Soda Ash PDF

Towards a future of
exciting possibilities
ICI Pakistan Limited Annual Report 2012
2 ICI Pakistan Limited Annual Report 2012
Towards a future of
exciting possibilities
Over sixty nine years of driving change in the markets
we operate in, of challenging norms, of adapting and
of introducing the future. Over sixty nine years of doing
what we do best – embarking on new journeys, without
losing who we are and where we come from.
Today, our journey is focused on the future - the

future of our customers, partners, stakeholders and
employees. Today, our journey is one of investment and
opportunities, of value growth and diversity, of exploiting
potential and discovering talent.
Today our journey is of aspirations.

Aspiring "towards a future of exciting possibilities".
ICI Pakistan Limited Annual Report 2012 1

ICI at a
Glance
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Total Turnover by business
11%
Polyester
17%
Total Turnover Soda Ash
48%
Rs. 37.8 Billion
Life Sciences
24% Chemicals

Key Performance
Indicators
Statementofincome Ratios
NSI Equity
inRs Million inRs Million 3,713 4,657 22.4
2010
2011 35,516 2011 9,528
2012 34,682 -2% 2012 9,417 -1% 2011 2,378 3,311 20.2
Operatingresult Price earning 2012 1,500 2,578 12.7
inRs Million in times

2011 2,378 2011 9.08
2012 1,500
-37% 2012 17.98 +98%
Profitbeforetax Returnoncapitalemployed
inRs Million in%
2011 2,295 2011 20.17 2010 104.81 33.6
2012 1,372
-40% 2012 12.67
-37% 103.16
2011 28.6
Profitaftertax Returnonfixedassets 2012 101.97 27.9

inRs Million %ofrevenue
2011 1,531 2011 28.55
2012 893 -42% 2012 14.76 -48%
EBITDA Dividendyield*
inRs Million in%
14,548
2011 3,311 2011 7.48
2012 2,578
-22% 2012 3.16
-58% 2010
9,528
EBITDAmargin Operatingresultperemployee
%ofNSI inRs Million 2011
2011 9.32 2011 2.1
2012 7.43
-20% 2012 1.4 -33% 9,417
2012 2622
Dividendandearningspershare
Earningspershare Netcashfromoperatingactivities
inRs inRs Million
2,875
2011 13.25 2011 2,875
2012 9.67
-27% 2012 -3,177
-211%
(611)
Dividendpershare(proposed) Capitalexpenditures (2,259)
inRs inRs Million (3,177)
2011 9.00 2011 611
2012 5.50
-39% 2012 2,259 +270% 2012 2011
Operating Cashflows Capital Expenditure
*Basedonyearendmarketvalue

Contents
Overview &
Strategy 06 Governance &
Compliance 30 Business
Performance 58
Mission 08 Corporate Governance Soda Ash 60
Sustainability Guiding Principle and Compliance 32 Life Sciences 64
Code of Conduct 09 Risk Management 35 Chemicals 70
CE Message 10 Board & Management Committees 38 Polyester 74
Financial Highlights 12 Company Information 39
Year in Review 18 Our Board of Directors 40
Your Passion, Our Promise 20 Our Executive Management Team 44
Awards and Achievements 22 Report of the Directors 46
Technology Developments 23 Statement of Compliance 55
Health, Safety, Environment Review Report 57
and Security 24
Community Investment 28

Sustainability
Performance 78 Financial
Performance 110
Leadership Statement 80 ICI Pakistan Financial Statements F 01
Sustainability Strategy 81 Notice of Meeting F 52
Sustainability Framework ICI Pakistan Consolidated
About the Report 82 Financial Statements F 53
Stakeholder Engagement 83 Form of Proxy
Key Performance Indicators 84 Admission Slip
Economic Performance 86 Mandate Letter
Social Performance 90
Environmental Performance 96
G3 Content Index 104
Assurance Statement 108

Our focus is to become stronger and better
than ever. With the support of our new
majority shareholder, we are embarking on a
journey of aspiration, exploring options and
exploiting opportunities to add value to the
millions of lives we touch every day.
Overview
& Strategy
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This section provides an overview of our

strategic priorities and highlights key
performance areas. You will also find the
Chief Executive’s statement along with a
snapshot of the year under review.

Our Mission
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Code of Conduct
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A brief overview of the code:
Business Principles Employee Responsibilities

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Company Responsibilities
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Financial
Highlights
Our results at a glance

t 2012 turnover down at 2 percent
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t 2012 earnings per share: Rs 9.67 (2011: Rs 13.25)
t Total dividend per share for 2012: Rs 5.50 (2011: Rs 9.00) proposed
Turnover by business Operating result by business -10%

11%
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Polyester Soda Ash Life Sciences Chemicals
Turnover
Rs Million
2007 10,354 4,936 5,812 2,710 2,659
2008 12,192 6,510 7,208 3,374 3,207
2009 13,242 6,572 6,226 3,741 2,895
2010 18,034 8,069 6,622 4,115 3,110
2011 21,038 8,628 5,253 3,737
2012 18,354 9,219 6,251 4,026
Polyester Soda Ash Paints Life Sciences Chemicals
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Rs Million
2007 843 1,211 1,508 812 444
2008 983 1,550 1,428 1,030 504
2009 1,403 1,442 1,370 982 478
2010 2,360 1,389 1,347 1,080 510
2011 1,518 1,340 1,393 663
2012 427 1,317 1,514 675
Polyester Soda Ash Paints Life Sciences Chemicals
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Revenue Development (Business-wise) EBITDA
Rs Million Rs Million
2011 38,657 2007 3,858
Polyester (2,684) 2008 3,858
Soda Ash 591 2009 3,899
Life Sciences 998 2010 4,657
Chemicals 289 2011 3,311
2012 37,850 2012 2,578
7YVÄ[HM[LY[H_ Earnings per share

Rs Million Rs
1,785 12.86
2007 2007
2008 1,863 2008 13.42
2009 2,045 2009 14.73
2010 2,429 2010 17.50
2011 1,531 2011 13.25
2012 893 2012 9.67
Operating Result Development (Business-wise)

Rs Million Rs Million
2,875
2011 2,686
Polyester (1,046)
Soda Ash (133)
28 (611)
Life Sciences (1,087)
Chemicals (35) (2,151)
2012 1,500 (3,177)
2012 2011
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Dividend paid Operating Cashflows Capital Expenditure

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Gross margin Operating result margin Profit before tax margin
(%) (%) (%)
2007 20.93 2007 12.96 2007 12.02
2008 19.77 2008 10.98 2008 10.12
2009 19.96 2009 10.65 2009 10.81
2010 19.03 2010 10.57 2010 10.62
2011 12.97 2011 6.70 2011 6.46
2012 11.34 2012 4.33 2012 3.95
Profit after tax margin Return on assets Return on equity

(%) (%) (%)
2007 7.75 2007 9.51 2007 15.70
2008 6.70 2008 10.08 2008 14.96
2009 7.19 2009 9.54 2009 15.17
2010 6.91 2010 11.02 2010 16.70
2011 4.31 2011 7.39 2011 16.07
2012 2.57 2012 4.28 2012 9.48
Return on capital employed Revenue per employee Net income per employee
(%) (Rs million) (Rs million)
2007 23.87 2007 17.95 2007 1.39
2008 21.77 2008 21.04 2008 1.41
2009 19.38 2009 21.85 2009 1.57
2010 22.43 2010 26.88 2010 1.86
2011 20.17 2011 32.03 2011 1.38
2012 12.67 2012 31.64 2012 0.81

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Price earning ratio Current ratio Inventory days
(Rs)
2007 15.29 2007 1.44 2007 59.85
2008 5.12 2008 1.81 2008 52.43
2009 11.44 2009 1.92 2009 58.00
2010 8.24 2010 2.17 2010 51.19
2011 9.08 2011 1.30 2011 50.53
2012 17.98 2012 1.10 2012 60.81
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Administration cost as % of sales Stockholders’ equity per common share Debtor days
(Rs)
2007 3.30 2007 81.91 2007 13.65
2008 4.05 2008 89.68 2008 11.81
2009 4.14 2009 97.14 2009 11.08
2010 3.70 2010 104.81 2010 8.90
2011 3.42 2011 103.16 2011 5.91
2012 3.88 2012 101.97 2012 4.88
Operating cost as a % of net sales* Market value per share Creditor days
(Rs)
2007 87.04 2007 196.65 2007 78.24
2008 89.02 2008 68.71 2008 50.52
2009 89.35 2009 168.49 2009 41.00
2010 89.43 2010 144.24 2010 40.06
2011 93.30 2011 120.27 2011 37.17
2012 95.67 2012 173.89 2012 46.78
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Operating and Financial Highlights
Ratios 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Growth Ratios
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Cost Ratios
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Equity Ratios
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Liquidity Ratios
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Leverage Ratios
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Summary of Cash Flows

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Vertical and Horizontal Analysis
Vertical Analysis 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012
Rs M % Rs M % Rs M % Rs M % Rs M % Rs M %
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Balance Sheet
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Total Equity and Liabilities 18,764.4 100 18,470.7 100 21,422.7 100 22,030.7 100 20,721.4 100 20,863.0 100
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Total Assets 18,764.4 100 18,470.7 100 21,422.7 100 22,030.7 100 20,721.4 100 20,863.0 100
Horizontal Analysis 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012
Rs M % Rs M % Rs M % Rs M % Rs M % Rs M %
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Balance Sheet
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Total Equity and Liabilities 18,764.4 11 18,470.7 -2 21,422.7 16 22,030.7 3 20,721.4 -6 20,863.0 1
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Total Assets 18,764.4 11 18,470.7 -2 21,422.7 16 22,030.7 3 20,721.4 -6 20,863.0 1

Year in
Review
Q1 Q2
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Board Meeting - October 23
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Board Meeting - December 28
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Awards and
Achievements
ACCA-WWF Award for ‘Best Sustainability ICAP Best Sustainability Report Awards
Report (SVUN ^P[O [OL )LZ[ *VYWVYH[L 9LWVY[ H^HYK ^L
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Best Place to Work Award

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MAP Corporate Excellence Award

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ICAP Best Corporate Report Awards

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MAP corporate excellence award ACCA WWF award for best sustainability report

Technology
Developments
Vision Deployment of SAP Planning Process (MRP) at Life
7YVHJ[P]LS`WHY[ULY^P[O[OLI\ZPULZZLZHUKM\UJ[PVUZVM0*0 Sciences – 'Go Live' December 2012
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Highlights of 2012 [VHZZPZ[[OLI\ZPULZZ^P[OIL[[LYWSHUUPUNKLJPZPVUTHRPUN
Successful completion of Paints IT Separation Project HUKI\ZPULZZVWLYH[PVUZHZWLYILZ[I\ZPULZZWYHJ[PJLZ
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.SVIHS
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We aim for the highest standards of
performance and behavior in all our
operations. It is not just how we do
business; it is who we are, what we have
become, what we pride ourselves on and
the path we aim to take.
Governance
& Compliance
L`LVU[HYNL[
In this section we introduce our new Board

of Directors and present their Report for
2012, which provides a detailed overview
of activities during the year. Our corporate
governance and compliance structure is also
described, as well as our risk management
framework.

Corporate Governance
and Compliance
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Our Executive
Management Team
Ali A Aga Suhail Aslam Khan

Acting Chief Executive & Vice President, Soda Ash Business Vice President, Polyester Business
Faisal Akhtar Syed Iqbal Haider

General Manager, Chemicals Business General Manager, Corporate Technical

M Asif Malik Nasir Jamal
Vice President, Human Resource & Life Sciences Business (J[PUN*OPLM-PUHUJPHS6ɉJLY
Organizational Structure
Chief Executive
Chief Financial Soda Ash Polyester Life Sciences Chemicals

Officer Business Business Business Business

Report of the
Directors
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Date: 21 February 2013 KPMG Taseer Hadi & Co.
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Our success depends on the success of our
customers. Understanding our customers'
needs enables us to come up with
innovative and value added products. Every
day the country’s most respected brands,
businesses and service providers depend
on our products to make their businesses
run smoothly. Developing sustainable
solutions for them is something we do with
a passion.
Business
Performance
Z[H`PUNHOLHK
The following section gives a detailed

summary of how each of our Business
Areas performed during 2012. Information
on market characteristics and key brands is
also provided.

Soda Ash
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Launching the new light soda ash 50kg The water conservation team at Soda Ash &RDOÀUHGERLOHUDJUHHPHQW
packaging
Market Overview 5;*(JHZLILMVYL[OL3HOVYL/PNO*V\Y[PZJ\YYLU[S`

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Sustainability is no longer a ‘fancy word’ or
a good thing to do. It's a matter of survival.
For sustained, long-term growth, we
believe it’s important to operate responsibly,
manage resources and constantly innovate.
And while doing it, we make sure our
stakeholders know all about it.
Sustainability
Report
^PSSM\SYLÅLJ[PVUZ
The Sustainability Report covers our

sustainability strategy, Key Performance
Indicators, our annual and long-term targets
and the work we have done so far.

Leadership
Statement
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About
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Stakeholder
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Employee Engagement Survey

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Key Performance Indicators
Integrity Management 2009 2010 2011 2012 2015
;HYNL[
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Sourcing 2009 2010 2011 2012 2015

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Employment Practices 2009 2010 2011 2012 2015

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Community Investment 2009 2010 2011 2012 2015

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Health, Safety & Security 2009 2010 2011 2012 2015

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Water Usage 2009 2010 2011 2012 2015
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Waste Management 2009 2010 2011 2012 2015

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Product Stewardship 2009 2010 2011 2012 2015

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Economic
Performance
Management Approach
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In the business of being ‘in business’
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KPHSVN^P[OLTWSV`LLZHUKRLLW[OLT\WKH[LKVU[OLSH[LZ[Z[HUKHYKZ[OYV\NO[YHPUPUN
Integrity Management 2009 2010 2011 2012 2015
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*VKLVM*VUK\J[JVUÄYTLKPUJPKLU[Z U\TILY
*VKLVM*VUK\J[[YHPULK LTWSV`LLZ
4HUHNLTLU[H\KP[ZPUJS\KPUNYLHZZ\YHUJLH\KP[Z U\TILY
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2012 Overview:
4HUHNLTLU[(\KP[ZPUJS\KLKH\KP[VMV\Y)\ZPULZZLZ/LHK6MÄJL0;HUKH*VHS-PYLK)VPSLYZ7YVQLJ[
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Future Plans:
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QLVWHYKPaLZM\[\YLYLSH[PVUZOPWZHUKHNYLLTLU[Z
Sourcing 2009 2010 2011 2012 2015

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2012 Overview:
>LHYLOHWW`[VYLWVY[HUPUJYLHZLVMPUZPNUPUNVM]LUKVYWVSPJPLZI`V\YRL`Z\WWSPLZ;OHURZ[V[OL
LMMVY[ZVMV\Y[LHTZH[ ^LHYLUV^]LY`JSVZL[VV\Y[HYNL[5VUWYVK\J[YLSH[LKZ\WWSPLYZZPNUVMM
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Future Plans:
6\YM\[\YLWSHUZHPT[VIYPUNHSSV\YKPYLJ[Z\WWSPLYZIV[OWYVK\J[HUKUVUWYVK\J[YLSH[LKPU[VV\Y\TIYLSSHVM
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THQVYW\ISPJZLJ[VYZ\WWSPLYZ

Social
Performance
Management Approach
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Total Number of Employees: 1107
Management: 664
Non Management: 443
Employment Practices 2009 2010 2011 2012 2015

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2012 Overview:
0U^LZ[HY[LKTLHZ\YPUNV\YLUNHNLTLU[ZJVYLZHUK^LHYL ;OL 4HUHNLTLU[ +L]LSVWTLU[ 7YVNYHT PZ H NSVIHS Z[HUKHYKPaLK
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Community Investment 2009 2010 2011 2012 2015

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2012 Overview: Future Plans:

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Health, Safety & Security 2009 2010 2011 2012 2015

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Future Plans:
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Emissions Control 2009 2010 2011 2012 2015

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2012 Overview:
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Future Plans:
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Water Usage 2009 2010 2011 2012 2015

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Product Stewardship 2009 2010 2011 2012 2015

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ICI Pakistan has commissioned United Registrar of Systems (URS) to provide external assurance on its 2011 sustainable report.
The scope of our assurance

Our assurance provides the reader with an independent, external assessment of the report. It is intended both for the general reader and
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information as its starting point and then investigated the underlying systems, processes and sustainability performance information to
arrive at its conclusions.
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That is to say that, based upon the procedures conducted, nothing has come to our attention that causes us to believe that the data is not
in accordance with the GRI G3 Principles.
ICI Pakistan is entirely and solely responsible for the contents of the report, United Registrar of Systems for its assurance.
The limitations of our review

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Inclusivity: Does ICI Pakistan accept responsibility towards those on whom it has an impact? Does ICI Pakistan involve stakeholders in
developing a strategic approach to corporate responsibility and sustainability?
ICI Pakistan has taken a positive step of involving stakeholders in the development of its approach to sustainable development. The section
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when tackling issues outside the boundaries of its operations such as environmental regulation and industry standards.
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approach to setting sustainability objectives and to managing local issues.
Materiality: What are the issues that really matter to the ICI Pakistan's sustainability performance (“material issues”)? How does ICI
Pakistan identify these issues?
Previously we commented that ICI Pakistan should provide more information on the steps taken to review its priority areas and the system
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evidence of ICI Pakistan taking a more holistic approach to key issues, particularly with regard to its strategy on carbon reduction projects.
The next step, as noted last year, will be to provide a more rounded assessment of the extent to which its overall objectives with regard
to the management of its most material issues are being met. This would demonstrate how the business as a whole is moving to be truly
sustainable in a resource-constrained world.
Given the impact of climate change, reducing carbon emissions remains a material issue for all business entities. ICI Pakistan is clearly
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reports.
Responsiveness: Does ICI Pakistan respond to stakeholder issues that affect performance through its actions and communications?
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levels, and that this approach is informed by, and responds to, dialogue with key stakeholders. Data and case studies presented by the
individual businesses and operations also evidence this.

However, as noted previously, future company-wide reporting will be strengthened by the inclusion of more of the voices and experiences
of key groups and organizations, to demonstrate how ICI Pakistan responds to their needs and expectations when working with them.
Reliability of performance information

There is continued evidence of the ICI Pakistan's system for collecting and reporting sustainability having been well embedded and
producing robust performance information.
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has an effective programme of checks and balances to help review data accuracy and ensure consistency. These checks help to
improve the utility and comparability of information, particularly with regard to qualitative assessments of performance, as well as enabling
operations to use the information more effectively to manage their approach to sustainable development.
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LQWKHDVVHVVPHQWRI,&,3DNLVWDQ·VVXVWDLQDELOLW\SHUIRUPDQFHZHUHFOHDUO\H[SODLQHGWR856,&,3DNLVWDQH[SUHVVHGLWVFRPPLWPHQW
to continually improving the quality of its data management processes and the reliability of reported information. The Report and other
sources of information to which it refers, are considered to provide a detailed account of ICI Pakistan's management approach and
performance.
Looking ahead, it might be worthwhile for ICI Pakistan to take on the challenging step of evaluating the social return on investment of
sustainability activities.
Our assurance team

Our assurance team has been drawn from our global Climate Change and Sustainability Services Practice, which undertakes engagements
VLPLODUWRWKLVZLWKDQXPEHURIVLJQLÀFDQWORFDODQGLQWHUQDWLRQDOEXVLQHVVHV
Conclusion
Through its 2011 sustainable development reporting ICI Pakistan continues to provide a robust demonstration of how it involves
stakeholders and responds to their needs and interests in managing its most material issues.
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policies, strategies, management system, initiatives and performance in 2011.
Ali Khan
CEO - United Registrar of Systems Limited
Karachi - Pakistan
March 28, 2012

Financial
Performance
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This section provides a

comprehensive record of all our
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ICI Pakistan Limited
Financial Statements
ICI Pakistan Limited Annual Report 2012 F 01

Auditors Report to the Members
We have audited the annexed unconsolidated balance sheet of ICI Pakistan Limited (the Company) as at 31 December 2012 and the
related unconsolidated profit and loss account, unconsolidated statement of comprehensive income, unconsolidated cash flow statement
and unconsolidated statement of changes in equity together with the notes forming part thereof, for the year then ended and we state that
we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of
our audit.
It is the responsibility of the Company's management to establish and maintain a system of internal control, and prepare and present the
above said statements in conformity with the approved accounting standards and the requirements of the Companies Ordinance, 1984. Our
responsibility is to express an opinion on these statements based on our audit.
We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards require that we plan and
perform the audit to obtain reasonable assurance about whether the above said statements are free of any material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the above said statements. An audit also includes
assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the
above said statements. We believe that our audit provides a reasonable basis for our opinion and, after due verification, we report that:
a) in our opinion, proper books of account have been kept by the Company as required by the Companies Ordinance, 1984;
b) in our opinion:
i) the balance sheet and profit and loss account together with the notes thereon have been drawn up in conformity with the
Companies Ordinance, 1984, and are in agreement with the books of account and are further in accordance with accounting
policies consistently applied;
ii) the expenditure incurred during the year was for the purpose of the Company's business; and
iii) the business conducted, investments made and the expenditure incurred during the year were in accordance with the
objects of the Company;
c) in our opinion and to the best of our information and according to the explanations given to us, the unconsolidated balance sheet,
unconsolidated profit and loss account, unconsolidated statement of comprehensive income, unconsolidated cash flow statement
and unconsolidated statement of changes in equity together with the notes forming part thereof conform with approved accounting
standards as applicable in Pakistan, and, give the information required by the Companies Ordinance, 1984, in the manner so
required and respectively give a true and fair view of the state of the Company's affairs as at 31 December 2012 and of the profit,
its cash flows and changes in equity for the year then ended; and
d) in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the Company
and deposited in the Central Zakat Fund established under section 7 of that Ordinance.
Date: 21 February, 2013 KPMG Taseer Hadi & Co.

Chartered Accountants
Karachi Amir Jamil Abbasi

Unconsolidated Balance Sheet
As at December 31, 2012
Amounts in Rs 000
Note 2012 2011
EQUITY AND LIABILITIES

Share Capital and Reserves
Authorised capital
1,500,000,000 ordinary shares of Rs 10 each 15,000,000 15,000,000
Issued, subscribed and paid-up capital 3 923,591 923,591

Capital reserves 4 309,643 309,643
Unappropriated profit 8,184,240 8,294,690
Total Equity 9,417,474 9,527,924

Surplus on Revaluation of Property, Plant and Equipment 5 740,656 824,207
Liabilities
Non-Current Liabilities
Provisions for non-management staff gratuity

and eligible retired employees' medical scheme 6 298,766 255,094
Long-term loan 7 290,270 -
Deferred tax liability - net 8 1,091,743 1,186,234

1,680,779 1,441,328
Current Liabilities
Trade and other payables 9 6,692,001 8,927,951
Short-term borrowings and running finance 10 2,332,057 -
Contingencies and Commitments 11
Total Equity and Liabilities 20,862,967 20,721,410
F 04 Annual Report 2012 ICI Pakistan Limited

Amounts in Rs 000
Note 2012 2011
ASSETS
Non-Current Assets
Property, plant and equipment 12 10,121,710 8,262,888

Intangible assets 13 40,992 69,118
10,162,702 8,332,006
Long-term investments 14 502,976 502,976

Long-term loans 15 191,508 287,084
Long-term deposits and prepayments 16 40,891 32,372
735,375 822,432
10,898,077 9,154,438
Current Assets
Stores and spares 17 542,117 482,710

Stock-in-trade 18 5,381,340 3,838,856
Trade debts 19 570,251 357,699
Loans and advances 20 188,482 455,149
Trade deposits and short-term prepayments 21 250,664 265,719
Other receivables 22 1,007,619 711,788
Taxation recoverable 1,157,952 821,729
Cash and bank balances 23 866,465 4,633,322
9,964,890 11,566,972
Total Assets 20,862,967 20,721,410
The annexed notes 1 to 48 form an integral part of these financial statements.

Chairman / Director Acting Chief Executive Acting Chief Financial Officer

Unconsolidated Profit and Loss Account
For the year ended December 31, 2012
Amounts in Rs 000
Note 2012 2011
Turnover 25 37,809,433 38,348,591

Sales tax, excise duty, commission and discounts 24 (3,127,870) (2,832,477)
Net sales, commission & toll income 34,681,563 35,516,114

Cost of sales 25 (30,748,177) (30,910,029)
Gross profit 3,933,386 4,606,085
Selling and distribution expenses 28 (1,087,169) (1,012,821)

Administration and general expenses 29 (1,346,185) (1,214,815)
Operating result 1,500,032 2,378,449
Financial charges 30 (294,160) (260,909)

Other operating charges 31 (132,632) (206,653)
(426,792) (467,562)
Other operating income 32 298,381 383,766

Profit before taxation 1,371,621 2,294,653
Taxation 33 (478,952) (763,223)
Profit after taxation from continuing operations 892,669 1,531,430

Profit from discontinued operation (net of tax) 26 - 216,602
Profit for the year 892,669 1,748,032
(Rupees) (Rupees)
Basic and diluted earnings per share - Continuing operations 34 9.67 13.25
Basic and diluted earnings per share - Discontinued operation 34 - 1.87


Unconsolidated Statement of Comprehensive Income
Amounts in Rs 000
2012 2011

Other comprehensive income - -
Total comprehensive income for the year 892,669 1,748,032
Surplus / (deficit) arising on revaluation of certain classes of property, plant and equipment has been reported in accordance with the
requirements of the Companies Ordinance, 1984, as a separate line item below equity.


Unconsolidated Cash Flow Statement
Amounts in Rs 000
2012 2011
(Represented)
Cash Flows from Operating Activities

Profit before taxation from continuing and discontinued operations 1,371,621 2,627,199
Adjustments for:
Depreciation and amortisation 1,077,952 999,176
(Gain) / loss on disposal of property, plant and equipment (16,640) 3,365
Impairment of investment in subsidiary - 209,524
Provision for non-management staff gratuity and eligible retired employees' medical scheme 63,946 65,086
Mark-up on bank deposits and loan to subsidiary (167,662) (342,667)
Interest / mark-up expense 200,966 197,759
2,530,183 3,759,442
Movement in:
Working capital (4,664,039) 425,409
Long-term loans (37,758) (57,646)
Long-term deposits and prepayments (8,519) (101)
Cash generated from operations (2,180,133) 4,127,104
Payments for :
Non-management staff gratuity and eligible retired employees' medical scheme (20,274) (15,566)
Taxation (909,666) (1,297,854)
Interest / mark-up (186,236) (197,759)
Profit / mark-up received on bank deposits 119,595 259,095
Net cash generated from operating activities (3,176,714) 2,875,020
Cash Flows from Investing Activities

Payments for capital expenditure (2,258,851) (611,438)
Proceeds from disposal of property, plant and equipment 25,369 6,026
Profit / mark-up received on loan to subsidiary 63,245 73,376
Loan / standby finance facility to subsidiary company - net - note 15.1 44,444 22,222
Net cash used in investing activities (2,125,793) (509,814)

Amounts in Rs 000
2012 2011
(Represented)
Cash Flows from Financing Activities

Long-term borrowings 290,270 -
Dividend paid (1,086,677) (2,151,436)

Net cash used in financing activities (796,407) (2,151,436)
Net (decrease) / increase in cash and cash equivalents (6,098,914) 213,770
Cash and cash equivalents transferred to
Akzo Nobel Pakistan Limited pursuant to the Scheme - (242,270)
Cash and cash equivalents at January 1 4,633,322 4,661,822
Cash and cash equivalents at December 31 - note 10 & note 23 (1,465,592) 4,633,322
Movement in Working Capital
(Increase) / Decrease in current assets

Stores and spares (59,407) (52,257)
Stock-in-trade (1,542,484) (772,441)
Trade debts (212,552) 7,891
Loans and advances - note 15.1 (60,777) 157,261
Trade deposits and short-term prepayments 15,055 125,779
Other receivables (311,009) (131,277)
(2,171,174) (665,044)
Increase / (Decrease) in current liabilities
Trade and other payables 1,116,910 (2,519,322)
(Paid) / Payable to Akzo Nobel Pakistan Limited (3,609,775) 3,609,775
(4,664,039) 425,409
Cash and cash equivalents at December 31 comprise of:
Cash and bank balances - note 23 866,465 4,633,322

Running finances utilised under mark-up arrangements - note 10 (2,332,057) -
(1,465,592) 4,633,322


Unconsolidated Statement of Changes in Equity
Amounts in Rs 000
Issued, Capital Unappropriated Total

subscribed reserves profit
and paid-up
capital
Balance as on January 1, 2011 1,388,023 465,845 12,694,225 14,548,093

Final dividend for the year ended
December 31, 2010 @ Rs 12.00 per share - - (1,665,628) (1,665,628)
Interim dividend for the year 2011 @ Rs 3.50 per share - - (485,808) (485,808)
Transferred to Akzo Nobel Pakistan Limited pursuant to

Scheme - note 3 & 4 (464,432) (156,202) (4,018,997) (4,639,631)
Transactions with owners, recorded directly in equity (464,432) (156,202) (6,170,433) (6,791,067)
Total comprehensive income for the year ended
December 31, 2011 - - 1,748,032 1,748,032
Transfer from surplus on revaluation of property,
plant and equipment incremental depreciation
for the year - net of deferred tax - note 5 - - 22,866 22,866
- - 1,770,898 1,770,898
Balance as on December 31, 2011 923,591 309,643 8,294,690 9,527,924

December 31, 2011 @ Rs 5.50 per share * - - (763,413) (763,413)
Interim dividend for the year 2012 @ Rs 3.50 per share ** - - (323,257) (323,257)
Transactions with owners, recorded directly in equity - - (1,086,670) (1,086,670)

December 31, 2012 - - 892,669 892,669

- - 976,220 976,220

* Dividend was declared before the approval of demerger by the High Court of Sindh on 138,802,300 shares.
** Interim dividend was declared post approval of demerger by High Court of Sindh on 92,359,050 shares.


