.8	51.7	55.1	61.4	62.5
Gross Profit	51.0	15.2	11.5	12.2	10.5
Selling/General/Administrative Expense	3.5	2.4	2.2	3.4	3.6
Labor & Related Expense	4.9	4.2	1.1	1.2	-
Advertising Expense	0.0	0.0	0.0	0.0	0.0
Total Selling/General/Administrative Expenses	8.4	6.5	3.4	4.6	3.6
Research & Development	0.2	0.2	-	-	-
Depreciation	6.2	1.4	0.1	0.2	0.2
Amortization of Intangibles	0.0	0.0	-	-	-
Depreciation/Amortization	6.3	1.4	0.1	0.2	0.2
Impairment-Assets Held for Use	-	-	-	0.0	-
Unusual Expense (Income)	-	-	-	0.0	-
Other Operating Expense	0.3	0.4	0.4	-	-
Other Operating Expenses, Total	0.3	0.4	0.4	-	-
Total Operating Expense	192.0	60.3	59.0	66.1	66.3
Operating Income	35.9	6.6	7.5	7.5	6.7
Interest Expense - Non-Operating	-	-	-	-1.3	-0.9
Interest Expense, Net Non-Operating	-	-	-	-1.3	-0.9
Interest Income - Non-Operating	0.1	0.4	0.4	0.1	-
Investment Income - Non-Operating	1.5	2.1	1.7	0.5	0.2
Interest/Investment Income - Non-Operating	1.6	2.6	2.1	0.5	0.2
Interest Income (Expense) - Net Non-Operating Total	1.6	2.6	2.1	-0.7	-0.7
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	-21.4	-2.4	-1.9	-0.7	-0.6
Other, Net	-21.4	-2.4	-1.9	-0.7	-0.6
Income Before Tax	16.1	6.8	7.7	6.1	5.4
Total Income Tax	1.1	0.8	0.8	0.6	0.9
Income After Tax	15.0	6.0	6.9	5.5	4.6
Net Income Before Extraord Items	15.0	6.0	6.9	5.5	4.6
Net Income	15.0	6.0	6.9	5.5	4.6
Income Available to Common Excl Extraord Items	15.0	6.0	6.9	5.5	4.6
Income Available to Common Incl Extraord Items	15.0	6.0	6.9	5.5	4.6
Basic/Primary Weighted Average Shares	23.1	22.6	22.6	22.6	22.6
Basic EPS Excl Extraord Items	0.65	0.27	0.30	0.24	0.20
Basic/Primary EPS Incl Extraord Items	0.65	0.27	0.30	0.24	0.20
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	15.0	6.0	6.9	5.5	4.6
Diluted Weighted Average Shares	23.1	22.6	22.6	22.6	22.6
Diluted EPS Excl Extraord Items	0.65	0.27	0.30	0.24	0.20
Diluted EPS Incl Extraord Items	0.65	0.27	0.30	0.24	0.20
Dividends per Share - Common Stock Primary Issue	0.02	0.04	0.06	0.02	0.03
Gross Dividends - Common Stock	-	0.8	1.4	0.5	0.7
Interest Expense, Supplemental	8.6	1.8	0.5	1.3	0.9
Depreciation, Supplemental	6.3	1.5	1.6	1.8	1.8
Total Special Items	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Tax	16.1	6.8	7.7	6.1	5.4
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	1.1	0.8	0.8	0.6	0.9
Normalized Income After Tax	15.0	6.0	6.9	5.5	4.5
Normalized Inc. Avail to Com.	15.0	6.0	6.9	5.5	4.5
Basic Normalized EPS	0.65	0.27	0.30	0.24	0.20
Diluted Normalized EPS	0.65	0.27	0.30	0.24	0.20
Amort of Acquisition Costs, Supplemental	0.0	0.0	-	-	-
Amort of Intangibles, Supplemental	0.0	0.0	-	-	-
Rental Expenses	0.0	0.0	0.0	0.1	0.0
Advertising Expense, Supplemental	0.0	0.0	0.0	0.0	0.0
Research & Development Exp, Supplemental	0.2	0.2	1.4	0.1	0.0
Normalized EBIT	35.9	6.6	7.5	7.5	6.7
Normalized EBITDA	42.2	8.1	9.1	9.2	8.5
Current Tax - Domestic	1.0	0.8	0.8	0.7	0.9
Current Tax - Other	0.1	0.0	-	0.1	-
Current Tax - Total	1.1	0.8	0.8	0.8	0.9
Deferred Tax - Domestic	0.0	0.0	0.0	-0.2	0.0
Deferred Tax - Total	0.0	0.0	0.0	-0.2	0.0
Other Tax	-	-	0.0	-	0.0
Income Tax - Total	1.1	0.8	0.8	0.6	0.9
Interest Cost - Post-Retirement	0.1	0.1	0.1	0.1	0.0
Service Cost - Post-Retirement	0.2	0.1	0.1	0.2	0.2
Actuarial Gains and Losses - Post-Retir.	0.0	0.0	0.0	0.0	0.0
Transition Costs - Post-Retirement	-	-	-	0.0	0.0
Post-Retirement Plan Expense	0.3	0.2	0.2	0.3	0.3
Defined Contribution Expense - Domestic	0.3	0.3	-	-	-
Total Pension Expense	0.6	0.5	0.2	0.3	0.3
Discount Rate - Post-Retirement	12.00%	12.00%	-	10.00%	10.00%
Compensation Rate - Post-Retirement	12.00%	12.00%	-	9.00%	9.00%
Total Plan Interest Cost	0.1	0.1	0.1	0.1	0.0
Total Plan Service Cost	0.2	0.1	0.1	0.2	0.2

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	85.97	85.525	81.44	68.45	60.47
Auditor	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Cash	1.1	3.6	10.2	2.0	2.3
Short Term Investments	0.6	5.3	7.8	0.1	0.3
Cash and Short Term Investments	1.7	8.9	18.0	2.1	2.6
Trade Accounts Receivable - Net	94.2	6.4	3.7	9.4	11.6
Other Receivables	4.7	1.9	3.6	4.9	2.2
Total Receivables, Net	98.9	8.3	7.3	14.4	13.8
Inventories - Finished Goods	7.8	3.9	2.3	1.4	2.1
Inventories - Work In Progress	5.5	3.4	1.2	1.2	1.8
Inventories - Raw Materials	33.3	9.6	7.4	10.0	7.5
Inventories - Other	0.1	0.1	0.0	0.0	0.0
Total Inventory	46.6	16.9	10.9	12.6	11.4
Prepaid Expenses	0.4	0.0	0.2	0.0	0.0
Other Current Assets	0.0	0.1	0.1	0.0	0.0
Other Current Assets, Total	0.0	0.1	0.1	0.0	0.0
Total Current Assets	147.6	34.2	36.6	29.1	27.8
Buildings	21.7	5.0	-	6.0	4.0
Land/Improvements	1.1	1.1	-	0.6	0.7
Machinery/Equipment	234.9	23.4	-	27.0	28.6
Construction in Progress	6.0	202.9	52.9	0.5	3.5
Property/Plant/Equipment - Gross	263.7	232.4	52.9	34.1	36.7
Accumulated Depreciation	-21.0	-14.8	-	-15.1	-15.7
Property/Plant/Equipment - Net	242.8	217.6	68.5	19.0	21.0
Goodwill, Net	0.0	0.1	0.1	0.0	-
Intangibles, Net	0.0	0.0	-	-	-
LT Investments - Other	0.0	0.0	0.0	0.1	0.1
Long Term Investments	0.0	0.0	0.0	0.1	0.1
Note Receivable - Long Term	0.2	0.2	0.3	0.3	0.3
Total Assets	390.6	252.2	105.5	48.5	49.3
Accounts Payable	24.0	12.6	6.3	6.2	7.6
Accrued Expenses	10.8	6.1	2.6	0.9	1.0
Notes Payable/Short Term Debt	90.3	21.2	21.0	15.2	12.8
Current Portion - Long Term Debt/Capital Leases	10.1	4.7	0.2	0.4	4.1
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Customer Advances	0.1	0.1	0.0	0.1	0.3
Security Deposits	0.0	0.0	-	0.0	-
Income Taxes Payable	0.1	0.1	0.1	0.0	0.0
Other Payables	0.0	0.0	0.0	0.8	0.7
Other Current liabilities, Total	0.2	0.2	0.1	0.8	1.0
Total Current Liabilities	135.4	44.9	30.2	23.4	26.6
Long Term Debt	170.3	144.8	41.9	2.5	2.0
Total Long Term Debt	170.3	144.8	41.9	2.5	2.0
Total Debt	270.7	170.7	63.2	18.0	19.0
Minority Interest	49.8	33.2	7.8	0.0	-
Pension Benefits - Underfunded	-	-	-	0.9	0.8
Other Long Term Liabilities	1.5	1.2	1.0	0.2	0.4
Other Liabilities, Total	1.5	1.2	1.0	1.1	1.2
Total Liabilities	356.9	224.1	81.0	27.0	29.8
Common Stock	2.7	2.6	2.8	3.3	3.7
Common Stock	2.7	2.6	2.8	3.3	3.7
Retained Earnings (Accumulated Deficit)	31.1	25.4	21.7	18.2	15.7
Total Equity	33.8	28.1	24.4	21.5	19.5
Total Liabilities & Shareholders’ Equity	390.6	252.2	105.5	48.5	49.3
Shares Outstanding - Common Stock Primary Issue	23.1	22.6	22.6	22.6	22.6
Total Common Shares Outstanding	23.1	22.6	22.6	22.6	22.6
Number of Common Shareholders	1,892	1,783	2,143	2,191	2,384
Deferred Revenue - Current	0.1	0.1	0.0	0.1	0.3
Total Long Term Debt, Supplemental	-	-	-	18.0	19.0
Long Term Debt Maturing within 1 Year	-	-	-	15.5	17.0
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	2.5	2.0
Unfunded Plan Obligations	1.3	1.1	0.9	1.0	0.9
Total Funded Status	-1.3	-1.1	-0.9	-1.0	-0.9
Discount Rate - Post-Retirement	12.00%	12.00%	13.00%	10.00%	10.00%
Compensation Rate - Post-Retirement	12.00%	12.00%	13.00%	9.00%	9.00%
Accrued Liabilities - Post-Retirement	-1.3	-1.1	-0.8	-0.7	-1.0
Net Assets Recognized on Balance Sheet	-1.3	-1.1	-0.8	-0.7	-1.0
Total Plan Obligations	1.3	1.1	0.9	1.0	0.9

