MIRA INFORM REPORT

 

 

Report Date :

21.03.2012

 

IDENTIFICATION DETAILS

 

Name :

BESTWAY CEMENT LIMITED

 

 

Registered Office :

Bestway Building, 19-A, College Road F-7 Markaz Islamabad, 44000

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

22.12.1993

 

 

Legal Form :

Public Subsidiary

 

 

Line of Business :

Manufacture of cement

 

 

No. of Employees :

396

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Pakistan

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Top of Form

Bottom of Form

 

Company name and address

 

Top of Form

Bestway Cement Limited

 

Bestway Building, 19-A,

College Road

F-7 Markaz

Islamabad, 44000

Pakistan

 Tel: 92-51-2654856

Fax: 92-51-2654865

 

www.bestway.com.pk

 

Employees:                   396

Company Type:             Public Subsidiary

Corporate Family:          31 Companies

Ultimate Parent:            Bestway Group

Traded:                         Karachi Stock Exchange:           BWCL

 

Incorporation Date:         22-Dec-1993

Auditor:                         KPMG Taseer Hadi & Co.

                                                                                                                                                   

 

Financials in:                 USD (mil)

                               

Fiscal Year End:            30-Jun-2011

Reporting Currency: Pakistan Rupee

Annual Sales:                199.5  1

Net Income:                  8.5

Total Assets:                 456.3  2

Market Value:                146.4

                                    (09-Mar-2012)

 

                                      

Business Description       

 

Bestway Cement Limited is a Pakistan-based company. It is engaged in the production and sale of cement. The subsidiary of the Company is Mustehkam Cement Limited (MCL). As of June 30, 2011, the Company operated two production plants at Hattar and Chakwal. During the fiscal year ended June 30, 2011, the Company produced a total of 2,978,386 tons of clinker and 3,242,958 tons of cement at its two plants, Hattar and Chakwal. As of June 30, 2011, the Company was a subsidiary of Bestway (Holdings) Limited, United Kingdom, and it had one subsidiary engaged in the production and sale of cement, Mustehkam Cement Limited. For the three months ended 30 September 2010, Bestway Cement Limiter's revenue decreased 22% to PKR3.31B. Net loss totaled PKR138.2M, vs. a profit of PKR75.8M. Revenues reflect a decrease in sales from Company's products and services. Net loss reflects a substantial decrease in gross profit margin, an increase in finance cost and a decrease in other operating income. The Company is engaged in the production and sale of cement.

          

 

 

 

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

Zameer Mohammed Choudrey

Chief Executive, Director

Muhammad Irfan A. Sheikh

Chief Financial Officer, Director - Finance, Director

Mazhar Rafi

Director of Administration and Marketing, Director

Kaleem Ashraf

Company Secretary

Shahid Sohail Khan

General Manager-Marketing

 

    Significant Developments                                                                               

 

Topic

#*

Most Recent Headline

Date

Equity Financing / Related

1

Bestway Cement Ltd Announces Rights Issue

22-Mar-2011

* number of significant developments within the last 12 months

 

           

News     

 

Title

Date

Roundup: KSE falls 0.41 pct on profit-taking
Xinhua News Agency (724 Words)

9-Feb-2012

MFN to bolster cement exports to India
Daily Times (Pakistan) (417 Words)

12-Nov-2011

Karachi Stock Exchange - KSE 100 Index Companies by Price Decrease
Daily Pak Banker (Pakistan) (422 Words)

23-Sep-2011

Karachi Stock Exchange - KSE 100 Index Companies by % Decrease
Daily Pak Banker (Pakistan) (428 Words)

23-Sep-2011

Karachi Stock Exchange - Top Symbols By % Decrease
Daily Pak Banker (Pakistan) (406 Words)

23-Sep-2011

   

Financial Summary                                                                                        

 

As of 30-Sep-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.47

2.04

Quick Ratio (MRQ)

0.14

1.12

Debt to Equity (MRQ)

1.31

1.04

Sales 5 Year Growth

28.78

-0.71

Net Profit Margin (TTM) %

6.93

-1.38

Return on Assets (TTM) %

3.27

-0.0060

Return on Equity (TTM) %

10.22

-2.72

 

 

 

 

Stock Snapshot                                    

 

Traded: Karachi Stock Exchange: BWCL

 

As of 9-Mar-2012

   Financials in: PKR

Recent Price

23.02

 

EPS

1.26

52 Week High

23.02

 

Price/Sales

0.78

52 Week Low

7.51

 

Price/Earnings

3.85

Avg. Volume (mil)

0.0008

 

Price/Book

0.91

Market Value (mil)

13,310.21

 

Beta

0.51

 

Price % Change

Rel S&P 500%

4 Week

91.83%

75.72%

13 Week

183.85%

143.71%

52 Week

81.98%

65.26%

Year to Date

174.05%

132.90%

 

 

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
Bestway Building, 19-A,
College Road
F-7 Markaz
Islamabad, 44000
Pakistan

 

Tel:

92-51-2654856

Fax:

92-51-2654865

 

www.bestway.com.pk

Quote Symbol - Exchange

BWCL - Karachi Stock Exchange

Sales PKR(mil):

17,074.4

Assets PKR(mil):

39,228.3

Employees:

396

Fiscal Year End:

30-Jun-2011

 

Industry:

Construction - Raw Materials

Incorporation Date:

22-Dec-1993

Company Type:

Public Subsidiary

Quoted Status:

Quoted

 

Chief Executive, Director:

Zameer Mohammed Choudrey

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

 

Executives

Financial Information

Home Page

 

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

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

Bestway Cement Limited is a Pakistan-based company. It is engaged in the production and sale of cement. The subsidiary of the Company is Mustehkam Cement Limited (MCL). As of June 30, 2011, the Company operated two production plants at Hattar and Chakwal. During the fiscal year ended June 30, 2011, the Company produced a total of 2,978,386 tons of clinker and 3,242,958 tons of cement at its two plants, Hattar and Chakwal. As of June 30, 2011, the Company was a subsidiary of Bestway (Holdings) Limited, United Kingdom, and it had one subsidiary engaged in the production and sale of cement, Mustehkam Cement Limited. For the three months ended 30 September 2010, Bestway Cement Limiter's revenue decreased 22% to PKR3.31B. Net loss totaled PKR138.2M, vs. a profit of PKR75.8M. Revenues reflect a decrease in sales from Company's products and services. Net loss reflects a substantial decrease in gross profit margin, an increase in finance cost and a decrease in other operating income. The Company is engaged in the production and sale of cement.

 

 

More Business Descriptions

Cement Manufacturing

 

 

 

 

 

 

 

Financial Data

Financials in:

PKR(mil)

 

Revenue:

17,074.4

Net Income:

729.8

Assets:

39,228.3

Long Term Debt:

10,968.1

 

Total Liabilities:

24,651.0

 

Working Capital:

-1.0

 

 

 

Date of Financial Data:

30-Jun-2011

 

1 Year Growth

12.7%

NA

2.0%

 

 

Market Data

Quote Symbol:

BWCL

Exchange:

Karachi Stock Exchange

Currency:

PKR

Stock Price:

23.0

Stock Price Date:

03-09-2012

52 Week Price Change %:

82.0

Market Value (mil):

13,310,210.0

 

SEDOL:

6348533

ISIN:

PK0077601018

 

Equity and Dept Distribution:

07/2008, Rights Issue, 15 new shares for every 100 shares @ PKR 35 (Factor: 1.010404).07/2009, Rights Issue, .775 new shares for every 1 share held @ PKR 15 (Factor: 1.000000)

 

 

 

Key Corporate Relationships

Auditor:

KPMG Taseer Hadi & Co.

 

Auditor:

KPMG Taseer Hadi & Co.

 

 

 

 

 

 

 

 

 

 

Corporate Structure News

 

Bestway Cement Limited
Total Corporate Family Members: 31
Excluded Small Branches and/or Trading Addresses: 20 (Available via export)

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Bestway Group

Parent

London

United Kingdom

Retail (Grocery)

2,600.8

4,231

Bestway Cash & Carry Ltd.

Subsidiary

London

United Kingdom

Food Processing

1,395.1

1,629

L. Batley Holdings Ltd.

Subsidiary

Wetherby

United Kingdom

Commercial Banks

4.3

6

Lacetrend Ltd.

Subsidiary

Wetherby

United Kingdom

Nonclassifiable Industries

0.7

 

Bestway Cement Limited

Subsidiary

Islamabad

Pakistan

Construction - Raw Materials

199.5

396

Map Trading Ltd.

Subsidiary

London

United Kingdom

Food Processing

20.9

33

Bestway Direct Ltd.

Subsidiary

London

United Kingdom

Food Processing

127.8

8

Palmbest Ltd.

Subsidiary

London

United Kingdom

Construction Services

6.3

 

Euroimpex (U.K.) Ltd.

Subsidiary

London

United Kingdom

Beverages (Alcoholic)

0.0

 

Bestway Ltd.

Subsidiary

London

United Kingdom

 

 

 

Map (Uk) Ltd.

Subsidiary

London

United Kingdom

Nonclassifiable Industries

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Mohammed Anwar Pervez

 

Chairman of the Board

Chairman

Mehmood Afzal

 

Director

Director/Board Member

Abdul Khalique Bhatti

 

Director

Director/Board Member

Adalat Khan Chaudhary

 

Director

Director/Board Member

Arshad Mehmood Chaudhary

 

Director

Director/Board Member


Education

MBA , Henley Management College


Compensation/Salary: 31,674,979

Zameer Mohammed Choudrey

 

Chief Executive, Director

Director/Board Member

 

 


Education

, University of Kent


Compensation/Salary: 18,000,000

Ghulam Sarwar Malik

 

Director - Projects, Director

Director/Board Member

 

 

Dawood Pervez

 

Director

Director/Board Member

 

 

Rizwan Pervez

 

Director

Director/Board Member

 

 

Mazhar Rafi

 

Director of Administration and Marketing, Director

Director/Board Member

 

 

Muhammad Irfan A. Sheikh

 

Chief Financial Officer, Director - Finance, Director

Director/Board Member

 

 

Mohammed Younus Sheikh

 

Director

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

Zameer Mohammed Choudrey

 

Chief Executive, Director

Chief Executive Officer


Education

, University of Kent


Compensation/Salary: 18,000,000

Shahid Sohail Khan

 

General Manager-Marketing

Division Head Executive

 

Kaleem Ashraf

 

Company Secretary

Company Secretary

 

Muhammad Irfan A. Sheikh

 

Chief Financial Officer, Director - Finance, Director

Finance Executive

 

Kalim Ahmed

 

Manager-Personnel

Human Resources Executive

 

Mazhar Rafi

 

Director of Administration and Marketing, Director

Marketing Executive

 

 

 Significant Developments

 

 

 

 

Bestway Cement Ltd Announces Rights Issue

Mar 22, 2011


Bestway Cement Ltd announced that it is to issue 75.50% right shares at a premium of PKR 5 per share of PKR 10 per share each in proportion of 0.7750 shares for every one share held. The authorized share capital of the Company is to be increased to PKR 7 billion by creation of 350 million new shares with par value of PKR 10 each.

 

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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-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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Revenue

277.6

260.5

205.5

192.8

153.2

    Sales Returns and Allowances

-15.2

-18.0

-

-7.2

-5.6

    Excise Tax Receipts

-62.8

-61.7

-

-51.6

-44.8

Revenue

199.5

180.7

205.5

134.0

102.7

Total Revenue

199.5

180.7

205.5

134.0

102.7

 

 

 

 

 

 

    Cost of Revenue

158.2

160.5

143.2

122.2

90.5

Cost of Revenue, Total

158.2

160.5

143.2

122.2

90.5

Gross Profit

41.4

20.2

62.3

11.8

12.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

4.4

13.5

21.0

5.4

1.1

    Labor & Related Expense

1.8

1.6

-

1.8

1.6

    Advertising Expense

0.1

0.0

-

0.1

0.1

Total Selling/General/Administrative Expenses

6.3

15.1

21.0

7.3

2.8

    Depreciation

0.1

0.2

-

-

-

    Amortization of Acquisition Costs

-

-

-

-

0.0

Depreciation/Amortization

0.1

0.2

-

-

0.0

        Interest Expense - Operating

38.2

30.7

-

-

-

    Interest Expense - Net Operating

38.2

30.7

-

-

-

        Investment Income - Operating

0.1

0.0

-

-

-

    Interest/Investment Income - Operating

0.1

0.0

-

-

-

Interest Expense (Income) - Net Operating Total

38.3

30.7

-

-

-

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

-

-

-

Unusual Expense (Income)

0.0

0.0

-

-

-

    Other Operating Expense

-

0.0

0.9

-

-

    Other, Net

-0.6

-0.2

-

-

-

Other Operating Expenses, Total

-0.6

-0.2

0.9

-

-

Total Operating Expense

202.3

206.2

165.1

129.5

93.3

 

 

 

 

 

 

Operating Income

-2.7

-25.5

40.4

4.5

9.5

 

 

 

 

 

 

        Investment Income - Non-Operating

11.0

9.2

7.0

8.1

13.3

    Interest/Investment Income - Non-Operating

11.0

9.2

7.0

8.1

13.3

    Interest Income (Expense) - Net Non-Operating

-

-

-31.1

-19.5

-21.0

Interest Income (Expense) - Net Non-Operating Total

11.0

9.2

-24.1

-11.3

-7.7

Gain (Loss) on Sale of Assets

-

-

-

0.0

0.0

    Other Non-Operating Income (Expense)