Notes to the Unconsolidated Financial Statements
1. Status and Nature of Business
ICI Pakistan Limited (the Company) is incorporated in Pakistan and is listed on the Karachi, Lahore and Islamabad Stock Exchanges.
The Company is engaged in the manufacture of polyester staple fibre, POY chips, soda ash, specialty chemicals, sodium bicarbonate
and polyurethanes; marketing of seeds, toll manufactured and imported pharmaceuticals and animal health products; and merchanting
of general chemicals. It also acts as an indenting agent and toll manufacturer. The Company's registered office is situated at 5 West
Wharf, Karachi.
The Company was previously also engaged in the manufacture of paints, however, with effect from July 1, 2011 (i.e. Effective Date)
its Paints Business has been demerged under a Scheme of Arrangement (the Scheme) dated September 16, 2011 approved by the
shareholders of ICI Pakistan Limited on February 8, 2012 and sanctioned by the High Court of Sindh vide its order announced on May
17, 2012 and submitted to the registrar on June 1, 2012 (i.e. Completion Date). Consequent to the Scheme, the net assets of ICI
Pakistan Limited were split into Paints Business and Non-Paints Businesses on the basis of audited special purpose financial statements
as of June 30, 2011 as detailed in the re-presented financial statements for the year ended December 31, 2011.
2. Summary of Significant Accounting Policies
The accounting policies adopted are the same as those which were applied for the previous financial year.
2.1 Statement of compliance
These financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan. Approved
accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting
Standards Board as are notified under the Companies Ordinance, 1984, provisions of and directives issued under the Companies
Ordinance, 1984. In case requirements differ, the provisions of, or directives issued under the Companies Ordinance, 1984 shall prevail.
2.2 Basis of preparation
These financial statements have been prepared under the historical cost convention, except that certain classes of property, plant and
equipment (i.e. Freehold Land, Building on Freehold and Leasehold Land and Plant & Machinery) have been included at revalued
amounts and certain exchange elements referred to in note 2.8 have been recognised in the cost of the relevant property, plant &
equipment.
The preparation of financial statements in conformity with approved accounting standards requires management to make estimates,
assumptions and use judgments that affect the application of policies and reported amounts of assets and liabilities and income and
expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors,
including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from
the period of revision.
Judgements and estimates made by the management that may have a significant risk of material adjustments to the financial statements
in subsequent years are discussed in note 44.
2.3 Staff retirement benefits
The Company's retirement benefit plans comprise of provident funds, pensions, gratuity schemes and a medical scheme for eligible
retired employees.
Defined benefit plans
The Company operates a funded pension scheme and a funded gratuity scheme for management staff. The pension and gratuity schemes
are salary schemes providing pension and lump sums, respectively. Pension and gratuity schemes for management staff are invested
through two approved trust funds. The Company also operates gratuity scheme for non-management staff and the pensioners' medical
scheme which are unfunded. The pension and gratuity plans are final salary plans. The pensioner's medical plan reimburses actual medical
expenses to pensioners as per entitlement. The Company recognises expense in accordance with IAS 19 Employee Benefits.
An actuarial valuation of all defined benefit schemes is conducted every year. The valuation uses the Projected Unit Credit method.
Actuarial gains and losses are amortised over the expected average remaining working lives of employees as allowed under the relevant
provision of IAS 19 Employee Benefits.
Past-service costs are recognised immediately in profit and loss account, unless the changes to the plan are conditional on the employees
remaining in service for a specified period of time (the vesting period). In this case, the past-service costs are amortised on a straight-
line basis over the vesting period.

Defined contribution plans
The Company operates two registered contributory provident funds for its entire staff and a registered defined contribution superannuation
fund for its management staff, who has either opted for this fund by July 31, 2004 or have joined the Company after April 30, 2004. In
addition to this the Company also provides group insurance to all its employees.
Compensated absences
The Company recognizes the liability for compensated absences in respect of employees in which these are earned up to the balance
sheet date. The provision has been recognized on the basis of actuarial valuation.
2.4 Provisions
A provision is recognised in the balance sheet when the Company has a legal or constructive obligation as a result of a past event, and
it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of obligation. The amount recognized as a provision reflects the best estimate of the expenditure required to settle the present
obligation at the end of the reporting period.
2.5 Trade and other payables
Trade and other payables are recognised initially at fair value plus directly attributable cost, if any.
2.6 Dividend
Dividend distribution to the Company's shareholders is recognised as a liability in the period in which the dividends are approved.
2.7 Taxation
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the profit and loss account, except to
the extent that it relates to items recognised directly in other comprehensive income or below equity, in which case it is recognised in
other comprehensive income or below equity respectively.
Current
Provision for current taxation is based on taxable income at the enacted or substantively enacted rates of taxation after taking into account
available tax credits and rebates, if any. The charge for current tax includes adjustments to charge for prior years, if any.
Deferred
Deferred tax is recognised using balance sheet method, providing for temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based
on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using the enacted or substantively
enacted rates of taxation.
The Company recognises a deferred tax asset to the extent that it is probable that taxable profits for the foreseeable future will be
available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the
related tax benefit will be realised. Further, the Company recognises deferred tax asset / liability on deficit / surplus on
revaluation of property, plant and equipment which is adjusted against the related deficit / surplus.
2.8 Property, plant and equipment and depreciation
Property, plant and equipment (except Freehold Land, Buildings on Freehold & Leasehold Land and Plant & Machinery) are stated at
cost less accumulated depreciation and impairment losses, if any. Freehold land, buildings on freehold and leasehold land and plant &
machinery are stated at revalued amounts less accumulated depreciation and impairment losses, if any. Capital work-in-progress is
stated at cost. Cost of certain property, plant and equipment comprises historical cost, exchange differences recognised in accordance
with the previous Fourth Schedule to the Ordinance, cost of exchange risk cover in respect of foreign currency loans obtained for the
acquisition of property, plant and equipment upto the commencement of commercial production and the cost of borrowings during
construction period in respect of loans taken for specific projects.
Depreciation charge is based on the straight-line method whereby the cost or revalued amount of an asset is written off to profit and
loss account over its estimated useful life after taking into account residual value if material. The cost of leasehold land is amortised in
equal installments over the lease period. Depreciation on additions is charged from the month in which the asset is available for use
and on disposals up to the month of disposal.
The residual value, depreciation method and the useful lives of each part of property, plant and equipment that is significant in
relation to the total cost of the asset are reviewed, and adjusted if appropriate, at each balance sheet date.

Surplus on revaluation of property, plant and equipment is credited to the surplus on revaluation account. To the extent of the incremental
depreciation charged on the revalued assets the related surplus on revaluation of property, plant and equipment (net of deferred taxation)
is transferred directly to unappropriated profit.
Maintenance and normal repairs are charged to income as and when incurred. Improvements are capitalised when it is probable that respective
future economic benefits will flow to the Company and the cost of the item can be measured reliably. Assets replaced, if any, are derecognised.
Gains and losses on disposal of assets are taken to the profit and loss account, and the related surplus / deficit on revaluation of
property, plant and equipment is transferred directly to retained earnings (unappropriated profits).
2.9 Intangible assets and amortization
Intangible assets with a finite useful life, such as certain softwares, licenses (including extraction rights, software licenses, etc.) and property
rights, are capitalized initially at cost and subsequently stated at cost less accumulated amortization and impairment losses, if any.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it
relates. All other expenditures are recognized in profit or loss as incurred.
Amortization is based on the cost of an asset less its residual value. Amortization is recognized in profit or loss on a straight-line basis
over the estimated useful lives of intangible assets. Amortization methods, useful lives and residual values are reviewed at each reporting
date and adjusted, if appropriate.
2.10 Impairment
Financial assets (including receivables)
Financial assets are assessed at each reporting date to determine whether there is objective evidence that they are impaired. A financial
asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss
event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that
financial assets are impaired may include default or delinquency by a debtor, indications that a debtor or issuer will enter bankruptcy.
All individually significant receivables are assessed for specific impairment. All individually significant receivables found not to be specifically
impaired are then collectively assessed for any impairment that has been incurred but not yet identified. Receivables that are not
individually significant are collectively assessed for impairment by grouping together receivables with similar risk characteristics.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount
and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognised
in profit or loss and reflected in an allowance account against receivables. Interest on the impaired asset continues to be recognised
through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in
impairment loss is reversed through profit and loss account.
Non-financial assets
The carrying amounts of non-financial assets other than inventories and deferred tax asset are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessment of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets
that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing
use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit, or CGU).
The Company's corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then
the recoverable amount is determined for the CGU to which the corporate asset belongs. An impairment loss is recognised if the carrying
amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit and loss account.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or
no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have
been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
2.11 Investments
Investments in subsidiary (ICI Pakistan PowerGen Limited) and unquoted equity security classified as available-for-sale are stated at
cost less provision for impairment, if any.

2.12 Stores and spares
Stores and spares are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method.
2.13 Stock-in-trade
Stock-in-trade is valued at the lower of weighted average cost and estimated net realizable value.
Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location
and condition. Net realizable value signifies the estimated selling price in the ordinary course of business less net estimated costs of
completion and selling expenses.
2.14 Trade debts and other receivables
Trade debts and other receivables are recognised initially at fair value plus directly attributable cost, if any, and subsequently measured
at amortized cost. A provision for impairment of trade and other receivables is established when there is objective evidence that the
Company will not be able to collect all amounts due according to the original terms of receivables (Refer note 41.6.1).
2.15 Foreign currency translation
Transactions denominated in foreign currencies are translated to Pak Rupees, at the foreign exchange rate prevailing at the date of
transaction. Monetary assets and liabilities in foreign currencies are translated into Pak Rupees at the foreign exchange rates at the
balance sheet date. Exchange differences are taken to the profit and loss account.
2.16 Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic environment in which the Company
operates. The financial statements are presented in Pak Rupees, which is the Company's functional and presentation currency.
2.17 Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the customer.
For those products which are often sold with a right of return, accumulated experience is used to estimate and provide for such returns
at the time of sale.
Commission income is recognised on the date of shipment from suppliers.
Profit on short-term deposits and mark-up on loan to subsidiary is accounted for on a time-apportioned basis using the effective interest
rate method.
Dividend income is recognised when the right to receive dividend is established.
Toll manufacturing income is recognised when services are rendered.
2.18 Financial expense and financial income
Financial expenses are recognised using the effective interest rate method and comprise foreign currency losses and mark-up / interest
expense on borrowings.
Financial income comprises interest income on funds invested. Mark-up / interest income is recognised as it accrues in profit and loss
account, using the effective interest rate method.
2.19 Segment reporting
Segment reporting is based on the operating (business) segments of the Company. An operating segment is a component of the Company
that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate
to transactions with any of the Company's other components. An operating segment's operating results are reviewed regularly by the
CEO to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial
information is available.
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on
a reasonable basis. Unallocated items comprise mainly corporate assets, income tax assets, liabilities and related income and expenditure.
Segment capital expenditure is the total cost incurred during the year to acquire property, plant and equipment.

The business segments are engaged in providing products or services which are subject to risks and rewards which differ from the risks
and rewards of other segments. Segments reported are Polyester, Soda Ash, Life Sciences and Chemicals, which also reflects the
management structure of the Company.
2.20 Finance lease
Leases that transfer substantially all the risks and rewards incidental to ownership of an asset are classified as finance lease. Assets
subject to finance lease are stated at amounts equal to the fair value or, if lower, the present value of the minimum lease payments.
The minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. Assets acquired
under finance leases are depreciated in accordance with the Company's depreciation policy on property, plant and equipment. The
finance cost is charged to profit and loss account and is included under financial charges.
2.21 Operating leases / Ijarah contracts
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases.
Payments made under operating leases (net of any incentives received from the lessor) are charged to the profit and loss account on
a straight-line basis over the period of the lease.
Payments made under operating leases / Ijarah contracts are recognised in the profit and loss account on a straight-line basis over the
term of the lease.
2.22 Cash and cash equivalents
Cash and cash equivalents comprise of cash in hand and current or deposit accounts held with banks. Running finance facilities availed
by the Company, which are payable on demand and form an integral part of the Company's cash management are included as part of
cash and cash equivalents for the purpose of statement of cash flows.
2.23 Borrowings and their cost
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowing costs are recognised as an expense in the
period in which these are incurred except to the extent of borrowing cost that are directly attributable to the acquisition, construction or
production of a qualifying asset. Such borrowing costs, if any, are capitalised as part of the cost of that asset as detailed in note 12.7.1
to the financial statements.
2.24 Financial liabilities
All financial liabilities are initially recognised at fair value plus directly attributable cost, if any, and subsequently measured at amortised
cost.
2.25 Derivative financial instruments
The Company uses derivative financial instruments to hedge its exposure to foreign exchange and interest rate risks arising from
operational, financing and investment activities. In accordance with its treasury policy, the Company does not hold or issue derivative
financial instruments for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading
instruments. All changes in the fair value are recognized in the profit and loss account.
2.26 Off-setting
Financial assets and liabilities are offset and the net amount is reported in the financial statements only when there is legally enforceable
right to set-off the recognized amount and the Company intends either to settle on a net basis, or to realize the assets and to settle the
liabilities simultaneously.
2.27 Earnings per share
The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing
the profit after tax attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding
during the period.
2.28 Discontinued operation
A discontinued operation is a separate major line of business, which is a distinct part of the Company both operationally and for financial
reporting purposes and which has been discontinued by the Company. When an operation is classified as a discontinued operation,
the comparative income statement is represented as if the operation had been discontinued from the start of the comparative period.

Amounts in Rs 000
2012 2011 2012 2011

(Numbers)
3. Issued, Subscribed and Paid-up Capital
83,734,062 125,840,190 Ordinary shares of Rs 10 each fully paid in cash 837,341 1,258,402
Ordinary shares of Rs 10 each issued as

fully paid for consideration other than cash under
211,925 318,492 scheme of arrangement for amalgamation - note 3.1 2,119 3,185

16,786 25,227 fully paid bonus shares 168 252
Ordinary shares issued pursuant to the

previous Scheme as fully paid for consideration of
8,396,277 12,618,391 investment in associate - note 3.2 83,963 126,184
- (46,443,250) Transferred to Akzo Nobel Pakistan Limited - note 3.4 - (464,432)
92,359,050 92,359,050 923,591 923,591
3.1 The process for amalgamation of three companies namely Paintex Limited, ICI Pakistan Manufacturers Limited and Imperial
Chemical Industries Limited resulted in a new company as ICI Pakistan Limited on April 1, 1987.
3.2 With effect from October 1, 2000 the Pure Terephthalic Acid (PTA) Business of the Company was demerged under a Scheme of
Arrangement (the previous Scheme) dated December 12, 2000 approved by the shareholders and sanctioned by the High Court
of Sindh.
3.3 On December 28, 2012, Lucky Holdings Limited acquired from ICI Omicron B.V. its entire shareholding of 70,019,459 shares in
ICI Pakistan Limited, besides acquiring 111,698 additional shares by way of public offer made by it to all the shareholders of the
Company in pursuance of the provisions of the Listed Companies (Substantial Acquisition of Voting Shares & Take-overs), Ordinance,
2002 and the Listed Companies (Substantial Acquisition of Voting Shares & Take-overs) Regulations, 2008. Thus, Lucky Holdings
Limited became the holding company of ICI Pakistan Limited with effect from December 28, 2012. Along with Lucky Holdings
Limited, two other companies of the Yunus Brothers Group namely, Gadoon Textile Mills Limited and Lucky Textile Mills Limited
also participated in the public offer thereby acquiring 5,980,917 shares and 5,077,180 shares respectively.
3.4 With effect from July 1, 2011, the share capital was split between the Company and Akzo Nobel Pakistan Limited based on
66.54:33.46 ratio which was disclosed in the audited special purpose financial statements for the six months period ended June
30, 2011. Shares transferred to Akzo Nobel Pakistan Limited has been adjusted against the paid-up capital of the Company on
pro rata basis.
4. Capital Reserves
Share premium - note 4.1 309,057 465,259

Capital receipts - note 4.2 586 586
Transferred to Akzo Nobel Pakistan Limited - note 4.3 - (156,202)
309,643 309,643
4.1 Share premium includes the premium amounting to Rs 0.902 million received on shares issued for the Company's Polyester Plant
installation in 1980 and share premium of Rs 464.357 million representing the difference between nominal value of Rs 10 per
share of 12,618,391 ordinary shares issued by the Company and the market value of Rs 590.541 million of these shares
corresponding to 25% holding acquired in Lotte Pakistan PTA Limited, an ex-associate, at the date of acquisition i.e. November
2, 2001 and the number of shares that have been issued were determined in accordance with the previous Scheme in the ratio
between market value of the shares of two companies based on the mean of the middle market quotation of the Karachi Stock
Exchange over the ten trading days between October 22, 2001 to November 2, 2001.
4.2 Capital receipts represent the amount received from various ICI PLC group companies overseas for the purchase of property, plant
and equipment. The remitting companies have no claim to their repayments.
4.3 With effect from July 1, 2011, the capital reserves were split between the Company and Akzo Nobel Pakistan Limited based on
30, 2011.

Amounts in Rs 000
2012 2011
5. Surplus on Revaluation of Property, Plant and Equipment
Balance as on January 1 824,207 907,352

Transferred to Akzo Nobel Pakistan Limited as on June 30, 2011 - (526,560)
Revaluation surplus - note 12.2 & 12.3 - 712,431
Deferred tax liability recognised on surplus - note 8 - (246,150)
- 466,281
Transferred to unappropriated profit in

respect of incremental depreciation during the
year - net of deferred tax (83,551) (22,866)
Balance as on December 31 740,656 824,207
6. Provisions for non-management staff gratuity and

eligible retired employees' medical scheme - note 6.1 298,766 255,094
6.1 Staff Retirement Benefits

The amount recognized in the profit and loss account against Defined Benefit Scheme for the year from January 1, 2012 to December 31, 2012 are as follows:
2012 2011
Funded Unfunded Funded Unfunded
Pension Gratuity Total Pension Gratuity Total
6.1.1 The amounts recognised in the profit and loss account against defined benefit schemes are as follows:
Current service cost 40,178 34,511 74,689 10,765 38,178 30,341 68,519 5,365
Interest cost 187,825 74,093 261,918 44,694 191,509 66,604 258,113 50,533
Expected return on plan assets (183,705) (52,069) (235,774) - (185,527) (49,464) (234,991) -
Termination cost 59,810 - 59,810 - - - - -
Recognition of actuarial loss 104,254 11,861 116,115 8,487 108,564 12,544 121,108 9,188
Net charge for the year 208,362 68,396 276,758 63,946 152,724 60,025 212,749 65,086
6.1.2 Movement in the net assets / (liability) recognised in the balance sheet are as follows:
Opening balance 193,254 15,932 209,186 (255,333) 342,584 19,835 362,419 (223,181)
Balance transferred to Akzo Nobel Pakistan Limited
pursuant to the Scheme - - - - (36,888) (2,173) (39,061) 17,368
Net charge - note 6.1.1 (208,362) (68,396) (276,758) (63,946) (152,724) (60,025) (212,749) (65,086)
Contributions / payments during the year 173,052 43,392 216,444 20,274 40,282 58,295 98,577 15,566
Closing balance 157,944 (9,072) 148,872 (299,005) * 193,254 15,932 209,186 (255,333) *
6.1.3 The amounts recognised in the balance sheet are as follows:
Fair value of plan assets - note 6.1.5 1,165,492 344,408 1,509,900 - 1,223,627 357,947 1,581,574 -
Present value of defined benefit obligation - note 6.1.4 (1,194,618) (646,506) (1,841,124) (422,886) (1,426,539) (508,072) (1,934,611) (402,650)
Deficit (29,126) (302,098) (331,224) (422,886) (202,912) (150,125) (353,037) (402,650)
Unrecognised actuarial losses 187,070 293,026 480,096 123,881 396,166 166,057 562,223 147,317
Recognised asset / (liability) 157,944 (9,072) 148,872 (299,005) * 193,254 15,932 209,186 (255,333) *
The recognized liability of funded gratuity has been netted off against recognized asset of funded pension as amount is immaterial.
6.1.4 Movement in the present value of defined benefit obligation:
Opening balance 1,426,539 508,072 1,934,611 402,650 1,547,841 553,363 2,101,204 381,842
pursuant to the Scheme - - - - (222,370) (117,334) (339,704) (26,953)
Interest cost 187,825 74,093 261,918 44,694 191,509 66,604 258,113 50,533
Benefits paid** (552,141) (147,375) (699,516) (20,274) (165,570) (56,049) (221,619) (15,566)
Actuarial loss 32,407 177,205 209,612 (14,949) 36,951 31,147 68,098 7,429
Closing balance 1,194,618 646,506 1,841,124 422,886 1,426,539 508,072 1,934,611 402,650
* The unfunded liability included in the above table includes Rs 0.239 million (2011: Rs 0.239 million) pertaining to ICI Pakistan PowerGen Limited.

Amounts in Rs 000
2012 2011
6.1.5 Movement in the fair value of plan assets:
Opening balance 1,223,627 357,947 1,581,574 - 1,380,173 391,304 1,771,477 -

pursuant to the Scheme - - - - (196,534) (81,149) (277,683) -
Expected return 183,705 52,069 235,774 - 185,527 49,464 234,991 -
Contributions** 173,052 43,392 216,444 - 40,282 58,295 98,577 -
Benefits paid** (552,141) (147,375) (699,516) - (165,570) (56,049) (221,619) -
Actuarial (loss) / gain 137,249 38,375 175,624 - (20,251) (3,918) (24,169) -
Closing balance 1,165,492 344,408 1,509,900 - 1,223,627 357,947 1,581,574 -
Contributions** - - - - 4,071 6,133 10,204 -
Benefits paid** - - - - (54,414) (17,391) (71,805) (12)
** Contributions and benefits paid in respect of funded pension, funded gratuity and unfunded gratuity and medical benefits of Paints Business have been recorded
in the books of ICI Pakistan Limited and have been transferred to Akzo Nobel Pakistan Limited after the Completion date (June 1, 2012).
6.1.6 Historical Information***

As at December 31 2012 2011 2010 2009 2008
Present value of defined benefit obligation 2,264,010 2,337,261 2,483,046 2,088,882 1,819,786
Fair value of plan assets 1,509,900 1,581,574 1,771,477 1,354,469 1,126,062
Deficit 754,110 755,687 711,569 734,413 693,724
*** Prior year figures are inclusive of staff retirement benefits of Paints Business (from 2008 to 2010).
Experience adjustment on plan liabilities 4% 3% 7% 3% 13%

Experience adjustment on plan assets 12% (1%) 5% 13% (27%)
2012 2011
6.1.7 Major categories/composition of plan assets are as follows:
Debt instruments 73% 67%

Equity at market value 27% 31%
Cash 0% 2%
Mortality of active employees and pensioners is represented by the LIC (96-98) Table. The table has been rated down three years
for mortality of female pensioners and widows.
The return on plan assets was assumed to be equal to the discount rate. Actual (loss) / return on plan assets during 2012 was
Rs 411.398 million (2011: Rs 217.028 million).
6.1.8 The principal actuarial assumptions at the reporting date were as follows:
Discount rate 11.50% 13.00%
Expected return on plan assets 11.50% 13.00%
Future salary increases - Management 13.00% 10.75%
Future salary increases - Non-Management 6.00% 10.75%
Future pension increases 7.00% 7.50%
On and from the Completion Date, proportionate amounts in the ICI Pakistan Management Staff Gratuity Fund and the ICI Pakistan
Management Staff Pension Fund relating to the Paints employees, has been transferred from the ICI Pakistan Management Staff
Gratuity Fund and the ICI Pakistan Management Staff Pension Fund and have vested in the trustees of similar funds established
by Akzo Nobel Pakistan Limited for the benefit of its employees.
6.1.9 Medical cost trend is assumed to follow inflation. The sensitivity to reflect the effect of 1% movement in the assumed medical trend
were as follows:
2012 Increase Decrease
6.25% 7.25% 5.25%
Effect on the aggregate of the current service cost and interest cost 44,950 52,070 39,771
Effect on the defined benefit obligation 350,500 400,373 313,642
These figures are based on the actuarial valuation as at December 31, 2012. The valuation uses the Projected Unit Credit method.
Actuarial gains and losses are amortized over the expected future service life of current members.
6.1.10 The Company contributed Rs 57.829 million (2011: Rs 63.896 million) and Rs 34.929 million (2011: Rs 37.431 million) to the
provident fund and the defined contribution superannuation fund respectively during the year.

Amounts in Rs 000
2012 2011
7. Long-Term Loan
From banking companies / financial institutions: 290,270 -
The Company has obtained Long-Term Finance Facility (LTFF) for imported and locally manufactured plant and machinery from
Faysal Bank Limited, of Rs 290.27 million (limit: Rs 500 million) for a period of 7 years (including 2 year grace period), with the principal
repayable on semi-annual basis. The Company also has Long-Term Finance Facility (LTFF) available from Habib Bank Limited
aggregating to Rs 1,000 million for a period of 7 years (including 2 year grace period), with the principal repayable on semi-annual
basis. The mark-up is chargeable at fixed rate of 9.65% payable on quarterly basis. These facilities are secured against first pari
passu hypothecation charge of Rs 1,875 million on the Property, Plant and Equipment (PPE) of the Company's Soda Ash Business.
The loans have been refinanced by the State Bank of Pakistan under Long-Term Finance Facility (LTFF) for Export Oriented Projects.
2012 2011
Opening Reversal Closing Opening Transferred Reversal Recognised Closing
(note - 33) to ANPL (note - 33 & in Surplus
(note - 26) note - 8.1) on revaluation
(note 5)
8. Deferred Tax (Liability) / Asset - net

Deductible temporary differences
Provisions for retirement benefits,
doubtful debts and others 286,493 43,583 330,076 470,105 (262,871) 79,259 - 286,493
Taxable temporary differences
Property, plant and equipment (1,472,727) 50,908 (1,421,819) (1,340,353) 50,127 63,649 (246,150) (1,472,727)
(1,186,234) 94,491 (1,091,743) (870,248) (212,744) 142,908 (246,150) (1,186,234)
8.1 Last year reversal included Rs 44.086 million pertaining to discontinued operation.
2012 2011
9. Trade and Other Payables
Trade creditors - note 9.1, 9.1.1 & 9.1.2 1,407,341 655,610

Bills payable 3,187,853 2,631,096
Sales tax, excise and custom duties 35,627 86,128
Mark-up accrued on short term borrowings 14,731 -
Accrued interest on long-term loans - note 9.2 36,110 -
Accrued expenses 770,626 1,028,108
Technical service fee / royalty 665 608
Workers' profit participation fund - note 9.3 75,192 148,183
Workers' welfare fund 28,141 53,616
Distributors' security deposits - payable on termination of distributorship - note 9.4 111,497 95,473
Contractors' earnest / retention money 9,589 9,344
Advances from customers - note 9.5 469,015 402,641
Unclaimed dividends 4,537 4,544
Payable for capital expenditure 216,402 76,267
Provision for compensated absences - note 9.6 31,249 20,000
Payable to Akzo Nobel Pakistan Limited - note 9.7 - 3,609,775
Payable to ICI Pakistan PowerGen Limited (subsidiary) - note 9.8 102,057 -
Others 191,369 106,558
6,692,001 8,927,951
9.1 The above balances include amounts due to the following associated undertakings (January 1, 2012 to December 27, 2012):
Akzo Nobel NV - 44,591
Akzo Nobel Functional Chemicals BV - 11,998
Akzo Nobel Functional Chemicals Pte Limited - 1,619
Akzo Nobel Surface Chemistry Pte Limited - 1,074
- 59,282
9.1.1 This includes an amount of Rs 115.8 million (2011: Rs Nil) payable to ICI Pakistan PowerGen Limited on account of purchase of electricity.
9.1.2 This amount includes Rs 52.5 million on account of exchange gain / loss on forward exchange contracts.
9.2 This liability pertains to long-term loan obtained for Coal Fired Boiler project. Interest charge on this loan is part of capital work-in-progress.

Amounts in Rs 000
2012 2011
9.3 Workers' profit participation fund

Allocation for the year - note 31 72,336 128,168
Allocation relating to discontinued operation - 10,314
220,519 342,586
Interest on funds utilised in the Company's
businesses at 67.5 % (2011: 131.25 %) per annum - note 30 2,755 7,471
Interest on funds utilised in the discontinued operation - 1,786
2,755 9,257
Less:
- Paid to the Fund 148,082 203,660
9.4 Interest on security deposits from certain distributors is payable at 11.9 % (2011: 11.6 %) per annum as specified in the respective
agreements.
9.5 The above balances include amounts due to the following associated undertakings (December 28, 2012 to December 31, 2012):
Gadoon Textile Mills 3,179 -

Fazal Textile Mills 6,374 -
9,553 -
9.6 This figure is based on actuarial valuation and estimation.
9.7 This amount has been paid to Akzo Nobel Pakistan Limited.
9.8 A set off agreement was entered between the Company and ICI Pakistan PowerGen Limited on December 31, 2012. According
to the agreement, long-term loan of Rs 133 million and standby running finance of Rs 283 million provided to ICI Pakistan PowerGen
Limited has been adjusted against payable balance of Rs 518 million to ICI Pakistan PowerGen Limited in respect of purchase
of Gas Turbine and the balance of Rs 102 million is outstanding.
10. Short-Term Borrowings and Running Finance 2,332,057 -
Short-term borrowings and running finance facility available from various banks aggregated to Rs 4,075 million (December 31,
2011: Rs 2,721 million) and carry mark-up during the period ranging from relevant KIBOR + 0.5% to 1.0% per annum with an
average mark-up rate of relevant KIBOR + 0.83% per annum as at December 31, 2012 (December 31, 2011: relevant KIBOR +
0.5% to 1.5% per annum with an average mark-up rate of relevant KIBOR + 1.00% per annum). The facilities are secured by
hypothecation charge over the present and future stock-in-trade and book debts of the Company.
Tenure
Mark up rate From To
10.1 Short-term borrowings - secured
Samba Bank Limited KIBOR + 0.5% 3-Dec-12 2-Jan-13 494,000 -

United Bank Limited KIBOR + 0.5% 10-Dec-12 9-Jan-13 300,000 -
Standard Chartered Bank Limited KIBOR + 0.5% 12-Dec-12 11-Jan-13 200,000 -
994,000 -
The above short term borrowings are secured by first pari passu hypothecation charge as mentioned above.
10.2 Short-term running finance - secured 1,338,057 -
The above short term running finance is secured by first pari passu hypothecation charge as mentioned above.

