annual accounts 30-06-2012

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1,713,548,176

W H E R E W E A R E

S A L E S I N P A K R U P E E S

591,356,383

985,579,446

2009-10 2010-11 2011-12

SHAREHO LDERS' EQUITY

T O T A L A S S E T S

314,462,679

352,886,777

, ,

943,026,479

1,264,483,697

, , ,

2009-10 2010-11 2011-12 2009-10 2010-11 2011-12

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DIAMOND TYRES LIMITEDBALANCE SHEETAS AT JUNE 30, 2012

Notes 2012 2011

Rupees Rupees

EQUITY

CAPITAL AND RESERVES

Authorised share capital37,500,000 ordinary shares of Rs. 10/- each 375,000,000 375,000,000

Issued, subscribed and paid up capital

30,000,000 ordinary shares of Rs. 10/- each fully paid in cash 300,000,000 300,000,000Accumulated profits 111,092,726 52,886,777

411,092,726 352,886,777

Surplus on revaluation of property, plant and equipment 3 308,376,305 320,437,541

LIABLITIESNON CURRENT LIABILITIES

Loans and advances from Directors and related companies 4 102,883,442 79,964,232Liability against assets subject to finance lease 5 5,187,494 25,501,536Deferred tax liabilties 3 119,136,809 125,631,321

227,207,745 231,097,089CURRENT LIABILITIES

Creditors, accrued and other payables 6 175,038,926 75,650,482Short term loans 7 374,686,026 259,086,797Current portion of liabilities against assets subject to finance lease 19 ,98 7,82 0 16,296,084Provision for taxation 8 15,192,861 9,760,877

584,905,633 360,794,240

CONTINGENCIES AND COMITTMENTS 9

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DIAMOND TYRES LIMITEDBALANCE SHEETAS AT JUNE 30, 2012

Notes 2012 2011

Rupees Rupees

ASSETS

PROPERTY, PLANT AND EQUIPMENT 10 767,277,475 818,542,581

DEFERRED COST 11 - 731,951

CURRENT ASSETS

Stores, spares and loose tools 12 9,403,326 7,603,326Stocks in trade 13 461,618,808 271,380,276Trade debts 14 187,585,707 117,342,553Advances, deposits, prepayments and other receivables 15 92,199,585 41,540,695Cash and bank balances 16 13,497,508 8,074,265

764,304,934 445,941,115

1,531,582,409 1,265,215,647

(0) (0)The annexed notes form an integral part of these Financial statements.

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DIAMOND TYRES LIMITEDPROFIT AND LOSS ACCOUNT

FOR THE YEAR JUNE 30, 2012

Notes 2012 2011

Rupees Rupees

Sales 17 1,519,286,107 873,305,889

Cost of sales 18 1,343,503,166 746,161,726

Gross profit 175,78 2,941 127,144,163

Operating expenses

Distribution cost 19 35,971,177 25,588,269

Administrative expenses 20 24,584,836 21,772,720

60,556,013 47,360,989

Operating profit 115,226,929 79,783,175

Finance Cost 21 60,843,337 42,755,006

54,383,592 37,028,168

Other operating income 22 459,471 664,683

Profit before taxation 54,843,063 37,692,851

Provision for taxation 8 15,192,861 9,760,877

Profit after taxation 39,650,201 27,931,974

Basic /diluted earning per share 1.32 0.93

The annexed notes form an integral part of these Financial statements.

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DIAMOND TYRES LIMITED

STATEMENT OF CHANGES IN EQUITY


Rupees Rupees Rupees

Balance as at June 30, 2010 300,000,000 14,462,679 314,462,679

Profit for the year - 27,931,974 27,931,974

6,819,880 6,819,880

Deferred tax adjustment 3,672,243 3,672,243


Profit for the Year - 39,650,201 39,650,201

Incremental depriciation net off deferred tax 12,061,236 12,061,236

Deferred tax adjustment 6,494,512 6,494,512


The annexed notes form an integral part of these Financial statements.