-

-

1.7

0.7

10.5

Other, Net

-

-

1.7

0.7

10.5

Income Before Tax

8.3

-16.2

18.0

-6.1

12.3

 

 

 

 

 

 

Total Income Tax

-0.2

-12.8

4.6

-0.2

1.3

Income After Tax

8.5

-3.4

13.4

-5.9

11.0

 

 

 

 

 

 

    Minority Interest

0.0

0.2

0.2

0.5

-0.1

Net Income Before Extraord Items

8.5

-3.2

13.6

-5.3

10.9

Net Income

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

578.2

325.7

283.3

283.3

260.2

Basic EPS Excl Extraord Items

0.01

-0.01

0.05

-0.02

0.04

Basic/Primary EPS Incl Extraord Items

0.01

-0.01

0.05

-0.02

0.04

Dilution Adjustment

-

-

-

0.0

0.0

Diluted Net Income

8.5

-3.2

13.6

-5.3

10.9

Diluted Weighted Average Shares

578.2

325.7

283.3

283.3

260.2

Diluted EPS Excl Extraord Items

0.01

-0.01

0.05

-0.02

0.04

Diluted EPS Incl Extraord Items

0.01

-0.01

0.05

-0.02

0.04

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

38.1

30.5

30.9

19.2

20.9

Depreciation, Supplemental

12.4

11.9

10.0

10.1

10.0

Total Special Items

0.0

0.0

-

0.0

0.0

Normalized Income Before Tax

8.2

-16.3

18.0

-6.1

12.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

-

0.0

0.0

Inc Tax Ex Impact of Sp Items

-0.2

-12.8

4.6

-0.2

1.3

Normalized Income After Tax

8.5

-3.4

13.4

-5.9

11.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.5

-3.2

13.6

-5.4

10.9

 

 

 

 

 

 

Basic Normalized EPS

0.01

-0.01

0.05

-0.02

0.04

Diluted Normalized EPS

0.01

-0.01

0.05

-0.02

0.04

Amort of Acquisition Costs, Supplemental

-

-

-

-

0.0

Amort of Intangibles, Supplemental

0.1

0.0

-

-

-

Rental Expenses

0.1

0.1

0.1

0.2

0.4

Advertising Expense, Supplemental

0.1

0.0

0.0

0.1

0.1

Normalized EBIT

35.5

5.2

40.4

4.5

9.5

Normalized EBITDA

48.0

17.1

50.4

14.7

19.5

    Current Tax - Total

2.5

0.5

0.9

0.7

0.7

Current Tax - Total

2.5

0.5

0.9

0.7

0.7

    Deferred Tax - Total

-2.7

-13.3

3.6

-0.9

0.6

Deferred Tax - Total

-2.7

-13.3

3.6

-0.9

0.6

Income Tax - Total

-0.2

-12.8

4.6

-0.2

1.3

Interest Cost - Domestic

0.1

0.1

0.1

0.1

0.0

Service Cost - Domestic

0.2

0.2

0.2

0.2

0.1

Actuarial Gains and Losses - Domestic

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.4

0.3

0.3

0.2

0.2

Total Pension Expense

0.4

0.3

0.3

0.2

0.2

Discount Rate - Domestic

14.00%

13.00%

13.00%

12.00%

10.00%

Compensation Rate - Domestic

14.00%

13.00%

13.00%

12.00%

10.00%

Total Plan Interest Cost

0.1

0.1

0.1

0.1

0.0

Total Plan Service Cost

0.2

0.2

0.2

0.2

0.1

 

 

 

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

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

Updated 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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

0.8

1.4

5.7

1.9

4.9

    Short Term Investments

0.8

1.0

-

3.5

9.9

Cash and Short Term Investments

1.6

2.5

5.7

5.4

14.8

    Trade Accounts Receivable - Net

3.6

3.7

7.2

5.4

1.5

    Other Receivables

16.9

15.7

14.5

13.4

14.1

Total Receivables, Net

20.5

19.4

21.8

18.8

15.6

    Inventories - Finished Goods

3.3

1.5

15.4

3.6

2.6

    Inventories - Work In Progress

11.9

9.1

-

8.8

4.2

    Inventories - Raw Materials

1.7

1.8

-

2.8

0.8

    Inventories - Other

37.2

31.4

27.2

33.0

23.1

Total Inventory

54.1

43.9

42.6

48.1

30.7

Prepaid Expenses

0.4

0.0

0.1

2.2

1.5

    Other Current Assets

1.8

3.1

4.1

-

-

Other Current Assets, Total

1.8

3.1

4.1

-

-

Total Current Assets

78.5

68.8

74.3

74.5

62.6

 

 

 

 

 

 

        Buildings

63.9

63.9

-

76.1

64.2

        Land/Improvements

12.9

12.9

309.6

15.7

17.0

        Machinery/Equipment

280.0

280.1

-

232.7

187.2

        Construction in Progress

1.7

1.0

-

13.4

72.5

        Leases

0.5

0.5

-

3.9

0.7

    Property/Plant/Equipment - Gross

359.0

358.4

309.6

341.8

341.6

    Accumulated Depreciation

-70.4

-59.0

-

-48.3

-44.3

Property/Plant/Equipment - Net

288.6

299.4

309.6

293.5

297.3

    Goodwill - Gross

-

-

13.9

16.6

18.8

Goodwill, Net

13.2

13.3

13.9

16.6

18.8

    Intangibles - Gross

0.4

0.4

-

-

-

    Accumulated Intangible Amortization

-0.1

0.0

-

-

-

Intangibles, Net

0.3

0.4

-

-

-

    LT Investment - Affiliate Companies

67.8

60.9

-

-

-

    LT Investments - Other

5.1

5.0

64.1

64.3

62.7

Long Term Investments

72.9

65.9

64.1

64.3

62.7

    Other Long Term Assets

2.8

1.7

0.3

0.8

0.2

Other Long Term Assets, Total

2.8

1.7

0.3

0.8

0.2

Total Assets

456.3

449.5

462.2

449.7

441.6

 

 

 

 

 

 

Accounts Payable

10.8

12.7

18.6

14.1

5.0

Accrued Expenses

13.1

10.7

-

5.0

5.6

Notes Payable/Short Term Debt

61.0

54.3

42.4

23.9

13.4

Current Portion - Long Term Debt/Capital Leases

56.5

52.2

40.9

37.9

34.8

    Dividends Payable

0.0

0.0

-

0.0

0.0

    Customer Advances

1.1

1.6

-

0.9

0.7

    Security Deposits

0.3

0.3

-

-

-

    Other Payables

3.4

4.7

5.3

8.5

6.6

    Other Current Liabilities

0.3

0.5

-

0.2

0.3

Other Current liabilities, Total

5.1

7.1

5.3

9.6

7.6

Total Current Liabilities

146.6

136.9

107.2

90.4

66.4

 

 

 

 

 

 

    Long Term Debt

24.0

22.0

4.1

-

-

    Capital Lease Obligations

103.6

159.4

194.6

205.0

215.2

Total Long Term Debt

127.6

181.5

198.7

205.0

215.2

Total Debt

245.1

287.9

281.9

266.8

263.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

10.4

13.1

27.7

29.0

33.8

Deferred Income Tax

10.4

13.1

27.7

29.0

33.8

Minority Interest

0.9

1.8

5.9

7.3

8.8

    Pension Benefits - Underfunded

1.1

0.8

0.7

0.8

0.7

    Other Long Term Liabilities

0.2

0.2

0.2

0.2

0.4

Other Liabilities, Total

1.2

1.0

0.8

1.0

1.1

Total Liabilities

286.7

334.4

340.4

332.7

325.2

 

 

 

 

 

 

    Common Stock

67.3

38.1

40.0

41.4

42.6

Common Stock

67.3

38.1

40.0

41.4

42.6

Additional Paid-In Capital

37.5

23.0

24.1

13.2

0.0

Retained Earnings (Accumulated Deficit)

57.0

47.3

51.8

60.9

74.2

    Translation Adjustment

7.8

6.8

6.0

1.6

-0.5

Other Equity, Total

7.8

6.8

6.0

1.6

-0.5

Total Equity

169.6

115.1

121.9

117.0

116.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

456.3

449.5

462.2

449.7

441.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

578.2

325.7

325.7

283.3

260.2

Total Common Shares Outstanding

578.2

325.7

325.7

283.3

260.2

Number of Common Shareholders

330

-

-

318

238

Accumulated Intangible Amort, Suppl.

0.1

0.0

-

-

-

Deferred Revenue - Current

1.1

1.6

2.2

1.0

1.0

Deferred Revenue - Long Term

-

-

0.0

0.2

0.4

Total Capital Leases, Supplemental

1.8

2.3

-

3.8

3.8

Capital Lease Payments Due in Year 1

0.6

0.5

-

0.6

0.4

Capital Lease Payments Due in Year 2

0.3

0.5

-

0.6

0.4

Capital Lease Payments Due in Year 3

0.3

0.5

-

0.6

0.4

Capital Lease Payments Due in Year 4

0.3

0.5

-

0.6

0.4

Capital Lease Payments Due in Year 5

0.3

0.5

-

0.6

0.4

Capital Lease Payments Due in 2-3 Years

0.6

0.9

-

1.2

0.8

Capital Lease Payments Due in 4-5 Years

0.6

0.9

-

1.2

0.8

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

-

0.9

1.8

Unfunded Plan Obligations

-

-

-

0.6

0.5

Total Funded Status

-

-

-

-0.6

-0.5

Discount Rate - Domestic

14.00%

13.00%

13.00%

12.00%

10.00%

Compensation Rate - Domestic

14.00%

13.00%

13.00%

12.00%

10.00%

Accrued Liabilities - Domestic

-

-

-

-0.6

-0.5

Net Assets Recognized on Balance Sheet

-

-

-

-0.6

-0.5

Total Plan Obligations

-

-

-

0.6

0.5

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

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

Reclassified Normal
30-Jun-2011

Updated 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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

8.3

-16.2

18.0

-6.1

12.3

    Depreciation

12.4

11.9

10.0

10.1

10.0

Depreciation/Depletion

12.4

11.9

10.0

10.1

10.0

    Amortization of Acquisition Costs

0.1

0.0

-

-

-

Amortization

0.1

0.0

-

-

-

    Unusual Items

-0.1

-0.1

-0.6

-0.1

0.0

    Equity in Net Earnings (Loss)

-11.0

-9.2

-7.0

-10.2

-13.1

    Other Non-Cash Items

38.4

31.2

31.1

19.3

19.5

Non-Cash Items

27.3

21.9

23.6

9.0

6.4

    Accounts Receivable

-0.3

3.3

-2.8

-4.4

-1.0

    Inventories

-4.5

2.2

-2.8

-9.3

-2.9

    Other Assets

-7.1

-2.5

1.1

-14.7

-15.5

    Accounts Payable

-0.3

8.4

-1.5

13.1

1.8

    Other Liabilities

0.0

0.0

0.0

-

-

    Other Operating Cash Flow

-42.0

-41.8

-33.8

-20.2

-20.5

Changes in Working Capital

-54.2

-30.5

-39.8

-35.4

-38.1

Cash from Operating Activities

-6.2

-12.9

11.7

-22.4

-9.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-1.8

-2.1

-4.7

-2.7

-10.5

    Purchase/Acquisition of Intangibles

0.0

0.0

-

-

-

Capital Expenditures

-1.8

-2.1

-4.7

-2.7

-10.5

    Acquisition of Business

-

-

-

-0.2

0.0

    Sale of Fixed Assets

0.0

0.0

0.0

0.1

0.0

    Other Investing Cash Flow

4.3

-8.3

-70.9

-39.0

-54.7

Other Investing Cash Flow Items, Total

4.4

-8.3

-70.8

-39.1

-54.7

Cash from Investing Activities

2.6

-10.4

-75.5

-41.8

-65.2

 

 

 

 

 

 

    Other Financing Cash Flow

-

-

-

18.3

18.4

Financing Cash Flow Items

-

-

-

18.3

18.4

    Cash Dividends Paid - Common

-

-

-

0.0

-3.9

Total Cash Dividends Paid

-

-

-

0.0

-3.9

        Sale/Issuance of Common

44.3

0.0

4.9

0.6

0.0

    Common Stock, Net

44.3

0.0

4.9

0.6

0.0

Issuance (Retirement) of Stock, Net

44.3

0.0

4.9

0.6

0.0

    Short Term Debt, Net

7.1

14.2

15.6

16.2

-4.0

        Long Term Debt Issued

3.5

50.1

70.0

-

-

        Long Term Debt Reduction

-52.1

-44.0

-25.5

-46.4

-17.2

    Long Term Debt, Net

-48.6

6.1

44.5

20.7

71.9

Issuance (Retirement) of Debt, Net

-41.5

20.3

60.1

36.9

67.9

Cash from Financing Activities

2.7

20.3

65.0

55.8

82.4

 

 

 

 

 

 

Net Change in Cash

-0.9

-3.0

1.2

-8.5

7.8

 

 

 

 

 

 

Net Cash - Beginning Balance

2.5

5.5

4.7

14.3

7.0

Net Cash - Ending Balance

1.6

2.5

5.9

5.9

14.8

Cash Interest Paid

39.2

37.5

29.8

18.6

19.3

Cash Taxes Paid

2.6

4.0

3.9

1.5

1.2

 