Amounts in Rs 000
2012 2011
11. Contingencies and Commitments
11.1 Claims against the Company not acknowledged as debts are as follows:
Local bodies - note 11.1.1 12,735 63,135

Sales Tax authorities - 492
Others 30,389 137,201
43,124 200,828
11.1.1 The Company was served notice by Punjab Employees Social Security Institutions Local office Shahdara, dated November 24,
1997 on Polyester Plant for alleged non payment of Rs 11.96 million on account of Social Security Contribution on the basis of
assessment made by the PESSI for the period 1996 and 1997, on behalf of contractors workers (M/s Descon Engineering Limited)
engaged for Expansion Project. The Company challenged the notice and filed an appeal with Vice Commissioner Social Security
Institution and also filed petition in High Court Lahore on July 20, along with stay application, the court granted stay order on July
25, 2012. The outcome of the case cannot be determined yet.
11.2 Guarantees issued by the Company in respect of financial and operational obligations of Lotte Pakistan PTA Limited pursuant to
the previous Scheme of Arrangement, amounting to Rs 2,010 million (2011: Rs 2,100 million) against which Lotte Pakistan PTA
Limited and KP Chemical Corporation Limited have issued counter guarantees to the Company.
11.3 Guarantee issued by the Company to a bank in respect of financing obtained by Senior Executives amounted to Rs Nil (2011:
Rs 35 million), in accordance with the terms of employment.
11.4 Guarantee issued by the Company of Rs 133 million (2011: Rs 133 million) to a bank on behalf of its subsidiary ICI Pakistan
PowerGen Limited for availing funded facility.
11.5 Commitments in respect of capital expenditure (including Coal Fired Boiler Project of the Soda Ash Business) amounted to
11.6 The Board of ICI Pakistan Limited reviewed the cost escalation of the Polymer Filter project and approved the revised cost of
Rs 324.3 million in August 2012 given the strategic importance of this quality improvement project for the Polyester Business. The
Company has signed a Design Services contract with Chemtex International Inc and 20% payment of equipment supply contract
value is being processed upon submission of purchase order of polymer filter to related bank. M/s Chemtex has provided equipment
loading data which has been passed on to civil design authority for design of civil structure which is expected to be received by
first quarter 2013.
11.7 Commitments for rentals under operating lease / ijarah contracts in respect of vehicles amounting to Rs 125.919 million (2011:
Rs 158.102 million) are as follows:
Year
2012 - 62,980
2013 52,287 51,029
2014 38,060 31,742
2015 24,937 12,351
2016 10,635 -
125,919 158,102
Payable not later than one year 52,287 62,980

Payable later than one year but not later than five years 73,632 95,122
125,919 158,102
11.8 Outstanding foreign exchange contracts as at December 31, 2012 entered into by the Company amounted Rs 2,635.860 million
(2011: Rs 720.173 million).
12. Property, Plant and Equipment
12.1 The following is a statement of property, plant and equipment:
Operating property, plant and equipment - note 12.2 8,137,489 8,156,729

Capital work-in-progress - note 12.7 1,984,221 106,159
10,121,710 8,262,888

Amounts in Rs 000
12.2 The following is a statement of operating property, plant and equipment:

Land Lime beds Buildings Plant and Railway Rolling Furniture Total
Freehold Leasehold on freehold On On machinery sidings stock and and
land freehold leasehold vehicles equipment
land land
Note 12.3 Note 12.3
2012
Net carrying value basis
Year ended December 31
Opening net book value (NBV) 341,885 - 114,497 339,690 722,701 6,415,262 - 18,487 204,207 8,156,729
Addition/transfer (at cost) - - 25,551 32,522 42,997 858,624 - 11,220 66,548 1,037,462
Disposal/transfer (at NBV) - - - - (637) (2,681) - (952) (4,459) (8,729)

Depreciation charge - note 12.6 - - (12,614) (46,626) (81,103) (833,187) - (7,745) (66,698) (1,047,973)
Closing net book value (NBV) 341,885 - 127,434 325,586 683,958 6,438,018 - 21,010 199,598 8,137,489
Gross carrying value basis

At December 31
Cost/Revaluation 341,885 567,799 227,123 2,420,981 1,463,173 19,010,525 297 92,637 577,215 24,701,635
Accumulated depreciation - (567,799) (99,689) (2,095,395) (779,215) (12,572,507) (297) (71,627) (377,617) (16,564,146)
Net book value 341,885 - 127,434 325,586 683,958 6,438,018 - 21,010 199,598 8,137,489
Depreciation rate % per annum - 2 to 4 3.33 to 7.5 5 to 10 2.5 to 10 3.33 to 10 3.33 10 to 25 10 to 33.33
2011

Opening net book value (NBV) 864,636 2,765 89,663 234,359 705,235 6,559,004 - 21,443 200,388 8,677,493
Addition/transfer (at cost) - - 36,822 8,606 88,075 436,084 - 6,080 63,807 639,474
Revaluation - note 12.3 9,149 - - 211,917 - 491,365 - - - 712,431

Disposal/transfer (at NBV) - - - - - (4,606) - - (4,785) (9,391)
Transferred to Akzo Nobel

Pakistan Limited (531,900) - - (88,095) - (257,752) - (323) (33,687) (911,757)
pursuant to the Scheme
Depreciation charge - note 12.6 - (2,765) (11,988) (27,097) (70,609) (808,833) - (8,713) (21,516) (951,521)

At December 31
Accumulated depreciation - (567,799) (87,075) (2,048,769) (707,157) (11,906,866) (297) (109,308) (326,265) (15,753,536)
Net book value 341,885 - 114,497 339,690 722,701 6,415,262 - 18,487 204,207 8,156,729
12.3 Subsequent to revaluation on October 1, 1959, September 30, 2000 and December 15, 2006 which had resulted in a surplus of
Rs 14.207 million, Rs 1,569.869 million and Rs 667.967 million respectively, the land, building on freehold and leasehold land and
plant and machinery were revalued again on December 31, 2011 resulting in a net surplus of Rs 712.431 million respectively.
The valuation was conducted by an independent valuer. Valuations for plant and machinery and building were based on the
estimated gross replacement cost, depreciated to reflect the residual service potential of the assets taking account of the age,
condition and obsolescence. Land was valued on the basis of fair market value.
12.4 As at December 31, plant and machinery included equipments held with Searle Pakistan Limited and Maple Pharmaceutical
(Private) Limited (toll manufacturers), having cost and net book values as follows:
2012 2011
Cost 2,144 2,402

Net book value 1,192 1,419

Amounts in Rs 000
2012 2011
12.5 Had there been no revaluation, the net book value of specific classes of operating property, plant and equipment would have
amounted to:
Net Book Value
Freehold land 42,604 42,604
Buildings 829,661 850,473
Plant and machinery 5,895,803 5,779,194
6,768,068 6,672,271
12.6 The depreciation charge for the year has been allocated as follows - note 12.6.1:
Cost of sales - note 27 983,031 845,297
Selling and distribution expenses - note 28 12,440 12,645
Administration and general expenses - note 29 52,502 30,466
Depreciation charge relating to discontinued operation - 63,113
1,047,973 951,521
12.6.1 Depreciation charge is inclusive of the incremental depreciation due to revaluation.

12.7 The following is a statement of capital work-in-progress - note 12.7.1:
Civil works and buildings 160,508 17,463
Plant and machinery 1,628,511 51,488
Miscellaneous equipment 140,379 29,655
Advances to suppliers / contractors 15,630 7,553
Designing, consultancy and engineering fee 39,193 -
1,984,221 106,159
12.7.1 This includes interest charge on long-term loan obtained for Coal Fired Boiler project amounting to Rs 66 million (2011: Rs Nil).
12.8 The Company purchased Gas Turbine from ICI Pakistan PowerGen Limited on April 11, 2012 together with all related equipments
including stores and spares for Rs 668.4 million. Out of which plant, machinery and building of Rs 594.3 million have been classified
as operating property, plant and equipment and Rs 48.75 million has been classified as capital work-in-progress. Spares amounting
to Rs 25.32 million have been classified as stores and spares.
12.9 Details of operating property, plant and equipment disposals having net book value in excess of Rs 50,000 are as follows:
2012
Mode of sale Cost Accumulated Net book Sale Particulars of buyers
depreciation value proceeds
Plant and machinery
Boiler Coil Scrap 1,584 1,515 69 70 Shahid Hanif Ghouri, House # 7,

Mandi Bahauddin
Rolling stock and vehicles
Kia sportage, Toyota Corolla Tender 1,478 592 886 3,467 Muhammad Farooq Ahmed,
and others House No.28, Jamal Street, Lahore and
Shafiqur Rehman, Sultan Ali, Shah Jehan
etc
Furniture and equipment
Central heating and hot water Tender 2,975 1,795 1,180 1,024 Owner Of Miranjani House -
system and others Samad A Khan, Alpine Hotel, Manshera
Road, Abbottabad, and Anjum Wood Craft,
Khewra Distt Jhelum etc
Diesel generator and others BOD approval 3,563 714 2,849 2,818 Waqar A Malik, Ex- Chief Executive Officer
2011
Plant and machinery
Conveyor System & others Tender 6,817 4,738 2,079 205 Muhammad Akram Ghouri House # 142
Mohallah New Kashmir Colony Mandi
Bahauddin
Computers Insurance Claim 256 50 206 247 Adamjee Insurance Limited.

Amounts in Rs 000
13. Intangible Assets

2012
Software Licenses Under Total
development

Opening net book value (NBV) 27,791 41,327 - 69,118

Additions at cost - 1,853 - 1,853
Amortisation charge - note 13.1 (8,676) (21,303) - (29,979)
Closing net book value (NBV) 19,115 21,877 - 40,992
Gross carrying amount
At December 31
Cost 230,213 103,417 - 333,630
Accumulated amortisation (211,098) (81,540) - (292,638)
Net book value 19,115 21,877 - 40,992
Rate of amortisation % per annum 20 20 to 50 -

2011
Opening net book value (NBV) 48,759 65,991 65,352 180,102

Additions at cost 4,068 14,428 - 18,496
Transfered to Akzo Nobel Pakistan Limited
pursuant to the Scheme (7,748) (8,725) (65,352) (81,825)

At December 31
Cost 230,213 101,564 - 331,777
Net book value 27,791 41,327 - 69,118

2012 2011
13.1 The amortisation charge for the year has been allocated as follows:

Amortization charge relating to discontinued operation - 3,341
29,979 47,655
14. Long-Term Investments
Unquoted
Subsidiary
- ICI Pakistan PowerGen Limited (wholly owned)
7,100,000 ordinary shares (2011: 7,100,000) of Rs 100 each - note 14.1 710,000 710,000
Less: Provision for impairment loss - note 14.2 & 29 209,524 209,524
500,476 500,476
Others
Equity security available for sale
- Arabian Sea Country Club Limited 2,500 2,500
502,976 502,976
14.1 The value of the Company's investment on the basis of net assets of the Subsidiary as disclosed in its audited financial statements
for the year ended December 31, 2012 amounted to Rs 569.148 million (2011: Rs 467.818 million).

Amounts in Rs 000
2012 2011
14.2 In 2011, the Company reviewed the future economic benefits of the Subsidiary based on its estimated future cashflows. The
recoverable amount of investment was estimated based on its value in use using a discount rate of 18.0%. Based on the assessment,
the carrying amount of investment was determined to be Rs 209.524 million higher than the recoverable amount. Further, no
provision is required in the current year as the expected discounted cashflows from investment exceeds its recoverable amount.
15. Long-Term Loans - Considered good
Due from Subsidiary - Unsecured

- Long term portion - note 15.1 - 133,334
Due from Directors, Executives and Employees - note 15.2 191,508 153,750
191,508 287,084
15.1 This represents loan given to ICI Pakistan PowerGen Limited (wholly owned subsidiary) of Rs 200 million carrying mark-up at 3
months KIBOR + 2%. This loan was repayable in nine equal semi annual installments commencing from October 1, 2011. A set
off agreement was entered between the Company and ICI Pakistan PowerGen Limited on December 31, 2012. According to the
agreement, long-term loan of Rs 133 million and standby running finance of Rs 283 million provided to ICI Pakistan PowerGen
Limited has been adjusted against payable balance of Rs 518 million to ICI Pakistan PowerGen Limited in respect of purchase
of Gas Turbine and the balance of Rs 102 million is outstanding.
15.2 Due from Directors, Executives and Employees

Motor car House Total Total
building
Due from Directors and Executives - note 15.3 113,881 65,617 179,498 151,262
Less: Receivable within one year - note 20 19,717 23,790 43,507 25,521
94,164 41,827 135,991 125,741
Due from Employees 78,845 57,003

Less: Receivable within one year - note 20 23,328 28,994
55,517 28,009
191,508 153,750
Outstanding for period:

- less than three years but over one year 113,785 65,850
- more than three years 77,723 87,900
191,508 153,750
15.3 Reconciliation of the carrying amount of loans to Directors and Executives:
Opening balance at beginning of the year 151,262 153,415

Transferred to Akzo Nobel Pakistan Limited
pursuant to the Scheme - (50,382)
Disbursements 113,349 114,819
Repayments (85,113) (66,590)
Balance at end of the year 179,498 151,262
15.4 Loans for purchase of motor cars and house building are repayable between two to ten years. These loans are interest free and
granted to the employees including executives of the Company in accordance with their terms of employment.
15.5 The maximum aggregate amount of loans due from the Executives at the end of any month during the year was Rs 179.498 million
(2011: Rs 157.347 million).
16. Long-Term Deposits and Prepayments
Deposits 26,799 25,190

Prepayments 14,092 7,182
40,891 32,372

Amounts in Rs 000
2012 2011
17. Stores and Spares
Stores (include in-transit Rs 14.026 million; 2011: Rs 12.134 million) 43,069 37,861
Spares 594,789 547,796
Consumables 88,942 79,152
726,800 664,809
Less: Provision for slow moving and obsolete items - note 17.1 184,683 182,099
542,117 482,710
17.1 Movement of provision in stores and spares
Provision as at January 1 182,099 170,327

Charge for the year - note 29 2,625 11,772
Write-off (41) -
Provision as at December 31 184,683 182,099
18. Stock-in-Trade
Raw and packing material (include in-transit Rs 822.110 million; 2,471,023 1,613,447
2011: Rs 192.658 million) - note 18.3
Work-in-process 147,963 220,246
Finished goods (include in-transit Rs 195.149 million;
2011: Rs Nil) - note 18.3 2,850,782 2,069,205
5,469,768 3,902,898
Less: Provision for slow moving and obsolete stocks - note 18.1
- Raw material 12,730 9,018
- Finished goods 75,698 55,024
88,428 64,042
5,381,340 3,838,856
18.1 Movement of provision in stock-in-trade

pursuant to the Scheme - (134,745)
Charge relating to discontinued operation - 9,887
Reversal - (1,962)
Write-off (4,572) (18,938)
Payment (477) -
18.2 Stock amounting to Rs 280.249 million (2011: Rs 30.024 million) is measured at net realisable value and has been written down
by Rs 16.461 million (2011: Rs 70.917 million) to arrive at its net realisable value.
18.3 Raw and packing materials include Rs 243.227 million (2011: Rs 282.610 million) which are held with toll manufacturers namely
Searle Pakistan Limited, Maple Pharmaceutical (Private) Limited, Epla Laboratories (Private) Limited, Breeze Pharma (Private)
Limited, NovaMed Pharmaceuticals and Polymers International Pvt. Ltd. Finished goods include Rs Nil (2011: Rs 5.107 million)
which are held with toll manufacturer, My Plan Pharmaceuticals.

Amounts in Rs 000
2012 2011
19. Trade Debts
Considered good
- Secured 317,764 244,664
- Unsecured 453,818 265,923
771,582 510,587
Considered doubtful 95,384 92,339
866,966 602,926
Less: Provision for:
- Doubtful debts - note 41.4 95,384 92,339
- Discounts payable on sales 201,331 152,888
296,715 245,227
570,251 357,699
19.1 The above balances include amounts due from the following associated undertakings (December 28, 2012 to December 31, 2012):
Yunus Textile Mills Limited 11,795 -

Lucky Textile Mills Limited 6,975 -
18,770 -
20. Loans and Advances
Considered good
Loans due from:
Directors and Executives - note 15.2 43,507 25,521
Employees - note 15.2 23,328 28,994
Due from Subsidiary:
- Current portion of long-term loan - note 15.1 - 44,444
- Unsecured - note 15.1 & 20.1 - 283,000
66,835 381,959
Advances to:
Employees 1,559 1,493
Contractors and suppliers 110,024 54,644
Others 3,750 4,222
121,647 73,190
188,482 455,149
195,774 462,441
Less: Provision for doubtful loans and advances - note 41.4 7,292 7,292
188,482 455,149
20.1 A standby finance facility of Rs 300 million (2011: Rs 300 million) was provided to ICI Pakistan PowerGen Limited (wholly owned
subsidiary) which was repayable on demand at a mark-up rate of 3 months KIBOR + 1.65% (2011: 3 months KIBOR + 1.65%).
The standby finance facility has been adjusted against payable balance to ICI Pakistan PowerGen Limited in respect of purchase
of Gas Turbine, as disclosed in note 15.1.
20.2 The maximum aggregate amount of advances due from the Directors and Executives at the end of any month during the year
was Rs 9.646 million and Rs 14.137 million (2011: Rs 8.633 million and Rs 15.137 million) respectively.

Amounts in Rs 000
2012 2011
21. Trade Deposits and Short-Term Prepayments
Trade deposits 15,074 18,262

Short-term prepayments 235,590 247,457
250,664 265,719
22. Other Receivables
Considered good
Duties, sales tax and octroi refunds due 227,469 156,227
Due from Associate - note 22.1 & 22.2 - 82,237
Commission and discounts receivable 51,696 21,427
Interest income receivable from subsidiary 11,240 16,077
Interest income receivable 5,099 15,440
Others - note 22.4 712,115 420,380
1,007,619 711,788

1,064,931 729,973
Less: Provision for doubtful receivables - note 22.3 57,312 18,185

1,007,619 711,788
22.1 The maximum aggregate amount due from ICI Omicron B.V. at the end of any month during the year was Rs Nil (2011: Rs 84.291
million).
22.2 The above balances include amounts due from the following associated undertakings (January 1, 2012 to December 27,2012):
ICI Omicron B.V. wholly owned subsidiary of AkzoNobel N.V. - 82,083

Akzo Nobel Functional Chemicals - 154
- 82,237
22.3 Movement of provision for doubtful receivables

Write-off (1,669) -
22.4 This amount includes Rs 10.8 million on account of exchange gain / loss on forward exchange contracts.
23. Cash and Bank Balances
Short term deposits - note 23.1 102,000 2,783,000

Current accounts 483,081 1,551,388
In hand
- Cheques 275,066 292,255
- Cash 6,318 6,679
866,465 4,633,322
23.1 These are placed with various banks with terms ranging from one week to one year. The mark-up on these deposits ranges between
9.50% to 11.50% (2011: 9.60% to 11.60%) and these term deposits are readily encashable without any penalty. The current year
short term deposits pertain to security deposits from customers.

Amounts in Rs 000
24. Operating Segment Results

Polyester Soda Ash Life Sciences Chemicals Company
Note 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Sales
Afghanistan - - 3,614 - - - 2,917 2,500 6,531 2,500
Bangladesh - - - - - - - 6,960 - 6,960
India - - 305,719 262,171 - - - - 305,719 262,171
South Africa - - - - - - - - - -
United Arab Emirates - - - - - - - 2,059 - 2,059
Others - - - - - - 1,562 4,205 1,562 4,205
- - 309,333 262,171 - - 4,479 15,724 313,812 277,895
Sales to Akzo Nobel
Pakistan Limited - - - - - - - 311,578 - 311,578
Inter-segment - - - - - - 40,969 307,972 40,969 307,972
Local 18,354,064 21,037,756 8,909,826 8,366,287 6,251,234 5,253,251 3,918,729 3,021,958 37,433,853 37,679,252
18,354,064 21,037,756 9,219,159 8,628,458 6,251,234 5,253,251 3,964,177 3,657,232 37,788,634 38,576,697
Commission / Toll income - - - - - - 61,768 79,866 61,768 79,866
Turnover - note 24.11 18,354,064 21,037,756 9,219,159 8,628,458 6,251,234 5,253,251 4,025,945 3,737,098 37,850,402 38,656,563
Sales tax - - 1,363,618 1,458,191 15,281 8,071 374,555 368,763 1,753,454 1,835,025
Excise Duty - - - 63,352 - - - 12,335 - 75,687
Commission and
discounts to distributors
and customers 150,037 18,406 251,283 252,976 743,712 471,599 229,384 178,784 1,374,416 921,765
150,037 18,406 1,614,901 1,774,519 758,993 479,670 603,939 559,882 3,127,870 2,832,477
Net sales, commission
& toll income 18,204,027 21,019,350 7,604,258 6,853,939 5,492,241 4,773,581 3,422,006 3,177,216 34,722,532 35,824,086
Cost of sales 27 17,777,075 19,501,286 6,287,067 5,513,936 3,977,745 3,380,378 2,747,259 2,514,429 30,789,146 30,910,029
Gross profit 426,952 1,518,064 1,317,191 1,340,003 1,514,496 1,393,203 674,747 662,787 3,933,386 4,914,057
Selling and
distribution expenses 28 79,728 65,633 92,994 110,604 712,345 648,656 202,102 187,928 1,087,169 1,012,821
Administration and
general expenses 29 492,724 551,582 421,208 293,304 254,105 224,825 178,148 145,104 1,346,185 1,214,815
Operating result - note 24.12 (145,500) 900,849 802,989 936,095 548,046 519,722 294,497 329,755 1,500,032 2,686,421
24.1 Segment assets - note 24.5 7,522,751 6,848,365 12,423,985 11,613,572 5,362,519 4,655,834 2,032,361 2,144,167 19,100,039 16,531,468
24.2 Unallocated assets 1,762,928 4,189,942
20,862,967 20,721,410
24.3 Segment liabilities
- note 24.5 9,395,428 8,974,429 4,565,397 5,760,434 2,857,922 3,000,564 802,748 1,359,779 9,379,920 10,364,735
24.4 Unallocated liabilities 1,324,917 4,544

10,704,837 10,369,279
24.5 Inter-unit current account balances of respective business have been eliminated from the total and the comparatives have been restated.
24.6 Non-cash items
(Provision for non-management 26,894 13,319 23,210 35,152 8,856 6,550 4,986 7,205 63,946 62,226
staff gratuity and eligible retired
employees' medical
scheme) - note 6.1
- Relates to Paints - 2,860
63,946 65,086
24.7 Depreciation & amortization
- note 12.6 & 13.1 430,004 353,980 589,142 523,474 19,366 19,523 39,440 35,745 1,077,952 932,722
1,077,952 999,176
24.8 Capital expenditure 956,464 117,223 1,911,095 368,708 14,805 12,669 35,014 35,427 2,917,378 534,027
2,917,378 546,534
24.9 Inter-segment pricing
Transactions among the business segments are recorded at arm's length prices using admissible valuation methods.
24.10 There was no major customer of the Company which formed part of 10% or more of the Company's revenue.
24.11 Astra Zeneca (a supplier contributing about 40% turnover of Life Sciences Business) has decided to discontinue its relationship with the Company.
24.12 Reconciliation of operating result for the year 2011 is as follows:
Operating results 2,686,421

Elimination of inter-segment sales to Paints Business (discontinued operations - note 26) (307,972)
2,378,449

Amounts in Rs 000
2012 2011
25. Reconciliations of reportable segment turnover, cost of sales, assets and liabilities
25.1 Turnover
Total turnover for reportable segments - note 24 37,850,402 38,656,563
Elimination of inter-segment turnover - note 24 (40,969) (307,972)

Total turnover 37,809,433 38,348,591
25.2 Cost of sales

Total cost of sales for reportable segments - note 27 30,789,146 30,910,029
Elimination of inter-segment purchases - note 27 (40,969) -

Total cost of sales 30,748,177 30,910,029
25.3 Assets
Total assets for reportable segments 19,100,039 16,531,468

Bank deposits - note 23 102,000 2,783,000
Due from associates - note 22.2 - 82,237

Long-term investments - note 14 502,976 502,976
Total assets 20,862,967 20,721,410
25.4 Liabilities
Total liabilities for reportable segments 9,379,920 10,364,735
Short-term loan 994,000 -

Long-term loan 290,270 -
Accrued interest on long-term loan - note 9 36,110 -
Unclaimed dividends - note 9 4,537 4,544

Total liabilities 10,704,837 10,369,279

Amounts in Rs 000
26. Discontinued Operation due to Demerger of Paints Business
As disclosed in Note 1, the detail of assets and liabilities, profit and loss account and cash flow statement of discontinued operation
are given below:
Profit and loss of Paints Business for the period ended June 30, 2011 Period ended
Jan 1, 2011 to
Jun 30, 2011
Net sales, commission and toll income 2,463,964

Cost of sales (*) (1,531,405)
Gross profit 932,559
Selling and distribution expenses (411,946)
Administration and general expenses (206,983)
Operating result 313,630
Financial charges (8,547)
Other operating charges (17,213)
Other operating income (*) 44,676
Profit before taxation 332,546
Taxation - current 160,030

Taxation - deferred (44,086)
115,944
Profit after taxation 216,602
(*) The following inter-unit transactions have been eliminated which has resulted in the variance of results reported in the special
purpose financial statements for the six months period ended June 30, 2011.
Cost of goods sold - inter-unit purchases 307,972

Other operating income - inter-unit interest income 169,721
Balance sheet of Paints Business as at June 30, 2011 transferred to Akzo Nobel Pakistan Limited As at June
30, 2011
ASSETS
Non-Current Assets
Property, plant and equipment 953,747
Intangible assets 81,825
1,035,572
Deferred tax asset 212,744

Long-term loans 50,382
Long-term deposits and prepayments 8,187
271,313
1,306,885
Current Assets
Stores and spares 25,587
Stock-in-trade 714,486
Trade debts 427,277
Loans and advances 534
Trade deposits and short-term prepayments 52,176
Other receivables 35,965
1,256,025

Amounts in Rs 000
As at Jun
30, 2011
Assets excluding cash and cash equivalents transferred from ICI Pakistan Limited 2,562,910
Allocated share capital, allocated capital reserves and unappropriated profit transferred
from the Company as at June 30, 2011 (4,639,631)
Surplus on revaluation of property, plant and equipment (526,560)
LIABILITIES
Provisions for non-management staff gratuity and eligible retired employees' medical scheme 17,368
Current Liabilities
Short-term financing 67,743
Trade and other payables 991,317
1,059,060
Liabilities transferred from the Company (1,076,428)
Net Amount of transfers from the Company to Akzo Nobel Pakistan Limited (3,679,709)
Cash and cash equivalents and inter-company receivable transferred from the Company to Akzo Nobel
Pakistan Limited pursuant to the Scheme as at June 30, 2011. 3,679,709
Cash and cash equivalents and inter-company receivable transferred from the Company pursuant to the Scheme include:
Cash and bank balances 310,013

Inter-company receivables 3,369,696
3,679,709
Cash Flow Statements of the Paints Business for the six months period ended June 30, 2011
Net cash flows from operating activities 657,106

Net cash flows from investing activities (204,054)
Net cash flows from financing activities (228,109)
Net increase in cash and cash equivalents 224,943

Amounts in Rs 000
27. Cost of Sales

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Raw and packing

materials consumed
Opening stock 880,001 867,612 177,745 203,975 457,248 282,021 89,435 85,070 1,604,429 1,438,678
Purchases
Inter-segment 8,127 - 32,842 - - - - - 40,969 -
Others 15,484,417 16,853,794 2,073,403 1,904,504 1,389,353 1,262,928 1,428,892 1,119,475 20,376,065 21,140,701
15,492,544 16,853,794 2,106,245 1,904,504 1,389,353 1,262,928 1,428,892 1,119,475 20,417,034 21,140,701
16,372,545 17,721,406 2,283,990 2,108,479 1,846,601 1,544,949 1,518,327 1,204,545 22,021,463 22,579,379
Closing stock - note 18 (1,394,859) (880,001) (359,582) (177,745) (588,355) (457,248) (115,497) (89,435) (2,458,293) (1,604,429)
Raw material consumed 14,977,686 16,841,405 1,924,408 1,930,734 1,258,246 1,087,701 1,402,830 1,115,110 19,563,170 20,974,950
Salaries, wages
and benefits - note 27.1 404,849 382,518 666,968 605,098 3,957 4,287 53,001 45,940 1,128,775 1,037,843
Stores and
spares consumed 140,603 103,888 94,919 121,096 - - 5,878 4,576 241,400 229,560
Conversion fee paid

to contract manufacturers - - - - 287,189 268,329 9,261 3,332 296,450 271,661
Oil, gas and electricity 1,834,515 1,803,969 2,848,687 2,234,191 - - 8,428 7,096 4,691,630 4,045,256
Rent, rates and taxes 1,035 993 929 1,536 - - 12,156 9,911 14,120 12,440
Insurance 22,911 19,599 21,612 15,612 - 3 1,100 1,398 45,623 36,612
Repairs and maintenance 1,155 1,426 85 57 - 2 4,245 3,406 5,485 4,891

Depreciation &
amortization charge
- note 12.6 & 13.1 405,568 332,264 565,851 506,635 443 503 21,997 19,948 993,859 859,350
Technical fees - - - - 703 1,450 2,597 2,402 3,300 3,852

Royalty - - - - 1,592 1,769 - 8,134 1,592 9,903
General expenses 130,350 123,801 147,642 87,213 1,007 658 14,547 12,513 293,546 224,185
Opening stock of
work-in-process 188,491 24,388 - - 28,376 12,464 3,379 725 220,246 37,577
Closing stock of
work-in-process - note 18 (74,987) (188,491) - - (71,700) (28,376) (1,276) (3,379) (147,963) (220,246)
Cost of goods
manufactured 18,032,176 19,445,760 6,271,101 5,502,172 1,509,813 1,348,790 1,538,143 1,231,112 27,351,233 27,527,834
Opening stock of
finished goods 669,745 725,027 47,148 58,912 896,220 774,839 401,068 233,838 2,014,181 1,792,616
Finished goods
purchased 84,950 244 352,328 - 2,697,903 2,193,565 1,093,070 1,458,782 4,228,251 3,652,591
18,786,871 20,171,031 6,670,577 5,561,084 5,103,936 4,317,194 3,032,281 2,923,732 33,593,665 32,973,041
Closing stock of
finished goods - note 18 (1,009,796) (669,745) (383,510) (47,148) (1,102,849) (896,220) (278,929) (401,068) (2,775,084) (2,014,181)
Provision for obsolete
stocks - note 29 - - - - (23,342) (40,596) (6,093) (8,235) (29,435) (48,831)
17,777,075 19,501,286 6,287,067 5,513,936 3,977,745 3,380,378 2,747,259 2,514,429 30,789,146 30,910,029
Salaries, wages and benefits include Rs 171.103 million (2011: Rs 151.481 million) in respect of staff retirement benefits.

