MIRA INFORM REPORT

Report Date :

16.09.2013

IDENTIFICATION DETAILS

Name :	COLGATE PALMOLIVE (PAK) LTD. - 235463

Registered Office :	Lakson Square Building No. 2, Sarwar Shaheed Road Karachi, 74200

Country :	Pakistan

Financials (as on) :	30.06.2012

Date of Incorporation :	05.12.1977

Legal Form :	Public Subsidiary

Line of Business :	Manufacture and sale of detergents, personal care and other related products.

No. of Employees :	547

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Pakistan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

PAKISTAN - ECONOMIC OVERVIEW

Decades of internal political disputes and low levels of foreign investment have led to slow growth and underdevelopment in Pakistan. Agriculture accounts for more than one-fifth of output and two-fifths of employment. Textiles account for most of Pakistan's export earnings, and Pakistan's failure to expand a viable export base for other manufactures has left the country vulnerable to shifts in world demand. Official unemployment is under 6%, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Over the past few years, low growth and high inflation, led by a spurt in food prices, have increased the amount of poverty - the UN Human Development Report estimated poverty in 2011 at almost 50% of the population. Inflation has worsened the situation, climbing from 7.7% in 2007 to almost 12% for 2011, before declining to 10% in 2012. As a result of political and economic instability, the Pakistani rupee has depreciated more than 40% since 2007. The government agreed to an International Monetary Fund Standby Arrangement in November 2008 in response to a balance of payments crisis. Although the economy has stabilized since the crisis, it has failed to recover. Foreign investment has not returned, due to investor concerns related to governance, energy, security, and a slow-down in the global economy. Remittances from overseas workers, averaging about $1 billion a month since March 2011, remain a bright spot for Pakistan. However, after a small current account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan's current account turned to deficit in fiscal year 2012, spurred by higher prices for imported oil and lower prices for exported cotton. Pakistan remains stuck in a low-income, low-growth trap, with growth averaging about 3% per year from 2008 to 2012. Pakistan must address long standing issues related to government revenues and energy production in order to spur the amount of economic growth that will be necessary to employ its growing and rapidly urbanizing population, more than half of which is under 22. Other long term challenges include expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, and reducing dependence on foreign donors

Source : CIA

Company name and address

Colgate Palmolive (Pak) Ltd.

Lakson Square
Building No. 2, Sarwar Shaheed Road

Karachi, 74200
Pakistan


Tel:	92-21-5698000
Fax:	92-21-5685489

Employees:	547
Company Type:	Public Subsidiary
Corporate Family:	157 Companies
Ultimate Parent:	Colgate-Palmolive Company
Incorporation Date:	05-Dec-1977
Auditor:	A F Ferguson & Co.


Fiscal Year End:	30-Jun-2012
Reporting Currency:	Pakistan Rupee
Annual Sales:	209.5 ¹
Net Income:	18.1
Total Assets:	83.6 ²
Market Value:	756.6
	(23-Aug-2013)

Business Description

Colgate-Palmolive (Pakistan) Limited is a Pakistan-based company primarily engaged in the manufacture and sale of detergents, personal care and other related products. The Companyâ€™s principal classes of products comprise Personal Care, Home Care and Others. During the fiscal year ended June 30, 2012, sales of Home Care accounted for 75% of total sales of all product classes. Its products are categorized as oral care, personal care, surface care and fabric care. The Companyâ€™s oral care products include toothpastes, sparkle and tooth brushes. Its personal care product line includes New Palmolive Naturals, Azadi Carbolic Soap and Protex. Its surface care product line includes Max Bar, Azadi Dish Bar, Max Scourers, Max Liquid and Max Antibacterial. Its fabric care product line includes Brite Maximum Power, Express Power and Bonus. During the fiscal year ended June 30, 2012, the Company's production capacity was 232,460 tons, while its actual production was 158,164 tons. For the six months ended 31 December 2012, Colgate Palmolive (Pak) Ltd. revenues increased 8% to PKR9.62B. Net income decreased 1% to PKR746.6M. Revenues reflect Turnover increase of 9% to PKR12.05B. Net income was offset by Selling & Distribution increase of 21% to PKR1.51B (expense). Basic Earnings per Share excluding Extraordinary Items decreased from PKR17.28 to PKR17.13.

Industry

Industry			Miscellaneous Chemical Manufacturing
ANZSIC 2006:			1851 - Cleaning Compound Manufacturing
ISIC Rev 4:			2023 - Manufacture of soap and detergents, cleaning and polishing preparations, perfumes and toilet preparations
NACE Rev 2:			2041 - Manufacture of soap and detergents, cleaning and polishing preparations
NAICS 2012:			325611 - Soap and Other Detergent Manufacturing
UK SIC 2007:			20411 - Manufacture of soap and detergents
US SIC 1987:			2841 - Soap and Other Detergents, Except Specialty Cleaners

Name	Title
Zulfiqar Ali Lakhani	Chief Executive, Director
Mansoor Ahmed	Company Secretary
Rehan Mirza	Director-Finance
Taimur A. Butt	Director-Sales
Sami Zaidi	Director-Manufacturing

Topic	#*	Most Recent Headline	Date
Dividends	1	Colgate Palmolive Pakistan Ltd To Pay Final Cash Dividend And Bonus Shares	30-Jul-2013

* number of significant developments within the last 12 months

Financial Summary

As of 31-Dec-2012

Key Ratios	Company	Industry
Sales 5 Year Growth	25.82	6.30
Net Profit Margin (TTM) %	8.32	16.38

Stock Snapshot

1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 89.28621

2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 94.4

Corporate Overview

Location
Lakson Square
Building No. 2, Sarwar Shaheed Road
Karachi, 74200
Pakistan

Tel:	92-21-5698000
Fax:	92-21-5685489

Quote Symbol - Exchange
COLG - Karachi Stock Exchange

Sales PKR(mil):	18,708.7
Assets PKR(mil):	7,895.6
Employees:	547
Fiscal Year End:	30-Jun-2012


Industry:	Personal and Household Products

Incorporation Date:	05-Dec-1977
Company Type:	Public Subsidiary
Quoted Status:	Quoted


Chief Executive, Director:	Zulfiqar Ali Lakhani

Industry Codes

ANZSIC 2006 Codes:
1851	-	Cleaning Compound Manufacturing
2599	-	Other Manufacturing Not Elsewhere Classified

ISIC Rev 4 Codes:
2023	-	Manufacture of soap and detergents, cleaning and polishing preparations, perfumes and toilet preparations
3290	-	Other manufacturing n.e.c.

NACE Rev 2 Codes:
2041	-	Manufacture of soap and detergents, cleaning and polishing preparations
3291	-	Manufacture of brooms and brushes

NAICS 2012 Codes:
325611	-	Soap and Other Detergent Manufacturing
339994	-	Broom, Brush, and Mop Manufacturing

US SIC 1987:
2841	-	Soap and Other Detergents, Except Specialty Cleaners
3991	-	Brooms and Brushes

UK SIC 2007:
20411	-	Manufacture of soap and detergents
3291	-	Manufacture of brooms and brushes

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Business Description

More Business Descriptions

Manufacture of toiletries including toothpaste, detergent, personal care and other related products

Healthcare & Personal Products Mfr

Financial Data

Financials in:	PKR(mil)

Revenue:	18,708.7
Net Income:	1,619.6
Assets:	7,895.6
Long Term Debt:	0.0
Total Liabilities:	2,341.4
Working Capital:	3.1

Date of Financial Data:	30-Jun-2012

1 Year Growth

32.2%

38.7%

23.2%

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Market Data

Quote Symbol:	COLG
Exchange:	Karachi Stock Exchange
Currency:	PKR
Stock Price:	1,798.0
Stock Price Date:	08-23-2013
52 Week Price Change %:	49.8
Market Value (mil):	78,384,512.0

SEDOL:	6194275
ISIN:	PK0028001011

Equity and Dept Distribution:
08/09, Scrip Issue, 3 new shares for every 20 shares held. 08/2010, Bonus Issue, 3 new shares for every 20 shares held. 09/2011, Scrip Issue, 1 new shares for every 10 shares held. 09/2012, Scrip Issue, 1 new shares for every 5 shares held.
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Shareholders

Major Shareholders

Colgate Palmolive Company; The Lakson Group of Companies

$Description: \\vivek\web\images\arrows\externalright.gif$

Key Corporate Relationships

Auditor:	A F Ferguson & Co.

Auditor:	A F Ferguson & Co, A F Ferguson & Co.

