askari general insurance co. ltd. · askari general insurance co. ltd. 01 Corporate Information...

askari general insurance co. ltd.

01

Corporate Information

Directors’ Report

Auditors’ Report

Balance Sheet

Profit and Loss Account

Statement of Cash Flows

Statement of Premiums

Statement of Claims

Statement of Expenses

Statement of Investment Income

Statement of Changes in Equity

Notes to the Financial Statements

Branch Network

03

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contents

02

The vision of the askari general insurance company limited is to be amongst the leading insurance companies of the country with the clear perception of upholding the principles of corporate governance and making

agico a profitable and growth oriented insurance company while creating insurance awareness culture.

Vision

To become a leading insurance company by providing client friendly services through highly motivated team of dedicated professionals and ensuring progressive return to the shareholders.

Mission

sustainable relationships

CORPORATE INFORMATION

Lt. Gen. Imtiaz Hussain (Retd.)

Maj. Gen. Saeed Ahmed Khan (Retd.)

Brig. Javed Qayum (Retd.)

Brig. Tariq Sher (Retd.)

Syed Suhail Ahmad Rizvi

Mr. Abdul Hai Mehmood Bhaimia

Mr. Farrukh Iqbal Khan

Mr. Khawaja Muhammad Iqbal

Mr. Abdul Waheed

Mr. Jamil Ahmed

Mr. Waseemullah

Mr. Sajid Aziz Satti

M. Yousuf Adil Saleem & Company

Chartered Accountants

Hassan Kaunain Nafees

Askari Bank Ltd.

Habib Bank Ltd.

Standard Chartered Bank (Pakistan) Ltd.

Summit Bank Ltd.

Soneri Bank Ltd.

Silk Bank Ltd.

Faysal Bank Ltd.

THK Associates (Private) Limited

Ground Floor, State Life Building No.3

Dr. Zia ud Din Ahmad Road

Karachi-75530, P. O. Box 8533

UAN: +92-21-111-000-322

Fax: +92-21-35655595

4th Floor, AWT Plaza, The Mall

Rawalpindi, Pakistan

Tel: 051-9272425-7

Fax: 051-9272424

Website: www.agico.com.pk

Chairman

Directors

President & Chief Executive

Chief Financial Officer

Company Secretary

Internal Auditor

Auditors

Legal Advisor

Bankers

Registrar and Share Transfer Office

Registered Office/Head Office

03


Rawalpindi23 August 2011

Lt. Gen. Imtiaz Hussain (Retd.)Chairman

04

Directors’ Report to the Shareholders

The Directors are pleased to present before you the un-audited financial statements of the Company for the half year ended June 30th, 2011.

Business Overview

Insurance business continued to operate amid serious challenges of investment outflow from Pakistan and worsening economic situation.

Your Company has managed to improve substantially both in terms of underwriting results and overall profitability. As compared to the corresponding period of last year, underwriting profits and net profit after tax for the half year are higher by 48% and 72% respectively. The Earnings per share (EPS) has also improved by 58%.

In line with the objective of timely meeting the minimum capital requirements, the Company issued Right shares in the first quarter and later-on in the second quarter further issue of Rs. 25 million in the form of Bonus shares was made. These transactions have now substantiated the Company's capital base putting it in a better position to underwrite large risks.

Operational Results

The key comparative financial figures for the half year ended 30th June 2011 and 2010 are as follows:

As evident from the above comparison, your Company has improved notably in overall profitability, both at underwriting stage and at the Profit after tax. Due to refined underwriting and improved claim monitoring, your Company has recorded Rs. 63 million underwriting profit as compared to Rs. 43 million in the corresponding period. Equity is increased primarily due to the increase in the Paid up Capital by issuing Right Shares and Bonus Shares of Rs. 51 million and Rs. 25 million respectively.

Company has decided to issue further Bonus shares at the rate of 10% of the existing Paid up Capital.

Company's Paid up Capital thus, after issuance of Bonus shares, will appear as follows:

For and on behalf of the Board

Future Outlook

The economic indicators in the Country are not very promising, however we shall strive to maintain and further enhance our performance.

Acknowledgments

We would like to take this opportunity to thank our Regulators and the Insurance Association of Pakistan for their continuous support and guidance, our valued reinsurers and other stakeholders for posing trust and confidence in us.