Unappropriated

ProfitTotalShare Capital

Incremental depriciation net off deferred tax

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DIAMOND TYRES LIMITEDSTATEMENT OF OTHER COMPREHENSIVE INCOME

AS AT JUNE 30, 2012

NOTE 2012 2011Rupees Rupees

Profit after tax for the period 39,650,201 27,931,974

Other comprehensive income - -

Total comprehensive income for the period 39,650,201 27,931,974

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

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DIAMOND TYRES LIMITEDCASH FLOW STATEMENT


2012 2011

Rupees Rupees

Cash flow from operating activities

Profit before taxation 54,843,063 37,692,851Adjustments for:

Depreciation / Amortisation 63,778,867 48,837,647Lease Charges 5,686,211 10,216,451

Mark up 51,514,432 30,442,577Financial charges 3,642,694 2,095,978Gain on Disposal of fixed assets - (664,683)Amortisation of deferred cost 731,951 731,951

125,354,155 91,659,921Operating profit before working capital changes 180,197,217 129,352,773

Working capital changes

Decrease / (increase) in current assets

Stores and spares (1,800,000) (5,195,545)

Stock-in-trade (190,238,532) (76,393,272)Trade debts (70,243,154) (16,823,379)Advances, deposits, prepayments and other receivables (39,493,095) (1,438,820)

(301,774,780) (99,851,016)

(121,577,563) 29,501,756

Increase / (Decrease) in current liabilitiesShort term running finance 115,599,229 103,448,536Creditors, accrued and other liabilities 99,388,444 (13,561,922)

214,987,673 89,886,614Cash generated from operation 93,410,110 119,388,370

Payment for:Lease Financial charges paid (5,686,211) (10,216,451)Mark up paid (51,514,432) (30,442,577)Financial charges paid (3,642,694) (2,095,978)

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NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2012

STATUS AND NATURE OF BUSINESS

1- STATEMENT OF COMPLIANCE AND SIGNIFICANT ESTIMATES

1.1- STATEMENT OF COMPLIANCE

1.2- Functional and presentation currency

1.3- SIGNIFICANT ESTIMATES:

The company was incorporated in Pakistan on September 21, 200 4 as a limited company in the name of Hashir

Export Limited, under the Companies Ordinance, 1984 and was engaged in the business of textile.

Subsequently, the name of the company was changed to Diamond Tyres Limited with effect from August 30,

2007. The Memorandum and Articles of Association of the company were accordingly also amended. The

Company is engaged in the manufacturing of tyres and tubes of Two wheelers and Auto Rikshaws.

These financial statements are presented in Pakistan Rupees, which is also the Company's functional and

presentation currency. All financial information presented in Pakistan rupees has been rounded off to nearest

ru ees unless otherwise stated.

Preparation of financial statements in conformity with approved accounting standards require the use of certain

critical accounting estimates. It also requires the management to exercise its judgments in the process ofapplying company's policies. Estimates and judgments are continually evaluated and are based on historical

experience, including future events expectations. The areas where assumptions and estimates are significant to

the companys financial are exercised for calculation of provision for doubtful balances provision for income

These financial statements have been prepared in accordance with approved accounting standards, as

applicable in Pakistan. Approved accounting standards comprise of, and includes Accounting and Financial

Reporting Standards and provisions of and directives issued under the Companies Ordinance, 1984/ The

Institute of Chartered Accountants of Pakistan. In case requirements differ, the provisions and directives of

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IFRS-3 -

-

- Measurment of Non Controlling Interest (NCI)

- Un-replaced and voluntarily replaced share-based payment awards

IFRS-7 -

- Clarifications of Disclosures

IAS-1 -

- Clarification of statement of chan es in e uit

IAS-27 -

-

IAS-34 -

- Si nificant events and transactions

IFRIC-13 -

- Fair Value of award credits

In May 2010, International Accounting Standards Board (IASB) issues amendments to various standards

primarily with a view to removing inconsistencies and clarifying wording. These improvements are listed below:

Business combinations

Transition requirement for contingent consideration from a business combination that occurred

before the effective date of the revised IFRS

Financial Instruments: Disclosures

Presentation of Financial Statements

Consolidated and Separate Finacial Statements

Transition requirements for amendments made as a result of IAS-27 Consolidated and Separate

Finacial Statements

Interim Financial Reporting

Customer Loyalty Programmes

The adoption of the above standards, amendments, interpretations and improvements did not have anymaterial effect on the financial statements or accounting policies of the company, to the manner and extent

a lied.

