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Financial Statements Year Ended June 30, 2011

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Financial Statements Year Ended June 30, 2011 ([[VJR7L[YVSL\T3PTP[LK 76A6C8:H=::I 6H6I?JC:(%!'%&& CdiZ 2011 '%&% GjeZZh%%% H=6G:86E>I6A6C9G:H:GVES Authorised capital 6 1,500,000 &!*%%!%%% Issued, subscribed and paid up capital 6 691,200 *,+!%%% Reserves Special reserves 7 27,407 &,!%)( Revenue reserve Unappropriated profit &%!-',!+%1 -!+)(!*() &1,546,208 .!'(+!*,, NON CURRENT LIABILITIES Long term deposits 8 209,316 &,-!.%- Deferred income tax liability 9 111,000 &&%!%%% 320,316 '--!.%- CURRENT LIABILITIES Trade and other payables 10 12,073,287 &&!**)!%*, Provision for income tax 540,540 (+(!&&% 12,613,827 &&!.&,!&+, CONTINGENCIES AND COMMITMENTS 11 ')!)-%!(*1 '&!))'!+*' ([[VJR7L[YVSL\T3PTP[LK CdiZ 2011 '%&% GjeZZh%%% NON CURRENT ASSETS Property, plant and equipment 12 1,374,767 &!'&,!'&, Long term investments in associated companies 13 842,957 ,+*!,(. Aong term prepayments 14 15,231 (%!)+( CURRENT ASSETS Stores and spares 9,729 +!+(% Stock in trade 15 5,246,705 ..(!'-' Irade debts 16 9,297,292 ,!+%'!%+% 6dvances, deposits, prepayments and other receivables 17 &!)*.!,03 ,&.!.%) Short term investments 18 1,015,930 -(&!,*) Cash and bank balances 19 5,218,037 .!',*!+%( 22,247,396 &.!)'.!'(( ')!)-%!(*& '&!))'!+*' I]ZVccZmZYcdiZh&id(+[dgbVc^ciZ\gVaeVgid[i]ZhZ[^cVcX^Va^c[dgbVi^dc# H]jV^W6#BVa^` 7VWVg7Vh]^gCVlVo 8]^Z[:mZXji^kZ 9^gZXidg (UU\HS9LWVY[ EGD;>I6C9ADHH688DJCI ;DGI=:N:6G:C9:9?JC:(%!'%&& CdiZ 2011 '%&% GjeZZh%%% Sales 20 &27,036,966 .)!-.,!-++ Sales tax &,!+)'!')1) (12,105,948) NET SALES 109,394,725 82,791,918 Cost of products sold 21 &04,680,507) ,.!%('!%() GROSS PROFIT 4,714,218 3,759,884 Other operating income 22 &!.,-!.(1 &!(%-!.%) Operating expenses 23 +&&!(&*) )-%!-+% OPERATING PROFIT 6,081,834 4,587,928 Finance cost 24 (682,666) (&.!-+* Income on bank deposits and short term investments 25 962,838 .-%!,(+ Share of profit of associated companies 13 .(!'&& )'!((, Other charges 26 )(,!,06) )))!-', PROFIT BEFORE TAXATION 6,017,511 4,846,309 Provision for taxation 27 &!,+1,000) &!'*'!%%% PROFIT FOR THE YEAR 4,256,511 3,594,309 :Vgc^c\heZgh]Vge - Basic and diluted (Rupees) 28 +1.58 *'#%% I]ZVccZmZYcdiZh&id(+[dgbVc^ciZ\gVaeVgid[i]ZhZ[^cVcX^Va^c[dgbVi^dc# H]jV^W6#BVa^` 7VWVg7Vh]^gCVlVo 8]^Z[:mZXji^kZ 9^gZXidg ([[VJR7L[YVSL\T3PTP[LK HI6I:B:CID;8DBEG:=:CH>K:>C8DB: ;DGI=:N:6G:C9:9?JC:(%!'