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.565587	83.860328	78.573941	62.550956	60.637036
Auditor	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Net Income/Starting Line	16.1	6.8	7.7	6.1	5.4
Depreciation	6.3	1.5	1.6	1.8	1.8
Depreciation/Depletion	6.3	1.5	1.6	1.8	1.8
Unusual Items	0.0	0.0	0.0	0.0	0.0
Other Non-Cash Items	21.7	2.2	2.1	1.8	1.3
Non-Cash Items	21.7	2.2	2.1	1.8	1.3
Accounts Receivable	-91.0	-1.0	4.8	-2.4	-3.5
Inventories	-25.1	-6.5	-0.4	-2.4	-0.6
Other Assets	-5.2	0.1	-0.1	-0.4	-0.4
Accounts Payable	11.5	6.7	0.7	-0.8	3.9
Accrued Expenses	-	-	-	0.0	0.0
Other Liabilities	69.6	1.3	8.5	4.2	-0.1
Other Operating Cash Flow	-17.7	0.4	-0.9	-2.2	-2.0
Changes in Working Capital	-57.9	0.9	12.5	-4.1	-2.8
Cash from Operating Activities	-13.9	11.4	23.9	5.6	5.7
Purchase of Fixed Assets	-32.9	-156.5	-56.1	-2.4	-1.7
Capital Expenditures	-32.9	-156.5	-56.1	-2.4	-1.7
Sale of Business	-	-	8.2	0.0	-
Sale of Fixed Assets	0.1	0.0	0.0	0.1	0.1
Other Investing Cash Flow	-	-	0.0	0.0	-
Other Investing Cash Flow Items, Total	0.1	0.0	8.2	0.1	0.1
Cash from Investing Activities	-32.8	-156.4	-47.9	-2.2	-1.6
Other Financing Cash Flow	40.4	138.1	41.2	-	-
Financing Cash Flow Items	40.4	138.1	41.2	-	-
Cash Dividends Paid - Common	-	-1.3	-0.4	-0.7	-0.7
Total Cash Dividends Paid	-	-1.3	-0.4	-0.7	-0.7
Short Term Debt, Net	-	-	-	-	-3.3
Long Term Debt Reduction	-0.1	-0.1	0.0	-3.1	-
Long Term Debt, Net	-0.1	-0.1	0.0	-2.8	-0.1
Issuance (Retirement) of Debt, Net	-0.1	-0.1	0.0	-2.8	-3.4
Cash from Financing Activities	40.3	136.7	40.8	-3.6	-4.1
Net Change in Cash	-6.4	-8.4	16.8	-0.2	0.0
Net Cash - Beginning Balance	8.9	17.5	1.9	2.5	2.6
Net Cash - Ending Balance	2.5	9.1	18.6	2.3	2.6
Cash Interest Paid	-	-	0.3	1.3	1.2
Cash Taxes Paid	1.0	1.1	0.7	0.8	0.9

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	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	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Export sales	74.7	52.5	53.8	58.4	56.3
Local Sales	10.3	4.3	3.3	7.5	9.3
Waste Sales	0.1	0.1	0.1	0.1	0.1
Sales Tax	0.0	0.0	0.0	0.0	0.0
Services	7.9	10.0	9.4	7.6	7.4
Sales Tax	0.0	0.0	-	-	-
Energy Purchase Price	106.2	0.0	-	-	-
Capacity Price	28.6	0.0	-	-	-
Total Revenue	227.9	66.9	66.5	73.6	73.0
Cost of Sales & Services	172.3	46.6	55.1	61.4	62.5
Salaries	4.9	4.2	1.1	1.2	-
Power, water and gas	4.6	5.1	-	-	-
Rent, Rates & Taxes	0.0	0.0	-	0.0	0.0
Research & development expenses	0.2	0.2	-	-	-
Advertisement	-	-	0.0	0.0	0.0
Amortization of Intangibles	0.0	0.0	-	-	-
Depreciation	6.2	1.4	0.1	0.2	0.2
Assets written off	-	-	-	0.0	-
Advertisement	0.0	0.0	0.0	-	-
Administrative Expenses	1.1	0.7	0.6	0.7	1.9
Selling & Distribution Expenses	2.4	1.6	1.7	2.6	1.7
Other operating expenses	0.3	0.4	0.4	-	-
Total Operating Expense	192.0	60.3	59.0	66.1	66.3
Fair Value Gain on Merger	0.0	0.5	-	-	-
Interest Expense	-	-	-	-1.3	-0.9
Bank Charges	-21.4	-2.5	-2.0	-0.2	-0.2
Other Charges	-	-	-	-0.4	-0.4
Income from Investment Property	0.0	0.0	0.0	0.0	0.0
Profit on Bank Deposit	0.1	0.4	0.4	0.1	-
Dividend Income	-	-	0.0	0.1	-
Income on Investment in Defence Saving	0.0	0.0	0.0	0.0	-
Gain on Fair Value	0.1	0.0	-	-	-
Income of Financial Assets	0.2	0.5	0.4	0.0	-
Foreign Exchange, Net	1.3	1.1	1.3	0.3	0.1
Profit/Loss on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Other income	0.0	0.0	0.0	0.0	-
Income from Financial Assets	-	-	-	-	0.1
Net Income Before Taxes	16.1	6.8	7.7	6.1	5.4
Provision for Income Taxes	1.1	0.8	0.8	0.6	0.9
Net Income After Taxes	15.0	6.0	6.9	5.5	4.6
Net Income Before Extra. Items	15.0	6.0	6.9	5.5	4.6
Net Income	15.0	6.0	6.9	5.5	4.6
Income Available to Com Excl ExtraOrd	15.0	6.0	6.9	5.5	4.6
Income Available to Com Incl ExtraOrd	15.0	6.0	6.9	5.5	4.6
Basic Weighted Average Shares	23.1	22.6	22.6	22.6	22.6
Basic EPS Excluding ExtraOrdinary Items	0.65	0.27	0.30	0.24	0.20
Basic EPS Including ExtraOrdinary Items	0.65	0.27	0.30	0.24	0.20
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	15.0	6.0	6.9	5.5	4.6
Diluted Weighted Average Shares	23.1	22.6	22.6	22.6	22.6
Diluted EPS Excluding ExtraOrd Items	0.65	0.27	0.30	0.24	0.20
Diluted EPS Including ExtraOrd Items	0.65	0.27	0.30	0.24	0.20
DPS-Common Stock	0.02	0.04	0.06	0.02	0.03
Gross Dividends - Common Stock	-	0.8	1.4	0.5	0.7
Normalized Income Before Taxes	16.1	6.8	7.7	6.1	5.4
Inc Tax Ex Impact of Sp Items	1.1	0.8	0.8	0.6	0.9
Normalized Income After Taxes	15.0	6.0	6.9	5.5	4.5
Normalized Inc. Avail to Com.	15.0	6.0	6.9	5.5	4.5
Basic Normalized EPS	0.65	0.27	0.30	0.24	0.20
Diluted Normalized EPS	0.65	0.27	0.30	0.24	0.20
Interest Expense	8.6	1.8	0.5	1.3	0.9
Depreciation	6.3	1.5	1.6	1.8	1.8
Amort of Acquisition Costs, Supplemental	0.0	0.0	-	-	-
Amort of Intangibles, Supplemental	0.0	0.0	-	-	-
Advertising Expense	0.0	0.0	0.0	0.0	0.0
Research and Development Expenses	0.2	0.2	1.4	0.1	0.0
Rental Expense	0.0	0.0	0.0	0.1	0.0
Current Tax	1.0	0.8	0.8	0.7	0.9
Prior Years	0.1	0.0	-	0.1	-
Current Tax - Total	1.1	0.8	0.8	0.8	0.9
Deferred Tax	0.0	0.0	0.0	-0.2	0.0
Deferred Tax - Total	0.0	0.0	0.0	-0.2	0.0
Prior Years	-	-	0.0	-	0.0
Income Tax - Total	1.1	0.8	0.8	0.6	0.9
Service Cost - Post-Retirement	0.2	0.1	0.1	0.2	0.2
Interest Cost - Post-Retirement	0.1	0.1	0.1	0.1	0.0
Actuarial Gain/Loss - Post-Ret.	0.0	0.0	0.0	0.0	0.0
Transition Cost - Post-Ret.	-	-	-	0.0	0.0
Post-Retirement Plan Expense	0.3	0.2	0.2	0.3	0.3
Defined Contribution Expense - Domestic	0.3	0.3	-	-	-
Total Pension Expense	0.6	0.5	0.2	0.3	0.3
Discount Rate - Post-Retirement	12.00%	12.00%	-	10.00%	10.00%
Compensation Rate - Post-Retirement	12.00%	12.00%	-	9.00%	9.00%