Amounts in Rs 000
28. Selling and Distribution Expenses

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Salaries and benefits

- note 28.1 59,827 47,068 22,001 26,738 287,212 253,165 81,383 87,397 450,423 414,368
Repairs and maintenance 20 - 1,893 1,365 3,118 2,282 1,775 1,371 6,806 5,018
Advertising and publicity

expenses 141 799 6,847 13,828 130,639 110,283 6,420 5,411 144,047 130,321
Rent, rates and taxes 46 - 2,098 1,316 7,872 7,780 1,110 741 11,126 9,837
Insurance - - 669 633 7,340 6,571 4,635 4,624 12,644 11,828
Lighting, heating and cooling 8 15 1,162 1,281 3,018 2,773 2,978 2,707 7,166 6,776
Depreciation & amortization
charge - note 12.6 & 13.1 - - 146 244 9,735 12,702 4,862 3,512 14,743 16,458
Outward freight and handling 2,945 5,718 43,307 47,238 45,487 52,291 48,734 35,379 140,473 140,626
Travelling expenses 6,774 5,872 3,247 3,681 99,282 86,807 13,016 14,612 122,319 110,972
Postage, telegram,
telephone and telex 782 714 1,351 1,445 16,083 13,525 4,431 3,661 22,647 19,345
General expenses 9,185 5,447 10,273 12,835 102,559 100,477 32,758 28,513 154,775 147,272
79,728 65,633 92,994 110,604 712,345 648,656 202,102 187,928 1,087,169 1,012,821
Salaries and benefits include Rs 54.378 million (2011: Rs 56.179 million) in respect of staff retirement benefits.
29. Administration and General Expenses

- note 29.1 323,829 218,700 307,190 192,627 166,114 119,584 127,776 91,899 924,909 622,810
Repairs and maintenance 5,424 4,751 3,455 3,448 2,777 2,248 795 975 12,451 11,422

expenses 1,752 2,700 2,016 3,114 652 1,065 495 760 4,915 7,639
Rent, rates and taxes 5,868 4,425 5,954 2,967 1,422 960 948 637 14,192 8,989
Insurance 2,236 1,861 2,675 2,228 2,704 2,834 577 478 8,192 7,401
Lighting, heating and cooling 5,678 5,771 5,159 5,328 4,295 5,394 1,112 1,144 16,244 17,637
Depreciation & amortization
charge - note 12.6 & 13.1 24,436 21,716 23,145 16,595 9,188 6,318 12,581 12,285 69,350 56,914
Provision for doubtful debts

- trade - note 41.6 672 - - - 123 - 2,250 - 3,045 -
- others - note 22.3 37,000 - 2,348 - 1,448 1,203 - - 40,796 1,203

stocks - note 18.1 - - - - 23,342 40,596 6,093 8,235 29,435 48,831

spares - note 17.1 - 5,154 2,625 6,618 - - - - 2,625 11,772
Travelling expenses 8,259 7,294 4,686 4,800 4,875 5,885 4,807 4,213 22,627 22,192
Postage, telegram,
telephone and telex 3,351 3,266 3,089 3,063 2,669 2,526 1,446 1,552 10,555 10,407
General expenses 74,219 66,420 58,866 52,516 34,496 36,212 19,268 22,926 186,849 178,074
Provision for impairment in

investment - note 14.2 - 209,524 - - - - - - - 209,524
492,724 551,582 421,208 293,304 254,105 224,825 178,148 145,104 1,346,185 1,214,815
29.2 Demerger cost
Administration and general expenses includes demerger and divestment cost amounting to Rs 373.8 million (2011: Rs 111.4 million).

Amounts in Rs 000
2012 2011
30. Financial Charges
Mark-up on short-term financing 55,773 -

Interest on workers' profit participation fund - note 9.3 2,755 7,471
Discounting charges on receivables 55,841 75,310
Exchange losses 81,758 47,235
Guarantee fee and others 1,670 914
Interest on loan due to Akzo Nobel Pakistan Limited 96,363 129,979
294,160 260,909
31. Other Operating Charges
Auditors' remuneration - note 31.1 10,234 6,745

Donations - note 31.2 22,070 18,860
Loss on disposal of property, plant and equipment - 3,365
132,632 206,653
31.1 Auditors' remuneration
Audit and group reporting fee 3,400 3,436

Half yearly review and other certifications 1,231 1,103
Demerger related charges 5,500 1,996
Out of pocket expenses 103 210
10,234 6,745
31.2 Donations include Rs 6 million (2011: Rs Nil) to ICI Pakistan Foundation (Head office, Karachi). Mr. Ali A Aga, Acting Chief Executive;
Mr. Suhail Aslam Khan, Mr. Asif Malik and Ms. Seemi Saad, Executives of the Company are amongst the Trustees of the Foundation.
32. Other Operating Income
Income from related party

Return on loan due from Subsidiary 58,408 72,648
Service fees from related parties - note 32.1 1,980 1,980
Return from other financial assets

Profit on short-term and call deposits 109,254 236,760
Income from non-financial assets

Scrap sales 58,556 41,337
Gain on disposal of property, plant and equipment 16,640 -
Others
Provisions and accruals no longer required written back 7,786 -
Exchange gain 18,338 -
Sundries 27,419 31,041
298,381 383,766
32.1 This represents amount charged by the Company for certain management and other services rendered to its subsidiary,
ICI Pakistan PowerGen Limited, in accordance with the Service Agreement based on commercial terms between the companies.

Amounts in Rs 000
2012 2011
33. Taxation
Current 573,443 862,046

Deferred - note 8 (94,491) (98,823)
Net tax charged - note 33.1 478,952 763,223
33.1 Tax reconciliation
Tax @ 35% 480,068 803,129

Tax impact on income under FTR of the current year (2,806) (3,597)
Flood relief surcharge - 60,450
Tax impact on repayment of Mortar Loan - (98,350)
Others 1,690 1,591
Net tax charged 478,952 763,223
34. Earnings Per Share - Basic and Diluted
34.1 Continuing operations

Profit after taxation from continuing operations for the year 892,669 1,531,430
Number of shares
Weighted average number of ordinary shares (allocated) in issue
during the year 92,359,050 115,580,675
Rupees
Earnings per share from continuing operations 9.67 13.25

Profit after taxation from discontinued operation for the period - 216,602
Number of shares
during the period / year - 115,580,675
Rupees
Earnings per share from discontinued operation - 1.87
35. Remuneration of Directors and Executives
The aggregate amounts charged in the financial statements for the remuneration, including all benefits, to the Chairman, Chief
Executive, Directors and Executives of the Company were as follows:
Chairman Chief Executive Directors Executives Total

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Managerial remuneration 3,687 1,236 134,484 31,643 50,516 38,523 521,731 525,121 710,418 596,523
Retirement benefits - - 68,564 7,487 9,909 8,588 134,244 135,361 212,717 151,436
Group insurance - - 64 64 128 128 7,000 5,913 7,192 6,105
Rent and house maintenance - - 2,927 6,835 - - 149,643 154,345 152,570 161,180
Utilities - - 983 953 - - 37,115 38,071 38,098 39,024
Medical expenses - - 359 139 165 205 26,179 22,546 26,703 22,890
3,687 1,236 207,381 47,121 60,718 47,444 875,912 881,357 1,147,698 977,158
Number of persons 1 1 2 1 3 4 370 347 376 353

Amounts in Rs 000
35.1 In addition to above, an amount of Rs 257.7 million (2011: Rs 233.07 million) on account of variable pay, to employees, has been
recognised in the current year out of which Rs 139.01 million (2011: Rs Nil) has been paid based on acheivements of Half year
2012 targets. The remaining amount is payable in the year 2013 after verification of acheivements against target. Further, a special
and demerger bonus of Rs 269.89 million (2011: Rs Nil) has been paid during the year.
Variable and special bonus paid during the year includes the following:
Paid in 2012 Paid in 2011
relating to relating to
2011 2010
Chief Executive 103,366 17,814
Directors 78,026 14,896
Executives 416,422 166,251
Other employees 79,092 23,362
676,906 222,323
35.2 The Directors and certain Executives are provided with free use of Company cars in accordance with their entitlement. The Chief
Executive is provided with free use of Company car.
35.3 Aggregate amount charged in the financial statements for remuneration to three Non-executive Directors was Rs 9.813 million
(2011: Rs 3.483 million). This includes fees paid to directors amounting to Rs 0.400 million (2011: Rs 0.270 million) for attending
board and other meetings which is not included above.
35.4 The above balances include an amount of Rs 595.114 million (2011: Rs 179.900 million) on account of remuneration of key
management personnel out of which Rs 30.648 million (2011: Rs 29.073 million) relates to post employment benefits.
35.5 Managerial remuneration to Chief Executive includes Rs 94.1 million paid on his early departure from the Company which include
retirement benefits. The normal retirement benefits were paid from the respective retirement funds.
36. Transactions with Related Parties

The related parties comprise parent company (ICI Omicron B.V.), ultimate parent company (Akzo Nobel N.V.) (from January 1,
2012 to December 27, 2012) and Lucky Holdings Limited (from December 28, 2012 to December 31, 2012), related group
companies, local associated company, directors of the Company, companies where directors also hold directorship, key employees
(note 35) and staff retirement funds (note 6). Details of transactions with related parties, other than those which have been
specifically disclosed elsewhere in these financial statements are as follows:
2012 2011
Subsidiary Company
Purchase of goods, materials and services 922,878 958,179
Provision of services and other receipts 1,980 1,980
Return on loan to Subsidiary - note 32 58,408 72,648
Associated companies
Provision of services and other receipts 3,639 999
Sale of goods and materials 641,967 448,587
Allocated expenses to Akzo Nobel Pakistan Limited - 102,500
Dividends 823,804 1,631,051
Donations 6,000 -
37. Plant Capacity and Annual Production

- in metric tonnes except Paints which is in thousands of litres:
2012 2011
Annual Production Annual Production
Name Plate Name Plate
Capacity Capacity
Polyester - note 37.1 122,000 111,727 122,000 117,174
Soda Ash - note 37.1 350,000 255,610 350,000 258,420
Chemicals - note 37.2 - 11,065 - 8,852
Sodium Bicarbonate 20,000 25,700 20,000 24,340
Paints (discontinued operations) - - - 16,759
37.1 Production was below name plate capacity due to gas curtailment.
37.2 The capacity of Chemicals is indeterminable because these are multi-product plants.

Amounts in Rs 000
38. Fair Value of Financial Assets and Liabilities

The carrying amounts of the financial assets and financial liabilities approximate their fair values and is determined largely on the
basis of non observable market data.
39. Financial Risk Management

The Company's activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and price
risk), credit risk and liquidity risk. The Company's overall risk management policy focuses on the unpredictability of financial markets
and seeks to minimize potential adverse effects on the Company's financial performance.
39.1 Risk Management Framework
The Board of Directors has overall responsibility for establishment and over sight of the Company's risk management framework.
The executive management team is responsible for developing and monitoring the Companys risk management policies. The
team regularly meets and any changes and compliance issues are reported to the Board of Directors through the audit committee.
Risk management systems are reviewed regularly by the executive management team to reflect changes in market conditions
and the Companys activities. The Company, through its training and management standards and procedures, aims to develop a
disciplined and constructive control environment in which all employees understand their roles and obligations.
The audit committee oversees compliance by management with the Companys risk management policies and procedures, and
reviews the adequacy of the risk management framework in relation to the risks faced by the Company.
40. Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises of interest rate risk, currency risk and other price risk.
40.1 Interest Rate Risk
Interest rate risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. At the reporting date, the interest rate profile of Company's interest-bearing financial instruments were:
Carrying Amount
2012 2011
Fixed rate instruments

Financial assets - note 23 102,000 2,783,000
Financial liabilities - note 7 & 9.4 (401,767) (95,473)
(299,767) 2,687,527
Variable rate instruments

Financial assets - note 15 & 20 - 460,778
Payable to Akzo Nobel Pakistan Limited - note 9 - (3,609,775)
Financial liabilities - note 10 (2,332,057) -
(2,332,057) (3,148,997)
Sensitivity analysis for fixed rate instruments

The Company does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, therefore a
change in interest rates at the reporting date would not affect profit or loss.
Sensitivity analysis for variable rate instruments

If KIBOR had been 1% higher / lower with all other variables held constant, the impact on the profit before tax for the year would
have been Rs 23.32 million (2011: Rs 31.50 million).

Amounts in Rs 000
40.2 Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in foreign exchange rates. Foreign currency risk arises mainly where receivables and payables exist due to transactions entered
into are denominated in foreign currencies. The Company is exposed to foreign currency risk on sales and purchases, which, are
entered in a currency other than Pak Rupees. To hedge this risk the Company has entered into forward foreign exchange contracts
in accordance with State Bank of Pakistan instructions and the Companys Treasury policy. The policy allows the Company to take
currency exposure within predefined limits while open exposures are rigorously monitored.
SGD EURO USD GBP JPY

2012
Trade debts - - 8,743 - -
Cash and bank balances - - 138,226 - -
- - 146,969 - -
Trade and other payables - 195,508 2,090,032 976,469 -
Due to Associates - note 9.1 - - - - -
- 195,508 2,090,032 976,469 -
Gross balance sheet exposure - (195,508) (1,943,063) (976,469) -
2011

Other receivables - 1,571 19,701 - -
Due from Associates - note 22.2 - - 154 82,083 -
- 1,571 153,150 82,083 -
Due to Associates - note 9.1 - 44,591 14,691 - -
- 103,293 1,758,239 712,773 -
Significant exchange rates applied during the year were as follows:

Average rate for the year Spot rate as at December 31
2012 2011 2012 2011
Rupees per Rupees Rupees
EURO 120.09 120.16 128.18 116.13
USD 93.40 86.30 97.15 89.94
GBP 148.03 138.42 157.07 138.63
JPY 1.17 1.08 1.13 1.16
SGD 74.78 68.69 79.55 69.15
Sensitivity analysis
Every 1% increase or decrease in exchange rate with all other variables held constant will decrease or increase profit before tax
for the year by Rs 31.2 million (2011: Rs 23.4 million).

Amounts in Rs 000
2012 2011
41. Credit Risk
Credit risk represents the accounting loss that would be recognised at the reporting date if counter-parties failed completely to
perform as contracted. The Company does not have significant exposure to any individual counter-party. To reduce exposure to
credit risk the Company has developed a formal approval process whereby credit limits are applied to its customers. The management
also continuously monitors the credit exposure towards the customers and makes provision against those balances considered
doubtful of recovery. To mitigate the risk, the Company has a system of assigning credit limits to its customers based on an
extensive evaluation based on customer profile and payment history. Outstanding customer receivables are regularly monitored.
Some customers are also secured, where possible, by way of inland letters of credit, cash security deposit, bank guarantees and
insurance guarantees.
The Company's gross maximum exposure to credit risk at the reporting date is as follows:
41.1 Financial Assets

Long-term loans - note 15 191,508 287,084
Long-term deposits - note 16 26,799 25,190
Trade debts - note 19 570,251 357,699
Loans and advances - note 20 188,482 455,149
Trade deposits - note 21 15,074 18,262
Other receivables - note 22 780,150 555,561
Bank balances - note 23 860,147 4,626,643
3,135,387 6,828,564
41.2 The Company has placed its funds with banks which are rated A-1 by Standard & Poor's and P-1 by Moody's.
- Secured 583,980 467,253

- Unsecured 2,551,407 6,361,311
3,135,387 6,828,564
41.4 The ageing of bank balances, trade debts and loans and advances at the reporting date is as follows:
Not past due 1,578,947 5,421,260

Past due but not Impaired:
Not more than three months 46,098 25,415
Past due and Impaired:
More than three months and not more than six months 3,628 2,600
More than six months and not more than nine months - -
More than nine months and not more than one year - -
More than one year 92,883 89,847
142,609 117,862
- Doubtful debts - note 19 95,384 92,339
- Doubtful loans and advances - note 20 7,292 7,292
102,676 99,631
1,618,880 5,439,491

Amounts in Rs 000
2012 2011
41.5 The maximum exposure to credit risk for past due and impaired at the reporting date by type of counter-party was:
Wholesale customers 12,405 14,102

Retail customers 10,136 2,689
End-user customers 120,068 101,071
142,609 117,862
102,676 99,631
39,933 18,231
41.5.1 The balance between wholesale, retail and end-user customers have been reclassified for better presentation.
41.6 Movement of provision for trade debts and loans and advances
Trade Debts Loans and Total Total

Advances
Opening balance 92,339 7,292 99,631 354,110

Transfer to Akzo Nobel Pakistan Limited
pursuant to Scheme - - - (275,872)
Additional provision 3,045 - 3,045 23,240
(Write off) / Provision utilised against write-offs - - - (828)
Provision no longer required - - - (1,019)
95,384 7,292 102,676 99,631
41.6.1 The recommended approach for provision is to assess the top layer (covering 50%) of trade receivables on an individual basis and
apply a dynamic approach to the remainder of receivables. The procedure introduces a company-standard for dynamic provisioning:
Provide impairment loss for 50% of the outstanding receivable when overdue more than 90 days, and
Provide an impairment loss for 100% when overdue more than 120 days
41.7 Concentration Risk
The sector wise analysis of receivables, comprising trade debts, loans and advances and bank balances are given below:
Textile and Chemicals 364,229 260,022

Glass 33,081 6,846
Paper and Board 15,233 20,492
Pharmaceuticals 21,327 19,675
Paints 35,772 6,135
Bank 860,147 4,626,643
Subsidiary - note 15.1 - 283,000
Others 391,767 316,309
1,721,556 5,539,122
102,676 99,631
1,618,880 5,439,491

Amounts in Rs 000
42. Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. Prudent
liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an
adequate amount of committed credit facilities. Company's treasury aims at maintaining flexibility in funding by keeping committed
credit lines available.
The table below analyses the Company's financial liabilities into relevant maturity groupings based on the remaining period at the
balance sheet to the maturity date.
Carrying Contractual Less than

amount cash flows one year
2012
Financial liabilities
Trade creditors - note 9 1,407,341 (1,407,341) (1,407,341)
Bills payable - note 9 3,187,853 (3,187,853) (3,187,853)
Mark-up accrued on short-term financing - note 9 14,731 (14,731) (14,731)
Accrued interest on secured/unsecured loans - note 9 36,110 (36,110) (36,110)
Accrued expenses - note 9 770,626 (770,626) (770,626)
Technical service fee / Royalty - note 9 665 (665) (665)
Distributors' security deposits - payable on
termination of distributorship - note 9 & 9.4 111,497 (124,765) (124,765)
Contractors' earnest / retention money - note 9 9,589 (9,589) (9,589)
Unclaimed dividends - note 9 4,537 (4,537) (4,537)
Payable for capital expenditure - note 9 216,402 (216,402) (216,402)
Payable to ICI Pakistan PowerGen Limited - note 9 102,057 (102,057) (102,057)
Others - note 9 191,369 (191,369) (191,369)
Long-term loan - note 7 290,270 (400,281) (23,176)
Short-term borrowings - note 10.1 994,000 (1,002,408) (1,002,408)
Short-term running finance - note 10.2 1,338,057 (1,338,057) (1,338,057)
8,675,104 (8,806,791) (8,429,686)
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amount.
2011
Trade creditors - note 9 655,610 (655,610) (655,610)
Accrued interest / return on unsecured loan - note 9 - - -
Accrued expenses - note 9 1,028,108 (1,028,108) (1,028,108)
Payable to Akzo Nobel Pakistan Limited - note 9 3,609,775 (3,609,775) (3,609,775)
Others - note 9 106,558 (106,558) (106,558)
8,217,383 (8,228,458) (8,228,458)

43. Capital Risk Management
The Company's objective when managing capital is to safe guard the Company's ability to continue as a going concern so that it
can continue to provide returns for shareholders and benefits for other stakeholders; and to maintain a strong capital base to
support the sustained development of its businesses.
The Company manages its capital structure 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 amount of dividend paid
to shareholders or issue new shares.
44. Accounting Estimates and Judgements
Income Taxes
The Company takes into account the current income tax law and decisions taken by appellate authorities. Instances where the
Company's view differs from the view taken by the income tax department at the assessment stage and where the Company
considers that its view on items of material nature is in accordance with law, the amounts are shown as contingent liabilities (unless
there is remote possibility of transfer of benefits). The details of the tax matters are as follows:
The Appellate Tribunal Inland Revenue earlier set aside the assessment for the assessment year 1998-99 on the issues of date
of commissioning of PTA plant & depreciation thereon, restriction of cost of capitalisation of PTA plant and addition to income in
respect of trial production stocks. The re-assessment was finalised by the department on June 29, 2010 giving rise to an additional
tax demand. The Company has filed an appeal against the said order before the CIR(Appeals), hearing of appeal has been
completed and the order is awaited.
The tax department reopened the income tax assessment for the assessment year 2001-2002 on the ground that demerger of
PTA business from ICI Pakistan Limited. was effective from the completion date i.e. August 6, 2001. This was challenged by the
Company in the High Court which upheld the Companys contention that the department did not have the right to reopen this
finalised assessment. The department filed an appeal in the Supreme Court against the High Courts order. The appeal was
dismissed by the Supreme Court under the principle of well known case of Eli Lilly. After the Supreme Courts decision on
retrospectivity as mentioned above, a notice has been issued u/s 66A of the repealed Ordinance by Tax Department on June 20,
2011, which was challenged by the Company in the High Court on the basis of Supreme Courts decision as above. However,
despite the stay granted by High Court, the Tax Department issued an order on May 7, 2012 and raised the demand of the additional
tax liability of Rs 19 million. The Company filed an appeal before the Appellate Tribunal Inland Revenue which has decided the
case in Company's favour on the basis that order issued on May 7, 2012 was time barred.
For the assessment year 2002-2003 on receipt of notice u/s 62 of the Income Tax Ordinance, 1979, the Company had filed a writ
petition in the Supreme Court 'after it being dismissed by the Sindh High Court on maintainability', challenging the Tax Departments
notice that the effective date of PTAs demerger was August 6, 2001 rather than the effective date given in the Scheme of
Arrangement as October 1, 2000. That notice had raised certain issues relating to vesting of PTA assets by the Company. It is
the Companys contention that such an action is unwarranted and which has illegally changed the settled position.
Whilst amending the assessment for the tax year 2003, 2004, 2005, 2007, 2008 and 2010 Tax Department has taken certain action
in the order, considered by the department as protective assessment on the matter of unabsorbed depreciation carried forward.
It is the Companys contention that such an action is unwarranted. An appeal before the CIR (Appeals), on the matter has been
filed, which is pending. The very basis of such an action has also been challenged before the High Court of Sindh which are
pending for hearing.
In April 2012, a notice had been issued by the Tax Department for recovery of tax demand of Rs 271 million for tax year 2003 and
Rs 310 million for tax year 2004 on account of unabsorbed tax depreciation relating to the demerger of PPTA business. This notice
has been issued by the Tax Department on the basis that revenue cases cannot be stayed by the High Court of Sindh for a period
of more than six months as mentioned in Article 199(4A) of the Constitution of Pakistan. The Company through its counsel has
filed a reply to Tax Department stating that since our assessments are protective assessments and as stated in the order the
demand can only arise after the matter is finally decided by the Supreme Court for assessment year 2002-03. No action has been
taken by the Tax Department after the reply of the Company.
Notice under section 221 of the Income Tax Ordinance 2001 for rectification of deemed assessment order for the tax year 2005
has been issued to disallow unabsorbed depreciation carried forward. A writ petition against the said notice has been filed with
the High Court of Sindh which is pending for hearing.
For tax year 2006, the case had been selected for audit/scrutiny and whilst framing the order Tax Department has taken certain
action in the orders, considered by the department as protective assessments on the matter of unabsorbed depreciation carried
forward. A tax demand of Rs 616 million was raised in the order. It is the Companys contention that such an action is unwarranted.
An appeal before the CIR (Appeals), on the matter has been filed which is pending.

In June 2012, whilst amending the assessment for the tax year 2009, the Tax Department had disallowed the unabsorbed
depreciation on the ground that there was no brought forward depreciation from tax year 2008 and a demand of Rs 972 million
was created. It was the Companys contention that such an action was unwarranted. This position was totally different from the
position taken earlier by the Tax Department. The Company had filed an appeal before the High Court of Sindh challenging the
said order which had decided the case with the direction that the matter will be finalised by the CIR(Appeals) within six weeks
from the date of High Courts Order. On August 15, 2012, CIR(Appeals) issued its order and upheld the order passed by the Tax
Department earlier. The Company then filed an appeal before the Appellate Tribunal Inland Revenue against the said order of
CIR(Appeals) as well as for the stay of demand. On November 15, 2012, the tribunal decided the case in Companys favour on
the basis that the original assessment order for assessment year 2001-02 passed on May 29, 2002 is now crystallized and therefore
depreciation loss is available to the Company.
Pension and Gratuity
Certain actuarial assumptions have been adopted as disclosed in note 6 to the financial statements for valuation of present value
of defined benefit obligations and fair value of plan assets. Any changes in these assumptions in future years might affect gains
and losses in those years.
Property, Plant and Equipment
The estimates for revalued amounts, if any, of different classes of property, plant and equipment, are based on valuation performed
by external professional valuer and recommendation of technical teams of the Company. The said recommendations also include
estimates with respect to residual values and depreciable lives. Further, the Company reviews the value of the assets for possible
impairment on an annual basis. The future cash flows used in the impairment testing of assets is based on management's best
estimates which may change in future periods. Any change in the estimates in future years might affect the carrying amounts of
the respective items of property, plant and equipments with a corresponding affect on the depreciation charge and impairment.
45. Standards or Interpretations not yet effective
The following standards, amendments and interpretations of approved accounting standards will be effective for accounting periods
beginning on or after January 1, 2013:
IAS 19 Employee Benefits (amended 2011) - (effective for annual periods beginning on or after 1 January 2013). The
amended IAS 19 includes the amendments that require actuarial gains and losses to be recognised immediately in other
comprehensive income; this change will remove the corridor method and eliminate the ability for entities to recognise all changes
in the defined benefit obligation and in plan assets in profit or loss, which currently is allowed under IAS 19; and that the expected
return on plan assets recognised in profit or loss is calculated based on the rate used to discount the defined benefit obligation.
The amendments would reduce the equity of the Company by Rs 603.7 million which is required to be recognized in other
comprehensive income in first quarter of 2013.
Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) - (effective for annual periods beginning
on or after 1 July 2012). The amendments require that an entity present separately the items of other comprehensive income
that would be reclassified to profit or loss in the future if certain conditions are met from those that would never be reclassified to
profit or loss. The amendments do not address which items are presented in other comprehensive income or which items need
to be reclassified. The requirements of other IFRSs continue to apply in this regard. These amendments may impact the financial
statements of the Company.
IAS 27 Separate Financial Statements (2011) - (effective for annual periods beginning on or after 1 January 2013). IAS
27 (2011) supersedes IAS 27 (2008). Three new standards IFRS 10 - Consolidated Financial Statements, IFRS 11- Joint
Arrangements and IFRS 12- Disclosure of Interest in Other Entities dealing with IAS 27 would be applicable effective 1 January
2013. IAS 27 (2011) carries forward the existing accounting and disclosure requirements for separate financial statements, with
some minor clarifications. The amendments will have no material impact on the financial statements of the Company.
IAS 28 Investments in Associates and Joint Ventures (2011) - (effective for annual periods beginning on or after 1 January
2013). IAS 28 (2011) supersedes IAS 28 (2008). IAS 28 (2011) makes the amendments to apply IFRS 5 to an investment, or a
portion of an investment, in an associate or a joint venture that meets the criteria to be classified as held for sale; and on cessation
of significant influence or joint control, even if an investment in an associate becomes an investment in a joint venture. These
amendments will have no impact on the financial statements of the Company.
Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) (effective for annual periods beginning
on or after 1 January 2014). The amendments address inconsistencies in current practice when applying the offsetting criteria
in IAS 32 Financial Instruments: Presentation. The amendments clarify the meaning of currently has a legally enforceable right
of set-off; and that some gross settlement systems may be considered equivalent to net settlement. This amendment may impact
the financial statements of the Company.

Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) (effective for annual periods beginning
on or after 1 January 2013). The amendments to IFRS 7 contain new disclosure requirements for financial assets and liabilities
that are offset in the statement of financial position or subject to master netting agreement or similar arrangement. The amendments
may impact the financial statements of the Company.
Annual Improvements 20092011 (effective for annual periods beginning on or after 1 January 2013). The new cycle of
improvements contains amendments to the following four standards, with consequential amendments to other standards and
interpretations which may impact the financial statements of the Company:
IAS 1 Presentation of Financial Statements is amended to clarify that only one comparative period which is the preceding
period is required for a complete set of financial statements. If an entity presents additional comparative information, then that
additional information need not be in the form of a complete set of financial statements. However, such information should be
accompanied by related notes and should be in accordance with IFRS. Furthermore, it clarifies that the third statement of financial
position, when required, is only required if the effect of restatement is material to statement of financial position.
IAS 16 Property, Plant and Equipment is amended to clarify the accounting of spare parts, stand-by equipment and servicing
equipment. The definition of property, plant and equipment in IAS 16 is now considered in determining whether these items should
be accounted for under that standard. If these items do not meet the definition, then they are accounted for using IAS 2 Inventories.
The amendment is not likely to have any material impact on the financial statements of the Company.
IAS 32 Financial Instruments: Presentation - is amended to clarify that IAS 12 Income Taxes applies to the accounting for period
taxes relating to distributions to holders of an equity instrument and transaction costs of an equity transaction. The amendment
removes a perceived inconsistency between IAS 32 and IAS 12.
IAS 34 Interim Financial Reporting is amended to align the disclosure requirements for segment assets and segment liabilities
in interim financial reports with those in IFRS 8 Operating Segments. IAS 34 now requires the disclosure of a measure of total
assets and liabilities for a particular reportable segment. In addition, such disclosure is only required when the amount is regularly
provided to the chief operating decision maker and there has been a material change from the amount disclosed in the last annual
financial statements for that reportable segment.
IFRIC 20 Stripping cost in the production phase of a surface mining (effective for annual periods beginning on or after
1 January 2013). The interpretation requires production stripping cost in a surface mine to be capitalized if certain criteria are
met. The amendment will have no material impact on the financial statements of the Company.
46. Post Balance Sheet Events
46.1 Dividend
The Directors in their meeting held on February 21, 2013 have recommended a final dividend of Rs 2.00 per share (2011: Rs 5.50
per share) in respect of year ended December 31, 2012. The financial statements for the year ended December 31, 2012 do not
include the effect of the above dividend which will be accounted for in the period in which it is approved.
Changes in IAS 19 are disclosed in note 45.
47. Date of Authorisation
These financial statements were authorised for issue in the Board of Directors meeting held on February 21, 2013.
48. General
48.1 Figures have been rounded off to the nearest thousand rupees except as stated otherwise.
48.2 Corresponding figures have been rearranged and reclassified, wherever necessary, for better presentation and disclosure and
this has been disclosed in relevant notes.


Comparison of Results for Ten Years
As at December 31
2003* 2004*
Balance Sheet
Equity and Revaluation Reserve 6,141,682 8,641,044
Non - Current Liability 74,568 82,601
Current Liability 7,915,577 5,205,018
Non - Current Assets 8,825,935 6,738,979

Current Assets 5,305,892 7,189,684
Total Assets 14,131,827 13,928,663
Profit and Loss Account

Turnover 17,572,075 20,865,798
Net sales, commission & toll income 18,127,295 17,639,480
Cost of Sales 15,462,928 14,883,771
Gross profit 2,664,367 2,755,709
Operating Result 1,087,681 1,346,788
Profit before taxation 806,552 1,110,450
Profit after taxation 766,244 1,057,868
Summary of Cash Flows

Cash generated from operations 2,139,564 1,916,503
Net cash generated from operating activities 1,933,065 1,823,927
Net cash used in investing activities (103,226) 3,379,171
Net cash used in financing activities (1,261,623) (4,542,451)
Cash and cash equivalents at December 31 1,044,028 1,704,675
Ratios
Profitability Ratios
Gross margin % 14.70 15.62
Gross profit turnover % 15.16 13.21
Operating result margin % 6.00 7.64
Net profit margin % 4.23 6.00
Profit markup % 17.23 18.51
Profit before tax margin % 4.45 6.30
Return on equity % 14.03 13.13
Return on capital employed % 17.50 15.44
Return on assets % 5.42 7.59
Return on fixed assets % 19.68 25.01
Growth Ratios
Net sales % 48.35 (2.69)
Operating results % 0.98 23.82
EBITDA % 1.61 16.80
Profit after tax % (58.69) 38.06
Operating working capital % 53.16 (104.67)
*Excluding turnover over of furnace oil and coal business. Also excluding oneoff profit on sale of PPTA shares in 2004.
**Excluding recognition of deferred tax credit in 2005.

