PAKISTAN INTERNATIONAL BULK TERMINAL(PRIVATE) LIMITED

BALANCE SHEET
AS AT JUNE 30, 2010
2,010
(Rupees)
ASSETS
CURRENT ASSETS
Cash balance 70
TOTAL ASSETS 70
SHARE CAPITAL AND RESERVES
Authorised capital
200,000,000 Ordinary shares of Rs. 10/- each 2,000,000,000
Issued, subscribed and paid up capital
7 Ordinary shares of Rs. 10/- each
fully paid in cash 70
Accumulated loss (10,183,000)
(10,182,930)
CURRENT LIABILITIES
Trade and other payables 10,183,000
TOTAL EQUITY AND LIABILITIES 70

PROFIT AND LOSS ACCOUNT

FOR THREE MONTHS AND TEN DAYS PERIOD ENDED JUNE 30, 2010

For three
months and ten
days period
ended June 30,
2,010
(Rupees)

Incorporation expenses - legal and professional (10,133,000)

Administrative expense (50,000)
(10,183,000)
Taxation -
Net loss for the period (10,183,000)
 4

4.1.
Note

5.1.1

2010

2009

9
 9

10

11

12
 13

13 h profit or loss

Number of units / shares

2010 2009

- 4276613

4236041 -

458051 -

101683 -

5633 5633

- 193919

243500 243500

13

14
 15ARE CAPITAL
15 horised capital
2010 2009
(Number of shares)
182000000 182000000
18000000 18000000
200000000 200000000

15 paid-up capital
2010 2009
(Number of shares)

63761200 63761200
33352352 15160160
12039600 12039600
109153152 90960960

18000000 18000000
127153152 108960960

16
18

19

20
 21

21.2.2
21.2.3
22

23
 23

24

24

24

ternally Displaced Persons Fund.

25

26

27

28

28

29
29
 29

30.1.1

30.1.2
30

30
31

31
 32
32

Utilities

Number

33
33
33

34
 Note
PROPERTY, PLANT AND EQUIPMENT
Operating fixed assets 4
Capital work-in-progress 4

The following is a statement of operating fixed assets:

As at July 01 2009

Owned

Leasehold improvements 18799

Port improvements 581722

Mobile Harbour Crane 101819

Ship to Shore Cranes - STS 2007164

Gantry tracks 12254

Rubber Tyred Gantry Cranes - RTG 1545030

Port equipment 611651

Port Power Generation 228610

Vehicles 72605

Computers 42070

Furniture and fixtures 23109

Office equipment 33302

5278135

Leased

Ship to Shore Cranes - STS 380973

Rubber Tyred Gantry Cranes - RTG 67908

Port equipment 42747

491628

Total - 2010 5769763

 2009

COST

As at July 01 2008

Owned

Leasehold improvements 18799

Port improvements 580822

Mobile Harbour Crane 101819

Ship to Shore Cranes - STS 1023407

Gantry tracks 12254

Rubber Tyred Gantry Cranes - RTG 574466

Port equipment 565784

Port Power Generation 168520

Vehicles 65978

Computers 38039

Furniture and fixtures 19185

Office equipment 26635

3195708

Leased

Ship to Shore Cranes - STS 380973

Rubber Tyred Gantry Cranes - RTG 67908

Port equipment 42747

Generators 55000

546628

Total - 2009 3742336

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.

4.1.2. Disposal of operating fixed assets:

Cost

Vehicles

Suzuki Bolan 367

Suzuki Bolan 396

Toyota Harrier 3328

Santro 549

Mitsubishi Lancer 1269

Suzuki Bolan 367

BMW 3654

9930

4.1.3 Depreciation charge for the year has been allocated as under: Note
Terminal operating costs 23
Administrative expenses 24

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

Civil works
 Civil works

Balance as at June 30, 2008 376862

Capital expenditure incurred /advances made during the year

439932
Transfer to operating fixed assets (7064)
Balance as at June 30, 2009 809730

Capital expenditure incurred /advances made during the year 264391

Transfer to operating fixed assets / intangible assets (759619)
Balance as at June 30, 2010 314502

5 INTANGIBLE ASSETS
As

at July 01,

2009

Computer software 37357

Project development cost 37889

75246

75246

5.1.2. Amortization charge for the year has been allocated as under: Note
Terminal operating costs 23
Administrative expenses 24

