CONTENTS

Company Profile 03

Director’s Review 04

Auditors’ Review Report 05

CONDENSED INTERIM FINANCIAL STATEMENTS

Balance Sheet 07

Profit & Loss Account 08

Cash Flow Statement 09

Statement of Changes in Equity 10

Notes to the Accounts 11

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Consolidated Balance Sheet 16

Consolidated Profit & Loss Account 17

Consolidated Cash Flow Statement 18

Consolidated Statement of Changes in Equity 19

Notes to the Consolidated Accounts 20

NETSOL TECHNOLOGIES LIMITED

 COMPANY PROFILE

BOARD OF DIRECTORS LEGAL ADVISOR

Corporate Law Associates
Salim Ullah Ghauri 1st Floor Queen’s Centre
Chairman & Chief Executive Shahra-e-Fatima Jinnah
Lahore
Najeeb Ullah Ghauri
Non-Executive Director
BANKERS
Naeem Ullah Ghauri Askari Bank Limited
Non-Executive Director United Bank Limited
Bank Al Falah Limited
Shahid Javed Burki JS Bank Limited
Non-Executive Director
IGI Investment Bank Ltd
Sajjad Hussain Kirmani
Executive Director SHARE REGISTRAR
Vision Consulting Limited
Zahid Bashir Mirza 3-C, LDA Flats, Lawrence Rd, Lahore.
Executive Director
CONTACT DETAILS
Shahab-ud-Din Ghauri Registered Office
Executive Director
Software Technology Park, NetSol Avenue
Vaseem Anvar Main Ghazi Road, Lahore Cantt, Pakistan
Non-Executive Director Tel: +92-42-111-44-88-00, 35727096-7
Fax: +92-42-35701046, 35726740
Rehmat Ullah Ghauri
Alternate Director
RAWALPINDI OFFICE
Ayub Ghauri House NO. 26, Street No. 5, Safari Villas
Alternate Director Rawalpindi-46000.
Tel: +92-51-5595377, 5595480
AUDIT COMMITTEE Fax: +92-51-5595376

Shahab-ud-Din Ghauri ISLAMABAD OFFICE

Chairman 3rd Floor, Software Technology Park,
5-A, Constitution Avenue, Sector F-5/1
Vaseem Anvar Tel: +92-51-2829972
Member
Fax: +92-51-2828964
Sajjad Hussain Kirmani
Member KARACHI OFFICE
Office-203, The Forum, Khayaban-e-Jami
COMPANY SECRETARY Block-9 Clifton, Karachi 75600.
Tel: +92-21-5301486-8
Boo-Ali Siddiqui Fax: +92-21-5301489
HEAD - INTERNAL AUDIT WEB PRESENCE
www.netsolpk.com
Imran Ahmad info@netsolpk.com
AUDITORS

Kabani Saeed Kamran Patel & Co.

Chartered Accountants
321 - Upper Mall, Lahore.

NETSOL TECHNOLOGIES LIMITED 3

 DIRECTOR’S REVIEW REPORT

On behalf of the Board of Directors of NetSol Technologies Limited, I feel immense pleasure to present the half yearly financial
statements of your company together with consolidated financial statements of NetSol Group for the period ended December 31,
2009.

GENERAL OVERVIEW
During the quarter under review, Pakistan's economy continues to remain exposed to the vagaries of international developments as
well as internal security environment. The dependence on external inflows needs some rationalization and to this end additional
domestic resource mobilization is instrumental. Pakistan's economy has lost significant momentum in the last few years, one of the
prime contributors to this derailing is Pakistan's proactive role in war against terror. The Public sector automation in Pakistan
registered a snail pace growth, hampering the growth of IT sector locally during the year 2009. Many public sector departments
halted their plans to automate due to socio-economic instability, which affected the steadfast growth of IT industry on local front. The
Trade Policy ignored the IT industry altogether, which requires an immediate revision and urged the government to appoint an IT
Minister forthwith to facilitate the IT industry, which is running from pillar to post to present itself to the federal cabinet as well as the
parliament. The outgoing year 2009 would be remembered as 'mixed year' for the information Technology (IT) industry in Pakistan.
In spite of above challenges, your company has been making gradual progress. We won a major contract in the area of information
Security with a leading mobile telecommunications company in Pakistan. This contract further strengthens our emerging practice in
information security. We now have technical expertise and proven track in deploying large scale information security solutions for
information sensitive organization. Besides, we managed to sell two licenses of our flagship product NetSol Financial Suite (NFS)
(formerly known as “LeaseSoft”) to the world renowned companies in China. We are also expecting to generate incremental
revenues from these projects in future in terms of enhancements, support and maintenance charges. We were also awarded with an
IT services contract by Atheeb Intergraph Saudi Company (AISC) of Saudi Arabia. The project is related to application development
in Telecommunications domain for AISC and further strengthens NetSol's presence in the Middle East market. Furthermore, our
outsourcing business with the UK based partner Innovation Group PLC is also stable. Though the massive downturn in the UK
economy and insurance sector had also adversely affected the business of our partner, yet this short term decline has eventually
been overcome and this outsourcing business is stable and growing steadily.

