PICT_FINANCIAL_STATEMENTS

8/7/2019 PICT_FINANCIAL_STATEMENTS

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NOTES TO THE FINAFOR THE YEAR END

4 PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets

Capital work-in-progress

4.1. The following is a statement of operating fixed assets:

Owned

Leasehold improvements

Port improvements

Mobile Harbour Crane

Ship to Shore Cranes - STS

Gantry tracks

Rubber Tyred Gantry Cranes - RTG

Port equipment

Port Power Generation

Vehicles

Computers

Furniture and fixtures

Office equipment

Leased





Port equipment

Generators

Vehicles

Total - 2010

Owned

Leasehold improvements

Port improvements

Mobile Harbour Crane


Gantry tracks


Port equipment

Port Power Generation

Vehicles

Computers

Furniture and fixtures

Office equipment

Leased





Port equipment

Generators

Vehicles

Total - 2009

4.1.1. Additions to fixed assets include borrowing costs amounting to Rs. Nil (

* represent transfer from leased assets to owned assets.

4.1.2. Disposal of operating fixed assets:

Vehicles

Suzuki Cultus

Suzuki Bolan

Suzuki Alto

Honda Citi

Toyota Salon

Honda Citi

Port Equipment

Lancer Boss

Lancer Boss

Lancer Boss

4.1.3 Depreciation charge for the year has been allocated as under:

Terminal operating costs

Administrative expenses

4.2. Capital work-in-progress

Civil works



Advances to suppliers and contractors

Mobilization advance

- for purchase of cranes and related equipments

- for purchase / development of computer software

4.2.1. Movement

Balance as at July 31, 2006

Capital expenditure incurred /advances made during the year

Transfer to operating fixed assets

Balance as at June 30, 2007

Capital expenditure incurred /advances made during the year

Transfer to operating fixed assets / intangible assets

Balance as at June 30, 2008

5 INTANGIBLE ASSETS

Computer software

Project development cost

5.1.2. Amortization charge for the year has been allocated as under:

Terminal operating costs

Administrative expenses

7 Defered Cost



7 .1 Movement of amortization

Opening Balance

Charge for the year

Closing balance

8 STORES AND SPARES

Stores

Spares

9 TRADE DEBTS - Unsecured

Considered good

Considered doubtful

Less: Provision for doubtful debts

9. 1 Include Rs 14514 (2007 Rs 10.15) M due from Marine Services pvt ltd Rs 0.081 (

10 ADVANCES - Unsecured, considered good

- to employees

- to suppliers

11 DEPOSITS AND PREPAYMENTS

Security deposits

Prepayments

- Insurance

Front end fee

LC Margin

- Others



12 OTHER RECEIVABLES - Unsecured

Fair Value gain on derivatives

Accrued profit on term deposits

Other receivables - considered good

13 INVESTMENTS

At fair value through profit or loss

Held to maturity - Related party

13 At fair value through profit or loss

2007

Listed - Mutual Funds (Open Ended)

104802 JS Income Fund

50000 Faysal Savngs Growth Fund

100000 Alfalah GHP Income multiplier fund

- AKD income fund

- KASB liquid fund

- United Groth nad income Fund

- Amz plus income fund

- JS utp

- JS income frund

- JS aggressive Income fund

Listed - Mutual Funds (Close Ended)

UTP Large Cap fund

Listed Equity Securities

Hub power co ltd

Pakistan Petroleum ltd

Unrealized gain on revaluation of investments



14 CASH AND BANK BALANCES

With banks:

- in current accounts

- in saving accounts

- in deposit accounts

Cash in hand

15 SHARE CAPITAL

15 Authorised capital

2007

182000000 Ordinary shares of Rs.10/- each

18000000 Preference shares of Rs. 10/- each

200000000

15 Issued, subscribed and paid-up capital

2007

Ordinary shares of Rs. 10/- each

63761200 - fully paid in cash

- - issued as bonus shares

12039600 issued for consideration other than cash

75800800

Preference shares of Rs. 10/- each

18000000 - fully paid in cash

93800800

16 LONG-TERM FINANCING - Secured

International Finance Corporation (IFC)

First Loan

- Loan A



- Loan C

Second Loan

Third Loan

OPEC Fund for International Development (OFID)

First Loan

Second Loan

Third Loan

Less:

- Unamortized transaction costs

- Current maturity of long-term financing

Within one year

After one year but not more than five years

More than five yearsTotal minimum lease payments

Less: Amount representing finance charges

Present value of minimum lease payments

Less: Current portion

18 DEFERRED TAX LIABILITY

Taxable temporary differences

Accelerated tax depreciation / amortization allowance

Deferred costs

Deductible temporary differences

Provision for compensated absences

Provision for doubtful debts

Others

Unabsorbed tax losses

Unabsorbed tax credits



19 STAFF COMPENSATED ABSENCES

Opening balance

Provision for the year

Closing balance

20 TRADE AND OTHER PAYABLES

Creditors

Bills payable- equipmentDue to Karachi Port Trust

Royalty

Wharfage

Handling and marshalling charges

Accrued expenses

Legal and professional charges

Salaries and wages

Others

Other liabilities

Advances from customersRetention money

Sales tax payable

Fair value loss on derivatives

Others

21 Commitments

21.2.1Commitments for capital expenditureCivil works

Cranes & equipments

Intangible assets

21.2.2 Performance Bond issued by a commercial bank on behalf of the company in favour o

21.2.3 Letters of credit

22 TURNOVER - net

Turnover

Less: Sales tax

23 TERMINAL OPERATING COSTS

Salaries, wages and benefits

Contracted labour

Staff training

Royalty



Handling and Marshalling charges

Crane usage charges

Port maintenance

Stevedoring

Custom seals

Storage charges

Stores, spares and other maintenance chargesFuel consumed

Travelling and conveyance

Office maintenance

Vehicles running expenses

Insurance

Printing and stationery

Utilities

Depreciation

Amortization

Others

23 s includes Rs.4.075 (2007: Rs. 2.996) million in respect of staff retirement benefits and Rs.

million in respect of compensated absences.

24 ADMINISTRATIVE EXPENSES

Salaries, wages and benefits

Travelling and conveyance

Advertising expense

Auditors' remuneration

Legal and professional charges

Office maintenance

Vehicles running expensesSecurity expenses

Insurance expense

Communication

Printing and stationery

Utilities

Depreciation

Amortisation

Fees and subscription

Entertainment

Donations


Others

24 This includes Rs. 3.149 (2007: Rs. 2404) million in respect of staff retirement benefits and


24 Auditors' remuneration

Statutory audit fee



Fee for review of compliance with Code of

Corporate Governance and half yearly accounts

Tax and corporate advisory services

Out of pocket expenses

25 OTHER OPERATING INCOME

Profit on deposit accounts

Gain on re measurement of investments

at fair value through profit or loss

Gain realised on disposal of investments

Profit on Term Finance Certificate (tfcs)

Profit on sales of fixed assets

Fair value gain on derivatives

Provision for doubtful debts written back

26 FINANCE COSTS

Interest on long-term financing

Financial charges on leased assets

Fair Value loss on derivatives

Bank charges

27 OTHER CHARGES

Represent the net exchange loss in respect of borrowings in foreign currency.

28 TAXATION

Current

Deferred

28 Relationship between tax expense and accounting profit

Profit Before tax

Tax at the applicable tax rate of 35%

Tax effect of expenses that are inadmissible

in determining taxable income

Tax effect of expenses that are admissible

but not included in determining accounting profit

Effext of changing in prior years tax

Effect of tax losses brought forward

29 EARNINGS PER SHARE

29. 1 Basic earnings per share

Profit after tax

Preferred dividend on cumulative preference shares

Profit after taxation attributable to ordinary shareholders



Weighted average number of ordinary shares in issue

during the year

Basic earnings per share

29 Diluted earnings per share




during the year

Adjustment of preference shares

Diluted earnings per share

30 Capital risk management

The gearing ratios as at 30 June 2008 and 2007 were as follows:

Long term financing

Trade and other payables

Accrued interest / mark-up on borrowings

Liabilities against asset subject to finance lease

Total debt

Less: Cash and bank balances

Short term investments

Net debt

Share capital

Reserves

EquityCapital

Gearing ratio

30. 2 Interest Rate Risk

Financial Assets:

Long Term Deposits

Trade Debts- unsecured, Considered goodsDeposits & other recievables

Investment

Cash & bank balances

Financial Liabilities:

Long term financing - secured

Liabilities against assets subject to finance lease



Accrued interest on long term financing

Trade payables & other liabilities

32 REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES

32 The aggregate amount, charged in the financial statements for the year is as follows:

Remuneration (including bonus)

Housing rent

Retirement benefits

Medical Allowance

Utilities

Conveyance

Numbers

33 RELATED PARTIES TRANSACTIONS

Major Shareholders

Premier Mercantile Services (Private) Limited

Stevedoring charges

Storage charges

Equipment charges

Jahangir Siddiqui & co ltd purchase of TFC

Entities having directors in common with the Company

Premier Software (Private) Limited

Software maintenance chargesMarine Services (Private) Limited

Revenue from container handling

Port Link International (Private) Limited


AMI Pakistan (Private) Limited


Travel Club (Private) Limited

Traveling expenses

Saudi Pak Leasing Company Limited

Purchases of Certificate of Investments

Lease Payments

Profit on Certificate of investmentsStaff retirement contribution plan

Contribution to staff provident fund

33 Balances outstanding with related parties have been disclosed in the respective notes to the

33 The above transactions with related parties are entered into on arm's length basis.



34 CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

Adjustments for non-cash items:

Depreciation

Amortisation

Provision for staff compensated absencesFinance costs

Exchange Loss

Unrealised gain on investment

Interest income

Gain on disposal of fixed assets

Provision for doubtful debts no longer required

Operating profit before working capital changes

(Increase)/decrease in current assets

Stores and spares

Trade debts

Advances, deposits, prepayments and other receivables

Increase/(decrease) in current liabilities

Accrued Liabilities

Trade payables and other liabilities

Cash generated from operations



CIAL STATEMENTSED JUNE 30, 2008

Note 2008 2007

4. 1 2970578 2879489

4. 2 1019683 125231

3990261 3004720

2008

COST

As at July 01 2009 Additions Disposals As at Jun 30, 2010

As at For the

July 01, year

2009

-------------------------------------------------- (Rs. in thousands) -----------------

18,799 - 18799 8390 3760

559,649 21173 - 580822 46174 28076

101,819 - - 101819 89711 12108

1,023,407 - - 1023407 129910 54531

12,254 - - 12254 1959 613

574,466 - - 574466 65276 34468

347,714 229011 (13079) 565784 100104 34202

2138* 787*

130,037 38483 - 168520 22708 12944

39,948 23698 (4334) 65978 13971 9800

6666* 4466*

26,038 12001 - 38039 12062 8938

17,938 1247 - 19185 3113 1874

19,394 7241 - 26635 6477 2466

2,871,463 332,854 (17,413) 3,195,708 499,855 203,780

8804 5253

380973 - - 380973 13467 23087

67908 - - 67908 2377 4074



44885 (2138) - 42747 13147 2993

55000 - 55000 14991 5500

6666 (6666) - 3569 897

555432 (8804) 0 546628 47551 36551

(5253)

3426895 332,854 (17413) 3742336 547406 240331

2009

COST ACCUMULATED DEPRECIATION

As at July 01 2008 Additions Disposals As at Jun 30, 2009

As at For the

July 01, year

2008

184082 -------------------------------------------------- (Rs. in thousands) --------------

15522 3277 0 18799 3187 3203

282208 277441 - 559649 10847 15327

101819 0 - 101819 9347 20364

1018500 4907 - 1023407 75791 54119

12208 46 - 12254 1352 607

364120 210346 - 574466 36394 28852

327849 18623 347714 63374 55804

2242* 926*

69110 60927 - 130037 13281 9427

15838 18903 (4162) 39948 5447 5856

9369* 5128*

19314 5724 - 26038 6036 7026

11300 6638 - 17938 1825 1288

14580 4814 - 19394 4298 2179

2,252,368 611646 (4162) 2871463 231179 204052

11611 25,531*

0 - - 380973 36554 23087



0 - - 67908 6451 4074

47127 - 42747 15353 2993

55000 (55,000)* - - 20491 5040

16035 (25,531)*

118162 0 491628 78849 35194

(55,000)* (25,531)*

2370530 611646 (4162) 3363091 310028 239246

007: Rs. 2434) million and exchange difference of Rs. Nil(2007: Rs 5140 million

CostAccumulated Written Gain/

depreciation down value Sale Price (loss)

548 438 110 110 0

426 248 178 410 232

510 467 43 150 107

795 690 105 105 -

1209 746 463 463 -

845 310 535 625 90

6408 6408 - 800 800

6319 6319 - 700 700

353 353 - 600 600

17413 15979 1434 3963 2529

2008 2007

--------- (Rs. in thousands) --------

23 216298 191314

24 24033 21542

240331 212856

376862 51147



124329 54020

474336 -

44156 20064

1019683 125231

Civil works Total

-------------------------------------------------- (Rs. in thousands) ------------------------------------------------

228929 121587 - - 350516

104727 54020 - 20064 178811

(282509) (121587) - - (404096)

51147 54020 20064 125231

600159 165199 474336 24092 1263786

(274444) (94890) - - (369334)

376862 124329 474336 44156 1019683

COST ACCUMULATED AMORTIZ

As Additions As at As at Charge

at July 01, June 30, July for the year

2007 2008 01, 2007

------------------------------------------ (Rs. in thousands) -----------------

37357 - 37357 16808 11826

5.1.1 37889 - 37889 24628 7578

2008 75246 0 75246 41436 19404

2007 75246 - 75246 21840 19596

2008 2007

------------------ (Rs. in thousands) -----------------

23 11825 12018

24 7579 7578

19404 19596

2008 2007

Advances tosuppliers &contractors

Advances forpurchase of cranes

& relatedequipments

Advance forpurchase /

development of computer software



Preliminary Shares issue Total

expenses expenses

------------------------------------------------ (Rs. in thousands) ----------------------------------------------

7 2987 14877 17864 17864

(2987) (14113) (17100) (13883)

0 764 764 3981

2008 2007

------------------ (Rs. in thousands) -----------------

13883 10311

3217 3572

17100 13883

62166 47170

159855 121295

222021 168465

9 249275 137846

2154 560

251429 138406

9 (2154) (560)

249275 137846

007 Rs 0.253 M due from Port link international services pvt ltd and Rs 0.0041cM (2007 Rs 0.314) due from Premier

747 707

24906 15143

25653 15850

2822 3603

42802 9284

- 12690

12454 -

895 185



58973 25762

17 .1 2434 -

12. 1 971 4728

12 3412 3202

6817 7930

13. 1 605594 69298

13. 3 100986 391706

706580 461004

2008 2007

Cost Fair value Cost Fair value

------------------------ (Rs. in thousands) --------------------------

9480 12172 50500 59229

5000 5585 5000 5069

5000 5495 5000 5000

5000 5223 - -

46396 48625 - -

48323 50096 - -

10000 10260 - -

501 750 - -

71973 74920 - -

375273 376568 - -

576946 589694 60500 69298

2438 2170

1428 1430

12362 12300

13790 13730

12420 - 8798 -

605594 605594 69298 69298



2008 2007

--------- (Rs. in thousands) --------

14 14903 47661

14 199074 279782

14 170000 50000

383977 377443

6481 3097

390458 380540

2008 2007

--------- (Rs. in thousands) --------

1820000 1820000

180000 180000

2000000 2000000

2008 2007

--------- (Rs. in thousands) --------

637612 637612

151602 -

15.2.1 120396 120396

909610 758008

15.2.2 & 15.2.3 180000 180000

1089610 938008

2008 2007

--------- (Rs. in thousands) --------

323003 339471



102250 90971

425253 430442

375100 351771

477400 -

1277753 782213

323003 339472

375100 351770

179025 -

877128 691242

2154881 1473455

42926 31194

366385 140843

409311 172037

1745570 1301418

2008 2007

Minimum lease Present Minimum lease Present

Payments Value Payments Value

----------------- (Rs. in thousands) -----------------

118646 74460 127272 86925

364120 295548 332255 251003

- - 115317 113484482766 370008 574844 451412

112758 0 123432 0

370008 370008 451412 451412

74460 74460 86925 86925

295548 295548 364487 364487

2008 2007

--------- (Rs. in thousands) --------

535262 485487

267 450535529 485937

(5740) (4340)

(754) (196)

- (116)

- (3252)

- (19468)

529035 458565



12399 10538

4001 1861

16400 12399

20 91361 78591

4608 1545

29384 17265

41744 36053

20.2 & 21.1.2 34554 -

105682 53318

5436 1367

30058 13019

1310 947

36804 15333

18523 9764- 21853 10930

5237 3493

- 1824

2286 405

47899 26416

286354 175203

2008 2007

--------- (Rs. in thousands) --------

586520 463747

1146715 190972

26674 52766

1759909 707485

f KPT 68200 60600

35583 181304

3194529 2218850

60464 32786

3134065 2186064

2008 2007

--------- (Rs. in thousands) --------

23 170648 123014

9225 5560

323 235

281776 198261



89463 84246

80254 65398

1956 4073

468061 323089

431 1778

20672 24585

151385 101239222417 168891

4640 1434

11491 8875

6900 5338

43020 45830

1649 1630

4949 3721

4.1.3 216298 191314

5.1.2 11825 12018

11086 7470

1808469 1377999

3.2 (2008: Rs. 1.485)

2008 2007

--------- (Rs. in thousands) --------

24 96709 68818

4032 5547

1240 2103

24 2249 1927

22388 16176

5406 4161

7104 58722306 2123

1335 2236

3380 2480

12270 8096

946 839

4.1.3 24033 21542

5.1.2 & 16 21116 17003

4065 2777

9643 7084

24.3 & 24.3.1 2920 2579

1594 -

4787 4301227523 175664

Rs.800.2 (2007: Rs. 0.373)

2008 2007

--------- (Rs. in thousands) --------

900 700



376 225

898 952

75 50

2249 1927

2008 2007--------- (Rs. in thousands) --------

21635 30765

12420 5595

33162 -

15352 28325

2529 1020

2434 -

- 1505

87532 67210

163528 141851

36582 32073

- 1824

259 1736

200369 177484

28. 1 141264 10931

70470 178000

211734 188931

2008

740944

259348

110441

(164749)

(12377)

(51399)141264

2008 2007

--------- (Rs. in thousands) --------

529260 331187

(18000) (18000)

511260 313187



(Restated)

Numbers 90961 90961

(Restated)

Rupees 5.62 3.44

511260 313187

18000 18000529260 331187

(Restated)

Numbers 90961 90961

Numbers 18000 18000

108961 108961

(Restated)

Rupees 4.86 3.04

2008 2007--------- (Rs. in thousands) --------

2111955 1442261

286354 175203

51788 43798

370008 451412

2820105 2112674

(390458) (380540)

(706580) (461004)

1723067 1271130

1089610 938008

1230188 870530

2319798 18085384042865 3079668

0 0

2008 20

Interest Bearing Interest

less than one to more than total less than one to

one year five years five years one year five years

------------------------------------------ (Rs. in thousands) -----------------------------------------------

- - - - - -

- - - - - -971 - - 971 4728 -

100986 - - 100986 391706 -

369074 - - 369074 329782 -

471031 0 0 471031 726216 0

366385 1073098 715398 2154881 140843 745321

74460 295548 - 370008 86925 251002



- - - - - -

- - - - - -

440845 1368646 715398 2524889 227768 996323

2008 2007Chief Executive Directors Executives Chief Executive Directors Executives

------------------------------------- (Rs. in thousands) --------------------------------------

7600 20942 24104 6417 16616 6797

1650 4550 5248 1320 3480 1404

466 1200 1296 367 966 390

550 1517 1749 440 1160 468

550 1517 1749 440 1160 468

132 685 889 132 465 305

10948 30411 35035 9116 23847 9832

1 4 17 1 3 6

2008 2007

--------- (Rs. in thousands) --------

395937 271876

20671 24585

27600 27600

- 61226

2100 1710

64757 68374

1070 3918

532 230

4910 3428

100000 100000

8559 15163

10654 13127

7224 5400

financial statements.