%&& 2011 '%&% GjeZZh%%% PROFIT FOR THE YEAR 4,256,511 3,594,309 Other comprehensive income - " TOTAL COMPREHENSIVE INCOME FOR THE YEAR 4,256,511 3,594,309 I]ZVccZmZYcdiZh&id(+[dgbVc^ciZ\gVaeVgid[i]ZhZ[^cVcX^Va^c[dgbVi^dc# H]jV^W6#BVa^` 7VWVg7Vh]^gCVlVo 8]^Z[:mZXji^kZ 9^gZXidg (UU\HS9LWVY[ 86H=;ADLHI6I:B:CI ;DGI=:N:6G:C9:9?JC:(%!'%&& CdiZ 2011 '%&% GjeZZh%%% CASH FLOW FROM OPERATING ACTIVITIES Cash receipts from customers &09,434,933 -)!)&%!%*. Price differential claims received from Government - +,'!'&% Payments for purchase of products and operating expenses &&%!&)1,454) -%!(&-!&,% Other charges paid (409,866) ()*!-%, Long term deposits received 30,408 &.!(,% Income tax paid &!*-'!*,0) &!%,-!--( Cash flow from operating activities (2,668,549) (!(*-!,,. CASH FLOW FROM INVESTING ACTIVITIES Addition to property, plant and equipment (308,200) '&*!(.+ Proceeds from sale of property, plant and equipment 6,786 +!*-) Short term investments (&7,588 (-+!%&) Income received on bank deposits and short term investments 933,940 .%'!.)* Dividend received from associated company &5,993 .!..* Cash flow from investing activities .++!&07 (&-!&&) CASH FLOW FROM FINANCING ACTIVITIES Dividends paid &!.))!&08) &!)(,!*,( Cash used in financing activities &!.))!&08) &!)(,!*,( Effect of exchange rate changes 1,903 +'( (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (3,644,647) '!'(.!.)( CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 9,674,853 ,!)()!.&% CASH AND CASH EQUIVALENTS AT END OF THE YEAR 29 6,030,206 .!+,)!-*( I]ZVccZmZYcdiZh&id(+[dgbVc^ciZ\gVaeVgid[i]ZhZ[^cVcX^Va^c[dgbVi^dc# H]jV^W6#BVa^` 7VWVg7Vh]^gCVlVo 8]^Z[:mZXji^kZ 9^gZXidg ([[VJR7L[YVSL\T3PTP[LK HI6I:B:CID;8=6C<:H>C:FJ>IN ;DGI=:N:6G:C9:9?JC:(%!'%&& H]VgZXVe^iVa HeZX^Va JcVeegdeg^ViZY gZhZgkZh egd[^i IdiVa """"""""""""""""""""""""""""""""""""GjeZZh%%%"""""""""""""""""""""""""""""""""""" BALANCE AS AT JUNE 30, 2009 576,000 34,097 6,472,171 ,!%-'!'+- Total comprehensive income for the year - - 3,594,309 (!*.)!(%. Transferred from special reserves by associated companies - (17,054) 17,054 " Transaction with owners: Final dividend @ 150% relating to year ended June 30, 2009 - - (864,000) -+)!%%% Interim dividend @ 100% relating to year ended June 30, 2010 - - (576,000) *,+!%%% Total transactions with owners - - (1,440,000) &!))%!%%% BALANCE AS AT JUNE 30, 2010 576,000 &7,043 8,643,534 .!'(+!*,, Total comprehensive income for the year - - )!'*+!*&1 )!'*+!