STORES AND SPARES Note

Stores
Spares

TRADE DEBTS - Unsecured

Considered good 9.1 & 9.2
Considered doubtful

Less: Provision for doubtful debts 9

The aging of trade debts at June 30 is as follows:
Neither past due nor impaired
Past due but not impaired
- within 90 days
91 to 180 days
- over 180 days

Movement of provision for doubtful debts

Opening balance
Provision for the year
Written off during the year

ADVANCES - Unsecured, considered good

- to employees
- to suppliers

DEPOSITS AND PREPAYMENTS

Security deposits
Prepayments
- Insurance
- Others

OTHER RECEIVABLES - Unsecured

Accrued profit on term deposits
Accrued profit on certificate of investments 12
Other receivables - considered good 12

Accrued profit on certificate of investments

Less: Provision for impairment 27
SHORT TERM INVESTMENTS Note
At fair value through profit or loss 13
Held to maturity - Related party 13

2010

Cost

Listed - Mutual Funds (Open Ended)

JS Income Fund -

JS Cash Fund 429958

Crosby Phoenix Fund 46135

Atlas Money Market Fund 50000

JS - UTP 511

JS Aggressive Income Fund -

526604

Listed - Mutual Funds (Close Ended)

UTP Large Cap Fund 757

Unrealized gain on revaluation

of investments 11761

539122

Note
Held to Maturity Investments - Related party
Saudi Pak Leasing Company - COI 13
Less: Provision for impairment 27

Note
CASH AND BANK BALANCES
With banks:
- in current accounts 14
- in saving accounts 14
- in deposit accounts 14
Cash in hand

Ordinary shares of Rs.10/- each

Preference shares of Rs. 10/- each

Note

Ordinary shares of Rs. 10/- each

- fully paid in cash
- issued as bonus shares
issued for consideration other than cash 15.2.1

Preference shares of Rs. 10/- each

- fully paid in cash 15.2.2 & 15.2.3

LONG-TERM FINANCING - Secured

International Finance Corporation (IFC)
First Loan
- Loan A
- Loan C

Second Loan
Third Loan
Fourth Loan

OPEC Fund for International Development (OFID)

First Loan
Second Loan
Third Loan
Fourth 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 years
Total minimum lease payments
Less: Amount representing finance charges
Present value of minimum lease payments
Less: Current portion

DEFERRED TAX LIABILITY

Taxable temporary differences
Accelerated tax depreciation / amortization allowance
Deductible temporary differences
Provision for compensated absences
Provision for doubtful debts
Fair value loss on derivative
Others

STAFF COMPENSATED ABSENCES

Opening balance
Provision for the year
Closing balance
TRADE AND OTHER PAYABLES
Trade Creditors 20
Due to Karachi Port Trust
Royalty
Wharfage
Handling and marshalling charges 20.2 & 21.1.2
Accrued expenses
Legal and professional charges
Salaries and wages
Others

Other liabilities
Advances from customers
Retention money aa
Sales tax payable
Fair value loss on derivatives
Workers' Welfare Fund
Dividend payable
Others

Commitments
21.2.1Commitments for capital expenditure
Civil works
Intangible assets

Letter of guarantees
Letters of credit
TURNOVER - net
Turnover
Less: Sales tax

Note

TERMINAL OPERATING COSTS

Salaries, wages and benefits 23
Contracted labour
Staff training
Royalty
Handling and Marshalling charges
Crane usage charges
Port maintenance
Stevedoring
Custom seals
Storage charges
Stores, spares and other maintenance charges
Fuel consumed
Travelling and conveyance
Office maintenance
Vehicles running expenses
Insurance
Printing and stationery
Utilities
Depreciation 4.1.3
Amortization 5.1.2
Others

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

ADMINISTRATIVE EXPENSES
Salaries, wages and benefits 24
Travelling and conveyance
Advertising expense
Auditors' remuneration 24
Legal and professional charges
Office maintenance
Vehicles running expenses
Security expenses
Insurance expense
Communication
Printing and stationery
Utilities
Depreciation 4.1.3
Amortisation 5.1.2 & 16
Fees and subscription
Entertainment
Donations 24.3 & 24.3.1
Provision for doubtful debts
Others