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	85.97	85.525	81.44	68.45	60.47
Auditor	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Stores & Spares	6.3	1.4	1.3	1.7	1.6
Raw Materials	27.0	8.1	6.1	8.3	5.9
Work in Progress	5.5	3.4	1.2	1.2	1.8
Finished Goods	7.8	3.9	2.3	1.4	2.1
Packing Material	0.1	0.1	0.0	0.0	0.0
Trade Debtors	4.2	4.8	3.6	9.4	11.6
Trade Debtors - Related Party	90.0	1.6	0.1	0.0	-
Other Receivables	0.5	0.2	2.3	3.1	-
Accrued profit	0.0	0.0	0.1	0.0	-
Advance, Prepayments & Other Receivable	-	-	-	0.5	0.5
Loans and advances	0.8	0.4	0.5	-	-
Security Deposits	0.0	0.0	0.0	0.0	0.0
Prepayment	0.4	0.0	0.2	0.0	0.0
Other Receivables	2.6	0.7	0.5	-	-
Other Receivables	-	-	-	0.8	1.1
Current maturity of long term investment	-	-	0.0	0.0	-
Income Tax Refund Due	0.8	0.6	0.3	0.5	0.6
Finan. Assets at Fair value through P/L	0.0	2.4	7.8	0.1	0.3
Cash & Bank Balance	1.1	3.6	10.2	2.0	2.3
Term Deposit Account	0.6	2.9	-	0.0	-
Total Current Assets	147.6	34.2	36.6	29.1	27.8
Long Term Deposits	0.0	0.0	0.0	0.0	0.0
Long Term Loan & Advances	0.2	0.2	0.3	0.3	0.3
Long Term Investment	-	-	0.0	0.0	0.0
Free Hold Land	0.7	0.6	-	0.0	-
Lease Hold Land	0.5	0.5	-	0.6	0.7
Factory Building on Lease Hold Land	21.0	4.3	-	5.3	3.6
Non Factory Building on Lease Hold Land	0.6	0.6	-	0.7	0.4
Plant & Machinery	232.0	20.8	-	24.6	25.9
Factory Equipment	0.8	0.8	-	0.8	0.8
Office Equipment	0.1	0.1	-	0.2	0.2
Computers/Printers	0.2	0.1	-	0.2	0.2
Furniture & Fixture	0.2	0.2	-	0.1	0.2
Vehicle	1.6	1.4	-	1.2	1.3
Accumulated Depreciation	-21.0	-14.8	-	-15.1	-15.7
Property, plant and equipment	-	-	15.5	-	-
Capital Work in Progress	6.0	202.9	52.9	0.5	3.5
Investment Property	0.1	0.1	0.1	0.1	0.0
Accumulated Depreciation	0.0	0.0	-	0.0	-
Intangibles - goodwill	0.0	0.1	0.1	0.0	-
Software	0.0	0.0	-	-	-
Total Assets	390.6	252.2	105.5	48.5	49.3
Mark up Accrued	10.3	5.6	1.9	0.3	0.2
Current Portion of Long Term	10.1	4.7	0.2	0.4	4.1
Short Term Finance	90.3	21.2	21.0	15.2	12.8
Taxation	0.1	0.0	0.1	0.0	0.0
Creditors	24.0	12.6	6.3	6.2	7.6
Accrued Liabilities	0.5	0.5	0.7	0.6	0.9
Advances from customers	0.1	0.1	0.0	0.1	0.3
Unclaimed Dividend	0.0	0.0	0.0	0.0	0.0
Retention money	0.0	0.0	-	0.0	-
Income Tax payable	0.0	0.0	-	-	-
Other liabilities	0.0	0.0	0.0	0.8	0.7
Total Current Liabilities	135.4	44.9	30.2	23.4	26.6
Loans From Related Parties	0.1	0.2	0.3	2.0	2.0
Long term financing	170.1	144.6	41.6	-	-
Loans from Related Parties	-	-	-	0.4	0.0
Total Long Term Debt	170.3	144.8	41.9	2.5	2.0
Deferred Liabilities	1.5	1.2	1.0	0.2	0.4
Retirements Benefits	-	-	-	0.9	0.8
Minority Interest	49.8	33.2	7.8	0.0	-
Total Liabilities	356.9	224.1	81.0	27.0	29.8
Share Capital	2.7	2.6	2.8	3.3	3.7
Reserve	23.3	18.4	14.4	12.7	9.4
Reserve for issue of shares on merger	0.0	0.1	-	-	-
Un-appropriated Profits	7.8	7.0	7.3	5.5	6.3
Total Equity	33.8	28.1	24.4	21.5	19.5
Total Liabilities & Shareholders' Equity	390.6	252.2	105.5	48.5	49.3
S/O-Common Stock	23.1	22.6	22.6	22.6	22.6
Total Common Shares Outstanding	23.1	22.6	22.6	22.6	22.6
Deferred Revenue	0.1	0.1	0.0	0.1	0.3
Share holders	1,892	1,783	2,143	2,191	2,384
Long Term Debt Due Within 1 Year	-	-	-	15.5	17.0
Remaining Maturities	-	-	-	2.5	2.0
Total Long Term Debt, Supplemental	-	-	-	18.0	19.0
Post Retirement Obligation - Unfunded	1.3	1.1	0.9	1.0	0.9
Total Funded Status	-1.3	-1.1	-0.9	-1.0	-0.9
Discount Rate - Post-Retirement	12.00%	12.00%	13.00%	10.00%	10.00%
Compensation Rate - Post-Retirement	12.00%	12.00%	13.00%	9.00%	9.00%
Accrued Post Retirement Obligation	-1.3	-1.1	-0.8	-0.7	-1.0
Net Assets Recognized on Balance Sheet	-1.3	-1.1	-0.8	-0.7	-1.0

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.565587	83.860328	78.573941	62.550956	60.637036
Auditor	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	16.1	6.8	7.7	6.1	5.4
Depreciation	6.3	1.5	1.6	1.8	1.8
Fair value gain on merger	0.0	-0.5	-	-	-
Provision for Staff Retirement Benefit	0.2	0.2	0.1	0.2	0.2
Provision for Slow Moving Inventory	0.0	0.0	0.0	0.1	0.0
Profit/Loss on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Financial Charges	21.4	2.5	2.0	1.5	1.1
Store & Spares	-4.9	-0.1	0.0	-0.4	-0.4
Stock in Trade	-25.1	-6.5	-0.4	-2.4	-0.6
Trade Debt	-88.6	-0.8	4.6	-2.5	-2.5
Interest Accrued	-	-	-	0.0	0.0
Loans & Advances	-0.3	0.0	0.0	0.0	0.0
Accrued profit	0.0	0.1	-0.1	-	-
Advance, Deposits, Prepay. & Other Rec.	-0.3	0.2	-0.2	0.0	0.0
Other Receivables	-2.2	-0.3	0.2	0.1	-0.9
Current maturity of long term investment	0.0	0.0	0.0	-	-
Trade and other payables	-	-	-	-0.8	3.9
Short Term Borrowings	69.5	1.2	8.6	4.2	-0.1
Trade and other payable	11.5	6.7	0.7	-	-
Long Term Loan	0.1	0.0	0.0	-0.1	0.0
Long Term Security Deposits	-	-	0.0	0.0	0.0
Financial Charges Paid	-16.8	1.5	-0.3	-1.3	-1.2
Income Tax Paid	-1.0	-0.8	-0.7	-0.8	-0.9
Income Tax Refund Received	0.0	-0.3	0.1	0.0	0.0
Cash from Operating Activities	-13.9	11.4	23.9	5.6	5.7
Fixed Capital Expenditure	-32.9	-156.5	-56.1	-2.4	-1.7
Proceeds from Disposal of Fixed Assets	0.1	0.0	0.0	0.1	0.1
Acquisition of subsidiary	-	-	8.2	0.0	-
Assets written off	-	-	0.0	0.0	-
Cash from Investing Activities	-32.8	-156.4	-47.9	-2.2	-1.6
Proceed from share insurance	8.5	26.5	0.0	-	-
Proceed of long term finance	31.9	111.7	41.2	-	-
Loan From PICIC	-	-	-	0.3	-0.1
Payment of Loans from Related Parties	-0.1	-0.1	0.0	-3.1	-
Payment/Proceeds From Directors Loan	-	-	-	-	-3.3
Dividend Paid	-	-1.3	-0.4	-0.7	-0.7
Cash from Financing Activities	40.3	136.7	40.8	-3.6	-4.1
Net Change in Cash	-6.4	-8.4	16.8	-0.2	0.0
Net Cash Beginning Balance	8.9	17.5	1.9	2.5	2.6
Net Cash Ending Balance	2.5	9.1	18.6	2.3	2.6
Cash Interest Paid	-	-	0.3	1.3	1.2
Cash Taxes Paid	1.0	1.1	0.7	0.8	0.9

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-Dec-2011	Quarter Ending Yr Ago	Annual Year End 30-Jun-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	82.0	283.60%	227.9	247.38%	61.81%	38.81%
Research & Development1	-	-	0.2	21.68%	-	-
Operating Income1	17.1	703.20%	35.9	451.60%	87.15%	56.81%
Income Available to Common Excl Extraord Items1	5.8	516.29%	15.0	153.99%	55.34%	49.65%
Basic EPS Excl Extraord Items1	0.25	516.46%	0.65	148.65%	54.24%	49.02%
Capital Expenditures2	1.3	-94.84%	32.9	-78.56%	167.40%	57.60%
Cash from Operating Activities2	9.2	-	-13.9	-	-	-
Free Cash Flow	7.7	-	-46.5	-	-	-
Total Assets3	427.1	37.99%	390.6	55.71%	116.22%	65.39%
Total Liabilities3	390.5	38.47%	356.9	60.07%	155.04%	76.94%
Total Long Term Debt3	157.7	5.22%	170.3	18.20%	341.63%	91.22%
Total Common Shares Outstanding3	23.1	2.15%	23.1	2.15%	0.71%	0.43%
1-ExchangeRate: PKR to USD Average for Period	87.814194	Â	85.565587	Â	Â	Â
2-ExchangeRate: PKR to USD Average for Period	87.286027	Â	85.565587	Â	Â	Â
3-ExchangeRate: PKR to USD Period End Date	89.910000	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	22.40%	22.71%	17.26%	16.58%	14.40%
Operating Margin	15.73%	9.91%	11.31%	10.17%	9.22%
Pretax Margin	7.05%	10.15%	11.58%	8.24%	7.42%
Net Profit Margin	6.57%	8.98%	10.33%	7.43%	6.24%
Financial Strength
Current Ratio	1.09	0.76	1.21	1.24	1.05
Long Term Debt/Equity	5.04	5.16	1.71	0.12	0.10
Total Debt/Equity	8.02	6.08	2.58	0.84	0.98
Management Effectiveness
Return on Assets	4.64%	3.34%	9.07%	10.85%	9.71%
Return on Equity	48.31%	22.97%	31.18%	25.80%	26.05%
Efficiency
Receivables Turnover	4.24	8.60	6.61	5.07	6.09
Inventory Turnover	5.54	3.71	4.94	4.94	5.75
Asset Turnover	0.71	0.37	0.88	1.46	1.56

Market Valuation USD (mil)
P/E (TTM)	0.67	.	Enterprise Value2	362.7
Price/Sales (TTM)	0.04	.	Enterprise Value/Revenue (TTM)	1.03
Price/Book (MRQ)	0.43	.	Enterprise Value/EBITDA (TTM)	4.52
Market Cap as of 18-May-20121		.
1-ExchangeRate: PKR to USD on 18-May-2012	Â
2-ExchangeRate: PKR to USD on 31-Dec-2011	89.910000

