company profile 2 - nishat powernishatpower.com/financials/pdf/2011/3rdq2011.pdf · meezan bank...

13rd Quarterly Report 2011

Nishat Power Limited

Company Profile 2

Directors’ Report 3

Condensed Interim Balance Sheet 4-5

Condensed Interim Profit and Loss Account 6

Condensed Interim Statement of Comprehensive Income 7

Condensed Interim Cash Flow Statement 8

Condensed Statement of Changes in Equity 9

Selected Notes to and Forming Part of the Condensed Interim Financial Information 10-16

CONTENTS

2 Nishat Power Limited

COMPANY PROFILE

BOARD OF DIRECTORS Mian Hassan Mansha Chairman /Chief Executive

Syed Iqbal Ashraf Nominee NBP

Mr. Khalid Qadeer Qureshi

Mr. Shahid Zulfiqar Khan

Mr. Mahmood Akhtar

Mr. Shahzad Ahmad Malik

Ms. Nabiha Shahnawaz Cheema

AUDIT COMMITTEE Mr. Khalid Qadeer Qureshi Member / Chairman

Mr. Shahzad Ahmad Malik Member

Ms. Nabiha Shahnawaz Cheema Member

CHIEF FINANCIAL OFFICER Mr. Tanvir Khalid

COMPANY SECRETARY Mr. Khalid Mahmood Chohan

BANKERS OF THE COMPANY Habib Bank Limited

United Bank Limited

Allied Bank Limited

National Bank of Pakistan

Bank Alfalah Limited

Faysal Bank Limited

Askari Bank Limited

Habib Metropolitan Bank Limited

Soneri Bank Limited

Silk Bank Limited

BankIslami Pakistan Limited

Meezan Bank Limited

HSBC Bank Middle East Limited

AUDITORS OF THE COMPANY A. F. Ferguson & Co.

Chartered Accountants

LEGAL ADVISOR OF THE COMPANY Cornelius, Lane & Mufti

Advocates & Solicitors

REGISTERED OFFICE 53 - A, Lawrence Road, Lahore - Pakistan

UAN: 042-111-11-33-33

HEAD OFFICE 1-B, Aziz Avenue, Canal Bank,

Gulberg-V, Lahore - Pakistan

Tel: +92-42-35717090-96, 35717159-63

Fax: +92-42-35717239

Website: www.nishatpower.com

SHARE REGISTRAR Hameed Majeed Associates (Pvt.) Ltd.

Financial & Management Consultants

H.M. House, 7-Bank Square, Lahore - Pakistan.

Tel: 042-37235081-2

PLANT 66-K.M, Multan Road, Jambar Kalan,

Tehsil Pattoki, District Kasur.


DIRECTORS’ REPORT

The Board of Directors of Nishat Power Limited (NPL) is pleased to present their report together with interim accounts for the third quarter ended March 31, 2011.

During the period ended March 31, 2011 the plant operated at an optimal efficiency with 88.41% capacity factor and dispatched 1,135,433 MWh electricity to national grid. FINANCIAL PERFORMANCE;

The Company’s turnover during the period was Rs 15,195 million (2010: Nil) and operating cost was Rs 11,148 million (2010: Nil) resulting in a gross profit of Rs 4,047 million (2010: Nil). The Company earned a (pre-tax) profit of Rs 1,839 million compared to a (pre-tax) profit of Rs 16 million for the same period of last year. The last year’s profit was mainly due to interest on bank deposits. The current period’s net profit (after provision for taxation) amounts to Rs 1,828 million with a per share earning of Rs 5.163. During the corresponding period of previous year profit after tax of Rs 4.5 million with a per share earning of Rs 0.013.

Owing to late payment from NTDCL, receivables kept on increasing and reached the figure of Rs 7,814 million of which Rs 5,938 million are overdue as compared to half year ended December 31, 2010 when the receivable were Rs 6,311 million of which Rs 4,586 million were overdue. NTDCL failed to fulfill its obligations under the Power Purchase Agreement for making timely payments of monthly invoices which resulted in an accumulation of huge amounts. Due to non-receipt of timely payments from NTDCL, the company’s available capital lines were fully exhausted and we were obliged to explore further working capital lines to continue smooth operation of our plant.