FINANCIAL PERFORMANCE
Comparisons of consolidated un-audited results of the second quarter ended December 31, 2009 with the corresponding period
of 2008 and cumulative results for the half year ended December 31, 2009 with those of December 31, 2008 of the company as
well as of the group are given below:
For the 2nd Quarter Cumulative
October-December July-December
-------------------------- Rupees in ‘000’ -------------------------
2009 2008 2009 2008
Revenue 464,470 258,321 870,232 718,629
Gross Profit 293,769 94,174 536,219 346,512
Net Profit 200,457 13,217 408,833 291,808
No. of outstanding shares 77,910 71,685 77,910 71,685
EPS – basic & diluted 2.57 0.18 5.25 4.07

During the quarter under review, the financial performance of the company remained quite good. Consolidated revenue for the
quarter ended December 31, 2009 remained at Rs. 464 million compared with Rs. 258 million in same quarter last year. For the half
year ended December 31, 2009, the company posted net revenues of Rs. 870 million against Rs. 719 million in the preceding period.
This reflects an increase of 21% over the half year period. Net profit has increased to Rs. 200 million compared to only Rs. 13 million
in the corresponding period of last year. Consolidated earnings per share remained at Rs. 2.57 in comparison with Rs. 0.18 for the
same quarter last year. On the half yearly basis, EPS for the period ended December 31, 2009 was Rs. 5.25 compared to Rs. 4.07 in
the corresponding period.

FUTURE OUTLOOK
Though the overall economic picture is not very encouraging, yet we believe that we would be able to maintain our momentum of
growth. The Chinese economy is expected to grow at around 8% during the FY 2009-10. As a result of the persistent growth in IT
sector in China, we are now heavily focusing on the sales and marketing activities in China. Other non traditional markets like Middle
East, Thailand and Australia also offer significant opportunities for our product as well as IT and consulting services.

ACKNOWLEDGEMENT
The Board of Directors places on record its appreciation for the support by its shareholders, valued customers, government
agencies and financial institutions which enabled the company to achieve these tremendous results. The board would also like to
express its appreciation for the services, loyalty and efforts being continuously rendered by the executives and all the staff members
of the company and hope that they will continue with these efforts in future.

On behalf of the Board

Lahore: February 03, 2010 (SALIM ULLAH GHAURI)

Chairman & Chief Executive

4 HALF YEARLY FINANCIAL STATEMENTS

 KABANI SAEED KAMRAN PATEL & CO.
CHARTERED ACCOUNTANTS

INDEPENDENT AUDITORS’ REPORT ON REVIEW OF CONDENSED

INTERIM FINANCIAL INFORMATION TO THE MEMBERS.

Introduction

We have reviewed the accompanying condensed interim balance sheet of NETSOL

TECHNOLOGIES LIMITED as December 31, 2009 and the related condensed interim profit
and loss account, condensed interim cash flow statement and condensed interim statement
of changes in equity for the six-months period then ended, and a summary of significant
accounting policies and other explanatory notes (here-in-after referred to as the “interim
financial information”). Management is responsible for the preparation and fair presentation
of this interim financial information in accordance with the approved accounting standards as
applicable in Pakistan for interim reporting. Our responsibility is to express a conclusion on
this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standards on Review

Engagements 2410, “Review of Interim Financial Information Performed by the Independent
Auditor of the Entity.” A review of interim financial information consists of making inquiries,
primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing and consequently does
not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the
accompanying condensed interim financial information as at and for the six-monts period
ended December 31, 2009, is not prepared in all material respects, in accordance with the
approved accounting standards as applicable in Pakistan relating to interim financial
reporting.