2008 2007



--------- (Rs. in thousands) --------

740994 520118

240331 212856

32941 29021

4001 1861200369 177484

244242 2009

(3622) (5595)

(36987) (59090)

(2529) (1020)

- (1505)

678746 356021

1419740 876139

(53556) (49960)

(111429) 30463

(41901) (14480)(206886) (33977)

1212854 842162

51788 59380

111151 (51115)

1375793 850427



ACCUMULATED DEPRECIATION

Written Dep

down value rate

As at as at %

Disposals June 30, June 30 per

2010 2010 annum

-------------------------------

- 12150 6649 20

- 74250 506572 5-7.14

- 101819 838966 20

- 184441 9682 5-6.98

- 2572 474722 5

(13079) 99744 443770 6-6.98

- 122014 7-20

132868

- 35652 40641 5- 10

(2900) 25337 20

17039

- 21000 14198 33

- 4987 17692 10

- 8943 10-20

(15,979) 692,909 2,502,799

- 36554 344419 5-6.06

- 6451 61457 6



- 15353 27394 7-20

20491 34509

0 78849 467779

(15979) 771758 2970578

Written Dep

down value rate

As at as at %

Disposals June 30, June 30 per

2009 2009 annum

----------------------------------

- 15910 10409 20

- 103322 513475 5

- 101819 12108 20

- 258259 893497 5-6.98

- 3184 10295 5

- 153623 509190 6-6.98

(330) 163558 247610 7-20

- 75071 107329 5- 10

(7450) 31369 25977 20

- 31375 13976 33

- 7207 14025 10

- 11808 12917 10-20

(7780) 956505 2370808

- 59641 321332 s



- 10525 57383 6

- 18346 24401 7-20

- - - 10

- - -

0 88512 403116

(7780) 1045017 2773924



ATION

As at Book value Amortization

June 30, as at rate

2008 June 30,,2008 %

------------------------

28634 8723 20-33.33

32206 5683 20

60840 14406

41436 33810



Mechantile Services Pvt ltd - all related parties















7

Bearing

more than total

five years

- -

- -- 4728

- 391706

- 329782

0 726216

587291 1473455

113484 451411



- -

- -

700775 1924866





4.1.





5

6

7



7

8

9

9

9

10

11

12



13

2009 2,008

Number of units / shares

4276613 836,850

- 53,939

- 106,905

- 101,579

- 470,943

- 485,394

- 91,399

193919 3,662,273

243500 243,500

- 50,000

- 50,000

14

14

14

15

152009 2,008

(Number of shares)

182000000 182,000,000

18000000 18,000,000

200000000 200,000,000

15



2009 2,008

(Number of shares)

63761200 63,761,200

15160160 15,160,160

12039600 12,039,600

90960960 90,960,960

18000000 18,000,000

108960960 108,960,960

16

17



18

19

20



21

22

23

24



24

25

26

27



28

28

29

29

29



30



30

30



31

32

32

33



34



NOTES TO THE FINANCIAL STATEMENTFOR THE YEAR ENDED JUNE 30, 2009

Note 2,009--------- (Rs. in t

PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets 4 4,724,746

Capital work-in-progress 4 1,031,764

5,756,510

The following is a statement of operating fixed assets:

As at

July 01,

2,008

Owned

Leasehold improvements 18,799

Port improvement 580,822

Mobile Harbour Crane 101,819

Ship to Shore Cranes - STS 1,023,407

Gantry tracks 12,254

Rubber Tyred Gantry Cranes - RTG 574,466

Port equipment 565,784

Port Power Generation 168,520

Vehicles 65,978

Computers 38,039

Furniture and fixtures 19,185

Office equipment 26,635

3,195,708

Leased

Ship to Shore Cranes - STS 380,973



Generators 55,000

546,628

Total 2,009 3,742,336



As at

July 01,

2,008

Owned


Port improvement 559,649







Vehicles 39,948

Computers 26,038



2,871,463

Leased




Generators 55,000

Vehicles 6,666

555,432

Total 2,008 3,426,895

4.1.2. Depreciation charge for the year has been allocated as under: 2,009

--------- (Rs. in t

Terminal operating costs 23 252,970

Administrative expenses 24 28,069

281,039


Civil works 809,730

Advances to suppliers and contractors 158,958

Mobilization advance

- for purchase of cranes and related equipments 2,666



- for purchase / development of computer software 60,410

1,031,764

4.2.1. Movement

Civil works

---------------

Balance as at July 1, 2007 51,147

Capital expenditure incurred / advances made during the year

Transfer to operating fixed assets (274,444)

Balance as at June 30, 2008 (223,297)

Capital expenditure incurred / advances made during the year 439,932


Balance as at June 30, 2009 209,571

INTANGIBLE ASSETS

As

at July 01,

2,008

Computer software 37,357

Project development cost 5.1.1 37,889

2,009 75,246

2,008 75,246

5.1.1. These include legal and professional charges, litigation settlement, salaries and benefits and traveling expenses

incurred in connection with the main project during the pre-operating period.

2,009

5.1.2. Amortization charge for the year has been --------- (Rs. in t

allocated as under:



14,155

LONG TERM DEPOSITS

Represents security deposits against leased assets.

DEFERRED COSTS

Preliminary

expenses

--

Balance at July 01 - at cost 2,987

Less: Accumulated amortization 7 (2,987)

Balance as at June 30 -

2,009



--------- (Rs. in t

Movement of amortization

Opening balance 17,100

Charge for the year 764

Closing balance 17,864

STORES AND SPARES

Stores 71,096

Spares 182,819

253,915

TRADE DEBTS - Unsecured

Considered good 9.1 & 9.2 388,046

Considered doubtful 4,810

392,856

Less: Provision for doubtful debts 4,810

388,046

The aging of trade debts at June 30 is as follows:

Neither past due nor impaired 317,852

Past due but not impaired

- within 90 days 47,555

91 to 180 days 10,988

- over 180 days 11,651

388,046

Includes Rs. 4.088 (2008: Rs. 14.514) million due from Marine Services (Private) Limited, Rs. 0.970 (2008: Rs. 0.081)

million due from Port Link International Services (Private) Limited and Rs. 2.068 (2008: Rs. 0.0041) million due from

2,009

--------- (Rs. in t

ADVANCES - Unsecured, considered good

- to employees 2,169

- to suppliers 31,625

33,794

2,009

--------- (Rs. in t

DEPOSITS AND PREPAYMENTS

Security deposits 9,243

Prepayments

- Insurance 30,000

- LC margin -

- Others 3,430

42,673

OTHER RECEIVABLES - Unsecured

Fair value gain on derivatives -Accrued profit on term deposits 1,055

Other receivables - considered good 12,608

13,663

13.INVESTMENTS

At fair value through profit or loss 13 469,847

Held to maturity 13 90,932

560,779




2,0

Cost

-------


JS Income Fund (Formerly ABAMCO Income Fund) 412,966

Faysal Savings Growth Fund 5,000

Al Falah GHP Income Multiplier Fund -

AKD Income Fund -

KASB Liquid Fund -

United Growth and Income Fund -

AMZ Plus Income Fund 10,000

JS - UTP (Formerly ABAMCO Unit Trust of Pakistan) 501

JS Aggressive Income Fund 15,818

429,285


UTP Large Cap Fund 2,348

Listed equity securities

Hub Power Company Limited -

Pakistan Petroleum Limited -

-

Unrealized gain on revaluation

of investments 38,214

469,847

2,009

--------- (Rs. in t

CASH AND BANK BALANCES

With banks:

- in current accounts 35,146

- in saving accounts 14 247,875

- in deposit account 14 202,000

485,021

Cash in hand 6,167

491,188

These carry profit at the rates ranging from 5 to 11.5 percent (2008: 1.25 to 10.25 percent) per annum.

These carry profit at the rates ranging from 8.7 to 17.3 percent (2008: 8.75 to 13 percent) per annum.