$Description: \\vivek\web\images\arrows\externalright.gif$

Corporate Family

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Colgate-Palmolive Company	Parent	New York, NY	United States	Miscellaneous Chemical Manufacturing	17,085.0	37,700
Colgate-Palmolive IndÃºstria e ComÃ©rcio Ltda	Subsidiary	SÃ£o Paulo, SP	Brazil	Miscellaneous Chemical Manufacturing		5,000
Colgate-Palmolive Personal Care Products Division	Division	New York, NY	United States	Miscellaneous Chemical Manufacturing		5,000
Hill's Pet Nutrition, Inc.	Division	Topeka, KS	United States	Grocery Wholesale	2,172.0	2,500
Hill's Pet Nutrition	Branch	Bowling Green, KY	United States	Miscellaneous Wholesale	485.4	240
Hill's Pet Nutrition	Branch	Topeka, KS	United States	Miscellaneous Wholesale	298.3	150
Hill's Pet Nutrition	Branch	Chester, NY	United States	Miscellaneous Wholesale	66.8	30
Hill's Pet Nutrition	Branch	Elkridge, MD	United States	Miscellaneous Wholesale	44.2	20
Hill's Pet Nutrition	Branch	Yacolt, WA	United States	Miscellaneous Wholesale	26.9	11
Hill's Pet Nutrition	Branch	San Antonio, TX	United States	Miscellaneous Wholesale	25.9	11
Hill's Pet Nutrition	Branch	Dallas, TX	United States	Miscellaneous Wholesale	25.9	11
Hill's Pet Nutrition	Branch	El Paso, TX	United States	Miscellaneous Wholesale	25.9	11
Hill's Pet Nutrition	Branch	Kaufman, TX	United States	Miscellaneous Wholesale	25.9	11
Hill's Pet Nutrition	Branch	Vacaville, CA	United States	Miscellaneous Wholesale	25.6	11
Hill's Pet Nutrition	Branch	Marlborough, CT	United States	Miscellaneous Wholesale	25.2	11
Hill's Pet Nutrition	Branch	North Granby, CT	United States	Miscellaneous Wholesale	25.2	11
Hill's Pet Nutrition	Branch	Itasca, IL	United States	Miscellaneous Wholesale	24.5	11
Hill's Pet Nutrition	Branch	Davie, FL	United States	Miscellaneous Wholesale	24.5	11
Hill's Pet Nutrition	Branch	Tampa, FL	United States	Miscellaneous Wholesale	24.5	11
Hill's Pet Nutrition	Branch	Largo, FL	United States	Miscellaneous Wholesale	24.5	11
Hill's Pet Nutrition	Branch	Phoenix, AZ	United States	Miscellaneous Wholesale	24.4	11
Hill's Pet Nutrition	Branch	Aurora, CO	United States	Miscellaneous Wholesale	23.8	11
Hill's Pet Nutrition	Branch	Erie, CO	United States	Miscellaneous Wholesale	23.8	11
Hill's Pet Nutrition	Branch	Duluth, GA	United States	Miscellaneous Wholesale	23.4	11
Hill's Pet Nutrition	Branch	Davidson, NC	United States	Miscellaneous Wholesale	23.3	11
Hill's Pet Nutrition	Branch	Mansfield, MA	United States	Miscellaneous Wholesale	23.2	11
Hill's Pet Nutrition	Branch	La Vergne, TN	United States	Miscellaneous Wholesale	22.9	11
Hill's Pet Nutrition	Branch	Memphis, TN	United States	Miscellaneous Wholesale	22.9	11
Hill's Pet Nutrition	Branch	Mobile, AL	United States	Miscellaneous Wholesale	22.8	11
Hill's Pet Nutrition	Branch	Richmond, IN	United States	Miscellaneous Wholesale	22.4	11
Hill's Pet Nutrition	Branch	Columbia, SC	United States	Miscellaneous Wholesale	22.2	11
Hill's Pet Nutrition	Branch	Topeka, KS	United States	Miscellaneous Wholesale	21.9	11
Hill's Pet Nutrition	Branch	Topeka, KS	United States	Miscellaneous Wholesale	21.9	11
Hill's Pet Nutrition	Branch	Leawood, KS	United States	Miscellaneous Wholesale	21.9	11
Hill's Pet Nutrition	Branch	Milwaukee, WI	United States	Miscellaneous Wholesale	21.4	11
Hill's Pet Nutrition	Branch	City Of Industry, CA	United States	Miscellaneous Wholesale		11
Hill's Pet Nutrition	Branch	Westfield, MA	United States	Miscellaneous Wholesale	21.1	10
Hill's Pet Nutrition	Branch	Kent, WA	United States	Miscellaneous Wholesale	22.0	9
Hill's Pet Nutrition	Branch	Salt Lake City, UT	United States	Miscellaneous Wholesale	11.1	5
Hill's Pet Nutrition Manufacturing, S.R.O.	Subsidiary	Praha 4	Czech Republic	Food Manufacturing	457.3
Hills Pet Nutrition Manufacturing B.V.	Subsidiary	Etten-Leur, Noord-Brabant	Netherlands	Food Manufacturing		144
Colgate-Palmolive, S.A. de C.V.	Subsidiary	MÃ©xico, D.F.	Mexico	Miscellaneous Chemical Manufacturing	256.5	2,500
Colgate-Palmolive (India) Limited	Subsidiary	Mumbai	India	Miscellaneous Chemical Manufacturing	591.2	1,756
Colgate-Palmolive Co	Branch	Piscataway, NJ	United States	Miscellaneous Chemical Manufacturing	962.4	1,000
Colgate-Palmolive Co	Branch	Monroe Twp, NJ	United States	Miscellaneous Chemical Manufacturing	962.4	1,000
Colgate-Palmolive Household Products Division	Division	New York, NY	United States	Miscellaneous Chemical Manufacturing		1,000
Colgate-Palmolive (Central America) S.A.	Subsidiary	Guatemala	Guatemala	Miscellaneous Chemical Manufacturing		950
Colgate Palmolive CompaÃ±ia	Subsidiary	Cali, Valle del Cauca	Colombia	Miscellaneous Chemical Manufacturing	146.3	900
Colgate-Palmolive (Thailand) Ltd	Subsidiary	Bangkok	Thailand	Miscellaneous Chemical Manufacturing		900
Colgate-Palmolive Philippines Inc	Subsidiary	Metro Manila	Philippines	Miscellaneous Chemical Manufacturing	231.6	700
GABA International Holding GmbH	Subsidiary	Therwil	Switzerland	Pharmaceutical Manufacturing		650
Gaba	Subsidiary	Bois Colombes	France	Miscellaneous Professional Services	42.6	74
GABA B.V.	Subsidiary	Weesp	Netherlands	Health and Personal Care Wholesale		40
Gaba International Ag	Subsidiary	Therwil, Basel-Land	Switzerland	Pharmaceutical Manufacturing	1.2
Colgate Oral Pharmaceutical	Division	New York, NY	United States	Pharmaceutical Manufacturing		600
Colgate-Palmolive (M) Sdn Bhd	Subsidiary	Petaling Jaya, Selangor	Malaysia	Miscellaneous Chemical Manufacturing	131.7	550
Colgate Palmolive (Pak) Ltd.	Subsidiary	Karachi	Pakistan	Miscellaneous Chemical Manufacturing	209.5	547
Colgate-Palmolive Pty Limited	Subsidiary	Sydney, NSW	Australia	Miscellaneous Chemical Manufacturing	412.9	500
Colgate-Palmolive Italia S.R.L.	Subsidiary	Rome	Italy	Miscellaneous Chemical Manufacturing	79.2	480
Colgate-Palmolive Temizlik Urunleri Sanayi Ve Ticaret A S	Subsidiary	Istanbul (Anatolia)	Turkey	Miscellaneous Chemical Manufacturing		450
Colgate-Palmolive Ltd.	Subsidiary	Boksburg	South Africa	Miscellaneous Chemical Manufacturing		400
Colgate-Palmolive Del Ecuador, S.A.	Subsidiary	Guayaquil	Ecuador	Miscellaneous Chemical Manufacturing		400
Colgate Palmolive SASU	Subsidiary	Bois-Colombes	France	Chemical Wholesale	732.9	374
Gaba GmbH	Subsidiary	LÃ¶rrach, Baden-WÃ¼rttemberg	Germany	Pharmaceutical Manufacturing	253.0	340
Gaba Produktion GmbH	Subsidiary	LÃ¶rrach, Baden-WÃ¼rttemberg	Germany	Metal Products Manufacturing		300
Colgate-Palmolive Co	Branch	Cambridge, OH	United States	Miscellaneous Chemical Manufacturing	333.2	334
Colgate-Palmolive Argentina S.A.	Subsidiary	Llavallol, Buenos Aires	Argentina	Miscellaneous Chemical Manufacturing		250
Colgate-Palmolive	Subsidiary	Lower Hutt	New Zealand	Miscellaneous Chemical Manufacturing	72.8	230
Cotelle SA	Subsidiary	Bois Colombes	France	Basic Chemical Manufacturing	29.7	222
Colgate-Palmolive Company	Subsidiary	Morristown, NJ	United States	Chemical Wholesale	962.4	200
Colgate-Palmolive Marketing Sdn Bhd	Subsidiary	Petaling Java, Selangor	Malaysia	Chemical Wholesale		200
Colgate-Palmolive Ltd.	Subsidiary	Petone, Wellington	New Zealand	Miscellaneous Chemical Manufacturing		200
Tom's of Maine, Inc.	Subsidiary	Kennebunk, ME	United States	Miscellaneous Chemical Manufacturing		175
Tom's Of Maine Inc	Branch	Putney, VT	United States	Miscellaneous Chemical Manufacturing	0.8	1
Hill's Pet Nutrition Manufacturing, B.V.	Subsidiary	Etten-Leur	Netherlands	Food Manufacturing	2.3	160
Colgate-Palmolive (U.K.) Ltd.	Subsidiary	Guildford	United Kingdom	Health and Personal Care Wholesale	402.7	158
Colpal (UK) Ltd.	Subsidiary	Guildford	United Kingdom	Miscellaneous Professional Services
Colgate-Palmolive Manufacturing (Uk) Ltd.	Subsidiary	Guildford	United Kingdom	Pharmaceutical Manufacturing
Colgate-Palmolive Investments (UK) Ltd.	Subsidiary	Guildford	United Kingdom	Miscellaneous Professional Services
Colgate-Palmolive (Central America)	Subsidiary	Panama	Panama	Miscellaneous Chemical Manufacturing		150
