pict financial statements

8/7/2019 PICT FINANCIAL STATEMENTS

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(P A K I S T A N I N T E R N A T I O N A L B U L K T E R M I N A L ( P R I V A T E ) L I M I T E D )

(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)


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4

4.1.


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4/80


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Note

5.1.1

2010

2009

8

9

9

-


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9

10

11

12

13

13 h profit or loss

Number of units / shares

2010 2009


7/80

- 4276613

4236041 -

458051 -

101683 -

5633 5633

- 193919

243500 243500

13

14

15 RE CAPITAL

15 horised capital

2010 2009

(Number of shares)

182000000 182000000

18000000 18000000

200000000 200000000


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15 paid-up capital

2010 2009

(Number of shares)

63761200 63761200

33352352 15160160

12039600 12039600

109153152 90960960

18000000 18000000

127153152 108960960

16


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18

19

20

21


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21.2.2

21.2.3

22

23

23

24


11/80

24

24

rnally Displaced Persons Fund.

25

26

27


12/80

28

28

29

29

29


13/80

30.1.1

30.1.2

30

30


14/80

31

31


15/80

32

32

Utilities

Number

33


16/80

33

33

34


17/80


18/80


19/80


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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




491628

Total - 2010 5769763


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2009

COST

As at July 01 2008

Owned

Leasehold improvements 18799

Port improvements 580822

Mobile Harbour Crane 101819


Gantry tracks 12254



Port Power Generation 168520

Vehicles 65978

Computers 38039

Furniture and fixtures 19185

Office equipment 26635

3195708

Leased




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.


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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

Balance as at June 30, 2008 376862

Capital expenditure incurred /advances made during the year439932

Transfer to operating fixed assets (7064)


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Capital expenditure incurred /advances made during the year 264391

Transfer to operating fixed assets / intangible assets (759619)


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


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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

Cost

Listed - Mutual Funds (Open Ended)


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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


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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


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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 paymentsLess: 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 derivativeOthers

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 FundDividend payable

Others

Commitments


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21.2.1Commitments for capital expenditure

Civil works

Intangible assets

Letter of guarantees

Letters of credit

TURNOVER - net

TurnoverLess: Sales tax

Note

TERMINAL OPERATING COSTS

Salaries, wages and benefits 23

Contracted labour

Staff training

Royalty

Handling and Marshalling chargesCrane 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 stationeryUtilities

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 conveyanceAdvertising expense

Auditors' remuneration 24

Legal and professional charges

Office maintenance

Vehicles running expenses

Security expenses

Insurance expense

Communication

Printing and stationery


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Utilities

Depreciation 4.1.3

Amortisation 5.1.2 & 16

Fees and subscription

Entertainment

Donations 24.3 & 24.3.1


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 servicesOut 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 lossGain 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


Workers' Welfare Fund

Provision for impairment 12.1 & 13.2

Others


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Note

TAXATION

Current

Deferred

Prior

28.1

Relationship between tax expense and accounting profit

Profit Before taxTax 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 taxPreferred 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 NumbersAdjustment of preference shares Numbers

Diluted earnings per share Rupees

Carrying Values

Long-term deposits

Trade debts - unsecured

Advances - unsecuredDeposits

Other receivables - unsecured

Investments

Bank balances

Carrying Values


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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 2010On 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 2009On 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


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------- (USD

Long - term financing

Liability under swap arrangement

Accrued interest on long term financing

Trade and other payables

The following significant exchange rates have been appliedat 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:

2010USD 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.

FairValue

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


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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. i

Long term financing

Trade and other payablesAccrued 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

Remuneration (including bonus) 20808

Housing rent 2244Retirement benefits 634

Medical Allowance 748

748

Conveyance 280

25462

1

RELATED PARTIES TRANSACTIONS


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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 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

Rollover of Certificate of Investments

Repayment of principal of Certificate of

InvestmentsProfit 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 ACTIVITIESProfit before taxation

Adjustments for non-cash items:

Depreciation

Amortisation

Provision for staff compensated absences

Finance costs

Unrealised exchange loss


Unrealised gain on investment


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Interest income

Gain on disposal of fixed assets

Impairment


Operating profit before working capital changes

(Increase)/decrease in current assets

Stores and sparesTrade 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

598927

312

45

9

5

12

3

1

3

3

3

23

1

3

1

1

2

1

1

1

1

1

11

1

1

1

1

1

1

1

1


36/80

1

1

1

1

1

1

1

11

2603

Categories of Shareholders Number of

Shareholders

INDIVIDUALS 2504

INSURANCE COMPANY 6

FINANCIAL INSTITUTIONS 5

MODARABA AND MUTUAL FUNDS 11

FOREIGN INVESTORS 8

OTHERS 69TOTAL 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 1Capt. 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 2497TOTAL 2603

Shareholders holding 10% or more voting interest


Jahangir Siddiqui & Co. 1

Aeolina Investments Ltd. 1

Name Dt. of Purchase


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MR. AASIM AZIM SIDDIQUI (DIRECTOR) 25.02.2010

MR. ARSALAN I. KHAN (COMPANY SECRETARY) 16.12.2010

No of Share

Holders

6

47739

38

5

3

2

1

1

1

1

2

1

11

579

CATEGORIES OF SHAREHOLDERS

INDIVIDUALS 559

MODARBAS & MUTUAL FUNDS 2

FINANCIAL INSTITUTIONS 2

OTHERS: 16

579

Categories of Shareholders

Associated Companies, undertakings and

related parties


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


CDC-Trustee Faysal Savings Growth 1

JS Global Capital Ltd. 1

Pak Kuwait Investment Co. (Pvt.) Ltd. 1

# ofshareholders

# ofshareholders


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2010 2009

5346132 4724746

454206 1031764

5800338 5756510

2010

COST ACCUMULATED DEPRECIATIO

Additions Disposals As at Jun 30, 2010

As at For the As at

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 1 63558 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

491628 88512 30153 118665

223788 9930 6849306 1045017 465250 7093 1503174


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ACCUMULATED DEPRECIATION

Additions Disposals As at Jun 30, 2009

As at For the As at

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)* - -

491628 78849 35194 88512

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

2036617 (9190) 5769763 771758 281039 (7780) 1045017


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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

Total

Advances to purchase of purchase /

suppliers and cranes and development

contractors related of computer

equipments software

124329 474336 44156 1019683

67726 1496651 16254 2020563

(33097) (1968321) - (2008482)


41/80

158958 2666 60410 1031764

107386 41453 8000 421230

(133509) (37250) (68410) (998788)

132835 6869 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


42/80

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


43/80

- 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


44/80

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


45/80

Payments Value Payments Value

79512 59909 91503 62309

186400 173394 266796 233303

- - - -

265912 233303 358299 295612

32609 62687

233303 233303 295612 29561259909 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 37504127712 131286

5283 3662

23130 15957

1525 2083

29938 21702

35271 27384

26505 22129

39022 7143

66177 54232

30616 234901282 4093

7819 3107

206692 141578

516717 499724

2010 2009


46/80

15000 95910

5400 15399

20400 111309

85600 161300

3876

5272697 4808858147580 244602

5125117 4564256

2010 2009

259981 209915

24460 18832

956 1069

500381 389443

111507 11060939205 68512

1370 3359

776131 776908

3082 2154

19251 33223

222266 170032

410089 318176

2174 1063

31683 31617

9924 9196

86245 58897

3245 51556919 8407

409087 252970

3672 8472

20439 16831

2942067 2494840

2010 2009

162217 115734

6825 46584201 1633

2866 2353

13679 13062

9871 7644

9717 9528

4601 3206

2183 1784

4988 3914

11957 11929


47/80

1962 1263

56163 28069

19214 17542

4755 4368

13718 12189

10055 10819

924 2656

9272 11463349168 263814

2010 2009

1100 1000

468 413

1198 850100 90

2866 2353

2010 2009

70402 55821

11761 3414212981 9633

95144 99596

- 571

739 746

924 145

1663 1462

96807 101058

147201 160968

38200 45086

456 2936185857 208990

161395 441293

11945 56666

30616 23490

19916 -

- 1693

223872 523142


48/80

2010 2009

377000 20546

197465 218293

38682 -

613147 238839

1520960 1174528532336 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 10915318000 18000

127153 127153

(Restated)