SHARE CAPITAL

Authorised capital2,009

--------- (Rs. in t

Ordinary shares of Rs.10/- each 1,820,000

Preference shares of Rs. 10/- each 180,000

2,000,000

Issued, subscribed and paid-up capital



2,009

--------- (Rs. in t


- fully paid in cash 637,612

- issued as bonus shares 151,602

- issued for consideration

other than cash 15.2.1 120,396

909,610


- fully paid in cash 15.2.2 & 15.2.3 180,000

1,089,610

2,009

--------- (Rs. in thous

LONG-TERM FINANCING - Secured


First Loan

- Loan A 315,038

- Loan C 121,950

436,988

Second Loan 410,565

Third Loan 406,500

Fourth Loan 813,000

2,067,053


First Loan 315,041

Second Loan 410,565

Third Loan 152,437

Fourth Loan 243,900

1,121,943

3,188,996

Less:

- Unamortized transaction costs 63,684

- Current maturity of long-term financing 469,284

532,968

2,656,028

LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE

Represent finance leases entered into with leasing companies for Ship to Shore Crane (STS), Rubber Tyred Gantry

Crane and port equipments. Total lease rentals due under various lease agreements aggregate Rs. 358.299 (2008:

2,0

Minimum lease

Payments

---

Within one year 91,503

After one year but not more than five years 266,796

More than five years -



Total minimum lease payments 358,299

Less: Amount representing finance charges 62,687

Present value of minimum lease payments 295,612

Less: Current portion 62,309

233,303

2,009

--------- (Rs. in t

DEFERRED TAX LIABILITY


Accelerated tax depreciation / amortization allowance 776,447

Deferred costs -

776,447


Provision for compensated absences (8,453)

Provision for doubtful debts (1,684)

Fair value loss on derivative (18,982)

747,328

STAFF COMPENSATED ABSENCES


Provision for the year 7,752


2,009

--------- (Rs. in t

TRADE AND OTHER PAYABLES

Creditors 20 205,158

Bills payable - equipment -

Due to Karachi Port TrustRoyalty 45,271

Wharfage 48,511

Handling and marshalling charges 20.2 & 21.1.2 37,504

131,286

Accrued expenses

Legal and professional charges 3,662

Salaries and wages 39,447

Others 2,083

45,192

Other liabilities

Advances from customers 27,384

Retention money 22,129Sales tax payable 7,143

Fair value loss on derivatives 17 54,232

Dividend payable 4,093

Others 3,107

118,088

499,724



2,009

--------- (Rs. in t

Commitments

21.2.1Commitments for capital expenditure

Civil works 95,910

Crane and equipments -

Intangible assets 15,399

111,309

21.2.2Letter of guarantees 161,300

21.2.3Letters of credit -

TURNOVER - net

Turnover 4,808,858

Less: Sales tax 244,602

4,564,256

TERMINAL OPERATING COSTS

Salaries, wages and benefits 23 209,915

Contracted labour 18,832

Staff training 1,069

Royalty 389,443

Handling and Marshalling charges 110,609

Crane usage charges 68,512

Port maintenance 3,359

Stevedoring 776,908

Custom seals 2,154

Storage charges 33,223

Stores, spares and other maintenance charges 170,032

Fuel consumed 318,176

Travelling and conveyance 1,063

Office maintenance 31,617

Vehicles running expenses 9,196

Insurance 58,897

Printing and stationery 5,155

Utilities 8,407

Depreciation 4.1.2 252,970

Amortization 5.1.2 8,472

Others 16,831

2,494,840

2,009

--------- (Rs. in thous

ADMINISTRATIVE EXPENSES



Advertising expense 1,633

Auditors' remuneration 24 2,353






Security expenses 3,206

Insurance expense 1,784

Communication 3,914


Utilities 1,263


Amortisation 5.1.2, 7.1 &16 17,542

Fees and subscription 4,368

Entertainment 12,189

Donations 24.3 & 24.3.1 10,819

Provision for doubtful debts 2,656

Others 11,462

287,304

2,009

--------- (Rs. in t

Auditors' remuneration

Statutory audit fee 1,000


Corporate Governance and half yearly accounts 413

Tax and corporate advisory services 850

Out of pocket expenses 90

2,353

2,009

--------- (Rs. in tOTHER OPERATING INCOME

Profit on deposit accounts 55,821

Gain on re-measurement of investments

at fair value through profit or loss 34,142

Gain realised on disposal of investments 9,633

Profit on Term Finance Certificate (TFCs) -

Dividend income 571

Profit on sale of fixed assets 746

Fair value gain on derivatives -

Others 145

101,058

FINANCE COSTSInterest on long-term financing 160,968

Financial charges on leased assets 45,086

Bank charges 2,936

208,990

OTHER CHARGES

Exchange loss on long term financing 441,293

Fair value loss on derivatives 56,666



Others 1,693

499,652

TAXATION

Current 20,546

Deferred 218,293

28 238,839

Relationship between tax expense and accounting profit

2,009

Effective

Profit Before tax -

Tax at the applicable tax rate of 35% 35


in determining taxable income 13


but not included in determining accounting profit (46)

Tax effect of taxable temporary differences 21

Tax effect of deductible temporary differences (2)

Effect of changes in prior year tax -

Effect of tax losses brought forward -

20

EARNINGS PER SHARE


Profit after tax



Weighted average number of ordinary shares in issueduring the year Numbers

Basic earnings per share Rupees





during the year Numbers

Adjustment of preference shares Numbers

Diluted earnings per share Rupees

Carrying Values

2,009

------- (Rs. in thousa

Long-term deposits 83,573

Trade debts - unsecured 388,046

Advances - unsecured 33,794



Deposits 9,243

Other receivables - unsecured 13,663

Investments 560,779

Bank balances 485,021

1,574,119

Quality of financial assets

2,009

------- (Rs. in thousa

30.1.1Trade debts

Customers with no defaults in the past one year 261,077

Customers with some defaults in past one year

which have been fully recovered 56,775

317,852

30.1.2Investments In Mutual Funds

Ratings by PACRA

5 Star 469,336

4 Star 511

3 Star -

469,847

Ratings by JCR

A-(f) -

A(f) -

-

Listed Equity Securities

A1+ -

469,847

30.1.3 Cash and Bank

A1 311,486

A1+ 121,199

A2 25,010

P1 27,326

485,021

Liquidity Risk

Year ended 30 June 2009 On demand

Long-term financing - secured -

Liabilities against assets subject

to finance lease -

Trade and other payables 43,643

Accrued interest on

long - term financing -

43,643



Year ended 30 June 2009/8 On demand



to finance lease -


Accrued interest on


30,084

Foreign Currency Risk

2,009

------- (USD in t

Long - term financing 38,441

Liability under swap arrangement 3,874

Accrued interest on long term financing 817

Trade and other payables 524

43,656

The following significant exchange rates have been applied

at the reporting dates:

Exchange Rates 81

Sensitivity analysis:

30 June 2009

39,629

Interest rate risk

2,009

USD LIBOR

USD LIBOR

2,008

USD LIBOR

USD LIBOR



Capital risk management

2,009

--------- (Rs. in t

Long term financing 3,125,312


Accrued interest / mark-up on borrowings 66,388

Liabilities against asset subject to finance lease 295,612

Total debt 3,987,036

Less: Cash and bank balances (491,188)

Short term investments (560,779)

Net debt 2,935,069

Share capital 1,089,610

Reserves 1,874,994

Equity 2,964,604

Capital 5,899,673

Gearing ratio 0

REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES

The aggregate amount, charged in the financial statements for the year is as follows:

Chief

Executive

Remuneration (including bonus) 10,950

Housing rent 2,010

Retirement benefits 566

Medical Allowance 670

Utilities 670Conveyance 256

15,122

Number 1

RELATED PARTIES TRANSACTIONS

2,009

--------- (Rs. in t

Major shareholders

Premier Mercantile Services (Private) Limited

Stevedoring charges 525,569


Equipment charges 27,600Entities having directors in common with the Company

Premier Software (Private) Limited

Software maintenance charges 2,700

Marine Services (Private) Limited

Revenue from container handling 43,449

Port Link International (Private) Limited

Revenue from container handling 2,033



AMI Pakistan (Private) Limited

Revenue from container handling 45


Traveling expenses 3,416


Purchase of Certificate of Investments 150,000

Lease payments -

Profit on certificate of investments 11,505

Staff retirement contribution plan

Contribution to staff provident fund 9,920

2,009

CASH FLOWS FROM OPERATING ACTIVITIES --------- (Rs. in t


Adjustments for non-cash items: 1,174,528

Depreciation

Amortisation 281,039

Provision for staff compensated absences 26,014

Finance costs 7,752

Unrealised exchange loss 208,990


Unrealised gain on investment 56,666

Interest income (34,142)

Gain on disposal of fixed assets (55,821)

Provision for doubtful debts (746)

2,656

Operating profit before working capital changes 873,756

(Increase)/decrease in current assets 2,048,284

Stores and spares

Trade debts (31,894)

Advances, deposits, prepayments and other receivables (138,771)

(1,121)

(171,786)

Increase/(decrease) in current liabilities 1,876,498

Accrued financial charges

Trade payables and other liabilities 14,600

Cash generated from operations 159,138

2,050,236



S

2,008ousands) --------

2,970,578

1,019,683

3,990,261


As at As at For the

Additions / June30, July 01, year /

*transfers Disposals 2,009 2,008 *transfers Disposals

-------------------------------------------------- (Rs. in thousands) ------------------------------------------------

- - 18,799 12,150 3,760 -

900 - 581,722 74,250 29,072 -

- - 101,819 101,819 - -

983,757 - 2,007,164 184,441 73,818 -

- - 12,254 2,572 612 -

970,564 - 1,545,030 99,744 53,879 -

46,197 (330) 611,651 122,014 41,874 (330)

5,090 - 228,610 35,652 13,888 -

55,000* 25,531*

15,487 (8,860) 72,605 25,337 13,482 (7,450)