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	1.09	0.76	1.21	1.24	1.05
Quick/Acid Test Ratio	0.74	0.38	0.84	0.70	0.62
Working Capital1	12.2	-10.7	6.3	5.7	1.2
Long Term Debt/Equity	5.04	5.16	1.71	0.12	0.10
Total Debt/Equity	8.02	6.08	2.58	0.84	0.98
Long Term Debt/Total Capital	0.56	0.73	0.48	0.06	0.05
Total Debt/Total Capital	0.89	0.86	0.72	0.46	0.49
Payout Ratio	2.70%	13.45%	20.93%	9.93%	16.37%
Effective Tax Rate	6.77%	11.47%	10.80%	9.93%	15.92%
Total Capital1	304.5	198.8	87.6	39.5	38.4
Efficiency
Asset Turnover	0.71	0.37	0.88	1.46	1.56
Inventory Turnover	5.54	3.71	4.94	4.94	5.75
Days In Inventory	65.85	98.44	73.93	73.82	63.53
Receivables Turnover	4.24	8.60	6.61	5.07	6.09
Days Receivables Outstanding	86.18	42.44	55.18	71.94	59.97
Profitability
Gross Margin	22.40%	22.71%	17.26%	16.58%	14.40%
Operating Margin	15.73%	9.91%	11.31%	10.17%	9.22%
EBITDA Margin	18.50%	12.11%	13.69%	12.56%	11.67%
EBIT Margin	15.73%	9.91%	11.31%	10.17%	9.22%
Pretax Margin	7.05%	10.15%	11.58%	8.24%	7.42%
Net Profit Margin	6.57%	8.98%	10.33%	7.43%	6.24%
R&D Expense/Revenue	0.09%	0.25%	-	-	-
COGS/Revenue	77.60%	77.29%	82.74%	83.42%	85.60%
SG&A Expense/Revenue	3.69%	9.78%	5.05%	6.20%	4.95%
Management Effectiveness
Return on Assets	4.64%	3.34%	9.07%	10.85%	9.71%
Return on Equity	48.31%	22.97%	31.18%	25.80%	26.05%
Valuation
Free Cash Flow/Share2	-2.01	-6.29	-1.37	0.13	0.18
Operating Cash Flow/Share 2	-0.60	0.49	1.02	0.23	0.25
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)	0.67
Market Cap/Equity (MRQ)	0.43
Market Cap/Revenue (TTM)	0.04
Market Cap/EBIT (TTM)	0.24
Market Cap/EBITDA (TTM)	0.20
Enterprise Value/Earnings (TTM)	15.50
Enterprise Value/Equity (MRQ)	9.91
Enterprise Value/Revenue (TTM)	1.03
Enterprise Value/EBIT (TTM)	5.66
Enterprise Value/EBITDA (TTM)	4.52

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	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	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Net Sales	134.8	0.0	-	-	-
Gross Revenue	93.1	66.9	66.5	73.6	73.0
Sales Returns and Allowances	0.0	0.0	0.0	0.0	0.0
Revenue	227.9	66.9	66.5	73.6	73.0
Total Revenue	227.9	66.9	66.5	73.6	73.0
Cost of Revenue	176.8	51.7	55.1	61.4	62.5
Cost of Revenue, Total	176.8	51.7	55.1	61.4	62.5
Gross Profit	51.0	15.2	11.5	12.2	10.5
Selling/General/Administrative Expense	3.5	2.4	2.2	3.4	3.6
Labor & Related Expense	4.9	4.2	1.1	1.2	-
Advertising Expense	0.0	0.0	0.0	0.0	0.0
Total Selling/General/Administrative Expenses	8.4	6.5	3.4	4.6	3.6
Research & Development	0.2	0.2	-	-	-
Depreciation	6.2	1.4	0.1	0.2	0.2
Amortization of Intangibles	0.0	0.0	-	-	-
Depreciation/Amortization	6.3	1.4	0.1	0.2	0.2
Impairment-Assets Held for Use	-	-	-	0.0	-
Unusual Expense (Income)	-	-	-	0.0	-
Other Operating Expense	0.3	0.4	0.4	-	-
Other Operating Expenses, Total	0.3	0.4	0.4	-	-
Total Operating Expense	192.0	60.3	59.0	66.1	66.3
Operating Income	35.9	6.6	7.5	7.5	6.7
Interest Expense - Non-Operating	-	-	-	-1.3	-0.9
Interest Expense, Net Non-Operating	-	-	-	-1.3	-0.9
Interest Income - Non-Operating	0.1	0.4	0.4	0.1	-
Investment Income - Non-Operating	1.5	2.1	1.7	0.5	0.2
Interest/Investment Income - Non-Operating	1.6	2.6	2.1	0.5	0.2
Interest Income (Expense) - Net Non-Operating Total	1.6	2.6	2.1	-0.7	-0.7
Gain (Loss) on Sale of Assets	0.0	0.0	0.0	0.0	0.0
Other Non-Operating Income (Expense)	-21.4	-2.4	-1.9	-0.7	-0.6
Other, Net	-21.4	-2.4	-1.9	-0.7	-0.6
Income Before Tax	16.1	6.8	7.7	6.1	5.4
Total Income Tax	1.1	0.8	0.8	0.6	0.9
Income After Tax	15.0	6.0	6.9	5.5	4.6
Net Income Before Extraord Items	15.0	6.0	6.9	5.5	4.6
Net Income	15.0	6.0	6.9	5.5	4.6
Income Available to Common Excl Extraord Items	15.0	6.0	6.9	5.5	4.6
Income Available to Common Incl Extraord Items	15.0	6.0	6.9	5.5	4.6
Basic/Primary Weighted Average Shares	23.1	22.6	22.6	22.6	22.6
Basic EPS Excl Extraord Items	0.65	0.27	0.30	0.24	0.20
Basic/Primary EPS Incl Extraord Items	0.65	0.27	0.30	0.24	0.20
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	15.0	6.0	6.9	5.5	4.6
Diluted Weighted Average Shares	23.1	22.6	22.6	22.6	22.6
Diluted EPS Excl Extraord Items	0.65	0.27	0.30	0.24	0.20
Diluted EPS Incl Extraord Items	0.65	0.27	0.30	0.24	0.20
Dividends per Share - Common Stock Primary Issue	0.02	0.04	0.06	0.02	0.03
Gross Dividends - Common Stock	-	0.8	1.4	0.5	0.7
Interest Expense, Supplemental	8.6	1.8	0.5	1.3	0.9
Depreciation, Supplemental	6.3	1.5	1.6	1.8	1.8
Total Special Items	0.0	0.0	0.0	0.0	0.0
Normalized Income Before Tax	16.1	6.8	7.7	6.1	5.4
Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	1.1	0.8	0.8	0.6	0.9
Normalized Income After Tax	15.0	6.0	6.9	5.5	4.5
Normalized Inc. Avail to Com.	15.0	6.0	6.9	5.5	4.5
Basic Normalized EPS	0.65	0.27	0.30	0.24	0.20
Diluted Normalized EPS	0.65	0.27	0.30	0.24	0.20
Amort of Acquisition Costs, Supplemental	0.0	0.0	-	-	-
Amort of Intangibles, Supplemental	0.0	0.0	-	-	-
Rental Expenses	0.0	0.0	0.0	0.1	0.0
Advertising Expense, Supplemental	0.0	0.0	0.0	0.0	0.0
Research & Development Exp, Supplemental	0.2	0.2	1.4	0.1	0.0
Normalized EBIT	35.9	6.6	7.5	7.5	6.7
Normalized EBITDA	42.2	8.1	9.1	9.2	8.5
Current Tax - Domestic	1.0	0.8	0.8	0.7	0.9
Current Tax - Other	0.1	0.0	-	0.1	-
Current Tax - Total	1.1	0.8	0.8	0.8	0.9
Deferred Tax - Domestic	0.0	0.0	0.0	-0.2	0.0
Deferred Tax - Total	0.0	0.0	0.0	-0.2	0.0
Other Tax	-	-	0.0	-	0.0
Income Tax - Total	1.1	0.8	0.8	0.6	0.9
Interest Cost - Post-Retirement	0.1	0.1	0.1	0.1	0.0
Service Cost - Post-Retirement	0.2	0.1	0.1	0.2	0.2
Actuarial Gains and Losses - Post-Retir.	0.0	0.0	0.0	0.0	0.0
Transition Costs - Post-Retirement	-	-	-	0.0	0.0
Post-Retirement Plan Expense	0.3	0.2	0.2	0.3	0.3
Defined Contribution Expense - Domestic	0.3	0.3	-	-	-
Total Pension Expense	0.6	0.5	0.2	0.3	0.3
Discount Rate - Post-Retirement	12.00%	12.00%	-	10.00%	10.00%
Compensation Rate - Post-Retirement	12.00%	12.00%	-	9.00%	9.00%
Total Plan Interest Cost	0.1	0.1	0.1	0.1	0.0
Total Plan Service Cost	0.2	0.1	0.1	0.2	0.2