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

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

Note
OTHER OPERATING INCOME
Income from financial assets
Profit on deposit accounts
Gain on re measurement of investments
at fair value through profit or loss
Gain realised on disposal of investments

Income from non financial assets

Dividend income
Profit on sale of fixed assets
Others

FINANCE COSTS
Interest on long-term financing
Financial charges on leased assets
Bank charges

OTHER CHARGES
Exchange loss on long term financing
Fair value loss on derivatives
Workers' Welfare Fund
Provision for impairment 12.1 & 13.2
Others

Note
TAXATION
Current
Deferred
Prior
28.1
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
Net effect of income tax provision relating to prior years
Tax effect of taxable temporary differences
Tax effect of deductible temporary differences

EARNINGS PER SHARE

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 Numbers

Basic earnings per share Rupees

Diluted earnings per share
Profit after taxation attributable to ordinary shareholders
Preferred dividend on cumulative preference shares

Weighted average number of ordinary shares in issue

during the year Numbers
Adjustment of preference shares Numbers

Diluted earnings per share Rupees

Carrying Values

Long-term deposits
Trade debts - unsecured
Advances - unsecured
Deposits
Other receivables - unsecured
Investments
Bank balances

Carrying Values

Trade debts
Customers with no defaults in the past one year
Customers with some defaults in past one year
which have been fully recovered

Carrying Values

Investments
In Mutual Funds
Ratings by PACRA
5 Star
4 Star

Ratings by JCR
A(F)
A(M)
B
30.1.3 Cash with Banks
A1
A1+
A2

Liquidity Risk

Year ended 30 June 2010

On demand

Long-term financing - secured -

Liabilities against assets subject
to finance lease -
Trade and other payables 175505
Accrued interest on
long - term financing
175505

Year ended 30 June 2009

On demand

-------------------------------
Long-term financing - secured -
Liabilities against assets subject
to finance lease -
Trade and other payables 43643
Accrued interest on
long - term financing -
43643

Foreign Currency Risk

------- (USD in thousands) ----

Long - term financing
Liability under swap arrangement
Accrued interest on long term financing
Trade and other payables

The following significant exchange rates have been applied

at the reporting dates:
Exchange Rates
 30 June 2010

30 June 2009

Sensitivity Analysis:

The following figures demonstrate the sensitivity to a reasonably possible change in interest rate, with all other
variables held constant, of the Company's profit before tax:

2010
USD LIBOR
USD LIBOR
2009
USD LIBOR
USD LIBOR

Equity price risk

The following table summarizes the Company's equity price risk as of June 30, 2010 and 2009. It shows the effects
of an estimated increase of 5% in the equity market prices as on those dates. A decrease of 5% in the fair values of
the quoted securities would affect profit and equity of the Company in a similar but opposite manner.

Fair
Value

(Rs. in

30 June 2010 1035

30 June 2009 757

Capital risk management

The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. Net
debt is calculated as total loans and borrowings including any finance cost thereon, trade and other payables, less
cash and bank balances and investments. Capital signifies equity as shown in the balance sheet plus net debt.

The gearing ratios as at 30 June 2010 and 2009 were as follows:

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

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
Equity
Capital
Gearing ratio

Financial assets measured at fair value

30 June 2010
Investments at fair value through profit or loss

30 June 2009
Investments at fair value through profit or loss

Financial liabilities measured at fair value

30 June 2010
Fair value loss on derivative

30 June 2009
Fair value loss on derivative

REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES

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

Chief
Executive
(Rs.
Remuneration (including bonus) 20808
Housing rent 2244
Retirement benefits 634
Medical Allowance 748
748
Conveyance 280
25462
1

RELATED PARTIES TRANSACTIONS

Subsidiary Company
Pakistan International Bulk Terminal (Private) Limited
Payment of incorporation expenses
Major Shareholders
Premier Mercantile Services (Private) Limited
Stevedoring charges
Storage charges
Equipment charges
Entities having directors in common with the Company
Premier Software (Private) Limited
Software maintenance charges
Marine Services (Private) Limited
Revenue from container handling
Port Link International (Private) Limited
Revenue from container handling
AMI Pakistan (Private) Limited
Revenue from container handling
Travel Club (Private) Limited
Traveling expenses
Saudi Pak Leasing Company Limited
Rollover of Certificate of Investments
Repayment of principal of Certificate of
Investments
Profit on Certificate of investments
Rabia Azeem Trust
Donation
Staff retirement contribution plan
Contribution to staff provident fund
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.

