Million Rupees Quarterly Financials Annual Results

July-Sep 2012 July-Sep 2011 2011

INCOME STATEMENT
Local sales 3,352.26 3,444.60 22,888.00
Export sales 24.01 6.09 214.00
Gross sales 3,376.27 3,450.69 23,102.00
Less: Sales tax and excise duty
Commission (490.53) (565.34) (3,727.00)
Net sales 2,885.74 2,885.36 19,375.00
Cost of sales (2,510.97) (2,505.90) (18,993.00)
Gross profit 374.76 379.46 382.00

Administrative expenses (80.98) (64.88) (620.00)

Distribution and marketing costs (96.97) (104.26) (563.00)
Projects expenditure - - (56.00)
Other operating expenses 14.17 (0.13) (1.00)
Other operating income 26.69 30.89 359.00
(137.08) (138.38) (881.00)
Profit from operations 237.68 241.08 (499.00)
Finance costs (142.10) (130.50) (1,627.00)
Investment income 419.66 26.84 1,040.00
Reversal of impairment charged on
investments 108.68 - (391.00)
Profit before taxation 623.93 137.43 (1,477.00)
Taxation (52.18) (132.62) (92.00)
Profit for the period from Continuing
operations 571.75 4.81 (1,569.00)

BALANCE SHEET
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 3,362.22 18,440.46 18,346.00
Investment property 28.71 30.35 30.00
Intangible assets 32.18 1.72 39.00
Investments 18,848.95 17,217.98 16,288.00
Capital work-in-progress - 372.72 -
Long-term loans and deposits 114.21 129.45 111.00
Retirement benefits 70.15 95.87 89.00
22,456.41 36,288.56 34,903.00
CURRENT ASSETS
Stores and spares 331.81 1,200.77 979.00
Stock-in-trade 1,852.15 5,549.77 4,526.00
Trade debts 1,478.66 2,298.51 1,764.00
Loans, advances, deposits,
prepayments and other receivables
547.68 574.17 455.00
Income tax receivable 1,495.40 945.75 941.00
Cash and bank balances 191.68 217.17 176.00
5,897.38 10,786.14 8,841.00
Assets of disposal group classified as
held for sale 16,660.05 - -
TOTAL ASSETS 45,013.83 47,074.70 43,744.00

EQUITY AND LIABILITIES

CAPITAL AND RESERVES
Authorised capital 1,500.00 1,500.00 1,500.00
10% non-voting cumulative preference
shares 4,180.00 4,180.00 4,180.00
Issued, subscribed and paid up capital
843.80 843.80 844.00
Reserves 29,129.16 28,729.67 28,179.00
Preference shares / convertible stock
reserve 1,605.88 1,605.88 1,606.00
Accumulated loss (1,745.83) (108.09) (1,081.00)
29,833.00 31,071.25 29,548.00
NON-CURRENT LIABILITIES
Long-term finances 2,470.58 8,742.48 8,575.00
Deferred income tax liabilities 224.86 2,121.18 2,004.00
Retirement benefits 27.92 - 13.00
Deferred liabilities 147.21 221.59 162.00
2,870.56 11,085.26 10,754.00
CURRENT LIABILITIES

Current portion of long-term finances

- 113.10 381.00
Finances under mark up arrangements
3,130.80 2,458.44 796.00
Trade and other payables 1,812.46 1,709.36 1,731.00
Accrued finance costs 354.04 637.29 534.00
5,297.29 4,918.19 3,442.00
Liabilities of disposal group classified as
held for sale 7,012.98 - -

CONTINGENCIES AND COMMITMENTS

- - -
TOTAL EQUITY & LIABILITIES 45,013.83 47,074.70 43,744.00

Other Key Stats:

EBITDA 321.16 314.23 1,079.37
Share Price 82.72
Cash Div. Per Share 1.5
Annual Results
2010 2009

20,598.00 15,776.00
1,239.00 757.00
21,837.00 16,533.00

(3,301.00) (2,489.00)
18,536.00 14,044.00
(17,733.00) (13,736.00)
803.00 308.00

(511.00) (468.00)
(579.00) (444.00)
(4.00) -
(15.00) (119.00)
202.00 385.00
(907.00) (646.00)
(104.00) (338.00)
(1,210.00) (1,278.00)
997.00 9,180.00