Amounts in Rs 000
2005** 2006 2007 2008 2009 2010 2011 2012

Restated Restated Restated
9,987,387 11,389,230 12,380,997 13,410,921 14,414,642 15,455,445 10,352,131 10,158,130

90,604 104,079 119,571 612,954 1,208,117 1,093,190 1,441,328 1,680,779
5,891,930 5,436,275 6,263,805 4,446,810 5,799,898 5,482,037 8,927,951 9,024,058
15,969,921 16,929,584 18,764,373 18,470,685 21,422,657 22,030,672 20,721,410 20,862,967
9,469,783 9,905,729 9,741,603 10,435,258 10,297,489 10,152,415 9,154,438 10,898,077

6,500,138 7,023,855 9,022,770 8,035,427 11,125,168 11,878,257 11,566,972 9,964,890
15,969,921 16,929,584 18,764,373 18,470,685 21,422,657 22,030,672 20,721,410 20,862,967
21,054,298 21,947,688 25,988,351 31,921,873 32,399,181 39,532,506 38,348,591 37,809,433

18,476,457 19,574,118 23,024,123 27,798,915 28,429,897 35,129,980 35,516,114 34,681,563
15,124,759 15,492,648 18,205,369 22,303,138 22,754,005 28,443,690 30,910,029 30,748,177
3,351,698 4,081,470 4,818,754 5,495,777 5,675,892 6,686,290 4,606,085 3,933,386
1,842,542 2,479,018 2,984,004 3,052,360 3,027,654 3,712,566 2,378,449 1,500,032
1,612,401 2,117,797 2,768,523 2,812,778 3,072,506 3,731,516 2,294,653 1,371,621
1,572,257 1,455,628 1,784,800 1,862,738 2,044,738 2,428,826 1,531,430 892,669
2,666,900 3,554,048 4,312,406 1,188,392 4,938,310 3,716,187 4,127,104 (2,180,133)

2,521,959 3,477,093 4,093,537 969,809 4,476,231 2,334,428 2,875,020 (3,176,714)
(1,420,757) (1,040,183) (1,397,436) (1,780,969) (938,043) (752,830) (509,814) (2,125,793)
(1,118,221) (2,337,028) (868,583) (832,815) (1,041,018) (1,388,027) (2,151,436) (796,407)
1,687,656 1,787,538 3,615,056 1,971,081 4,468,251 4,661,822 4,633,322 (1,465,592)
18.14 20.85 20.93 19.77 19.96 19.03 12.97 11.34

15.92 18.60 18.54 17.22 17.52 16.91 12.01 10.40
9.97 12.66 12.96 10.98 10.65 10.57 6.70 4.33
8.51 7.44 7.75 6.70 7.19 6.91 4.31 2.57
22.16 26.34 26.47 24.64 24.94 23.51 14.90 12.79
8.73 10.82 12.02 10.12 10.81 10.62 6.46 3.95
16.56 14.18 15.70 14.96 15.17 16.70 16.07 9.48
18.28 21.57 23.87 21.77 19.38 22.43 20.17 12.67
9.85 8.60 9.51 10.08 9.54 11.02 7.39 4.28
25.18 29.46 34.92 32.61 32.82 40.91 28.55 14.76
4.74 5.94 17.63 20.74 2.27 23.57 1.10 (2.35)

36.81 34.54 20.37 2.29 (0.81) 22.62 (35.94) (36.93)
25.34 28.27 18.40 - 1.04 19.45 (28.89) (22.14)
48.63 (7.42) 22.61 4.37 9.77 18.78 (36.95) (41.71)
(324.95) (199.82) (118.86) 218.10 (82.19) 320.64 (408.72) 150.99

Comparison of Results for Ten Years
As at December 31
2003 2004
Efficiency Ratios
Asset turnover Times 1.28 1.27
Fixed asset turnover Times 3.28 3.28
Inventory turnover Times 5.73 4.16
Current asset turnover Times 3.42 2.45
Capital employed turnover Times 2.83 2.39
Operating working capital turnover Times 21.16 (440.62)
Debtor turnover ratio Days 13.25 15.09
Creditor turnover ratio Days 56.35 75.62
Inventory turnover ratio Days 60.06 76.94
Operating cycle Days 16.96 16.41
Revenue per employee Rs'000 13,568 13,434
Net Income per employee Rs'000 574 806
Capex to sales % 2.53 3.12
Cost Ratios
Operating costs (%of sales) % 94.00 92.36
Administration costs (%of sales) % 3.26 3.77
Selling costs (% of sales) % 5.43 4.22
Financial charges/Interest cost (%of sales) * % 2.11 1.44
Equity Ratios
Price earnings ratio Rs 15.40 11.76
Earnings per share Rs 5.52 7.62
Dividend per share Rs 2.50 4.00
Dividend cover Times 2.21 1.91
Dividend yield % 2.94 4.46
Dividend payout % 45.29 52.48
Market value per share Rs 85.00 89.65
Break-up value per share with surplus on revaluation Rs 44.25 62.25
Break-up value per share excluding surplus on revaluation Rs 39.35 58.02
Liquidity Ratios
Current ratio Ratio 0.67:1 1.38:1
Quick ratio Ratio 0.33:1 0.69:1
Cash ratio Ratio 0.13:1 0.33:1
Leverage Ratios
Debt to equity % - 1.39
Total debt to capital ratio Ratio 40:60 1:99
Interest cover * Times 3.11 5.36
* Interest cover and interest cost (% of sales) is zero in 2009, 2010 and 2011 due to net ineterest income.
The comparitive (2002-2004) have not been resated due to change in accounting policy on adoption of IFRIC 4.

Amounts in Rs 000
2005 2006 2007 2008 2009 2010 2011 2012

Restated Restated Restated
1.16 1.16 1.23 1.51 1.33 1.59 1.71 1.66

2.52 2.33 2.69 2.97 3.08 3.87 4.26 3.41
4.73 5.07 6.24 6.39 6.08 6.71 7.15 5.19
2.84 2.79 2.55 3.46 2.56 2.96 3.07 3.48
2.09 1.91 2.08 2.28 2.07 2.39 3.25 3.19
(108.61) (38.38) (20.62) 21.09 121.06 35.56 (11.65) 22.30
14.44 12.84 13.65 11.81 11.08 8.90 5.91 4.88
78.70 75.90 78.24 50.52 41.00 40.06 37.17 46.78
81.77 73.67 59.85 52.43 58.00 51.19 50.53 60.81
17.52 10.62 (4.74) 13.72 28.08 20.03 19.28 18.91
14,137 15,304 17,946 21,044 21,852 26,878 32,025 31,644
1,203 1,138 1,391 1,410 1,572 1,858 1,381 814
7.77 5.53 4.65 5.45 2.91 2.43 1.72 6.51
90.03 87.34 87.04 89.02 89.35 89.43 93.30 95.67

3.75 3.71 3.30 4.05 4.14 3.70 3.42 3.88
4.41 4.48 4.67 4.74 5.17 4.77 2.85 3.13
1.50 1.45 0.44 0.32 - - - 0.36
12.40 11.01 15.29 5.12 11.44 8.24 9.08 17.98

11.33 10.49 12.86 13.42 14.73 17.50 13.25 9.67
5.00 5.50 6.00 6.50 8.00 17.50 9.00 5.50
2.27 1.91 2.14 2.06 1.84 1.00 1.47 1.76
3.56 4.76 3.05 9.46 4.75 12.13 7.48 3.16
44.14 52.45 46.66 48.43 54.31 100.01 81.57 56.91
140.50 115.50 196.65 68.71 168.49 144.24 120.27 173.89
71.95 82.05 89.20 96.62 103.85 111.35 89.57 109.99
68.39 73.95 81.91 89.68 97.14 104.81 103.16 101.97
1.10:1 1.29:1 1.44:1 1.81:1 1.92:1 2.17:1 1.30:1 1.10:1

0.56:1 0.73:1 0.97:1 1.02:1 1.27:1 1.39:1 0.81:1 0.45:1
0.29:1 0.33:1 0.58:1 0.44:1 0.77:1 0.85:1 0.52:1 0.10:1
- 0.04 - - - - - 27.85
0:100 0:100 0:100 0:100 0:100 0:100 0:100 21:79
6.82 8.44 28.42 32.29 - - - 11.84

Pattern of Shareholding
as at December 31, 2012
No. of Shareholders Categories No. of Shares

From To
6,564 1 100 219,607
2,847 101 500 672,579
706 501 1,000 509,851
610 1,001 5,000 1,285,991
89 5,001 10,000 646,823
29 10,001 15,000 354,929
11 15,001 20,000 186,997
8 20,001 25,000 177,013
3 25,001 30,000 80,076
1 30,001 35,000 30,876
6 45,001 50,000 286,981
3 50,001 55,000 155,126
2 65,001 70,000 134,840
1 85,001 90,000 89,857
1 95,001 100,000 97,900
1 115,001 120,000 119,687
1 165,001 170,000 170,000
1 190,001 195,000 191,112
1 200,001 205,000 200,300
1 220,001 225,000 221,653
1 290,001 295,000 295,000
1 305,001 310,000 307,281
1 310,001 315,000 310,550
1 505,001 510,000 507,923
1 730,001 735,000 732,805
1 1,085,001 1,090,000 1,085,727
1 2,125,001 2,130,000 2,129,188
1 5,075,001 5,080,000 5,077,180
1 5,980,001 5,985,000 5,980,917
1 70,100,001 70,105,000 70,100,281
10,896 92,359,050
Categories of Shareholding
as at December 31, 2012
S.No. Categories of Shareholders No. of Shares Held Percentage
Shareholders
1 Directors, Chief Executive Officer, and their spouse and minor children. 1 1 0.00
2 Associated Companies, undertakings and related parties. 4 81,189,254 87.91
3 Banks Development Financial Institutions,
Non Banking Financial Institutions. 23 144,622 0.16
4 Insurance Companies 14 2,997,530 3.25
5 Modarabas and Mutual Funds 30 874,857 0.95
6 Share holders holding 10% 1 70,100,281 75.90
7 General Public :
a. Local 10,663 3,953,006 4.28
b. Foreign
8 Others 161 3,199,780 3.45
Total. (Excluding share holders holding 10%) 10,896 92,359,050 100.00

Pattern of Shareholding
(Under clause (j) of sub-regulation (XVI) of Regulation 35 of chapter (XI)
of the Listing Regulations of Karachi Stock Exchange Limited)
ADDITIONAL INFORMATION
Shareholders Category Number of Number of

Shareholders / Shares Held
folios
i. Associated Companies, Undertakings and Related Parties (name wise details)

Lucky Holdings Limited 2 70,131,157
Gadoon Textile Mills Limited 1 5,980,917
Lucky Textile Mills Limited 1 5,077,180
4 81,189,254
ii. Mutual Funds (name wise details)

CDC - Trustee Akd Index Tracker Fund 1 5,338
CDC - Trustee Faysal Asset Allocation Fund 1 200,300
CDC - Trustee Faysal Balanced Growth Fund 1 50,000
CDC - Trustee Hbl Ipf Equity Sub Fund 1 4,990
CDC - Trustee Hbl Pf Equity Sub Fund 1 4,990
CDC - Trustee Kse Meezan Index Fund 1 15,648
CDC - Trustee Ubl Sharia Stock Fund 1 170,000
CDC - Trustee United Stock Advantage Fund. 1 295,000
CDC - Trustee Hbl Islamic Stock Fund 1 92
CDC - Trustee Meezan Capital Protected Fund-II 1 2,641
Confidence Mutual Fund Ltd 1 7
Dominion Stock Fund Limited 1 182
First Capital Mutual Fund Limited 1 7,500
Golden Arrow Selected Stocks Fund 1 7
Growth Mutual Fund Limited 1 17
MCBFSL - Trustee Pak Oman Advantage Asset Allocation Fund 1 3,000
MCBFSL - Trustee Pak Oman Islamic Asset Allocation Fund 1 68,300
MCBFSL - Trustee Uirsf-equity Sub Fund 1 12,600
MCBFSL - Trustee Ursf-equity Sub Fund 1 11,100
Safeway Mutual Fund Limited 1 256
Security Stock Fund Limited 1 36
21 852,004
iii. Directors and their spouse(s) and minor children (name wise details)
Mr. Ali Asrar Hossain Aga 1 1
iv. Executives 26 10,887
v. Public Sector Companies and Corporations 5 2,437,840
vi. Banks, Development Finance Institutions, Non-Banking Finance Institutions,

Insurance Companies, Takaful, Modaraba and Pension Funds 45 745,561
vii. Shareholders Holding five percent or more Voting Rights in the

Listed Company (name wise details)
Lucky Holdings Limited 1 70,100,281
Gadoon Textile Mills Limited 1 5,980,917
Lucky Textile Mills Limited 1 5,077,180
3 81,158,378

Notice of Meeting
Notice is hereby given that the Sixty-First Annual General Meeting of ICI PAKISTAN LIMITED will be held on Monday, April 22, 2013 at
10.00 a.m. at the Registered Office of the Company, ICI House, 5 West Wharf, Karachi, to transact the following business:
Ordinary Business
1. To receive, consider and adopt the accounts of the Company for the year ended December 31, 2012, the report of the Auditors thereon
and the report of the Directors.
2. To declare and approve Final cash dividend @ 20% i.e., Rs.2/- per ordinary share of Rs 10/- each for the year ended December 31,
2012 as recommended by the Directors, payable to the Members whose names appear in the Register of Members as at April 15, 2013.
3. To appoint the Auditors of the Company and to fix their remuneration. The Company has received from its Principal shareholder, a notice
under section 253(1) of the Companies Ordinance 1984 proposing Messrs Ernst & Young Ford Rhodes Sidat Hyder & Co., Chartered
Accountants for appointment as auditors of the company in place of Messrs KPMG Taseer Hadi & Co., the retiring auditors of the company.
Special Business
4. To change the financial year of the company from January 01 - December 31 to July 01 - June 30
By Order of the Board
March 20, 2013 Nasir Jamal

Karachi Acting Company Secretary
A Statement under section 160(1)(b) in respect of the special business is annexed.
Notes:
1. Share Transfer Books of the Company will remain closed from April B. For Appointing Proxies:
16, 2013 to April 22, 2013 (both days inclusive). Transfers received
in order at the office of our Shares Registrar, FAMCO Associates (Pvt) (i) In case of individuals, the account holder or sub-account holder
Ltd, State Life Building 1-A, 1st Floor, I. I. Chundrigar Road, Karachi- and/or the person whose securities are in group account and their
74000, by the close of business on April 15, 2013 will be in time to registration details are uploaded as per the Regulations, shall
entitle the transferees to the final dividend and to attend the Meeting. submit the proxy form as per the above requirement.
2. All Members are entitled to attend and vote at the Meeting. (ii) The proxy form shall be witnessed by two persons whose names,
addresses and CNIC numbers shall be mentioned on the form.
3. A Member entitled to attend and vote at the Meeting is entitled to (iii) Attested copies of CNIC or the passport of the beneficial owners
appoint a proxy to attend, speak and vote for him/her. A proxy must and the proxy shall be furnished with the proxy form.
be a Member of the Company.
(iv) The proxy shall produce his original CNIC or original passport at
4. An instrument of proxy applicable for the Meeting is being provided the time of the Meeting.
with the notice sent to Members. Further copies of the instrument of
proxy may be obtained from the Registered Office of the Company (v) In case of corporate entity, the Board of Directors' resolution/power
during normal office hours. Proxy Form may also be downloaded from of attorney with specimen signature shall be submitted (unless it
the Company`s Website: www.ici.com.pk has been provided earlier) along with proxy form to the Company.
5. An instrument of proxy and the power of attorney or other authority Statement under section 160(1)(b) of the Companies Ordinance, 1984
(if any) under which it is signed, or a notarially certified copy of such
power or authority, must, to be valid, be deposited at the Registered The change in the financial year of the Company has become
Office of the Company not less than 48 hours before the time of the necessary as a consequence of the recent acquisition of the Company
Meeting. by the YB Group. The YB Group as of today holds an aggregate of
87.91% shares of which Lucky Holdings Limited holds 75.93%. ICI
Pakistan Limited is thus a subsidiary of Lucky Holdings Limited.
6. Members are requested to submit a copy of their Computerize National Since the financial year of the YB Group companies including Lucky
Identity Card (CNIC), if not already provided and Notify immediately Holdings Limited is from July 1 to June 30, it is desirable that the
changes, if any, in their registered address to our Shares Registrar, financial year of ICI Pakistan Limited be also changed from January
FAMCO Associates (Pvt) Ltd. 1 - December 31 to July 1 - June 30 to align it with the financial year
of the parent company. This change is also required to comply with
7. CDC Account Holders will further have to follow the under mentioned the International Accounting Standards.
guidelines as laid down in Circular 1 dated January 26, 2000 issued
by the Securities and Exchange Commission of Pakistan. For this purpose, it is proposed that the following resolutions be considered
and passed as an ordinary resolution:
A. For Attending the Meeting:
RESOLVED THAT the financial year of the Company be and is hereby
(i) In case of individuals, the account holder or sub-account holder changed from December 31 to June 30 such that the financial year of the
and/or the person whose securities are in group account and their Company will commence on July 1 each year and will end on June 30 of
registration details are uploaded as per the Regulations, shall the next calendar year, and that accordingly the next audited annual
authenticate his identity by showing his original National Identity accounts of the Company be prepared for the six months period from
January 1, 2013 to June 30, 2013.
Card (NIC) or original passport at the time of attending the meeting.
FURTHER RESOLVED THAT the Chief Executive and the Company
(ii) In case of corporate entity, the Board of Directors' resolution/power Secretary of the Company be and are hereby authorized jointly and
of attorney with specimen signature of the nominee shall be produced severally to take all necessary steps to obtain necessary permissions,
(unless it has been provided earlier) at the time of the Meeting. sanctions and approvals in order to give effect to the above resolution.

and its Subsidiary Company
Consolidated Financial Statements

Report of the Directors for the Year Ended December 31, 2012
The Directors are pleased to present their report together with the audited Group results of ICI Pakistan Limited
for the year ended December 31, 2012. The ICI Pakistan Group comprises of ICI Pakistan Limited and ICI
Pakistan PowerGen Limited, a wholly owned subsidiary.
The Directors report, giving a commentary on the performance of ICI Pakistan Limited for the year ended
December 31, 2012 has been presented separately.
Electricity sales volume for the year was 21 percent lower compared to 2011. This was due to lower demand
from the Polyester plant after the sale of Gas Turbines to ICI Pakistan Limited. Despite lower revenue, Company
was able to earn an Operating result of Rs. 160 million in 2012 which was 56 percent higher compared to same
period last year owing to higher selling prices and lower depreciation due to sale of Gas Turbines as mentioned
above.
Muhammad Yunus Tabba Ali A Aga

Chairman / Director Acting Chief Executive
February 21, 2013

Karachi

Auditors Report to the Members
We have audited the annexed consolidated financial statements comprising consolidated balance sheet of
ICI Pakistan Limited and its subsidiary company as at 31 December 2012 and the related consolidated profit
and loss account, consolidated statement of comprehensive income, consolidated cash flow statement and
consolidated statement of changes in equity together with the notes forming part thereof, for the year then ended.
We have also expressed separate opinions on the financial statements of ICI Pakistan Limited and its subsidiary
company ICI Pakistan PowerGen Limited. These financial statements are the responsibility of the Holding
Company's management. Our responsibility is to express an opinion on these financial statements based on our
audit.
Our audit was conducted in accordance with the International Standards on Auditing and accordingly included
such tests of accounting records and such other auditing procedures as we considered necessary in the
circumstances.
In our opinion, the consolidated financial statements present fairly the financial position of ICI Pakistan Limited
and its subsidiary company as at 31 December 2012 and the results of their operations for the year then ended.
Date: 21 February, 2013 KPMG Taseer Hadi & Co.

Karachi Chartered Accountants
Amir Jamil Abbasi

Consolidated Balance Sheet
Amounts in Rs 000
Note 2012 2011
EQUITY AND LIABILITIES

Share Capital and Reserves
Authorised capital
1,500,000,000 ordinary shares of Rs 10 each 15,000,000 15,000,000
Issued, subscribed and paid-up capital 4 923,591 923,591
Capital reserves 5 309,643 309,643

Unappropriated profit 8,102,675 8,116,876
Total Equity 9,335,909 9,350,110
Surplus on Revaluation of Property, Plant and Equipment 6 884,867 967,863
Liabilities
Provisions for non-management staff gratuity

and eligible retired employees' medical scheme 7 299,005 255,333
Long-term loans 8 290,270 -

Deferred tax liability - net 9 1,091,743 1,186,234
1,681,018 1,441,567
Current Liabilities
Trade and other payables 10 6,536,184 9,001,789
Short-term borrowings and running finance 11 2,332,057 -
Contingencies and Commitments 12


Amounts in Rs 000
Note 2012 2011
ASSETS
Non-Current Assets
Property, plant and equipment 13 10,310,313 8,979,355

Intangible assets 14 40,992 69,118
10,351,305 9,048,473
Long-term investment 15 2,500 2,500
Long-term loans 16 194,432 158,663

Long-term deposits and prepayments 17 40,891 32,372
237,823 193,535
10,589,128 9,242,008
Current Assets
Stores and spares 18 597,360 552,848
Stock-in-trade 19 5,411,611 3,868,551
Trade debts 20 595,693 383,169

Loans and advances 21 193,848 128,970
Trade deposits and short-term prepayments 22 254,803 271,245
Other receivables 23 1,065,523 754,603

Cash and bank balances 24 904,117 4,738,205
10,180,907 11,519,321
Total Assets 20,770,035 20,761,329
The annexed notes 1 to 49 form an integral part of these consolidated financial statements.


Consolidated Profit and Loss Account
Amounts in Rs 000
Note 2012 2011
Turnover 26 37,809,433 38,348,591

Sales tax, excise duty, commission and discounts 25 (3,251,671) (2,968,402)
Net sales, commission and toll income 34,557,762 35,380,189

Cost of sales 26 (30,460,513) (30,667,178)
Gross profit 4,097,249 4,713,011
Selling and distribution expenses 29 (1,087,169) (1,012,821)

Administration and general expenses 30 (1,347,587) (1,007,269)
Operating result 1,662,493 2,692,921
Financial charges 31 (294,527) (265,149)

Other operating charges 32 (140,107) (207,710)
(434,634) (472,859)
Other operating income 33 240,566 309,469

Taxation 34 (478,952) (763,223)
Profit after taxation from continuing operations 989,473 1,766,308

Profit from discontinued operation (net of tax) 27 - 216,602
(Rupees) (Rupees)
Basic and diluted earnings per share - Continuing operations 35 10.71 15.28
Basic and diluted earnings per share - Discontinued operation 35 - 1.87


Consolidated Statement of Comprehensive Income
Amounts in Rs 000
2012 2011

Other comprehensive income - -
Total comprehensive income for the year 989,473 1,982,910
Surplus / (deficit) arising on revaluation of certain classes of property, plant and equipment has been reported in accordance with the
requirements of the Companies Ordinance, 1984, as a separate line item below equity.


Consolidated Cash Flow Statement
Amounts in Rs 000
2012 2011
(Represented)
Cash Flows from Operating Activities

Profit before taxation continuing and discontinued operations 1,468,425 2,862,077
Adjustments for:
Depreciation and amortisation 1,119,171 1,092,938
(Gain) / loss on disposal of property, plant and equipment (16,640) 2,961
Provision for non-management staff gratuity and eligible retired employees' medical scheme 63,946 65,086
Mark-up on bank deposits (109,254) (270,019)
Interest / mark-up expense 201,327 197,982
2,726,975 3,951,025
Movement in:
Working capital (4,788,888) 417,298

Long-term loans (35,769) (60,780)
Long-term deposits and prepayments (8,519) (101)
Cash generated from operations (2,106,201) 4,307,442

Payments for :
Non-management staff gratuity and eligible retired employees' medical scheme (20,274) (15,566)
Taxation (909,665) (1,297,854)

Interest / mark-up (184,690) (197,982)
Profit / mark-up received on bank deposits 119,595 259,095
Net cash generated from operating activities (3,101,235) 3,055,135
Cash Flows from Investing Activities

Payments for capital expenditure (2,298,465) (669,209)
Proceeds from disposal of property, plant and equipment 29,954 6,428
Net cash used in investing activities (2,268,511) (662,781)

Amounts in Rs 000
2012 2011
(Represented)
Cash Flows from Financing Activities

Long-term borrowings 290,270 -
Dividend paid (1,086,669) (2,151,436)

Net cash used in financing activities (796,399) (2,151,436)
Net (decrease) / increase in cash and cash equivalents (6,166,145) 240,918
Cash and cash equivalents transferred to

Akzo Nobel Pakistan Limited pursuant to the Scheme - (242,270)
Cash and cash equivalents at January 1 4,738,205 4,739,557

Cash and cash equivalents at December 31 - note 11 & 24 (1,427,940) 4,738,205
Movement in Working Capital
(Increase) / Decrease in current assets
Stores and spares (44,512) (54,013)

Stock-in-trade (1,543,060) (771,801)
Trade debts (212,524) 7,905
Loans and advances (64,878) 157,151

Trade deposits and short-term prepayments 16,442 131,811
Other receivables (321,261) (131,975)
(2,169,793) (660,922)
Increase / (Decrease) in current liabilities
Trade and other payables 990,680 (2,531,555)
(Paid) / Payable to Akzo Nobel Pakistan Limited (3,609,775) 3,609,775

(4,788,888) 417,298
Cash and bank balances - note 24 904,117 4,738,205

Running finances utilised under mark-up arrangements - note 11 (2,332,057) -
(1,427,940) 4,738,205


Consolidated Statement of Changes in Equity
Amounts in Rs 000
Issued, Capital Unappropriated Total

subscribed reserves profit
and paid-up
capital
Balance as on January 1, 2011 1,388,023 465,845 12,279,401 14,133,269

December 31, 2010 @ Rs 12.00 per share - - (1,665,628) (1,665,628)
Transferred to Akzo Nobel Pakistan Limited pursuant to
Scheme of Arrangement - Note 4 & 5 (464,432) (156,202) (4,018,997) (4,639,631)
Interim dividend for the year 2011 @ Rs 3.50 per share - - (485,808) (485,808)
Transactions with owners, recorded directly in equity (464,432) (156,202) (6,170,433) (6,791,067)
December 31, 2011 - - 1,982,910 1,982,910
- - 2,007,908 2,007,908

December 31, 2011 @ Rs 5.50 per share * - - (763,413) (763,413)
Interim dividend for the year 2012 @ Rs 3.50 per share ** - - (323,257) (323,257)
Transactions with owners, recorded directly in equity - - (1,086,670) (1,086,670)

December 31, 2012 - - 989,473 989,473
for the year-net of deferred tax - note 6 - - 82,996 82,996
- - 1,072,469 1,072,469
* Dividend was declared before the approval of demerger by the High Court of Sindh on 138,802,300 shares.
** Interim dividend was declared post approval of demerger by High Court of Sindh on 92,359,050 shares.


Notes to the Consolidated Financial Statements
1. Status and Nature of Business
The Group consists of:
ICI Pakistan Limited; and
ICI Pakistan PowerGen Limited.
ICI Pakistan Limited (the Company) is incorporated in Pakistan and is listed on the Karachi, Lahore and Islamabad Stock Exchanges.
ICI Pakistan PowerGen Limited (the Subsidiary) is incorporated in Pakistan as an unlisted public company and is a wholly owned
subsidiary company of ICI Pakistan Limited.
The Company is engaged in the manufacture of polyester staple fibre, POY chips, soda ash, specialty chemicals, sodium bicarbonate
and polyurethanes; marketing of seeds, toll manufactured and imported pharmaceuticals and animal health products; and merchanting
of general chemicals. It also acts as an indenting agent and toll manufacturer.
The Subsidiary is engaged in generating, selling and supplying electricity to the Company.
The Group's registered office is situated at 5 West Wharf, Karachi.
The Company was previously also engaged in the manufacture of paints, however, with effect from July 1, 2011 (Effective Date) its
Paints Business has been demerged under a Scheme of Arrangement (the Scheme) dated September 16, 2011 approved by the
shareholders of ICI Pakistan Limited on February 8, 2012 and sanctioned by the High Court of Sindh vide its order announced on May
17, 2012 and submitted to the registrar on June 1, 2012 (Completion Date). Consequent to the Scheme, the net assets of ICI Pakistan
Limited were split into Paints Business and Non-Paints Businesses on the basis of audited special purpose financial statements of the
Company as of June 30, 2011 as detailed in the re-presented financial statements for the year ended December 31, 2011.
2. Basis of Preparation
2.1 Statement of compliance
These consolidated financial statements have been prepared in accordance with approved accounting standards as applicable in
Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International
Accounting Standards Board as are notified under the Companies Ordinance, 1984, provisions of and directives issued under the
Companies Ordinance, 1984. In case requirements differ, the provisions of, or directives issued under the Companies Ordinance, 1984
shall prevail.
2.2 Basis of measurement
These consolidated financial statements have been prepared under the historical cost convention, except that certain classes of property,
plant and equipment (i.e. Freehold Land, Buildings on Freehold and Leasehold Land and Plant & Machinery) have been included at
revalued amounts and certain exchange elements referred to in note 3.7 have been recognised in the cost of the relevant property, plant
& equipment.
The preparation of consolidated financial statements in conformity with approved accounting standards requires management to make
estimates, assumptions and use judgments that affect the application of policies and reported amounts of assets and liabilities and
income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and
other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively
commencing from the period of revision.
Judgments and estimates made by the management that may have a significant risk of material adjustments to the financial statements
in subsequent years are discussed in note 45.
3. Summary of Significant Accounting Policies
The accounting policies adopted are the same as those which were applied for the previous financial year.
3.1 Consolidation
The financial statements of the Subsidiary have been consolidated on a line-by-line basis and all intra-group balances and transactions
have been eliminated.
The Group's retirement benefit plans comprise of provident funds, pensions, gratuity schemes and a medical scheme for eligible retired
employees.