The management applauds the efforts of dedicated engineers, technicians and staff for their hard work and commitment for operating the plant at an optimal efficiency. In addition, management also acknowledges the role of all the financial institutions and other stakeholders for their continued support.

Chief Executive OfficerLahore: April 25, 2011

Quarter ended Period ended March 31, March 31, March 31, March 31, 2011 2010 2011 2010 Rupees Rupees Rupees Rupees Sales 5,523,555,471 - 15,195,267,302 - Cost of sales (4,152,349,572) - (11,148,158,070) - Gross profit 1,371,205,899 - 4,047,109,232 - Administrative expenses (9,022,577) (1,663,520) (29,478,329) (13,386,049)Other operating expenses (2,540,527) - (18,667,560) - Other operating income 7,104,509 27,999,303 30,251,739 33,589,990 Profit from operations 1,366,747,304 26,335,783 4,029,215,082 20,203,941 Finance cost (747,055,100) (36,722) (2,190,493,776) (3,973,550) Profit before taxation 619,692,204 26,299,061 1,838,721,306 16,230,391 Taxation (2,486,578) (11,756,497) (10,588,109) (11,756,497) Profit after taxation 617,205,626 14,542,564 1,828,133,197 4,473,894 Earnings per share - basic and diluted 1.743 0.041 5.163 0.013


Un-audited Audited Note March 31, June 30, 2011 2010

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

EQUITY AND LIABILITIES CAPITAL AND RESERVES Authorised capital 500,000,000 (June 30, 2010: 500,000,000) ordinary shares of Rs 10 each 5,000,000,000 5,000,000,000 Issued, subscribed and paid up capital 354,088,500 (June 30, 2010: 354,088,500) ordinary shares of Rs 10 each 3,540,885,000 3,540,885,000 Un-appropriated profit 1,902,510,241 74,377,044

5,443,395,241 3,615,262,044 NON-CURRENT LIABILITIES Long term financing - secured 5 12,794,199,698 13,424,261,241 Subordinated loan - unsecured 6 818,220,000 472,885,200

13,612,419,698 13,897,146,441 CURRENT LIABILITIES Current portion of long term financing - secured 5 829,888,903 739,279,559 Short term borrowings - secured 4,669,505,786 2,792,525,237 Trade and other payables 420,406,132 771,809,081 Accrued finance cost 755,016,638 601,095,161 Provision for taxation 26,546,692 19,480,357

6,701,364,151 4,924,189,395 CONTINGENCIES AND COMMITMENTS 7 25,757,179,090 22,436,597,880 The annexed notes 1 to 15 form an integral part of these financial statements.

CONDENSED INTERIM BALANCE SHEETAS AT MARCH 31, 2011

CHIEF EXECUTIVE


Un-audited Audited Note March 31, June 30, 2011 2010

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

ASSETS NON-CURRENT ASSETS Property, plant and equipment 8 16,491,083,534 16,667,306,028 CURRENT ASSETS Stores, spares and loose tools 266,008,807 215,483,099 Stock-in-trade 679,993,160 354,478,068 Trade debts 7,814,589,364 2,668,598,305 Advances, deposits, prepayments and other receivables 371,525,828 756,058,316 Cash and bank balances 133,978,397 1,774,674,064

9,266,095,556 5,769,291,852 25,757,179,090 22,436,597,880

DIRECTOR


CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2011

Quarter ended Period ended March 31, March 31, March 31, March 31, 2011 2010 2011 2010 Note Rupees Rupees Rupees Rupees Sales 5,523,555,471 - 15,195,267,302 - Cost of sales 9 (4,152,349,572) - (11,148,158,070) - Gross profit 1,371,205,899 - 4,047,109,232 - Administrative expenses (9,022,577) (1,663,520) (29,478,329) (13,386,049) Other operating expenses (2,540,527) - (18,667,560) - Other operating income 7,104,509 27,999,303 30,251,739 33,589,990 Profit from operations 1,366,747,304 26,335,783 4,029,215,082 20,203,941 Finance cost (747,055,100) (36,722) (2,190,493,776) (3,973,550) Profit before taxation 619,692,204 26,299,061 1,838,721,306 16,230,391 Taxation (2,486,578) (11,756,497) (10,588,109) (11,756,497) Profit after taxation 617,205,626 14,542,564 1,828,133,197 4,473,894 Earnings per share - basic and diluted 1.743 0.041 5.163 0.013 The annexed notes 1 to 15 form an integral part of these financial statements.