7.14 7.36

2010 2009

83705 83573

237352 388046

35564 337949214 9243

30181 14595

592372 559847

1012654 485021

2001042 1574119

2010 2009


49/80

154174 261077

50347 56775

204521 317852

2010 2009

1035 469336

52806 511

53841 469847

51256 -

434025 -

53250 90000538531 90000

592372 559847

596398 338812

416146 121199

110 25010

1012654 485021

Less than 3 3 to 121 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 121 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


50/80

2010 2009

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 onchange profit for shareholders'

the year equity

(Rs. in thousands)

5% increase 51.75 33.64

5% increase 37.85 24.60


51/80

2010 2009

thousands) --------

2817822 3125312

516717 49972455899 66388

233303 295612

3623741 3987036

(1026176) (491188)

(592372) (559847)

2005193 2936001

1271532 1089610

2446444 1874994

3717976 2964604

5723169 5900605

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 102162240 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


52/80

2010 2009

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

10133 -

590549 525569

33676 41684

27600 27600

3760 2700

7110 43449

1089 2033

- 45

5943 3416

90000 100000

19000 100009151 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)


53/80

(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 139250501 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 10560055001 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 396999405001 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


54/80

1475001 1480000 1476000

1560001 1565000 1560019

1640001 1645000 1642094

2000001 2005000 2002000

3985001 3990000 3989349

7185001 7190000 7186822

17155001 17160000 17155639

23995001 24000000 2400000038540001 38545000 38544040

109153152

Number of Percentage

Shares held

13927789 13

1294574 1

93690

7106542 7

21590089 20

65140468 60109153152 100

Number of Percentage

Shares held

57

38544040

24000000

-

8

7186822720

427711

823445

806246

11075

2000

- -

8495076 8

24186517 22

4669500 4109153152 100

38544040

24000000

17155639

# of Shares Rate


55/80

5000 83.90

2000 105.37

Share Holding Total Shares

From To Held

1 100 253

101 500 86205501 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 36000006945001 6950000 6949320

18000000

Total shares held

401509

4222858

2557734

10817899

18000000

Total shares heldPercentage

3600000 20

-

6886054 38.26

7213090 40.07

300856 1.67

18000000 100

3600000

4197820

6949320

2500000


56/80

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


57/80

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


58/80


59/80


60/80


61/80


62/80


63/80


64/80


65/80


66/80


67/80


68/80


69/80


70/80


71/80


72/80


73/80


74/80

2008

(R

ASSET

NON-CURRENT ASSETS

Property, plant and equipment 3,990,261

Intangible assets 14,406

Long-term Investment -

Long-term deposits 89,074

Deferred costs 764

4,094,505

CURRENT ASSETSStores and spares 222,021

Trade debts - unsecured 249,275

Advances - unsecured, considered good 25,653

Deposits and prepayments 58,973

Other receivables - unsecured 6,817

Short term investments 706,580

Taxation - net -

Cash and bank balances 390,458

1,659,777

TOTAL ASSETS 5,754,282

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised capital 2,000,000

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

Unappropriated profit 1,230,1882,319,798

NON-CURRENT LIABILITIES

Long-term financing - secured 1,745,570

Liabilities against assets subject to finance lease 295,548

Deferred tax liability 529,035

Staff compensated absences 16,400


75/80

2,586,553

CURRENT LIABILITIES

Trade and other payables 286,354

Accrued interest on long - term financing 51,788

Current maturity of long - term financing 366,385

Current maturity of liabilities against assets subject to finance lease 74,460

Taxation - net 68,944

847,931

CONTINGENCIES AND COMMITMENTS

TOTAL EQUITY AND LIABILITIES 5,754,282


76/80

2009 2010

. in thousands)

5,756,510 5,800,338

251 64,989

- -

83,573 83,705

5,840,334 5,949,032

253,915 301,086

388,046 237,352

33,794 35,564

42,673 56,093

14,595 30,181

559,847 592,372

98,728 87,282

491,188 1,026,176

1,882,786 2,366,106

7,723,120 8,315,138

2,000,000 2,000,000

1,089,610 1,271,532

1,874,994 2,446,4442,964,604 3,717,976

2,656,028 2,298,040

233,303 173,394

747,328 944,793

24,152 28,628


77/80

3,660,811 3,444,855

499,724 516,717

66,388 55,899

469,284 519,782

62,309 59,909

- -

1,097,705 1,152,307

7,723,120 8,315,138


78/80

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


79/80

2008

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


80/80

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

pict financial statements

Documents