The Directors also place on record their appreciation for the hard work and devotion of the officers and members of the staff towards the improved performance of the Company.

Existing Paid up CapitalProposed Issuance of Bonus SharesEnhanced Paid up Capital

28,019,0512,801,905

30,820,956

280,190,51028,019,050

308,209,560

Numbers Rupees

Net premium revenue

Underwriting Profit

Investment and other income

Profit after Tax

Total assets

Total equity

Earnings per Share (Rs)

296

63

32

31

1,552

398

1.25

357

43

29

18

1,677

286

0.79

Rupees in Millions

30th June

2011 2010


Independent Auditors' Report on Review of Condensed Interim Financial Information to the Members

Introduction

We have reviewed the accompanying: (i) condensed interim balance sheet;(ii) condensed interim profit and loss account;(iii) condensed interim statement of cash flow;(iv) condensed interim statement of changes in equity; (v) condensed interim statement of premiums;(vi) condensed interim statement of claims;(vii) condensed interim statement of expenses; and(viii) condensed interim statement of investment income;

of askari general insurance company limited ('the Company”) as at 30 June 2011 together with the notes forming part thereof, for the half year then ended (here-in-after referred to as the “interim financial information”). Management is responsible for the preparation and presentation of this interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with the approved accounting standards as applicable in Pakistan for interim financial reporting.

Other Matters

The figures for the quarters ended 30 June 2011 and 30 June 2010 in the condensed interim profit and loss account, condensed interim statement of premiums, condensed interim statement of claims, condensed interim statement of expenses and condensed interim statement of investment income have not been reviewed and we do not express a conclusion on them as we are required to review only the cumulative figures for the half year ended 30 June 2011.

Chartered AccountantsEngagement Partner: Mohammed Saleem

Islamabad 23 August 2011

DELOITTE

05

M. Yousuf Adil Saleem & Co.Chartered Accountants

24-D, 1st Floor, Rashid Plaza,Jinnah Avenue, Blue Area, Islamabad.

UAN: 051-111-55-2626, Fax: 051-2272636


Abdul WaheedPresident & Chief Executive

Syed Suhail Ahmad RizviDirector

Condensed Interim Balance SheetAs at 30 June 2011

Share Capital and Reserves Authorized share capital 50,000,000 (2010: 50,000,000) ordinary shares of Rs. 10 each

Paid up share capital Retained earnings Reserves

Deposit against issue of shares

TOTAL EQUITY

Underwriting Provisions Provision for outstanding claims (including IBNR) Provision for unearned premium Commission income unearned Total underwriting provisions

Deferred Liability - Staff Compensated Absences

Creditors and Accruals Premium received in advance Amounts due to other insurers/ reinsurers Accrued expenses Taxation - provision less payments Other creditors and accruals

Other Liabilities Unclaimed dividend Others

TOTAL LIABILITIES

TOTAL EQUITY AND LIABILITIES

CONTINGENCIES AND COMMITMENTS

The annexed notes 1 to 17 form an integral part of this condensed interim financial information.

------------Rupees------------

Unaudited30 June 2011

Audited31 December 2010

500,000,000

203,774,920 37,396,866 74,657,681 315,829,467

3,380

315,832,847

290,047,171 491,774,350 51,197,107 833,018,628

6,950,909

7,858,779 181,930,127 5,386,633 1,951,780

92,930,965 290,058,284

830,102 7,242,791 8,072,893

1,138,100,714

1,453,933,561

Note

8

13

500,000,000

280,190,510 42,731,474 74,657,681 397,579,665

-

397,579,665

265,552,658 523,014,257 45,655,768 834,222,683

8,917,133

11,181,750 144,402,159 5,739,351 5,107,373 132,828,790 299,259,423

830,102 11,643,041 12,473,143

1,154,872,382

1,552,452,047

06


Condensed Interim Balance SheetAs at 30 June 2011

------------Rupees------------



Note

Cash and Bank Deposits Cash and other equivalents Current and other accounts Deposits maturing within 12 months

Advances to Employees

Investments

Investment Property

Deferred Taxation

Current Assets - Others Premium due but unpaid - unsecured, considered good Amounts due from other insurers/ reinsurers - unsecured, considered good Salvage recoveries accrued Accrued investment income Reinsurance recoveries against outstanding claims - unsecured, considered good Deferred commission expense Prepayments - prepaid reinsurance premium ceded - others Sundry receivables

