CBM Plastics (Private) Limited Deferred Income For The Year Ended June 30, 2007

cbm PLASTICS (PRIVATE) LIMITED
DEFERRED INCOME
FOR THE YEAR ENDED JUNE 30, 2007
2007 2006
Rupees Rupees
8 DEFERRED INCOME
Gain on sale
(Note
and8.1)
lease back of plant and machinery 11,473,904 12,516,986
Deferred income during the year (Note 8.2) 1,614,031 -
Amortization to date (4,217,163) (1,043,082)
8,870,772 11,473,904
8.1 On 22 March 2006, the company sold and leased back its plant and machinery, having a net book value of Rs.
21,183,014. The resulting Gain of Rs. 12,516,986 was being amortized over the lease term of 36 months, which
will conclude on March 21, 2009.
8.2 On 13 June 2007, the company sold and leased back its plant and machinery, having a net book value of Rs.
14,085,969. The resulting Gain of Rs. 1,614,031 was being amortized over the lease term of 36 months, which
will conclude on May 25, 2010.
OBLIGATION UNDER FINANCE LEASE
6 OBLIGATION UNDER FINANCE LEASE
June 30, June 30,

2007 2006
Minimum Present value of Minimum Present value of
lease payments minimum lease payments minimum
lease payments lease payments
Within one year 29,371,116 24,353,359 23,138,496 17,711,754

After one year but not more
than five years 27,806,664 25,596,959 38,785,279 34,919,630
Total minimum lease payments 57,177,780 49,950,318 61,923,775 52,631,384
Add-residual value at the
end of lease periods 3,835,000 3,835,000 3,050,000 3,050,000
61,012,780 53,785,318 64,973,775 55,681,384
Less: financial charges
allocated to futute periods 7,227,462 - 9,292,391 -
Present value of minimum lease payments 53,785,318 53,785,318 55,681,384 55,681,384
Less: current maturities
shown under current lialiblities 24,353,359 24,353,359 17,711,754 17,711,754
29,431,959 29,431,959 37,969,630 37,969,630
The company has entered into lease agreements with Messers Pak Oman Investment Company Limited and AlBaraka Islamic
Bank to acquire plant & machinery. The rentals under the lease agreements are payable in monthly installment during the
period 2007 - 2010
SHORT TERM BORROWINGS
2007 2006
Rupees Rupees
9 SHORT TERM BORROWINGS
Al-Baraka Islamic Bank 59,622,100 57,240,375

Standard Chartared Bank (Pakistan) Limited - Against bill discounting (Note 9.1) 44,665,310 13,686,594
ABN AMRO Bank Limited - Against bill discounting 22,198,789 22,208,430
126,486,199 93,135,399
9.1 The company has obtained financing facilities from three commercial banks against the following securities:
- First pari passu hypothecation charge over plant and machinery of the company to be registered with the SECP margin 25%;
- Personal guarantees of all directors; and
- Registered hypothecation charge over stock and book debts ranking First pari passu.
DEFERRED TAX LIABILITY
Restated
2007 2006
Rupees Rupees
7 DEFERED TAX LIABILITY

5,090,241 -
Opening balance
Deferred tax liability recognized on surplus on - 5,988,519

revaluation of fixed assets.
Deferred tax liability on taxable temporary difference in respect of 5,215,012 -

accelerated tax depreciation
Less: Increamental depreciation charged during the year transferred (763,536) (898,278)
to profit & loss account
9,541,717 5,090,241
The company has recognised deferred tax liability on the surplus on revaluation of fixed assets, in the view of
the circular # 9 dated May 21, 2007 issued by The Institute of Chartered Accountants of Pakistan. This change
has been accounted for retrospec
Had there been no change in the accounting policy, the profit after tax would have been decreased by Rs.
763,536 (2006: Rs. 898,278)
DEFERRED TAX LIABILITY
2007 2006
Rupees Rupees
5 LONG TERM BORROWING
Askari Commercial Bank Limited - TF- I 3,888,884 7,222,220

Askari Commercial Bank Limited - TF- II - 2,804,477
Askari Commercial Bank Limited - TF- III 950,000 3,800,000
4,838,884 13,826,697
5.1 The company has obtained financing facilities against the following securities:
First exclusive charge over specific machinery to be registered with SECP margin 30%;
- First pari passu hypothecation charge over plant and machinery of the company to be registered with
SECP margin 25%;
- Personal guarantees of all directors; and
- Registered hypothecation charge over stocks and book debts ranking first pari passu.
- Markup payable on these facilities is at the rate of 12 months Kibor + 2% spread with a floor 10% p.a.
JAHANGIR SIDDIQUI SECURITIES SERVICES LIMITED
ANALYTICAL REVIEW
SHORT TERM INVESTMENTS
2007 2006 PERCENTAGE