Interim Income Statement

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Restated Normal 31-Dec-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	87.814194	86.759355	85.292258	85.487912	85.79172
Net Sales	54.0	75.3	83.6	100.5	2.2
Gross Revenue	28.0	25.5	-	-	19.7
Excise Tax Receipts	0.0	0.0	-	-	0.0
Revenue	82.0	100.8	83.6	100.5	21.9
Total Revenue	82.0	100.8	83.6	100.5	21.9
Cost of Revenue	63.9	82.5	63.1	86.0	18.7
Cost of Revenue, Total	63.9	82.5	63.1	86.0	18.7
Gross Profit	18.1	18.3	20.6	14.5	3.1
Selling/General/Administrative Expense	1.5	1.2	0.2	2.5	1.2
Total Selling/General/Administrative Expenses	1.5	1.2	0.2	2.5	1.2
Investment Income - Operating	0.0	0.0	-	-	0.0
Interest/Investment Income - Operating	0.0	0.0	-	-	0.0
Interest Expense (Income) - Net Operating Total	0.0	0.0	-	-	0.0
Other Operating Expense	0.1	0.1	0.0	0.2	0.1
Other, Net	-0.5	-0.4	-	-	-0.3
Other Operating Expenses, Total	-0.4	-0.3	0.0	0.2	-0.2
Total Operating Expense	64.9	83.4	63.3	88.7	19.7
Operating Income	17.1	17.4	20.4	11.8	2.2
Investment Income - Non-Operating	-	-	0.0	0.0	-
Interest/Investment Income - Non-Operating	-	-	0.0	0.0	-
Interest Income (Expense) - Net Non-Operating	-11.0	-11.0	-10.2	-9.6	-0.9
Interest Income (Expense) - Net Non-Operating Total	-11.0	-11.0	-10.2	-9.6	-0.9
Other Non-Operating Income (Expense)	-	-	0.0	1.1	-
Other, Net	-	-	0.0	1.1	-
Income Before Tax	6.1	6.4	10.2	3.4	1.3
Total Income Tax	0.3	0.2	0.0	0.6	0.3
Income After Tax	5.8	6.2	10.1	2.8	1.0
Net Income Before Extraord Items	5.8	6.2	10.1	2.8	1.0
Net Income	5.8	6.2	10.1	2.8	1.0
Income Available to Common Excl Extraord Items	5.8	6.2	10.1	2.8	1.0
Income Available to Common Incl Extraord Items	5.8	6.2	10.1	2.8	1.0
Basic/Primary Weighted Average Shares	23.1	23.1	24.6	22.6	23.1
Basic EPS Excl Extraord Items	0.25	0.27	0.41	0.12	0.04
Basic/Primary EPS Incl Extraord Items	0.25	0.27	0.41	0.12	0.04
Diluted Net Income	5.8	6.2	10.1	2.8	1.0
Diluted Weighted Average Shares	23.1	23.1	24.6	22.6	23.1
Diluted EPS Excl Extraord Items	0.25	0.27	0.41	0.12	0.04
Diluted EPS Incl Extraord Items	0.25	0.27	0.41	0.12	0.04
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.02	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	-	0.0	0.0
Depreciation, Supplemental	8.5	2.6	2.2	3.4	0.4
Normalized Income Before Tax	6.1	6.4	10.2	3.4	1.3
Inc Tax Ex Impact of Sp Items	0.3	0.2	0.0	0.6	0.3
Normalized Income After Tax	5.8	6.2	10.1	2.8	1.0
Normalized Inc. Avail to Com.	5.8	6.2	10.1	2.8	1.0
Basic Normalized EPS	0.25	0.27	0.41	0.12	0.04
Diluted Normalized EPS	0.25	0.27	0.41	0.12	0.04
Rental Expenses	0.0	0.0	-	-	0.0
Research & Development Exp, Supplemental	0.1	0.0	-	-	0.1
Normalized EBIT	17.1	17.4	20.4	11.8	2.2
Normalized EBITDA	25.5	20.1	22.5	15.2	2.6

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	85.97	85.525	81.44	68.45	60.47
Auditor	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Cash	1.1	3.6	10.2	2.0	2.3
Short Term Investments	0.6	5.3	7.8	0.1	0.3
Cash and Short Term Investments	1.7	8.9	18.0	2.1	2.6
Trade Accounts Receivable - Net	94.2	6.4	3.7	9.4	11.6
Other Receivables	4.7	1.9	3.6	4.9	2.2
Total Receivables, Net	98.9	8.3	7.3	14.4	13.8
Inventories - Finished Goods	7.8	3.9	2.3	1.4	2.1
Inventories - Work In Progress	5.5	3.4	1.2	1.2	1.8
Inventories - Raw Materials	33.3	9.6	7.4	10.0	7.5
Inventories - Other	0.1	0.1	0.0	0.0	0.0
Total Inventory	46.6	16.9	10.9	12.6	11.4
Prepaid Expenses	0.4	0.0	0.2	0.0	0.0
Other Current Assets	0.0	0.1	0.1	0.0	0.0
Other Current Assets, Total	0.0	0.1	0.1	0.0	0.0
Total Current Assets	147.6	34.2	36.6	29.1	27.8
Buildings	21.7	5.0	-	6.0	4.0
Land/Improvements	1.1	1.1	-	0.6	0.7
Machinery/Equipment	234.9	23.4	-	27.0	28.6
Construction in Progress	6.0	202.9	52.9	0.5	3.5
Property/Plant/Equipment - Gross	263.7	232.4	52.9	34.1	36.7
Accumulated Depreciation	-21.0	-14.8	-	-15.1	-15.7
Property/Plant/Equipment - Net	242.8	217.6	68.5	19.0	21.0
Goodwill, Net	0.0	0.1	0.1	0.0	-
Intangibles, Net	0.0	0.0	-	-	-
LT Investments - Other	0.0	0.0	0.0	0.1	0.1
Long Term Investments	0.0	0.0	0.0	0.1	0.1
Note Receivable - Long Term	0.2	0.2	0.3	0.3	0.3
Total Assets	390.6	252.2	105.5	48.5	49.3
Accounts Payable	24.0	12.6	6.3	6.2	7.6
Accrued Expenses	10.8	6.1	2.6	0.9	1.0
Notes Payable/Short Term Debt	90.3	21.2	21.0	15.2	12.8
Current Portion - Long Term Debt/Capital Leases	10.1	4.7	0.2	0.4	4.1
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Customer Advances	0.1	0.1	0.0	0.1	0.3
Security Deposits	0.0	0.0	-	0.0	-
Income Taxes Payable	0.1	0.1	0.1	0.0	0.0
Other Payables	0.0	0.0	0.0	0.8	0.7
Other Current liabilities, Total	0.2	0.2	0.1	0.8	1.0
Total Current Liabilities	135.4	44.9	30.2	23.4	26.6
Long Term Debt	170.3	144.8	41.9	2.5	2.0
Total Long Term Debt	170.3	144.8	41.9	2.5	2.0
Total Debt	270.7	170.7	63.2	18.0	19.0
Minority Interest	49.8	33.2	7.8	0.0	-
Pension Benefits - Underfunded	-	-	-	0.9	0.8
Other Long Term Liabilities	1.5	1.2	1.0	0.2	0.4
Other Liabilities, Total	1.5	1.2	1.0	1.1	1.2
Total Liabilities	356.9	224.1	81.0	27.0	29.8
Common Stock	2.7	2.6	2.8	3.3	3.7
Common Stock	2.7	2.6	2.8	3.3	3.7
Retained Earnings (Accumulated Deficit)	31.1	25.4	21.7	18.2	15.7
Total Equity	33.8	28.1	24.4	21.5	19.5
Total Liabilities & Shareholders’ Equity	390.6	252.2	105.5	48.5	49.3
Shares Outstanding - Common Stock Primary Issue	23.1	22.6	22.6	22.6	22.6
Total Common Shares Outstanding	23.1	22.6	22.6	22.6	22.6
Number of Common Shareholders	1,892	1,783	2,143	2,191	2,384
Deferred Revenue - Current	0.1	0.1	0.0	0.1	0.3
Total Long Term Debt, Supplemental	-	-	-	18.0	19.0
Long Term Debt Maturing within 1 Year	-	-	-	15.5	17.0
Long Term Debt Matur. in Year 6 & Beyond	-	-	-	2.5	2.0
Unfunded Plan Obligations	1.3	1.1	0.9	1.0	0.9
Total Funded Status	-1.3	-1.1	-0.9	-1.0	-0.9
Discount Rate - Post-Retirement	12.00%	12.00%	13.00%	10.00%	10.00%
Compensation Rate - Post-Retirement	12.00%	12.00%	13.00%	9.00%	9.00%
Accrued Liabilities - Post-Retirement	-1.3	-1.1	-0.8	-0.7	-1.0
Net Assets Recognized on Balance Sheet	-1.3	-1.1	-0.8	-0.7	-1.0
Total Plan Obligations	1.3	1.1	0.9	1.0	0.9

Interim Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	89.91	87.425	85.97	85.4	85.645
Cash	4.9	10.7	1.7	1.1	3.7
Short Term Investments	0.1	0.5	0.4	1.1	2.6
Cash and Short Term Investments	5.0	11.2	2.1	2.2	6.4
Trade Accounts Receivable - Net	151.2	139.7	94.6	77.6	34.5
Other Receivables	9.6	6.5	4.2	3.4	6.7
Total Receivables, Net	160.8	146.2	98.9	81.1	41.2
Inventories - Raw Materials	38.6	36.7	46.6	39.6	35.5
Total Inventory	38.6	36.7	46.6	39.6	35.5
Other Current Assets	0.0	0.0	0.0	0.0	0.0
Other Current Assets, Total	0.0	0.0	0.0	0.0	0.0
Total Current Assets	204.4	194.2	147.6	122.9	83.1
Construction in Progress	3.3	5.9	6.0	1.2	226.7
Property/Plant/Equipment - Gross	3.3	5.9	6.0	1.2	226.7
Property/Plant/Equipment - Net	222.5	236.2	242.8	243.0	241.5
Goodwill, Net	0.1	0.1	0.1	0.1	0.1
LT Investments - Other	0.0	0.0	0.0	0.0	0.0
Long Term Investments	0.0	0.0	0.0	0.0	0.0
Note Receivable - Long Term	0.1	0.1	0.2	0.2	0.2
Total Assets	427.1	430.6	390.6	366.1	324.9
Accounts Payable	26.2	26.4	22.8	12.2	6.0
Accrued Expenses	10.6	10.2	10.8	9.2	8.2
Notes Payable/Short Term Debt	129.4	128.7	90.3	89.4	64.6
Current Portion - Long Term Debt/Capital Leases	10.3	10.3	10.1	12.6	9.9
Dividends Payable	-	-	0.0	-	0.7
Customer Advances	-	-	0.1	-	0.1
Income Taxes Payable	0.1	0.1	0.1	0.0	0.0
Other Current Liabilities	-	-	1.2	-	8.3
Other Current liabilities, Total	0.1	0.1	1.3	0.0	9.2
Total Current Liabilities	176.7	175.7	135.4	123.4	97.9
Long Term Debt	157.7	165.1	170.3	168.4	157.3
Total Long Term Debt	157.7	165.1	170.3	168.4	157.3
Total Debt	297.5	304.2	270.7	270.4	231.8
Minority Interest	54.6	52.8	49.8	42.5	39.5
Other Long Term Liabilities	1.5	1.5	1.5	1.4	1.3
Other Liabilities, Total	1.5	1.5	1.5	1.4	1.3
Total Liabilities	390.5	395.1	356.9	335.7	296.1
Common Stock	2.6	2.6	2.7	2.7	2.6
Common Stock	2.6	2.6	2.7	2.7	2.6
Retained Earnings (Accumulated Deficit)	34.0	32.9	31.1	27.7	26.2
Total Equity	36.6	35.6	33.8	30.4	28.9
Total Liabilities & Shareholders’ Equity	427.1	430.6	390.6	366.1	324.9
Shares Outstanding - Common Stock Primary Issue	23.1	23.1	23.1	22.6	22.6
Total Common Shares Outstanding	23.1	23.1	23.1	22.6	22.6
Deferred Revenue - Current	-	-	0.1	-	0.1