Kabani Saeed Kamran Patel & Co.

February 3, 2010. Chartered Accountants
Lahore. Muhamamd Yousauf

NETSOL TECHNOLOGIES LIMITED 5

 CONDENSED INTERIM
FINANCIAL
STATEMENTS
FOR THE HALF YEAR ENDED
DECEMBER-31, 2009

HALF YEARLY FINANCIAL STATEMENTS

 CONDENSED INTERIM BALANCE SHEET - UNAUDITED
AS AT DECEMBER-31, 2009

Notes Dec-09 Jun-09

Rupees in ‘000’
ASSETS

NON-CURRENT ASSETS

Property & equipment 6 465,943 519,424

Intangible assets 7 1,119,631 871,832
Capital work in progress 142,924 61,571
Deferred employee compensation expense 8 3,052 --
Long term investments 15,188 15,188

1,746,738 1,468,015

CURRENT ASSETS

Trade debts 684,048 623,499

Current maturity of long term loans & advances - 3,570
Deferred employee compensation expense 8 2,303 -
Excess of revenue over billing 544,785 444,901
Loans and advances 21,969 22,870
Trade deposits & short term prepayments 12,847 16,177
Other receivables 52,211 61,547
Income tax 22,145 28,220
Due from related parties 23,994 19,875
Cash & bank balances 232,319 227,992

1,596,621 1,448,651

TOTAL ASSETS 3,343,359 2,916,666

EQUITY & LIABILITIES

SHARE CAPITAL & RESERVES

Authorized share capital

150,000,000 ordinary shares of Rs.10/- each 9 1,500,000 1,500,000

Issued, subscribed and paid-up capital 9 779,102 779,102

Share deposit money 13 13
Reserves 10 2,001,835 1,599,803

2,780,950 2,378,918

NON-CURRENT LIABILITIES

Liabilities against assets subject to finance lease 11,997 11,691

Long term loan 115,770 122,020
Deferred income 912 1,333

128,679 135,044

CURRENT LIABILITIES

Trade and other payables 148,665 139,311

Excess of billing over revenue 43,804 22,121
Short term borrowings 200,000 200,000
Current portion of long term liabilities 32,590 26,118
Provision for taxation 8,671 15,154

433,730 402,704

CONTINGENCIES & COMMITMENTS 11 - -

TOTAL EQUITY AND LIABILITIES 3,343,359 2,916,666

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

CHIEF EXECUTIVE OFFICER DIRECTOR

NETSOL TECHNOLOGIES LIMITED 7

 CONDENSED INTERIM PROFIT & LOSS ACCOUNT - UNAUDITED
FOR THE HALF YEAR ENDED DECEMBER-31, 2009

Oct-Dec Oct-Dec Jul-Dec Jul-Dec

Notes 2009 2008 2009 2008
Rupees in ‘000’ Rupees in ‘000’

Revenue 12 418,832 204,541 770,541 574,017

Cost of revenue (137,859) (131,376) (270,954) (288,758)

Gross profit 280,973 73,165 499,587 285,259

Selling and promotion expenses (23,623) (26,751) (36,643) (49,941)

Administrative expenses (45,160) (37,936) (81,821) (99,331)

Other operating expenses (11,530) (1,655) (15,299) (13,931)

Other income 4,797 17,668 48,609 165,998

Dividend income - 34,074 - 34,074

Operating profit 205,457 58,565 414,433 322,128

Finance cost (8,604) (5,303) (17,617) (10,529)

Profit before taxation 196,853 53,262 396,816 311,599

Taxation
Current period (882) (3,745) (2,015) (4,252)
Prior period - - 805 -

(882) (3,745) (1,210) (4,252)