Fixed AssetsTangible and Intangible Leasehold improvements Furniture and fixtures Computer and office equipment Motor vehicles Tracking devices Capital work in progress Software license

TOTAL ASSETS

610,324 35,875,121 -

36,485,445

2,138,065

548,789,987

51,635,833

877,003

320,678,461 93,634,555

11,037,945 3,461,390 124,798,517

45,563,176

209,375,522 18,543,326 37,872,535 864,965,427

8,855,158 7,952,884 13,400,831 6,338,153 2,172,757 5,888,476 2,952,028 47,560,2871,552,452,047

445,754 90,305,675 500,000

91,251,429

2,158,634

457,771,860

52,290,833

877,003

220,880,356 84,449,817

9,244,425 3,656,399

144,981,912

43,459,633

259,609,763 7,964,538

27,689,156 801,935,999

6,907,555 8,288,277

15,323,057 7,801,256

- 6,281,797 3,045,861

47,647,803 1,453,933,561

9

10

11

Maj. Gen. Saeed Ahmed Khan (Retd.)Director

Lt. Gen. Imtiaz Hussain (Retd.) Chairman

07


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08


Statement of Cash Flows (Unaudited)For the half year ended 30 June 2011

Operating cash flows:

a) Underwriting activities:

Premium received Reinsurance premium paid Claims paid Reinsurance and other recoveries received Commission paid Commission received Other underwriting payments (management expenses) Net cash flow from underwriting activities

b) Other operating activities:

Income tax paid General management expenses paid Other net operating receipts Advances to employees Net cash used in other operating activitiesTotal cash (used in)/ flow from all operating activities

Investing activities:

Profit/ return received Dividends received Payments for investments Proceeds from disposal of investments Redemption of term finance certificates Fixed capital expenditure Proceeds from disposal of fixed assetsTotal cash (used in)/ flow from investing activities

Financing activities:

Dividend paid Proceeds against issue of shares Financial charges paid Payment of lease rentalsTotal cash flow from /(used in) financing activities

Net cash (used in)/ flow from all activities

Cash at beginning of the period

Cash at end of the period


772,957,555 (414,480,499) (302,690,546) 54,013,369 (51,091,860) 58,606,268 (69,903,134) 47,411,153

(852,062) (47,145,390) 6,679,588 (285,666) (41,603,530) 5,807,623

11,172,024 274,255

(1,046,772,675) 1,118,340,627 6,357,660 (13,238,759) 1,206,418 77,339,550

(4,149) -

(35,588) (722,297) (762,034)

82,385,139

114,277,274

196,662,413

509,925,870 (144,267,145) (284,218,923) 19,825,617

(39,986,514) 23,130,106

(71,839,134) 12,569,877

(3,786,149) (54,531,868) 4,738,861 20,569 (53,558,587) (40,988,710)

9,770,472 677,789 (137,490,042) 59,954,219 6,128,980

(7,975,688) 4,216,646

(64,717,624)

- 50,940,350 - -

50,940,350

(54,765,984)

91,251,429

36,485,445

------------Rupees------------

2011 2010

09






Statement of Cash Flows (Unaudited)For the half year ended 30 June 2011

------------Rupees------------

2011 2010

Reconciliation to profit and loss account:

Operating cash flows Depreciation/ amortization expense Financial charges Profit on disposal of fixed assets Increase in assets other than cash (Increase) in liabilities other than running finance Un-realized gain/ (loss) on investments, held for trading Dividend income Investment income Profit on bank deposits Share of profit in associated company Income tax provision (Loss) on trading

Tax paid

Profit after taxation

Definition of cash:

Cash comprises of cash in hand, bank balances, stamp in hand and short term placements with banks which arereadily convertible to cash in hand and which are used in the cash management function on a day-to-day basis.