CHIEF EXECUTIVE DIRECTOR


CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2011

Quarter ended Period ended March 31, March 31, March 31, March 31, 2011 2010 2011 2010 Rupees Rupees Rupees Rupees Profit after taxation 617,205,626 14,542,564 1,828,133,197 4,473,894 Other comprehensive income - - - - Total comprehensive income 617,205,626 14,542,564 1,828,133,197 4,473,894 The annexed notes 1 to 15 form an integral part of these financial statements.



CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2011

July 01 to March 31 Note 2011 2010 ----------------Rupees---------------

Cash flows from operating activities

Cash used in operations 10 (971,445,073) (1,468,346,998)Finance cost paid (2,036,572,299) - Taxes paid (3,521,774) (3,431,275)Employee retirement benefits paid (1,133,019) (636,495)

Net cash outflow from operating activities (3,012,672,165) (1,472,414,768) Cash flows from investing activities Purchase of property, plant and equipment (334,542,693) (1,299,970,653)Profit on bank deposits received 23,656,041 33,589,990

Net cash outflow from investing activities (310,886,652) (1,266,380,663) Cash flows from financing activities Proceeds from long term financing - 2,513,554,545 Repayment of long term loans (539,452,199) - Proceeds from subordinated loan 345,334,800 472,885,200 Proceeds from issuance of share capital - 628,385,000

Net cash (outflow)/inflow from financing activities (194,117,399) 3,614,824,745 Net (decrease)/increase in cash and cash equivalents (3,517,676,216) 876,029,314 Cash and cash equivalents at the beginning of the period (1,017,851,173) 58,191,253 Cash and cash equivalents at the end of the period 11 (4,535,527,389) 934,220,567 The annexed notes 1 to 15 form an integral part of these financial statements.



CONDENSED STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)FOR THE PERIOD ENDED MARCH 31, 2011

Share Un-appropriated

Share deposit profit Total

capital money

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

Balance as on June 30, 2009 - restated (audited) 2,912,500,000 - 27,200,339 2,939,700,339

Receipt of share deposit money - 628,385,000 - 628,385,000

Issuance of ordinary shares against share deposit money 628,385,000 (628,385,000) - -

Total comprehensive income for the period ended

March 31, 2010 - (un-audited) - - 4,473,894 4,473,894

Balance as on March 31, 2010 - (un-audited) 3,540,885,000 - 31,674,233 3,572,559,233

Total comprehensive income for the period ended June 30, 2010 - - 42,702,811 42,702,811

Balance as on June 30, 2010 (audited) 3,540,885,000 - 74,377,044 3,615,262,044

Total comprehensive income for the period ended March 31, 2011 - - 1,828,133,197 1,828,133,197

Balance as on March 31, 2011 (un-audited) 3,540,885,000 - 1,902,510,241 5,443,395,241

The annexed notes 1 to 15 form an integral part of these financial statements.



SELECTED NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)FOR THE PERIOD ENDED MARCH 31, 2011

1. THE COMPANY AND ITS ACTIVITIES

Nishat Power Limited (‘the company’) is a public limited company incorporated in Pakistan. The company is a subsidiary of Nishat Mills Limited. The company’s ordinary shares are listed on the Karachi Stock Exchange (Guarantee) Limited and Lahore Stock Exchange (Guarantee) Limited.

The principal activity of the company is to build, own, operate and maintain a fuel fired power station having gross capacity of 200 MW in Jamber Kalan, Tehsil Pattoki, District Kasur, Punjab, Pakistan. The address of the registered office of the company is 53-A, Lawrence Road, Lahore.

2. BASIS OF PREPARATION This condensed interim financial information is unaudited and is being submitted to the members

in accordance with section 245 of the Companies Ordinance, 1984. It has been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 - ‘Interim Financial Reporting’ and provisions of and directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed. This interim condensed financial information should be read in conjunction with the annual financial statements for the year ended June 30, 2010.