Profit after taxation 195,971 49,517 395,606 307,347

Other comprehensive income - - - -

Total comprehensive income for the period 195,971 49,517 395,606 307,347

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

CHIEF EXECUTIVE OFFICER DIRECTOR

8 HALF YEARLY FINANCIAL STATEMENTS

 CONDENSED INTERIM CASH FLOW STATEMENT - UNAUDITED
FOR THE HALF YEAR ENDED DECEMBER-31, 2009

Jul-Dec Jul-Dec
2009 2008
Rupees in ‘000’
CASH FLOWS FROM OPERATING ACTIVITIES

Profit for the period before tax 396,816 311,599

Adjustments for non cash charges and other items:

Depreciation - own assets 32,739 33,115

Amortization of leased assets 4,390 5,845
Amortization of intangible assets 13,902 8,188
Loss on disposal of fixed assets 7,412 13,931
Amortization of deferred revenue (421) (586)
Exchange (gain) on debtors (36,855) (155,642)
Interest expense 16,636 9,950
Interest income (4,575) (1,481)
Dividend income - (34,074)
Deferred employee compensation expense 1,071 -

34,299 (120,754)

Cash flows from operating activities before working capital 431,115 190,845

Decrease / (increase) in current assets & liabilities

Trade debts (101,895) (17,994)

Due from related parties (4,119) 13,259
Advances, prepayments and other receivables 13,755 31,106
Creditors, accrued and other liabilities 1,498 (56,844)

Cash used in operations (90,761) (30,473)

Interest paid (8,775) (9,975)

Taxes paid (1,618) (6,508)
Dividend paid (5) (26,007)

Net cash flow from operating activities 329,956 117,882

CASH FLOWS FROM INVESTING ACTIVITIES

Property and equipments purchased (12,145) (85,838)

Sales proceeds of fixed asset 19,088 138
Intangible assets (259,704) (171,020)
Capital work in progress (81,353) (22,008)
Long term loan 3,570 4,264
Long term payable - (4,694)
Interest received 4,387 1,481
Dividend received - 30,667

Net cash used in investing activities (326,157) (247,010)

CASH FLOWS FROM FINANCING ACTIVITIES

Paid against obligation under capital lease (7,968) (7,412)

Received against obligation under capital lease 8,496 -
Long term finance - 25,000
Short term finance - 106,198

Net cash inflow/(outflow) from financing activities 528 123,786

Net (decrease) / increase in cash and cash equivalents 4,327 (5,342)

Cash and cash equivalents at the beginning of the period 227,992 127,933

Cash and cash equivalents at the end of the period 232,319 122,591

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

CHIEF EXECUTIVE OFFICER DIRECTOR

NETSOL TECHNOLOGIES LIMITED 9

 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY - UNAUDITED
FOR THE HALF YEAR ENDED DECEMBER-31, 2009

Issued, Share Employee Capital Revenue Total

subscribed deposit share option Reserve Reserve
and money compensa-
paid-up tion Share Unapprop-
capital reserve premium riated profit
Rupees in ‘000’

Balance at June 30, 2008 597,375 313 - 189,470 1,211,888 1,999,046

Net profit for the half year ended

December 31, 2008 - - - - 307,347 307,347

Cash dividend (10%) final - - - - (59,737) (59,737)

Bonus shares issued (20%) final 119,475 - - - (119,475) -

Balance at December-31, 2008 716,850 313 - 189,470 1,340,023 2,246,656

Balance at June 30, 2009 779,102 13 - 273,016 1,326,787 2,378,918

Net profit for the half year ended

December 31, 2009 - - - - 395,606 395,606

Effect of options granted to employee - - 6,426 - - 6,426

Balance at December-31, 2009 779,102 13 6,426 273,016 1,722,393 2,780,950

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

CHIEF EXECUTIVE OFFICER DIRECTOR

10 HALF YEARLY FINANCIAL STATEMENTS

 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS - UNAUDITED
1. LEGAL STATUS AND NATURE OF BUSINESS
NetSol Technologies Limited ("the Company") incorporated in Pakistan on August-22, 1996 under the Companies Ordinance,
1984 as a private company limited by shares was later on converted into public limited company on November-05, 2004 .The
Company was listed on Karachi Stock Exchange on August 26, 2005. The business of the Company is development and sale
of computer software and its related services in Pakistan as well as abroad. The registered office of the Company is situated
NetSol Avenue, Software Technology Park, Main Ghazi Road, Lahore Cantt. Pakistan.