- (1,794.00)
(317.00) 5,770.00
(15.00) (1,706.00)

(332.00) 4,064.00

18,615.00 19,227.00
32.00 55.00
2.00 -
12,219.00 8,099.00
- -
129.00 140.00
95.00 108.00
31,092.00 27,629.00

1,050.00 871.00
3,669.00 4,102.00 1,630.96
1,643.00 1,752.00
 265.00 204.00
766.00 594.00
1,140.00 456.00
8,533.00 7,979.00

- -
39,625.00 35,608.00

1,500.00 1,500.00

4,180.00 4,180.00

844.00 844.00
24,219.00 17,099.00

1,606.00 1,606.00
261.00 3,868.00
26,930.00 23,417.00

7,957.00 7,970.00
2,168.00 2,353.00
0.17 -
149.00 125.00
10,274.17 10,448.00

14.00 -

141.00 86.00
1,794.00 1,407.00
472.00 250.00
2,421.00 1,743.00

- -

- -
39,625.17 35,608.00

1,401.63 958.02
128.61 144
3.25 3.25
Rupees in Thousands July-Sep 2012 July-Sep 2011
Cost of sales

Materials consumed 1,813,686 1,729,459

Salaries, wages and amenities 205,653 160,392
Travelling 7,515 6,596
Fuel and power 263,322 203,347
Production supplies 47,903 52,824
Excise duty and sales tax 21 0
Rent, rates and taxes 78,041 85,994
Insurance 6,429 4,488
Repairs and maintenance 59,432 59,945
Depreciation on property, plant and equipment 83,480 73,150
Amortisation of intangible assets 0 0
Technical fee and royalty 1,367 1,495
Other expenses 23,948 20,809

Total Cost of Sales (2,510,973) (2,505,897)

Major Elements of T.Cost

Material Consumed 72% 69%
Salaries and Wages 8% 6%
Fuel and Power Cost 10% 8%

Capacity and production Capacity

2011 2010
Paper and paperboard produced - tons 316,250 288,250
Paper and paperboard converted - tons 159,834 146,834
Plastics all sorts converted - tons 20,000 19,500
Inks produced - tons 7,100 7,100
Flexible packaging material - meters ‘000’ 90,000 90,000

Capacity Utilization 2011 2010

Paper and paperboard produced - tons 46.11% 61.39%
Paper and paperboard converted - tons 69.02% 81.37%
Plastics all sorts converted - tons 72.49% 67.10%
Inks produced - tons 83.52% 74.92%
Flexible packaging material - meters ‘000’ 57.30% 58.93%

Sales Distribution-Geographically 2011 2010

Afghanistan 88,811 98,588
Bangladesh 8,368 40,715
Belgium - 23,126
Germany 54,549 39,381
Malaysia - 41,853
Pakistan 20,308,711 18,316,503
Singapore 24,791 20,625
Sri Lanka 1,095,738 1,531,584
Sweden - 169,201
UAE 34,996 230,016
USA 33,232 50,620
Others - 133,579
 2011 2010 2009

10,745,539 10,210,767 8,685,223

1,291,412 1,109,240 895,697
31,127 25,356 0
3,737,283 2,947,886 2,055,631
488,886 464,466 395,188
4,093 2,694 1,783
348,992 235,267 156,335
84,047 76,328 82,286
691,970 627,209 494,000
1,578,359 1,505,608 1,296,000
12 18 18
27,997 16,294 11,062
265,651 216,209 209,969

(18,993,000) (17,733,000) (13,736,000)

57% 58% 63%

7% 6% 7%
20% 17% 15%

apacity Production
2009 2011 2010 2009
290,360 145,826 176,950 174,008
128,000 110,316 119,480 99,436
19,500 14,498 13,084 12,299
7,100 5,930 5,319 5,114
54,000 51,572 53,038 47,492