 

 

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-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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

277.6

260.5

205.5

192.8

153.2

    Sales Tax

-32.8

-27.5

-

-20.9

-17.7

    Excise Duty

-30.0

-34.2

-

-30.7

-27.1

    Rebates & Discounts

-15.2

-11.2

-

-7.2

-5.6

    Turnover-Net During Trial

0.0

-6.8

-

-

-

Total Revenue

199.5

180.7

205.5

134.0

102.7

 

 

 

 

 

 

    Cost of Sales

158.2

160.5

143.2

122.2

90.5

    Employee Cost

1.4

1.3

-

1.8

1.6

    Advertising & Promotion

0.0

0.0

-

0.1

0.1

    Depreciation Expenses

0.1

0.1

-

-

-

    Administration & General Expenses

0.7

1.0

2.2

0.9

0.7

    Salaries, wages and benefits Income from

0.3

0.3

-

-

-

    Advertising and promotion

0.0

0.0

-

-

-

    Depreciation Expenses

0.1

0.1

-

-

-

    Selling & Distribution Expenses

3.7

12.5

18.8

4.6

0.4

    Exchange loss - net

0.1

0.0

-

-

-

    Finance cost

38.2

30.7

-

-

-

    Profit on deposit accounts

0.0

0.0

-

-

-

    Exchange gain - net

0.0

0.0

-

-

-

    Profit on held to maturity investment

0.0

0.0

-

-

-

    Gain on disposal of operating fixed asse

0.0

0.0

-

-

-

    Other operating income

-0.6

-0.2

-

-

-

    Amortization of Goodwill

-

-

-

-

0.0

    Other Operating Expenses

-

0.0

0.9

-

-

Total Operating Expense

202.3

206.2

165.1

129.5

93.3

 

 

 

 

 

 

    Financial Charges

-

-

-31.1

-19.5

-21.0

    Exchange Loss

-

-

-

-2.2

0.0

    Profit on Deposit/Investment

-

-

-

0.0

0.1

    Sale of Fixed Assets

-

-

-

0.0

0.0

    Other Income

-

-

1.7

0.7

10.6

    Workers Profit Participation Fund

-

-

-

0.0

0.0

    Share of Profit in Associated Company

11.0

9.2

7.0

10.2

13.1

Net Income Before Taxes

8.3

-16.2

18.0

-6.1

12.3

 

 

 

 

 

 

Provision for Income Taxes

-0.2

-12.8

4.6

-0.2

1.3

Net Income After Taxes

8.5

-3.4

13.4

-5.9

11.0

 

 

 

 

 

 

    Minority Interest

0.0

0.2

0.2

0.5

-0.1

Net Income Before Extra. Items

8.5

-3.2

13.6

-5.3

10.9

Net Income

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Basic Weighted Average Shares

578.2

325.7

283.3

283.3

260.2

Basic EPS Excluding ExtraOrdinary Items

0.01

-0.01

0.05

-0.02

0.04

Basic EPS Including ExtraOrdinary Items

0.01

-0.01

0.05

-0.02

0.04

Dilution Adjustment

-

-

-

0.0

0.0

Diluted Net Income

8.5

-3.2

13.6

-5.3

10.9

Diluted Weighted Average Shares

578.2

325.7

283.3

283.3

260.2

Diluted EPS Excluding ExtraOrd Items

0.01

-0.01

0.05

-0.02

0.04

Diluted EPS Including ExtraOrd Items

0.01

-0.01

0.05

-0.02

0.04

DPS-Common Stock

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

8.2

-16.3

18.0

-6.1

12.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-0.2

-12.8

4.6

-0.2

1.3

Normalized Income After Taxes

8.5

-3.4

13.4

-5.9

11.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.5

-3.2

13.6

-5.4

10.9

 

 

 

 

 

 

Basic Normalized EPS

0.01

-0.01

0.05

-0.02

0.04

Diluted Normalized EPS

0.01

-0.01

0.05

-0.02

0.04

Amortization of Acquisition Cost

-

-

-

-

0.0

Finance Charges

38.1

30.5

30.9

19.2

20.9

Depreciation

12.4

11.9

10.0

10.1

10.0

Amort of Intangibles, Supplemental

0.1

0.0

-

-

-

Rent

0.1

0.1

0.1

0.2

0.4

Advertising & Promotion

0.1

0.0

0.0

0.1

0.1

    Current Tax

2.5

0.5

0.9

0.7

0.7

Current Tax - Total

2.5

0.5

0.9

0.7

0.7

    Deferred tax

-2.7

-13.3

3.6

-0.9

0.6

Deferred Tax - Total

-2.7

-13.3

3.6

-0.9

0.6

Income Tax - Total

-0.2

-12.8

4.6

-0.2

1.3

Service Cost - Pension

0.2

0.2

0.2

0.2

0.1

Interest Cost - Pension

0.1

0.1

0.1

0.1

0.0

Actuarial Gain/Loss - Pension

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.4

0.3

0.3

0.2

0.2

Total Pension Expense

0.4

0.3

0.3

0.2

0.2

Discount Rate - Pension

14.00%

13.00%

13.00%

12.00%

10.00%

Compensation Rate - Pension

14.00%

13.00%

13.00%

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

Restated Normal
30-Jun-2011

Updated 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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Stores, Spares & Loose Tools

37.2

31.4

27.2

33.1

23.4

    Raw & Packing Materials

1.7

1.8

-

2.8

0.8

    Work in Progress

11.9

9.1

-

8.8

4.2

    Finished Stock

3.3

1.5

-

2.6

2.6

    Finished Stock In Transit

-

-

15.4

1.0

0.0

    Provision for Obsolete

-

-

-

-0.2

-0.2

    Receivables from Customer

3.6

3.7

7.2

5.4

1.5

    Advances

1.8

3.0

4.1

-

-

    Security deposits

0.1

0.1

-

-

-

    Prepayment

0.4

0.0

0.1

0.2

0.1

    Interest Accrued

0.0

0.0

0.0

-

-

    Other Receivables

0.4

0.0

0.0

-

-

    Due from Govt. Agencies

16.5

15.7

14.5

-

-

    Advance Tax

-

-

-

2.0

1.5

    Advances, Deposits, Prepayments & Rec.

-

-

-

13.4

14.1

    Current Account

0.8

1.4

-

0.0

0.0

    Deposit Account

0.8

1.0

-

3.5

9.9

    Cash at Banks

-

-

-

1.2

0.1

    Saving Accounts

-

-

-

0.7

4.8

    Cash & Bank Balance

-

-

5.7

-

-

Total Current Assets

78.5

68.8

74.3

74.5

62.6

 

 

 

 

 

 

    Freehold Land

12.9

12.9

309.6

15.7

17.0

    Leasehold Land

0.5

0.5

-

0.6

0.7

    Buildings & Civil Work

63.9

63.9

-

76.1

64.2

    Plant & Machinery

260.0

261.4

-

216.2

169.3

    Quarry Equipment

11.3

10.3

-

10.7

12.1

    Other Equipment

1.4

1.2

-

1.0

0.9

    Furniture & Fixtures

1.0

1.0

-

1.1

1.0

    Vehicles

2.3

2.3

-

2.5

2.7

    Office Equipments

1.3

1.2

-

1.2

1.2

    Plant & Equipment

2.6

2.7

-

-

-

    Depreciation

-70.4

-59.0

-

-48.3

-44.3

    Railway Slidings

-

-

-

0.0

0.0

    Capital Work in Progress

1.7

1.0

-

13.4

72.5

    Stores Held For Capital Expenditure

2.6

1.4

-

0.8

0.2

    Leased Asset

-

-

-

3.3

0.0

    Intangible assets

0.4

0.4

-

-

-

    Accumulated Amortization Intangible

-0.1

0.0

-

-

-

    Goodwill, Net

13.2

13.3

-

-

-

    Good Will

-

-

13.9

16.6

18.8

    Investment Properties

4.0

4.0

4.1

4.3

4.6

    Associated Company

67.8

60.9

-

-

-

    Long Term Investments

0.0

0.0

58.9

58.3

56.2

    Long Term Deposits & Deferred Costs

1.0

1.0

1.1

1.7

1.9

    Long Term Advances

0.2

0.3

0.3

-

-

    Adjustments

-

-

-

0.0

-

Total Assets

456.3

449.5

462.2

449.7

441.6

 

 

 

 

 

 

    Trade Payables

10.8

12.7

18.6

14.1

5.0

    Mark up Accrued

3.2

4.2

5.3

4.5

4.6

    Current Portion of Long Term Financing

54.5

50.3

38.9

7.9

6.7

    Current Maturity of Long Term Murabaha

1.4

1.4

1.5

29.3

28.2

    Short Term Import Finance

0.6

0.5

0.5

0.7

0.0

    Accrued Liabilities

9.4

7.6

-

5.0

5.6

    Advances from Customers

1.1

1.6

-

0.9

0.7

    Current Portion of Advance Rents

0.1

0.1

-

0.2

0.3

    Unclaimed Dividend

0.0

0.0

-

0.0

0.0

    Other Payable

0.2

0.5

-

4.0

1.9

    Security deposits

0.3

0.3

-

-

-

    Workers' Profit Participation Fund

0.0

0.0

-

-

-

    Workers' Welfare Fund

0.1

0.1

-

-

-

    Retention money

0.1

0.4

-

-

-

    Sales tax payable

1.1

0.4

-

-

-

    Excise duty payable

2.6

2.7

-

-

-

    Running Finance from Banking Co.s

-

-

-

6.4

7.8

    Foreign Currency Import Finances

-

-

-

17.5

5.6

    Short Term Borrowings

61.0

54.3

42.4

-

-

Total Current Liabilities

146.6

136.9

107.2

90.4

66.4

 

 

 

 

 

 

    Long Term Finance

102.3

157.6

192.2

201.3

211.3

    Liab. Against Assets - Finance Lease

1.3

1.8

2.4

3.8

3.8

    Long term murabaha - secured

3.5

0.0

-

-

-

    Long Term Debt

20.5

22.0

4.1

-

-

Total Long Term Debt

127.6

181.5

198.7

205.0

215.2

 

 

 

 

 

 

    Long Term Advances

-

-

0.0

0.2

0.4

    Deferred Taxation

10.4

13.1

27.7

29.0

33.8

    Provision for Gratuity

1.1

0.8

0.7

0.8

0.7

    Provision for Compensated Absences

0.2

0.2

0.2

-

-

    Long term Security Deposits

-

-

-

0.0

0.0

    Minority Interest

0.9

1.8

5.9

7.3

8.8

Total Liabilities

286.7

334.4

340.4

332.7

325.2

 

 

 

 

 

 

    Share Capital

67.3

38.1

40.0

41.4

42.6

    Share Premium Account

37.5

23.0

24.1

13.2

0.0

    Exchange Reserve

7.8

6.8

6.0

1.6

-0.5

    Unappropriated Profit

59.0

49.9

51.9

44.8

55.8

    Cashflow Hedge Reserve

-0.1

-0.2

-0.2

-

-

    Deficit on revaluation of available for

-1.9

-2.5

-

-

-

    Advances for Right Issue

-

-

-

16.1

18.5

Total Equity

169.6

115.1

121.9

117.0

116.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

456.3

449.5

462.2

449.7

441.6

 

 

 

 

 

 

    S/O-Common Stock

578.2

325.7

325.7

283.3

260.2

Total Common Shares Outstanding

578.2

325.7

325.7

283.3

260.2

Accumulated Intangible Amort, Suppl.

0.1

0.0

-

-

-

Deferred Revenue - Current

1.1

1.6

2.2

1.0

1.0

Deferred Revenue - Non-Current

-

-

0.0

0.2

0.4

Shareholders

330

-

-

318

238

Capital Lease Payments Due within 1 Year

0.6

0.5

-

-

-

Payable Within 5 Years

1.3

1.8

-

2.9

2.0

Remaining Maturities

-

-

-

0.9

1.8

Total Capital Leases

1.8

2.3

-

3.8

3.8

Unfundedt Obligation - Pension

-

-

-

0.6

0.5

Total Funded Status

-

-

-

-0.6

-0.5

Discount Rate - Pension

14.00%

13.00%

13.00%

12.00%

10.00%

Compensation Rate - Pension

14.00%

13.00%

13.00%

12.00%

10.00%

Provision - Pension

-

-

-

-0.6

-0.5

Net Assets Recognized on Balance Sheet

-

-

-

-0.6

-0.5

 

 

 

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

Reclassified Normal
30-Jun-2011

Updated 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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

8.3

-16.2

18.0

-6.1

12.3

    Depreciation

12.4

11.9

10.0

10.1

10.0

    Amortization of GoodWill

0.1

0.0

-

-

-

    Provision for Slow Moving & Obsolte Stor

0.0

0.5

0.0

-

-

    Rental Income

-0.2

-0.2

-0.3

-0.3

0.0

    Profit on Deposit Accounts

0.0

0.0

0.0

0.0

-0.1

    Share of Proft in Associated Company

-11.0

-9.2

-7.0

-10.2

-13.1

    Profit/Loss Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Profit on Investments

0.0

0.0

0.0

-

-

    Gain on Revalu. of investment property

-0.1

-0.1

-0.6

-

-

    Financial Charges

38.2

30.7

31.1

19.5

21.0

    Trail rin Cost

0.0

-0.3

0.0

-

-

    Provision for Staff Requirement Benefits

0.4

0.5

0.3

0.3

0.3

    Stores & Spares Written off

-

-

-

0.0

0.0

    Advances Written Off

-

-

-

0.0

0.0

    Amortization of Long Term Advance

-

-

-

0.0

-0.3

    Accrued interest held to maturity inves.