*&& Transferred to special reserves by associated companies - 10,364 (10,364) " Transaction with owners: Bonus shares @ 20% relating to the year ended June 30, 2010 115,200 - (115,200) " Final dividend @ 200% relating to year ended June 30, 2010 - - (1,152,000) &!&*'!%%% Interim dividend @ 115% relating to year ended June 30, 2011 - - (794,880) ,.)!--% Total transactions with owners 115,200 - (2,062,080) &!.)+!--% BALANCE AS AT JUNE 30, 2011 +.1,200 27,407 &%!-',!+%1 &&!*)+!'%- I]ZVccZmZYcdiZh&id(+[dgbVc^ciZ\gVaeVgid[i]ZhZ[^cVcX^Va^c[dgbVi^dc# H]jV^W6#BVa^` 7VWVg7Vh]^gCVlVo 8]^Z[:mZXji^kZ 9^gZXidg (UU\HS9LWVY[ CDI:HID6C9;DGB>C<E6GID;I=:;>C6C8>6AHI6I:B:CIH ;DGI=:N:6G:C9:9?JC:(%!'%&& 1. LEGAL STATUS AND OPERATIONS 6iidX`EZigdaZjbA^b^iZYi]Z8dbeVcnlVh^cXdgedgViZY^cEV`^hiVcVhVejWa^Xa^b^iZYXdbeVcndc 9ZXZbWZg(!&..*VcY^iXdbbZcXZY^ihdeZgVi^dch^c&..-#I]Z8dbeVcnlVha^hiZYdc@VgVX]^HidX` :mX]Vc\ZdcBVgX],!'%%*#I]ZgZ\^hiZgZYd[[^XZd[i]Z8dbeVcn^hh^ijViZYVi+!;V^hVa6kZcjZ!;",$&! >haVbVWVY!EV`^hiVc#I]Z8dbeVcn^hYdb^X^aZY^c>haVbVWVY#I]Zeg^cX^eVaVXi^k^ind[i]Z8dbeVcn^h egdXjgZbZci!hidgV\ZVcYbVg`Zi^c\d[eZigdaZjbVcYgZaViZYegdYjXih#E]VgVdc>ckZhibZci<gdjeA^b^iZY Holding s.a.l holds 34.38% (2010: 34.38%) shares of the Company. 2. STATEMENT OF COMPLIANCE I]ZhZ[^cVcX^VahiViZbZcih]VkZWZZcegZeVgZY^cVXXdgYVcXZl^i]VeegdkZYVXXdjci^c\hiVcYVgYhVh Veea^XVWaZ^cEV`^hiVc#6eegdkZYVXXdjci^c\hiVcYVgYhXdbeg^hZd[hjX]>ciZgcVi^dcVa;^cVcX^VaGZedgi^c\ HiVcYVgYh>;GH^hhjZYWni]Z>ciZgcVi^dcVa6XXdjci^c\HiVcYVgYh7dVgYVhVgZcdi^[^ZYjcYZgi]Z 8dbeVc^ZhDgY^cVcXZ!&.-)!egdk^h^dchd[VcYY^gZXi^kZh^hhjZYjcYZgi]Z8dbeVc^ZhDgY^cVcXZ!&.-)#>c case requirements differ, the provisions or directives of the Companies Ordinance, 1984 shall prevail. 3. ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS HiVcYVgYh!VbZcYbZcihVcY^ciZgegZiVi^dchidZm^hi^c\hiVcYVgYhi]ViVgZcdinZiZ[[ZXi^kZVcY]VkZcdi WZZcZVganVYdeiZYWni]Z8dbeVcn/ :[[ZXi^kZYViZVccjVaeZg^dYh WZ\^cc^c\dcdgV[iZg IFRS 7 ;^cVcX^Va^chigjbZcih/9^hXadhjges (Amendments) ?VcjVgn&!'%&&?jan&!'%&& IAS 1 EgZhZciVi^dcd[[inancial statements (Amendments) ?VcjVgn&!'%&&?jan&!'%&' >6H&2 >cXdbZiVmes (Amendments) ?VcjVgn&!'%&' >6H&9 :beadnZZWZcZ[its (Amendments) ?VcjVgn&!'%&( IAS 24 GZaViZYeVginY^hXadhjgZhGZvised) ?VcjVgn&!'%&& IAS 27 HZeVgViZ;^cVcX^VaHiViZbZcihGZvised) ?VcjVgn&!'%&3 IAS 28 >ckZhibZcih^c6hhdX^ViZh?d^ciKZcijgZGZvised) ?VcjVgn&!'%&3 IAS 34 >ciZg^b;^cVcX^VaGZedgting (Amendments) ?VcjVgn&!'%&& >;G>8&3 8jhidbZgAdnVainEgd\gammes (Amendments) ?VcjVgn&!'