4,031 - 42,070 21,000 10,375 -

3,924 23,109 4,987 2,220 7,207

6,667 33,302 8,943 2,865 11,808

2,036,617 (9,190) 5,278,135 692,909 245,845 11,235

55,000* 25,531*

- - 380,973 36,554 23,087 -

- - 67,908 6,451 4,074 -

- 42,747 15,353 2,993 -

(55,000)* - - 20,491 5,040 -

(25,531)* -

491,628 78,849 35,194

(55,000)* (25,531)*

2,036,617 (9,190) 5,769,763 771,758 281,039 11,235




As at As at For the

Additions / June30, July 01, year /

*transfers Disposals 2,009 2,008 *transfers Disposals

-------------------------------------------------- (Rs. in thousands) ------------------------------------------------

- - 18,799 8,390 3,760 -

21,173 - 580,822 46,174 28,076 -

- - 101,819 89,711 12,108 -

- - 1,023,407 129,910 54,531 -

- - 12,254 1,959 613 -

- - 574,466 65,276 34,468 -

229,011 (13,079) 565,784 100,104 34,202 (13,079)

2,138* 787*

38,483 - 168,520 22,708 12,944 -

23,698 (4,334) 65,978 13,971 9,800 (2,900)

6,666* - 4,466*

12,001 - 38,039 12,062 8,938 -

1,247 - 19,185 3,113 1,874 -

7,241 - 26,635 6,477 2,466 -

332,854 (17,413) 3,195,708 499,855 203,780 (15,979)

8,804* 5,253*

- - 380,973 13,467 23,087 -

- - 67,908 2,377 4,074 -

(2,138)* - 42,747 13,147 2,993 -

(787)*

- - 55,000 14,991 5,500 -

(6,666)* - - 3,569 897 -

(4,466)*

546,628 47,551 36,551

(8,804)* (5,253)*

332,854 (17,413) 3,742,336 547,406 240,331 (15,979)

2,008

ousands) --------

216,298

24,033

240,331

376,862

124,329

474,336



44,156

1,019,683

Advance for Advance for

Advances to purchase of purchase /

suppliers and cranes and development Total

contractors related of computer

equipments software

-------------------------------- (Rs. in thousands) -----------------------------------------------

54,020 - 20,064 125,231

(94,890) - (369,334)

(40,870) - 20,064 (244,103)

67,726 1,496,651 16,254 2,020,563

(33,097) (1,968,321) (2,008,482)

(6,241) (471,670) 36,318 (232,022)

COST ACCUMULATED AMORTIZATION

As at As at Charge As at Book value

Additions June 30, July for the year June 30, as at

2,009 01, 2008 2,009 June 30,

2,009

------------------------------------------ (Rs. in thousands) -----------------------------------------

- 37,357 28,634 8,472 37,106 251

- 37,889 32,206 5,683 37,889 -

- 75,246 60,840 14,155 74,995 251

- 75,246 41,436 19,404 60,840 14,406

2,008

ousands) --------

11,825

7,579

19,404

2,009 2,008

Shares issue Total

expenses

-------------- (Rs. in thousands) ----------------

14,877 17,864 17,864

(14,877) (17,864) (17,100)

- - 764

2,008



ousands) --------

13,883

3,217

17,100

62,166

159,855

222,021

249,275

2,154

251,429

2,154

249,275

196,548

42,067

7,256

3,404

249,275

2,008

ousands) --------

747

24,906

25,653

2,008

ousands) --------

2,822

42,802

12,454

895

58,973

2,434971

3,412

6,817

605,594

100,986

706,580



09 2,008

Fair value Cost Fair value

---------------- (Rs. in thousands) --------------------------

448,488 81,453 87,092

5,585

- 5,000 5,495

- 5,000 5,223

- 46,396 48,625

- 48,323 50,096

10,260 5,633 4,943

511 501 750

20,091 375,273 376,568

469,090 576,946 589,694

757 2,438 2,170

- 1,428 1,430

- 12,362 12,300

- 13,790 13,730

- 12,420 -

469,847 605,594 605,594

2,008

ousands) --------

14,903

199,074

170,000

383,977

6,481

390,458

2,008

ousand) ---------

1,820,000

180,000

2,000,000



2,008

ousand) ---------

637,612

151,602

120,396

909,610

180,000

1,089,610

2,008

ands) --------

323,003

102,250

425,253

375,100

477,400

-

1,277,753

323,003

375,100

179,025

-

877,128

2,154,881

42,926

366,385

409,311

1,745,570

09 2,008

Present Minimum lease Present

Value Payments Value

-------------- (Rs. in thousands) -----------------

62,309 118,646 74,460

233,303 364,120 295,548

- - -



295,612 482,766 370,008

- 112,758 -

295,612 370,008 370,008

62,309 74,460 74,460

233,303 295,548 295,548

2,008

ousands) --------

535,262

267

535,529

(5,740)

(754)

-

529,035

12,399

4,001

16,400

2,008

ousands) --------

91,361

4,608

29,384

41,744

34,554

105,682

5,436

30,058

1,310

36,804

18,523

21,8535,237

-

-

2,286

47,899

281,746



2,008

ousands) --------

586,520

1,146,715

26,674

1,759,909

68,200

35,583

3,194,529

60,464

3,134,065

170,648

9,225

323

281,776

89,463

80,254

1,956

468,061

431

20,672

151,385

222,4174,640

11,491

6,900

43,020

1,649

4,949

216,298

11,825

11,086

1,808,469

2,008

ands) --------

96,709

4,032

1,240

2,249



22,388

5,406

7,104

2,306

1,335

3,380

12,270

946

24,033

21,116

4,065

9,643

2,920

1,594

4,787

227,523

2,008

ousands) --------

900

376

898

75

2,249

2,008

ousands) --------

21,635

12,420

33,162

15,352

-

2,529

2,434

-

87,532

163,528

36,582

259

200,369

244,242

-



-

244,242

141,264

70,470

211,734

2,008 2,009 2,008

tax rate (Rs. in thousands)

- 1,174,528 740,994

35 411,085 259,348

15 150,629 110,441

(22) (541,168) (164,749)

7 240,918 49,592

3 (22,625) 20,878

(2) - (12,377)

(7) - (51,399)

29 238,839 211,734

2,009 2,008

--------- (Rs. in thousands) --------

935,689 529,260

(18,000) (18,000)

917,689 511,260

90,961 90,961

10 6

917,689 511,260

18,000 18,000

529,260 935,689

90,961 90,961

18,000 18,000

108,961 108,961

9 5

2,008

ds) ------

89,074

249,275

25,653



2,822

4,383

706,580

383,977

1,461,764

2,008

ds) ------

133,152

63,396

196,548

465,830

104,966

10,260

581,056

5,223

5,585

10,808

13,730

605,594

320,49243,475

10

20,000

383,977

Less than 3 3 to 12

months months 1 to 5 years > 5 years Total

------------------------------------------ (Rs. in thousands) -----------------------------------------------

52,845 416,439 1,921,797 797,915 3,188,996

2,310 59,999 233,303 - 295,612

207,554 187,152 - - 438,349

42,370 24,018 - - 66,388

305,079 687,608 2,155,100 797,915 3,989,345



Less than 3 3 to 12

months months 1 to 5 years > 5 years Total

------------------------------------------ (Rs. in thousands) -----------------------------------------------

30,690 380,025 1,318,044 426,122 2,154,881

2,184 69,022 298,802 - 370,008

130,916 120,117 - - 281,117

23,225 28,563 - - 51,788

187,015 597,727 1,616,846 426,122 2,857,794

2,008

housands) ------

30,967

5,165

759

92

36,983

68

Effect of

translation

of foreign

currency

Change in US liabilities on Effect on

dollar rate (%) profit or (loss) equity

------------ (Rs. in thousands) ----------

+10 (354,923) (230,700)

(10) 354,923 230,700

+10 (252,224) (163,945)

(10) 252,224 163,945

Increase /

decrease in Effect on profit

basis points before tax

(Rs. in thousands)

+15 (30,908)

(15) 30,908

+15 (30,017)

(15) 30,017



2,008

ousands) --------

2,111,955

286,354

51,788

370,008

2,820,105

(390,458)

(706,580)

1,723,067

1,089,610

1,230,188

2,319,798

4,042,865

0

2,009 2,008

Chief

Directors Executives Executive Directors Executives

------------------------------------- (Rs. in thousands) --------------------------------------

38,367 51,094 7,600 20,942 24,104

7,010 10,216 1,650 4,550 5,248

1,999 2,721 466 1,200 1,296

2,337 3,405 550 1,517 1,749

2,337 3,405 550 1,517 1,749744 1,507 132 685 889

52,794 72,348 10,948 30,411 35,035

4 29 1 4 17

2,008

ousands) --------

395,937

20,671

27,600

2,100

64,757

1,070



532

4,910

100,000

8,559

10,654

7,224

2,008

ousands) --------

740,994

240,331

32,941

4,001

200,369

244,242

-

(3,622)

(36,987)

(2,529)

-

678,746

1,419,740

(53,556)(111,429)

(41,901)

(206,886)

1,212,854

51,788

111,151

1,375,793



Written Dep

down value rate

As at as at %

June 30, June 30 per

2,009 2009 annum

15,910 2889 20

103,322 478400 5

101,819 - 20

258,259 1748905 5-6.06

3,184 9070 5

153,623 1391407 6

163,558 448093 7-2075,071 153539 5- 10

31,369 41236 20

31,375 10695 33

15,902 10

21,494 10-20

974,886 4284234

59,641 321332 5-6.06

10,525 57383 6

18,346 24401 7-20- - 10

- -

88,512 403116

1,063,398 4687350



Written Dep

down value rate

As at as at %


2,008 2008 annum

12,150 6649 20

74,250 506572 5

101,819 - 20

184,441 838966 5-6.06

2,572 9682 5

99,744 474722 6

122,014 443770 7-20

35,652 132868 5-10

25,337 40641 20

21,000 17039 33

4,987 14198 10

8,943 17692 10-20

692,909 2502799 119

36,554 344419 5-6.06

6,451 61457 6

15,353 27394 7-20

20,491 34509 10

- - 20

78,849 467779

771,758 2970578



Amortization

rate

%

20-33.33

20

























4

4.1.