2009
59.93%
77.68%
63.07%
72.03%
87.95%

2009
-
-
-
 -
-
14,211,505
-
1,003,741
61,345
130,956
35,187
387,474
Percentage Quarterly Financials Annual Results
July-Sep 2012 July-Sep 2011 2011
COMMON SIZE INCOME STATEMENT (Line items as % of Gross Turover)
Local sales 99.29% 99.82% 99.07%
Export sales 0.71% 0.18% 0.93%
Gross sales 100.00% 100.00% 100.00%
Less: Sales tax and excise duty Commission
-14.53% -16.38% -16.13%
Net sales 85.47% 83.62% 83.87%
Cost of sales -74.37% -72.62% -82.21%
Gross profit 11.10% 11.00% 1.65%

Administrative expenses -2.40% -1.88% -2.68%

Distribution and marketing costs -2.87% -3.02% -2.44%
Projects expenditure 0.00% 0.00% -0.24%
Other operating expenses 0.42% 0.00% 0.00%
Other operating income 0.79% 0.90% 1.55%

Profit from operations 7.04% 6.99% -2.16%

Finance costs -4.21% -3.78% -7.04%
Investment income 12.43% 0.78% 4.50%
Reversal of impairment charged on
investments 3.22% 0.00% -1.69%
Profit before taxation 18.48% 3.98% -6.39%
Taxation -1.55% -3.84% -0.40%
Profit for the period from Continuing
operations 16.93% 0.14% -6.79%

COMMON SIZE BALANCE SHEET (Line items as % of Total Assets)

NON-CURRENT ASSETS
Property, plant and equipment 7.47% 39.17% 41.94%
Investment property 0.06% 0.06% 0.07%
Intangible assets 0.07% 0.00% 0.09%
Investments 41.87% 36.58% 37.23%
Capital work-in-progress 0.00% 0.79% 0.00%
Long-term loans and deposits 0.25% 0.27% 0.25%
Retirement benefits 0.16% 0.20% 0.20%
TOTAL NCA 49.89% 77.09% 79.79%
CURRENT ASSETS 0.00% 0.00% 0.00%
Stores and spares 0.74% 2.55% 2.24%
Stock-in-trade 4.11% 11.79% 10.35%
Trade debts 3.28% 4.88% 4.03%
Loans, advances, deposits, prepayments and
other receivables 1.22% 1.22% 1.04%
Income tax receivable 3.32% 2.01% 2.15%
Cash and bank balances 0.43% 0.46% 0.40%
TOTAL CA 13.10% 22.91% 20.21%
Assets of disposal group classified as held for
sale 37.01% 0.00% 0.00%
TOTAL ASSETS 100.00% 100.00% 100.00%

EQUITY AND LIABILITIES

CAPITAL AND RESERVES
Authorised capital
10% non-voting cumulative preference
shares
Issued, subscribed and paid up capital 1.87% 1.79% 1.93%
Reserves 64.71% 61.03% 64.42%
Preference shares / convertible stock reserve
3.57% 3.41% 3.67%
Accumulated loss -3.88% -0.23% -2.47%
66.28% 66.00% 67.55%
NON-CURRENT LIABILITIES 0.00% 0.00% 0.00%
Long-term finances 5.49% 18.57% 19.60%
Deferred income tax liabilities 0.50% 4.51% 4.58%
Retirement benefits 0.06% 0.00% 0.03%
Deferred liabilities 0.33% 0.47% 0.37%
6.38% 23.55% 24.58%
CURRENT LIABILITIES
Current portion of long-term finances 0.00% 0.24% 0.87%
Finances under mark up arrangements 6.96% 5.22% 1.82%
Trade and other payables 4.03% 3.63% 3.96%
Accrued finance costs 0.79% 1.35% 1.22%
11.77% 10.45% 7.87%
Liabilities of disposal group classified as held
for sale 11.77% 10.45% 7.87%
TOTAL EQUITY & LIABILITIES 100.00% 100.00% 100.00%

KEY RATIOS

PROFITABILITY RATIOS:
GP Margin 11.10% 11.00% 1.65%
PBT Margin 18.48% 3.98% -6.39%
EBITDA Margin to Sales 9.51% 9.11% 4.67%
ROA -3.59%
Total Assets Turnover 0.53
LIQUIDITY:
Current Ratio 1.11 2.19 2.57
Quick Ratio 0.70 0.82 0.97
Inventory Days 87
Debtor Days 28
Creditor Days 33
Operating Cycle 82