%&& >;G>8&4 I]Za^b^idcVYZ[^cZYWZcZ[^iVhhZi!b^c^bjb[jcY^c\gZfj^gZbZcih VcYi]Z^g^ciZgaction (Amendments) ?VcjVgn&!'%&& I]ZbVcV\ZbZciVci^X^eViZhi]ViVYdei^dcd[VWdkZhiVcYVgYh!VbZcYbZcihVcY^ciZgegZiVi^dch^c[jijgZ eZg^dYhl^aa]VkZcdbViZg^Va^beVXidci]Z8dbeVcn¿h[^cVcX^VahiViZbZcihZmXZei[dgVYY^i^dcVaY^hXadhjgZh# ;jgi]Zg!i]Z[daadl^c\cZlhiVcYVgYh]VkZWZZc^hhjZYWni]Z>ciZgcVi^dcVa6XXdjci^c\HiVcYVgYh7dVgY >6H7!l]^X]VgZnZiidWZcdi^[^ZYWni]ZHZXjg^i^ZhVcY:mX]Vc\Z8dbb^hh^dcd[EV`^hiVc![dgi]ZejgedhZ d[i]Z^gVeea^XVW^a^in^cEV`^hiVc/ :[[ZXi^kZYViZVccjVaeZg^dYh WZ\^cc^c\dcdgV[iZg IFRS 1 ;^ghi"i^bZVYdei^dcd[>ciZgcVi^dcVa;^cVcX^VaGZedgi^c\HiVcYVgds ?jan&!'%%. IFRS 9 Financial instruments ?VcjVgn&!'%&( >;GH&0 8dchda^YViZY[inancial statements ?VcjVgn&!'%&( >;GH&1 ?d^ciVggangements ?VcjVgn&!'%&( >;GH&2 9^hXadhjgZd[^ciZgests in other entities ?VcjVgn&!'%&( >;GH&3 ;V^gkVajZbZVhjgement ?VcjVgn&!'%&( 4. SIGNIFICANT ACCOUNTING POLICIES 4.1 Basis of measurement I]ZhZ[^cVcX^VahiViZbZcih]VkZWZZcegZeVgZYjcYZgi]Z]^hidg^XVaXdhiXdckZci^dcZmXZeiVhdi]Zgl^hZ Y^hXadhZY^ci]ZgZheZXi^kZVXXdjci^c\eda^X^ZhcdiZh# ([[VJR7L[YVSL\T3PTP[LK CDI:HID6C9;DGB>C<E6GID;I=:;>C6C8>6AHI6I:B:CIH ;DGI=:N:6G:C9:9?JC:(%!'%&& 4.2 Operating segments DeZgVi^c\hZ\bZcihVgZgZedgiZY^cVbVccZgXdch^hiZcil^i]i]Z^ciZgcVagZedgi^c\egdk^YZYidi]ZX]^Z[ deZgVi^c\YZX^h^dc"bV`Zg#I]ZX]^Z[deZgVi^c\YZX^h^dc"bV`Zg!l]d^hgZhedch^WaZ[dgVaadXVi^c\ gZhdjgXZhVcYVhhZhh^c\eZg[dgbVcXZd[i]ZdeZgVi^c\hZ\bZcih!]VhWZZc^YZci^[^ZYVhi]Z7dVgYd[ 9^gZXidghi]VibV`ZhhigViZ\^XYZX^h^dc#I]ZbVcV\ZbZci]VhYZiZgb^cZYi]Vii]Z8dbeVcn]VhVh^c\aZ gZedgiVWaZhZ\bZciVhi]Z7dVgYd[9^gZXidghk^Zlhi]Z8dbeVcnhdeZgVi^dchVhdcZgZedgiVWaZhZ\bZci# 4.3 Functional and presentation currency >iZbh^cXajYZY^ci]Z[^cVcX^VahiViZbZcihVgZbZVhjgZYjh^c\i]ZXjggZcXnd[i]Zeg^bVgnZXdcdb^X Zck^gdcbZci^cl]^X]i]Z8dbeVcndeZgViZh#I]Z[^cVcX^VahiViZbZcihVgZegZhZciZY^cEV`^hiVc^GjeZZh! which is the Company's functional currency. 4.4 Foreign currency transactions and translations IgVchVXi^dch^c[dgZ^\cXjggZcX^ZhVgZXdckZgiZY^cidGjeZZhVii]ZgViZhd[ZmX]Vc\Zgja^c\dci]ZYViZd[ i]ZigVchVXi^dc#6aaVhhZihVcYa^VW^a^i^ZhYZcdb^cViZY^c[dgZ^\cXjggZcX^ZhVgZigVchaViZY^cid[jcXi^dcVa XjggZcXnViZmX]Vc\ZgViZegZkV^a^c\Vii]ZWVaVcXZh]ZZiYViZ#;dgZ^\cZmX]Vc\Z\V^chVcYadhhZh gZhjai^c\[gdbi]ZhZiiaZbZcid[hjX]igVchVXi^dchVcY[gdbi]ZigVchaVi^dcd[bdcZiVgn^iZbhVinZVg"ZcY exchange rates, are charged to income for the year. 4.5 Trade and other payables A^VW^a^i^Zh[dgXgZY^idghVcYdi]ZgVbdjciheVnVWaZVgZXVgg^ZYViXdhil]^X]^hi]Z[V^gkVajZd[i]Z
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