8

9

-



10

11

12

13

13

2,010 2,009

Number of units / shares



- 4,276,613

4,236,041 -

458,051 -

101,683 -

5,633 5,633

- 193,919

243,500 243,500

13

14

15

15

2,010 2,009

(Number of shares)

182,000,000 182,000,000

18,000,000 18,000,000

200,000,000 200,000,000



15

2,010 2,009

(Number of shares)

63,761,200 63,761,200

33,352,352 15,160,160

12,039,600 12,039,600

109,153,152 90,960,960

18,000,000 18,000,000

127,153,152 108,960,960

16



18

19

20



21

21.2.2

21.2.3

22

23

23

24



24

24

25

26



27

28

28

29

29

29



30.1.1

30.1.2

30



30

31



32

32

Utilities

Number

33



33

33

34



NOTES TO THE FINANCIAL STATEFOR THE YEAR ENDED JUNE 30, 2010

Notes 2,010

PROPERTY, PLANT AND EQUIPMENT --------- (Rs. in thous

Operating fixed assets 4 5,346,132

Capital work-in-progress 4 454,206

5,800,338

The following is a statement of operating fixed assets:

As at July 01 2009

Owned


Port improvements 581,722




Rubber Tyred Gantry Cranes - RTG 1,545,030



Vehicles 72,605

Computers 42,070



5,278,135

Leased






491,628

Total 2,010 5,769,763

As at July 01 2008

----------------------------

Owned


Port improvements 580,822







Vehicles 65,978

Computers 38,039



3,195,708

Leased




Generators 55,000



546,628

Total 2,009 3,742,336

4.1.1. Additions to fixed assets include borrowing costs amounting to Rs. Nil (2009: Rs. 17.239) million.* represent transfer from leased assets to owned assets.

4.1.3 Depreciation charge for the year has been allocated as under: 2,010

--------- (Rs. in thous



465,250


Civil works 314,502

Advances to suppliers and contractors 132,835

Mobilization advance -

- for purchase of cranes and related equipments 6,869

- for purchase / development of computer software -

454,206

4.2.1. Movement

Civil works


Capital expenditure incurred /advances made during the year 439,932



Capital expenditure incurred /advances made during the year 264,391

Transfer to operating fixed assets / intangible assets (759,619)




5 INTANGIBLE ASSETS

As

at July 01,

2,009

Computer software 37,357

Project development cost 5.1.1 37,889

2,010 75,246

2,009 75,246

5.1.2. Amortization charge for the year has been allocated as under: 2,010

--------- (Rs. in thous


Administrative expenses 24 -

3,672

2,010

STORES AND SPARES --------- (Rs. in thous

Stores 84,304

Spares 216,782

301,086

TRADE DEBTS - Unsecured

Considered good 9.1 & 9.2 237,352

Considered doubtful 3,641

240,993

Less: Provision for doubtful debts 9 (3,641)

237,352

The aging of trade debts at June 30 is as follows:

Neither past due nor impaired 204,521

Past due but not impaired

- within 90 days 22,726

91 to 180 days 4,116

- over 180 days 5,989

237,352



Movement of provision for doubtful debts


Provision for the year 924

Written off during the year (2,093)

3,641

ADVANCES - Unsecured, considered good

- to employees 5,149

- to suppliers 30,415

35,564

2,010

DEPOSITS AND PREPAYMENTS --------- (Rs. in thous

Security deposits 9,214

Prepayments

- Insurance 41,939

- Others 4,940

56,093

OTHER RECEIVABLES - Unsecured

Accrued profit on term deposits 1,043

Accrued profit on certificate of investments 12 15,648

Other receivables - considered good 12 13,490

30,181

Accrued profit on certificate of investments 17,814

Less: Provision for impairment 27 (2,166)

15,648

SHORT TERM INVESTMENTS 2,010

At fair value through profit or loss 13 539,122

Held to maturity - Related party 13 53,250

592,372


2,0

Cost




JS Income Fund -

JS Cash Fund 429,958

Crosby Phoenix Fund 46,135

Atlas Money Market Fund 50,000

JS - UTP 511

JS Aggressive Income Fund -

526,604


UTP Large Cap Fund 757

Unrealized gain on revaluation

of investments 11,761

539,122

2,010

Held to Maturity Investments - Related party --------- (Rs. in thous

Saudi Pak Leasing Company - COI 13 71,000

Less: Provision for impairment 27 (17,750)

53,250

2,010

CASH AND BANK BALANCES --------- (Rs. in thous

With banks:

- in current accounts 14 275,914

- in saving accounts 14 601,740

- in deposit accounts 14 135,000

1,012,654

Cash in hand 13,522

1,026,176

SHARE CAPITAL

Authorised capital

2,010

--------- (Rs. in thous

Ordinary shares of Rs.10/- each 1,820,000

Preference shares of Rs. 10/- each 180,000

2,000,000




2,010

--------- (Rs. in thous


- fully paid in cash 637,612

- issued as bonus shares 333,524

issued for consideration other than cash 15.2.1 120,396

1,091,532


- fully paid in cash 15.2.2 & 15.2.3 180,000

1,271,532

2,010

LONG-TERM FINANCING - Secured --------- (Rs. in thous


First Loan

- Loan A 257,989

- Loan C 128,400

386,389

Second Loan 376,640

Third Loan 256,800

Fourth Loan 856,000

1,875,829


First Loan 257,989

Second Loan 376,640

Third Loan 96,300

Fourth Loan 256,800

987,729

2,863,558

Less:

- Unamortized transaction costs 45,736

- Current maturity of long-term financing 519,782

565,518

2,298,040



2,0

Minimum lease

Payments

----------------- (Rs. i

Within one year 79,512

After one year but not more than five years 186,400

More than five years -

Total minimum lease payments 265,912

Less: Amount representing finance charges 32,609

Present value of minimum lease payments 233,303

Less: Current portion 59,909

173,394

2,010

DEFERRED TAX LIABILITY --------- (Rs. in thous


Accelerated tax depreciation / amortization allowance 986,219


Provision for compensated absences (10,020)

Provision for doubtful debts (1,274)

Fair value loss on derivative (23,162)

Others (6,970)

944,793

STAFF COMPENSATED ABSENCES


Provision for the year 4,476


TRADE AND OTHER PAYABLES

Trade Creditors 20 152,375

Due to Karachi Port Trust

Royalty 42,647

Wharfage 50,461

Handling and marshalling charges 20.2 & 21.1.2 34,604

127,712

Accrued expenses


Salaries and wages 23,130

Others 1,525

29,938

Other liabilities

Advances from customers 35,271

Retention money 26,505

Sales tax payable 39,022


Workers' Welfare Fund 30,616

Dividend payable 1,282

Others 7,819



206,692

516,717

Commitments

21.2.1Commitments for capital expenditure

Civil works

Intangible assets

Letter of guarantees

Letters of credit

TURNOVER - net

Turnover

Less: Sales tax

2,010

--------- (Rs. in thous

TERMINAL OPERATING COSTS


Contracted labour 24,460

Staff training 956

Royalty 500,381

Handling and Marshalling charges 111,507

Crane usage charges 39,205

Port maintenance 1,370

Stevedoring 776,131

Custom seals 3,082


Stores, spares and other maintenance charges 222,266

Fuel consumed 410,089




Insurance 86,245


Utilities 6,919


Amortization 5.1.2 3,672

Others 20,4392,494,840

This includes Rs.6.424 (2009: Rs. 5.490) million in respect of staff retirement benefits and Rs. 2.55 (2009: Rs. 4.289)


2,010

--------- (Rs. in thous

ADMINISTRATIVE EXPENSES





Advertising expense 4,201

Auditors' remuneration 24 2,866




Security expenses 4,601

Insurance expense 2,183

Communication 4,988


Utilities 1,962


Amortisation 5.1.2 & 16 19,214

Fees and subscription 4,755

Entertainment 13,718

Donations 24.3 & 24.3.1 10,055

Provision for doubtful debts 924

Others 9,272

349,168

This includes Rs.5.22 (2009: Rs. 4.43) million in respect of staff retirement benefits and Rs. 1.92 (2009: Rs. 3.46)


2,010

Auditors' remuneration --------- (Rs. in thous

Statutory audit fee 1,100


Corporate Governance and half yearly accounts 468

Tax and corporate advisory services 1,198

Out of pocket expenses 100

2,866

2,010

OTHER OPERATING INCOME --------- (Rs. in thous

Income from financial assets

Profit on deposit accounts 70,402

Gain on re measurement of investments

at fair value through profit or loss 11,761

Gain realised on disposal of investments 12,981

95,144

Income from non financial assetsDividend income -

Profit on sale of fixed assets 739

Others 924

1,663

96,807

FINANCE COSTS

Interest on long-term financing 147,201



Financial charges on leased assets 38,200

Bank charges 456

185,857

OTHER CHARGES

Exchange loss on long term financing 161,395


Workers' Welfare Fund 30,616

Provision for impairment 12.1 & 13.2 19,916

Others -

523,142

2,010

TAXATION --------- (Rs. in thous

Current 377,000

Deferred 197,465

Prior 38,682

28 613,147

Relationship between tax expense and accounting profit

Profit Before tax 1,520,960

Tax at the applicable tax rate of 35% 532,336


in determining taxable income 206,326


but not included in determining accounting profit (361,662)