O O

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-

-

IASB Effective Date

IFRS-9 - Financial Instruments: Classification and Measurement January 01, 2015IFRS-10 - Consolidated Financial Statements Januar 01, 2013IFRS-11 - Joint Arrangements January 01, 2013IAS-32 - Financial Instruments : Presentation July 01, 20 12IAS-27 - Se arate Financial Statements Januar 01, 2013IAS-28 - Investment in Associate January 01, 2013

IFRS-12 - Disclosure of Interest in other Entities January 01, 2013IFRS-13 - Fair Value Measurement Januar 01, 2013

2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Standard(annual periods beginning on or after)

effect the company's financial statements in the period of initial application other than the ammendments to

IAS-19 'Employee Benefits'. Such amendments range from fundamental changes to simple clarifications and re-

wording. The significant changes include the following:

For defined benefit plans, the ability to defer recognition of acturial gains and losses (i.e. the

corridor approach) has been removed. As revised, acturial gains and losses are recognised in

other comprehensive income when they occur. Amounts recorded in profit and loss account are

limited to current and past service costs, gains or losses on settlements, and net interest

income (expense). All other changes in the net defined benefit asset (liability) are recognised in

other comprehensive income with no subsequent recycling to profit and loss account.

Objectives for disclosures of defined benefit plans are explicitly stated in the revised standard,

along with new or revised disclosure requirements. These new disclosures include quantitative

information of the sensitivity of the defined benefit obligation to a reasonably possible change

in each significant acturial assumptions.

The company is currently assessing the impact of the above amendments which are effective from January 01,

2013 on the financial statements.

In addition to the above, the following new standards have been issued by IASB which are

et to be notified b the SECP for the ur ose of a licabilit in Pakistan.

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2.3- TAXATION

Current:

Deferred:

2.4- PROPERTY, PLANT & EQUIPMENT

The carrying amount of investment is tested for impairment by comapring its recoverable amount (higher of

valve in use and fair value less cost to sell) with its carrying amount and loss, if any, is recognised in profit or

loss. When impairment losses subsequently reversed, the carrying amount of investment is increased to the

revised recoverable amounts but limited to the extent of initial cost of investment. A reversal of impairment loss

is recognised in the profit and loss account.

The charge for current tax is based on the taxable income at the current rate of taxation after taking in to

account applicable tax credit, rebates and exemptions available. However, for income covered under final tax

regime, the rate of tax and income determination is according to the guidelines of Income Tax Ordinance2001.. The charge for current tax also include prior year adjustments, where considered, arising due to

assessments finalized during the year, commencing from current tax year, where no taxable income is earned,

the minimum tax as laid down in law is rovided.

The company accounts for deferred tax, if any, using the liability method, on all major temporary differences at

the balance sheet date, between the tax base of asses and liabilities and their carrying values for the financial

reporting purposes. In this regard, the effects on deferred taxation of the portion of income subject to final tax

regime are also considered in accordance with the requirement of Technical Release- 27 of the institute of

chartered accountants of Pakistan.

Provision for deferred tax has been made in these financial statements in accordance with treatment spelled in

IAS-12 (Income taxes), using the tax rate enacted at the balance sheet date.

Deferred tax assets, if any, is recognized to the extent that it is probable that future taxable profits will be

available against which the assets can be recognized. The company also recognizes the assets/liability on

deficit/surplus on revaluation, which is adjusted against the deficit/surplus in accordance with the requirement

of revised IAS-12 (Income taxes).

