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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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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
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- 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
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24
24
rnally Displaced Persons Fund.
25
26
27
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28
28
29
29
29
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30.1.1
30.1.2
30
30
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31
31
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32
32
Utilities
Number
33
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33
33
34
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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
Ship to Shore Cranes - STS 380973
Rubber Tyred Gantry Cranes - RTG 67908
Port equipment 42747
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
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.
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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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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
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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
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 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
Fair value loss on derivatives
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
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
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
Fair value loss on derivatives
Unrealised gain on investment
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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 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
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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
Premier Mercantile Services (Pvt.) Ltd. 1
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
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
# 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)
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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
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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
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- 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
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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
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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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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)
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
58/80
8/7/2019 PICT FINANCIAL STATEMENTS
59/80
8/7/2019 PICT FINANCIAL STATEMENTS
60/80
8/7/2019 PICT FINANCIAL STATEMENTS
61/80
8/7/2019 PICT FINANCIAL STATEMENTS
62/80
8/7/2019 PICT FINANCIAL STATEMENTS
63/80
8/7/2019 PICT FINANCIAL STATEMENTS
64/80
8/7/2019 PICT FINANCIAL STATEMENTS
65/80
8/7/2019 PICT FINANCIAL STATEMENTS
66/80
8/7/2019 PICT FINANCIAL STATEMENTS
67/80
8/7/2019 PICT FINANCIAL STATEMENTS
68/80
8/7/2019 PICT FINANCIAL STATEMENTS
69/80
8/7/2019 PICT FINANCIAL STATEMENTS
70/80
8/7/2019 PICT FINANCIAL STATEMENTS
71/80
8/7/2019 PICT FINANCIAL STATEMENTS
72/80
8/7/2019 PICT FINANCIAL STATEMENTS
73/80
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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
8/7/2019 PICT FINANCIAL STATEMENTS
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