Net effect of income tax provision relating to prior years 38,682

Tax effect of taxable temporary differences 292,876

Tax effect of deductible temporary differences (95,411)

613,147

EARNINGS PER SHARE


Profit after tax 907,813

Preferred dividend on cumulative preference shares (18,000)

Profit after taxation attributable to ordinary shareholders 889,813


during the year Numbers 109,153

Basic earnings per share Rupees 8


Profit after taxation attributable to ordinary shareholders 889,813

Preferred dividend on cumulative preference shares 18,000

907,813


during the year Numbers 109,153Adjustment of preference shares Numbers 18,000

127,153

Diluted earnings per share Rupees 7

Carrying Values 2,010



--------- (Rs. in thous

Long-term deposits 83,705

Trade debts - unsecured 237,352

Advances - unsecured 35,564

Deposits 9,214

Other receivables - unsecured 30,181

Investments 592,372

Bank balances 1,012,654

2,001,042

2,010

--------- (Rs. in thous

Trade debts

Customers with no defaults in the past one year 154,174

Customers with some defaults in past one year

which have been fully recovered 50,347

204,521

Investments In Mutual Funds

Ratings by PACRA

5 Star 1,035

4 Star 52,806

53,841

Ratings by JCR

A(F) 51,256

A(M) 434,025

B 53,250

538,531

592,372

30.1.3 Cash with Banks

A1 596,398

A1+ 416,146

A2 110

1,012,654

Liquidity Risk

Year ended 30 June 2010On demand



to finance lease -


Accrued interest on

long - term financing

175,505



Year ended 30 June 2009On demand



to finance lease -


Accrued interest on


43,643

Foreign Currency Risk

2,010

------- (USD in thous

Long - term financing 29,053

Liability under swap arrangement 3,357

Accrued interest on long term financing 649

Trade and other payables 524

33,583

The following significant exchange rates have been applied

at the reporting dates:

Exchange Rates 86

Sensitivity Analysis:

30 June 2010

30 June 2009

Interest rate risk

2,010

USD LIBOR

USD LIBOR

2,009

USD LIBOR

USD LIBOR

Capital risk management

2,010

--------- (Rs. in thous

Long term financing 2,817,822






Traveling expenses 5,943


Rollover of Certificate of Investments 90,000

Repayment of principal of Certificate of

Investments 19,000

Profit on Certificate of investments 9,151

Rabia Azeem Trust

Donation 2,500

Staff retirement contribution plan

Contribution to staff provident fund 11,641

Balances outstanding with related parties have been disclosed in the respective notes to the financial statements.

The above transactions with related parties are entered into on arm's length basis.



ENTS

2,009

ands) --------

4,724,746

1,031,764

5,756,510

COST ACCUMULATED

Additions Disposals As at Jun 30, 2010

As at For the

July 01, year Disposals

2,009

-------------------------------------------------- (Rs. in thousands) ----------------------------------------------

270,799 - 289,598 15,910 40,688 -

594,886 - 1,176,608 103,322 61,338 -

- - 101,819 101,819 - -

- - 2,007,164 258,259 126,752 -

- - 12,254 3,184 613 -

- - 1,545,030 153,623 105,345 -

91,940 - 703,591 163,558 47,190 -

73,196 - 301,806 75,071 17,216 -

30,902 9,930 93,577 31,369 15,081 7,093

10,136 - 52,206 31,375 8,787 -

10,496 - 33,605 7,207 3,097 -

7,118 - 40,420 11,808 8,990 -

223,788 9,930 6,357,678 956,505 435,097 7,093

- - 380,973 59,641 23,087 -

- - 67,908 10,525 2,992 -

- - 42,747 18,346 4,074 -



- - 491,628 88,512 30,153

223,788 9,930 6,849,306 1,045,017 465,250 7,093


Additions Disposals As at Jun 30, 2009

As at For the

July 01, year Disposals

2,008

---------------------- (Rs. in thousands) ------------------------------------------------

- - 18,799 12,150 3,760 -

900 - 581,722 74,250 29,072 -

- - 101,819 101,819 - -

983,757 - 2,007,164 184,441 73,818 -

- - 12,254 2,572 612 -

970,564 - 1,545,030 99,744 53,879 -

46,197 (330) 611,651 122,014 41,874 (330)

5,090 - 228,610 35,652 13,888 -

55,000* - - - 25,531* -

15,487 (8,860) 72,605 25,337 13,482 (7,450)

4,031 - 42,070 21,000 10,375 -

3,924 - 23,109 4,987 2,220 -

6,667 - 33,302 8,943 2,865 -

2,036,617 (9,190) 5,278,135 692,909 245,845 (7,780)

55,000* 25,531*

- - 380,973 36,554 23,087 -

- - 67,908 6,451 4,074 -

- 42,747 15,353 2,993 -

(55,000)* - - 20,491 5,040 -

(25,531)* -



- 491,628 78,849 35,194 -

(55,000)* (25,531)*

2,036,617 (9,190) 5,769,763 771,758 281,039 (7,780)

2,009

ands) --------

252,970

28,069

281,039

809,730

158,958

-

2,666

60,410

1,031,764

Advances for Advances for

Total

Advances to purchase of purchase /

suppliers and cranes and development

contractors related of computer

equipments software

124,329 474,336 44,156 1,019,683

67,726 1,496,651 16,254 2,020,563

(33,097) (1,968,321) - (2,008,482)

158,958 2,666 60,410 1,031,764

107,386 41,453 8,000 421,230

(133,509) (37,250) (68,410) (998,788)

132,835 6,869 - 454,206



COST ACCUMULATED AMORTIZATION

Additions As at As at Charge As at Book value

June 30, July for the year June 30, as at

2,010 01, 2009 2,010 June 30,

------------------------------------------ (Rs. in thousands) -----------------------------------------

68,410 105,767 37,106 3,672 40,778 64,989

- 37,889 37,889 - 37,889 -

68,410 143,656 74,995 3,672 78,667 64,989

- 75,246 60,840 14,155 74,995 251

2,009

ands) --------

8,472

5,683

14,155

2,009

ands) --------

71,096

182,819

253,915

388,046

4,810

392,856

(4,810)

388,046

317,852

47,555

10,988

11,651

388,046



2,154

2,656

-

4,810

2,169

31,625

33,794

2,009

ands) --------

9,243

30,000

3,430

42,673

1,055

8,663

4,877

14,595

8,663

-

8,663

2,009

469,847

90,000

559,847

10 2,009

Fair value Cost Fair value



- 412,966 448,488

434,025 - -

51,256 - -

52,224 - -

582 501 511

- 15,818 20,091

538,087 429,285 469,090

1,035 2,348 757

- 38,214 -

539,122 469,847 469,847

2,009

ands) --------

90,000

-

90,000

2,009

ands) --------

35,146

247,875

202,000

485,021

6,167

491,188

2,009

ands) --------

1,820,000

180,000

2,000,000



2,009

ands) --------

637,612

151,602

120,396

909,610

180,000

1,089,610

2,009

ands) --------

315,038

121,950

436,988

410,565

406,500

813,000

2,067,053

315,041

410,565

152,437

243,900

1,121,943

3,188,996

63,684

469,284

532,968

2,656,028



10 2,009

Present Minimum lease Present

Value Payments Value

thousands) -----------------

59,909 91,503 62,309

173,394 266,796 233,303

- - -

233,303 358,299 295,612

- 62,687 -

233,303 295,612 295,612

59,909 62,309 62,309

173,394 233,303 233,303

2,009

ands) --------

776,447

(8,453)

(1,684)

(18,982)

-

747,328

16,400

7,752

24,152

205,158

45,271

48,511

37,504

131,286

3,662

15,957

2,083

21,702

27,384

22,129

7,143

54,232

23,490

4,093

3,107



141,578

499,724

2,009 2,010

--------- (Rs. in thousands) --------

95,910 15,000

15,399 5,400

111,309 20,400

161,300 85,600

- 3,876

4,808,858 5,272,697

244,602 147,580

4,564,256 5,125,117

2,009

ands) --------

209,915

18,832

1,069

389,443

110,609

68,512

3,359

776,908

2,15433,223

170,032

318,176

1,063

31,617

9,196

58,897

5,155

8,407

252,970

8,472

16,831-

2,009

ands) --------



115,734

4,658

1,633

2,353

13,062

7,644

9,528

3,206

1,784

3,914

11,929

1,263

28,069

17,542

4,368

12,189

10,819

2,656

11,463

263,814

2,009

ands) --------

1,000

413

850

902,353

2,009

ands) --------

55,821

34,142

9,633

99,596

571

746

145

1,462

101,058

160,968



45,086

2,936

208,990

441,293

56,666

23,490

-

1,693

-

2,009

ands) --------

20,546

218,293

-

238,839

1,174,528

411,085

150,629

(541,168)

-

240,918

(22,625)

238,839

935,689(18,000)

917,689

(Restated)

109,153

(Restated)

8

917,689

18,000

935,689

(Restated)

109,15318,000

127,153

(Restated)

7

2,009



ands) --------

83,573

388,046

33,794

9,243

14,595

559,847

485,021

1,574,119

2,009

ands) --------

261,077

56,775

317,852

469,336

511

469,847

-

-

90,000

90,000

559,847

338,812

121,199

25,010

485,021

Less than 3 3 to 121 to 5 years > 5 years Total

months months

------------------------------------------ (Rs. in thousands) -----------------------------------------------