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.565587	83.860328	78.573941	62.550956	60.637036
Auditor	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified with Explanation
Net Income/Starting Line	16.1	6.8	7.7	6.1	5.4
Depreciation	6.3	1.5	1.6	1.8	1.8
Depreciation/Depletion	6.3	1.5	1.6	1.8	1.8
Unusual Items	0.0	0.0	0.0	0.0	0.0
Other Non-Cash Items	21.7	2.2	2.1	1.8	1.3
Non-Cash Items	21.7	2.2	2.1	1.8	1.3
Accounts Receivable	-91.0	-1.0	4.8	-2.4	-3.5
Inventories	-25.1	-6.5	-0.4	-2.4	-0.6
Other Assets	-5.2	0.1	-0.1	-0.4	-0.4
Accounts Payable	11.5	6.7	0.7	-0.8	3.9
Accrued Expenses	-	-	-	0.0	0.0
Other Liabilities	69.6	1.3	8.5	4.2	-0.1
Other Operating Cash Flow	-17.7	0.4	-0.9	-2.2	-2.0
Changes in Working Capital	-57.9	0.9	12.5	-4.1	-2.8
Cash from Operating Activities	-13.9	11.4	23.9	5.6	5.7
Purchase of Fixed Assets	-32.9	-156.5	-56.1	-2.4	-1.7
Capital Expenditures	-32.9	-156.5	-56.1	-2.4	-1.7
Sale of Business	-	-	8.2	0.0	-
Sale of Fixed Assets	0.1	0.0	0.0	0.1	0.1
Other Investing Cash Flow	-	-	0.0	0.0	-
Other Investing Cash Flow Items, Total	0.1	0.0	8.2	0.1	0.1
Cash from Investing Activities	-32.8	-156.4	-47.9	-2.2	-1.6
Other Financing Cash Flow	40.4	138.1	41.2	-	-
Financing Cash Flow Items	40.4	138.1	41.2	-	-
Cash Dividends Paid - Common	-	-1.3	-0.4	-0.7	-0.7
Total Cash Dividends Paid	-	-1.3	-0.4	-0.7	-0.7
Short Term Debt, Net	-	-	-	-	-3.3
Long Term Debt Reduction	-0.1	-0.1	0.0	-3.1	-
Long Term Debt, Net	-0.1	-0.1	0.0	-2.8	-0.1
Issuance (Retirement) of Debt, Net	-0.1	-0.1	0.0	-2.8	-3.4
Cash from Financing Activities	40.3	136.7	40.8	-3.6	-4.1
Net Change in Cash	-6.4	-8.4	16.8	-0.2	0.0
Net Cash - Beginning Balance	8.9	17.5	1.9	2.5	2.6
Net Cash - Ending Balance	2.5	9.1	18.6	2.3	2.6
Cash Interest Paid	-	-	0.3	1.3	1.2
Cash Taxes Paid	1.0	1.1	0.7	0.8	0.9

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	6 Months	3 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Restated Normal 31-Dec-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	87.286027	86.759355	85.565587	85.656455	85.739297
Net Income/Starting Line	12.5	6.4	16.1	4.5	2.7
Depreciation	11.2	2.6	6.3	1.1	0.7
Depreciation/Depletion	11.2	2.6	6.3	1.1	0.7
Unusual Items	0.0	0.0	0.0	0.0	0.0
Other Non-Cash Items	22.1	11.1	21.7	10.6	1.8
Non-Cash Items	22.1	11.1	21.7	10.5	1.8
Accounts Receivable	-68.5	-49.7	-91.0	-72.3	-31.1
Inventories	6.2	9.2	-30.0	-22.6	-18.8
Other Assets	0.2	-0.1	-0.3	-1.1	-0.1
Accounts Payable	2.8	2.2	11.5	-1.3	1.7
Other Liabilities	44.4	40.3	69.6	68.0	43.4
Other Operating Cash Flow	-21.6	-10.7	-17.7	-8.5	-1.9
Changes in Working Capital	-36.5	-8.9	-57.9	-37.7	-6.8
Cash from Operating Activities	9.2	11.2	-13.9	-21.5	-1.6
Purchase of Fixed Assets	-1.3	-0.1	-32.9	-25.9	-25.1
Capital Expenditures	-1.3	-0.1	-32.9	-25.9	-25.1
Sale of Fixed Assets	0.0	0.0	0.1	0.0	0.0
Other Investing Cash Flow	-	-	-	8.5	-
Other Investing Cash Flow Items, Total	0.0	0.0	0.1	8.5	0.0
Cash from Investing Activities	-1.2	-0.1	-32.8	-17.4	-25.1
Other Financing Cash Flow	-	0.0	40.4	-	-
Financing Cash Flow Items	-	0.0	40.4	-	-
Sale/Issuance of Common	-	-	-	-	6.5
Common Stock, Net	-	-	-	-	6.5
Issuance (Retirement) of Stock, Net	-	-	-	-	6.5
Long Term Debt Reduction	-	-	-0.1	-	-
Long Term Debt, Net	-4.6	-2.0	-0.1	31.1	17.8
Issuance (Retirement) of Debt, Net	-4.6	-2.0	-0.1	31.1	17.8
Cash from Financing Activities	-4.6	-2.0	40.3	31.1	24.3
Net Change in Cash	3.3	9.1	-6.4	-7.8	-2.3
Net Cash - Beginning Balance	1.7	1.7	8.9	8.9	8.8
Net Cash - Ending Balance	5.0	10.8	2.5	1.1	6.5
Cash Interest Paid	21.1	10.9	-	6.8	-0.5
Cash Taxes Paid	0.5	-0.1	1.0	0.7	0.5

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	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	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Export sales	74.7	52.5	53.8	58.4	56.3
Local Sales	10.3	4.3	3.3	7.5	9.3
Waste Sales	0.1	0.1	0.1	0.1	0.1
Sales Tax	0.0	0.0	0.0	0.0	0.0
Services	7.9	10.0	9.4	7.6	7.4
Sales Tax	0.0	0.0	-	-	-
Energy Purchase Price	106.2	0.0	-	-	-
Capacity Price	28.6	0.0	-	-	-
Total Revenue	227.9	66.9	66.5	73.6	73.0
Cost of Sales & Services	172.3	46.6	55.1	61.4	62.5
Salaries	4.9	4.2	1.1	1.2	-
Power, water and gas	4.6	5.1	-	-	-
Rent, Rates & Taxes	0.0	0.0	-	0.0	0.0
Research & development expenses	0.2	0.2	-	-	-
Advertisement	-	-	0.0	0.0	0.0
Amortization of Intangibles	0.0	0.0	-	-	-
Depreciation	6.2	1.4	0.1	0.2	0.2
Assets written off	-	-	-	0.0	-
Advertisement	0.0	0.0	0.0	-	-
Administrative Expenses	1.1	0.7	0.6	0.7	1.9
Selling & Distribution Expenses	2.4	1.6	1.7	2.6	1.7
Other operating expenses	0.3	0.4	0.4	-	-
Total Operating Expense	192.0	60.3	59.0	66.1	66.3
Fair Value Gain on Merger	0.0	0.5	-	-	-
Interest Expense	-	-	-	-1.3	-0.9
Bank Charges	-21.4	-2.5	-2.0	-0.2	-0.2
Other Charges	-	-	-	-0.4	-0.4
Income from Investment Property	0.0	0.0	0.0	0.0	0.0
Profit on Bank Deposit	0.1	0.4	0.4	0.1	-
Dividend Income	-	-	0.0	0.1	-
Income on Investment in Defence Saving	0.0	0.0	0.0	0.0	-
Gain on Fair Value	0.1	0.0	-	-	-
Income of Financial Assets	0.2	0.5	0.4	0.0	-
Foreign Exchange, Net	1.3	1.1	1.3	0.3	0.1
Profit/Loss on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Other income	0.0	0.0	0.0	0.0	-
Income from Financial Assets	-	-	-	-	0.1
Net Income Before Taxes	16.1	6.8	7.7	6.1	5.4
Provision for Income Taxes	1.1	0.8	0.8	0.6	0.9
Net Income After Taxes	15.0	6.0	6.9	5.5	4.6
Net Income Before Extra. Items	15.0	6.0	6.9	5.5	4.6
Net Income	15.0	6.0	6.9	5.5	4.6
Income Available to Com Excl ExtraOrd	15.0	6.0	6.9	5.5	4.6
Income Available to Com Incl ExtraOrd	15.0	6.0	6.9	5.5	4.6
Basic Weighted Average Shares	23.1	22.6	22.6	22.6	22.6
Basic EPS Excluding ExtraOrdinary Items	0.65	0.27	0.30	0.24	0.20
Basic EPS Including ExtraOrdinary Items	0.65	0.27	0.30	0.24	0.20
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	15.0	6.0	6.9	5.5	4.6
Diluted Weighted Average Shares	23.1	22.6	22.6	22.6	22.6
Diluted EPS Excluding ExtraOrd Items	0.65	0.27	0.30	0.24	0.20
Diluted EPS Including ExtraOrd Items	0.65	0.27	0.30	0.24	0.20
DPS-Common Stock	0.02	0.04	0.06	0.02	0.03
Gross Dividends - Common Stock	-	0.8	1.4	0.5	0.7
Normalized Income Before Taxes	16.1	6.8	7.7	6.1	5.4
Inc Tax Ex Impact of Sp Items	1.1	0.8	0.8	0.6	0.9
Normalized Income After Taxes	15.0	6.0	6.9	5.5	4.5
Normalized Inc. Avail to Com.	15.0	6.0	6.9	5.5	4.5
Basic Normalized EPS	0.65	0.27	0.30	0.24	0.20
Diluted Normalized EPS	0.65	0.27	0.30	0.24	0.20
Interest Expense	8.6	1.8	0.5	1.3	0.9
Depreciation	6.3	1.5	1.6	1.8	1.8
Amort of Acquisition Costs, Supplemental	0.0	0.0	-	-	-
Amort of Intangibles, Supplemental	0.0	0.0	-	-	-
Advertising Expense	0.0	0.0	0.0	0.0	0.0
Research and Development Expenses	0.2	0.2	1.4	0.1	0.0
Rental Expense	0.0	0.0	0.0	0.1	0.0
Current Tax	1.0	0.8	0.8	0.7	0.9
Prior Years	0.1	0.0	-	0.1	-
Current Tax - Total	1.1	0.8	0.8	0.8	0.9
Deferred Tax	0.0	0.0	0.0	-0.2	0.0
Deferred Tax - Total	0.0	0.0	0.0	-0.2	0.0
Prior Years	-	-	0.0	-	0.0
Income Tax - Total	1.1	0.8	0.8	0.6	0.9
Service Cost - Post-Retirement	0.2	0.1	0.1	0.2	0.2
Interest Cost - Post-Retirement	0.1	0.1	0.1	0.1	0.0
Actuarial Gain/Loss - Post-Ret.	0.0	0.0	0.0	0.0	0.0
Transition Cost - Post-Ret.	-	-	-	0.0	0.0
Post-Retirement Plan Expense	0.3	0.2	0.2	0.3	0.3
Defined Contribution Expense - Domestic	0.3	0.3	-	-	-
Total Pension Expense	0.6	0.5	0.2	0.3	0.3
Discount Rate - Post-Retirement	12.00%	12.00%	-	10.00%	10.00%
Compensation Rate - Post-Retirement	12.00%	12.00%	-	9.00%	9.00%