Colgate-Palmolive Services	Subsidiary	Bois Colombes	France	Miscellaneous Professional Services	68.0	149
Colgate-Palmolive Industriel	Subsidiary	Bois Colombes	France	Metal Products Manufacturing	100.0	560
Colgate Palmolive SpA	Subsidiary	Roma	Italy	Miscellaneous Chemical Manufacturing	15.3	47
Colgate Palmolive Commerciale SRL	Subsidiary	Roma, Roma	Italy	Health and Personal Care Wholesale	277.8	127
Gaba Vebas SRL	Subsidiary	Roma, Roma	Italy	Health and Personal Care Wholesale	40.1	19
Colgate Palmolive A/S	Subsidiary	Kgs. Lyngby	Denmark	Miscellaneous Chemical Manufacturing	217.8	147
Colgate-Palmolive GmbH	Subsidiary	Hamburg, Hamburg	Germany	Miscellaneous Chemical Manufacturing	259.2	130
Colgate Palmolive (Costa Rica) S.A.	Subsidiary	San JosÃ©	Costa Rica	Miscellaneous Chemical Manufacturing		130
Colgate-Palmolive Canada Inc.	Subsidiary	Toronto, ON	Canada	Miscellaneous Chemical Manufacturing		130
Colgate-Palmolive Canada Inc	Branch	Laval, QC	Canada	Health and Personal Care Wholesale	11.1	6
Colgate-Palmolive Canada Inc	Branch	Calgary, AB	Canada	Health and Personal Care Wholesale	11.1	6
Colgate-Palmolive Co	Branch	Smyrna, GA	United States	Miscellaneous Chemical Manufacturing	112.4	125
Colgate-Palmolive (Hellas) SAIC	Subsidiary	Piraeus	Greece	Miscellaneous Chemical Manufacturing	33.0	120
Colgate - Palmolive Commercial (Hellas) Sole Partner Limited Liability Company	Subsidiary	Piraeus	Greece	Home Furnishings Wholesale	136.3	58
Colgate - Palmolive Services (Hellas) Ltd	Subsidiary	Piraeus	Greece	Consulting Services	6.1	25
Hawley & Hazel Chemical Co., (HK) Ltd.	Subsidiary	Aberdeen, Hong Kong	Hong Kong	Miscellaneous Chemical Manufacturing		110
Hawley & Hazel Investment Company Limited	Subsidiary	Aberdeen, Hong Kong	Hong Kong	Holding Companies		70
Colgate Palmolive (Romania) SRL	Subsidiary	Bucharest	Romania	Miscellaneous Chemical Manufacturing		100
Colgate-Palmolive (HK) Ltd.	Subsidiary	Causeway Bay	Hong Kong	Miscellaneous Chemical Manufacturing		100
Hill's Colgate Japan Ltd.	Subsidiary	Tokyo	Japan	Food Manufacturing		100
Colgate-Palmolive, Inc.	Subsidiary	Montevideo	Uruguay	Miscellaneous Chemical Manufacturing		100
Colgate-Palmolive (E. Africa) Ltd.	Subsidiary	Nairobi	Kenya	Miscellaneous Chemical Manufacturing		90
Colgate-Palmolive Co	Branch	Wilmington, DE	United States	Miscellaneous Chemical Manufacturing	156.7	83
Colgate-Palmolive Co	Branch	Issaquah, WA	United States	Miscellaneous Chemical Manufacturing	88.4	83
Colgate-Palmolive Co	Branch	Charlotte, NC	United States	Miscellaneous Chemical Manufacturing	86.6	83
Colgate-Palmolive Co	Branch	Cincinnati, OH	United States	Miscellaneous Chemical Manufacturing	82.8	83
Colgate-Palmolive Co	Branch	Morristown, TN	United States	Miscellaneous Chemical Manufacturing	81.0	83
Colgate-Palmolive Co	Branch	Brentwood, TN	United States	Miscellaneous Chemical Manufacturing	81.0	83
Colgate-Palmolive Co	Branch	Burlington, NJ	United States	Miscellaneous Chemical Manufacturing	79.9	83
Colgate-Palmolive Co	Branch	Irvine, CA	United States	Miscellaneous Chemical Manufacturing	72.2	83
Colgate-Palmolive Co	Branch	Lincoln, RI	United States	Miscellaneous Chemical Manufacturing	47.8	83
Colgate-Palmolive Ukraine Limited Liability Company	Subsidiary	Kyiv	Ukraine	Health and Personal Care Wholesale	23.6	82
Colgate Oral Pharmaceuticals	Branch	Dallas, TX	United States	Rubber and Plastic Product Manufacturing	39.6	80
Colgate-Palmolive Portuguese Ltda	Subsidiary	Porto Salvo	Portugal	Miscellaneous Chemical Manufacturing		75
Hills Pet Nutrition Snc	Subsidiary	Valbonne	France	Grocery Wholesale	80.4	74
Colgate-Palmolive Peru S.A.	Subsidiary	Lima, Lima	Peru	Health and Personal Care Wholesale		71
Colgate-Palmolive Unipessoal, Lda	Subsidiary	Porto Salvo, Lisboa	Portugal	Miscellaneous Chemical Manufacturing	67.9	70
Colgate-Palmolive Co., Institutional Products Div.	Division	Morristown, NJ	United States	Chemical Wholesale		70
Colgate Palmolive EspaÃ±a Sociedad Anonima	Subsidiary	Madrid	Spain	Miscellaneous Chemical Manufacturing	128.0	66
Hills Pet Nutrition Italia SRL	Subsidiary	Roma, Roma	Italy	Airlines	78.2	63
Colgate - Palmolive Belgium	Subsidiary	Bruxelles	Belgium	Miscellaneous Chemical Manufacturing	93.5	61
Colgate-Palmolive (Fiji) Ltd.	Subsidiary	Suva	Fiji	Miscellaneous Chemical Manufacturing		60
Colgate-Palmolive AB	Subsidiary	Danderyd	Sweden	Health and Personal Care Wholesale	91.3	53
Colgate-Palmolive (Central America), Inc.	Subsidiary	Santa Tecla	El Salvador	Miscellaneous Chemical Manufacturing		50
Colgate-Palmolive (Arkansas)	Subsidiary	Rogers, AR	United States	Miscellaneous Chemical Manufacturing	31.2	40
Colgate - Palmolive Ceska Republika Spol. S R.O.	Subsidiary	Praha 8	Czech Republic	Health and Personal Care Wholesale	25.1	40
Colgate-Palmolive (Central America), Inc.	Subsidiary	Tegucigalpa, DC	Honduras	Miscellaneous Chemical Manufacturing		33
Colgate-Palmolive (Eastern) Pte. Ltd..	Subsidiary	Singapore	Singapore	Miscellaneous Chemical Manufacturing	27.3	32
Colgate-Palmolive Co	Branch	Minneapolis, MN	United States	Miscellaneous Chemical Manufacturing	24.3	30
Colgate-Palmolive AG	Subsidiary	Thalwil	Switzerland	Miscellaneous Chemical Manufacturing		26
Colgate-Palmolive Co	Branch	Schaumburg, IL	United States	Miscellaneous Chemical Manufacturing	24.9	25
Colgate-Palmolive Services (Belgium)	Subsidiary	Bruxelles	Belgium	Health and Personal Care Wholesale	7.6	25
Hills Pet Nutrition B.V.	Subsidiary	Breda, Noord-Brabant	Netherlands	Grocery Wholesale	26.2	24
Colgate-Palmolive Operations (Ireland) Limited	Subsidiary	Dublin	Ireland	Miscellaneous Chemical Manufacturing	20.3	20
Colgate-Palmolive GmbH	Subsidiary	Vienna	Austria	Miscellaneous Chemical Manufacturing	25.7	16
Colgate-Palmolive Co	Branch	Rolling Meadows, IL	United States	Miscellaneous Chemical Manufacturing	14.9	15
Colgate-Palmolive Co	Branch	Burnsville, MN	United States	Miscellaneous Chemical Manufacturing	9.7	12
Hill's Pet Nutrition Indiana, Inc.	Subsidiary	Richmond, IN	United States	Food Manufacturing	22.4	11
Colgate Oral Pharmaceuticals	Branch	Dallas, TX	United States	Rubber and Plastic Product Manufacturing	4.0	8
Colgate Oral Pharmaceuticals	Branch	Canton, MA	United States	Rubber and Plastic Product Manufacturing	1.8	8
CPIF Venture, Inc.	Subsidiary	Topeka, KS	United States	Miscellaneous Wholesale	6.9	3
Colgate-Palmolive C.I.S.A.	Subsidiary	Abidjan	Cote d'Ivoire	Miscellaneous Chemical Manufacturing		3
Colgate-Palmolive de Puerto Rico, Inc.	Subsidiary	Guaynabo	Puerto Rico	Miscellaneous Chemical Manufacturing	5.0	2
Colgate-Palmolive (Guyana) Ltd.	Subsidiary	Georgetown	Guyana	Miscellaneous Chemical Manufacturing		1
Colgate Palmolive del Ecuador S.A. Industrial y Comercial	Subsidiary	Guayaquil, Guayas	Ecuador	Miscellaneous Chemical Manufacturing
CompaÃ±Ãa Colgate-Palmolive	Subsidiary	Caracas	Venezuela	Miscellaneous Chemical Manufacturing
Colgate Palmolive SÃ©nÃ©gal	Subsidiary	Dakar	Senegal	Miscellaneous Chemical Manufacturing
Colgate - Palmolive /Research And Development/ Inc	Subsidiary	Bruxelles	Belgium	Consulting Services
Colgate-Palmolive (China) Co Ltd	Subsidiary	Guangzhou, Guangdong Province	China	Miscellaneous Chemical Manufacturing
Colgate Palmolive Chile S.A.	Subsidiary	Santiago	Chile	Miscellaneous Chemical Manufacturing
Colgate-Palmolive, (DR), Inc.	Subsidiary	Santo Domingo	Dominican Republic	Miscellaneous Chemical Manufacturing
Colgate Palmolive Egypt	Subsidiary	Alexandria	Egypt	Miscellaneous Chemical Manufacturing
Colgate U.S.A.	Division	New York, NY	United States	Miscellaneous Chemical Manufacturing
Colgate-Palmolive de Puerto Rico, Inc.	Subsidiary	New York, NY	United States	Miscellaneous Chemical Manufacturing
Hill's Pet Nutrition Sales, Inc.	Subsidiary	Topeka, KS	United States	Grocery Wholesale
Inmobiliaria Hills, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Paper Product Manufacturing
Mission Hills, S.A. De C.V.	Subsidiary	San Jose Iturbide, Guanajuato	Mexico	Miscellaneous Chemical Manufacturing		1,800