- 519,782 245,349 2,098,427 2,863,558

- 59,909 173,394 - 233,303

135,237 100,776 - - 411,518

48,839 7,060 - - 55,899

184,076 687,527 418,743 2,098,427 3,564,278



Less than 3 3 to 121 to 5 years > 5 years Total

months months

------------------------------------------ (Rs. in thousands) -----------------------------------------------

52,845 416,439 1,921,797 797,915 3,188,996

2,310 59,999 233,303 - 295,612

207,554 187,152 - - 438,349

42,370 24,018 - - 66,388

305,079 687,608 2,155,100 797,915 3,989,345

2,009

ands) ------

38,441

3,874

817

524

43,656

81

Effect of

translation of

foreign currency

Change in US liabilities on Effect on

dollar rate (%) profit or (loss) equity

------------ (Rs. in thousands) ----------

+10 (287,470) (186,856)

(10) 287,470 186,856

+10 (354,923) ( 230,700)

(10) 354,923 230,700

Increase / Effect on profit

decrease in before tax

basis points

(Rs. in thousands)

+15 (27,809)

(15) 27,809

+15 (30,908)

(15) 30,908

2,009

ands) --------

3,125,312



499,724

66,388

295,612

3,987,036

(491,188)

(559,847)

2,936,001

1,089,610

1,874,994

2,964,604

5,900,605

0

2,010 2,009

Chief

Directors Executives Executive Directors Executives

------------------------------------- (Rs. in thousands) --------------------------------------

73,440 34,062 10,950 38,367 51,094

7,920 6,524 2,010 7,010 10,216

2,240 1,648 566 1,999 2,721

2,640 2,175 670 2,337 3,405

2,640 2,175 670 2,337 3,405

930 1,280 256 744 1,507

89,810 47,864 15,122 52,794 72,348

4 30 1 4 29

2,009

ands) --------

-

525,569

41,684

27,600

2,700

43,449

2,033

45



3,416

100,000

10,000

11,505

-

9,920

2,009 2,010

--------- (Rs. in thousands) --------



DEPRECIATION

Written Dep

down value rate

As at as at %


2,010 2,010 annum

--

56,598 233,000 20

164,660 1,011,948 5-7.14

101,819 - 20

385,011 1,622,153 5-6.98

3,797 8,457 5

258,968 1,286,062 6-6.98

210,748 492,843 7-20

92,287 209,519 5- 10

39,357 54,220 20

40,162 12,044 33

10,304 23,301 10

20,798 19,622 10-20

1,384,509 4,973,169

82,728 298,245 5-6.06

13,517 54,391 6

22,420 20,327 7-20



118,665 372,963

1,503,174 5,346,132

Written Dep

down value rate

As at as at %


2,009 2,009 annum

15,910 2,889 20

103,322 478,400 5

101,819 - 20

258,259 1,748,905 5-6.98

3,184 9,070 5

153,623 1,391,407 6-6.98

163,558 448,093 7-20

75,071 153,539 5- 10

- -

31,369 41,236 20

31,375 10,695 33

7,207 15,902 10

11,808 21,494 10-20

956,505 4,321,630

59,641 321,332 s

10,525 57,383 6

18,346 24,401 7-20

- - 10

- -



88,512 403,116

1,045,017 4,724,746



Amortization

rate

%

20-33.33

20

























BALANCE SHEETAS AT JUNE 30, 2010

ASSET

NON-CURRENT ASSETS

Property, plant and equipment

Intangible assets

Long-term Investment

Long-term deposits

Deferred costs

CURRENT ASSETS

Stores and spares

Trade debts - unsecured

Advances - unsecured, considered good

Deposits and prepayments

Other receivables - unsecured

Short term investments

Taxation - netCash and bank balances

TOTAL ASSETS

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised capital


Unappropriated profit

NON-CURRENT LIABILITIES

Long-term financing - secured



Liabilities against assets subject to finance lease

Deferred tax liability

Staff compensated absences

CURRENT LIABILITIES

Trade and other payables

Accrued interest on long - term financing

Current maturity of long - term financing

Current maturity of liabilities against assets subject to finance lease

Taxation - net

CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES



2008 2009 2010

(Rs. in thousands)

3,990,261 5,756,510 5,800,338

14,406 251

- - -

89,074 83,573

764

4,094,505 5,840,334 5,800,338

222,021 253,915 301,086

249,275 388,046 237,352

25,653 33,794 35,564

58,973 42,673 56,093

6,817 14,595 30,181

706,580 559,847 592,372

- 98,728 87,282390,458 491,188 1,026,176

1,659,777 1,882,786 2,366,106

5,754,282 7,723,120 8,166,444

2,000,000 2,000,000 2,000,000

1,089,610 1,089,610 1,271,532

1,230,188 1,874,994 2,446,444

2,319,798 2,964,604 3,717,976

1,745,570 2,656,028 2,298,040



295,548 233,303 173,394

529,035 747,328 944,793

16,400 24,152 28,628

2,586,553 3,660,811 3,444,855

286,354 499,724 516,717

51,788 66,388 55,899

366,385 469,284 519,782

74,460 62,309 59,909

68,944 - -

847,931 1,097,705 1,152,307

5,754,282 7,723,120 8,315,138



PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED JUNE 30, 2010

2008 2009

(Rs. in thousands

Turnover - net 3,134,065 4,564,256

Terminal operating costs 1,808,469 2,494,840

Gross profit 1,325,596 2,069,416

Administrative expenses 227,523 263,814

Other operating income 87,532 101,058

1,185,605 1,906,660

Finance costs 200,369 208,990Other charges 244,242 523,142

Profit before taxation 740,994 1,174,528

Taxation 211,734 238,839

Profit after taxation 529,260 935,689

Earnings per ordinary share - Basic Rs. 5.62 Rs. 8.41

Earnings per ordinary share - Diluted Rs. 4.86 Rs. 7.36



2010

)

5,125,117

2,942,067

2,183,050

349,168

96,807

1,930,689

185,857223,872

1,520,960

613,147

907,813

Rs. 8.15

Rs. 7.14



CASH FLOW STAFOR THE YEAR ENDED J

CASH FLOWS FROM OPERATING ACTIVITIES


Adjustments for non-cash items:

Depreciation

Amortisation

Provision for staff compensated absences

Finance costs

Unrealised exchange loss

Fair value loss on derivativesUnrealised gain on investment

Interest income

Gain on disposal of fixed assets

Impairment


Operating profit before working capital changes

(Increase)/decrease in current assets

Stores and spares

Trade debtsAdvances, deposits, prepayments and other receivables

Increase/(decrease) in current liabilities

Accrued Liabilities

Trade payables and other liabilities

Cash generated from operations

CASH FLOWS FROM OPERATIONS

Taxes paid

Finance costs paid

Net cash generated from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment

Proceeds from sale of property, plant and equipment



Payment in relation to capital work-in-progress

(Purchase) / redemption of Investments - net

Interest received

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

(Repayment) / Proceeds from long-term financing - net

Dividends paid on preference shares

Dividend paid on ordinary shares

Security deposits against leased assets

Lease rentals paid

Net cash (Used) / generated from financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year



EMENTNE 30, 2010

2008 2009 2010

(Rs. in thousands)

740994 1,174,528 1,520,960

240331 281,039 465,250

32941 26,014 22,886

4001 7,752 4,476

200369 208,990 185,850

244242 381,348 143,847

- 56,666 11,945(3622) (34,142) (11,761)

(36987) (55,821) (70,402)

(2529) (746) (739)

- - 19,916

- 2,656 924

678746 873,756 772,192

678746 2,048,284 2,293,152

(53556) (31,894) (47,171)

(111429) (138,771) 150,694(41901) (1,121) (30,776)

(206886) (171,786) 72,747

471860 1,876,498 2,365,899

51788 159,138 7,859

111151

Err:522 2,035,636 2,373,758

1,375,793 2,035,636 2,373,758

(10,134) (188,218) (404,236)

(155,715) (134,704) (157,099)

1,209,944 1,712,714 1,812,423

(332,854) (28,135) (159,095)

3,963 2,156 3,576



(1,263,786) (2,020,563) (421,229)

(245,576) 140,318 (25,534)

40,744 55,737 59,844

(1,797,509) (1,850,487) (542,438)

681,426 652,767 (485,186)

(18,000) (18,000) (18,000)

- (272,883) (139,252)

1,005 - (172)

(66,948) (123,381) (92,387)

597,483 238,503 (734,997)

9,918 100,730 534,988

380,540 390,458 491,188

390,458 491,188 1,026,176



STATEMENT OF CHANGES IN EFOR THE YEAR ENDED JUNE 30, 2010


Ordinary Redeemable

shares preference

shares

------------------------------- (Rs. in t

Balance as at June 30, 2008 909,610 180,000

Profit for the year - -

Other comprehensive income - -

Total comprehensive income - -

Dividend on ordinary shares @ 30%

for the year ended June 30, 2008 - -

Dividend on preference shares @10%


Balance as at June 30, 2009 909,610 180,000

Profit for the year - -

Other comprehensive income - -

Total comprehensive income - -

Bonus shares issued during the period

in the ratio of 1 ordinary share for

every 5 shares held 181,922 -

Dividend on preference shares @10%


Interim dividend on ordinary shares @ 15%


Balance as at June 30, 2010 1,091,532 180,000



UITY

Unappropriated Total

profit

ousands) -------------------------------

1,230,188 2,319,798

935,689 935,689

- -

935,689 935,689

-272,883 -272,883

-18,000 -18,000

1 874 994 2 964 604

PICT_FINANCIAL_STATEMENTS

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