Interim Income Statement

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Restated Normal 31-Dec-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	87.814194	86.759355	85.292258	85.487912	85.79172
Export sales	24.1	23.6	-	-	17.0
Local sales	3.9	1.9	-	-	2.7
Waste sales	0.0	0.0	-	-	0.0
Sale of Dyes & Chemicals	0.0	-	-	-	0.0
Sales tax	0.0	0.0	-	-	0.0
Cloth processing, printing & Dyeing	1.7	1.5	-	-	2.2
Energy purchase	-24.3	59.8	-	-	0.0
Capacity price	76.6	14.0	-	-	0.0
Sales & Services	-	-	83.6	100.5	-
Total Revenue	82.0	100.8	83.6	100.5	21.9
Cost of Sales & Services	63.9	82.5	63.1	86.0	18.7
Selling & Distribution Expenses	0.7	0.5	0.0	1.1	0.6
Administrative Expenses	0.7	0.7	0.2	1.4	0.6
Other Operating Expenses	0.1	0.1	0.0	0.2	0.1
Other Operating income	-0.5	-0.4	-	-	-0.3
Income from investment property	0.0	0.0	-	-	0.0
Total Operating Expense	64.9	83.4	63.3	88.7	19.7
Other Income/Loss	-	-	0.0	1.1	-
Income from Investment Property	-	-	0.0	0.0	-
Financial Charges	-11.0	-11.0	-10.2	-9.6	-0.9
Fair Value Gain on Merger	-	-	0.0	-	-
Net Income Before Taxes	6.1	6.4	10.2	3.4	1.3
Provision for Income Taxes	0.3	0.2	0.0	0.6	0.3
Net Income After Taxes	5.8	6.2	10.1	2.8	1.0
Net Income Before Extra. Items	5.8	6.2	10.1	2.8	1.0
Net Income	5.8	6.2	10.1	2.8	1.0
Income Available to Com Excl ExtraOrd	5.8	6.2	10.1	2.8	1.0
Income Available to Com Incl ExtraOrd	5.8	6.2	10.1	2.8	1.0
Basic Weighted Average Shares	23.1	23.1	24.6	22.6	23.1
Basic EPS Excluding ExtraOrdinary Items	0.25	0.27	0.41	0.12	0.04
Basic EPS Including ExtraOrdinary Items	0.25	0.27	0.41	0.12	0.04
Diluted Net Income	5.8	6.2	10.1	2.8	1.0
Diluted Weighted Average Shares	23.1	23.1	24.6	22.6	23.1
Diluted EPS Excluding ExtraOrd Items	0.25	0.27	0.41	0.12	0.04
Diluted EPS Including ExtraOrd Items	0.25	0.27	0.41	0.12	0.04
DPS-Common Stock	0.00	0.00	0.02	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	-	0.0	0.0
Normalized Income Before Taxes	6.1	6.4	10.2	3.4	1.3
Inc Tax Ex Impact of Sp Items	0.3	0.2	0.0	0.6	0.3
Normalized Income After Taxes	5.8	6.2	10.1	2.8	1.0
Normalized Inc. Avail to Com.	5.8	6.2	10.1	2.8	1.0
Basic Normalized EPS	0.25	0.27	0.41	0.12	0.04
Diluted Normalized EPS	0.25	0.27	0.41	0.12	0.04
Depreciation	8.5	2.6	2.2	3.4	0.4
Rental Expense	0.0	0.0	-	-	0.0
Research & Development	0.1	0.0	-	-	0.1

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	85.97	85.525	81.44	68.45	60.47
Auditor	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Stores & Spares	6.3	1.4	1.3	1.7	1.6
Raw Materials	27.0	8.1	6.1	8.3	5.9
Work in Progress	5.5	3.4	1.2	1.2	1.8
Finished Goods	7.8	3.9	2.3	1.4	2.1
Packing Material	0.1	0.1	0.0	0.0	0.0
Trade Debtors	4.2	4.8	3.6	9.4	11.6
Trade Debtors - Related Party	90.0	1.6	0.1	0.0	-
Other Receivables	0.5	0.2	2.3	3.1	-
Accrued profit	0.0	0.0	0.1	0.0	-
Advance, Prepayments & Other Receivable	-	-	-	0.5	0.5
Loans and advances	0.8	0.4	0.5	-	-
Security Deposits	0.0	0.0	0.0	0.0	0.0
Prepayment	0.4	0.0	0.2	0.0	0.0
Other Receivables	2.6	0.7	0.5	-	-
Other Receivables	-	-	-	0.8	1.1
Current maturity of long term investment	-	-	0.0	0.0	-
Income Tax Refund Due	0.8	0.6	0.3	0.5	0.6
Finan. Assets at Fair value through P/L	0.0	2.4	7.8	0.1	0.3
Cash & Bank Balance	1.1	3.6	10.2	2.0	2.3
Term Deposit Account	0.6	2.9	-	0.0	-
Total Current Assets	147.6	34.2	36.6	29.1	27.8
Long Term Deposits	0.0	0.0	0.0	0.0	0.0
Long Term Loan & Advances	0.2	0.2	0.3	0.3	0.3
Long Term Investment	-	-	0.0	0.0	0.0
Free Hold Land	0.7	0.6	-	0.0	-
Lease Hold Land	0.5	0.5	-	0.6	0.7
Factory Building on Lease Hold Land	21.0	4.3	-	5.3	3.6
Non Factory Building on Lease Hold Land	0.6	0.6	-	0.7	0.4
Plant & Machinery	232.0	20.8	-	24.6	25.9
Factory Equipment	0.8	0.8	-	0.8	0.8
Office Equipment	0.1	0.1	-	0.2	0.2
Computers/Printers	0.2	0.1	-	0.2	0.2
Furniture & Fixture	0.2	0.2	-	0.1	0.2
Vehicle	1.6	1.4	-	1.2	1.3
Accumulated Depreciation	-21.0	-14.8	-	-15.1	-15.7
Property, plant and equipment	-	-	15.5	-	-
Capital Work in Progress	6.0	202.9	52.9	0.5	3.5
Investment Property	0.1	0.1	0.1	0.1	0.0
Accumulated Depreciation	0.0	0.0	-	0.0	-
Intangibles - goodwill	0.0	0.1	0.1	0.0	-
Software	0.0	0.0	-	-	-
Total Assets	390.6	252.2	105.5	48.5	49.3
Mark up Accrued	10.3	5.6	1.9	0.3	0.2
Current Portion of Long Term	10.1	4.7	0.2	0.4	4.1
Short Term Finance	90.3	21.2	21.0	15.2	12.8
Taxation	0.1	0.0	0.1	0.0	0.0
Creditors	24.0	12.6	6.3	6.2	7.6
Accrued Liabilities	0.5	0.5	0.7	0.6	0.9
Advances from customers	0.1	0.1	0.0	0.1	0.3
Unclaimed Dividend	0.0	0.0	0.0	0.0	0.0
Retention money	0.0	0.0	-	0.0	-
Income Tax payable	0.0	0.0	-	-	-
Other liabilities	0.0	0.0	0.0	0.8	0.7
Total Current Liabilities	135.4	44.9	30.2	23.4	26.6
Loans From Related Parties	0.1	0.2	0.3	2.0	2.0
Long term financing	170.1	144.6	41.6	-	-
Loans from Related Parties	-	-	-	0.4	0.0
Total Long Term Debt	170.3	144.8	41.9	2.5	2.0
Deferred Liabilities	1.5	1.2	1.0	0.2	0.4
Retirements Benefits	-	-	-	0.9	0.8
Minority Interest	49.8	33.2	7.8	0.0	-
Total Liabilities	356.9	224.1	81.0	27.0	29.8
Share Capital	2.7	2.6	2.8	3.3	3.7
Reserve	23.3	18.4	14.4	12.7	9.4
Reserve for issue of shares on merger	0.0	0.1	-	-	-
Un-appropriated Profits	7.8	7.0	7.3	5.5	6.3
Total Equity	33.8	28.1	24.4	21.5	19.5
Total Liabilities & Shareholders' Equity	390.6	252.2	105.5	48.5	49.3
S/O-Common Stock	23.1	22.6	22.6	22.6	22.6
Total Common Shares Outstanding	23.1	22.6	22.6	22.6	22.6
Deferred Revenue	0.1	0.1	0.0	0.1	0.3
Share holders	1,892	1,783	2,143	2,191	2,384
Long Term Debt Due Within 1 Year	-	-	-	15.5	17.0
Remaining Maturities	-	-	-	2.5	2.0
Total Long Term Debt, Supplemental	-	-	-	18.0	19.0
Post Retirement Obligation - Unfunded	1.3	1.1	0.9	1.0	0.9
Total Funded Status	-1.3	-1.1	-0.9	-1.0	-0.9
Discount Rate - Post-Retirement	12.00%	12.00%	13.00%	10.00%	10.00%
Compensation Rate - Post-Retirement	12.00%	12.00%	13.00%	9.00%	9.00%
Accrued Post Retirement Obligation	-1.3	-1.1	-0.8	-0.7	-1.0
Net Assets Recognized on Balance Sheet	-1.3	-1.1	-0.8	-0.7	-1.0