INCREASE
Rupees Rupees INCREASE REASON FOR VARIATION
(DECREASE)
(DECREASE)
Held for trading

Listed equity securities 312,847,810 410,257,338 (97,409,528) (23.74)
Available for sale

Listed equity securities 1,502,214,566 530,892,701 971,321,865 182.96
1,815,062,376 941,150,039
ANALYTICAL REVIEW
ADVANCES

INCREASE
(DECREASE)
(DECREASE)
Advance against subscription of shares to:
F & B Company (Private) Limited - 4,800,067 (4,800,067) (100.00)
UIG (Private) Limited 33,285,343 - 33,285,343 100.00
33,285,343 4,800,067
ANALYTICAL REVIEW
BANK BALANCES

INCREASE
(DECREASE)
(DECREASE)
In current accounts 2,624,298 68,183 2,556,115 3,748.90

ANALYTICAL REVIEW
ACCRUED EXPENSES, MARKUP & OTHER PAYABLE

INCREASE
(DECREASE)
(DECREASE)
Accrued expense 339,500 145,500 194,000 133.33
Accrued markup 5,727,296 2,334,425 3,392,871 145.34
Other payable 42,039,400 10,000 42,029,400 420,294.00
48,106,196 2,489,925
ANALYTICAL REVIEW
SHORT TERM LOANS - Unsecured

INCREASE
(DECREASE)
(DECREASE)
Short term loans from:
Directors - 7,125,000 (7,125,000) (100.00)
Others - 41,125,000 (41,125,000) (100.00)
- 48,250,000
ANALYTICAL REVIEW
SHORT TERM RUNNING FINANCE

INCREASE
(DECREASE)
(DECREASE)
Short term running finance 526,970,295 9,886,995 517,083,300 5,229.93

ANALYTICAL REVIEW
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS

INCREASE
(DECREASE)
(DECREASE)
Securities sold under repurchase agreements - 580,418,400 (580,418,400) (100.00)

ANALYTICAL REVIEW
RETURN ON INVESTMENTS

INCREASE
(DECREASE)
(DECREASE)
Dividend income on investments:
Held for trading 12,188,685 6,741,164 5,447,521 80.81
Available for sale 3,645,713 6,124,215 (2,478,502) (40.47)
15,834,398 12,865,379
ANALYTICAL REVIEW
GAIN ON SALE OF INVESTMENTS - NET

INCREASE
(DECREASE)
(DECREASE)
Investment in associate disposed off (10,702,285) - (10,702,285) 100.00
Held for trading investment:

Listed equity securities (76,846,622) 72,760,241 (149,606,863) (205.62)
Available for sale
Listed equity securities 176,247,688 - 176,247,688 100.00
Unlisted equity securities (26,292,411) (36,103,956) 9,811,545 (27.18)
62,406,370 36,656,285
ANALYTICAL REVIEW
INCOME FROM FUND PLACEMENTS

INCREASE
(DECREASE)
(DECREASE)
Return on reverse repurchase transactions of:

Listed securities - 49,220 (49,220) (100.00)
ANALYTICAL REVIEW
OTHER INCOME

INCREASE
(DECREASE)
(DECREASE)
Interest on loan 25,161,276 507,337 24,653,939 4,859.48
Profit on saving back account 38,873 55,504 (16,631) (29.96)
25,200,149 562,841
ANALYTICAL REVIEW
OPERATING & ADMINISTRATIVE EXPENSES

INCREASE
(DECREASE)
(DECREASE)
Salaries and benefits 450,000 306,000 144,000 47.06
Office supplies 1,800 - 1,800 100.00
Fees and subscription 586,400 2,900 583,500 20,120.69
Audit fees 35,000 20,000 15,000 75.00
Capital value tax expense 118,881 135,593 (16,712) (12.33)
Legal and professional fee 25,000 38,500 (13,500) (35.06)
Consultancy 200,000 1,103,226 (903,226) (81.87)
Entertainment 3,800 - 3,800 100.00
Brokerage commission on shares 1,018,638 1,456,003 (437,365) (30.04)
Subscription written off 1,788,667 - 1,788,667 100.00
4,228,186 3,062,222
ANALYTICAL REVIEW
TRADE DEBTS

INCREASE
(DECREASE)
(DECREASE)
Trade debts 219,467 31,600,129 (31,380,662) (99.31)

ANALYTICAL REVIEW
TAXATION - NET (Current Assets)

INCREASE
(DECREASE)
(DECREASE)
Taxation - Net - 4,202 (4,202) (100.00)

ANALYTICAL REVIEW
TAXATION - NET (Current Liabilities)

