Azgard Nine Pakistan Limited Balance Sheets

Currency in
Millions of Pakistan Rupees
As of:	Dec-31	Mar-31	Jun-30	Sep-30
	2009	2010	2010	2010
	PKR	PKR	PKR	PKR
Assets
Cash and Equivalents	437.8	705.7	321.7	149.9
TOTAL CASH AND SHORT TERM INVESTMENTS	437.8	705.7	321.7	149.9
Accounts Receivable	4,586.90	4,262.80	4,220.70	4,595.10
Other Receivables	1,461.30	292.3	224	162.3
TOTAL RECEIVABLES	6,048.20	4,555.10	4,444.70	4,757.40
Inventory	7,699.70	6,629.20	6,352.50	6,394.60
Prepaid Expenses	23.1	--	--	--
Other Current Assets	1,429.20	3,397.40	3,448.60	4,656.50
TOTAL CURRENT ASSETS	15,638.00	15,287.40	14,567.50	15,958.40
Gross Property Plant and Equipment	47,282.30	--	--	--
Accumulated Depreciation	-10,205.20	--	--	--
NET PROPERTY PLANT AND EQUIPMENT	37,077.10	44,830.20	47,195.90	48,146.70
Long-Term Investments	0	0	0	0
Other Intangibles	5,645.10	5,643.10	5,411.50	5,410.50
Other Long-Term Assets	134.8	120.7	93.1	90.9
TOTAL ASSETS	58,495.10	65,881.40	67,268.00	69,606.60
LIABILITIES & EQUITY
Accounts Payable	4,756.20	5,290.90	6,920.30	6,541.70
Accrued Expenses	1,786.70	1,234.20	2,001.30	2,915.30
Short-Term Borrowings	12,891.60	13,129.50	13,151.20	13,534.40
Current Portion of Long-Term Debt/Capital Lease	4,301.80	3,573.80	5,091.30	6,925.70
Current Portion of Capital Lease Obligations	85.1	81	80.9	82
Other Current Liabilities, Total	392.5	2,251.30	3.2	3.5
TOTAL CURRENT LIABILITIES	24,128.80	25,479.60	27,167.40	29,920.50
Long-Term Debt	15,745.50	16,974.60	15,226.70	14,490.70
Capital Leases	279.2	267	229.7	215.2
Minority Interest	--	--	2,450.20	2,659.90
Deferred Tax Liability Non-Current	2,147.40	4,135.80	3,664.70	3,709.60
Other Non-Current Liabilities	52.2	52.2	52.5	31.1
TOTAL LIABILITIES	42,353.10	46,909.30	48,791.20	51,027.10
Preferred Stock Convertible	330.6	330.6	330.6	--
TOTAL PREFERRED EQUITY	1,286.80	974	991.9	574.5
Common Stock	4,548.70	4,548.70	4,548.70	4,548.70
Additional Paid in Capital	2,358.20	2,358.20	2,358.20	2,358.20
Retained Earnings	3,810.70	3,440.50	3,748.30	3,806.90
Comprehensive Income and Other	4,137.50	7,650.70	6,829.70	7,291.20
TOTAL COMMON EQUITY	14,855.20	17,998.20	17,484.90	18,005.00
TOTAL EQUITY	16,142.00	18,972.20	18,476.80	18,579.50
TOTAL LIABILITIES AND EQUITY	58,495.10	65,881.40	67,268.00	69,606.60

Azgard Nine Pakistan Limited Balance Sheets