Defined benefit plans
The Group operates a funded pension scheme and a funded gratuity scheme for management staff. The pension and gratuity schemes
are salary schemes providing pension and lump sums, respectively. Pension and gratuity schemes for management staff are invested
through two approved trust funds. The Group also operates gratuity scheme for non-management staff and the pensioners' medical
scheme which are unfunded. The pension and gratuity plans are final salary plans. The pensioner's medical plan reimburses actual
medical expenses to pensioners as per entitlement. The Group recognises expense in accordance with IAS 19 Employee Benefits.
An actuarial valuation of all defined benefit schemes is conducted every year. The valuation uses the Projected Unit Credit method.
Actuarial gains and losses are amortised over the expected average remaining working lives of employees as allowed under the relevant
provision of IAS 19 Employee Benefits.
Past-service costs are recognised immediately in profit and loss account, unless the changes to the plan are conditional on the employees
remaining in service for a specified period of time (the vesting period). In this case, the past-service costs are amortised on a straight-
line basis over the vesting period.
Defined contribution plans
The Group operates two registered contributory provident funds for its entire staff and a registered defined contribution superannuation
fund for its management staff, who have either opted for this fund by July 31, 2004 or have joined the Group after April 30, 2004. In
addition to this, the Group also provides group insurance to all its employees.
Compensated absences
The Group recognizes the liability for compensated absences in respect of employees in which these are earned up to the balance sheet
date. The provision has been recognized on the basis of actuarial valuation.
3.3 Provisions
A provision is recognised in the balance sheet when the Group has a legal or constructive obligation as a result of a past event, and it
is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount
of obligation. The amount recognized as a provision reflects the best estimate of the expenditure required to settle the present obligation
at the end of the reporting period.
3.4 Trade and other payables
Trade and other payables are recognised initially at fair value plus directly attributable cost, if any.
3.5 Dividend
Dividend distribution to the Group's shareholders is recognised as a liability in the period in which the dividends are approved.
3.6 Taxation
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the profit and loss account, except to
the extent that it relates to items recognised directly in other comprehensive income or below equity, in which case it is recognised in
other comprehensive income or below equity respectively.
Current
Provision for current taxation is based on taxable income at the enacted or substantively enacted rates of taxation after taking into account
available tax credits and rebates, if any. The charge for current tax includes adjustments to charge for prior years, if any.
Deferred
Deferred tax is recognised using balance sheet method, providing for temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based
on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using the enacted or substantively
enacted rates of taxation.
The Group recognises a deferred tax asset to the extent that it is probable that taxable profits for the foreseeable future will be available
against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax
benefit will be realised. Further, the Group recognises deferred tax asset / liability on deficit / surplus on revaluation of property, plant
and equipment which is adjusted against the related deficit / surplus.
3.7 Property, plant and equipment and depreciation
Property, plant and equipment (except Freehold Land, Buildings on Freehold & Leasehold Land and Plant & Machinery) are stated at
cost less accumulated depreciation and impairment losses, if any. Freehold land, buildings on freehold land and leasehold land and

plant & machinery are stated at revalued amounts less accumulated depreciation and impairment losses, if any. Capital work-in-progress
is stated at cost. Cost of certain property, plant and equipment comprises historical cost, exchange differences recognised in accordance
with the previous Fourth Schedule to the Ordinance, cost of exchange risk cover in respect of foreign currency loans obtained for the
acquisition of property, plant and equipment up to the commencement of commercial production and the cost of borrowings during
construction period in respect of loans taken for specific projects.
Depreciation charge is based on the straight-line method whereby the cost or revalued amount of an asset is written off to profit and
loss account over its estimated useful life after taking into account residual value, if material. The cost of leasehold land is amortised in
equal installments over the lease period. Depreciation on additions is charged from the month in which the asset is available for use
and on disposals up to the month of disposal.
The residual value, depreciation method and the useful lives of each part of property, plant and equipment that is significant in
relation to the total cost of the asset are reviewed, and adjusted if appropriate, at each balance sheet date.
Surplus on revaluation of property, plant and equipment is credited to the surplus on revaluation account. To the extent of the incremental
depreciation charged on the revalued assets, the related surplus on revaluation of property, plant and equipment (net of deferred taxation)
is transferred directly to unappropriated profit.
Maintenance and normal repairs are charged to income as and when incurred. Improvements are capitalised when it is probable that
respective future economic benefits will flow to the Group and the cost of the item can be measured reliably. Assets replaced, if any,
are derecognised.
Gains and losses on disposal of assets are taken to the profit and loss account, and the related surplus / deficit on revaluation of
property, plant and equipment is transferred directly to retained earnings (unappropriated profits).
3.8 Intangible assets and amortization
Intangible assets with a finite useful life, such as certain softwares, licenses (including extraction rights, software licenses, etc.) and
property rights, are capitalised initially at cost and subsequently stated at cost less accumulated amortisation and impairment losses, if
any.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it
relates. All other expenditures are recognized in profit or loss as incurred.
Amortisation is based on the cost of an asset less its residual value. Amortisation is recognized in profit or loss on a straight-line basis
over the estimated useful lives of intangible assets. Amortisation methods, useful lives and residual values are reviewed at each reporting
date and adjusted, if appropriate.
3.9 Impairment
Financial assets (including receivables)
Financial assets are assessed at each reporting date to determine whether there is objective evidence that they are impaired. A financial
asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss
event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that
financial assets are impaired may include default or delinquency by a debtor, indications that a debtor or issuer will enter bankruptcy.
All individually significant receivables are assessed for specific impairment. All individually significant receivables found not to be specifically
impaired are then collectively assessed for any impairment that has been incurred but not yet identified. Receivables that are not
individually significant are collectively assessed for impairment by grouping together receivables with similar risk characteristics.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount
and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognised
in profit or loss and reflected in an allowance account against receivables. Interest on the impaired asset continues to be recognised
through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in
impairment loss is reversed through profit and loss account.
Non-financial assets
The carrying amounts of non-financial assets other than inventories and deferred tax assets are reviewed at each reporting date to
determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessment of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets
that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing
use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit, or CGU).
The Group's corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired,
then the recoverable amount is determined for the CGU to which the corporate asset belongs. An impairment loss is recognised if the

carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit and loss
account.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or
no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have
been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
3.10 Investment
Investment in unquoted equity security classified as available-for-sale is stated at cost less provision for impairment, if any.
3.11 Stores and spares
Stores and spares are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method.
3.12 Stock-in-trade
Stock-in-trade is valued at the lower of weighted average cost and estimated net realisable value.
Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location
and condition. Net realisable value signifies the estimated selling price in the ordinary course of business less net estimated costs of
completion and selling expenses.
3.13 Trade debts and other receivables
Trade debts and other receivables are recognised initially at fair value plus directly attributable cost, if any, and subsequently measured
at amortized cost. A provision for impairment of trade and other receivables is established when there is objective evidence that the
Group will not be able to collect all amounts due according to the original terms of receivables (Refer note 42.6.1).
3.14 Foreign currency translation
Transactions denominated in foreign currencies are translated to Pak Rupees, at the foreign exchange rate prevailing at the date of
transaction. Monetary assets and liabilities in foreign currencies are translated into Pak Rupees at the foreign exchange rates at the
balance sheet date. Exchange differences are taken to the profit and loss account.
3.15 Functional and presentation currency
Items included in the consolidated financial statements are measured using the currency of the primary economic environment in which
the Group operates. The consolidated financial statements are presented in Pak Rupees, which is the Group's functional and presentation
currency.
3.16 Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the customer.
For those products which are often sold with a right of return, accumulated experience is used to estimate and provide for such returns
at the time of sale.
Commission income is recognised on date of shipment from suppliers.
Profit on short-term deposits is accounted for on a time-apportioned basis using the effective interest rate method.
Dividend income is recognised when the right to receive dividend is established.
Toll manufacturing income is recognised when services are rendered.
3.17 Financial expense and financial income
Financial expenses are recognised using the effective interest rate method and comprise foreign currency losses and mark-up / interest
expense on borrowings.
Financial income comprises interest income on funds invested. Mark-up / interest income is recognised as it accrues in profit and loss
account, using the effective interest rate method.
3.18 Segment reporting
Segment reporting is based on the operating (business) segments of the Group. An operating segment is a component of the Group that
engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions
with any of the Group's other components. An operating segment's operating results are reviewed regularly by the CEO to make decisions

about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.
Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on
a reasonable basis. Unallocated items comprise mainly corporate assets, income tax assets, liabilities and related income and expenditure.
Segment capital expenditure is the total cost incurred during the year to acquire property, plant and equipment.
The business segments are engaged in providing products or services which are subject to risks and rewards which differ from the risks
and rewards of other segments. Segments reported are Polyester, Soda Ash, Life Sciences, Chemicals and others (PowerGen), which
also reflects the management structure of the Group.
3.19 Finance lease
Leases that transfer substantially all the risks and rewards incidental to ownership of an asset are classified as finance lease. Assets
subject to finance lease are stated at amounts equal to the fair value or, if lower, the present value of the minimum lease payments.
The minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. Assets acquired
under finance leases are depreciated in accordance with the Group's depreciation policy on property, plant and equipment. The finance
cost is charged to profit and loss account and is included under financial charges.
3.20 Operating leases / Ijarah contracts
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases.
Payments made under operating leases (net of any incentives received from the lessor) are charged to the profit and loss account on
a straight-line basis over the period of the lease.
Payments made under operating leases / Ijarah contracts are recognised in the profit and loss account on a straight-line basis over the
term of the lease.
3.21 Cash and cash equivalents
Cash and cash equivalents comprise of cash in hand and current and or deposit accounts held with banks. Running finance facilities
availed by the Group, which are payable on demand and form an integral part of the Group's cash management are included as part
of cash and cash equivalents for the purpose of statement of cash flows.
3.22 Borrowings and their cost
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowing costs are recognised as an expense in the
period in which these are incurred except to the extent of borrowing costs that are directly attributable to the acquisition, construction
or production of a qualifying asset. Such borrowing costs, if any, are capitalised as part of the cost of that asset as detailed in note 13.7.1
to the financial statements.
3.23 Financial liabilities
All financial liabilities are initially recognised at fair value plus directly attributable cost, if any, and subsequently measured at amortised
cost.
3.24 Derivative financial instruments
The Group uses derivative financial instruments to hedge its exposure to foreign exchange and interest rate risks arising from operational,
financing and investment activities. In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments
for trading purposes. However, derivatives that do not qualify for hedge accounting are accounted for as trading instruments. All changes
in the fair value are recognized in the profit and loss account.
3.25 Off-setting
Financial assets and liabilities are offset and the net amount is reported in the financial statements only when there is legally enforceable
right to set-off the recognised amount and the Group intends either to settle on a net basis, or to realize the assets and to settle the
liabilities simultaneously.
3.26 Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the
profit after tax attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during
the period.
A discontinued operation is a separate major line of business, which is a distinct part of the Group both operationally and for financial
reporting purposes and which is in the process of being discontinued by the Group. When an operation is classified as a discontinued
operation, the comparative income statement is re-presented as if the operation had been discontinued from the start of the comparative
period.

Amounts in Rs 000
2012 2011 2012 2011

(Numbers)
4. Issued, Subscribed and Paid-up Capital
83,734,062 125,840,190 Ordinary shares of Rs 10 each fully paid in cash 837,341 1,258,402

fully paid for consideration other than cash under
211,925 318,492 scheme of arrangement for amalgamation - note 4.1 2,119 3,185

16,786 25,227 fully paid bonus shares 168 252
Ordinary shares issued pursuant to the

previous Scheme as fully paid for consideration of
8,396,277 12,618,391 investment in associate - note 4.2 83,963 126,184
- (46,443,250) Transferred to Akzo Nobel Pakistan Limited - note 4.4 - (464,432)
92,359,050 92,359,050 923,591 923,591
4.1 The process for amalgamation of three companies namely Paintex Limited, ICI Pakistan Manufacturers Limited and Imperial
Chemical Industries Limited resulted in a new company as ICI Pakistan Limited on April 1, 1987.
4.2 With effect from October 1, 2000 the Pure Terephthalic Acid (PTA) Business of the Company was demerged under a Scheme of
Arrangement (the previous Scheme) dated December 12, 2000 approved by the shareholders and sanctioned by the High Court
of Sindh.
4.3 On December 28, 2012, Lucky Holdings Limited acquired from ICI Omicron B.V. its entire shareholding of 70,019,459 shares in
ICI Pakistan Limited, besides acquiring 111,698 additional shares by way of public offer made by it to all the shareholders of the
Company in pursuance of the provisions of the Listed Companies (Substantial Acquisition of Voting Shares & Take-overs), Ordinance,
2002 and the Listed Companies (Substantial Acquisition of Voting Shares & Take-overs) Regulation, 2008. Thus, Lucky Holdings
Limited and two other companies of the Yonus Brothers Group namely, Gadoon Textile Mills Limited and Lucky Textile Mills Limited
also participated in the public offer thereby acquiring 5,980,917 shares and 5,077,180 shares respectively.
4.4 With effect from July 1, 2011, the share capital was split between the Company and Akzo Nobel Pakistan Limited based on
30, 2011. Shares transferred to Akzo Nobel Pakistan Limited has been adjusted against the paid-up capital of the Company on
pro rata basis.
5. Capital Reserves
Share premium - note 5.1 309,057 465,259

Capital receipts - note 5.2 586 586
Transferred to Akzo Nobel Pakistan Limited - note 5.3 - (156,202)
309,643 309,643
5.1 Share premium includes the premium amounting to Rs 0.902 million received on shares issued for the Company's Polyester Plant
installation in 1980 and share premium of Rs 464.357 million representing the difference between nominal value of Rs 10 per
share of 12,618,391 ordinary shares issued by the Company and the market value of Rs 590.541 million of these shares
corresponding to 25% holding acquired in Lotte Pakistan PTA Limited, an ex-associate, at the date of acquisition i.e. November
2, 2001 and the number of shares that have been issued were determined in accordance with the previous Scheme in the ratio
between market value of the shares of two companies based on the mean of the middle market quotation of the Karachi Stock
Exchange over the ten trading days between October 22, 2001 to November 2, 2001.
5.2 Capital receipts represent the amount received from various ICI PLC group companies overseas for the purchase of property, plant
and equipment. The remitting companies have no claim to their repayments.
5.3 With effect from July 1, 2011, the capital reserves were split between the Company and Akzo Nobel Pakistan Limited based on 66.54:33.46
ratio which was disclosed in the audited special purpose financial statements for the six months period ended June 30, 2011.

Amounts in Rs 000
2012 2011
6. Surplus on Revaluation of Property, Plant and Equipment

Transferred to Akzo Nobel Pakistan Limited as on June 30, 2011 - (526,560)
Revaluation surplus - note 13.2 & 13.3 - 848,191
Deferred tax liability recognised on surplus note 9 - (246,150)
- 602,041
Transferred to unappropriated profit in respect of incremental
depreciation during the year - net of deferred tax (82,996) (24,998)
7. Provisions for non-management staff gratuity and

eligible retired employees' medical scheme - note 7.1 299,005 255,333
The amount recognised in the profit and loss account against defined benefit scheme for the year from January 1, 2012 to December 31, 2012 are as follows:
2012 2011
7.1.1 The amounts recognised in the profit and loss account against defined benefit schemes are as follows:
Interest cost 187,825 74,093 261,918 44,694 191,509 66,604 258,113 50,533
Expected return on plan assets (183,705) (52,069) (235,774) - (185,527) (49,464) (234,991) -
Termination Cost 59,810 - 59,810 - - - - -
Recognition of actuarial loss 104,254 11,861 116,115 8,487 108,564 12,544 121,108 9,188
Net charge for the year 208,362 68,396 276,758 63,946 152,724 60,025 212,749 65,086
7.1.2 Movement in the net assets / (liability) recognised in the balance sheet are as follows:
Opening balance 193,254 15,932 209,186 (255,333) 342,584 19,835 362,419 (223,181)
pursuant to the Scheme - - - - (36,888) (2,173) (39,061) 17,368
Net charge for the year - note 7.1.1 (208,362) (68,396) (276,758) (63,946) (152,724) (60,025) (212,749) (65,086)
Contributions / payments 173,052 43,392 216,444 20,274 40,282 58,295 98,577 15,566
Closing Balance 157,944 (9,072) 148,872 (299,005) 193,254 15,932 209,186 (255,333)
7.1.3 The amounts recognised in the balance sheet are as follows:
Fair value of plan assets - note 7.1.5 1,165,492 344,408 1,509,900 - 1,223,627 357,947 1,581,574 -
Present value of defined benefit obligation
- note 7.1.4 (1,194,618) (646,506) (1,841,124) (422,886) (1,426,539) (508,072) (1,934,611) (402,650)
Deficit (29,126) (302,098) (331,224) (422,886) (202,912) (150,125) (353,037) (402,650)
Unrecognised actuarial losses 187,070 293,026 480,096 123,881 396,166 166,057 562,223 147,317
Recognised asset / (liability) 157,944 (9,072) 148,872 (299,005) 193,254 15,932 209,186 (255,333)
The recognized liability of funded gratuity has been netted off against recognized asset of funded pension as amount is immaterial.
7.1.4 Movement in the present value of defined benefit obligation:
Opening balance 1,426,539 508,072 1,934,611 402,650 1,547,841 553,363 2,101,204 381,842
pursuant to the Scheme - - - - (222,370) (117,334) (339,704) (26,953)
Interest cost 187,825 74,093 261,918 44,694 191,509 66,604 258,113 50,533
Benefits paid* (552,141) (147,375) (699,516) (20,274) (165,570) (56,049) (221,619) (15,566)
Actuarial loss/ (gain) 32,407 177,205 209,612 (14,949) 36,951 31,147 68,098 7,429
Closing balance 1,194,618 646,506 1,841,124 422,886 1,426,539 508,072 1,934,611 402,650

Amounts in Rs 000
2012 2011
7.1.5 Movement in the fair value of plan assets:
Opening balance 1,223,627 357,947 1,581,574 - 1,380,173 391,304 1,771,477 -

Balance transferred to Akzo Nobel Pakistan Ltd
pursuant to the Scheme - - - - (196,534) (81,149) (277,683) -
Expected return 183,705 52,069 235,774 - 185,527 49,464 234,991 -
Contributions* 173,052 43,392 216,444 - 40,282 58,295 98,577 -
Benefits paid* (552,141) (147,375) (699,516) - (165,570) (56,049) (221,619) -
Actuarial (loss) / gain 137,249 38,375 175,624 - (20,251) (3,918) (24,169) -
Closing balance 1,165,492 344,408 1,509,900 - 1,223,627 357,947 1,581,574 -
Contributions * - - - - 4,071 6,133 10,204 -

Benefits paid * - - - - (54,414) (17,391) (71,805) (12)
* Contributions and benefits paid in respect of funded pension, funded gratuity and unfunded gratuity and medical benefits of Paints Business have been recorded in
the books of ICI Pakistan Limited and have been transferred to Akzo Nobel Pakistan Limited after the Completion date (June 1, 2012).
7.1.6 Historical Information**
As at December 31 2012 2011 2010 2009 2008

Present value of defined benefit obligation 2,264,010 2,337,261 2,483,046 2,088,882 1,819,786
Fair value of plan assets 1,509,900 1,581,574 1,771,477 1,354,469 1,126,062
Deficit 754,110 755,687 711,569 734,413 693,724
** Prior year figures are inclusive of staff retirement benefits of Paints Business (from 2008 to 2010).
Experience adjustment on plan liabilities 4% 3% 7% 3% 13%

Experience adjustment on plan assets 12% (1%) 5% 13% (27%)
2012 2011
7.1.7 Major categories/composition of plan assets are as follows:
Debt instruments 73% 67%

Equity at market value 27% 31%
Cash 0% 2%
Mortality of active employees and pensioners is represented by the LIC (96-98) Table. The table has been rated down three years
for mortality of female pensioners and widows.
The return on plan assets was assumed to equal to the discount rate. Actual (loss) / return on plan assets during 2012 was
7.1.8 The principal actuarial assumptions at the reporting date were as follows:
Discount rate 11.50% 13.00%

Expected return on plan assets 11.50% 13.00%
Future salary increases - Management 13.00% 10.75%
Future salary increases - Non-Management 6.00% 10.75%
Future pension increases 7.00% 7.50%
On and from the Completion Date, proportionate amounts in the ICI Pakistan Management Staff Gratuity Fund and the ICI Pakistan
Management Staff Pension Fund relating to the Paints employees, has been transferred from the ICI Pakistan Management Staff
Gratuity Fund and the ICI Pakistan Management Staff Pension Fund and have vested in the trustees of similar funds established
by Akzo Nobel Pakistan Limited for the benefit of its employees.
7.1.9 Medical cost trend is assumed to follow inflation. The sensitivity to reflect the effect of 1% movement in the assumed medical trend
were as follows:
2012 Increase Decrease
6.25% 7.25% 5.25%
Effect on the aggregate of the current service cost and interest cost 44,950 52,070 39,771
Effect on the defined benefit obligation 350,500 400,373 313,642
These figures are based on the actuarial valuation as at December 31, 2012. The valuation uses the Projected Unit Credit method.
Actuarial gains and losses are amortized over the expected future service life of current members.
7.1.10 The Group contributed Rs 58.328 million (2011: Rs 64.210 million) and Rs 35.286 million (2011: Rs 37.764 million) to the provident
fund and the defined contribution superannuation fund respectively during the year.
Amounts in Rs 000
2012 2011
8. Long-Term Loan
From banking companies / financial institutions: 290,270 -
The Group has obtained Long-Term Finance Facility (LTFF) for imported and locally manufactured plant and machinery from Faysal
Bank Limited, of Rs 290.27 million (limit: Rs 500 million) for a period of 7 years (including 2 year grace period), with the principal
repayable on semi-annual basis. The Group also has Long-Term Finance Facility (LTFF) available from Habib Bank Limited aggregating
to Rs 1,000 million for a period of 7 years (including 2 year grace period), with the principal repayable on semi-annual basis. The
mark-up is chargeable at fixed rate of 9.65% payable on quarterly basis. These facilities are secured against first pari passu
hypothecation charge of Rs 1,875 million on the Property, Plant and Equipment (PPE) of the Group's Soda Ash Business. The loans
have been refinanced by the State Bank of Pakistan under Long-Term Finance Facility (LTFF) for Export Oriented Projects.
2012 2011
Opening Reversal Closing Opening Transferred Reversal Recognised Closing
(note - 34) to ANPL (note - 34 & in Surplus
(note - 27) note - 9.1) on revaluation
(note 6)
9. Deferred Tax (Liability) / Asset - net

Deductible temporary differences
Provisions for retirement benefits,
doubtful debts and others 286,493 43,583 330,076 470,105 (262,871) 79,259 - 286,493
Taxable temporary differences

Property, plant and equipment (1,472,727) 50,908 (1,421,819) (1,340,353) 50,127 63,649 (246,150) (1,472,727)
(1,186,234) 94,491 (1,091,743) (870,248) (212,744) 142,908 (246,150) (1,186,234)
9.1 Last year reversal included Rs 44.086 million pertaining to discontinued operation.
2012 2011
10. Trade and Other Payables
Trade creditors - note 10.1 & 10.1.1 1,315,497 683,954

Bills payable 3,190,094 2,631,879
Sales tax, excise and custom duties 35,640 86,128
Mark-up accrued on short-term financing 16,645 1,904
Accrued interest on long-term loans - note 10.2 36,110 -
Accrued expenses 774,026 1,040,765
Technical service fee / royalty 665 608
Distributors' security deposits - payable on termination of distributorship - note 10.4 111,497 95,473
Contractors' earnest / retention money 9,589 9,344
Advances from customers - note 10.5 469,015 402,642
Unclaimed dividends 4,537 4,544
Payable for capital expenditure 216,972 80,120
Provision for compensated absences - note 10.6 31,249 20,000
Payable to Akzo Nobel Pakistan Limited - note 10.7 - 3,609,775
Others 211,045 129,642
6,536,184 9,001,789
10.1 The above balances include amounts due to the following associated undertakings (January 1, 2012 to December 27, 2012):
Akzo Nobel NV - 44,591

Akzo Nobel Functional Chemicals BV - 11,998
Akzo Nobel Functional Chemicals Pte Limited - 1,619
Akzo Nobel Surface Chemistry Pte Limited - 1,074
- 59,282
10.1.1 This amount includes Rs 52.5 million on account of exchange gain / loss on forward exchange contracts.
10.2 This liability pertains to long-term loan obtained for Coal Fired Boiler project. Interest charge on this loan is part of Capital work-
in-progress.

Amounts in Rs 000
2012 2011
10.3 Workers' profit participation fund

Allocation for the year 77,673 129,526
Allocation relating to discontinued operation - 10,314
227,896 346,485
Interest on funds utilised in the Group's
businesses at 67.5 % (2011: 131.25 %) per annum - note 31 2,843 7,902
Interest on funds utilised in the discontinued operation - 1,786
230,739 356,173
Less:
- Paid to the Fund 148,852 205,950
10.4 Interest on security deposits from certain distributors is payable at 11.9 % (2011: 11.6 %) per annum as specified in the respective agreements.
10.5 The above balances include amounts due to the following associated undertakings (December 28, 2012 to December 31, 2012):
Gadoon Textile Mills 3,179 -

Fazal Textile Mills 6,374 -
9,553 -
10.6 This figure is based on actuarial valuation and estimation.
10.7 This amount has been paid to AkzoNobel Pakistan Limited.
11. Short-Term Borrowings and Running Finance 2,332,057 -
Short-term borrowings and running finance facility available from various banks aggregated to Rs 4,100 million (31 December
2011: Rs 3,056 million) and carry mark-up during the period ranging from relevant KIBOR + 0.5% to 1.0% per annum with an
average mark-up rate of relevant KIBOR + 0.83% per annum as at December 31, 2012 (December 31, 2011: relevant KIBOR +
0.5% to 1.5% per annum with an average mark-up rate of relevant KIBOR + 1.00% per annum). The facilities are secured by
hypothecation charge over the present and future stock-in-trade and book debts of the Group.
11.1 Short-term borrowings - secured

Tenure
Mark up rate From To
Samba Bank Limited KIBOR + 0.5% 3-Dec-12 2-Jan-13 494,000 -

United Bank Limited KIBOR + 0.5% 10-Dec-12 9-Jan-13 300,000 -
Standard Chartered Bank Limited KIBOR + 0.5% 12-Dec-12 11-Jan-13 200,000 -
994,000 -
The above short term borrowings are secured by first pari passu hypothecation charge as mentioned above.
11.2 Short-term running finance - secured 1,338,057 -
The above short term running finance is secured by first pari passu hypothecation charge as mentioned above.
12. Contingencies and Commitments
12.1 Claims against the Group not acknowledged as debts are as follows:
Local bodies 30,446 80,846

Sales tax authorities - 492
Others 30,389 137,201
60,835 218,539

Amounts in Rs 000
12.1.1 The Company was served notice by Punjab Employees Social Security Institutions Local office Shahdara, dated November 24,
1997 on Polyester Plant for alleged non-payment of Rs 11.96 million on account of Social Security Contribution payable by the
Company on basis of assessment made by the PESSI for the period 1996 and 1997, on behalf of contractors workers (M/s Descon
Engineering Limited) engaged for Expansion Project. The Company challenged the notice and filed an appeal with Vice Commissioner
Social Security Institution and also filed petition in Lahore High Court on July 20, along with stay application. The court granted
stay order on July 25, 2012. The outcome of the case cannot be determined yet.
12.2 Guarantees issued by the Group in respect of financial and operational obligations of Lotte Pakistan PTA Limited pursuant to the
previous Scheme of Arrangement, amounting to Rs 2,010 million (2011: Rs 2,100 million) against which Lotte Pakistan PTA Limited
and KP Chemicals Corporation have issued counter guarantees to the Group.
12.3 Guarantee issued by the Group to a bank in respect of financing obtained by Senior Executives amounted to Rs Nil (2011:
Rs 35 million), in accordance with the terms of employment.
12.4 Guarantee has been issued by the Group of Rs 133 million (2011: Rs 133 million) to a bank on behalf of its subsidiary ICI Pakistan
PowerGen Limited for availing funded facility.
12.5 Commitments in respect of capital expenditure (including Coal Fired Boiler Project of the Soda Ash Business) amounted to
12.6 The Board of ICI Pakistan Limited reviewed the cost escalation of the Polymer Filter Project and approved the revised cost of
Rs 324.3 million in August 2012 given the strategic importance of this quality improvement project for Polyester Business. The
Group has signed a Design Services contract with Chemtex International Inc and 20% payment of equipment supply contract value
is being processed upon submission of purchase order of polymer filter to related bank. M/s Chemtex has provided equipment
loading data which has been passed on to civil design authority for design of civil structure which is expected by first quarter 2013.
12.7 Commitments for rentals under operating lease / ijarah contracts in respect of vehicles amounting to Rs 126.028 million (2011:
Rs 158.663 million) are as follows:
2012 2011
Year
2012 - 63,429
2013 52,396 51,141
2014 38,060 31,742
2015 24,937 12,351
2016 10,635 -
126,028 158,663
Payable not later than one year 52,396 63,429

Payable later than one year but not later than five years 73,632 95,234
126,028 158,663
12.8 Outstanding foreign exchange contracts as at December 31, 2012 entered into by the Group amounted to Rs 2,635.860 million
(2011: Rs 720.173 million).
13 Property, Plant and Equipment
13.1 The following is a statement of property, plant and equipment:
Operating property, plant and equipment - note 13.2 8,303,581 8,837,831

Capital work-in-progress - note 13.7 2,006,732 141,524
10,310,313 8,979,355

Amounts in Rs 000
13.2 The following is a statement of operating property, plant and equipment:

Land Lime beds Buildings Plant and Railway Rolling Furniture Total
Freehold Leasehold on freehold On On machinery sidings stock and and
land freehold leasehold vehicles equipment
land land
(Note 13.3) (Note 13.3)
2012
Opening net book value (NBV) 341,885 - 114,497 370,068 722,701 7,065,990 - 18,487 204,203 8,837,831
Disposal/transfer (at NBV) - - - - (637) (7,266) - (952) (4,459) (13,314)
Revaluation - note 13.3 - - - - - - - - - -
pursuant to the Scheme - - - - - - - - - -
Depreciation charge - note 13.6 - - (12,614) (50,192) (81,103) (870,839) - (7,745) (66,699) (1,089,192)

At December 31
Accumulated depreciation - (567,799) (99,689) (909,714) (779,215) (13,167,695) (297) (75,984) (452,010) (16,052,403)
Net book value 341,885 - 127,434 337,375 683,958 6,592,326 - 21,010 199,593 8,303,581
2011
Opening net book value (NBV) 864,636 2,765 89,663 251,809 705,235 7,089,005 - 21,443 200,388 9,224,944
Disposal/transfer (at NBV) - - - - - (4,604) - - (4,785) (9,389)
Revaluation - note 13.3 9,149 - - 225,425 - 613,617 - - - 848,191
pursuant to the Scheme (531,900) - - (88,095) - (257,752) - (323) (33,687) (911,757)
Depreciation charge - note 13.6 - (2,765) (11,988) (28,279) (70,609) (901,409) - (8,714) (21,520) (1,045,284)

At December 31
Accumulated depreciation - (567,799) (87,075) (859,522) (707,157) (12,464,342) (297) (113,665) (400,657) (15,200,514)
Net book value 341,885 - 114,497 370,068 722,701 7,065,990 - 18,487 204,203 8,837,831
13.3 Subsequent to revaluation on October 1, 1959, September 30, 2000 and December 15, 2006 which had resulted in a surplus of Rs
14.207 million, Rs 1,569.869 million and Rs 704.752 million respectively, the land, building on freehold and leasehold land and plant
and machinery were revalued again on December 31, 2011 resulting in a net surplus of Rs 848.191 million respectively. The valuation
was conducted by an independent valuer. Valuations for plant and machinery and building were based on the estimated gross replacement
cost, depreciated to reflect the residual service potential of the assets taking account of the age, condition and obsolescence. Land was
valued on the basis of fair market value.
13.4 As at December 31, plant and machinery included equipments held with Searle Pakistan Limited and Maple Pharmaceutical (Private)
Limited (toll manufacturers), having cost and net book values as follows:
2012 2011
Cost 2,144 2,402
Net book value 1,192 1,419
13.5 Had there been no revaluation, the net book value of specific classes of operating property, plant and equipment would have amounted
to:
Net Book Value
Freehold land 42,605 42,804
Buildings 829,863 867,344
Plant and machinery 6,064,516 6,299,773
6,936,984 7,209,921

Amounts in Rs 000
2012 2011
13.6 The depreciation charge for the year has been allocated as follows - note 13.6.1:
Cost of sales - note 28 1,024,250 939,060

Depreciation charge relating to discontinued operation - 63,113
1,089,192 1,045,284
13.6.1 Depreciation charge is inclusive of the incremental depreciation due to revaluation.
13.7 The following is a statement of capital work-in-progress - note 13.7.1:

Civil works and buildings 160,948 17,960
Plant and machinery 1,650,582 85,832
Miscellaneous equipment 140,379 29,655
Advances to suppliers / contractors 15,630 8,077
Designing, consultancy and engineering fee 39,193 -
2,006,732 141,524
13.7.1 This includes interest charge on long-term loan obtained for Coal Fired Boiler project amounting to Rs 66 million (2011: Rs Nil)
13.8 Details of operating property, plant and equipment disposals having net book value in excess of Rs 50,000 are as follows:
2012
Mode of sale Cost Accumulated Net book Sale Particulars of buyers

depreciation value proceeds
Plant and machinery
Boiler Coil Scrap 1,584 1,515 69 70 Shahid Hanif Ghouri, House # 7,

Mandi Bahauddin
Rolling stock and vehicles

Kia Sportage, Corolla Tender 1,478 592 886 3,467 Muhammad Farooq Ahmed,
and others House No.28, Jamal Street, Lahore and
Shafiqur Rehman, Sultan Ali, Shah Jehan
etc
Central heating and hot Tender 2,975 1,795 1,180 1,024 Owner Of Miranjani House -
water system Samad A Khan, Alpine Hotel,
Manshera Road, Abbottabad, and Anjum
Wood Craft, Khewra Distt Jhelum etc
Diesel generator and others BOD approval 3,563 714 2,849 2,818 Waqar A Malik, Ex- Chief Executive Officer
2011
Plant and machinery
Conveyor System & others Tender 6,817 4,738 2,079 205 Muhammad Akram Ghouri House # 142
Mohallah New Kashmir Colony
Mandi Bahauddin
Computers Insurance Claim 256 50 206 247 Adamjee Insurance Limited.