Cash for the purpose of the statement of cash flows consist of:

Cash and other equivalentsCash in handStamp in hand

Current and other accountsOn current accountsOn deposit accounts

Deposit maturing within 12 months Fixed and term deposit accounts


5,807,623 (10,316,366) (35,588) 114,085

459,488,864 (465,866,449) (1,210,786) 2,517,752 25,307,558 3,178,164

- (490,580) (1,473,920)

852,062

17,872,420

166,428 78,570 244,998

10,391,550 185,525,865 195,917,415

500,000 196,662,413

(40,988,710) (6,493,641)

- 1,991,369 63,203,868

(13,616,074) 1,792,237 20,556,670 8,472,896 2,048,287 1,800,391

(6,941,742) (4,805,232)

3,786,149

30,806,468

545,313 65,011 610,324

9,692,877 26,182,244 35,875,121

- 36,485,445

------------Rupees------------

2011 2010

10






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13


Condensed Interim Statement of Investment Income (Unaudited)For the half year ended 30 June 2011

Income from trading investments

(Loss) on trading

Dividend income

Income from non-trading investments

Return on government securities

Return on other fixed income securities

Available for sale investments

Dividend income

Gain on sale of investments

Unrealized profit/ (loss) on re-measurement of investments

at fair value through profit and loss

Net investment income


----------------------------------Rupees----------------------------------

Half year ended 30 June

2010 20112010 2011

Quarter ended 30 June

(1,473,920)

274,255

(1,199,665)

1,000,001

7,100,902

8,100,903

2,243,497

17,206,656

19,450,153

(1,210,786)

25,140,605

(4,805,232)

677,789

(4,127,443)

1,205,598

6,363,818

7,569,416

19,878,882

903,480

20,782,362

1,792,237

26,016,572

(292,944)

237,575

(55,369)

500,001

3,574,101

4,074,102

814,479

9,592,103

10,406,582

(2,702,776)

11,722,539

(4,176,131)

336,740

(3,839,391)

682,481

3,476,361

4,158,842

10,858,559

547,609

11,406,168

2,879,440

14,605,059

Condensed Interim Statement of Changes in Equity (Unaudited)For the half year ended 30 June 2011

Balance as at 01 January 2010

Total comprehensive income for the period

Profit for the period

Other comprehensive income for the period


Balance as at 30 June 2010

Balance as at 01 January 2011


Profit for the period

Other comprehensive income for the period


Owners' equity

Issuance of right shares

Issuance of bonus shares

Total transactions with owners

Balance as at 30 June 2011


4,657,681

-

-

-

4,657,681

4,657,681

-

-

-

-

-

-

4,657,681

-

-

-

-

-

3,380

-

-

-

(3,380)

-

(3,380)

-

(10,021,303)

17,872,420

-

17,872,420

7,851,117

37,396,866

30,806,468

-

30,806,468

-

(25,471,860)

(25,471,860)

42,731,474

74,657,681

-

-

-

74,657,681

74,657,681

-

-

-

-

-

-

74,657,681

70,000,000

-

-

-

70,000,000

70,000,000

-

-

-

-

-

-

70,000,000

268,411,298

17,872,420

-

17,872,420

286,283,718

315,832,847

30,806,468

-

30,806,468

50,940,350

-

50,940,350

397,579,665

203,774,920

-

-

-

203,774,920

203,774,920

-

-

-

50,943,730

25,471,860

76,415,590

280,190,510

---------------------------------------------------------Rupees---------------------------------------------------------

Totalequity

Retained earnings

Deposit against issue of shares

Total reservesShare

premium

Share capitalIssued,

subscribedand paid up

General reserve

Reserves

14






Notes to the Condensed Interim Financial Information (Unaudited)For the half year ended 30 June 2011

1 THE COMPANY AND ITS BUSINESS

askari general insurance company limited (“the Company”) was incorporated under the Companies Ordinance, 1984 as a public limited company on 12 April 1995. The Company is engaged in non-life insurance business comprising of fire, marine, motor, health and miscellaneous. The Company commenced its commercial operations on 15 October 1995. Shares of the Company are quoted on Karachi, Lahore and Islamabad Stock Exchanges. The registered office and principal place of business of the Company is located at AWT Plaza, Rawalpindi. The Company has 19 branches in Pakistan. Army Welfare Trust (AWT) directly and indirectly holds a significant portion of the Company’s equity.

2 BASIS OF PREPARATION

This condensed interim financial information is unaudited and is being submitted to the shareholders in accordance with the listing regulations of Karachi, Lahore and Islamabad Stock Exchanges and Section 245 of the Companies Ordinance, 1984. This condensed interim financial information of the Company for the half year ended 30 June 2011has been prepared in accordance with the requirements of the International Accounting Standard - 34 " Interim Financial Reporting" and provisions of and directives issued under the Companies Ordinance, 1984, the Insurance Ordinance, 2000 and SEC (Insurance) Rules, 2002. In case where requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984, Insurance Ordinance, 2000 and SEC (Insurance) Rules, 2002 have been followed.