Executives Report

Board of Directors

Name

Title

Function

Iqbal Ali Lakhani

Chairman of the Board

Chairman

Tasleemudin Ahmed Batlay

Director

Director/Board Member

A. Aziz H. Ebrahim

Director

Director/Board Member

Zulfiqar Ali Lakhani

Chief Executive, Director

Director/Board Member

Amin Mohammed Lakhani

Director

Director/Board Member

Derrick E. M. Samuel

Director

Director/Board Member

Biography:

Mr. Derrick E. M. Samuel has been a Director for Colgate Palmolive (Pak) Ltd since May 2010. He has experience as the Non-Retiring Chairman of the Board of Colgate-Palmolive (India) Limited and as President of the Greater Asia Division of Colgate- Palmolive Company. He was elected a Corporate Officer of Colgate-Palmolive Company in 2008. He served as Vice President and Managing Director of the South Asia Region in 1999, responsible for business in India as well as Bangladesh, Nepal and Sri Lanka. As the Managing Director of Colgate-Palmolive (India) Limited, he led the Company through change, strengthened toothpaste, toothpowder and toothbrush market shares. In addition he has operational experience in Africa, Australia, and South Pacific. He has a degree in Engineering from the University of Calicut, India, and a Master's degree in Economics from the University of Stirling, the United Kingdom.

Age: 54

Education:

University of Stirling, M (Economics)

University of Calicut (Engineering)

Jerome Graham Webb

Director

Director/Board Member

Reuters

Executives

Name

Title

Function

Zulfiqar Ali Lakhani

Chief Executive, Director

Chief Executive Officer

Mansoor Ahmed

Company Secretary

Rehan Mirza

Director-Finance

Finance Executive

Taimur A. Butt

Director-Sales

Sales Executive

Sami Zaidi

Director-Manufacturing

Manufacturing Executive

Significant Developments

Colgate Palmolive Pakistan Ltd To Pay Final Cash Dividend And Bonus Shares

Jul 30, 2013

Colgate Palmolive Pakistan Ltd. announced that it is to pay a final cash dividend for the year ended June 30, 2013, at PKR 14 per share, or 140%. The Company will also issue bonus shares in the proportion of 1 share for every 10 shares held i.e. 10%.

Financial data

Annual Income Statement

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Reclassified Normal 30-Jun-2010	Reclassified Normal 30-Jun-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	89.286207	85.565587	83.860328	78.573941	62.550956
Auditor		A F Ferguson & Co.		A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion		Unqualified		Unqualified	Unqualified

Gross Revenue	261.3	211.9	173.9	178.1	143.5
Sales Returns and Allowances	-12.9	-11.5	-9.5	-7.4	-8.3
Excise Tax Receipts	-38.8	-35.0	-27.0	-27.3	-21.2
Revenue	209.5	165.4	137.5	143.4	114.0
Total Revenue	209.5	165.4	137.5	143.4	114.0

Cost of Revenue	148.9	116.8	91.8	108.0	80.5
Cost of Revenue, Total	148.9	116.8	91.8	108.0	80.5
Gross Profit	60.6	48.6	45.7	35.4	33.5

Selling/General/Administrative Expense	11.2	9.4	8.0	9.6	16.9
Labor & Related Expense	3.9	3.5	3.2	-	-
Advertising Expense	18.0	13.1	12.2	9.3	-
Total Selling/General/Administrative Expenses	33.0	26.0	23.4	18.9	16.9
Depreciation	0.5	0.4	0.3	0.4	-
Amortization of Intangibles	0.2	0.2	0.3	0.1	-
Depreciation/Amortization	0.7	0.6	0.6	0.5	-
Investment Income - Operating	-0.2	-0.7	-0.9	-0.3	-0.1
Interest/Investment Income - Operating	-0.2	-0.7	-0.9	-0.3	-0.1
Interest Expense (Income) - Net Operating Total	-0.2	-0.7	-0.9	-0.3	-0.1
Impairment-Assets Held for Use	0.0	0.0	0.0	0.0	0.0
Loss (Gain) on Sale of Assets - Operating	-0.1	0.0	-0.1	-0.1	-0.1
Other Unusual Expense (Income)	-	0.0	0.0	0.0	-0.9
Unusual Expense (Income)	-0.1	0.0	-0.1	0.0	-1.0
Other Operating Expense	2.1	1.7	1.6	1.2	1.2
Other, Net	-0.2	-0.1	-0.1	-0.1	-0.1
Other Operating Expenses, Total	1.8	1.7	1.6	1.1	1.1
Total Operating Expense	184.2	144.4	116.3	128.2	97.4

Operating Income	25.3	21.0	21.2	15.2	16.6

Interest Expense - Non-Operating	-0.2	-0.1	-0.1	-0.6	-0.3
Interest Expense, Net Non-Operating	-0.2	-0.1	-0.1	-0.6	-0.3
Interest Income (Expense) - Net Non-Operating Total	-0.2	-0.1	-0.1	-0.6	-0.3
Income Before Tax	25.1	20.9	21.0	14.6	16.3

Total Income Tax	7.0	7.2	7.3	5.0	5.5
Income After Tax	18.1	13.6	13.7	9.5	10.9

Net Income Before Extraord Items	18.1	13.6	13.7	9.5	10.9
Net Income	18.1	13.6	13.7	9.5	10.9

Income Available to Common Excl Extraord Items	18.1	13.6	13.7	9.5	10.9

Income Available to Common Incl Extraord Items	18.1	13.6	13.7	9.5	10.9

Basic/Primary Weighted Average Shares	43.6	43.6	43.6	43.6	43.6
Basic EPS Excl Extraord Items	0.42	0.31	0.32	0.22	0.25
Basic/Primary EPS Incl Extraord Items	0.42	0.31	0.32	0.22	0.25
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	18.1	13.6	13.7	9.5	10.9
Diluted Weighted Average Shares	43.6	43.6	43.6	43.6	43.6
Diluted EPS Excl Extraord Items	0.42	0.31	0.32	0.22	0.25
Diluted EPS Incl Extraord Items	0.42	0.31	0.32	0.22	0.25
Dividends per Share - Common Stock Primary Issue	0.13	0.12	0.10	0.08	0.07
Gross Dividends - Common Stock	5.0	5.2	4.4	3.5	3.1
Interest Expense, Supplemental	0.0	0.0	0.0	0.5	0.2
Depreciation, Supplemental	3.6	2.1	1.5	1.7	1.7
Total Special Items	-0.1	0.0	0.0	0.0	-0.9
Normalized Income Before Tax	25.0	20.8	21.0	14.6	15.5