GEARING
D/E Ratio (Interest Bearing Debt as % of Equity) 0.30
ROE -5.31%

INVESTOR RATIOS:
Basic EPS Rs -18.58
Diluted EPS Rs -18.58
PE Ratio -4.45
Interest Coverage (0.09)
Dividend Yield % 1.81%
Dividend Cover -12.39
Cash Dividend % 15
Stock Dividend % -
Break up Value per Share 331.15
Market Value per Share 82.72
Cash Dividend per Share 1.5
 Annual Results
2010 2009
f Gross Turover)
94.33% 95.42%
5.67% 4.58%
100.00% 100.00%

-15.12% -15.05%
84.88% 84.95%
-81.21% -83.08%
3.68% 1.86%

-2.34% -2.83%
-2.65% -2.69%
-0.02% 0.00%
-0.07% -0.72%
0.93% 2.33%

-0.48% -2.04%
-5.54% -7.73%
4.57% 55.53%

0.00% -10.85%
-1.45% 34.90%
-0.07% -10.32%

-1.52% 24.58%

Total Assets)

46.98% 54.00%
0.08% 0.15%
0.01% 0.00%
30.84% 22.74%
0.00% 0.00%
0.33% 0.39%
0.24% 0.30%
78.47% 77.59%
0.00% 0.00%
2.65% 2.45%
9.26% 11.52%
4.15% 4.92%
 0.67% 0.57%
1.93% 1.67%
2.88% 1.28%
21.53% 22.41%

0.00% 0.00%
100.00% 100.00%

2.13% 2.37%
61.12% 48.02%

4.05% 4.51%
0.66% 10.86%
67.96% 65.76%
0.00% 0.00%
20.08% 22.38%
5.47% 6.61%
0.00% 0.00%
0.38% 0.35%
25.93% 29.34%

0.04% 0.00%
0.36% 0.24%
4.53% 3.95%
1.19% 0.70%
6.11% 4.89%

6.11% 4.89%
100.00% 100.00%

3.68% 1.86%
-1.45% 34.90%
6.42% 5.79%
-0.84% 11.41%
0.55 0.46
 3.52 4.58
1.58 1.72
76 109
27 39
37 37
66 110

0.30 0.34
-1.23% 17.35%

-3.94 48.16
-3.94 44.72
-32.64 3.22
(0.74) (5.51)
2.53% 2.26%
-1.21 13.76
32.5 32.5
- -
300.12 258.49
128.61 144
3.25 3.25
Types of Segments Nature of business
Packaging Manufacture and market packing products
Paper & Board Manufacture and market paper, paperboard and tissue products
Ink Manufacture and market industrial and commercial ink products
General & Others Workshop and other general businesses

Rupees in Thousands Packaging Division

2011 2010 2009
Total revenue 14,976,291 11,531,453 9,153,625
Inter-Segment revenue (660,680) (530,565) (432,813)
14,315,611 11,000,888 8,720,812

Interest revenue 5,400 19,970 65,183

Interest expense (207,133) (22,046) (51,638)
Depreciation and amortization
(327,382) (326,234) (293,162)
Gain on sale of investments - - -
Impairment on investments in
associates - - -
Segment profit / (loss) before
tax 1,386,958 1,273,317 712,135
Segment taxation (171,246) (160,915) (43,957)
Segment profit / (loss) after tax
1,215,712 1,112,402 668,178
Segment Assets 6,693,350 5,459,523 4,917,236

Financial Analysis Packaging Division

2011 2010 2009
PBT Margin 9.69% 11.57% 8.17%
Return on Assets 18.16% 20.38% 13.59%
Growth in Sales 30.13% 26.15% NA

Segment Revenue as % of Total

Revenue 61.97% 50.38% 52.75%
Segment Assets as % of Total
Assets 15.30% 13.78% 13.81%
 Paper and Board Ink Division General and Oth
2011 2010 2009 2011 2010 2009 2011
14,118,240 14,446,398 10,258,529 1,954,910 1,591,109 1,536,843 235,717
(8,045,119) (5,980,839) (4,207,084) (774,352) (530,563) (592,486) (155,811)
6,073,121 8,465,559 6,051,445 1,180,558 1,060,546 944,357 79,906