This condensed interim financial information is presented in the format prescribed by Insurance Division of Securities and Exchange Commission of Pakistan (SECP) in its circular No.7 of 2003 dated 27 August 2003. This condensed interim financial information do not include all the information and disclosures required for annual financial statements and should be read in conjunction with the annual audited financial statements of the Company for the year ended 31 December 2010.

3 BASIS OF MEASUREMENT

This condensed interim financial information has been prepared under the historical cost convention except for certain financial instruments which are carried at their fair values and obligations under certain employee benefits which are measured at their present values.

4 ACCOUNTING POLICIES AND COMPUTATION METHOD

The accounting policies and methods of computation adopted in the preparation of this condensed interim financial information are the same as those applied in the preparation of the financial statements for the year ended 31 December 2010 in addition to the following:

The Company has added tracking devices in its fixed assets during the period. These tracking devices are accounted for under the same policy of the Company as it stands for other fixed assets as applied in the preparation of financial statements for the year ended 31 December 2010. Depreciation is charged on tracker devices over the straight line method at the rate of 33.33% as these are considered to have a useful life of 3 years.

5 FINANCIAL RISK MANAGEMENT

The Company's financial risk management objectives and policies are consistent with those disclosed in the financial statements for the year ended 31 December 2010.

6 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of condensed interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this condensed interim financial information, the significant judgments made by management in applying the Company's accounting policies and the key sources of estimating uncertainty were the same as those applied in the preparation of the financial statements for the year ended 31 December 2010.

7 PREMIUM DEFICIENCY RESERVE

15

37,175,661 42,919,831

30,0 0 5 16,782

1,741,235 9,246,158 1,801,293

92,930,965

OTHER CREDITORS AND ACCRUALS

Agents' commission payableSecurity deposit against bond insuranceStaff gratuity fund payableStaff provident fund payableTax deducted at sourceFederal excise duty/ Federal insurance feeWorkers' welfare fund

8

52,752,448 46,183,489 1,010,503 -

2,328,852 28,640,453 1,913,045 132,828,790

------------Rupees------------




No provision has been made as the unearned premium reserve for each class of business as at the period ended 30 June 2011 is adequate to meet the expected future liability, after reinsurance, from claims and other expenses, expected to be incurred after the balance sheet date in respect of the policies in force at the balance sheet date.

16

Government Securities include Pakistan Investment Bonds (PIBs) of Rs. 29.77 million (31 December 2010: Rs. 25 million) with market value of Rs. 26.59 million as at 30 June 2011 (31 December 2010: Rs 21.22 million). PIBs are deposited with the State Bank of Pakistan to comply with the requirements of the Section 29(2) of the Insurance Ordinance, 2000. Market value of Term Finance Certificates as at 30 June 2011 was Rs. 97.17 million (31 December 2010: Rs. 101.77 million).

At 30 June 2011, the fair value of available-for-sale securities was Rs. 356.51 million (31 December 2010: Rs. 288.32 million). As per the Company's accounting policy, available-for-sale investments are stated at lower of cost or market value (market value being taken as lower if the fall is other than temporary) However, International Accounting Standards (IASs) 39, "Financial Instruments: Recognition and measurements" dealing with the recognition and measurement of financial instruments requires that these instruments should be measured at fair value. Accordingly, had these investments been measured at fair value, their carrying value as on 30 June 2011 would have been higher by Rs. 0.18 million (31 December 2010: Rs. 0.92 million).

INVESTMENT PROPERTY

This represents the carrying amount of two offices in Islamabad Stock Exchange building, classified as investment property based on the management intention to hold the property for earning rental income and/ or capital appreciation.