-

-

-

0.0

0.0

    Provision for WPPF

-

-

-

0.0

0.0

    Revaluation of Invstment Property

-

-

-

-0.2

0.0

    Liabilties Written Back

-

-

-

0.0

0.0

    Old Deposits Written Back

-

-

-

0.0

0.0

    Inc. in Stores, spares & loose tools

-7.1

-5.5

3.9

-13.7

-5.5

    (Inc.)/Dec. in Stock in Trade

-4.5

2.2

-2.8

-9.3

-2.9

    Dec./(Inc.) in Trade Debts

0.1

3.3

-2.8

-4.4

-1.0

    Advances

1.2

0.9

-2.2

-

-

    Inc. in Advances, Deposits, Prepayments

-0.4

0.0

0.2

-0.9

-10.0

    Other Receivables

-0.3

0.0

0.0

-

-

    Due from Govt. Agencies

-0.9

2.1

-0.8

-

-

    Long Term Advances

0.0

0.0

0.0

-

-

    Inc. in trade & Other Payables

-0.3

8.4

-1.5

13.1

1.8

    WPPF Paid

-

-

-

0.0

-1.4

    Staff Retirement Benifits Paid

-0.2

-0.3

-0.1

-0.1

-0.1

    Financial Charges Paid

-39.2

-37.5

-29.8

-18.6

-19.3

    Income Tax Paid

-2.6

-4.0

-3.9

-1.5

-1.2

Cash from Operating Activities

-6.2

-12.9

11.7

-22.4

-9.4

 

 

 

 

 

 

    Capital Expenditure

-1.8

-2.1

-4.7

-2.7

-10.5

    Additions in Capital Work in Progress

-1.4

-10.9

-80.4

-41.2

-57.4

    Additions in intangible assets

0.0

0.0

-

-

-

    Stores held for Capitalisation

-

-

-1.4

-0.7

-0.2

    Proceeds from Enhancement of performance

-

-

8.6

-

-

    Sale of Fixed Assets

0.0

0.0

0.0

0.1

0.0

    Rent received from investment property

0.3

0.0

-

-

-

    Long Term Advances

-

-

0.1

-0.1

0.0

    Increase in Long term Deposits

0.0

0.0

0.0

-

-

    Long Term Advances

0.0

0.0

-0.1

0.0

0.3

    Profit Earned on Deposits

0.0

0.0

0.0

0.0

0.2

    Dividend Income

5.5

2.5

2.5

3.0

2.5

    Investment in Subsidiary

-

-

-

-0.2

0.0

Cash from Investing Activities

2.6

-10.4

-75.5

-41.8

-65.2

 

 

 

 

 

 

    Further Issue of Capital - Rights Issue

44.3

0.0

4.9

0.6

0.0

    Increase in Short Term Finance

7.1

14.2

15.6

16.2

-4.0

    Long Term Financing -Disbursements

0.0

30.1

70.0

-

-

    Repayment of Finance Lease

-50.2

-42.6

-24.0

-46.4

-17.2

    Long Term Disbursements

0.0

20.0

0.0

-

-

    Repayment of Long Term

-1.4

-1.4

-1.5

-

-

    Repayment of liability against assets su

-0.5

0.0

-

-

-

    Long term musharaka - proceeds

3.5

0.0

-

-

-

    Issue/Repayment of Long Term Loans

-

-

-

67.1

89.1

    Changes in LT Security Deposits

-

-

-

0.0

0.0

    Advances for Issue of Right Issue

-

-

-

18.3

18.4

    Dividend Paid

-

-

-

0.0

-3.9

Cash from Financing Activities

2.7

20.3

65.0

55.8

82.4

 

 

 

 

 

 

Net Change in Cash

-0.9

-3.0

1.2

-8.5

7.8

 

 

 

 

 

 

Net Cash-Beginning Balance

2.5

5.5

4.7

14.3

7.0

Net Cash-Ending Balance

1.6

2.5

5.9

5.9

14.8

    Cash Interest Paid

39.2

37.5

29.8

18.6

19.3

    Cash Taxes Paid

2.6

4.0

3.9

1.5

1.2

 

 

 

Financial Health

 

Financials in: USD (mil)

 

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Sep-2011

Quarter
Ending
Yr Ago

Annual
Year End
30-Jun-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

54.2

42.00%

199.5

12.67%

26.76%

28.78%

Operating Income1

3.2

-

-2.7

-

-

-

Income Available to Common Excl Extraord Items1

4.8

-

8.5

-

-

-15.87%

Basic EPS Excl Extraord Items1

0.01

-

0.01

-

-

-27.69%

Capital Expenditures2

0.5

-

1.8

-13.38%

-3.67%

-24.37%

Cash from Operating Activities2

15.7

-

-6.2

-

-

-

Free Cash Flow

15.1

-

-7.9

-

-

-

Total Assets3

442.3

0.59%

456.3

2.05%

8.42%

14.92%

Total Liabilities3

269.9

-17.48%

286.7

-13.80%

2.67%

11.85%

Total Long Term Debt3

106.3

-40.13%

127.6

-29.34%

-7.89%

3.01%

Total Common Shares Outstanding3

578.2

77.50%

578.2

77.50%

26.85%

19.57%

1-ExchangeRate: PKR to USD Average for Period

86.759355

 

85.565587

 

 

 

2-ExchangeRate: PKR to USD Average for Period

86.759355

 

85.565587

 

 

 

3-ExchangeRate: PKR to USD Period End Date

87.425000

 

85.970000

 

 

 

Key Ratios

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Profitability

Gross Margin

20.74%

11.20%

30.30%

8.82%

11.92%

Operating Margin

-1.36%

-14.08%

19.66%

3.38%

9.21%

Pretax Margin

4.14%

-8.99%

8.75%

-4.53%

11.95%

Net Profit Margin

4.27%

-1.75%

6.62%

-3.99%

10.65%

Financial Strength

Current Ratio

0.54

0.50

0.69

0.82

0.94

Long Term Debt/Equity

0.75

1.58

1.63

1.75

1.85

Total Debt/Equity

1.45

2.50

2.31

2.28

2.26

Interest Coverage

-

-

1.30

0.23

0.45

Management Effectiveness

Return on Assets

1.87%

-0.75%

3.08%

-1.28%

2.88%

Return on Equity

5.98%

-2.68%

11.92%

-4.44%

10.59%

Efficiency

Receivables Turnover

9.98

8.84

10.56

7.52

9.74

Inventory Turnover

3.22

3.73

3.33

2.97

3.43

Asset Turnover

0.44

0.40

0.47

0.29

0.27

Market Valuation USD (mil)

P/E (TTM)

10.39

.

Enterprise Value2

376.1

Price/Sales (TTM)

0.72

.

Enterprise Value/Revenue (TTM)

1.78

Price/Book (MRQ)

0.88

.

Enterprise Value/EBITDA (TTM)

7.97

Market Cap as of 09-Mar-20121

146.4

.

 

 

1-ExchangeRate: PKR to USD on 9-Mar-2012

90.888481

 

 

 

2-ExchangeRate: PKR to USD on 30-Sep-2011

87.425000

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

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

 



 

 

30-Jun-2011

30-Jun-2010

30-Jun-2009

30-Jun-2008

30-Jun-2007

Financial Strength

Current Ratio

0.54

0.50

0.69

0.82

0.94

Quick/Acid Test Ratio

0.15

0.16

0.26

0.27

0.46

Working Capital1

-68.1

-68.1

-32.9

-15.9

-3.8

Long Term Debt/Equity

0.75

1.58

1.63

1.75

1.85

Total Debt/Equity

1.45

2.50

2.31

2.28

2.26

Long Term Debt/Total Capital

0.31

0.45

0.49

0.53

0.57

Total Debt/Total Capital

0.59

0.71

0.70

0.70

0.69

Interest Coverage

-

-

1.30

0.23

0.45

Payout Ratio

0.00%

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate

-2.72%

-

25.46%

-

10.34%

Total Capital1

414.7

403.0

403.8

383.8

379.7

 

 

 

 

 

 

Efficiency

Asset Turnover

0.44

0.40

0.47

0.29

0.27

Inventory Turnover

3.22

3.73

3.33

2.97

3.43

Days In Inventory

113.36

97.97

109.72

122.94

106.38

Receivables Turnover

9.98

8.84

10.56

7.52

9.74

Days Receivables Outstanding

36.57

41.29

34.56

48.56

37.47

 

 

 

 

 

 

Profitability

Gross Margin

20.74%

11.20%

30.30%

8.82%

11.92%

Operating Margin

-1.36%

-14.08%

19.66%

3.38%

9.21%

EBITDA Margin

4.89%

-7.49%

24.51%

10.94%

18.98%

EBIT Margin

-1.36%

-14.08%

19.66%

3.38%

9.21%

Pretax Margin

4.14%

-8.99%

8.75%

-4.53%

11.95%

Net Profit Margin

4.27%

-1.75%

6.62%

-3.99%

10.65%

COGS/Revenue

79.26%

88.80%

69.70%

91.18%

88.08%

SG&A Expense/Revenue

3.15%

8.37%

10.20%

5.44%

2.71%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

1.87%

-0.75%

3.08%

-1.28%

2.88%

Return on Equity

5.98%

-2.68%

11.92%

-4.44%

10.59%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-0.01

-0.05

0.02

-0.08

-0.08

Operating Cash Flow/Share 2

-0.01

-0.04

0.03

-0.07

-0.04

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)

10.39

Market Cap/Equity (MRQ)

0.88

Market Cap/Revenue (TTM)

0.72

Market Cap/EBIT (TTM)

3.57

Market Cap/EBITDA (TTM)

3.23

Enterprise Value/Earnings (TTM)

25.67

Enterprise Value/Equity (MRQ)

2.18

Enterprise Value/Revenue (TTM)

1.78

Enterprise Value/EBIT (TTM)

8.82

Enterprise Value/EBITDA (TTM)

7.97

 

 

 

Annual Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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-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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Revenue

277.6

260.5

205.5

192.8

153.2

    Sales Returns and Allowances

-15.2

-18.0

-

-7.2

-5.6

    Excise Tax Receipts

-62.8

-61.7

-

-51.6

-44.8

Revenue

199.5

180.7

205.5

134.0

102.7

Total Revenue

199.5

180.7

205.5

134.0

102.7

 

 

 

 

 

 

    Cost of Revenue

158.2

160.5

143.2

122.2

90.5

Cost of Revenue, Total

158.2

160.5

143.2

122.2

90.5

Gross Profit

41.4

20.2

62.3

11.8

12.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

4.4

13.5

21.0

5.4

1.1

    Labor & Related Expense

1.8

1.6

-

1.8

1.6

    Advertising Expense

0.1

0.0

-

0.1

0.1

Total Selling/General/Administrative Expenses

6.3

15.1

21.0

7.3

2.8

    Depreciation

0.1

0.2

-

-

-

    Amortization of Acquisition Costs

-

-

-

-

0.0

Depreciation/Amortization

0.1

0.2

-

-

0.0

        Interest Expense - Operating

38.2

30.7

-

-

-

    Interest Expense - Net Operating

38.2

30.7

-

-

-

        Investment Income - Operating

0.1

0.0

-

-

-

    Interest/Investment Income - Operating

0.1

0.0

-

-

-

Interest Expense (Income) - Net Operating Total

38.3

30.7

-

-

-

    Loss (Gain) on Sale of Assets - Operating

0.0

0.0

-

-

-

Unusual Expense (Income)

0.0

0.0

-

-

-

    Other Operating Expense

-

0.0

0.9

-

-

    Other, Net

-0.6

-0.2

-

-

-

Other Operating Expenses, Total

-0.6

-0.2

0.9

-

-

Total Operating Expense

202.3

206.2

165.1

129.5

93.3

 

 

 

 

 

 

Operating Income

-2.7

-25.5

40.4

4.5

9.5

 

 

 

 

 

 

        Investment Income - Non-Operating

11.0

9.2

7.0

8.1

13.3

    Interest/Investment Income - Non-Operating

11.0

9.2

7.0

8.1

13.3

    Interest Income (Expense) - Net Non-Operating

-

-

-31.1

-19.5

-21.0

Interest Income (Expense) - Net Non-Operating Total

11.0

9.2

-24.1

-11.3

-7.7

Gain (Loss) on Sale of Assets

-

-

-

0.0

0.0

    Other Non-Operating Income (Expense)

-

-

1.7

0.7

10.5

Other, Net

-

-

1.7

0.7

10.5

Income Before Tax

8.3

-16.2

18.0

-6.1

12.3

 

 

 

 

 

 

Total Income Tax

-0.2

-12.8

4.6

-0.2

1.3

Income After Tax

8.5

-3.4

13.4

-5.9

11.0

 

 

 

 

 

 