2. BASIS OF PREPARATION
2.1 Statement of compliance
These condensed interim financial statements have been prepared in accordance with the requirements of International
Accounting Standard 34 "Interim Financial Reporting" and are being submitted to the shareholders as required by
Section 245 of the Companies Ordinance, 1984.

These condensed interim financial statements are unaudited and do not include all the disclosures and information
required in the annual financial statements and should be read in conjunction with the preceding annual published
financial statements of the company for the year ended June 30, 2009

2.2 Basis of measurement

These condensed interim financial statements have been prepared under the historical cost convention, except for
revaluation of certain financial instruments at fair value as disclosed in respective accounting notes.

2.3 Functional and presentation currency

These condensed interim financial statements are presented in Pak Rupee, which is the Company's functional currency.
All financial information presented in Pak Rupee has been rounded to the nearest thousand.

3. ACCOUNTING POLICIES
The accounting policies adopted for the preparation of these condensed interim financial statements are consistent with those
applied in the preparation of the preceding annual published financial statements of the company for the year ended June 30,
2009.
4. Employees' share option scheme
The company operates an equity settled share based Employee’s Share Option Scheme ("Scheme"). At the grant date of
share options ("Options") to the employees, the company initially recognises "Deferred Employee Compensation Expense"
with corresponding credit to equity as "Deferred Employee Compensation Reserve" at the fair value of option at the grant date.
The fair value of options determined at the grant date is recognized as an employee compensation expense on a straight line
basis over the vesting period.
When an unvested option lapses by virtue of an employee not conforming to the vesting conditions after recognition of an
employee compensation expense in profit or loss, employee compensation expense in profit or loss will be reversed equal to
the amortized portion with a corresponding effect to deferred employee compensation reserve in the balance sheet. When a
vested option lapses on expiry of the exercise period, employee compensation expense already recognized in the profit or loss
is reversed with a corresponding reduction to deferred employee compensation reserve in the balance sheet. When the
options are exercised, deferred employee compensation reserve relating to these options is transferred to share capital and
share premium accounts. An amount equivalent to the face value of related shares is transferred to share capital. Any amount
over and above the share capital is transferred to share premium account.

5. USE OF ESTIMATES AND JUDGMENT

The preparation of condensed interim financial statements requires the management to make judgments, estimates and
assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of
assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
In preparing these condensed interim financial statements , the judgements, estimates and assumptions made by the
management were the same as those that were applied to the preceding annual published financial statements of the company
for the year ended June 30, 2009.
Dec-09 Jun-09
Rupees in ‘000’
6. PROPERTY & EQUIPMENT

Opening Balance - net book value 519,424 522,553

Additions: 12,145 127,502

531,569 650,055
Less:
Disposals (26,500) (31,466)
Depreciation & amortization (39,126) (99,165)

465,943 519,424

NETSOL TECHNOLOGIES LIMITED 11

 Dec-09 Jun-09
Rupees in ‘000’
6.1 Following is the detail of addition:
Land - freehold - 56,197
Building on freehold land - 1,082
Computers 1,025 20,522
Air conditioners - 1,781
Furniture & fixture - 970
Office equipment 149 1,106
Vehicles 8,496 14,502
Generator - 6,040
Computer software 2,475 25,302

12,145 127,502

7. INTANGIBLE ASSETS

Opening Balance - net book value 871,832 435,688

Additions: 261,701 452,518

1,133,533 888,206
Less:
Amortization (13,902) (16,374)

1,119,631 871,832

7.1 Following is the detail of addition:

SMART - 6,092
Fleet Management System (FMS) 87,044 168,459
Blue Star 166,963 263,949
HMIS 2,580 5,773
Loan Origination System 2,057 4,711
Business Intelligence Scoring Model & Risk Management 3,057 3,534

261,701 452,518
8. DEFERRED EMPLOYEE COMPENSATION EXPENSE

Fair value of options issued during the period 6,426 -

Amortisation for the period (1,071) -

Balance at the end of the period 5,355 -

Current portion shown under current assets (2,303) -

Long term portion of deferred employee compensation expense 3,052 -

The Company uses Black Sholes pricing model to determine the fair value of options at the grant date. The fair value of the
options as per model used and underlying assumptions are as follows.