Opening written down valueAddition during the period/ year

Depreciation for the period/ yearCarrying value

FIXED ASSETS

Tangible and IntangibleOpening written down valueAdditions during the period/ year - Furniture, fixtures and office equipment - Motor vehicles - Tracking devices - Leasehold improvements - Software license

Written down value of disposalsDeprecation for the period/ year

Capital work in progressClosing written down value

11

- 52,400,000 52,400,000 (109,167) 52,290,833

75,072,671

11,152,941 70,000

- 1,168,180

- 12,391,121 87,463,792 (27,373,860) (18,723,926) 41,366,006 6,281,797

47,647,803

9.19.1

9.2

106,205,040 16,218,441

147,423,481 (11,128,415) 136,295,066

18,500,929

289,425,214 (2,025,229) 287,399,985 15,575,880 457,771,860

25,000,000

INVESTMENTS

These represent the following:Held to maturity - Government securities - Term finance certificate - Quoted - Certificate of investments

Provision for impairment

Investments at fair value through profit and loss - Held for trading (equity securities)

Available for sale - QuotedProvision for impairment in the value of investments

Investment in associated company - equity method

9

9.1

9.2

10

29,768,240 100,076,060 16,905,188

146,749,488 (11,128,415) 135,621,073

14,954,788

358,363,085 (2,025,229) 356,337,856 41,876,270 548,789,987

------------Rupees------------



Note

------------Rupees------------


52,290,833 -

52,290,833 (655,000) 51,635,833

41,366,006

919,007 1,446,236 2,318,936 3,385,547 300,000 8,369,726 49,735,732

(2,225,279) (5,838,641) 41,671,812 5,888,475 47,560,287



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18

Unaudited 30 June 2011


38,253,233 1,618,386

- 314,012 6,397

63,416 29,167,987 7,294,230 7,296,522

- 3,343,552

-

250,0003,865,2006,538,096

8,739,383 64,819,434

(63,473,530) 10,085,287 43,279,786 15,575,880 1,183,415

- -

10,085,287 45,234,042

(24,671,326) 30,648,003 37,384,265 41,876,270 1,263,254 813,356 8,806,637

TRANSACTIONS AND BALANCES WITH RELATED PARTIES

Balances at end of the periodAssociates:

Premium due:Balance at beginning of the period/ yearInsurance premium written (including government levies,administrative surcharge and policies stamps)Receipts during the period/ yearBalance at end of the period/ yearBalance in bank accountsInvestmentsCommission payablePayable on account of other servicesReceivable on account of other services

14

13

Transactions during the periodAssociates:

Insurance premium writtenProfit on deposit accountsInvestment madeBank chargesInterest incomeInsurance commission expenseInsurance claims paid Purchase of listed securities including brokerage feeSale of listed securities including brokerage feeBonus shares issued - numberServices acquiredServices rendered

Others:

Directors' feesRemuneration to key personnelContributions/ provision for staff retirement benefit plans

45,234,042 1,677,505 24,500,000 706,255 -

597,782 30,256,203 14,670,450 14,980,496 1,321,598 9,756,279 6,486,000

140,0002,815,5006,531,188

CONTINGENCIES AND COMMITMENT

There is no change in contingencies and commitment as reported in the annual financial statements of the Company for the year ended 31 December 2010.

------------Rupees------------

------------Rupees------------




EARNINGS PER SHARE - BASIC AND DILUTED

Profit after tax (Rupees)

Weighted average number of shares outstanding at beginning of the periodEffect of right issueEffect of bonus issueWeighted average number of shares outstanding at end of the periodEarnings per share (Rupees)

15

16

17

17.1

17.2

17.3

17,872,420

Restated 20,377,492

134,898 2,051,239

22,563,629

0.79

30,806,468

20,377,492

1,994,701 2,237,219 24,609,412

1.25

6,779,176

Restated 20,512,390

-

2,051,239 22,563,629

0.30

14,353,604

22,372,193

- 2,237,219 24,609,412

0.58

UnauditedHalf year ended 30 June

2010 20112010 2011

UnauditedQuarter ended 30 June

The corresponding figures of weighted average number of shares outstanding and earnings per share have been restated to include the effect of right shares and bonus shares issued by the Company during the current period.

DATE OF AUTHORIZATION FOR ISSUE

This condensed interim financial information has been authorized for issue on 23 August 2011 by the Board of Directors of the Company.

GENERAL

Corresponding figure, wherever necessary, has been rearranged and reclassified to reflect more appropriate presentation of events and transactions.

Significant re-classification made is as follows:

Workers' welfare fund amounting to Rs. 374,755 has been reclassified to general and administration expenses for better presentation and disclosure.

Figures have been rounded off to the nearest Pak rupee.

The Board of Directors in their meeting held on 23 August 2011 have proposed bonus shares of 0.10 per share.

19






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