3. SIGNIFICANT ACCOUNTING POLICIES

3.1 The accounting policies and the methods of computation adopted in the preparation of this

condensed interim financial information are the same as those applied in the preparation of preceding annual published financial statements of the company for the year ended June 30, 2010, except for the adoption of new accounting policies as referred to in note 3.2.1.

3.2 Initial application of standards, amendments or an interpretation to existing standards

The following amendments to existing standards have been published that are applicable to the company’s financial statements covering annual periods, beginning on or after the following dates:

3.2.1 Standards, amendments to published standards and interpretations that are effective in the current period and are relevant to the company

- IFRS 5 (Amendment), ‘Measurement of non-current assets (or disposal groups) classified as held-for-sale’. The amendment is part of the IASB’s annual improvements project published in April 2009. The amendment provides clarification that IFRS 5 specifies the disclosures required in respect of non-current assets (or disposal groups) classified as held for sale or discontinued operations. It also clarifies that the general requirement of IAS 1 still apply, particularly paragraph 15 (to achieve a fair presentation) and paragraph 125 (sources of estimation uncertainly) of IAS 1. The company has adopted this amendment, however, it does not have any material impact on the company’s financial statements.

- IAS 1 (Amendment), ‘Presentation of Financial Statements’. The amendment is part of the International Accounting Standard Board’s (IASB) annual improvements project published in April 2009. The amendment provides clarification that the potential settlement of a liability by the issue of equity is not relevant to its classification as current or non current. By amending the definition of current liability, the amendment permits a liability to be classified as non-current (provided that the entity has an unconditional right to defer settlement by transfer of cash or other assets for at least 12 months after the accounting period) notwithstanding the fact that the entity could be required by the counterparty to settle in shares at any time. The company has adopted this amendment, however, it does not have any material impact on the company’s financial statements.


3.2.2 Standards, amendments and interpretations to existing standards effective in current year but not applicable/relevant to the company’s operations

Standards or Interpretations Effective date (accounting periods beginning on or after) IAS 32 (Amendment); ‘Classification of right issues’ February 01, 2010

IAS 39 (Amendment); ‘Cash flow hedge accounting’ July 01, 2010 IFRIC 19, ‘Extinguishing financial liabilities with equity instruments’ July 01, 2010

3.2.3 Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the company

The following amendments and interpretations to existing standards have been published and are mandatory for the company’s accounting periods beginning on or after January 1, 2011 or later periods, but the company has not early adopted them:

- IFRS 9, ‘Financial Instruments’, issued in December 2009. This addresses the classification and measurement of financial assets and is likely to affect the company’s accounting for its financial assets. The standard is not applicable until January 1, 2013 but is available for early adoption. IFRS 9 only permits the recognition of fair value gains and losses in other comprehensive income if they relate to equity investments that are not held for trading. Fair value gains and losses on available-for-sale debt investments, for example, will therefore have to be recognised directly in profit or loss. The company has not yet decided when to adopt IFRS 9.

- Revised IAS 24, ‘Related Party Disclosures’, issued in November 2009. It supersedes IAS 24, ‘Related Party Disclosures’, issued in 2003. The revised IAS 24 is required to be applied from January 1, 2011. Earlier application, in whole or in part, is permitted.

- Prepayments of a minimum funding requirement’ (Amendments to IFRIC 14), issued in November 2009. The amendments correct an unintended consequence of IFRIC 14, ‘IAS 19 – The limit on a defined benefit asset, minimum funding requirements and their interaction’. Without the amendments, entities are not permitted to recognise as an asset some voluntary prepayments for minimum funding contributions. This was not intended when IFRIC 14 was issued, and the amendments correct the problem. The amendments are effective for annual periods beginning January 1, 2011. Earlier application is permitted. The amendments should be applied retrospectively to the earliest comparative period presented.

There are a number of minor amendments in other IFRS and IAS which are part of annual improvement project published in April 2009 and improvements to International Financial Reporting Standards 2010, issued in May 2010 (not addressed above). These amendments are unlikely to have any impact on the company’s financial statements and therefore have not been analyzed in detail.