Amounts in Rs 000
14. Intangible Assets

2012
Software Licenses Under Total
development
Opening net book value (NBV) 27,791 41,327 - 69,118

Additions at cost - 1,853 - 1,853

At December 31
Cost 230,212 103,417 - 333,629

Net book value 19,115 21,877 - 40,992
2011

Opening net book value (NBV) 48,760 65,991 65,352 180,103

Additions at cost 4,066 14,428 - 18,494
pursuant to the Scheme (7,748) (8,725) (65,352) (81,825)

At December 31
Cost 230,212 101,564 - 331,776

Net book value 27,791 41,327 - 69,118
2012 2011
14.1 The amortisation charge for the year has been allocated as follows:

Amortization charge relating to discontinued operation - 3,341
29,979 47,654
15. Long-Term Investment
Unquoted
Equity security available for sale
- Arabian Sea Country Club Limited 2,500 2,500

Amounts in Rs 000
2012 2011
16. Long-Term Loans - Considered good
Due from Directors, Executives and Employees - note 16.1 194,432 158,663
16.1 Due from Directors, Executives and Employees
Motor car House Total Total

building
Due from Directors and Executives - note 16.2 113,881 68,127 182,008 154,598
Less: Receivable within one year - note 21 19,717 24,562 44,279 25,789
94,164 43,565 137,729 128,809
Due from Employees 80,492 58,848

Less: Receivable within one year - note 21 23,789 28,994
56,703 29,854
194,432 158,663
Outstanding for period:

- less than three years but over one year 115,755 68,883
- more than three years 78,677 89,780
194,432 158,663
16.2 Reconciliation of the carrying amount of loans to Directors and Executives:
Opening balance at beginning of the year 154,598 153,415

Transferred to Akzo Nobel Pakistan Limited pursuant to the Scheme - (50,382)
Disbursements 113,348 118,734
Repayments (85,938) (67,169)
Balance at end of the year 182,008 154,598
16.3 Loans for purchase of motor cars and house building are repayable between two to ten years. These loans are interest free and
granted to the employees including executives of the Group in accordance with their terms of employment.
16.4 The maximum aggregate amount of loans due from the Executives at the end of any month during the year was Rs 182.008 million
(2011: Rs 163.069 million).
17. Long-Term Deposits and Prepayments
Deposits 26,799 25,190

Prepayments 14,092 7,182
40,891 32,372
18. Stores and Spares
Stores (include in-transit Rs 14.291 million; 2011: Rs 11.97 million) 43,344 37,707
Spares 664,822 627,154
Consumables 94,577 90,786
802,743 755,647
Less: Provision for slow moving and obsolete items - note 18.1 205,383 202,799
597,360 552,848

Amounts in Rs 000
2012 2011
18.1 Movement of provision in stores and spares

Charge - note 30 2,625 11,772
Write-off (41) -
19. Stock-in-Trade
Raw and packing material (include in-transit Rs 824.331 million; 2011:

Rs 192.615 million) - note 19.3 2,501,294 1,643,142
Work-in-process 147,963 220,246
Finished goods (include in-transit Rs 195.149 million; 2011: Rs Nil) - note 19.3 2,850,782 2,069,205
5,500,039 3,932,593
Less: Provision for slow moving and obsolete stocks - note 19.1
- Raw materials 12,730 9,018
- Finished goods 75,698 55,024
88,428 64,042
5,411,611 3,868,551
19.1 Movement of provision in stock-in-trade

Transferred to Akzo Nobel Pakistan Limited pursuant to the Scheme - (134,745)
Charge - note 30 29,435 48,831
Charge relating to discontinued operation - 9,887
Reversal - (1,962)
Write-off (4,572) (18,938)
Payment (477) -
19.2 Stock amounting to Rs 280.249 million (2011: Rs 30.024 million) is measured at net realisable value and has been written down
by Rs 16.461 million (2011: Rs 70.917 million) to arrive at its net realisable value.
19.3 Raw and packing materials include Rs 243.227 million (2011: Rs 282.610 million) which are held with toll manufacturers namely
Searle Pakistan Limited, Maple Pharmaceutical (Private) Limited, Epla Laboratories (Private) Limited, Breeze Pharma (Private)
Limited, NovaMed Pharmaceuticals and Polymers International Pvt. Ltd. Finished goods include Rs Nil (2011: Rs 5.107 million)
which are held with toll manufacturer, My Plan Pharmaceuticals.
20. Trade Debts
Considered good
- Secured 343,536 270,437
- Unsecured 453,489 265,620
797,025 536,057
892,409 628,396
- Doubtful debts - note 42.4 95,384 92,339
- Discounts payable on sales 201,332 152,888
296,716 245,227
595,693 383,169

Amounts in Rs 000
2012 2011
20.1 The above balances include amounts due from the following associated undertakings (December 28, 2012 to December 31, 2012):
Yunus Textile Mills Limited 11,795 -

Lucky Textile Mills Limited 6,975 -
18,770 -
21. Loans and Advances
Considered good
Loans due from:
Employees - note 16.1 23,789 28,994
68,068 54,783
Advances to:
Employees 1,501 1,442
Contractors and suppliers 113,989 55,449
Others 3,666 4,153
125,780 74,187
193,848 128,970
201,140 136,262
Less: Provision for doubtful loans and advances - note 42.4 7,292 7,292
193,848 128,970
21.1 The maximum aggregate amount of advances due from the Directors and Executives at the end of any month during the year
was Rs 9.646 million and Rs 14.459 million (2011: Rs 8.633 million and Rs 15.439 million) respectively.
22. Trade Deposits and Short-Term Prepayments
Trade deposits 15,279 18,468

Short-term prepayments 239,524 252,777
254,803 271,245
23. Other Receivables
Considered good
Duties, sales tax and octroi refunds due 274,287 200,126
Due from Associate - note 23.1 & note 23.2 - 82,237
Commission receivable 51,696 21,427
Interest income receivable 5,099 15,440
Others - note 23.4 734,441 435,373
1,065,523 754,603
1,122,835 772,788
Less: Provision for doubtful receivables - note 23.3 57,312 18,185
1,065,523 754,603
23.1 The maximum aggregate amount due from ICI Omicron B.V. at the end of any month during the year was Rs Nil (2011: Rs 84.291
million).

Amounts in Rs 000
2012 2011
23.2 The above balances include amounts due from the following associated undertakings (January 1, 2012 to December 27, 2012):
ICI Omicron B.V. wholly owned subsidiary of Akzo Nobel N.V. - 82,083
Akzo Nobel Functional Chemicals - 154
- 82,237
23.3 Movement of provision for doubtful receivables

Write-off (1,669) -
23.4 This amount includes Rs 10.8 million on account of exchange gain / loss on forward exchange contracts.
24. Cash and Bank Balances
Short term deposits - note 24.1 102,000 2,783,000

Current accounts 520,288 1,656,036
In hand
- Cheques 275,066 292,254
- Cash 6,763 6,915
904,117 4,738,205
24.1 These are placed with various banks with terms ranging from one week to one year. The mark-up on these deposits ranges between
9.50% to 11.50% (2011: 9.60% to 11.60%) and these term deposits are readily encashable without any penalty. The current year
short term deposits pertain to security deposits from customers.

Amounts in Rs 000
25. Operating Segment Results

Polyester Soda Ash Life Sciences Chemicals Others-PowerGen Group
Note 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Sales
Afghanistan - - 3,614 - - - 2,917 2,500 - - 6,531 2,500
Bangladesh - - - - - - - 6,960 - - - 6,960
India - - 305,719 262,171 - - - - - - 305,719 262,171
South Africa - - - - - - - - - - - -
United Arab Emirates - - - - - - - 2,059 - - - 2,059
Others - - - - - - 1,562 4,205 - - 1,562 4,205
- - 309,333 262,171 - - 4,479 15,724 - - 313,812 277,895
Sales to Akzo Nobel
Pakistan Limited - - - - - - - 311,578 - - - 311,578
Inter-segment - - - - - - 40,969 307,972 897,558 958,179 938,527 1,266,151

Local 18,354,064 21,037,756 8,909,826 8,366,287 6,251,234 5,253,251 3,918,729 3,021,958 - - 37,433,853 37,679,252
18,354,064 21,037,756 9,219,159 8,628,458 6,251,234 5,253,251 3,964,177 3,657,232 897,558 958,179 38,686,192 39,534,876
Commission / Toll income - - - - - - 61,768 79,866 - - 61,768 79,866
Turnover 18,354,064 21,037,756 9,219,159 8,628,458 6,251,234 5,253,251 4,025,945 3,737,098 897,558 958,179 38,747,960 39,614,742
Sales tax - - 1,363,618 1,458,191 15,281 8,071 374,555 368,763 123,801 135,925 1,877,255 1,970,950
Excise Duty - - - 63,352 - - - 12,335 - - - 75,687

Commission and
discounts to
distributors and
customers 150,037 18,406 251,283 252,976 743,712 471,599 229,384 178,784 - - 1,374,416 921,765
150,037 18,406 1,614,901 1,774,519 758,993 479,670 603,939 559,882 123,801 135,925 3,251,671 2,968,402
Net sales, commission &

toll income 18,204,027 21,019,350 7,604,258 6,853,939 5,492,241 4,773,581 3,422,006 3,177,216 773,757 822,254 35,496,289 36,646,340
Cost of sales 28 17,777,075 19,501,286 6,287,067 5,513,936 3,977,745 3,380,378 2,747,259 2,514,430 611,634 717,067 31,399,040 31,625,357
Gross profit 426,952 1,518,064 1,317,191 1,340,003 1,514,496 1,393,203 674,747 662,786 162,123 105,187 4,097,249 5,020,983
Selling and
distribution
expenses 29 79,728 65,633 92,994 110,604 712,345 648,656 202,102 187,928 - - 1,087,169 1,012,821
Administration and
general expenses 30 492,724 342,058 421,208 293,304 254,105 224,825 178,148 145,103 1,642 2,219 1,347,587 1,007,269
Operating result - 25.12 (145,500) 1,110,373 802,989 936,095 548,046 519,722 294,497 329,755 160,481 102,968 1,662,493 3,000,893
25.1 Segment assets - note 25.5 7,522,751 6,848,365 12,423,985 11,613,572 5,362,519 4,655,834 2,032,361 2,144,167 407,544 540,394 19,507,583 17,071,862
25.2 Unallocated assets 1,262,452 3,689,467
20,770,035 20,761,329
25.2.1 Segments assets were grossed up to account for the effects of demerger in these financial statements for 2011, which is resulting in variance in 2012.
25.3 Segment liabilities

- note 25.5 9,167,047 8,974,429 4,565,397 5,760,434 2,857,922 3,000,564 802,748 1,359,779 72,803 74,076 9,224,342 10,438,812
25.4 Unallocated liabilities 1,324,917 4,544
10,549,259 10,443,356
25.5 Inter-unit current account balances of respective business have been eliminated from the total and the comparatives have been restated.
25.6 Non-cash items

(Provision for
non-management staff 26,894 13,319 23,210 35,152 8,856 6,550 4,986 7,205 - - 63,946 62,226
gratuity and eligible retired
employees'
medical scheme) - note 7.1
63,946 65,086
25.7 Depreciation & amortisation
charge - note 13.6 & 14.1 430,004 353,980 589,142 523,474 19,366 19,523 39,440 35,745 41,219 93,762 1,119,171 1,026,484
1,119,171 1,092,938
25.8 Capital expenditure 956,464 117,223 1,911,095 368,708 14,805 12,669 35,014 35,427 26,017 59,254 2,943,395 593,281
2,943,395 605,788
25.9 Inter-segment pricing
Transactions among the business segments are recorded at arm's length prices using admissible valuation methods.
25.10 There was no major customer of the Group which formed part of 10 per cent or more of the Group's revenue.
25.11 Astra Zeneca (a supplier contributing about 40% turnover of Life Sciences Business) has decided to discontinue its relationship with the Group.
25.12 Reconciliation of operating result for the year 2011 is as follows:
Operating results 3,000,893
Elimination of inter-segment sales to Paints Business (discontinued operations - note 27) (307,972)
2,692,921

Amounts in Rs 000
2012 2011
26. Reconciliations of reportable segment revenues, cost of sales, assets and liabilities
26.1 Turnover
Total turnover for reportable segments - note 25 38,747,960 39,614,742
Elimination of inter-segment turnover - note 25 (40,969) (307,972)

Elimination of inter-segment turnover from subsidiary (897,558) (958,179)
Total turnover 37,809,433 38,348,591
26.2 Cost of sales
Total cost of sales for reportable segments - note 28 31,399,040 31,625,357

Elimination of inter-segment purchases (40,969) -
Elimination of inter-segment purchases from subsidiary (897,558) (958,179)
Total cost of sales 30,460,513 30,667,178
26.3 Assets
Total assets for reportable segments 19,507,583 17,071,862
Bank deposits - note 24 102,000 2,783,000

Due from associates - note 23.2 - 82,237
Total assets 20,770,035 20,761,329
26.4 Liabilities
Total liabilities for reportable segments 9,224,342 10,438,812
Short-term loan - note 11.1 994,000 -
Long-term loan - note 8 290,270 -

Accrued interest on long-term loan - note 10 36,110 -
Unclaimed dividends - note 10 4,537 4,544
Total liabilities 10,549,259 10,443,356

Amounts in Rs 000
27. Discontinued Operation due to Demerger of Paints Business
As disclosed in Note 1, the detail of assets and liabilities, profit and loss account and cash flow statement of discontinued operation
are given below:
Profit and loss of Paints Business for the period ended June 30, 2011 Period ended
Jan 1, 2011 to
Jun 30, 2011
Net sales, commission and toll income 2,463,964

Cost of sales (*) (1,531,405)
Gross profit 932,559
Selling and distribution expenses (411,946)
Administration and general expenses (206,983)
Operating result 313,630
Financial charges (8,547)
Other operating charges (17,213)
Other operating income (*) 44,676
Profit before taxation 332,546
Taxation - current 160,030

Taxation - deferred (44,086)
115,944
Profit after taxation 216,602
*The following inter-unit transactions have been eliminated which has resulted in the variance of results reported in the special
purpose financial statements for the six months period ended June 30, 2011.
Cost of goods sold - inter-unit purchases 307,972

Other operating income - inter-unit interest income 169,721
Balance sheet of Paints Business as at June 30, 2011 transferrred to Akzo Nobel Pakistan Limited As at June
30, 2011
ASSETS
Non-Current Assets
Property, plant and equipment 953,747
Intangible assets 81,825
1,035,572
Deferred tax asset 212,744

Long-term loans 50,382
Long-term deposits and prepayments 8,187
271,313
1,306,885
Current Assets
Stores and spares 25,587
Stock-in-trade 714,486
Trade debts 427,277
Loans and advances 534
Trade deposits and short-term prepayments 52,176
Other receivables 35,965
1,256,025
Assets excluding cash and cash equivalents transferred from ICI Pakistan Limited 2,562,910

Amounts in Rs 000
As at June
30, 2011
Allocated share capital, allocated capital reserves and unappropriated profit transferred
from the Company as at June 30, 2011 (4,639,631)
Surplus on revaluation of property, plant and equipment (526,560)
LIABILITIES
Provisions for non-management staff gratuity and eligible retired employees' medical scheme 17,368
Current Liabilities
Short-term financing 67,743
Trade and other payables 991,317
1,059,060
Liabilities transferred from the Company (1,076,428)
Net Amount of transfers from the Company to Akzo Nobel Pakistan Limited (3,679,709)
Cash and cash equivalents and inter-company receivable transferred from the Company to Akzo Nobel
Pakistan Limited pursuant to the Scheme as at June 30, 2011. 3,679,709
Cash and cash equivalents and inter-company receivable transferred from the Company pursuant to the Scheme include:
Cash and bank balances 310,013

Inter-company receivables 3,369,696
3,679,709
Cash Flow Statements of the Paints Business for the six months period ended June 30, 2011
Net cash flows from operating activities 657,106

Net cash flows from investing activities (204,054)
Net cash flows from financing activities (228,109)
Net increase in cash and cash equivalents 224,943

Amounts in Rs 000
28. Cost of Sales

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Raw and packing

materials consumed
Opening stock 880,001 867,612 177,745 203,975 457,248 282,021 89,435 85,070 29,695 30,335 1,634,124 1,469,013
Purchases
Inter-segment 8,127 - 32,842 - - - - - - - 40,969 -
Others 15,484,417 16,853,794 2,073,403 1,904,504 1,389,353 1,262,928 1,428,892 1,119,475 468,167 513,529 20,844,232 21,654,230
15,492,544 16,853,794 2,106,245 1,904,504 1,389,353 1,262,928 1,428,892 1,119,475 468,167 513,529 20,885,201 21,654,230
16,372,545 17,721,406 2,283,990 2,108,479 1,846,601 1,544,949 1,518,327 1,204,545 497,862 543,864 22,519,325 23,123,243
Closing stock - note 19 (1,394,859) (880,001) (359,582) (177,745) (588,355) (457,248) (115,497) (89,435) (30,271) (29,695) (2,488,564) (1,634,124)
Raw & Packaging

material consumed 14,977,686 16,841,405 1,924,408 1,930,734 1,258,246 1,087,701 1,402,830 1,115,110 467,591 514,169 20,030,761 21,489,119
Salaries, wages
and benefits - note 28.1 404,849 382,518 666,968 605,098 3,957 4,287 53,001 45,940 10,222 16,009 1,138,997 1,053,852
Stores and spares

consumed 140,603 103,888 94,919 121,096 - - 5,878 4,576 12,984 23,742 254,384 253,302
Conversion fee paid to

contract manufacturers - - - - 287,189 268,329 9,261 3,332 - - 296,450 271,661
Oil, gas and electricity 1,834,515 1,803,969 2,848,687 2,234,191 - - 8,428 7,096 67,583 57,565 4,759,213 4,102,821
Rent, rates and taxes 1,035 993 929 1,536 - - 12,156 9,911 550 909 14,670 13,349
Insurance 22,911 19,599 21,612 15,612 - 3 1,100 1,398 1,675 1,994 47,298 38,606
Repairs and maintenance 1,155 1,426 85 57 - 2 4,245 3,406 122 125 5,607 5,016
Depreciation and
amortisation charge- 405,568 332,264 565,851 506,635 443 503 21,997 19,949 41,219 93,762 1,035,078 953,113
note 13.6 & 14.1
Excise duty - - - - - - - - 7,852 8,345 7,852 8,345
Technical fees - - - - 703 1,450 2,597 2,402 - - 3,300 3,852
Royalty - - - - 1,592 1,769 - 8,134 - - 1,592 9,903
General expenses
- note 28.2 130,350 123,801 147,642 87,213 1,007 658 14,547 12,513 1,836 447 293,642 222,892
Opening stock of
work-in-process 188,491 24,388 - - 28,376 12,464 3,379 725 - - 220,246 37,577
Closing stock of
work-in-process - note 19 (74,987) (188,491) - - (71,700) (28,376) (1,276) (3,379) - - (147,963) (220,246)
Cost of goods
manufactured 18,032,176 19,445,760 6,271,101 5,502,172 1,509,813 1,348,790 1,538,143 1,231,113 611,634 717,067 27,961,127 28,243,162
Opening stock of
finished goods 669,745 725,027 47,148 58,912 896,220 774,839 401,068 233,838 - - 2,014,181 1,792,616
Finished goods purchased 84,950 244 352,328 - 2,697,903 2,193,565 1,093,070 1,458,782 - - 4,228,251 3,652,591
18,786,871 20,171,031 6,670,577 5,561,084 5,103,936 4,317,194 3,032,281 2,923,733 611,634 717,067 34,203,559 33,688,369
Closing stock of
finished goods - note 19 (1,009,796) (669,745) (383,510) (47,148) (1,102,849) (896,220) (278,929) (401,068) - - (2,775,084) (2,014,181)

stocks - note 30 - - - - (23,342) (40,596) (6,093) (8,235) - - (29,435) (48,831)
17,777,075 19,501,286 6,287,067 5,513,936 3,977,745 3,380,378 2,747,259 2,514,430 611,634 717,067 31,399,040 31,625,357
Salaries, wages and benefits include Rs 172.087 million (2011: Rs 152.418 million) in respect of staff retirement benefits.
28.2 Service Charges from subsidiary
This includes amount Rs 1.740 million charged by the Company for certain administrative service charges in accordance with the service level agreement which have been eliminated from the total.

Amounts in Rs 000
29. Selling and Distribution Expenses

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011

- note 29.1 59,827 47,068 22,001 26,738 287,212 253,165 81,383 87,397 - - 450,423 414,368
Repairs and maintenance 20 - 1,893 1,365 3,118 2,282 1,775 1,371 - - 6,806 5,018
Advertising and publicity expenses 141 799 6,847 13,828 130,639 110,283 6,420 5,411 - - 144,047 130,321
Rent, rates and taxes 46 - 2,098 1,316 7,872 7,780 1,110 741 - - 11,126 9,837
Insurance - - 669 633 7,340 6,571 4,635 4,624 - - 12,644 11,828
Lighting, heating and cooling 8 15 1,162 1,281 3,018 2,773 2,978 2,707 - - 7,166 6,776
Depreciation and amortisation

charge - note 13.6 & 14.1 - - 146 244 9,735 12,702 4,862 3,512 - - 14,743 16,458
Outward freight and handling 2,945 5,718 43,307 47,238 45,487 52,291 48,734 35,379 - - 140,473 140,626
Travelling expenses 6,774 5,872 3,247 3,681 99,282 86,807 13,016 14,612 - - 122,319 110,972
Postage, telegram,
telephone and telex 782 714 1,351 1,445 16,083 13,525 4,431 3,661 - - 22,647 19,345
General expenses 9,185 5,447 10,273 12,835 102,559 100,477 32,758 28,513 - - 154,775 147,272
79,728 65,633 92,994 110,604 712,345 648,656 202,102 187,928 - - 1,087,169 1,012,821
30. Administration and General Expenses

- note 30.1 323,829 218,700 307,190 192,627 166,114 119,584 127,776 91,899 - - 924,909 622,810
Repairs and maintenance 5,424 4,751 3,455 3,448 2,777 2,248 795 975 - - 12,451 11,422

expenses 1,752 2,700 2,016 3,114 652 1,065 495 760 - - 4,915 7,639
Rent, rates and taxes 5,868 4,425 5,954 2,967 1,422 960 948 637 - - 14,192 8,989
Insurance 2,236 1,861 2,675 2,228 2,704 2,834 577 478 - - 8,192 7,401
Lighting, heating and cooling 5,678 5,771 5,159 5,328 4,295 5,394 1,112 1,144 - - 16,244 17,637
Depreciation and
amortisation charge
- note 13.6 & 14.1 24,436 21,716 23,145 16,595 9,188 6,318 12,581 12,284 - - 69,350 56,913
Provision for doubtful debts

- trade - note 42.6 672 - - - 123 - 2,250 - - - 3,045 -
- others - note 23.3 37,000 - 2,348 - 1,448 1,203 - - - - 40,796 1,203
Provision for obsolete stock

- note 19.1 - - - - 23,342 40,596 6,093 8,235 - - 29,435 48,831
Provision for obsolete spares

- note 18.1 - 5,154 2,625 6,618 - - - - - - 2,625 11,772
Travelling expenses 8,259 7,294 4,686 4,800 4,875 5,885 4,807 4,213 - - 22,627 22,192
Postage, telegram,
telephone and telex 3,351 3,266 3,089 3,063 2,669 2,526 1,446 1,552 - - 10,555 10,407
General expenses - note 30.2 74,219 66,420 58,866 52,516 34,496 36,212 19,268 22,926 1,642 2,219 188,251 180,053
492,724 342,058 421,208 293,304 254,105 224,825 178,148 145,103 1,642 2,219 1,347,587 1,007,269

30.2 Service charges from subsidiary

This includes Rs 0.240 million charged by the Company for certain administrative service charges in accordance with the service
level agreement which have been eliminated from the total.
30.3 Demerger cost

Administration and general expenses includes demerger cost amounting to Rs 373.8 million (December 31, 2011: Rs 111.4 million).