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2.6- INTANGIBLE ASSETS AND AMORTIZATION

2.7- CREDITORS, ACCRUED AND OTHER LIABILITIES

2.8- STOCKS, STORES AND SPARES

Intangible assets, which are non-monetary assets without physical substance, are recognized at cost and

comprise the purchase price, on-refundable purchase taxes and any directly attributable expenditure.

Amortization is charged to the income following the straight line basis for a maximum period of five years.

Subsequent expenditures on intangible assets after its purchase are recognized as an expense, when it isincurred unless the expenditure will enable the asset to generate future economic benefits in excess of its After

initial recognition, an intangible asset is carried at its cost less accumulated amortization. originally assessed

standard of performance.

Liabilities for trade and other amounts payable are carried at cost which is the fair value of the consideration to

be paid in future for goods and services received, whether or not billed to the company.

Inventories are valued at lower of cost and net realizable value as per requirements of IAS-2. Cost of major

stock items is determined as follows

Assets acquired under a finance lease are depreciated over the useful life of assets on reducing balance

method. Depreciation of leased assets is charged to profit and loss account. Full depreciation on additions in

leased assets is charged when an asset is acquired while no depreciation is charged in the year in which theasset is disposed off/ transferred to own assets.

The leases, where all the risks and rewards incidental to ownership of the leased assets have been transferred

to the company are classified as finance leases. Assets subject to finance lease are stated at the lower of

present value of minimum lease payments under the lease agreements and the fair value of the leased assets.The related rental obligations, net of finance charges, are included in liabilities against assets subject to finance

leases. The liabilities are classified as current and long term depending upon the timing of the payment. Each

lease payment is allocated between the liability and finance charges so as to produce a constant periodic rate of

interest on the balance outstanding. The interest element of the rental is charged to income over the lease

term.

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2.10-Employee benefits

2.11-Impairment

2.12-Provisions

2.13-Financial instruments

The gain or loss relating to financial instruments is recognized immediately in the profit and loss account for theyear.

The particular recognition methods adopted by the Company are disclosed in the individual policy statements

associated with each item of financial instruments

Financial assets and liabilities are recognized when the company becomes a party to the contractual provisions

of the instrument and de-recognized when the company loses control of the contractual rights that comprise

the financial asset and in case of financial liability when the obligation specified in the contract is discharged ,

cancelled or expired. Financial instruments are initially recorded at cost on the date a derivative contract is

entered into and are remeasured to fair value at subsequent reporting date.

For the purpose of cash flow statement, Cash and cash equivalents comprise of cash in hand and balance with

banks on current and deposit accounts.

The company operates an unapproved unfunded gratuity scheme for all its permanent employees who have

completed a minimum qualified period of service.

The carrying amounts of the assets are reviewed at each balance sheet date to identify the circumstances

indicated the occurrence of impairment loss or reversal of previous impairment losses. If any such indication

exists, the recoverable amount of such assets is estimated and impairment loss is recognized in the profit and

loss account. Where an impairment loss subsequently reverses, the carrying amount of such assets is increased

to the revised recoverable amount. A reversal of the impairment loss is recognized.

Provisions are recognized when the company has present, legal or constructive obligation as result of past

event, it is probable that an out flow of resources embodying economic benefit will be required to settle the

obligation and reliable estimate of the amount can be made. However, provisions are reviewed at each balance

sheet date and adjusted to reflect the current reliable estimates.

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2.18-Revenue recognition

2.19-Trade debts and other receivables

2.20-Associated party transaction

2.21-Segment reporting

A segment is a distinguishable component within the company that is engaged in providing products and under

a common control environment (geographical segment), which is subject to risks and returns that are different

All transactions between company and related party are accounted for at arm's length price as an independent

business in accordance with 'comparable Uncontrolled Price Method'. The company has voluntarily applied Sub-

Regulation (Xiii) of listing regulations 37 notified by the Karachi Stock Exchange (Guarantee) Limited vide

circular KSE/N-269 dated January 19,2009 requires the company to place before the board of directors for

their consideration and of approval of related party transactions, distinguishing between transactions carried

out on terms equivalent to those that prevail in arm's length transactions in accordance with normal business,

price recordings proper justification for using if any, alternate pricing mechanism.

the date of transaction. At each balance sheet, monetary assets and liabilities that are dominated in foreign

currencies are translated in rupees at the exchange rate ruling on the balance sheet date, except where

forward exchange contracts have been entered in to for repayments of liabilities, in that case, rates contracted

for, are used.