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation
Adjustments for non-cash items:
Depreciation
Amortisation
Provision for staff compensated absences
Finance costs
Unrealised exchange loss
Fair value loss on derivatives
Unrealised gain on investment
Interest income
Gain on disposal of fixed assets
Impairment
Provision for doubtful debts

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

Trade payables and other liabilities
Cash generated from operations

No of Share
Holders
645
598
927
312
45
9
5
12
3
1
3
3
3
2
3
1
3
1
1
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
 1
1
1
1
2603

Categories of Shareholders Number of

Shareholders
INDIVIDUALS 2504
INSURANCE COMPANY 6
FINANCIAL INSTITUTIONS 5
MODARABA AND MUTUAL FUNDS 11
FOREIGN INVESTORS 8
OTHERS 69
TOTAL 2603

Categories of Shareholders Number of

Shareholders
Associated Companies, undertakings and
related parties
Premier Mercantile Services (Pvt.) Ltd. 1
Jahangir Siddiqui & Co. 1
NIT and ICP Investment Companies -
Directors, CEO and their spouse
and minor children
Capt. Haleem A.Siddiqui 1
Capt. Zafar Iqbal Awan 1
Mrs. Saba Haleem 1
Mr. Aasim A.Siddiqui 1
Mr. Sharique A. Siddiqui 1
Mr. M. Masood Ahmed Usmani 1
Executives 1
Public Sector Companies and Corporations -
Banks, DFI's, NBFI's, Insurance Companies,
Modarabas and Mutual Funds 22
Joint Stock Companies, Investment Companies
Foreign Investors and Others 75
Individuals 2497
TOTAL 2603
Shareholders holding 10% or more voting interest
Premier Mercantile Services (Pvt.) Ltd. 1
Jahangir Siddiqui & Co. 1
Aeolina Investments Ltd. 1

Name Dt. of Purchase

MR. AASIM AZIM SIDDIQUI (DIRECTOR) 25.02.2010
MR. ARSALAN I. KHAN (COMPANY SECRETARY) 16.12.2010
 No of Share
Holders
6
477
39
38
5
3
2
1
1
1
1
2
1
1
1
579

# of
CATEGORIES OF SHAREHOLDERS
shareholders

INDIVIDUALS 559
MODARBAS & MUTUAL FUNDS 2
FINANCIAL INSTITUTIONS 2
OTHERS: 16
579

Categories of Shareholders # of
Associated Companies, undertakings and shareholders
related parties
Premier Mercantile Services (Pvt.) Ltd. 1
NIT and ICP Investment Companies -
Banks, DFI's, NBFI's, Insurance Companies
Modarabas and Mutual Funds 4
Joint Stock Companies & Others 8
Individuals 566
TOTAL 578

SHAREHOLDERS HOLDING 10% OR MORE

Premier Mercantile Services (Pvt.) Ltd. 1
CDC-Trustee Faysal Savings Growth 1
JS Global Capital Ltd. 1
Pak Kuwait Investment Co. (Pvt.) Ltd. 1
 2010 2009

5346132 4724746
454206 1031764
5800338 5756510

2010

COST ACCUMULATED DEPRECIATION

As at For the As at
Additions Disposals As at Jun 30, 2010 July 01, year Disposals June 30,

2009 2010

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

270799 - 289598 15910 40688 - 56598

594886 - 1176608 103322 61338 - 164660

- - 101819 101819 - - 101819

- - 2007164 258259 126752 - 385011

- - 12254 3184 613 - 3797

- - 1545030 153623 105345 - 258968

91940 - 703591 163558 47190 - 210748

73196 - 301806 75071 17216 - 92287

30902 9930 93577 31369 15081 7093 39357

10136 - 52206 31375 8787 - 40162

10496 - 33605 7207 3097 - 10304

7118 - 40420 11808 8990 - 20798

223788 9930 6357678 956505 435097 7093 1384509

- - 380973 59641 23087 - 82728

- - 67908 10525 2992 - 13517

- - 42747 18346 4074 - 22420

0 0 491628 88512 30153 118665

223788 9930 6849306 1045017 465250 7093 1503174

 ACCUMULATED DEPRECIATION

As at For the As at
Additions Disposals As at Jun 30, 2009 July 01, year Disposals June 30,