Effect of Special Items on Income Taxes	0.0	0.0	0.0	0.0	-0.3
Inc Tax Ex Impact of Sp Items	6.9	7.2	7.3	5.0	5.1
Normalized Income After Tax	18.1	13.6	13.8	9.6	10.3

Normalized Inc. Avail to Com.	18.1	13.6	13.8	9.6	10.3

Basic Normalized EPS	0.42	0.31	0.32	0.22	0.24
Diluted Normalized EPS	0.42	0.31	0.32	0.22	0.24
Amort of Acquisition Costs, Supplemental	-	0.0	0.1	0.1	0.1
Amort of Intangibles, Supplemental	0.2	0.2	0.2	0.0	0.0
Rental Expenses	0.3	0.2	0.2	0.2	0.2
Advertising Expense, Supplemental	18.0	13.1	12.2	9.3	7.7
Normalized EBIT	25.1	20.3	20.2	14.8	15.5
Normalized EBITDA	28.9	22.6	22.0	16.6	17.3
Current Tax - Domestic	6.5	5.5	6.7	4.9	4.8
Current Tax - Other	-0.7	0.0	0.0	0.0	0.0
Current Tax - Total	5.8	5.5	6.7	5.0	4.8
Deferred Tax - Total	1.2	1.7	0.6	0.1	0.6
Deferred Tax - Total	1.2	1.7	0.6	0.1	0.6
Income Tax - Total	7.0	7.2	7.3	5.0	5.5
Interest Cost - Domestic	0.2	0.2	0.1	0.1	0.1
Service Cost - Domestic	0.1	0.1	0.1	0.1	0.1
Prior Service Cost - Domestic	0.0	0.0	0.0	0.0	0.0
Expected Return on Assets - Domestic	-0.2	-0.1	-0.1	-0.1	-0.1
Actuarial Gains and Losses - Domestic	0.0	0.0	0.0	0.0	0.0
Domestic Pension Plan Expense	0.2	0.2	0.2	0.1	0.1
Defined Contribution Expense - Domestic	0.2	0.2	0.2	0.1	0.1
Total Pension Expense	0.4	0.4	0.4	0.3	0.3
Discount Rate - Domestic	13.00%	14.00%	12.00%	12.00%	12.00%
Expected Rate of Return - Domestic	13.00%	14.00%	12.00%	12.00%	10.00%
Compensation Rate - Domestic	12.00%	13.00%	11.00%	11.00%	11.00%
Total Plan Interest Cost	0.2	0.2	0.1	0.1	0.1
Total Plan Service Cost	0.1	0.1	0.1	0.1	0.1
Total Plan Expected Return	-0.2	-0.1	-0.1	-0.1	-0.1

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
UpdateType/Date	Updated Normal 30-Jun-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Reclassified Normal 30-Jun-2010	Reclassified Normal 30-Jun-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	94.400002	85.97	85.525	81.44	68.45
Auditor		A F Ferguson & Co.		A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion		Unqualified		Unqualified	Unqualified

Cash	8.9	7.2	10.4	11.4	7.2
Short Term Investments	2.7	0.0	2.3	1.2	4.1
Cash and Short Term Investments	11.6	7.2	12.7	12.6	11.3
Accounts Receivable - Trade, Gross	5.5	4.1	4.0	4.3	2.7
Provision for Doubtful Accounts	-0.3	-0.4	-0.3	-0.1	-0.1
Trade Accounts Receivable - Net	5.3	3.8	3.7	4.3	2.6
Notes Receivable - Short Term	1.0	1.1	1.2	1.9	1.4
Other Receivables	0.2	0.5	0.0	0.0	0.6
Total Receivables, Net	6.4	5.4	5.0	6.3	4.6
Inventories - Finished Goods	5.9	4.8	3.7	3.3	2.3
Inventories - Work In Progress	2.0	0.8	0.5	1.3	0.1
Inventories - Raw Materials	20.0	18.6	9.3	7.4	10.7
Inventories - Other	3.1	3.8	2.3	2.1	1.9
Total Inventory	30.9	28.0	15.7	14.0	14.9
Prepaid Expenses	0.2	0.2	0.1	0.2	0.2
Deferred Income Tax - Current Asset	3.9	2.0	0.0	0.0	0.2
Other Current Assets	0.1	0.1	0.0	0.2	0.1
Other Current Assets, Total	4.0	2.1	0.1	0.2	0.2
Total Current Assets	53.0	42.9	33.6	33.2	31.2

Machinery/Equipment	34.3	27.5	20.8	17.2	18.7
Construction in Progress	1.6	6.9	6.5	1.8	0.1
Leases	7.5	7.5	3.6	3.3	3.4
Property/Plant/Equipment - Gross	43.4	42.0	30.8	22.3	22.2
Accumulated Depreciation	-13.1	-10.8	-8.9	-7.9	-8.1
Property/Plant/Equipment - Net	30.3	31.2	21.9	14.3	14.1
Goodwill - Gross	-	0.5	0.5	0.5	0.6
Accumulated Goodwill Amortization	-	-0.5	-0.5	-0.5	-0.5
Goodwill, Net	-	0.0	0.0	0.1	0.2
Intangibles - Gross	0.6	0.7	0.6	0.5	0.0
Accumulated Intangible Amortization	-0.6	-0.5	-0.2	-0.1	-
Intangibles, Net	0.1	0.2	0.4	0.4	0.0
LT Investments - Other	0.1	0.1	0.1	0.1	0.0
Long Term Investments	0.1	0.1	0.1	0.1	0.0
Other Long Term Assets	0.1	0.2	0.2	0.2	0.3
Other Long Term Assets, Total	0.1	0.2	0.2	0.2	0.3
Total Assets	83.6	74.6	56.2	48.4	45.8

Accounts Payable	12.1	12.9	5.2	6.3	7.9
Accrued Expenses	4.5	3.8	4.1	3.9	1.9
Notes Payable/Short Term Debt	0.0	0.0	0.0	0.0	0.7
Current Portion - Long Term Debt/Capital Leases	-	0.0	0.0	0.0	0.0
Dividends Payable	0.0	0.0	0.0	0.0	0.0
Income Taxes Payable	-	-	-	1.2	0.0
Other Payables	3.0	2.5	2.3	1.6	1.6
Other Current Liabilities	0.1	0.2	0.1	0.2	0.1
Other Current liabilities, Total	3.2	2.7	2.5	3.0	1.7
Total Current Liabilities	19.8	19.4	11.8	13.2	12.2

Long Term Debt	-	-	0.0	0.0	0.0
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	0.0	0.0	0.0	0.0	0.7

Deferred Income Tax - LT Liability	4.9	4.1	2.5	2.0	2.3
Deferred Income Tax	4.9	4.1	2.5	2.0	2.3
Other Long Term Liabilities	0.2	0.2	0.1	0.1	0.1
Other Liabilities, Total	0.2	0.2	0.1	0.1	0.1
Total Liabilities	24.8	23.7	14.4	15.2	14.6

Common Stock	3.8	3.7	3.2	2.9	2.8
Common Stock	3.8	3.7	3.2	2.9	2.8
Additional Paid-In Capital	0.1	0.2	0.2	0.2	0.2
Retained Earnings (Accumulated Deficit)	54.8	47.0	38.5	30.1	28.3
Unrealized Gain (Loss)	0.0	-	-	-	0.0
Total Equity	58.8	50.9	41.8	33.2	31.3

Total Liabilities & Shareholdersâ€™ Equity	83.6	74.6	56.2	48.4	45.8

Shares Outstanding - Common Stock Primary Issue	43.6	43.6	43.6	43.6	43.6
Total Common Shares Outstanding	43.6	43.6	43.6	43.6	43.6
Number of Common Shareholders	-	674	-	-	-
Accumulated Goodwill Amortization Suppl.	-	0.5	0.5	0.5	0.5
Accumulated Intangible Amort, Suppl.	0.6	0.5	0.2	0.1	0.0
Total Long Term Debt, Supplemental	0.1	0.1	0.0	0.0	-
Long Term Debt Maturing within 1 Year	0.1	0.1	0.0	0.0	-
Long Term Debt Matur. in Year 6 & Beyond	0.0	0.0	0.0	0.0	-
Pension Obligation - Domestic	1.8	1.6	1.3	1.1	1.1
Plan Assets - Domestic	1.5	1.2	1.0	0.7	0.7
Funded Status - Domestic	-0.3	-0.3	-0.4	-0.4	-0.3
Total Funded Status	-0.3	-0.3	-0.4	-0.4	-0.3
Discount Rate - Domestic	13.00%	14.00%	12.00%	12.00%	12.00%
Expected Rate of Return - Domestic	13.00%	14.00%	12.00%	12.00%	10.00%
Compensation Rate - Domestic	12.00%	13.00%	11.00%	11.00%	11.00%
Accrued Liabilities - Domestic	-0.3	-0.3	-0.4	-0.4	0.0
Net Assets Recognized on Balance Sheet	-0.3	-0.3	-0.4	-0.4	0.0
Equity % - Domestic	29.57%	10.79%	12.59%	4.46%	-
Debt Securities % - Domestic	68.67%	73.49%	2.48%	22.95%	-
Other Investments % - Domestic	1.76%	15.72%	-	-	-
Total Plan Obligations	1.8	1.6	1.3	1.1	1.1
Total Plan Assets	1.5	1.2	1.0	0.7	0.7