4,188 18,889 52,266 - - - 930

(1,420,961) (1,196,085) (1,250,188) (63,086) (49,062) (67,545) (2,884)

(1,291,917) (1,203,582) (1,017,858) (26,539) (26,720) (21,904) (16,820)

- - - - - - 3,035

- - - - - - (642,903)
(3,637,983) (2,564,482) (2,407,057) 169,753 121,900 153,657 605,752
(65,551) (90,309) (8,851) (61,684) (43,813) (51,106) (117,643)

(3,703,534) (2,654,791) (2,415,908) 108,069 78,087 102,551 488,109

18,928,206 19,592,348 20,913,814 799,767 757,953 711,760 583,674

Paper and Board Ink Division General and Oth

2011 2010 2009 2011 2010 2009 2011
-60% -30% -40% 14.38% 11.49% 16.27% 758.08%
-19.57% -13.55% -11.55% 13.51% 10.30% 14.41% 83.63%
-28.26% 39.89% NA 11.32% 12.30% NA -52.66%

26.29% 38.77% 36.60% 5.11% 4.86% 5.71% 0.35%

43.27% 49.44% 58.73% 1.83% 1.91% 2.00% 1.33%

General and Others
2010 2009
296,245 186,556
(127,447) (72,962)
168,798 113,594

1,071 1,807
(60) (1,259)

(30,731) (39,558)
50,968 8,807,029

- (1,793,991)
1,141,650 7,561,220
(184,135) (1,689,827)

957,515 5,871,393
633,393 619,479

General and Others

2010 2009
676.34% 6656.36%
151.17% 947.80%
48.60% NA

0.77% 0.69%

1.60% 1.74%
Balance Sheet Overview
Sep-12
Property, plant and
equipment 3,362.22 Packaging Division
Investments 18,848.95 Paper and Board
Stock-in-trade 1,852.15 Ink Division
Trade debts 1,478.66 General and Others
Income tax receivable 1,495.40 Total
Cash and bank balances
191.68
Total Current Assets 5,897.38
Total Assets 45,013.83 2009
2010
EQUITY & LIABILITIES 2011

Reserves 29,129.16
Long-term finances 2,470.58
Finances under mark up
arrangements 3,130.80 SEGMENT ANALYSIS:
Trade and other payables
1,812.46 PACKAGING
Total Equity 29,833.00
Total Liabilities 8,167.86 Revenues
Segment Profit/(Loss)
Segment Assets
Return on Assets
Segment Revenue as %
of Total Revenue

PAPER & BOARD

Revenues
Segment Profit/(Loss)
Segment Assets
Return on Assets
Segment Revenue as %
of Total Revenue

INK

Revenues
Segment Profit/(Loss)
Segment Assets
Return on Assets
Segment Revenue as %
of Total Revenue
 2009 2010 2011

8,720,812 11,000,888 14,315,611

6,051,445 8,465,559 6,073,121
944,357 1,060,546 1,180,558
113,594 168,798 79,906
15,830,208 20,695,791 21,649,196

Packaging Division Paper and Board Ink Division General and Others
8,721 6,051 944 114
11,001 8,466 1,061 169
14,316 6,073 1,181 80

2011 2010 2009

14,316 11,001 8,721
1,387 1,273 712
6,693 5,460 4,917
18.16% 20.38% 13.59%

61.97% 50.38% 52.75%

2011 2010 2009

6,073 8,466 6,051
(3,638) (2,564) (2,407)
18,928 19,592 20,914
-19.57% -13.55% -11.55%

26.29% 38.77% 36.60%

2011 2010 2009

1,181 1,061 944
170 122 154
800 758 712
13.51% 10.30% 14.41%
5.11% 4.86% 5.71%
 Net Sales
25,000.00

20,000.00
Million Rupees

15,000.00

10,000.00

5,000.00

-
July-Sep 2012 July-Sep 2011 2011 2010 2009