2008 2009

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

- - 18799 12150 3760 - 15910

900 - 581722 74250 29072 - 103322

- - 101819 101819 - - 101819

983757 - 2007164 184441 73818 - 258259

- - 12254 2572 612 - 3184

970564 - 1545030 99744 53879 - 153623

46197 (330) 611651 122014 41874 (330) 163558

5090 - 228610 35652 13888 - 75071

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

15487 (8860) 72605 25337 13482 (7450) 31369

4031 - 42070 21000 10375 - 31375

3924 - 23109 4987 2220 - 7207

6667 - 33302 8943 2865 - 11808

2036617 (9190) 5278135 692909 245845 (7780) 956505

55,000* 25,531*

- - 380973 36554 23087 - 59641

- - 67908 6451 4074 - 10525

- 42747 15353 2993 - 18346

(55,000)* - - 20491 5040 - -

(25,531)* - -

0 491628 78849 35194 0 88512

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

2036617 (9190) 5769763 771758 281039 (7780) 1045017

 Accumulated Written Gain/

depreciation down value Sale Price (loss)

367 - 50 50

396 - 25 25

1942 1386 1497 111

549 - 275 275

1036 233 350 117

367 - 100 100

2436 1218 1279 61

7093 2837 3576 739

2010 2009
409087 252970
56163 28069
465250 281039

314502 809730
132835 158958
- -
6869 2666
- 60410
454206 1031764

Advances for Advances for

Advances to purchase of purchase /
suppliers and cranes and development Total

contractors related of computer

 Total

equipments software

124329 474336 44156 1019683

67726 1496651 16254 2020563

(33097) (1968321) - (2008482)
158958 2666 60410 1031764

107386 41453 8000 421230

(133509) (37250) (68410) (998788)
132835 6869 0 454206

COST ACCUMULATED AMORTIZATION

Additions As at As at Charge As at Book value Amortization

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

2010 01, 2009 2010 June 30, %

68410 105767 37106 3672 40778 64989 20-33.33

- 37889 37889 - 37889 - 20

68410 143656 74995 3672 78667 64989

- 75246 60840 14155 74995 251

2010 2009
3672 8472
- 5683
3672 14155

2010 2009
84304 71096
216782 182819
301086 253915

237352 388046
3641 4810
240993 392856
(3641) (4810)
237352 388046

204521 317852

22726 47555
4116 10988
5989 11651
237352 388046

2010 2009
4810 2154
924 2656
(2093) -
3641 4810

5149 2169
30415 31625
35564 33794

2010 2009
9214 9243

41939 30000
4940 3430
56093 42673

1043 1055
15648 8663
13490 4877
30181 14595
17814 8663
(2166) -
15648 8663
 2010 2009
539122 469847
53250 90000
592372 559847

2010 2009

Fair value Cost Fair value

- 412966 448488

434025 - -

51256 - -

52224 - -

582 501 511

- 15818 20091

538087 429285 469090

1035 2348 757

- 38214 -

539122 469847 469847

2010 2009

71000 90000
(17750) -
53250 90000

2010 2009

275914 35146
601740 247875
135000 202000
1012654 485021
 13522 6167
1026176 491188

2010 2009

1820000 1820000
180000 180000
2000000 2000000

2010 2009

637612 637612
333524 151602
120396 120396
1091532 909610

180000 180000
1271532 1089610

2010 2009

257989 315038
128400 121950
386389 436988
376640 410565
256800 406500
856000 813000
1875829 2067053

257989 315041
 376640 410565
96300 152437
256800 243900
987729 1121943
2863558 3188996

45736 63684
519782 469284
565518 532968
2298040 2656028

2010 2009
Minimum lease Present Minimum lease Present
Payments Value Payments Value

79512 59909 91503 62309

186400 173394 266796 233303
- - - -
265912 233303 358299 295612
32609 0 62687 0
233303 233303 295612 295612
59909 59909 62309 62309
173394 173394 233303 233303