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	89.286207	85.565587	83.860328	78.573941	62.550956
Auditor		A F Ferguson & Co.		A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion		Unqualified		Unqualified	Unqualified

Net Income/Starting Line	25.1	20.9	21.0	14.6	16.3
Depreciation	3.8	2.3	1.8	1.8	1.8
Depreciation/Depletion	3.8	2.3	1.8	1.8	1.8
Unusual Items	-0.1	0.0	0.0	0.0	-0.1
Other Non-Cash Items	0.2	-0.4	-0.4	0.3	0.2
Non-Cash Items	0.1	-0.4	-0.5	0.3	0.2
Accounts Receivable	-1.6	-0.7	0.2	-1.7	-0.6
Inventories	-5.9	-12.5	-2.5	-1.6	-3.6
Other Assets	0.0	0.2	0.8	-0.9	-1.2
Accounts Payable	2.0	7.7	0.4	2.2	1.9
Other Liabilities	0.0	0.0	0.0	0.0	-0.1
Other Operating Cash Flow	-8.2	-7.7	-8.0	-4.2	-4.9
Changes in Working Capital	-13.6	-13.1	-9.2	-6.3	-8.6
Cash from Operating Activities	15.5	9.7	13.2	10.4	9.7

Purchase of Fixed Assets	-5.8	-11.6	-10.0	-4.7	-4.0
Purchase/Acquisition of Intangibles	0.0	-0.1	-0.2	-0.1	-
Capital Expenditures	-5.8	-11.7	-10.2	-4.8	-4.0
Sale of Fixed Assets	0.2	0.1	0.1	0.1	0.7
Sale/Maturity of Investment	3.9	2.5	0.0	2.4	7.4
Purchase of Investments	-6.7	-2.3	0.0	0.0	-5.3
Other Investing Cash Flow	0.4	0.6	0.9	0.5	0.5
Other Investing Cash Flow Items, Total	-2.3	0.8	1.0	2.9	3.3
Cash from Investing Activities	-8.1	-10.9	-9.1	-1.9	-0.7

Other Financing Cash Flow	-	-	-	-	0.0
Financing Cash Flow Items	-	-	-	-	0.0
Cash Dividends Paid - Common	-5.0	-4.3	-3.3	-2.4	-3.9
Total Cash Dividends Paid	-5.0	-4.3	-3.3	-2.4	-3.9
Short Term Debt Reduction	-	-	0.0	-0.6	-3.0
Short Term Debt, Net	-	-	0.0	-0.6	-2.3
Long Term Debt Reduction	0.0	0.0	0.0	0.0	0.0
Long Term Debt, Net	0.0	0.0	0.0	0.0	0.0
Issuance (Retirement) of Debt, Net	0.0	0.0	0.0	-0.6	-2.3
Cash from Financing Activities	-5.0	-4.3	-3.3	-3.0	-6.2

Net Change in Cash	2.5	-5.5	0.8	5.5	2.8

Net Cash - Beginning Balance	6.9	12.7	12.2	7.5	6.7
Net Cash - Ending Balance	9.4	7.2	13.0	13.0	9.5
Cash Interest Paid	0.2	0.1	0.1	0.6	0.4
Cash Taxes Paid	8.0	7.6	7.9	3.6	4.6

Annual Income Statement

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Reclassified Normal 30-Jun-2010	Reclassified Normal 30-Jun-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	89.286207	85.565587	83.860328	78.573941	62.550956
Auditor		A F Ferguson & Co.		A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion		Unqualified		Unqualified	Unqualified

Turnover	261.3	211.9	173.9	178.1	143.5
Sales Tax	-38.8	-32.5	-25.5	-25.9	-20.0
Special Excise Duty	0.0	-2.5	-1.4	-1.4	-1.2
Trade Discounts	-12.9	-11.5	-9.5	-7.4	-8.3
Total Revenue	209.5	165.4	137.5	143.4	114.0

Cost of Sales	148.9	116.8	91.8	108.0	80.5
Depreciation Charge	0.5	0.4	0.3	0.4	-
Amortization Charge	0.2	0.2	0.3	0.1	-
Advertising Expense	18.0	13.1	12.2	9.3	-
Salaries, Wages & Staff PF(S & D)	2.8	2.5	2.3	-	-
Selling & Distribution Expenses	10.6	8.8	7.2	8.4	15.7
Salaries, Wages & Staff PF(Admin)	1.1	1.0	0.9	-	-
Administrative Expenses	0.6	0.5	0.5	1.2	1.2
Workers profits participation fund	1.3	1.1	1.1	0.8	0.9
Workers welfare fund	0.5	0.4	0.4	0.3	0.3
Auditors remuneration	0.0	0.0	0.0	0.0	0.0
Property, plant and equipment - written	0.0	0.0	0.0	0.0	0.0
Donations	0.2	0.2	0.1	0.1	0.0
Advances to employees written off	-	0.0	0.0	0.0	0.0
Provision for impairment - trade debts	0.0	0.1	0.2	0.0	0.0
Net exchange loss	0.2	0.0	0.0	0.2	0.7
Profit on savings accounts	-0.4	-0.5	-0.9	-0.4	-0.5
Profit on a term deposit account	0.0	0.0	0.0	0.0	0.0
Profit On Short Term Investment	0.0	0.0	0.0	-	-
Profit on disposal of short term investm	0.0	-0.1	0.0	-0.1	-0.3
Liabilities no longer payable	0.0	0.0	0.0	0.0	0.0
Insurance commission	-0.1	-0.1	0.0	-0.1	-0.1
Disposal of property, plant and equipmen	-0.1	0.0	-0.1	-0.1	-0.1
Sale of scrap	-0.1	0.0	0.0	0.0	0.0
Sales tax refund	0.0	-	-	-	0.0
Profit on sale of material	-	0.0	0.0	0.0	0.0
Other Operating Income	-	-	-	-	0.0
Insurance claim agnst. consequential los	-	-	-	-	-0.9
Total Operating Expense	184.2	144.4	116.3	128.2	97.4

Interest Expenses	0.0	0.0	0.0	-0.5	-0.2
Bank commission and other charges	-0.2	-0.1	-0.1	-0.1	-0.1
Guarantee Commission	0.0	0.0	0.0	0.0	0.0
Net Income Before Taxes	25.1	20.9	21.0	14.6	16.3

Provision for Income Taxes	7.0	7.2	7.3	5.0	5.5
Net Income After Taxes	18.1	13.6	13.7	9.5	10.9

Net Income Before Extra. Items	18.1	13.6	13.7	9.5	10.9
Net Income	18.1	13.6	13.7	9.5	10.9

Income Available to Com Excl ExtraOrd	18.1	13.6	13.7	9.5	10.9

Income Available to Com Incl ExtraOrd	18.1	13.6	13.7	9.5	10.9

Basic Weighted Average Shares	43.6	43.6	43.6	43.6	43.6
Basic EPS Excluding ExtraOrdinary Items	0.42	0.31	0.32	0.22	0.25
Basic EPS Including ExtraOrdinary Items	0.42	0.31	0.32	0.22	0.25
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	18.1	13.6	13.7	9.5	10.9
Diluted Weighted Average Shares	43.6	43.6	43.6	43.6	43.6
Diluted EPS Excluding ExtraOrd Items	0.42	0.31	0.32	0.22	0.25
Diluted EPS Including ExtraOrd Items	0.42	0.31	0.32	0.22	0.25
DPS-Common Stock	0.13	0.12	0.10	0.08	0.07
Gross Dividends - Common Stock	5.0	5.2	4.4	3.5	3.1
Normalized Income Before Taxes	25.0	20.8	21.0	14.6	15.5

Inc Tax Ex Impact of Sp Items	6.9	7.2	7.3	5.0	5.1
Normalized Income After Taxes	18.1	13.6	13.8	9.6	10.3

Normalized Inc. Avail to Com.	18.1	13.6	13.8	9.6	10.3

Basic Normalized EPS	0.42	0.31	0.32	0.22	0.24
Diluted Normalized EPS	0.42	0.31	0.32	0.22	0.24
Advertising	18.0	13.1	12.2	9.3	7.7
Rent	0.3	0.2	0.2	0.2	0.2
Depreciation	3.6	2.1	1.5	1.7	1.7
Amortization of Goodwill	-	0.0	0.1	0.1	0.1
Amortization	0.2	0.2	0.2	0.0	0.0
Interest Expenses	0.0	0.0	0.0	0.5	0.2
Current Tax	6.5	5.5	6.7	4.9	4.8
Current Tax - Prior Years	-0.7	0.0	0.0	0.0	0.0
Current Tax - Total	5.8	5.5	6.7	5.0	4.8
Deferred Tax	1.2	1.7	0.6	0.1	0.6
Deferred Tax - Total	1.2	1.7	0.6	0.1	0.6
Income Tax - Total	7.0	7.2	7.3	5.0	5.5
Current Service Cost	0.1	0.1	0.1	0.1	0.1
Interest Cost	0.2	0.2	0.1	0.1	0.1
Past Service Costs	0.0	0.0	0.0	0.0	0.0
Actuarial Loss	0.0	0.0	0.0	0.0	0.0
Expected Return on Assets	-0.2	-0.1	-0.1	-0.1	-0.1
Domestic Pension Plan Expense	0.2	0.2	0.2	0.1	0.1
Defined Benefit Plan - Provident Fund	0.2	0.2	0.2	0.1	0.1
Total Pension Expense	0.4	0.4	0.4	0.3	0.3
Discount rate	13.00%	14.00%	12.00%	12.00%	12.00%
Expected rate of increase in salaries	12.00%	13.00%	11.00%	11.00%	11.00%
Expected rate of return on plan assets	13.00%	14.00%	12.00%	12.00%	10.00%