4. The preparation of the condensed interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing this condensed interim financial information, the significant judgements made by management in applying accounting policies and key sources of estimation were the same as those that were applied to the financial statements for the year ended June 30, 2010.


Un-audited Audited March 31, June 30, 2011 2010 Rupees Rupees 5. LONG TERM FINANCING - SECURED Opening balance 14,163,540,800 11,649,986,254 Disbursements during the period/year - 2,513,554,546 14,163,540,800 14,163,540,800 Less: payments made during the period/year 539,452,199 - 13,624,088,601 14,163,540,800 Current portion of long term financing shown under current liabilities 829,888,903 739,279,559 12,794,199,698 13,424,261,241 6. SUBORDINATED LOAN - UNSECURED Opening balance 472,885,200 - Disbursements during the period/year 345,334,800 472,885,200 Closing balance 818,220,000 472,885,200

7. CONTINGENCIES AND COMMITMENTS

7.1 Contingencies

(i) The company had issued an irrevocable standby letter of credit in favour of National Transmission and Dispatch Company Limited (NTDCL) for US$ NIL (June 2010: US$ 5,369,650) equivalent to Rs NIL (June 30, 2010: Rs 459,642,040) as required under section 2.7 and 9.4(d) of the Power Purchase Agreement.

(ii) The company has issued an irrevocable standby letter of credit in favour of Wartsila Pakistan

(Private) Limited for Rs 45,000,000 (June 30, 2010: Rs 45,000,000) as required under the terms of the Operations and Maintenance Agreement.

Un-audited Audited March 31, June 30, 2011 2010 Rupees Rupees 7.2 Commitments in respect of

(i) Letters of credit other than for capital expenditure 162,058,502 672,219 (ii) Other contractors 1,871,087 1,331,303


Un-audited Audited March 31, June 30, Note 2011 2010 Rupees Rupees 8. PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets 8.1 16,470,486,018 16,667,306,028 Capital work-in-progress 20,597,516 - 16,491,083,534 16,667,306,028 8.1 Operating fixed assets Opening book value 16,667,306,028 87,358,124 Additions during the period/year 8.1.1 313,945,177 16,621,512,182 16,981,251,205 16,708,870,306 Depreciation charged during the period/year (510,765,187) (41,564,278)

Closing book value 16,470,486,018 16,667,306,028 8.1.1 Additions during the period/year Building and roads 3,304,870 178,436,328 Plant and machinery 304,490,749 16,440,045,042 Computer equipment 272,955 588,645 Furniture and fixtures 112,800 837,327 Office equipment 899,360 195,458 Vehicles 4,864,443 1,409,382 313,945,177 16,621,512,182


Un-audited Un-audited Quarter ended Period ended March 31, March 31, March 31, March 31, 2011 2010 2011 2010 Rupees Rupees Rupees Rupees 9. COST OF SALES Raw materials consumed 3,855,412,971 - 10,265,895,115 - Salaries and other benefits 5,030,339 - 16,785,912 - Operation and maintenance 71,310,654 - 196,864,840 - Stores, spares and loose tools consumed 13,827,422 - 38,448,137 - Electricity consumed in-house 95,100 - 1,545,743 - Insurance 34,963,442 - 109,860,669 - Traveling and conveyance 491,402 - 1,629,603 - Rent, rates and taxes 156,666 - 396,666 - Printing and stationery 84,879 - 244,975 - Postage and telephone 73,177 - 220,728 - Vehicle running expenses 445,087 - 1,098,602 - Entertainment 61,544 - 141,712 - Depreciation 167,280,101 - 509,928,646 - Miscellaneous 3,116,788 - 5,096,722 - 4,152,349,572 - 11,148,158,070 -

Un-audited July 01 to March 31 2011 2010 Rupees Rupees10. CASH (USED) / GENERATED FROM OPERATIONS Profit before taxation 1,838,721,306 16,230,391 Adjustment for non cash charges and other items: Depreciation on operating fixed assets 510,765,187 98,825 Profit on bank deposits (23,656,041) (33,589,990) Finance cost 2,190,493,776 - Provision for employee retirement benefits 1,133,019 636,495 Profit before working capital changes 4,517,457,247 (16,624,279) Effect on cash flow due to working capital changes: Increase in stores, spares and loose tools (50,525,708) (144,723,462) Increase in stock-in-trade (325,515,092) (951,197,165) Increase in trade debts (5,145,991,059) (176,972,104) Decrease / (Increase) in advances, deposits, prepayments and other receivables 384,532,488 (216,665,870) (Decrease) / increase in trade and other payables (351,402,949) 37,835,882