Gains and losses arising on re-translation are included in net profit & loss for the year.

Revenue is measured at fair value of the consideration received or receivable and represents amounts

receivables for provided in the normal course of business.

Sale of goods is recognized on delivery of goods to customers along with all the significant risks and rewards of

ownership.

Trade debtors and other receivables are carried at original invoice amount less an estimate made for doubtful

debts based on review of all outstanding amounts at year end. Bad debts, if any, are written off when

identified. Provision for bad and doubtful debt, if any, is made after ascertaining the status.

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DIAMOND TYRES LIMITEDNOTES TO THE ACCOUNTS


2012 2011

Rupees Rupees

3. SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT

Opening balance 446,068,862 220,411,026Add: Surplus on revaluation of property, plant and equipment - 236,149,960Closing balance 446,068,862 456,560,986

Less: Transferred to accumulated profit/(loss) in respect of

incremental depreciation charged on related assetsFor Current Year:

- net of deferred tax (12,061,236) (6,819,880)- related deferred tax liability (6,494,512) (3,672,243)

(18,555,748) (10,492,124)

427,513,115 446,068,862

Less: Related deferred tax liability on revaluation:

Balance as at July 01 125,631,321 -Deferred Tax created - 129,901,655Prior year adjustment - (598,091)

Incremental depreciation charged on related assets for current year (6,494,512) (3,672,243)119,136,809 125,631,321

Less: Realization on disposal of assets - -308,376,305 320,437,541

The management is of the opinion that there is no significant change in valuation of other assets

The company revalued its fixed assets on the basis of market valuation conducted by independent valuers and

the resultant difference was credited to surplus on revaluation of fixed assets, in accordance with the

requirements of the section 235 of the Companies Ordinance 1984, the surplus on revaluation of fixed assets

can now be utilized to the extent of the incremental depreciation charged on these assets. The management has

no intention of revaluing the assets in next twelve months.

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2012 2011

Rupees Rupees

5. LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE

Future minimum lease payment under finance lease are as follows:

Present value of minimum lease payments 25,175,314 41,797,620

Less: Current portion shown under current liabilities 19,987,820 16,296,084

5,187,494 25,501,536

The future payments and the period in which these will be due are as follows:

GROSS MINIMUM LEASE PAYMENTS

Not later than one year 22,280,660 23,815,716Later than one year but not later than five years 5,393,960 32,621,675

27,674,620 56,437,391LESS: FINANCE CHARGES ALLOCATED TO FUTURE PERIOD

Not later than one year 2,292,840 7,519,632Later than one year but not later than five years 206,466 7,120,139

2,499,306 14,639,771PRESENT VALUE OF MINIMUM LEASE PAYMENTS

Not later than one year 19,987,820 16,296,084Later than one year but not later than five years 5,187,494 25,501,536

25,175,314 41,797,620Less: Current portion of liabilities against assets subject

to finance lease 19,987,820 16,296,084

5,187,494 25,501,536

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2012 2011

Rupees Rupees

8. PROVISION FOR TAXATION

Opening Balance 9,760,877 -Less: Adjusted during the period (9,760,877) -

- -

Provision:

Current period 15,192,861 8,733,059

Prior year - 1,027,818

15,192,861 9,760,877

15,192,861 9,760,877

8.1

9. CONTINGENCIES AND COMITTMENTS

9.1

9.2

9.3

9.4

11. DEFERRED COST

Opening Balance 731,951 1,463,901Addition during the year - -

Less: Amortization during the year (731,951) (731,951)- 731,951

These are preliminary and statutory expenses.

Post dated cheques issued to the Collector of Customs Rs. 1.95 M against various L/Cs.