Note 2010 2009

986219 776447

(10020) (8453)
(1274) (1684)
(23162) (18982)
(6970) -
944793 747328

24152 16400
4476 7752
28628 24152

152375 205158

42647 45271
50461 48511
34604 37504
127712 131286

5283 3662
23130 15957
1525 2083
29938 21702

35271 27384
26505 22129
39022 7143
66177 54232
30616 23490
1282 4093
7819 3107
206692 141578
516717 499724

2010 2009

15000 95910
5400 15399
20400 111309
85600 161300
3876 0

5272697 4808858
147580 244602
5125117 4564256

2010 2009

259981 209915
24460 18832
956 1069
500381 389443
111507 110609
39205 68512
1370 3359
776131 776908
3082 2154
19251 33223
222266 170032
410089 318176
2174 1063
31683 31617
 9924 9196
86245 58897
3245 5155
6919 8407
409087 252970
3672 8472
20439 16831
2942067 2494840

2010 2009

162217 115734
6825 4658
4201 1633
2866 2353
13679 13062
9871 7644
9717 9528
4601 3206
2183 1784
4988 3914
11957 11929
1962 1263
56163 28069
19214 17542
4755 4368
13718 12189
10055 10819
924 2656
9272 11463
349168 263814

2010 2009

1100 1000

468 413
1198 850
100 90
2866 2353

2010 2009
 70402 55821

11761 34142
12981 9633
95144 99596

- 571
739 746
924 145
1663 1462
96807 101058

147201 160968
38200 45086
456 2936
185857 208990

161395 441293
11945 56666
30616 23490
19916 -
- 1693
223872 523142

2010 2009

377000 20546
197465 218293
38682 -
613147 238839

1520960 1174528
532336 411085

206326 150629

(361662) (541168)
38682 -
292876 240918
(95411) (22625)
613147 238839

907813 935689
(18000) (18000)
889813 917689
(Restated)
109153 109153
(Restated)
8.15 8.41

889813 917689
18000 18000
907813 935689
(Restated)
109153 109153
18000 18000
127153 127153
(Restated)
7.14 7.36

2010 2009

83705 83573
237352 388046
35564 33794
9214 9243
30181 14595
592372 559847
1012654 485021
2001042 1574119

2010 2009

154174 261077

50347 56775
204521 317852

2010 2009

1035 469336
52806 511
53841 469847

51256 -
434025 -
53250 90000
 538531 90000
592372 559847

596398 338812
416146 121199
110 25010
1012654 485021

Less than 3 3 to 12
1 to 5 years > 5 years Total
months months
- 519782 245349 2098427 2863558

- 59909 173394 - 233303

135237 100776 - - 411518

48839 7060 - - 55899

184076 687527 418743 2098427 3564278

Less than 3 3 to 12
1 to 5 years > 5 years Total
months months
------------------------------------------ (Rs. in thousands) -----------------------------------------------
52845 416439 1921797 797915 3188996

2310 59999 233303 - 295612

207554 187152 - - 438349

42370 24018 - - 66388

305079 687608 2155100 797915 3989345

2010 2009
------- (USD in thousands) ------
29053 38441
3357 3874
649 817
524 524
33583 43656

85.6 81.3

Effect of
translation of
foreign currency
Change in US liabilities on Effect on
dollar rate (%) profit or (loss) equity
------------ (Rs. in thousands) ----------
 +10 (287470) (186856)
(10) 287470 186856
+10 (354923) (230700)
(10) 354923 230700

Increase / Effect on profit

decrease in before tax
basis points
(Rs. in thousands)

+15 (27809)
(15) 27809

+15 (30908)
(15) 30908

Price Effect on Effect on

change profit for shareholders'
the year equity
(Rs. in thousands)

5% increase 51.75 33.64

5% increase 37.85 24.60

2010 2009
--------- (Rs. in thousands) --------
2817822 3125312
516717 499724
55899 66388
233303 295612
3623741 3987036
(1026176) (491188)
(592372) (559847)
2005193 2936001
 1271532 1089610
2446444 1874994
3717976 2964604
5723169 5900605
0 0