    Minority Interest

0.0

0.2

0.2

0.5

-0.1

Net Income Before Extraord Items

8.5

-3.2

13.6

-5.3

10.9

Net Income

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

578.2

325.7

283.3

283.3

260.2

Basic EPS Excl Extraord Items

0.01

-0.01

0.05

-0.02

0.04

Basic/Primary EPS Incl Extraord Items

0.01

-0.01

0.05

-0.02

0.04

Dilution Adjustment

-

-

-

0.0

0.0

Diluted Net Income

8.5

-3.2

13.6

-5.3

10.9

Diluted Weighted Average Shares

578.2

325.7

283.3

283.3

260.2

Diluted EPS Excl Extraord Items

0.01

-0.01

0.05

-0.02

0.04

Diluted EPS Incl Extraord Items

0.01

-0.01

0.05

-0.02

0.04

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

38.1

30.5

30.9

19.2

20.9

Depreciation, Supplemental

12.4

11.9

10.0

10.1

10.0

Total Special Items

0.0

0.0

-

0.0

0.0

Normalized Income Before Tax

8.2

-16.3

18.0

-6.1

12.3

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

-

0.0

0.0

Inc Tax Ex Impact of Sp Items

-0.2

-12.8

4.6

-0.2

1.3

Normalized Income After Tax

8.5

-3.4

13.4

-5.9

11.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.5

-3.2

13.6

-5.4

10.9

 

 

 

 

 

 

Basic Normalized EPS

0.01

-0.01

0.05

-0.02

0.04

Diluted Normalized EPS

0.01

-0.01

0.05

-0.02

0.04

Amort of Acquisition Costs, Supplemental

-

-

-

-

0.0

Amort of Intangibles, Supplemental

0.1

0.0

-

-

-

Rental Expenses

0.1

0.1

0.1

0.2

0.4

Advertising Expense, Supplemental

0.1

0.0

0.0

0.1

0.1

Normalized EBIT

35.5

5.2

40.4

4.5

9.5

Normalized EBITDA

48.0

17.1

50.4

14.7

19.5

    Current Tax - Total

2.5

0.5

0.9

0.7

0.7

Current Tax - Total

2.5

0.5

0.9

0.7

0.7

    Deferred Tax - Total

-2.7

-13.3

3.6

-0.9

0.6

Deferred Tax - Total

-2.7

-13.3

3.6

-0.9

0.6

Income Tax - Total

-0.2

-12.8

4.6

-0.2

1.3

Interest Cost - Domestic

0.1

0.1

0.1

0.1

0.0

Service Cost - Domestic

0.2

0.2

0.2

0.2

0.1

Actuarial Gains and Losses - Domestic

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.4

0.3

0.3

0.2

0.2

Total Pension Expense

0.4

0.3

0.3

0.2

0.2

Discount Rate - Domestic

14.00%

13.00%

13.00%

12.00%

10.00%

Compensation Rate - Domestic

14.00%

13.00%

13.00%

12.00%

10.00%

Total Plan Interest Cost

0.1

0.1

0.1

0.1

0.0

Total Plan Service Cost

0.2

0.2

0.2

0.2

0.1

 

 

 

Interim Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Calculated
31-Mar-2011

Updated Normal
30-Sep-2010

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

86.759355

85.292258

85.487912

85.79172

85.692742

 

 

 

 

 

 

    Net Sales

54.2

60.6

52.5

47.8

38.6

Revenue

54.2

60.6

52.5

47.8

38.6

Total Revenue

54.2

60.6

52.5

47.8

38.6

 

 

 

 

 

 

    Cost of Revenue

41.4

41.7

42.3

41.1

33.1

Cost of Revenue, Total

41.4

41.7

42.3

41.1

33.1

Gross Profit

12.8

18.9

10.2

6.7

5.5

 

 

 

 

 

 

    Selling/General/Administrative Expense

1.2

1.7

1.4

1.7

1.6

Total Selling/General/Administrative Expenses

1.2

1.7

1.4

1.7

1.6

    Interest Expense (Income) - Net Operating

8.6

9.2

10.0

9.6

9.4

Interest Expense (Income) - Net Operating Total

8.6

9.2

10.0

9.6

9.4

    Other Operating Expense

-

-

-

0.0

0.0

    Other, Net

-0.1

-0.3

-0.2

-0.1

-0.1

Other Operating Expenses, Total

-0.1

-0.3

-0.2

-0.1

-0.1

Total Operating Expense

51.0

52.4

53.5

52.4

44.0

 

 

 

 

 

 

Operating Income

3.2

8.3

-1.0

-4.6

-5.4

 

 

 

 

 

 

        Investment Income - Non-Operating

3.7

2.7

3.0

2.7

2.5

    Interest/Investment Income - Non-Operating

3.7

2.7

3.0

2.7

2.5

Interest Income (Expense) - Net Non-Operating Total

3.7

2.7

3.0

2.7

2.5

    Other Non-Operating Income (Expense)

0.0

0.0

-

0.0

-

Other, Net

0.0

0.0

-

0.0

-

Income Before Tax

6.9

11.0

2.0

-1.8

-2.9

 

 

 

 

 

 

Total Income Tax

2.2

-1.1

1.5

0.6

-1.2

Income After Tax

4.8

12.1

0.6

-2.4

-1.6

 

 

 

 

 

 

    Minority Interest

0.0

-0.1

0.1

0.1

0.0

Net Income Before Extraord Items

4.8

11.9

0.6

-2.4

-1.6

Net Income

4.8

11.9

0.6

-2.4

-1.6

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

4.8

11.9

0.6

-2.4

-1.6

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

4.8

11.9

0.6

-2.4

-1.6

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

578.2

578.2

578.2

578.2

325.7

Basic EPS Excl Extraord Items

0.01

0.02

0.00

0.00

0.00

Basic/Primary EPS Incl Extraord Items

0.01

0.02

0.00

0.00

0.00

Dilution Adjustment

-

0.0

-

0.0

0.0

Diluted Net Income

4.8

11.9

0.6

-2.4

-1.6

Diluted Weighted Average Shares

578.2

578.2

578.2

578.2

325.7

Diluted EPS Excl Extraord Items

0.01

0.02

0.00

0.00

0.00

Diluted EPS Incl Extraord Items

0.01

0.02

0.00

0.00

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

Depreciation, Supplemental

3.1

-

-

-

3.6

Normalized Income Before Tax

6.9

11.0

2.0

-1.8

-2.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.2

-1.1

1.5

0.6

-1.2

Normalized Income After Tax

4.8

12.1

0.6

-2.4

-1.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.8

11.9

0.6

-2.4

-1.6

 

 

 

 

 

 

Basic Normalized EPS

0.01

0.02

0.00

0.00

0.00

Diluted Normalized EPS

0.01

0.02

0.00

0.00

0.00

Normalized EBIT

11.8

17.5

9.0

5.1

4.0

Normalized EBITDA

14.9

17.5

9.0

5.1

7.6

 

 

 

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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

Updated 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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

0.8

1.4

5.7

1.9

4.9

    Short Term Investments

0.8

1.0

-

3.5

9.9

Cash and Short Term Investments

1.6

2.5

5.7

5.4

14.8

    Trade Accounts Receivable - Net

3.6

3.7

7.2

5.4

1.5

    Other Receivables

16.9

15.7

14.5

13.4

14.1

Total Receivables, Net

20.5

19.4

21.8

18.8

15.6

    Inventories - Finished Goods

3.3

1.5

15.4

3.6

2.6

    Inventories - Work In Progress

11.9

9.1

-

8.8

4.2

    Inventories - Raw Materials

1.7

1.8

-

2.8

0.8

    Inventories - Other

37.2

31.4

27.2

33.0

23.1

Total Inventory

54.1

43.9

42.6

48.1

30.7

Prepaid Expenses

0.4

0.0

0.1

2.2

1.5

    Other Current Assets

1.8

3.1

4.1

-

-

Other Current Assets, Total

1.8

3.1

4.1

-

-

Total Current Assets

78.5

68.8

74.3

74.5

62.6

 

 

 

 

 

 

        Buildings

63.9

63.9

-

76.1

64.2

        Land/Improvements

12.9

12.9

309.6

15.7

17.0

        Machinery/Equipment

280.0

280.1

-

232.7

187.2

        Construction in Progress

1.7

1.0

-

13.4

72.5

        Leases

0.5

0.5

-

3.9

0.7

    Property/Plant/Equipment - Gross

359.0

358.4

309.6

341.8

341.6

    Accumulated Depreciation

-70.4

-59.0

-

-48.3

-44.3

Property/Plant/Equipment - Net

288.6

299.4

309.6

293.5

297.3

    Goodwill - Gross

-

-

13.9

16.6

18.8

Goodwill, Net

13.2

13.3

13.9

16.6

18.8

    Intangibles - Gross

0.4

0.4

-

-

-

    Accumulated Intangible Amortization

-0.1

0.0

-

-

-

Intangibles, Net

0.3

0.4

-

-

-

    LT Investment - Affiliate Companies

67.8

60.9

-

-

-

    LT Investments - Other

5.1

5.0

64.1

64.3

62.7

Long Term Investments

72.9

65.9

64.1

64.3

62.7

    Other Long Term Assets

2.8

1.7

0.3

0.8

0.2

Other Long Term Assets, Total

2.8

1.7

0.3

0.8

0.2

Total Assets

456.3

449.5

462.2

449.7

441.6

 

 

 

 

 

 

Accounts Payable

10.8

12.7

18.6

14.1

5.0

Accrued Expenses

13.1

10.7

-

5.0

5.6

Notes Payable/Short Term Debt

61.0

54.3

42.4

23.9

13.4

Current Portion - Long Term Debt/Capital Leases

56.5

52.2

40.9

37.9

34.8

    Dividends Payable

0.0

0.0

-

0.0

0.0

    Customer Advances

1.1

1.6

-

0.9

0.7

    Security Deposits

0.3

0.3

-

-

-

    Other Payables

3.4

4.7

5.3

8.5

6.6

    Other Current Liabilities

0.3

0.5

-

0.2

0.3

Other Current liabilities, Total

5.1

7.1

5.3

9.6

7.6

Total Current Liabilities

146.6

136.9

107.2

90.4

66.4

 

 

 

 

 

 

    Long Term Debt

24.0

22.0

4.1

-

-

    Capital Lease Obligations

103.6

159.4

194.6

205.0

215.2

Total Long Term Debt

127.6

181.5

198.7

205.0

215.2

Total Debt

245.1

287.9

281.9

266.8

263.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

10.4

13.1

27.7

29.0

33.8

Deferred Income Tax

10.4

13.1

27.7

29.0

33.8

Minority Interest

0.9

1.8

5.9

7.3

8.8

    Pension Benefits - Underfunded

1.1

0.8

0.7

0.8

0.7

    Other Long Term Liabilities

0.2

0.2

0.2

0.2

0.4

Other Liabilities, Total

1.2

1.0

0.8

1.0

1.1

Total Liabilities

286.7

334.4

340.4

332.7

325.2

 

 

 

 

 

 

    Common Stock

67.3

38.1

40.0

41.4

42.6

Common Stock

67.3

38.1

40.0

41.4

42.6

Additional Paid-In Capital

37.5

23.0

24.1

13.2

0.0

Retained Earnings (Accumulated Deficit)

57.0

47.3

51.8

60.9

74.2

    Translation Adjustment

7.8

6.8

6.0

1.6

-0.5

Other Equity, Total

7.8

6.8

6.0

1.6

-0.5

Total Equity

169.6

115.1

121.9

117.0

116.4

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

456.3

449.5

462.2

449.7

441.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

578.2

325.7

325.7

283.3

260.2

Total Common Shares Outstanding

578.2

325.7

325.7

283.3

260.2

Number of Common Shareholders

330

-

-

318

238

Accumulated Intangible Amort, Suppl.