Letter of guarantee issued in favor of Sui Northern Gas Pipe Lines Ltd Rs. 6 M

Post dated cheques amounting to Rs. 8 milllion has been issued to Silk Bank Limited as a security against local

bills discounting facility obtained from the Bank.

The Company is liable to pay minimum income tax under IT Ordinance 2001. The assesments for early arrears

stand completed under the deeming provisions of IT Ordinance 2001.

Commitments on account of letters of credit opened for the import of raw material as on June 30, 2012 amounts

to Rs. 168.7 million 2011= Rs. 60.7 million

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2012 2011

Rupees Rupees

Security deposits 18,000 18,000Advance against L/C's 4,055,721 972,193L/C's Margins 2,885,896 6,027,888Other advances 287,495 465,519

92,199,585 41,540,695

16. CASH AND BANK BALANCES

Cash in hand 1,318,492 984,140Cash at banks -current accounts 12,179,016 7,090,126

13,497,508 8,074,265

17. SALES

Gross Sales 1,713,548,176 985,579,446Less: Sales tax and FED (194,262,069) (112,273,557)

1,519,286,107 873,305,889

18. COST OF SALESRaw material consumed (18.1) 1,210,161,805 615,503,448

Salaries, wages and benefits 59,798,170 35,750,898

Utilities 86,876,095 73,568,912

Repair and maintenance 3,620,022 2,175,575

Vehicle running and maintenance 1,172,378 1,131,191

Insurance 2,207,243 3,184,067

Depreciation 60,491,103 43,856,203Other manufacturing expense 1,969,636 1,475,372

1,426,296,452 776,645,667

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2012 2011

Rupees Rupees

19. DISTRIBUTION COST

Salaries, wages and benefits 5,869,717 5,063,529

Sales promotion 13,771,334 9,272,868

Commission on Sales 102,556 796,174

Vehicle running and maintenance 2,325,754 1,995,777

Traveling and conveyance 1,529,307 1,308,699

Freight and octroi (Outward) 11,468,625 6,871,850

Other selling expenses 903,884 279,372

35,971,177 25,588,269

20. ADMINISTRATIVE EXPENSES

Salaries, wages and other benefits 14,636,531 10,406,780

Telephone & courier 238,098 551,414

Printing and stationery 37,988 280,275

Vehicle running expenses 1,415,936 1,509,201

Traveling and conveyance 267,016 92,953

Legal and professional charges 477,675 246,614

Repair and maintenance 107,219 228,877

Auditors' remuneration 300,000 300,000

Amortization 731,951 731,951

Rent, Rates & Taxes - 1,130,100

Utilities Electricity , Gas etc 1,660,837 573,368Depreciation 3,287,764 4,981,444

Other administrative expenses 1,423,821 739,742

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2012 2011

Rupees Rupees

25.1 CAPITAL DISCLOSURES

25.2

26. FINANCIAL INSTRUMENTS

These are same as stated in the financial statements. No provision for losses has been made, as all the assets

and liabilities are considered ood on the date of balance sheet.

The company manages its capital structure which comprises capital and reserves by monitoring return on net

assets and makes adjustments to it in the light of changes in economic conditions. In order to maintain or adjust

the capital structure, the company may adjust the appropriation of amounts to reserve or/and issue new shares.

Financial assets and liabilities are recognized when the Company becomes party to the contractual provisions of

the instrument. Financial assets are de-recognized when the Company loses control of the contractual rights that

comprise the financial assets. Financial liabilities are de-recognized when they are extinguished i.e, when the

obligation specified in the contract is discharged, cancelled or expired. The particular measurement methods

adopted are disclosed in the individual policy statements associated with each item. The carrying values of cash,

accounts receivable, account payable and accrued liabilities, approximate fair value because of the short-term

maturity of those instruments. The loan from directors and other parties are interest free long term loan with no

specified date of return. Unless otherwise noted, it is managment's opinion, that the Company is not exposed to

significant interest, currency or credit risks arising from these financial instruments

There is no movement in the Paid up Capital of the Company.

affecting the financial results of the company.