Amounts in Rs 000
2012 2011
31. Financial Charges
Mark-up on short-term financing 56,052 333

Interest on workers' profit participation fund - note 10.3 2,843 7,902
Discounting charges on receivables 55,841 49,339
Exchange losses 81,758 51,254
Guarantee fee and others 1,670 26,342
Interest on loan due to Akzo Nobel Pakistan Limited 96,363 129,979
294,527 265,149
32. Other Operating Charges
Auditors' remuneration - note 32.1 10,301 7,035

Donations - note 32.2 22,070 18,859
Loss on disposal of property, plant and equipment - 2,259
140,107 207,710
32.1 Auditors' remuneration
Audit and group reporting fee 3,467 3,726

Half yearly review and other certifications 1,231 1,103
Demerger related expenses 5,500 1,996
Out of pocket expenses 103 210
10,301 7,035
32.2 Donations include Rs 6 million (2011: Rs Nil) to ICI Pakistan Foundation (Head office, Karachi). Mr. Ali A Aga, Acting Chief Executive;
Mr. Suhail Aslam Khan, Mr. Asif Malik and Ms. Seemi Saad, Executives of the Company are amongst the Trustees of the Foundation.
33. Other Operating Income
Return from financial assets

Profit on short-term and call deposits 109,254 236,760
Income from non-financial assets

Scrap sales 58,949 41,628
Gain on disposal of property, plant and equipment 16,640 -
Others
Provisions and accruals no longer required written back 7,786 -
Exchange gain 20,519 -
Sundries 27,418 31,081
240,566 309,469
34. Taxation
Current tax charge 573,443 862,046

Deferred - note 9 (94,491) (98,823)
Net tax charged - note 34.1 478,952 763,223

Amounts in Rs 000
2012 2011
34.1 Tax reconciliation
Profit before tax 1,468,425 2,529,531
Tax @ 35% 513,949 885,336

Tax impact on profit of subsidiary - note 34.2 (33,881) (8,874)
Tax impact on income under FTR of the current year (2,806) (8,919)
Flood relief surcharge - 60,450
Impact of impairment - (73,333)
Tax impact on repayment of Mortar Loan - (98,350)
Others 1,690 6,913
Net tax charged 478,952 763,223
34.2 The turnover tax at the rate of 0.5% of turnover has been waived under second schedule of the Income Tax Ordinance, 2001 and
the income of the Subsidiary company is exempt under the provision of Income Tax Ordinance, 2001.
35. Earnings Per Share - Basic and Diluted
35.1 Continuing operations

Profit after taxation from continuing operations for the year 989,473 1,766,308
Number of shares
Weighted average number of ordinary shares (allocated)
in issue during the year 92,359,050 115,580,675
Rupees
Earnings per share from continuing operations 10.71 15.28

Profit after taxation from discontinued operations for the period - 216,602
Number of shares
during the period / year - 115,580,675
Rupees
Earnings per share from discontinued operation - 1.87
36. Remuneration of Directors and Executives
The aggregate amounts charged in the financial statements for the remuneration, including all benefits, to the Chairman, Chief
Executive, Directors and Executives of the Group were as follows:
Chairman Chief Executive Directors Executives Total

2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Managerial remuneration 3,687 1,236 134,484 31,643 50,516 38,523 524,559 527,463 713,246 598,865
Retirement benefits - - 68,564 7,487 9,909 8,588 134,803 135,841 213,276 151,916
Group insurance - - 64 64 128 128 7,025 5,932 7,217 6,124
Rent and house maintenance - - 2,927 6,835 - - 150,497 155,092 153,424 161,927
Utilities - - 983 953 - - 37,305 38,237 38,288 39,190
Medical expenses - - 359 139 165 205 26,342 22,546 26,866 22,890
3,687 1,236 207,381 47,121 60,718 47,444 880,531 885,111 1,152,317 980,912
Number of persons 1 1 2 1 3 4 371 348 377 354

Amounts in Rs 000
36.1 In addition to above, an amount of Rs 257.7 million (2011: Rs 235.8 million) on account of variable pay, to employees, has been
recognised in the current year out of which Rs 145.4 million (2011: Rs Nil) has been paid based on achievements of Half year
2012 targets. The remaining amount is payable in the year 2013 after verification of achievements against target. Further, a special
and demerger bonus of Rs 269.89 million (2011: Rs Nil) has been paid during the year.
Variable and special bonus paid during the year includes the following:
Paid in 2012 Paid in 2011
relating to relating to
2011 2010
Chief Executive 103,366 17,814

Directors 78,026 14,896
Executives 416,827 166,749
Other employees 79,522 23,686
677,741 223,145
36.2 The Directors and certain Executives are provided with free use of Company cars in accordance with their entitlement. The Chief
Executive is provided with free use of Company car.
36.3 Aggregate amount charged in the financial statements for remuneration to three Non-executive Directors was Rs 9.813 million
(2011: Rs 3.483 million). This includes fees paid to directors amounting to Rs 0.400 million (2011: Rs 0.270 million) for attending
board and other meetings which is not included above.
36.4 The above balances include an amount of Rs 595.114 million (2011: Rs 179.900 million) on account of remuneration of key
management personnel out of which Rs 30.648 million (2011: Rs 29.073 million) relates to post employment benefits.
36.5 Managerial remuneration to Chief Executive includes Rs 94.1 million paid on his early departure from the Company which include
retirement benefits. The normal retirement benefits were paid from the respective retirement funds
37. Transactions with Related Parties
The related parties comprise parent company (ICI Omicron B.V.), ultimate parent company (Akzo Nobel N.V.) (from January 1,
2012 to December 27, 2012) and Lucky Holdings Limited (from December 28, 2012 to December 31, 2012), related group
companies, local associated company, directors of the Company, companies where directors also hold directorship, key employees
(note 36) and staff retirement funds (note 7). Details of transactions with related parties, other than those which have been
specifically disclosed elsewhere in these financial statements are as follows:
2012 2011
Associated companies
Provision of services and other receipts 3,639 999
Sale of goods and materials 641,967 448,587
Allocated expenses to Akzo Nobel Pakistan Limited - 102,500
Dividends 823,804 1,631,051
Donations 6,000 -
38. Plant Capacity and Annual Production

- in metric tonnes except Paints which is in thousands of litres and PowerGen which is in thousands of Kilowatts:
2012 2011
Annual Production Annual Production
Name Plate Name Plate
Capacity Capacity
Polyester - note 38.1 122,000 111,727 122,000 117,174
Soda Ash - note 38.1 350,000 255,610 350,000 258,420
Chemicals - note 38.2 - 11,065 - 8,852
Sodium Bicarbonate 20,000 25,700 20,000 24,340
PowerGen - note 38.3 122,640 36,029 221,978 46,250
Paints (discontinued operations) - - - 16,759
38.1 Production was below name plate capacity due to gas curtailment.
38.2 The capacity of Chemicals is indeterminable because these are multi-product plants.
38.3 Electricity by PowerGen is produced as per demand.
Amounts in Rs 000
39. Fair Value of Financial Assets and Liabilities
The carrying amounts of the financial assets and financial liabilities approximate their fair values and is determined on the basis
of non-observable market data.
40. Financial Risk Management
The Group's activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk (including currency risk,
interest rate risk and price risk). The Group's overall risk management policy focuses on the unpredictability of financial markets
and seeks to minimize potential adverse effects on the Group's financial performance.
40.1 Risk management framework
The Board of Directors has overall responsibility for establishment and over sight of the Group's risk management framework. The
executive management team is responsible for developing and monitoring the Groups risk management policies. The team regularly
meets and any changes and compliance issues are reported to the Board of Directors through the audit committee.
Risk management systems are reviewed regularly by the executive management team to reflect changes in market conditions
and the Groups activities. The Group, through its training and management standards and procedures, aims to develop a disciplined
and constructive control environment in which all employees understand their roles and obligations.
The audit committee oversees compliance by management with the Groups risk management policies and procedures, and reviews
the adequacy of the risk management framework in relation to the risks faced by the Group.
41. Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk; currency risk, interest rate risk and other price risk.
41.1 Interest rate risk
Interest rate risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. At the reporting date the interest rate profile of Group's interest-bearing financial instruments were:
Carrying Amount
2012 2011
Fixed rate instruments
Financial assets - note 24 102,000 2,783,000

Financial liabilities - note 8 & 10.4 (401,767) (95,473)
(299,767) 2,687,527
Variable rate instruments
Payable to Akzo Nobel Pakistan Limited - note 10 - (3,609,775)

Financial Liabilities - note 11 (2,332,057) -
(2,332,057) (3,609,775)
Sensitivity analysis for fixed rate instruments

The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, therefore a change
in interest rates at the reporting date would not affect profit or loss.
Sensitivity analysis for variable rate instruments

If KIBOR had been 1% higher / lower with all other variables held constant, the impact on the profit before tax for the year would
have been Rs 23.32 million (2011: Rs 36.098 million).

Amounts in Rs 000
41.2 Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in foreign exchange rates. Foreign currency risk arises mainly where receivables and payables exist due to transactions entered
into are denominated in foreign currencies. The Group is exposed to foreign currency risk on sales, purchases and borrowings,
which, are entered in a currency other than Pak Rupees. To hedge this risk the Group has entered into forward foreign exchange
contracts for imports in 2012 in accordance with State Bank of Pakistan instructions and the Group's Treasury policy. The policy
allows the Group to take currency exposure within predefined limits while open exposures are rigorously monitored.
SGD EURO USD GBP JPY

2012

- - 146,969 - -
Trade and other payables - 195,508 2,090,032 976,469 2,241
Due to Associates - note 10.1 - - - - -
- 195,508 2,090,032 976,469 2,241
Gross balance sheet exposure - (195,508) (1,943,063) (976,469) (2,241)
2011

Other receivables - 1,571 19,701 - -
Due from Associates - note 23.2 - - 154 82,083 -
- 1,571 153,150 82,083 -
Due to Associates - 44,591 14,691 - -
- 103,293 1,758,239 712,773 -
Significant exchange rates applied during the year were as follows:
Average rate for the year Spot rate as at December 31

2012 2011 2012 2011
Rupees per Rupees Rupees
EURO 120.09 120.16 128.18 116.13
USD 93.40 86.30 97.15 89.94
GBP 148.03 138.42 157.07 138.63
JPY 1.17 1.08 1.13 1.16
SGD 74.78 68.69 79.55 69.15
Sensitivity analysis
Every 1% increase or decrease in exchange rate with all other variables held constant will decrease or increase profit before tax
for the year by Rs 31.2 million (2011: Rs 23.38 million).

Amounts in Rs 000
2012 2011
42. Credit Risk
Credit risk represents the accounting loss that would be recognised at the reporting date if counter-parties failed completely to
perform as contracted. The Group does not have significant exposure to any individual counter-party. To reduce exposure to credit
risk the Group has developed a formal approval process whereby credit limits are applied to its customers. The management also
continuously monitors the credit exposure towards the customers and makes provision against those balances considered doubtful
of recovery. To mitigate the risk, the Group has a system of assigning credit limits to its customers based on an extensive evaluation
based on customer profile and payment history. Outstanding customer receivables are regularly monitored. Some customers are
also secured, where possible, by way of inland letters of credit, cash security deposit, bank guarantees and insurance guarantees.
The Group's gross maximum exposure to credit risk at the reporting date is as follows:
Long-term investment - note 15 2,500 2,500

Long-term loans - note 16 194,432 158,663
Long-term deposits - note 17 26,799 25,190
Trade debts - note 20 595,693 383,169
Loans and advances - note 21 193,848 128,970
Trade deposits - note 22 15,279 18,468
Other receivables - note 23 791,236 554,477
Bank balances - note 24 897,354 4,731,290
2,717,141 6,002,727
42.2 The Group has placed its funds with banks which is rated A-1 by Standard & Poor's and P-1 by Moody's.
- Secured 588,389 472,696

- Unsecured 2,128,752 5,530,031
2,717,141 6,002,727
42.4 The ageing of bank balances, trade debts and loans and advances at the reporting date is as follows:
Not past due 1,646,962 5,225,198

Past due but not impaired:
Not more than three months 46,098 25,415
Past due and Impaired:
More than three months and not more than six months 3,628 100
More than six months and not more than nine months - -
More than nine months and not more than one year - -
More than one year 92,883 92,347
142,609 117,862
102,676 99,631
1,686,895 5,243,429

Amounts in Rs 000
2012 2011
42.5 The maximum exposure to credit risk for past due and impaired at the reporting date by type of counter-party was:
Wholesale customers 12,405 14,102

Retail customers 10,136 2,689
End-user customers 120,068 101,071
142,609 117,862
102,676 99,631
39,933 18,231
42.5.1 The balance between wholesale, retail and end-user customers have been reclassified for better presentation.
42.6 Movement of provision for trade debts and loans and advances
Trade Debts Loans and Total Total

Advances
Opening 92,339 7,292 99,631 354,110

Transferred to Akzo Nobel Pakistan Limited - - - (275,872)
Additional provision 3,045 - 3,045 23,240
(Write off) / Provision utilised against write-offs - - - (828)
Provision no longer required - - - (1,019)
95,384 7,292 102,676 99,631
42.6.1 The recommended approach for provision is to assess the top layer (covering 50%) of trade receivables on an individual basis
and apply a dynamic approach to the remainder of receivables. The procedure introduces a Group-standard for dynamic provisioning:
Provide impairment loss for 50% of the outstanding receivable when overdue more than 90 days, and
Provide impairment loss for 100% when overdue more than 120 days
42.7 Concentration Risk
The sector wise analysis of receivables, comprising trade debts, loans and advances and bank balances is given below:
2012 2011
Textile and Chemicals 389,673 285,490

Glass 33,081 6,846
Paper and Board 15,233 20,492
Pharmaceuticals 21,327 19,675
Paints 35,772 6,136
Bank 897,354 4,731,290
Others 397,131 273,131
1,789,571 5,343,060
102,676 99,631
1,686,895 5,243,429

Amounts in Rs 000
43. Liquidity Risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. Prudent liquidity
risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount
of committed credit facilities. Group treasury aims at maintaining flexibility in funding by keeping committed credit lines available.
The table below analyse the Group's financial liabilities into relevant maturity groupings based on the remaining period at the
balance sheet to the maturity date.
Carrying Contractual Less than
amount cash flows one year
2012
Trade creditors - note 10 1,315,497 (1,315,497) (1,315,497)
Mark-up accrued on short-term financing - note 10 16,645 (16,645) (16,645)
Accrued interest on secured/unsecured loans - note 10 36,110 (36,110) (36,110)
Accrued expenses - note 10 774,026 (774,026) (774,026)
Others - note 10 211,045 (211,045) (211,045)
Long-term loan - note 8 290,270 (400,281) (23,176)
Short-term borrowings - note 11.1 994,000 (1,002,408) (1,002,408)
Short-term running finance - note 11.2 1,338,057 (1,338,057) (1,338,057)
8,509,004 (8,640,691) (8,263,586)
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier or at significantly different amount.
2011
Trade creditors - note 10 683,954 (683,954) (683,954)
Mark-up accrued on short term financing - note 10 1,904 (1,904) (1,904)
Accrued interest / return on unsecured loan - note 10 - - -
Accrued expenses - note 10 1,040,765 (1,040,765) (1,040,765)
Payable to Akzo Nobel Pakistan Limited - note 10 3,609,775 (3,609,775) (3,609,775)
Others - note 10 129,642 (129,642) (129,642)
8,288,008 (8,299,083) (8,299,083)

44. Capital Risk Management
The Group's objective when managing capital is to safe guard the Group's ability to continue as a going concern so that it can
continue to provide returns for shareholders and benefits for other stakeholders; and to maintain a strong capital base to support
the sustained development of its businesses.
The Group manages its capital structure 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 Group may adjust the amount of dividend paid to
shareholders or issue new shares.
45. Accounting Estimates and Judgements
Income Taxes
The Group takes into account the current income tax law and decisions taken by appellate authorities. Instances where the Group's
view differs from the view taken by the income tax department at the assessment stage and where the Group considers that its
view on items of material nature is in accordance with law, the amounts are shown as contingent liabilities (unless there is remote
possibility of transfer of benefits). The details of the tax matters are as follows:
The Appellate Tribunal Inland Revenue earlier set aside the assessment for the assessment year 1998-99 on the issues of date
of commissioning of PTA plant & depreciation thereon, restriction of cost of capitalisation of PTA plant and addition to income in
respect of trial production stocks. The re-assessment was finalised by the department on June 29, 2010 giving rise to an additional
tax demand. The Group has filed an appeal against the said order before the CIR (Appeals), hearing of appeal has been completed
and the order is awaited.
The Tax Department reopened the income tax assessment for the assessment year 2001-2002 on the ground that demerger of
PTA business from ICI Pakistan Limited was effective from the completion date i.e. August 6, 2001. This was challenged by the
Group in the High Court which upheld the Group's contention that the department did not have the right to reopen this finalised
assessment. The department filed an appeal in the Supreme Court against the High Courts order. The appeal was dismissed by
the Supreme Court under the principle of well known case of Eli Lilly. After the Supreme Courts decision on retrospectivity as
mentioned above, a notice has been issued u/s 66A of the repealed Ordinance by Tax Department on June 20, 2011, which was
challenged by the Group in the High Court on the basis of Supreme Courts decision as above. However, despite the stay granted
by High Court, the Tax Department issued an order on May 7, 2012 and raised the demand of the additional tax liability of Rs 19
million. The Group filed an appeal before the Appellate Tribunal Inland Revenue which has decided the case in Group's favour
on the basis that order issued on May 7, 2012 was time barred.
For the assessment year 2002-2003 on receipt of notice u/s 62 of the Income Tax Ordinance, 1979, the Group had filed a writ
petition in the Supreme Court 'after it being dismissed by the Sindh High Court on maintainability', challenging the Tax Departments
notice that the effective date of PTAs demerger was August 6, 2001 rather than the effective date given in the Scheme of
Arrangement as October 1, 2000. That notice had raised certain issues relating to vesting of PTA assets by the Group. It is the
Group's contention that such an action is unwarranted and which has illegally changed the settled position.
Whilst amending the assessment for the tax year 2003, 2004, 2005, 2007, 2008 and 2010 Tax Department has taken certain action
in the order, considered by the department as protective assessment on the matter of unabsorbed depreciation carried forward.
It is the Groups contention that such an action is unwarranted. An appeal before the CIR (Appeals), on the matter has been filed
which is pending. The very basis of such an action has also been challenged before the High Court of Sindh which are pending
for hearing.
In April 2012, a notice had been issued by the Tax Department for recovery of tax demand of Rs 271 million for tax year 2003 and
Rs 310 million for tax year 2004 on account of unabsorbed tax depreciation relating to the demerger of PPTA business. This notice
has been issued by the Tax Department on the basis that revenue cases cannot be stayed by the High Court of Sindh for a period
of more than six months as mentioned in Article 199 (4A) of the Constitution of Pakistan. The Group through its counsel has filed
a reply to Tax Department stating that since our assessments are protective assessments and as stated in the order the demand
can only arise after the matter is finally decided by the Supreme Court for assessment year 2002-03. No action has been taken
by the Tax Department after the reply of the Group.
Notice under section 221 of the Income Tax Ordinance 2001 for rectification of deemed assessment order for the tax year 2005
has been issued to disallow unabsorbed depreciation carried forward. A writ petition against the said notice has been filed with
the High Court of Sindh which is pending for hearing.
For tax year 2006, the case had been selected for audit/scrutiny and whilst framing the order Tax Department has taken certain
action in the orders, considered by the department as protective assessments on the matter of unabsorbed depreciation carried
forward. A tax demand of Rs 616 million was raised in the order. It is the Groups contention that such an action is unwarranted.
An appeal before the CIR (Appeals), on the matter has been filed which is pending.

In June 2012, whilst amending the assessment for the tax year 2009, the Tax Department had disallowed the unabsorbed
depreciation on the ground that there was no brought forward depreciation from Tax Year 2008 and a demand of Rs 972 million
was created. It was the Group's contention that such an action was unwarranted. This position was totally different from the position
taken earlier by the Tax Department. The Group had filed an appeal before the High Court of Sindh challenging the said order
which had decided the case with the direction that the matter will be finalised by the CIR(Appeals) within six weeks from the date
of High Courts Order. On August 15, 2012 CIR(Appeals) issued its order and upheld the order passed by the Tax Department
earlier. The Group then filed an appeal before the Appellate Tribunal Inland Revenue against the said order of CIR(Appeals) as
well as for the stay of demand. On November 15, 2012, the tribunal decided the case in Group's favour on the basis that the original
assessment order for assessment year 2001-02 passed on May 29, 2002 is now crystallized and therefore depreciation loss is
available to the Group.
Pension and Gratuity
Certain actuarial assumptions have been adopted as disclosed in note 7 to the consolidated financial statements for valuation of
present value of defined benefit obligations and fair value of plan assets. Any changes in these assumptions in future years might
affect gains and losses in those years.
Property, Plant and Equipment
The estimates for revalued amounts, if any, of different classes of property, plant and equipment, are based on valuation performed
by external professional valuer and recommendation of technical teams of the Group. The said recommendations also include
estimates with respect to residual values and depreciable lives. Further, the Group reviews the value of the assets for possible
impairment on an annual basis. The future cash flows used in the impairment testing of assets is based on management's best
estimates which may change in future periods. Any change in the estimates in future years might affect the carrying amounts of
the respective items of property, plant and equipments with a corresponding affect on the depreciation charge and impairment.
46. Standards or Interpretations not yet effective
The following standards, amendments and interpretations of approved accounting standards will be effective for accounting periods
beginning on or after January 1, 2013:
IAS 19 Employee Benefits (amended 2011) - (effective for annual periods beginning on or after 1 January 2013). The
amended IAS 19 includes the amendments that require actuarial gains and losses to be recognised immediately in other
comprehensive income; this change will remove the corridor method and eliminate the ability for entities to recognise all changes
in the defined benefit obligation and in plan assets in profit or loss, which currently is allowed under IAS 19; and that the expected
return on plan assets recognised in profit or loss is calculated based on the rate used to discount the defined benefit obligation.
The amendments would reduce the equity of the Group by Rs 603.7 million which is required to be recognised in other comprehensive
income in first quarter of 2013.
Presentation of Items of Other Comprehensive Income (Amendments to IAS 1) - (effective for annual periods beginning
on or after 1 July 2012). The amendments require that an entity present separately the items of other comprehensive income
that would be reclassified to profit or loss in the future if certain conditions are met from those that would never be reclassified to
profit or loss. The amendments do not address which items are presented in other comprehensive income or which items need
to be reclassified. The requirements of other IFRSs continue to apply in this regard. These amendments may impact on the financial
statements of the Group.
IAS 27 Separate Financial Statements (2011) - (effective for annual periods beginning on or after 1 January 2013). IAS
27 (2011) supersedes IAS 27 (2008). Three new standards IFRS 10 - Consolidated Financial Statements, IFRS 11- Joint
Arrangements and IFRS 12- Disclosure of Interest in Other Entities dealing with IAS 27 would be applicable effective 1 January
2013. IAS 27 (2011) carries forward the existing accounting and disclosure requirements for separate financial statements, with
some minor clarifications. The amendments will have no material impact on the financial statements of the Group.
IAS 28 Investments in Associates and Joint Ventures (2011) - (effective for annual periods beginning on or after 1 January
2013). IAS 28 (2011) supersedes IAS 28 (2008). IAS 28 (2011) makes the amendments to apply IFRS 5 to an investment, or a
portion of an investment, in an associate or a joint venture that meets the criteria to be classified as held for sale; and on cessation
of significant influence or joint control, even if an investment in an associate becomes an investment in a joint venture. The
amendments will have no impact on the financial statements of the Group.
Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32) (effective for annual periods beginning
on or after 1 January 2014). The amendments address inconsistencies in current practice when applying the offsetting criteria
in IAS 32 Financial Instruments: Presentation. The amendments clarify the meaning of currently has a legally enforceable right
of set-off; and that some gross settlement systems may be considered equivalent to net settlement. This amendment may impact
the financial statement of the Group.
Offsetting Financial Assets and Financial Liabilities (Amendments to IFRS 7) (effective for annual periods beginning
on or after 1 January 2013). The amendments to IFRS 7 contain new disclosure requirements for financial assets and liabilities
that are offset in the statement of financial position or subject to master netting agreement or similar arrangement. The amendments
may impact the financial statements of the Group.

Annual Improvements 20092011 (effective for annual periods beginning on or after 1 January 2013). The new cycle of
improvements contains amendments to the following four standards, with consequential amendments to other standards and
interpretations which may impact the financial statements of the Group:
IAS 1 Presentation of Financial Statements is amended to clarify that only one comparative period which is the preceding
period is required for a complete set of financial statements. If an entity presents additional comparative information, then that
additional information need not be in the form of a complete set of financial statements. However, such information should be
accompanied by related notes and should be in accordance with IFRS. Furthermore, it clarifies that the third statement of financial
position, when required, is only required if the effect of restatement is material to statement of financial position.
IAS 16 Property, Plant and Equipment is amended to clarify the accounting of spare parts, stand-by equipment and servicing
equipment. The definition of property, plant and equipment in IAS 16 is now considered in determining whether these items should
be accounted for under that standard. If these items do not meet the definition, then they are accounted for using IAS 2 Inventories.
The amendment is not likely to have any material impact on the financial statements of the Group.
IAS 32 Financial Instruments: Presentation is amended to clarify that IAS 12 Income Taxes applies to the accounting for period
taxes relating to distributions to holders of an equity instrument and transaction costs of an equity transaction. The amendment
removes a perceived inconsistency between IAS 32 and IAS 12.
IAS 34 Interim Financial Reporting is amended to align the disclosure requirements for segment assets and segment liabilities
in interim financial reports with those in IFRS 8 Operating Segments. IAS 34 now requires the disclosure of a measure of total
assets and liabilities for a particular reportable segment. In addition, such disclosure is only required when the amount is regularly
provided to the chief operating decision maker and there has been a material change from the amount disclosed in the last annual
financial statements for that reportable segment.
IFRIC 20 Stripping cost in the production phase of a surface mining (effective for annual periods beginning on or after
1 January 2013). The interpretation requires production stripping cost in a surface mine to be capitalized if certain criteria are
met. The amendments will have no material impact on the financial statements of the Group.
47. Post Balance Sheet Events
47.1 Dividend
The Directors in their meeting held on February 21, 2013 have recommended a final dividend of Rs 2.00 per share (2011: Rs 5.50
per share) in respect of year ended December 31, 2012. The consolidated financial statements for the year ended December 31,
2012 do not include the effect of the above dividend which will be accounted for in the period in which it is approved.
Changes in IAS 19 are disclosed in note 46.
48. Date of Authorization
These consolidated financial statements were authorised for issue in the Board of Directors meeting held on February 21, 2013.
49. General
49.1 Figures have been rounded off to the nearest thousand rupees except as stated otherwise.
49.2 Corresponding figures have been rearranged and reclassified, wherever necessary, for better presentation and disclosure and
this has been disclosed in relevant notes.


Form of Proxy
61 Annual General Meeting
st
I / We
of
being member(s) of ICI Pakistan Limited holding
ordinary shares hereby appoint
of or failing him / her
of who is / are also member(s) of ICI Pakistan Limited as my/our

proxy in my / our absence to attend and vote for me / us and on my / our behalf at the Sixty first Annual General
Meeting of the Company to be held on April 22, 2013 and at any adjournment thereof.
As witness my / our hand / seal this day of 2013
Signed by the said
in the presence of 1.
2.
Folio / CDC Account No. Signature on

Revenue Stamp
of Appropriate
Value
This signature should

agree with the
specimen registered
with the Company.
Important:
1. This Proxy Form, duly completed and signed, must be received at the Registered Office of the Company, ICI House, 5
West Wharf, Karachi, not less than 48 hours before the time of holding the meeting.
2. No person shall act as proxy unless he himself is a member of the Company, except that a corporation may appoint a
person who is not a member.
3. If a member appoints more than one proxy and more than one instruments of proxy are deposited by a member with
the Company, all such instruments of proxy shall be rendered invalid.
For CDC Account Holders / Corporate Entities:
In addition to the above the following requirements have to be met:
i) The proxy form shall be witnessed by two persons whose names, addresses and CNIC numbers shall be mentioned
on the form.
ii) Attested copies of CNIC or the passport of the beneficial owners and the proxy shall be furnished with the proxy form.
iii) The proxy shall produce his original CNIC or original passport at the time of the meeting.
iv) In case of corporate entity, the Board of Directors resolution / power of attorney with specimen signature shall be submitted
(unless it has been provided earlier) along with proxy form to the Company.
Affix
Correct
Postage
The Company Secretary

ICI House
5 West Wharf
Karachi-74000
Admission Slip
The Sixty-First Annual General Meeting of ICI Pakistan Limited will be held on Monday, April 22, 2013 at 10:00
a.m. at ICI House, 5 West Wharf, Karachi.
Company's transport will wait at the corner of Karachi Stock Exchange Road, between 8:45 a.m. and 09:15
a.m. on the date of Meeting. Shareholders desirous of attending the Meeting may avail this facility.
Kindly bring this slip duly signed by you for attending the Meeting.
Acting Company Secretary
Name Holding
Shareholder No. Signature
Note:
i) The signature of the shareholder must tally with the specimen signature on the Company's record.
ii) Shareholders are requested to hand over duly completed admission slips at the counter before entering
the Meeting premises.
CDC Account Holders / Proxies / Corporate Entities:
a) The CDC Account Holder / Proxy shall authenticate his/her identity by showing his / her Identity by showing
his / her original Computerized National Identity Card (CNIC) or original passport at the time of attending
the Meeting.
b) In case of corporate entity, the Board of Directors' resolution / power of attorney with specimen signature
of the nominee shall be produced at the time of the Meeting (unless it has been provided earlier).
This Admission Slip is Not Transferable

Mandate Letter
Dear Shareholder,
DIVIDEND MANDATE (Optional)

We wish to inform you that according to the provisions of the Companies Ordinance 1984, shareholders are also
entitled to receive their dividend by way of direct credit to their bank account instead of receiving them through dividend
warrants (crossed as A/c Payee only).
In case you wish to receive your future dividends directly in your bank account, please complete the particulars as
mentioned below and return this letter to us duly signed along with a copy of your CNIC.
SUBMISSION OF COPY CNIC (Mandatory)

Pursuant to the directives of the Securities and Exchange Commission of Pakistan, CNIC number is mandatorily
required to be mentioned on dividend warrants, members' register and other statutory returns. You are therefore
requested to submit a copy of your CNIC (if not already provided) to the Shares Department of ICI Pakistan Limited,
ICI House, 5 West Wharf, Karachi or FAMCO Associates (Pvt) Limited, 1ST Floor, State Life Building No.1-A, I. I.
Chundrigar Road, Karachi.
CDC shareholders are requested to submit their dividend mandate and CNIC directly to their broker (participant)/CDC.
Yours faithfully
Nasir Jamal
Acting Company Secretary
SHAREHOLDER'S SECTION
I hereby wish to communicate my desire to receive my future dividends directly in my bank account as detailed below:
Name of shareholder :
Folio number :
Contact number of shareholder :
Bank Account number :
Title of Account :
Type of Account :
Name of Bank :
Bank branch & full mailing address :
Contact number of Bank :
it is stated that the above particulars given by me are correct to the best of my knowledge and I shall keep the Company
informed in case of any change in the said particulars in the future
CNIC No.
Shareholder's signature (copy attached)
Date:
A publication of the Corporate Communications
& Public Affairs Department

5 West Wharf
Karachi, 74000
Pakistan
T + 92 21 3231 3717-22
F + 92 21 3231 1739
E: ccpa@icipakistan.com.pk
www.ici.com.pk
Printing
Zam Zam Enterprises
Design
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Towards a future of

Today, our journey is focused on the future - the

Today our journey is of aspirations.

ICI Pakistan Limited Annual Report 2012 1

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Total Turnover by business

2 ICI Pakistan Limited Annual Report 2012

Operatingresult Price earning 2012 1,500 2,578 12.7

inRs Million in times

Profitaftertax Returnonfixedassets 2012 101.97 27.9

ICI Pakistan Limited Annual Report 2012 3

4 ICI Pakistan Limited Annual Report 2012

ICI Pakistan Limited Annual Report 2012 5

This section provides an overview of our

ICI Pakistan Limited Annual Report 2012 7

8 ICI Pakistan Limited Annual Report 2012

A brief overview of the code:

Business Principles Employee Responsibilities

ICI Pakistan Limited Annual Report 2012 9

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ICI Pakistan Limited Annual Report 2012 11

Our results at a glance

Turnover by business Operating result by business -10%

Polyester Soda Ash Life Sciences Chemicals

2008 12,192 6,510 7,208 3,374 3,207

2009 13,242 6,572 6,226 3,741 2,895

2010 18,034 8,069 6,622 4,115 3,110

2011 21,038 8,628 5,253 3,737

2012 18,354 9,219 6,251 4,026

Polyester Soda Ash Paints Life Sciences Chemicals

2008 983 1,550 1,428 1,030 504

2009 1,403 1,442 1,370 982 478

2010 2,360 1,389 1,347 1,080 510

2011 1,518 1,340 1,393 663

2012 427 1,317 1,514 675

Polyester Soda Ash Paints Life Sciences Chemicals

12 ICI Pakistan Limited Annual Report 2012

Polyester (2,684) 2008 3,858

Soda Ash 591 2009 3,899

Life Sciences 998 2010 4,657

Chemicals 289 2011 3,311

2012 37,850 2012 2,578

7YVÄ[HM[LY[H_ Earnings per share

2008 1,863 2008 13.42

2009 2,045 2009 14.73

2010 2,429 2010 17.50

2011 1,531 2011 13.25

2012 893 2012 9.67

Operating Result Development (Business-wise)

Soda Ash (133)

Chemicals (35) (2,151)

2012 1,500 (3,177)

ICI Pakistan Limited Annual Report 2012 13

2007 20.93 2007 12.96 2007 12.02

2008 19.77 2008 10.98 2008 10.12

2009 19.96 2009 10.65 2009 10.81

2010 19.03 2010 10.57 2010 10.62

2011 12.97 2011 6.70 2011 6.46

2012 11.34 2012 4.33 2012 3.95

Profit after tax margin Return on assets Return on equity

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