0.1

0.0

-

-

-

Deferred Revenue - Current

1.1

1.6

2.2

1.0

1.0

Deferred Revenue - Long Term

-

-

0.0

0.2

0.4

Total Capital Leases, Supplemental

1.8

2.3

-

3.8

3.8

Capital Lease Payments Due in Year 1

0.6

0.5

-

0.6

0.4

Capital Lease Payments Due in Year 2

0.3

0.5

-

0.6

0.4

Capital Lease Payments Due in Year 3

0.3

0.5

-

0.6

0.4

Capital Lease Payments Due in Year 4

0.3

0.5

-

0.6

0.4

Capital Lease Payments Due in Year 5

0.3

0.5

-

0.6

0.4

Capital Lease Payments Due in 2-3 Years

0.6

0.9

-

1.2

0.8

Capital Lease Payments Due in 4-5 Years

0.6

0.9

-

1.2

0.8

Cap. Lease Pymts. Due in Year 6 & Beyond

-

-

-

0.9

1.8

Unfunded Plan Obligations

-

-

-

0.6

0.5

Total Funded Status

-

-

-

-0.6

-0.5

Discount Rate - Domestic

14.00%

13.00%

13.00%

12.00%

10.00%

Compensation Rate - Domestic

14.00%

13.00%

13.00%

12.00%

10.00%

Accrued Liabilities - Domestic

-

-

-

-0.6

-0.5

Net Assets Recognized on Balance Sheet

-

-

-

-0.6

-0.5

Total Plan Obligations

-

-

-

0.6

0.5

 

 

 

 

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
30-Sep-2010

Restated Normal
30-Jun-2011

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

87.425

85.97

85.4

86.285

85.525

 

 

 

 

 

 

    Cash

2.4

1.6

3.4

2.1

2.5

Cash and Short Term Investments

2.4

1.6

3.4

2.1

2.5

    Trade Accounts Receivable - Net

1.3

3.6

4.9

1.8

3.7

    Other Receivables

16.9

18.7

23.9

20.1

18.7

Total Receivables, Net

18.2

22.3

28.7

21.8

22.4

    Inventories - Finished Goods

11.3

16.9

10.5

18.1

12.5

    Inventories - Other

37.9

37.2

42.0

36.4

31.4

Total Inventory

49.1

54.1

52.5

54.4

43.9

    Other Current Assets

0.5

0.5

0.4

-

0.1

Other Current Assets, Total

0.5

0.5

0.4

-

0.1

Total Current Assets

70.2

78.5

85.0

78.3

68.8

 

 

 

 

 

 

        Construction in Progress

-

-

-

1.3

-

    Property/Plant/Equipment - Gross

-

-

-

1.3

-

Property/Plant/Equipment - Net

287.9

295.2

296.4

297.7

304.8

Goodwill, Net

13.0

13.2

13.3

13.2

13.3

Intangibles, Net

0.3

0.3

-

0.3

0.4

    LT Investments - Other

70.7

68.9

68.3

66.3

62.0

Long Term Investments

70.7

68.9

68.3

66.3

62.0

    Other Long Term Assets

0.2

0.2

0.2

1.8

0.3

Other Long Term Assets, Total

0.2

0.2

0.2

1.8

0.3

Total Assets

442.3

456.3

463.2

457.7

449.5

 

 

 

 

 

 

Accounts Payable

22.0

25.9

36.3

24.4

26.3

Notes Payable/Short Term Debt

44.2

61.0

73.0

61.1

54.3

Current Portion - Long Term Debt/Capital Leases

74.8

56.5

56.9

51.8

52.2

    Other Payables

8.8

3.2

12.0

10.2

4.2

Other Current liabilities, Total

8.8

3.2

12.0

10.2

4.2

Total Current Liabilities

149.8

146.6

178.2

147.4

136.9

 

 

 

 

 

 

    Long Term Debt

105.0

126.3

151.8

179.9

179.7

    Capital Lease Obligations

1.3

1.3

1.5

-

1.8

Total Long Term Debt

106.3

127.6

153.3

179.9

181.5

Total Debt

225.3

245.1

283.2

292.7

287.9

 

 

 

 

 

 

Minority Interest

0.9

0.9

1.7

1.8

1.8

    Other Long Term Liabilities

12.9

11.6

14.9

12.8

14.1

Other Liabilities, Total

12.9

11.6

14.9

12.8

14.1

Total Liabilities

269.9

286.7

348.2

341.9

334.4

 

 

 

 

 

 

    Common Stock

66.1

67.3

38.1

37.8

38.1

Common Stock

66.1

67.3

38.1

37.8

38.1

Additional Paid-In Capital

36.9

37.5

23.0

22.8

23.0

Retained Earnings (Accumulated Deficit)

61.4

57.0

46.6

47.8

47.3

    Translation Adjustment

7.9

7.8

7.4

7.5

6.8

Other Equity, Total

7.9

7.8

7.4

7.5

6.8

Total Equity

172.4

169.6

115.1

115.8

115.1

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

442.3

456.3

463.2

457.7

449.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

578.2

578.2

578.2

325.7

325.7

Total Common Shares Outstanding

578.2

578.2

578.2

325.7

325.7

 

 

 

 

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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

Reclassified Normal
30-Jun-2011

Updated 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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

8.3

-16.2

18.0

-6.1

12.3

    Depreciation

12.4

11.9

10.0

10.1

10.0

Depreciation/Depletion

12.4

11.9

10.0

10.1

10.0

    Amortization of Acquisition Costs

0.1

0.0

-

-

-

Amortization

0.1

0.0

-

-

-

    Unusual Items

-0.1

-0.1

-0.6

-0.1

0.0

    Equity in Net Earnings (Loss)

-11.0

-9.2

-7.0

-10.2

-13.1

    Other Non-Cash Items

38.4

31.2

31.1

19.3

19.5

Non-Cash Items

27.3

21.9

23.6

9.0

6.4

    Accounts Receivable

-0.3

3.3

-2.8

-4.4

-1.0

    Inventories

-4.5

2.2

-2.8

-9.3

-2.9

    Other Assets

-7.1

-2.5

1.1

-14.7

-15.5

    Accounts Payable

-0.3

8.4

-1.5

13.1

1.8

    Other Liabilities

0.0

0.0

0.0

-

-

    Other Operating Cash Flow

-42.0

-41.8

-33.8

-20.2

-20.5

Changes in Working Capital

-54.2

-30.5

-39.8

-35.4

-38.1

Cash from Operating Activities

-6.2

-12.9

11.7

-22.4

-9.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-1.8

-2.1

-4.7

-2.7

-10.5

    Purchase/Acquisition of Intangibles

0.0

0.0

-

-

-

Capital Expenditures

-1.8

-2.1

-4.7

-2.7

-10.5

    Acquisition of Business

-

-

-

-0.2

0.0

    Sale of Fixed Assets

0.0

0.0

0.0

0.1

0.0

    Other Investing Cash Flow

4.3

-8.3

-70.9

-39.0

-54.7

Other Investing Cash Flow Items, Total

4.4

-8.3

-70.8

-39.1

-54.7

Cash from Investing Activities

2.6

-10.4

-75.5

-41.8

-65.2

 

 

 

 

 

 

    Other Financing Cash Flow

-

-

-

18.3

18.4

Financing Cash Flow Items

-

-

-

18.3

18.4

    Cash Dividends Paid - Common

-

-

-

0.0

-3.9

Total Cash Dividends Paid

-

-

-

0.0

-3.9

        Sale/Issuance of Common

44.3

0.0

4.9

0.6

0.0

    Common Stock, Net

44.3

0.0

4.9

0.6

0.0

Issuance (Retirement) of Stock, Net

44.3

0.0

4.9

0.6

0.0

    Short Term Debt, Net

7.1

14.2

15.6

16.2

-4.0

        Long Term Debt Issued

3.5

50.1

70.0

-

-

        Long Term Debt Reduction

-52.1

-44.0

-25.5

-46.4

-17.2

    Long Term Debt, Net

-48.6

6.1

44.5

20.7

71.9

Issuance (Retirement) of Debt, Net

-41.5

20.3

60.1

36.9

67.9

Cash from Financing Activities

2.7

20.3

65.0

55.8

82.4

 

 

 

 

 

 

Net Change in Cash

-0.9

-3.0

1.2

-8.5

7.8

 

 

 

 

 

 

Net Cash - Beginning Balance

2.5

5.5

4.7

14.3

7.0

Net Cash - Ending Balance

1.6

2.5

5.9

5.9

14.8

Cash Interest Paid

39.2

37.5

29.8

18.6

19.3

Cash Taxes Paid

2.6

4.0

3.9

1.5

1.2

 

 

 

 

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

30-Sep-2010

30-Jun-2010

Period Length

3 Months

12 Months

9 Months

3 Months

12 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
30-Sep-2011

Reclassified Normal
30-Jun-2011

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

86.759355

85.565587

85.656455

85.692742

83.860328

 

 

 

 

 

 

Net Income/Starting Line

6.9

8.3

-2.7

-2.9

-16.2

    Depreciation

3.1

12.4

10.9

3.6

11.9

Depreciation/Depletion

3.1

12.4

10.9

3.6

11.9

    Amortization of Intangibles

-

0.1

-

-

0.0

Amortization

-

0.1

-

-

0.0

    Unusual Items

0.0

-0.1

0.0

0.0

-0.1

    Equity in Net Earnings (Loss)

-3.7

-11.0

-8.3

-2.5

-9.2

    Other Non-Cash Items

8.6

38.4

29.2

9.5

31.2

Non-Cash Items

5.0

27.3

21.0

7.0

21.9

    Accounts Receivable

2.1

1.0

-3.9

2.5

4.2

    Inventories

4.2

-11.7

-8.6

-11.0

-3.3

    Other Assets

1.5

-1.2

-1.0

-0.8

2.1

    Accounts Payable

-3.4

-0.3

9.7

-2.4

8.4

    Other Liabilities

-

0.0

-

-

0.0

    Other Operating Cash Flow

-3.6

-42.0

-23.3

-4.0

-41.8

Changes in Working Capital

0.8

-54.2

-27.1

-15.7

-30.5

Cash from Operating Activities

15.7

-6.2

2.1

-8.1

-12.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-0.5

-1.8

-1.4

-0.3

-2.1

    Purchase/Acquisition of Intangibles

-

0.0

-

-

0.0

Capital Expenditures

-0.5

-1.8

-1.4

-0.3

-2.1

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Investment, Net

-

-

0.0

-

-

    Purchase of Investments

0.0

-

-

0.0

-

    Other Investing Cash Flow

1.5

4.3

5.1

0.6

-8.3

Other Investing Cash Flow Items, Total

1.5

4.4

5.1

0.6

-8.3

Cash from Investing Activities

1.0

2.6

3.7

0.4

-10.4

 

 

 

 

 

 

        Sale/Issuance of Common

-

44.3

0.0

-

0.0

    Common Stock, Net

-

44.3

0.0

-

0.0

Issuance (Retirement) of Stock, Net

-

44.3

0.0

-

0.0

        Short Term Debt Issued

-

-

18.6

-

-

    Short Term Debt, Net

-15.9

-

18.6

7.3

-

        Long Term Debt Issued

-

3.5

0.0

-

50.1

        Long Term Debt Reduction

-

-52.1

-23.5

-

-44.0

    Long Term Debt, Net

-

-41.5

-23.5

-

20.3

Issuance (Retirement) of Debt, Net

-15.9

-41.5

-5.0

7.3

20.3

Cash from Financing Activities

-15.9

2.7

-5.0

7.3

20.3

 

 

 

 

 

 

Foreign Exchange Effects

-

-

0.0

-

-

Net Change in Cash

0.8

-0.9

0.9

-0.4

-3.0

 

 

 

 

 

 

Net Cash - Beginning Balance

1.6

2.5

2.5

2.5

5.5

Net Cash - Ending Balance

2.4

1.6

3.4

2.1

2.5

Cash Interest Paid

2.8

39.2

21.4

3.3

37.5

Cash Taxes Paid

0.8

2.6

1.7

0.7

4.0

 

 

 

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-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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales

277.6

260.5

205.5

192.8

153.2

    Sales Tax

-32.8

-27.5

-

-20.9

-17.7

    Excise Duty

-30.0

-34.2

-

-30.7

-27.1

    Rebates & Discounts

-15.2

-11.2

-

-7.2

-5.6

    Turnover-Net During Trial

0.0

-6.8

-

-

-

Total Revenue

199.5

180.7

205.5

134.0

102.7

 

 

 

 

 

 

    Cost of Sales

158.2

160.5

143.2

122.2

90.5

    Employee Cost

1.4

1.3

-

1.8

1.6

    Advertising & Promotion

0.0

0.0

-

0.1

0.1

    Depreciation Expenses

0.1

0.1

-

-

-

    Administration & General Expenses

0.7

1.0

2.2

0.9

0.7

    Salaries, wages and benefits Income from

0.3

0.3

-

-

-

    Advertising and promotion

0.0

0.0

-

-

-

    Depreciation Expenses

0.1

0.1

-

-

-

    Selling & Distribution Expenses

3.7

12.5

18.8

4.6

0.4

    Exchange loss - net

0.1

0.0

-

-

-

    Finance cost

38.2

30.7

-

-

-

    Profit on deposit accounts

0.0

0.0

-

-

-

    Exchange gain - net

0.0

0.0

-

-

-

    Profit on held to maturity investment

0.0

0.0

-

-

-

    Gain on disposal of operating fixed asse

0.0

0.0

-

-

-

    Other operating income

-0.6

-0.2

-

-

-

    Amortization of Goodwill

-

-

-

-

0.0

    Other Operating Expenses

-

0.0

0.9

-

-

Total Operating Expense

202.3

206.2

165.1

129.5

93.3

 

 

 

 

 

 

    Financial Charges

-

-

-31.1

-19.5

-21.0

    Exchange Loss

-

-

-

-2.2

0.0

    Profit on Deposit/Investment

-

-

-

0.0

0.1

    Sale of Fixed Assets

-

-

-

0.0

0.0

    Other Income

-

-

1.7

0.7

10.6

    Workers Profit Participation Fund

-

-

-

0.0

0.0

    Share of Profit in Associated Company

11.0

9.2

7.0

10.2

13.1

Net Income Before Taxes

8.3

-16.2

18.0

-6.1

12.3

 

 

 

 

 

 

Provision for Income Taxes

-0.2

-12.8

4.6

-0.2

1.3

Net Income After Taxes

8.5

-3.4

13.4

-5.9

11.0

 

 

 

 

 

 

    Minority Interest

0.0

0.2

0.2

0.5

-0.1

Net Income Before Extra. Items

8.5

-3.2

13.6

-5.3

10.9

Net Income

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

8.5

-3.2

13.6

-5.3

10.9

 

 

 

 

 

 