INCREASE
(DECREASE)
(DECREASE)
Taxation - Net 589,763 - 589,763 100.00

ANALYTICAL REVIEW
RESERVES

INCREASE
(DECREASE)
(DECREASE)
Unrealized gain on revaluation of available 1,006,600,470 200,823,814 805,776,656 401.24

for sale investments
ANALYTICAL REVIEW
ACCUMULATED PROFIT

INCREASE
(DECREASE)
(DECREASE)
Accumulated profit 347,047,988 182,134,425 164,913,563 90.54

ANALYTICAL REVIEW
REVENUE

INCREASE
Rupees Rupees (DECREASE) INCREASE REASON FOR VARIATION
(DECREASE)
Gain on revaluation of investments carried at 146,317,746 7,777,892 138,539,854 1,781.20

fair value through profit and loss account - net
ANALYTICAL REVIEW
SHARE OF LOSS FROM ASSOCIATES - NET

INCREASE
(DECREASE)
(DECREASE)
Share of loss from Associates - Net 9,782,097 17,875,777 (8,093,680) (45.28)

ANALYTICAL REVIEW
TAXATION - Current

INCREASE
(DECREASE)
(DECREASE)
Taxation - current 1,709,441 717,976 991,465 138.09

ANALYTICAL REVIEW
BASIC EARNING PER SHARES

INCREASE
(DECREASE)
(DECREASE)
Basic earning per share 6,597 780 5,817 745.86

CBM Plastics (Private) Limited Deferred Income For The Year Ended June 30, 2007

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cbm PLASTICS (PRIVATE) LIMITED

6 OBLIGATION UNDER FINANCE LEASE

June 30, June 30,

Within one year 29,371,116 24,353,359 23,138,496 17,711,754

9 SHORT TERM BORROWINGS

Al-Baraka Islamic Bank 59,622,100 57,240,375

- Personal guarantees of all directors; and

7 DEFERED TAX LIABILITY

Deferred tax liability recognized on surplus on - 5,988,519

Deferred tax liability on taxable temporary difference in respect of 5,215,012 -

5 LONG TERM BORROWING

Askari Commercial Bank Limited - TF- I 3,888,884 7,222,220

- Personal guarantees of all directors; and

2007 2006 PERCENTAGE

Held for trading

Available for sale

2007 2006 PERCENTAGE

Advance against subscription of shares to:

F & B Company (Private) Limited - 4,800,067 (4,800,067) (100.00)

UIG (Private) Limited 33,285,343 - 33,285,343 100.00

2007 2006 PERCENTAGE

In current accounts 2,624,298 68,183 2,556,115 3,748.90

2007 2006 PERCENTAGE

Accrued expense 339,500 145,500 194,000 133.33

Accrued markup 5,727,296 2,334,425 3,392,871 145.34

Other payable 42,039,400 10,000 42,029,400 420,294.00

2007 2006 PERCENTAGE

Short term loans from:

Directors - 7,125,000 (7,125,000) (100.00)

Others - 41,125,000 (41,125,000) (100.00)

2007 2006 PERCENTAGE

Short term running finance 526,970,295 9,886,995 517,083,300 5,229.93

2007 2006 PERCENTAGE

Securities sold under repurchase agreements - 580,418,400 (580,418,400) (100.00)

2007 2006 PERCENTAGE

Dividend income on investments:

Held for trading 12,188,685 6,741,164 5,447,521 80.81

Available for sale 3,645,713 6,124,215 (2,478,502) (40.47)

2007 2006 PERCENTAGE

Investment in associate disposed off (10,702,285) - (10,702,285) 100.00

Held for trading investment:

Available for sale

Listed equity securities 176,247,688 - 176,247,688 100.00

Unlisted equity securities (26,292,411) (36,103,956) 9,811,545 (27.18)

2007 2006 PERCENTAGE

Return on reverse repurchase transactions of:

2007 2006 PERCENTAGE

Interest on loan 25,161,276 507,337 24,653,939 4,859.48

Profit on saving back account 38,873 55,504 (16,631) (29.96)

2007 2006 PERCENTAGE

Salaries and benefits 450,000 306,000 144,000 47.06

Office supplies 1,800 - 1,800 100.00

Fees and subscription 586,400 2,900 583,500 20,120.69

Audit fees 35,000 20,000 15,000 75.00

Capital value tax expense 118,881 135,593 (16,712) (12.33)

Legal and professional fee 25,000 38,500 (13,500) (35.06)

Consultancy 200,000 1,103,226 (903,226) (81.87)

Entertainment 3,800 - 3,800 100.00

Brokerage commission on shares 1,018,638 1,456,003 (437,365) (30.04)

Subscription written off 1,788,667 - 1,788,667 100.00

2007 2006 PERCENTAGE

Trade debts 219,467 31,600,129 (31,380,662) (99.31)

2007 2006 PERCENTAGE