Annual Balance Sheet

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
UpdateType/Date	Updated Normal 30-Jun-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Reclassified Normal 30-Jun-2010	Reclassified Normal 30-Jun-2009
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate	94.400002	85.97	85.525	81.44	68.45
Auditor		A F Ferguson & Co.		A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion		Unqualified		Unqualified	Unqualified

Stores & Spares	0.7	0.4	0.2	0.2	0.2
Raw Materials	19.3	18.2	9.0	7.2	10.4
Packing Materials	2.2	2.2	1.3	1.1	1.2
Work - in - Progress	2.0	0.8	0.5	1.3	0.1
Finished Goods	5.9	4.8	3.7	3.3	2.3
Trading Goods	1.0	1.5	1.0	1.0	0.7
Trade Debts	5.5	4.1	4.0	4.3	2.7
Provision for Doubtfull Debts	-0.3	-0.4	-0.3	-0.1	-0.1
Security deposits	0.1	0.1	0.0	0.2	0.1
Prepayments	0.2	0.2	0.1	0.2	0.2
Loans & Advances	1.0	1.1	1.2	1.9	1.4
Taxation	3.9	2.0	0.0	0.0	0.2
Receivable from Related Parties	0.1	0.1	0.0	0.1	-
Other Receivables	0.2	0.5	0.0	0.0	0.6
Profit Receivable from Banks	0.0	0.0	0.0	0.0	0.0
Short Term Investments	2.7	-	-	-	2.6
Current accounts	2.9	1.6	1.4	1.1	0.8
Savings accounts	5.8	4.9	8.7	9.7	5.3
Term deposit account	-	0.0	2.3	1.2	1.5
Cheques in hand	0.2	0.6	0.3	0.6	1.1
Cash in hand	0.0	0.0	0.0	0.0	0.0
Total Current Assets	53.0	42.9	33.6	33.2	31.2

Leasehold Land	1.0	0.8	0.5	0.5	0.2
Factory Building on Leasehold Land	6.6	6.7	3.1	2.8	3.3
Plant & Machinery - Owned	25.6	20.3	14.8	12.2	13.5
Electric Fittings & Installation	1.3	1.1	0.8	0.7	0.9
Gas Installation	0.0	0.0	0.0	0.0	0.0
Furniture & Fixtures	0.7	0.6	0.3	0.1	0.2
Tools & Equipments	2.5	1.5	1.2	0.9	1.1
Vehicles - Owned	2.8	2.7	2.6	2.3	2.4
Computers & Accessories	0.8	0.7	0.6	0.5	0.5
Office Equipments	0.5	0.5	0.4	0.3	0.3
Capital Work in Progress	1.6	6.9	6.5	1.8	0.1
Depreciation	-13.1	-10.8	-8.9	-7.9	-8.1
Goodwill	-	0.5	0.5	0.5	0.6
Amortization of Goodwill	-	-0.5	-0.5	-0.5	-0.5
Computer Software	0.6	0.7	0.6	0.2	0.1
Software implimentation	-	0.0	0.0	0.3	0.0
Amortization of Intangibles	-0.6	-0.5	-0.2	-0.1	-
Long Term Loans	0.1	0.2	0.2	0.2	0.3
Long Term Security Deposits	0.1	0.1	0.1	0.1	0.0
Total Assets	83.6	74.6	56.2	48.4	45.8

Trade & Other Payables	5.9	5.6	3.9	3.8	5.9
Accrued Liabilities	3.6	3.8	3.1	2.8	1.1
Amount Payable to Realted Parties	-	0.1	-	-	-
Bills Payable	5.9	6.9	1.2	2.4	1.7
Amounts Due to Distributors	0.3	0.2	0.1	0.1	0.3
Special Excise Duty Payable	0.0	0.1	0.1	0.1	0.1
Sales Tax Payable	0.9	0.0	1.0	1.0	0.7
Royalty Payable to an Associated	0.8	0.7	0.6	0.5	0.4
Workers Profits Participation Fund	1.3	1.1	1.1	0.8	0.8
Workers Welfare Fund	0.9	0.4	0.4	0.3	0.3
Retention Money Payable	0.1	0.1	0.1	0.0	0.0
Unclaimed Dividend	0.0	0.0	0.0	0.0	0.0
Others	0.1	0.2	0.1	0.2	0.1
Accrued Interest	0.0	0.0	0.0	0.0	0.0
Current Liabilities of Long Term Loans	-	0.0	0.0	0.0	0.0
Taxation	-	-	-	1.2	0.0
Short Term Borrowings	-	-	-	-	0.7
Total Current Liabilities	19.8	19.4	11.8	13.2	12.2

Long Term Loans	-	-	0.0	0.0	0.0
Total Long Term Debt	-	-	0.0	0.0	0.0

Deferred Taxation	4.9	4.1	2.5	2.0	2.3
Long Term Deposits	0.2	0.2	0.1	0.1	0.1
Total Liabilities	24.8	23.7	14.4	15.2	14.6

Share Capital	3.8	3.7	3.2	2.9	2.8
Capital Reserve	0.1	0.2	0.2	0.2	0.2
General reserve	37.6	33.4	24.9	20.8	18.3
Unappropriated Profit	17.2	13.7	13.6	9.3	10.0
Surplus on revaluation of investments	0.0	-	-	-	0.0
Total Equity	58.8	50.9	41.8	33.2	31.3

Total Liabilities & Shareholders' Equity	83.6	74.6	56.2	48.4	45.8

S/O-Common Stock	43.6	43.6	43.6	43.6	43.6
Total Common Shares Outstanding	43.6	43.6	43.6	43.6	43.6
Amortization of Goodwill	-	0.5	0.5	0.5	0.5
Amortization of Intangibles	0.6	0.5	0.2	0.1	0.0
Shareholders	-	674	-	-	-
Current maturities	0.1	0.1	0.0	0.0	-
Total Long Term Debt, Supplemental	0.1	0.1	0.0	0.0	-
Present value of defined benefit obligat	1.8	1.6	1.3	1.1	1.1
Fair value of plan assets	1.5	1.2	1.0	0.7	0.7
Funded Status	-0.3	-0.3	-0.4	-0.4	-0.3
Total Funded Status	-0.3	-0.3	-0.4	-0.4	-0.3
Discount rate	13.00%	14.00%	12.00%	12.00%	12.00%
Expected rate of increase in salaries	12.00%	13.00%	11.00%	11.00%	11.00%
Expected rate of return on plan assets	13.00%	14.00%	12.00%	12.00%	10.00%
Accrued Liability	-0.3	-0.3	-0.4	-0.4	0.0
Net Assets Recognized on Balance Sheet	-0.3	-0.3	-0.4	-0.4	0.0
Equity % - Domestic	29.57%	10.79%	12.59%	4.46%	-
Debt Securities % - Domestic	68.67%	73.49%	2.48%	22.95%	-
Cash % - Domestic	1.76%	15.72%	84.93%	72.58%	-
Other Investments % - Domestic	-	-	0.00%	0.01%	-

Annual Cash Flows

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 30-Jun-2012	Updated Normal 30-Jun-2011	Updated Normal 30-Jun-2010	Updated Normal 30-Jun-2009	Updated Normal 30-Jun-2008
Filed Currency	PKR	PKR	PKR	PKR	PKR
Exchange Rate (Period Average)	89.286207	85.565587	83.860328	78.573941	62.550956
Auditor		A F Ferguson & Co.		A F Ferguson & Co.	A F Ferguson & Co.
Auditor Opinion		Unqualified		Unqualified	Unqualified