Total Level 1 Level 2 Level 3

-------------------------- (Rupees in thousands)-------------------------

539122 539122 - -
539122 539122 - -

469847 469847 - -
469847 469847 - -
Total Level 1 Level 2 Level 3
-------------------------- (Rupees in thousands)-------------------------

66177 - 66177 -
66177 - 66177 -

54232 - 54232 -
54232 - 54232 -

2010 2009
Chief
Directors Executives Executive Directors Executives
(Rs. in thousands) --------------------------------
73440 34062 10950 38367 51094
7920 6524 2010 7010 10216
2240 1648 566 1999 2721
2640 2175 670 2337 3405
2640 2175 670 2337 3405
930 1280 256 744 1507
89810 47864 15122 52794 72348
4 30 1 4 29

2010 2009
--------- (Rs. in thousands) --------

10133 -
 590549 525569
33676 41684
27600 27600

3760 2700

7110 43449

1089 2033

- 45

5943 3416

90000 100000

19000 10000
9151 11505

2500 -

11641 9920

2010 2009
--------- (Rs. in thousands) --------

1520960 1174528

465250 281039
22886 26014
4476 7752
185850 208990
143847 381348
11945 56666
(11761) (34142)
(70402) (55821)
(739) (746)
19916 -
924 2656
772192 873756
2293152 2048284

(47171) (31894)
 150694 (138771)
(30776) (1121)
72747 (171786)
2365899 1876498

7859 159138
2373758 2035636

Share Holding Total Shares

From To Held
1 100 15781
101 500 139250
501 1000 709684
1001 5000 695916
5001 10000 321305
10001 15000 108480
15001 20000 85274
20001 25000 276472
25001 30000 86127
30001 35000 33744
35001 40000 112247
40001 45000 130200
45001 50000 148013
50001 55000 105600
55001 60000 174574
65001 70000 68432
70001 75000 216363
85001 90000 85540
135001 140000 139000
140001 145000 284225
170001 175000 171082
245001 250000 250000
260001 265000 260122
265001 270000 270000
355001 360000 360000
395001 400000 396999
405001 410000 408640
425001 430000 427711
535001 540000 539012
600001 605000 603607
620001 625000 624100
715001 720000 719998
805001 810000 806246
820001 825000 823445
995001 1000000 1000000
1475001 1480000 1476000
1560001 1565000 1560019
1640001 1645000 1642094
2000001 2005000 2002000
3985001 3990000 3989349
 7185001 7190000 7186822
17155001 17160000 17155639
23995001 24000000 24000000
38540001 38545000 38544040
109153152

Number of Percentage
Shares held
13927789 13
1294574 1
93690 0
7106542 7
21590089 20
65140468 60
109153152 100

Number of Percentage
Shares held
57

38544040
24000000
-

8
7186822
720
427711
823445
806246
11075
2000
- -

8495076 8

24186517 22
4669500 4
109153152 100

38544040
24000000
17155639

# of Shares Rate
5000 83.90
2000 105.37
 Share Holding Total Shares
From To Held
1 100 253
101 500 86205
501 1000 26254
1001 5000 75880
5001 10000 36158
10001 15000 34491
25001 30000 55424
30001 35000 30423
55001 60000 57734
70001 75000 75000
245001 250000 250000
2110001 2115000 4222858
2495001 2500000 2500000
3595001 3600000 3600000
6945001 6950000 6949320
18000000

Total shares held

401509
4222858
2557734
10817899
18000000

Percentage
Total shares held

3600000 20
-

6886054 38.26
7213090 40.07
300856 1.67
18000000 100

3600000
4197820
6949320
2500000
DEPRECIATION

Written Dep

down value rate

as at %

June 30 per

2010 annum

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

233000 20

1011948 5-7.14

- 20

1622153 5-6.98

8457 5

1286062 6-6.98

492843 7-20

209519 5- 10

54220 20

12044 33

23301 10

19622 10-20

4973169

298245 5-6.06

54391 6

20327 7-20

372963

5346132
 Written Dep

down value rate

as at %

June 30 per

2009 annum

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

2889 20

478400 5

- 20

1748905 5-6.98

9070 5

1391407 6-6.98

448093 7-20

153539 5- 10

41236 20

10695 33

15902 10

21494 10-20

4321630

321332 s

57383 6

24401 7-20

- 10

403116

4724746
 2008 2009
(Rs. in thousands)