Total number of options granted 4,350,000

Per option fair value at the grant date Rs. 1.48
Average 30 days per share price preceding the date of grant Rs. 26.80
Exercise price per option Rs. 16.42
Annual Volatility 64.82%

9. SHARE CAPITAL

9.1 Authorised share capital

Dec-09 Jun-09
Numbers of shares

150,000,000 150,000,000 Ordinary Shares of Rs. 10 each. 1,500,000 1,500,000

9.2 Issued, subscribed & paid-up capital

38,741,691 38,741,691 Ordinary Shares of Rs. 10 each fully 387,417 387,417

paid in cash

39,168,512 39,168,512 Ordinary Shares of Rs. 10 each issued 391,685 391,685

as fully paid bonus shares

77,910,203 77,910,203 779,102 779,102

12 HALF YEARLY FINANCIAL STATEMENTS

 Dec-09 Jun-09
Rupees in ‘000’

NetSol Technologies Inc. 23901, Suite 2072 Calabasas Road, Calabasas CA 91302, is the parent company holding majority of
issued capital of the Company.

10. RESERVES

Capital reserve
Premium on issue of ordinary shares 273,016 273,016

Revenue reserve
Un - appropriated profit 1,722,393 1,326,787

Employee share option compensation reserve 6,426 -

2,001,835 1,599,803

11. CONTINGENCIES & COMMITMENTS

The Company has no contingent liabilities & commitments outstanding as at December-31, 2009 except to the tune of Rs.
86.578 million (June 30, 2009 Rs. 24.37 million) guarantees issued to various customers against sale of software and allied
services.
Term deposit amounting Rs.22.12 million was placed with a financial institution. The financial institution delayed the payment
on due date and there is a possibility that the amount may or may not be recovered as a whole or in part. However no provision
has been made in the financial statements since the financial institute has confirmed the payment to be made to the Company
and management is of strong opinion that the amount will be recovered in full and commitments will be honoured.

Oct-Dec-09 Oct-Dec-08 Jul-Dec-09 Jul-Dec-08

Rupees in ‘000’
12. REVENUE

Export Revenue
License 154,650 47,592 359,981 189,365
Services 153,265 114,058 241,755 315,560
Maintenance 40,493 24,705 79,437 43,206

Local Revenue
License - - - 1,350
Services 70,082 16,879 88,683 21,923
Maintenance 342 1,307 685 2,613

418,832 204,541 770,541 574,017

13. TRANSACTION WITH RELATED PARTIES

Related parties comprise of holding company, associated undertakings, directors of the Company, key employees and staff
retirement fund. The Company in the normal course of business carries out transactions with various related parties. Amounts
due from and to related parties are shown under receivables and payables. Parent, subsidiary and associated undertakings
also have some common directorship.

Details of transactions with related parties, other than those which have been specifically disclosed elsewhere in theses
financial statements are as follows.

Relationship with the Company Nature of transactions

(i) Parent Management fee - 11,071

(ii) Subsidiary Rental income 4,893 6,826

Provision of services 2,610 2,550
Mark-up income 623 361
Mark-up expense - 91

(iii) Associated undertaking Provision of services 18,046 20,085

Purchase of services 900 600

(iv) There are no transactions with any key management personnel other than under the terms of employment.

NETSOL TECHNOLOGIES LIMITED 13

14. TAXATION

Income of the Company from export of computer software and its related services developed in Pakistan is exempt from tax up
to 2016 as per clause 133 of the Second Schedule to the Income Tax Ordinance, 2001. However tax as per applicable rates is
charged to the income of the company generated from local business activities.

15. DATE OF AUTHORIZATION FOR ISSUE

These financial statements were authorized for issue on February-03, 2010 by the Board of Directors.

16. FIGURES

Figures have been rounded off to the nearest thousand rupee.

CHIEF EXECUTIVE OFFICER DIRECTOR

14 HALF YEARLY FINANCIAL STATEMENTS