Basic Weighted Average Shares

578.2

325.7

283.3

283.3

260.2

Basic EPS Excluding ExtraOrdinary Items

0.01

-0.01

0.05

-0.02

0.04

Basic EPS Including ExtraOrdinary Items

0.01

-0.01

0.05

-0.02

0.04

Dilution Adjustment

-

-

-

0.0

0.0

Diluted Net Income

8.5

-3.2

13.6

-5.3

10.9

Diluted Weighted Average Shares

578.2

325.7

283.3

283.3

260.2

Diluted EPS Excluding ExtraOrd Items

0.01

-0.01

0.05

-0.02

0.04

Diluted EPS Including ExtraOrd Items

0.01

-0.01

0.05

-0.02

0.04

DPS-Common Stock

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

8.2

-16.3

18.0

-6.1

12.3

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-0.2

-12.8

4.6

-0.2

1.3

Normalized Income After Taxes

8.5

-3.4

13.4

-5.9

11.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

8.5

-3.2

13.6

-5.4

10.9

 

 

 

 

 

 

Basic Normalized EPS

0.01

-0.01

0.05

-0.02

0.04

Diluted Normalized EPS

0.01

-0.01

0.05

-0.02

0.04

Amortization of Acquisition Cost

-

-

-

-

0.0

Finance Charges

38.1

30.5

30.9

19.2

20.9

Depreciation

12.4

11.9

10.0

10.1

10.0

Amort of Intangibles, Supplemental

0.1

0.0

-

-

-

Rent

0.1

0.1

0.1

0.2

0.4

Advertising & Promotion

0.1

0.0

0.0

0.1

0.1

    Current Tax

2.5

0.5

0.9

0.7

0.7

Current Tax - Total

2.5

0.5

0.9

0.7

0.7

    Deferred tax

-2.7

-13.3

3.6

-0.9

0.6

Deferred Tax - Total

-2.7

-13.3

3.6

-0.9

0.6

Income Tax - Total

-0.2

-12.8

4.6

-0.2

1.3

Service Cost - Pension

0.2

0.2

0.2

0.2

0.1

Interest Cost - Pension

0.1

0.1

0.1

0.1

0.0

Actuarial Gain/Loss - Pension

0.0

0.0

0.0

0.0

0.0

Domestic Pension Plan Expense

0.4

0.3

0.3

0.2

0.2

Total Pension Expense

0.4

0.3

0.3

0.2

0.2

Discount Rate - Pension

14.00%

13.00%

13.00%

12.00%

10.00%

Compensation Rate - Pension

14.00%

13.00%

13.00%

12.00%

10.00%

 

 

 

Interim Income Statement

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Calculated
31-Mar-2011

Updated Normal
30-Sep-2010

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

86.759355

85.292258

85.487912

85.79172

85.692742

 

 

 

 

 

 

    Sales

54.2

60.6

52.5

47.8

38.6

Total Revenue

54.2

60.6

52.5

47.8

38.6

 

 

 

 

 

 

    Cost of Sales

41.4

41.7

42.3

41.1

33.1

    Administration and General Expenses

0.5

0.8

0.5

0.5

0.5

    Selling and Distribution

0.6

0.9

0.9

1.2

1.2

    Other Operating expenses

-

-

-

0.0

0.0

    Financial Charges

8.6

9.2

10.0

9.6

9.4

    Other Income

-0.1

-0.3

-0.2

-0.1

-0.1

Total Operating Expense

51.0

52.4

53.5

52.4

44.0

 

 

 

 

 

 

    Share of Profit in Associated Company

3.7

2.7

3.0

2.7

2.5

    Adjustments

-

-

-

-

-

Net Income Before Taxes

6.9

11.0

2.0

-1.8

-2.9

 

 

 

 

 

 

Provision for Income Taxes

2.2

-1.1

1.5

0.6

-1.2

Net Income After Taxes

4.8

12.1

0.6

-2.4

-1.6

 

 

 

 

 

 

    Minority Interest

0.0

-0.1

0.1

0.1

0.0

Net Income Before Extra. Items

4.8

11.9

0.6

-2.4

-1.6

Net Income

4.8

11.9

0.6

-2.4

-1.6

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

4.8

11.9

0.6

-2.4

-1.6

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

4.8

11.9

0.6

-2.4

-1.6

 

 

 

 

 

 

Basic Weighted Average Shares

578.2

578.2

578.2

578.2

325.7

Basic EPS Excluding ExtraOrdinary Items

0.01

0.02

0.00

0.00

0.00

Basic EPS Including ExtraOrdinary Items

0.01

0.02

0.00

0.00

0.00

Dilution Adjustment

-

0.0

-

0.0

0.0

Diluted Net Income

4.8

11.9

0.6

-2.4

-1.6

Diluted Weighted Average Shares

578.2

578.2

578.2

578.2

325.7

Diluted EPS Excluding ExtraOrd Items

0.01

0.02

0.00

0.00

0.00

Diluted EPS Including ExtraOrd Items

0.01

0.02

0.00

0.00

0.00

DPS-Common Stock

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

6.9

11.0

2.0

-1.8

-2.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.2

-1.1

1.5

0.6

-1.2

Normalized Income After Taxes

4.8

12.1

0.6

-2.4

-1.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

4.8

11.9

0.6

-2.4

-1.6

 

 

 

 

 

 

Basic Normalized EPS

0.01

0.02

0.00

0.00

0.00

Diluted Normalized EPS

0.01

0.02

0.00

0.00

0.00

Depreciation

3.1

-

-

-

3.6

 

 

 

 

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

Updated 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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Stores, Spares & Loose Tools

37.2

31.4

27.2

33.1

23.4

    Raw & Packing Materials

1.7

1.8

-

2.8

0.8

    Work in Progress

11.9

9.1

-

8.8

4.2

    Finished Stock

3.3

1.5

-

2.6

2.6

    Finished Stock In Transit

-

-

15.4

1.0

0.0

    Provision for Obsolete

-

-

-

-0.2

-0.2

    Receivables from Customer

3.6

3.7

7.2

5.4

1.5

    Advances

1.8

3.0

4.1

-

-

    Security deposits

0.1

0.1

-

-

-

    Prepayment

0.4

0.0

0.1

0.2

0.1

    Interest Accrued

0.0

0.0

0.0

-

-

    Other Receivables

0.4

0.0

0.0

-

-

    Due from Govt. Agencies

16.5

15.7

14.5

-

-

    Advance Tax

-

-

-

2.0

1.5

    Advances, Deposits, Prepayments & Rec.

-

-

-

13.4

14.1

    Current Account

0.8

1.4

-

0.0

0.0

    Deposit Account

0.8

1.0

-

3.5

9.9

    Cash at Banks

-

-

-

1.2

0.1

    Saving Accounts

-

-

-

0.7

4.8

    Cash & Bank Balance

-

-

5.7

-

-

Total Current Assets

78.5

68.8

74.3

74.5

62.6

 

 

 

 

 

 

    Freehold Land

12.9

12.9

309.6

15.7

17.0

    Leasehold Land

0.5

0.5

-

0.6

0.7

    Buildings & Civil Work

63.9

63.9

-

76.1

64.2

    Plant & Machinery

260.0

261.4

-

216.2

169.3

    Quarry Equipment

11.3

10.3

-

10.7

12.1

    Other Equipment

1.4

1.2

-

1.0

0.9

    Furniture & Fixtures

1.0

1.0

-

1.1

1.0

    Vehicles

2.3

2.3

-

2.5

2.7

    Office Equipments

1.3

1.2

-

1.2

1.2

    Plant & Equipment

2.6

2.7

-

-

-

    Depreciation

-70.4

-59.0

-

-48.3

-44.3

    Railway Slidings

-

-

-

0.0

0.0

    Capital Work in Progress

1.7

1.0

-

13.4

72.5

    Stores Held For Capital Expenditure

2.6

1.4

-

0.8

0.2

    Leased Asset

-

-

-

3.3

0.0

    Intangible assets

0.4

0.4

-

-

-

    Accumulated Amortization Intangible

-0.1

0.0

-

-

-

    Goodwill, Net

13.2

13.3

-

-

-

    Good Will

-

-

13.9

16.6

18.8

    Investment Properties

4.0

4.0

4.1

4.3

4.6

    Associated Company

67.8

60.9

-

-

-

    Long Term Investments

0.0

0.0

58.9

58.3

56.2

    Long Term Deposits & Deferred Costs

1.0

1.0

1.1

1.7

1.9

    Long Term Advances

0.2

0.3

0.3

-

-

    Adjustments

-

-

-

0.0

-

Total Assets

456.3

449.5

462.2

449.7

441.6

 

 

 

 

 

 

    Trade Payables

10.8

12.7

18.6

14.1

5.0

    Mark up Accrued

3.2

4.2

5.3

4.5

4.6

    Current Portion of Long Term Financing

54.5

50.3

38.9

7.9

6.7

    Current Maturity of Long Term Murabaha

1.4

1.4

1.5

29.3

28.2

    Short Term Import Finance

0.6

0.5

0.5

0.7

0.0

    Accrued Liabilities

9.4

7.6

-

5.0

5.6

    Advances from Customers

1.1

1.6

-

0.9

0.7

    Current Portion of Advance Rents

0.1

0.1

-

0.2

0.3

    Unclaimed Dividend

0.0

0.0

-

0.0

0.0

    Other Payable

0.2

0.5

-

4.0

1.9

    Security deposits

0.3

0.3

-

-

-

    Workers' Profit Participation Fund

0.0

0.0

-

-

-

    Workers' Welfare Fund

0.1

0.1

-

-

-

    Retention money

0.1

0.4

-

-

-

    Sales tax payable

1.1

0.4

-

-

-

    Excise duty payable

2.6

2.7

-

-

-

    Running Finance from Banking Co.s

-

-

-

6.4

7.8

    Foreign Currency Import Finances

-

-

-

17.5

5.6

    Short Term Borrowings

61.0

54.3

42.4

-

-

Total Current Liabilities

146.6

136.9

107.2

90.4

66.4

 

 

 

 

 

 

    Long Term Finance

102.3

157.6

192.2

201.3

211.3

    Liab. Against Assets - Finance Lease

1.3

1.8

2.4

3.8

3.8

    Long term murabaha - secured

3.5

0.0

-

-

-

    Long Term Debt

20.5

22.0

4.1

-

-

Total Long Term Debt

127.6

181.5

198.7

205.0

215.2

 

 

 

 

 

 

    Long Term Advances

-

-

0.0

0.2

0.4

    Deferred Taxation

10.4

13.1

27.7

29.0

33.8

    Provision for Gratuity

1.1

0.8

0.7

0.8

0.7

    Provision for Compensated Absences

0.2

0.2

0.2

-

-

    Long term Security Deposits

-

-

-

0.0

0.0

    Minority Interest

0.9

1.8

5.9

7.3

8.8

Total Liabilities

286.7

334.4

340.4

332.7

325.2

 

 

 

 

 

 

    Share Capital

67.3

38.1

40.0

41.4

42.6

    Share Premium Account

37.5

23.0

24.1

13.2

0.0

    Exchange Reserve

7.8

6.8

6.0

1.6

-0.5

    Unappropriated Profit

59.0

49.9

51.9

44.8

55.8

    Cashflow Hedge Reserve

-0.1

-0.2

-0.2

-

-

    Deficit on revaluation of available for

-1.9

-2.5

-

-

-

    Advances for Right Issue

-

-

-

16.1

18.5

Total Equity

169.6

115.1

121.9

117.0

116.4

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

456.3

449.5

462.2

449.7

441.6

 

 

 

 

 

 

    S/O-Common Stock

578.2

325.7

325.7

283.3

260.2

Total Common Shares Outstanding

578.2

325.7

325.7

283.3

260.2

Accumulated Intangible Amort, Suppl.

0.1

0.0

-

-

-

Deferred Revenue - Current

1.1

1.6

2.2

1.0

1.0

Deferred Revenue - Non-Current

-

-

0.0

0.2

0.4

Shareholders

330

-

-

318

238

Capital Lease Payments Due within 1 Year

0.6

0.5

-

-

-

Payable Within 5 Years

1.3

1.8

-

2.9

2.0

Remaining Maturities

-

-

-

0.9

1.8

Total Capital Leases

1.8

2.3

-

3.8

3.8

Unfundedt Obligation - Pension

-

-

-

0.6

0.5

Total Funded Status

-

-

-

-0.6

-0.5

Discount Rate - Pension

14.00%

13.00%

13.00%

12.00%

10.00%

Compensation Rate - Pension

14.00%

13.00%

13.00%

12.00%

10.00%

Provision - Pension

-

-

-

-0.6

-0.5

Net Assets Recognized on Balance Sheet

-

-

-

-0.6

-0.5

 

 

 

 

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
30-Sep-2010

Restated Normal
30-Jun-2011

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate

87.425

85.97

85.4

86.285

85.525

 

 

 

 

 

 

    Stores, Spares & Loose Tools

37.9

37.2

42.0

36.4

31.4

    Stock in Trade

11.3

16.9

10.5

18.1

12.5

    Trade Debts- Considered Good

1.3

3.6

4.9

1.8

3.7

    Advances

2.2

1.8

2.9

3.6

3.0

    Deposits and Prepayments

0.5

0.5

0.4

-

0.1

    Advances, Deposits, Prepayments & Rec.

-

-

-

0.2

-

    Interest Accrued

0.0

0.0

0.0

0.0

0.0

    Other Receivables

0.0

0.4

4.5

0.0

0.0

    Due from Government Agencies

14.7

16.5

16.5

16.2

15.7

    Cash & Bank Balances

2.4

1.6

3.4

2.1

2.5

Total Current Assets

70.2

78.5

85.0

78.3

68.8

 

 

 

 

 

 

    Property, Plant and Equipment

283.9

291.2

292.4

292.4

300.8

    Stores Held For Capitalisation

-

-

-

1.6

-

    Intangible Assets

0.3

0.3

-

0.3

0.4

    Goodwill

13.0

13.2

13.3

13.2

13.3

    Investment Property

4.0

4.0

4.0

3.9

4.0

    Long term Investments

69.7

67.8

67.3

65.3

60.9

    Long Term Advances and Deposits

0.2

0.2

0.2

0.3

0.3

    Long Term deposits,def. cost & Prepay.