Net Income	25.1	20.9	21.0	14.6	16.3
Depreciation	3.8	2.3	1.8	1.8	1.8
Gain on Sale of Assets	-0.1	0.0	-0.1	-0.1	-0.1
Provision for Doubtfull Debts	0.0	0.1	0.2	0.0	0.0
Advances to Employees Written Off	-	0.0	0.0	0.0	0.0
Profit on savings and term deposit accou	-0.4	-0.5	-0.9	0.0	0.0
Profit on a term deposit receipt	0.0	0.0	0.0	-0.4	-0.5
Profit on Shot Term Investments	-	-	-	-	0.0
Profit on Disposal of Short Term Investm	0.0	-0.1	0.0	-0.1	-0.3
Finance Costs	0.2	0.1	0.1	0.6	0.3
Exchange Loss / Gain	0.2	0.0	0.0	0.2	0.7
Stocks written off	0.2	0.0	0.1	0.0	-
Property, Plant & Equipments Written Off	0.0	0.0	0.0	0.0	0.0
Capital work-in-progress charged off	0.0	0.0	0.0	0.0	-
Stores and spares written off	-	-	0.0	0.0	-
Intangibles charged off	-	0.0	0.0	0.0	-
Stores & Spares	-0.3	-0.2	0.0	0.0	0.0
Stock in Trade	-5.6	-12.3	-2.4	-1.6	-3.7
Trade Debts	-1.9	-0.2	0.1	-2.1	-0.6
Loans & Advances	0.0	0.2	0.7	-0.8	-0.9
Trade Deposits & Prepaymets	0.0	-0.1	0.1	-0.1	-0.4
Other Receivables	0.3	-0.5	0.1	0.3	-
Trade & Other Payables	2.0	7.7	0.4	2.2	1.9
Finance costs paid	-0.2	-0.1	-0.1	-0.6	-0.4
Taxes Paid	-8.0	-7.6	-7.9	-3.6	-4.6
Long Term Loans	0.0	0.0	0.0	0.0	-0.1
Long term Security Deposits	0.0	0.0	0.0	0.0	0.0
Long Term Deposits	0.0	0.1	0.0	0.0	0.0
Cash from Operating Activities	15.5	9.7	13.2	10.4	9.7

Fixed capital expenditure	-5.8	-11.6	-10.0	-4.7	-4.0
Purchase of intangible assets	0.0	-0.1	-0.2	-0.1	-
Short Term Investments	-6.7	-2.3	0.0	0.0	-5.3
Disposal of Property, Plant & Equipment	0.2	0.1	0.1	0.1	0.7
Profit received on savings and term depo	0.4	0.6	0.9	0.4	0.5
Profit received on a term deposit receip	0.0	0.0	0.0	0.0	0.0
Long Term loans	-	-	-	-	0.0
Disposal of Short Term Investments	3.9	2.5	0.0	2.4	7.4
Cash from Investing Activities	-8.1	-10.9	-9.1	-1.9	-0.7

Repayment of Loans	0.0	0.0	0.0	0.0	0.0
Liabilities Against Assets	-	-	-	-	0.0
Repayments of Short Term Borrowings	-	-	0.0	-0.6	-3.0
Short Term loans	-	-	-	0.0	0.7
Dividend Paid	-5.0	-4.3	-3.3	-2.4	-3.9
Cash from Financing Activities	-5.0	-4.3	-3.3	-3.0	-6.2

Net Change in Cash	2.5	-5.5	0.8	5.5	2.8

Cash - Opening Balance	6.9	12.7	12.2	7.5	6.7
Cash - Ending Balance	9.4	7.2	13.0	13.0	9.5
Cash Interest Paid	0.2	0.1	0.1	0.6	0.4
Cash Taxes Paid	8.0	7.6	7.9	3.6	4.6

Financial health

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 31-Dec-2012	Quarter Ending Yr Ago	Annual Year End 30-Jun-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	50.5	4.59%	209.5	32.21%	18.42%	25.82%
Operating Income1 (?)	5.0	-14.02%	25.3	25.72%	23.63%	19.90%
Income Available to Common Excl Extraord Items1 (?)	3.8	-2.36%	18.1	38.74%	29.26%	21.78%
Basic EPS Excl Extraord Items1 (?)	0.09	-2.36%	0.42	38.74%	29.26%	21.78%
Capital Expenditures2 (?)	1.6	10.20%	5.8	-48.05%	10.89%	19.41%
Cash from Operating Activities2 (?)	5.2	141.25%	15.5	66.50%	19.07%	28.40%
Free Cash Flow (?)	3.7	390.43%	9.1	-	25.37%	36.49%
Total Assets3 (?)	83.6	32.76%	83.6	23.17%	26.07%	24.40%
Total Liabilities3 (?)	26.2	50.60%	24.8	14.98%	23.59%	19.94%
Total Long Term Debt3 (?)	0.0	-	0.0	-	-	-
Total Common Shares Outstanding3 (?)	43.6	0.00%	43.6	0.00%	0.00%	0.00%
1-ExchangeRate: PKR to USD Average for Period	96.222874	Â	89.286207	Â	Â	Â
2-ExchangeRate: PKR to USD Average for Period	94.500734	Â	89.286207	Â	Â	Â
3-ExchangeRate: PKR to USD Period End Date	94.567713	Â	94.400002	Â	Â	Â

Key Ratios
Â	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Profitability
Gross Margin (?)	28.92%	29.40%	33.22%	24.70%	29.40%
Operating Margin (?)	12.07%	12.69%	15.40%	10.61%	14.59%
Pretax Margin (?)	11.98%	12.61%	15.30%	10.17%	14.32%
Net Profit Margin (?)	8.66%	8.25%	9.99%	6.66%	9.52%
Financial Strength
Current Ratio (?)	2.68	2.21	2.85	2.52	2.56
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.00	0.00	0.00	0.00	0.02
Management Effectiveness
Return on Assets (?)	22.64%	20.82%	26.33%	21.19%	23.47%
Return on Equity (?)	32.63%	29.37%	36.69%	30.98%	35.30%
Efficiency
Receivables Turnover (?)	34.97	31.66	24.51	27.29	28.72
Inventory Turnover (?)	4.99	5.33	6.20	7.84	5.55
Asset Turnover (?)	2.62	2.52	2.64	3.18	2.46

Market ValuationÂ USD (mil)
P/E (TTM) (?)	48.60	.	Enterprise Value2 (?)	806.4
Price/Sales (TTM) (?)	4.04	.	Enterprise Value/Revenue (TTM) (?)	4.04
Enterprise Value/EBITDA (TTM) (?)	32.01	.	Market Cap1 (?)	756.6
1-ExchangeRate: PKR to USD on 23-Aug-2013	103.599557
2-ExchangeRate: PKR to USD on 31-Dec-2012	97.199997

Annual Ratios

Financials in: USD (mil)

	30-Jun-2012	30-Jun-2011	30-Jun-2010	30-Jun-2009	30-Jun-2008
Financial Strength
Current Ratio (?)	2.68	2.21	2.85	2.52	2.56
Quick/Acid Test Ratio (?)	0.91	0.65	1.50	1.43	1.30
Working Capital1 (?)	33.2	23.5	21.8	20.0	19.1
Long Term Debt/Equity (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity (?)	0.00	0.00	0.00	0.00	0.02
Long Term Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital (?)	0.00	0.00	0.00	0.00	0.02
Payout Ratio (?)	31.40%	37.89%	32.20%	36.63%	28.13%
Effective Tax Rate (?)	27.71%	34.57%	34.72%	34.56%	33.47%
Total Capital1 (?)	58.8	50.9	41.8	33.2	32.0

Efficiency
Asset Turnover (?)	2.62	2.52	2.64	3.18	2.46
Inventory Turnover (?)	4.99	5.33	6.20	7.84	5.55
Days In Inventory (?)	73.07	68.48	58.89	46.56	65.79
Receivables Turnover (?)	34.97	31.66	24.51	27.29	28.72
Days Receivables Outstanding (?)	10.44	11.53	14.89	13.38	12.71

Profitability
Gross Margin (?)	28.92%	29.40%	33.22%	24.70%	29.40%
Operating Margin (?)	12.07%	12.69%	15.40%	10.61%	14.59%
EBITDA Margin (?)	13.89%	14.09%	16.64%	11.82%	16.06%
EBIT Margin (?)	12.07%	12.69%	15.40%	10.61%	14.59%
Pretax Margin (?)	11.98%	12.61%	15.30%	10.17%	14.32%
Net Profit Margin (?)	8.66%	8.25%	9.99%	6.66%	9.52%
COGS/Revenue (?)	71.08%	70.60%	66.78%	75.30%	70.60%
SG&A Expense/Revenue (?)	15.77%	15.74%	16.99%	13.19%	14.82%

Management Effectiveness
Return on Assets (?)	22.64%	20.82%	26.33%	21.19%	23.47%
Return on Equity (?)	32.63%	29.37%	36.69%	30.98%	35.30%

Valuation
Free Cash Flow/Share2 (?)	0.21	-0.05	0.07	0.12	0.12
Operating Cash Flow/Share 2 (?)	0.34	0.22	0.30	0.23	0.20
1-ExchangeRate: PKR to USD Period End Date	94.400002	85.97	85.525	81.44	68.45
2-ExchangeRate: PKR to USD Average for Period	94.400002	85.97	85.525	81.44	68.45

Current Market Multiples
Market Cap/Revenue (TTM) (?)	4.04
Market Cap/EBIT (TTM) (?)	36.06
Market Cap/EBITDA (TTM) (?)	32.01
Enterprise Value/Revenue (TTM) (?)	4.04
Enterprise Value/EBIT (TTM) (?)	36.06
Enterprise Value/EBITDA (TTM) (?)	32.01

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.79
UK Pound	1	Rs.100.70
Euro	1	Rs.84.67

INFORMATION DETAILS

Report Prepared by :

NIS

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.