ASSET

NON-CURRENT ASSETS
Property, plant and equipment 3,990,261 5,756,510
Intangible assets 14,406 251
Long-term Investment - -
Long-term deposits 89,074 83,573
Deferred costs 764
4,094,505 5,840,334

CURRENT ASSETS
Stores and spares 222,021 253,915
Trade debts - unsecured 249,275 388,046
Advances - unsecured, considered good 25,653 33,794
Deposits and prepayments 58,973 42,673
Other receivables - unsecured 6,817 14,595
Short term investments 706,580 559,847
Taxation - net - 98,728
Cash and bank balances 390,458 491,188
1,659,777 1,882,786

TOTAL ASSETS 5,754,282 7,723,120

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised capital 2,000,000 2,000,000

Issued, subscribed and paid-up capital 1,089,610 1,089,610

Unappropriated profit 1,230,188 1,874,994
2,319,798 2,964,604

NON-CURRENT LIABILITIES
Long-term financing - secured 1,745,570 2,656,028
Liabilities against assets subject to finance lease 295,548 233,303
Deferred tax liability 529,035 747,328
Staff compensated absences 16,400 24,152
 2,586,553 3,660,811

CURRENT LIABILITIES
Trade and other payables 286,354 499,724
Accrued interest on long - term financing 51,788 66,388
Current maturity of long - term financing 366,385 469,284
Current maturity of liabilities against assets subject to finance lease 74,460 62,309
Taxation - net 68,944 -
847,931 1,097,705
CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES 5,754,282 7,723,120

 2010
in thousands)

5,800,338
64,989
-
83,705

5,949,032

301,086
237,352
35,564
56,093
30,181
592,372
87,282
1,026,176
2,366,106

8,315,138

2,000,000

1,271,532
2,446,444
3,717,976

2,298,040
173,394
944,793
28,628
3,444,855

516,717
55,899
519,782
59,909
-
1,152,307

8,315,138
 2008 2009 2010
(Rs. in thousands)

Turnover - net 3,134,065 4,564,256 5,125,117

Terminal operating costs 1,808,469 2,494,840 2,942,067
Gross profit 1,325,596 2,069,416 2,183,050

Administrative expenses 227,523 263,814 349,168

Other operating income 87,532 101,058 96,807
1,185,605 1,906,660 1,930,689

Finance costs 200,369 208,990 185,857

Other charges 244,242 523,142 223,872
Profit before taxation 740,994 1,174,528 1,520,960

Taxation 211,734 238,839 613,147

Profit after taxation 529,260 935,689 907,813

Earnings per ordinary share - Basic Rs. 5.62 Rs. 8.41 Rs. 8.15

Earnings per ordinary share - Diluted Rs. 4.86 Rs. 7.36 Rs. 7.14
 2008
(Rs. in thousands)

CASH FLOWS FROM OPERATIONS 1,375,793

Taxes paid (10,134)
Finance costs paid (155,715)

Net cash generated from operating activities 1,209,944

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (332,854)
Proceeds from sale of property, plant and equipment 3,963
Payment in relation to capital work-in-progress (1,263,786)
(Purchase) / redemption of Investments - net (245,576)
Interest received 40,744

Net cash used in investing activities (1,797,509)

CASH FLOWS FROM FINANCING ACTIVITIES

(Repayment) / Proceeds from long-term financing - net 681,426
Dividends paid on preference shares (18,000)
Dividend paid on ordinary shares -
Security deposits against leased assets 1,005
Lease rentals paid (66,948)

Net cash (Used) / generated from financing activities 597,483

Net increase in cash and cash equivalents 9,918

Cash and cash equivalents at the beginning of the year 380,540

Cash and cash equivalents at the end of the year 390,458

 2009 2010
(Rs. in thousands)

2,035,636 2,373,758
(188,218) (404,236)
(134,704) (157,099)

1,712,714 1,812,423

(28,135) (159,095)
2,156 3,576
(2,020,563) (421,229)
140,318 (25,534)
55,737 59,844

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

652,767 (485,186)
(18,000) (18,000)
(272,883) (139,252)
- (172)
(123,381) (92,387)

238,503 (734,997)

100,730 534,988
390,458 491,188

491,188 1,026,176