Interim Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	89.91	87.425	85.97	85.4	85.645
Stores & Spares	7.2	7.0	6.3	6.0	4.8
Stock in Trade	31.4	29.8	40.4	33.6	30.7
Trade Debtors	151.2	139.7	94.6	77.6	34.5
Loans & Advances	7.5	3.1	0.8	1.1	2.9
Trade Deposits & Prepayments	0.1	0.5	0.4	1.1	0.1
Accrued profit	0.0	0.0	0.0	0.0	0.0
Other Receivables	1.5	2.9	2.6	1.5	1.4
Income Tax Refund Due	0.6	0.5	0.8	0.9	2.4
Finan. Asset at Fair Value Through P/L	0.0	0.0	0.0	0.0	2.5
Cash & Bank Balance	4.9	10.7	1.7	1.1	3.7
Total Current Assets	204.4	194.2	147.6	122.9	83.1
Operating Fixed Assets	219.2	230.2	236.8	241.7	14.7
Capital Work in Progress	3.3	5.9	6.0	1.2	226.7
Long Term Loan & Advances	0.1	0.1	0.2	0.2	0.2
Long Term Deposits	0.0	0.0	0.0	0.0	0.0
Investment Property	0.1	0.1	0.1	0.1	0.1
Intangibles-Goodwill	0.1	0.1	0.1	0.1	0.1
Total Assets	427.1	430.6	390.6	366.1	324.9
Mark up Accrued	10.6	10.2	10.3	9.2	7.8
Short Term Finance	129.4	128.7	90.3	89.4	64.6
Current Portion of Long Term	10.3	10.3	10.1	12.6	9.9
Taxation	0.1	0.1	0.1	0.0	0.0
Trade & Other Payables	26.2	26.4	22.8	12.2	6.0
Accrued liabilities	-	-	0.5	-	0.4
Advances from customers	-	-	0.1	-	0.1
Worker's profit participation fund	-	-	0.8	-	0.1
Worker's welfare fund	-	-	0.3	-	0.1
Unclaimed dividend & bonus fractions	-	-	0.0	-	0.7
Retention Money	-	-	0.0	-	8.1
Other liabilities	-	-	0.0	-	0.1
Total Current Liabilities	176.7	175.7	135.4	123.4	97.9
Long Term Loans	157.6	165.0	170.1	168.3	157.2
Loans From Related Parties	0.1	0.1	0.1	0.2	0.2
Total Long Term Debt	157.7	165.1	170.3	168.4	157.3
Minority Interest	54.6	52.8	49.8	42.5	39.5
Deferred Liabilities	1.5	1.5	1.5	1.4	1.3
Adjustment	-	-	-	-	0.0
Total Liabilities	390.5	395.1	356.9	335.7	296.1
Share Capital	2.6	2.6	2.7	2.7	2.6
Reserve	26.1	22.9	23.3	23.4	23.4
Reserve for issue of shares on merger	-	-	0.0	0.0	-
Un-appropriated Profits	7.9	10.0	7.8	4.3	2.9
Total Equity	36.6	35.6	33.8	30.4	28.9
Total Liabilities & Shareholders' Equity	427.1	430.6	390.6	366.1	324.9
S/O-Common Stock	23.1	23.1	23.1	22.6	22.6
Total Common Shares Outstanding	23.1	23.1	23.1	22.6	22.6
Deferred Revenue	-	-	0.1	-	0.1

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	Restated Normal 30-Jun-2011	Restated Normal 30-Jun-2010	Updated Normal 30-Jun-2008	Reclassified Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	85.565587	83.860328	78.573941	62.550956	60.637036
Auditor	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.	Hyder Bhimji & Co.
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	16.1	6.8	7.7	6.1	5.4
Depreciation	6.3	1.5	1.6	1.8	1.8
Fair value gain on merger	0.0	-0.5	-	-	-
Provision for Staff Retirement Benefit	0.2	0.2	0.1	0.2	0.2
Provision for Slow Moving Inventory	0.0	0.0	0.0	0.1	0.0
Profit/Loss on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Financial Charges	21.4	2.5	2.0	1.5	1.1
Store & Spares	-4.9	-0.1	0.0	-0.4	-0.4
Stock in Trade	-25.1	-6.5	-0.4	-2.4	-0.6
Trade Debt	-88.6	-0.8	4.6	-2.5	-2.5
Interest Accrued	-	-	-	0.0	0.0
Loans & Advances	-0.3	0.0	0.0	0.0	0.0
Accrued profit	0.0	0.1	-0.1	-	-
Advance, Deposits, Prepay. & Other Rec.	-0.3	0.2	-0.2	0.0	0.0
Other Receivables	-2.2	-0.3	0.2	0.1	-0.9
Current maturity of long term investment	0.0	0.0	0.0	-	-
Trade and other payables	-	-	-	-0.8	3.9
Short Term Borrowings	69.5	1.2	8.6	4.2	-0.1
Trade and other payable	11.5	6.7	0.7	-	-
Long Term Loan	0.1	0.0	0.0	-0.1	0.0
Long Term Security Deposits	-	-	0.0	0.0	0.0
Financial Charges Paid	-16.8	1.5	-0.3	-1.3	-1.2
Income Tax Paid	-1.0	-0.8	-0.7	-0.8	-0.9
Income Tax Refund Received	0.0	-0.3	0.1	0.0	0.0
Cash from Operating Activities	-13.9	11.4	23.9	5.6	5.7
Fixed Capital Expenditure	-32.9	-156.5	-56.1	-2.4	-1.7
Proceeds from Disposal of Fixed Assets	0.1	0.0	0.0	0.1	0.1
Acquisition of subsidiary	-	-	8.2	0.0	-
Assets written off	-	-	0.0	0.0	-
Cash from Investing Activities	-32.8	-156.4	-47.9	-2.2	-1.6
Proceed from share insurance	8.5	26.5	0.0	-	-
Proceed of long term finance	31.9	111.7	41.2	-	-
Loan From PICIC	-	-	-	0.3	-0.1
Payment of Loans from Related Parties	-0.1	-0.1	0.0	-3.1	-
Payment/Proceeds From Directors Loan	-	-	-	-	-3.3
Dividend Paid	-	-1.3	-0.4	-0.7	-0.7
Cash from Financing Activities	40.3	136.7	40.8	-3.6	-4.1
Net Change in Cash	-6.4	-8.4	16.8	-0.2	0.0
Net Cash Beginning Balance	8.9	17.5	1.9	2.5	2.6
Net Cash Ending Balance	2.5	9.1	18.6	2.3	2.6
Cash Interest Paid	-	-	0.3	1.3	1.2
Cash Taxes Paid	1.0	1.1	0.7	0.8	0.9

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011	31-Dec-2010
Period Length	6 Months	3 Months	12 Months	9 Months	6 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011	Restated Normal 31-Dec-2011
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	87.286027	86.759355	85.565587	85.656455	85.739297
Net Income	12.5	6.4	16.1	4.5	2.7
Depreciation	11.2	2.6	6.3	1.1	0.7
Provision for Staff Retirement Benefit	0.1	0.1	0.2	0.2	0.1
Fair Value Gain on Merger	-	-	0.0	0.0	-
Provision for Slow Moving Inventory	-	-	0.0	-	-
Profit/Loss on Sale of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Financial Charges	22.0	11.0	21.4	10.4	1.7
Store & Spares	-1.2	-0.8	-4.9	-4.5	-3.5
Stock in Trade	7.4	10.0	-25.1	-18.0	-15.2
Trade Debt	-62.5	-47.0	-88.6	-70.9	-28.0
Loans & Advances	-7.0	-2.4	-0.3	-0.6	-2.5
Advance, Deposits, Prepay. & Other Rec.	0.2	-0.1	-0.3	-1.1	-0.1
Accrued profit	0.0	0.0	0.0	0.0	0.0
Other Receivables	1.0	-0.3	-2.2	-0.8	-0.6
Current maturity of long term investment	-	-	0.0	-	-
Short Term Borrowings	44.4	40.3	69.5	68.0	43.4
Trade and other payable	2.8	2.2	11.5	-1.3	1.7
Increase/Decrease in Long Term Loan	0.1	0.0	0.1	0.1	0.0
Financial Charges Paid	-21.1	-10.9	-16.8	-6.8	0.5
Income Tax Paid	-0.5	-0.2	-1.0	-0.7	-0.5
Sales Tax Refunded	0.3	-	-	-0.3	-1.8
Dividend Paid	-0.4	-	-	-0.8	-0.1
Income Tax Refund Received	-	0.3	0.0	-	-
Cash from Operating Activities	9.2	11.2	-13.9	-21.5	-1.6
Fixed capital expenditure	-1.3	-0.1	-32.9	-25.9	-25.1
Proceeds from Disposal of Fixed Assets	0.0	0.0	0.1	0.0	0.0
Share Subscription by Minority Interest	-	-	-	8.5	-
Cash from Investing Activities	-1.2	-0.1	-32.8	-17.4	-25.1
Proceed from share insurance	-	-	8.5	-	-
Proceed / (Payment) of long term finance	-	-	31.9	-	-
Investment by minority shareholders	-	0.0	-	-	-
(Payment) of loan from related parties	-	-	-0.1	-	-
Proceeds of Long Term Finance	-4.6	-2.0	-	31.2	17.9
Shares subscription	-	-	-	-	6.5
Proceeds/Payments from Related Parties	0.0	-	-	-0.1	0.0
Cash from Financing Activities	-4.6	-2.0	40.3	31.1	24.3
Net Change in Cash	3.3	9.1	-6.4	-7.8	-2.3
Net Cash Beginning Balance	1.7	1.7	8.9	8.9	8.8
Net Cash Ending Balance	5.0	10.8	2.5	1.1	6.5
Cash Interest Paid	21.1	10.9	-	6.8	-0.5
Cash Taxes Paid	0.5	-0.1	1.0	0.7	0.5

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.92
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

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%)

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

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