The company's objective when managing capital is to safeguard the company's ability to continue to provide

returns for shareholders and benefits for other stakeholders; and to maintain a strong capital base to support the

sustained develo ment of its business.

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2012 2011

Rupees Rupees

No. of erson 1 8

2011

Remuneration NIL 10,020,000No. of erson 1 8

30.

31. DATE OF AUTHORIZATION

CHIEF EXECUTIVE DIRECTOR

These financial statements were authorized for issue on October 05, 2012 by the board of directors of the

com an .

The figures have been round off to the nearest rupee.

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FOR THE YEAR ENDED JUNE 30, 2012

10. Property, Plant and Equipment

COST

Balance as at July 01, 2010 99,000,000 184,227,671 321,541,452 3,498,194 1,604,200 609,871,517 54,062,052 36,532,611 90,594,663 700,466,180

Additions during the year - 1,054,621 15,243,047 7,039,175 416,216 23,753,059 - - - 23,753,059

Disposals - - - - - - - (8,200,000) (8,200,000) (8,200,000)

Transfers/Adjustments - - - - 1,920,124 1,920,124 - (1,920,124) (1,920,124) -

Reavaluation - 23,230,828 212,919,132 - - 236,149,960 - - - 236,149,960

Balance as at June 30, 2011 99,000,000 208,513,120 549,703,631 10,537,369 3,940,540 871,694,660 54,062,052 26,412,487 80,474,539 952,169,199

Balance as at July 01, 2011 99,000,000 208,513,120 549,703,631 10,537,369 3,940,540 871,694,660 54,062,052 26,412,487 80,474,539 952,169,199

Additions during the year - - 11,826,331 453,378 234,053 12,513,762 - - - 12,513,762

Disposals - - - - - - - - - -

Transfers/Adjustments - - - - - - - - - -

Balance as at June 30, 2012 99,000,000 208,513,120 561,529,962 10,990,747 4,174,593 884,208,422 54,062,052 26,412,487 80,474,539 964,682,961

DEPRECIATION

Balance as at July 01, 2010 - 8,552,187 68,517,215 405,536 629,755 78,104,693 3,446,528 6,102,433 9,548,961 87,653,654

Charge for the year - 9,016,596 29,778,054 347,482 179,094 39,321,227 5,061,552 4,454,868 9,516,421 48,837,647

Disposals - - - - - - - (2,864,683) (2,864,683) (2,864,683)

Transfers/Adjustments - - - 1,560,684 1,560,684 - (1,560,684) (1,560,684) -

- - - - -Balance as at June 30, 2011 - 17,568,783 98,295,269 753,018 2,369,533 118,986,604 8,508,080 6,131,934 14,640,015 133,626,618

Balance as at July 01, 2011 - 17,568,783 98,295,269 753,018 2,369,533 118,986,604 8,508,080 6,131,934 14,640,015 133,626,618

Charge for the year - 9,547,217 45,390,465 998,024 245,681 56,181,387 4,555,397 3,042,083 7,597,480 63,778,867

Disposals - - - - - - -

Transfers/Adjustments - - - - - - - -

Balance as at June 30, 2012 - 27,116,000 143,685,734 1,751,042 2,615,215 175,167,991 13,063,478 9,174,017 22,237,495 197,405,486

Written down values as at June 30, 2011 99,000,000 190,944,337 451,408,362 9,784,351 1,571,007 752,708,056 45,553,972 20,280,553 65,834,524 818,542,581

Written down values as at June 30, 2012 99,000,000 181,397,120 417,844,228 9,239,705 1,559,378 709,040,431 40,998,574 17,238,470 58,237,044 767,277,475

Rate of depreciation in % - 5% 10% 10% 15% 10% 15%

2012 2011

Allocation of DepreciationCost of Sales 60,491,103 43,856,203Administrative Expenses 3,287,764 4,981,444

63,778,867 48,837,647

Description

Owned Assets

Land BuildingPlant and

Machinery

Office

EquipmentVehicles Total

Leased Assets

Grand TotalVehicles Total

Plant and

Machinery

annual accounts 30-06-2012

Documents