(5,488,902,320) (1,451,722,719)

(971,445,073) (1,468,346,998)

11. CASH AND CASH EQUIVALENTS Cash and bank balances 133,978,397 1,715,070,470 Short term borrowings - secured (4,669,505,786) (780,849,903)

(4,535,527,389) 934,220,567


12. TRANSACTIONS WITH RELATED PARTIES Un-audited July 01 to March 31 2011 2010 Rupees RupeesRelationship with Nature of transactionsthe company i. Holding company: Receipt of share deposit money - 510,885,000 Shares issued - 510,885,000 Purchases of operating fixed assets 2,357,278 35,308 Subordinated loan proceeds 345,334,800 472,885,200 Markup on subordinated loan 89,247,143 22,330,082 ii. Associated undertakings: Purchases of goods and services 207,920 76,352 Profit on bank deposits 27,517 212,998 Insurance premium 132,901,892 98,593,176 Insurance claim received 160,000 - iii. Key management personnel: Salaries and other employees benefits 15,936,576 8,815,908iv. Other related parties: Receipt of share deposit money - 117,500,000 Shares issued - 117,500,000 Disbursement of long term financing - 1,017,929,531 Long term financing repaid 218,465,251 - Short term borrowings acquired 2,007,513,037 436,916,318 Short term borrowings repaid 1,625,962,027 282,004,827 Markup on long term financing 666,540,531 616,790,193 Markup on short term borrowings 99,910,179 13,485,637 Bank charges and financing fee - 21,851,419 Bank guarantee commission 306,060 242,406 Purchases of goods and services 2,689,311 1,006,136 Contribution towards staff retirement benefits 1,134,173 636,495 In addition to the above, the holding company, Nishat Mills Limited;

- had issued a performance guarantee of USD Nil (March 31, 2010: USD 1,000,000) equivalent to

Pak Rs Nil (March 31, 2010: Rs 84,200,000) in favour of Private Power Infrastructure Board to secure performance of the company under Implementation Agreement and Power Purchase Agreement;

- has issued an irrevocable stand by letter of credit of Rs 430,000,000 (March 31, 2010: Rs 430,000,000) for equity injection, in accordance with the Project Funds Agreement, in favour of security trustee of syndicate lenders of the company; and

- has issued guarantees of Rs 325,000,000 (March 31, 2010: Nil) in favour of various commercial banks as security for short term borrowings of the company.

All transactions with related parties have been carried out on commercial terms and conditions.

Un-audited Audited March 31, June 30, 2011 2010 Rupees Rupees Period end balances Payable to related parties 23,285,618 14,530,906 Long term financing from related parties 5,517,430,347 5,735,895,598 Subordinated loans from holding company 818,220,000 472,885,200 Short term borrowings from related parties 971,910,213 590,359,203 Markup payable to related parties 261,264,847 232,753,936 Markup payable to holding company 31,190,995 16,906,488 Interest receivable from related parties - 277,822

These are in the normal course of business and are interest free except for loans and borrowings from holding company and related parties.


13. FINANCIAL RISK MANAGEMENT The company’s financial risk management objectives and policies are consistent with those

disclosed in the preceding audited annual published financial statements of the company for the year ended June 30, 2010.

14. DATE OF AUTHORIZATION FOR ISSUE This condensed interim financial information was approved by the Board of Directors and

authorized for issue on April 25, 2011. 15. CORRESPONDING FIGURES In order to comply with the requirements of International Accounting Standard 34 - ‘Interim

Financial Reporting’, the condensed interim balance sheet and condensed interim statement of changes in equity have been compared with the balances of annual audited financial statements of preceding financial year, whereas, the condensed interim profit and loss account, condensed interim statement of comprehensive income and condensed interim cash flow statement have been compared with the balances of comparable period of immediately preceding financial year.


N I S H A T

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