1.0

1.0

1.0

1.0

1.0

    Capital Work in Progress

-

-

-

1.3

-

Total Assets

442.3

456.3

463.2

457.7

449.5

 

 

 

 

 

 

    Trade and Other Payables

22.0

25.9

36.3

24.4

26.3

    Markup Accrued

8.8

3.2

12.0

10.2

4.2

    Short Term Borrowings

44.2

61.0

73.0

61.1

54.3

    Current maturity of Long term Financing

53.6

54.5

54.9

49.8

50.3

    Current portion of Finance Lease

0.6

0.6

0.6

0.6

0.5

    Current maturity of Long term Debt

20.5

1.4

1.4

1.4

1.4

Total Current Liabilities

149.8

146.6

178.2

147.4

136.9

 

 

 

 

 

 

    Long Term Finance

100.6

102.3

130.4

1.8

157.6

    Liabilities Against Assets

1.3

1.3

1.5

-

1.8

    Long Term Morabaha

1.0

20.5

21.4

21.8

22.0

    Long term musharaka - secured

3.4

3.5

-

-

0.0

    Long Term Financing

-

-

-

156.3

-

Total Long Term Debt

106.3

127.6

153.3

179.9

181.5

 

 

 

 

 

 

    Long Term Advances

-

-

-

0.0

-

    Deferred Liablities

12.9

11.6

14.9

12.8

14.1

    Minority Interest

0.9

0.9

1.7

1.8

1.8

Total Liabilities

269.9

286.7

348.2

341.9

334.4

 

 

 

 

 

 

    Share capital

66.1

67.3

38.1

37.8

38.1

    Share Premium

36.9

37.5

23.0

22.8

23.0

    Exchange Reserve

7.9

7.8

7.4

7.5

6.8

    Cash flow hedge reserve

-0.1

-0.1

-0.1

-0.1

-0.2

    Deficit on revaluation of available for

-1.3

-1.9

-

-

-2.5

    Unappropriated Profit

62.8

59.0

46.7

47.9

49.9

Total Equity

172.4

169.6

115.1

115.8

115.1

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

442.3

456.3

463.2

457.7

449.5

 

 

 

 

 

 

    S/O-Common Stock

578.2

578.2

578.2

325.7

325.7

Total Common Shares Outstanding

578.2

578.2

578.2

325.7

325.7

 

 

 

 

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

Reclassified Normal
30-Jun-2011

Updated 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

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

KPMG Taseer Hadi & Co.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

8.3

-16.2

18.0

-6.1

12.3

    Depreciation

12.4

11.9

10.0

10.1

10.0

    Amortization of GoodWill

0.1

0.0

-

-

-

    Provision for Slow Moving & Obsolte Stor

0.0

0.5

0.0

-

-

    Rental Income

-0.2

-0.2

-0.3

-0.3

0.0

    Profit on Deposit Accounts

0.0

0.0

0.0

0.0

-0.1

    Share of Proft in Associated Company

-11.0

-9.2

-7.0

-10.2

-13.1

    Profit/Loss Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Profit on Investments

0.0

0.0

0.0

-

-

    Gain on Revalu. of investment property

-0.1

-0.1

-0.6

-

-

    Financial Charges

38.2

30.7

31.1

19.5

21.0

    Trail rin Cost

0.0

-0.3

0.0

-

-

    Provision for Staff Requirement Benefits

0.4

0.5

0.3

0.3

0.3

    Stores & Spares Written off

-

-

-

0.0

0.0

    Advances Written Off

-

-

-

0.0

0.0

    Amortization of Long Term Advance

-

-

-

0.0

-0.3

    Accrued interest held to maturity inves.

-

-

-

0.0

0.0

    Provision for WPPF

-

-

-

0.0

0.0

    Revaluation of Invstment Property

-

-

-

-0.2

0.0

    Liabilties Written Back

-

-

-

0.0

0.0

    Old Deposits Written Back

-

-

-

0.0

0.0

    Inc. in Stores, spares & loose tools

-7.1

-5.5

3.9

-13.7

-5.5

    (Inc.)/Dec. in Stock in Trade

-4.5

2.2

-2.8

-9.3

-2.9

    Dec./(Inc.) in Trade Debts

0.1

3.3

-2.8

-4.4

-1.0

    Advances

1.2

0.9

-2.2

-

-

    Inc. in Advances, Deposits, Prepayments

-0.4

0.0

0.2

-0.9

-10.0

    Other Receivables

-0.3

0.0

0.0

-

-

    Due from Govt. Agencies

-0.9

2.1

-0.8

-

-

    Long Term Advances

0.0

0.0

0.0

-

-

    Inc. in trade & Other Payables

-0.3

8.4

-1.5

13.1

1.8

    WPPF Paid

-

-

-

0.0

-1.4

    Staff Retirement Benifits Paid

-0.2

-0.3

-0.1

-0.1

-0.1

    Financial Charges Paid

-39.2

-37.5

-29.8

-18.6

-19.3

    Income Tax Paid

-2.6

-4.0

-3.9

-1.5

-1.2

Cash from Operating Activities

-6.2

-12.9

11.7

-22.4

-9.4

 

 

 

 

 

 

    Capital Expenditure

-1.8

-2.1

-4.7

-2.7

-10.5

    Additions in Capital Work in Progress

-1.4

-10.9

-80.4

-41.2

-57.4

    Additions in intangible assets

0.0

0.0

-

-

-

    Stores held for Capitalisation

-

-

-1.4

-0.7

-0.2

    Proceeds from Enhancement of performance

-

-

8.6

-

-

    Sale of Fixed Assets

0.0

0.0

0.0

0.1

0.0

    Rent received from investment property

0.3

0.0

-

-

-

    Long Term Advances

-

-

0.1

-0.1

0.0

    Increase in Long term Deposits

0.0

0.0

0.0

-

-

    Long Term Advances

0.0

0.0

-0.1

0.0

0.3

    Profit Earned on Deposits

0.0

0.0

0.0

0.0

0.2

    Dividend Income

5.5

2.5

2.5

3.0

2.5

    Investment in Subsidiary

-

-

-

-0.2

0.0

Cash from Investing Activities

2.6

-10.4

-75.5

-41.8

-65.2

 

 

 

 

 

 

    Further Issue of Capital - Rights Issue

44.3

0.0

4.9

0.6

0.0

    Increase in Short Term Finance

7.1

14.2

15.6

16.2

-4.0

    Long Term Financing -Disbursements

0.0

30.1

70.0

-

-

    Repayment of Finance Lease

-50.2

-42.6

-24.0

-46.4

-17.2

    Long Term Disbursements

0.0

20.0

0.0

-

-

    Repayment of Long Term

-1.4

-1.4

-1.5

-

-

    Repayment of liability against assets su

-0.5

0.0

-

-

-

    Long term musharaka - proceeds

3.5

0.0

-

-

-

    Issue/Repayment of Long Term Loans

-

-

-

67.1

89.1

    Changes in LT Security Deposits

-

-

-

0.0

0.0

    Advances for Issue of Right Issue

-

-

-

18.3

18.4

    Dividend Paid

-

-

-

0.0

-3.9

Cash from Financing Activities

2.7

20.3

65.0

55.8

82.4

 

 

 

 

 

 

Net Change in Cash

-0.9

-3.0

1.2

-8.5

7.8

 

 

 

 

 

 

Net Cash-Beginning Balance

2.5

5.5

4.7

14.3

7.0

Net Cash-Ending Balance

1.6

2.5

5.9

5.9

14.8

    Cash Interest Paid

39.2

37.5

29.8

18.6

19.3

    Cash Taxes Paid

2.6

4.0

3.9

1.5

1.2

 

 

 

 

Interim Cash Flows

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

30-Sep-2011

30-Jun-2011

31-Mar-2011

30-Sep-2010

30-Jun-2010

Period Length

3 Months

12 Months

9 Months

3 Months

12 Months

UpdateType/Date

Updated Normal
30-Sep-2011

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
30-Sep-2011

Reclassified Normal
30-Jun-2011

Filed Currency

PKR

PKR

PKR

PKR

PKR

Exchange Rate (Period Average)

86.759355

85.565587

85.656455

85.692742

83.860328

 

 

 

 

 

 

Net Income

6.9

8.3

-2.7

-2.9

-16.2

    Depreciation

3.1

12.4

10.9

3.6

11.9

    Gain on Disposal of Fixed Assets

0.0

0.0

0.1

0.0

0.0

    Amortization of intangible

-

0.1

-

-

0.0

    Provision for Slow Moving & Obsolte Stor

-

0.0

-

-

0.5

    Rental Income

-0.1

-0.2

-0.2

0.0

-0.2

    Profit on deposit accounts

0.0

0.0

0.0

0.0

0.0

    Share of Proft in Associated Company

-3.7

-11.0

-8.3

-2.5

-9.2

    Profit on held to maturity investment

-

0.0

0.0

-

0.0

    Gain on Revalu. of investment property

-

-0.1

-

-

-0.1

    Financial Charges

8.6

38.2

29.0

9.4

30.7

    Trail Run Cost

-

0.0

-

-

-0.3

    Provision for Staff Retirement Benifits

0.1

0.4

0.4

0.1

0.5

    Exchange (gain)/loss

-

-

0.0

-

-

    Inc. in Stores, spares & loose tools

-1.3

-7.1

-10.5

-5.3

-5.5

    (Inc.)/Dec. in Stock in Trade

5.4

-4.5

2.0

-5.7

2.2

    Dec./(Inc.) in Trade Debts

2.3

0.1

-1.2

1.9

3.3

    Advances

-0.5

1.2

1.6

0.6

0.9

    Deposits and Prepayments

-0.1

-0.4

-0.3

-0.1

0.0

    Accrued Profit

0.0

-

0.0

0.0

-

    Other Receivables

0.3

-0.3

-4.3

0.0

0.0

    Government Agencies

1.6

-0.9

-0.7

-0.7

2.1

    Long Term Advances

-

0.0

-

-

0.0

    Inc. in trade & Other Payables

-3.4

-0.3

9.7

-2.4

8.4

    Financial charges Paid

-2.8

-39.2

-21.4

-3.3

-37.5

    Staff Retirement Benifits Paid

0.0

-0.2

-0.1

0.0

-0.3

    Income tax Paid

-0.8

-2.6

-1.7

-0.7

-4.0

Cash from Operating Activities

15.7

-6.2

2.1

-8.1

-12.9

 

 

 

 

 

 

    Capital Expenditure

-0.5

-1.8

-1.4

-0.3

-2.1

    Additions in Capital Work in Progress

-0.1

-1.4

-0.6

-0.4

-10.9

    Additions in intangible assets

-

0.0

-

-

0.0

    Stores held for Capitalisation

0.0

-

0.2

-0.1

-

    Additions in long term investments - net

0.0

-

-

0.0

-

    Sale of Fixed Assets

0.0

0.0

0.0

0.0

0.0

    Increase in long term deposits

0.0

-

-

0.0

-

    Rent received from investment property

-

0.3

-

-

0.0

    Long Term Advances

-

0.0

-

-

0.0

    Long Term Advances and Deposits

-

0.0

-

-

0.0

    Profit Earned on Deposits

0.0

0.0

0.0

0.0

0.0

    Dividend Income

1.6

5.5

5.5

1.1

2.5

    Income from Investments

-

-

0.0

-

-

    Increase in long term deposits

-

-

0.0

-

-

    Decrease in advances

-

-

0.0

-

-

Cash from Investing Activities

1.0

2.6

3.7

0.4

-10.4

 

 

 

 

 

 

    Additions in Long term Finances

-

7.1

-

-

14.2

    Repayment of Financing

-

-50.2

-22.8

-

-42.6

    Long Term Financing- Disbursements

-

0.0

0.0

-

30.1

    Long term murabaha - proceeds

-

0.0

-

-

20.0

    Long Term Murabaha- Repayments

-

-1.4

-0.7

-

-1.4

    Long term musharaka - proceeds

-

3.5

-

-

0.0

    Repayment of liability against assets su

-

-0.5

-

-

0.0

    Inc./(Dec) in Short term Finances

-15.9

-

-

7.3

-

    Issue of Right Shares

-

44.3

0.0

-

0.0

    Increase in Short Term Finance

-

-

18.6

-

-

Cash from Financing Activities

-15.9

2.7

-5.0

7.3

20.3

 

 

 

 

 

 

Foreign Exchange Effects

-

-

0.0

-

-

Net Change in Cash

0.8

-0.9

0.9

-0.4

-3.0

 

 

 

 

 

 

Net Cash - Beginning Balance

1.6

2.5

2.5

2.5

5.5

Net Cash - Ending Balance

2.4

1.6

3.4

2.1

2.5

    Cash Interest Paid

2.8

39.2

21.4

3.3

37.5

    Cash Taxes Paid

0.8

2.6

1.7

0.7

4.0

 

Bottom of Form

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.25

UK Pound

1

Rs.79.76

Euro

1

Rs.66.52

 

 

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.