Quarterly Report 30 September, 2008Quarterly Report 2008 06 The net asset value of the Company as at September 30, 2008 was PKR 26.24 billion (US$ 336.38 million) or PKR 34.38 (US$

Quarterly Report30 September, 2008

Contents

Quarterly Report 200801

02

03

08

09

10

11

12

20

21

22

23

24

Company Information

Chairman’s Statement To The Shareholders

Interim Condensed Balance Sheet

Interim Condensed Profit and Loss Account

Interim Condensed Cash Flow Statement

Interim Condensed Statement of Changes in Equity

Notes to the Interim Condensed Financial Statements

Interim Condensed Consolidated Balance Sheet

Interim Condensed Consolidated Profit & Loss Account

Interim Condensed Consolidated Cash Flow Statement

Interim Condensed Consolidated Statement of Changes in Equity

Notes to the Interim Condensed Consolidated Financial Statements

Quarterly Report 2008 02

Company InformationBoard Of Directors

Mazharul Haq Siddiqui ChairmanMunaf Ibrahim Chief Executive OfficerAli J. Siddiqui DirectorAli Raza Siddiqui DirectorSyed Nizam Ahmed Shah Independent DirectorChief Justice (R) Mahboob Ahmed Independent DirectorSiraj Ahmed Dadabhoy Independent DirectorStephen Christopher Smith DirectorAli Hussain Director

Audit CommitteeSyed Nizam Ahmed Shah ChairmanChief Justice (R) Mahboob Ahmed MemberAli J. Siddiqui MemberFarah Qureshi Secretary

Executive CommitteeMunaf IbrahimAli J. SiddiquiAli Raza Siddiqui

Executive CompensationCommittee

Syed Nizam Ahmed ShahChief Justice (R) Mahboob Ahmed

Company SecretaryFarah Qureshi

Chief Financial OfficerKamran Qadir

AuditorsFord Rhodes Sidat Hyder & Co.Chartered Accountants

Legal AdvisorsBawaney & PartnersSayeed & Sayeed

Share RegistrarTechnology Trade (Pvt.) Ltd.241-C, Block-2, P.E.C.H.S., Karachi

Registered Office6th Floor, Faysal House Shahra-e-FaisalKarachi-75530, Pakistan

Websitewww.js.com


CHAIRMAN’S STATEMENT TO THE SHAREHOLDERS

Dear Shareholder,

We are pleased to present the un-audited financial statements and results of operations for JahangirSiddiqui & Co. Ltd. (“JSCL” or the “Company”) along with consolidated financial statements of JahangirSiddiqui & Co. Ltd. (the “Holding Company”) and its subsidiaries for the fiscal first quarter endedSeptember 30, 2008.

During the period under review, JSCL continued to consolidate its position as Pakistan’s fastestgrowing financial services business.

The Economy

Pakistan’s economy continues to remain under stress, led by pressures on the external and monetaryfront. The ever widening trade deficit that rose by 53% year over year to US$ 5.5 billion during the1 quarter in FY09 and lack of any tangible foreign inflows has put immense pressure on the country’sforeign exchange reserves. This, coupled with a widening fiscal deficit has resulted, in reserveshaving fallen to a 6-year low of US$ 8.3 billion, while import cover is at a 7 year low of 10 weeks.Monetary tightening has remained intact as record inflation forced the central bank to increaseinterest rates by 100 bps during July 2008. This tight monetary policy has started to affect growthwith the Large Scale Manufacturing sector posting a 3.8% decline in July 2008.Despite the negative external and monetary situation, there has been marked improvement onthe fiscal front with tax revenues growing by an impressive 23% to PKR 235 billion (US$ 3 billion)in the first quarter of FY09 from PKR 205 billion (US$ 3 billion) in 1QFY08. Moreover, the Governmenthas continued with its policy to cut subsidies with a significant hike in domestic oil and electricityprices that is likely to help curb the fiscal deficit going forward. In addition, home remittances havecontinued their growth during the last three months rising by 25% to US$ 1.9 billion from US$ 1.5billion recorded in the corresponding period a year earlier. Despite these positives, the scale of theexternal account imbalance requires immediate inflows and the Government of Pakistan isnegotiating with a number of international lenders in order to put the economy on the path towardsrecovery.

Equity Markets

During Jul-Sep 2008, the local equity market saw a decline of 25%. This was mainly due to theworsening global and domestic economic outlook and the global and local liquidity crunch. In aneffort to stem the fall by giving a “cooling off” period the Karachi Stock Exchange imposed a flooron the exchange below which prices could not fall. However this artificial bottom price led to asignificant reduction in daily traded volumes. The average volumes for securities and futurestransactions during Jul-Sep 2008 reduced drastically to 66 million shares and 9 million shares, down74% and 83% from volumes during Jul-Sep 2007. Another effect of this artificial floor was that theshare financing Continuous Funding System (CFS) rates reached a 5-year high of 31% on Sep 30,2008 and in some stocks financing rates touched 100%.With a prohibitive cost for financing a

1

2

st


share purchase, liquidity issues and a sharp decline in prices, CFS financing fell by 55% to PKR 22.6billion (US$ 290 million) during Jul-Sep 2008 versus average CFS amount of PKR 50.5 billion (US$806 million) in corresponding period in 2007. The withdrawal of funds from the CFS system wasmainly in anticipation of expected fall in the market after the lifting of price floor.

Business Overview

JSCL is primarily an investment company in financial services and also makes long term investmentsin rapidly growing companies in Pakistan. In financial services, its investments cover all sectorsincluding commercial banking, islamic banking, asset management, securities brokerage, general,l ife and health insurance, consumer credit rating agencies and microfinance.

JSCL also benefits from strategic long term investments throughout Pakistan's economy includingfast growing industrial sector companies, rapidly expanding technology and media sector companiesand companies benefiting from Pakistan's economic growth in transport and communications.

Performance of Key Investments

Banking

JS Bank Ltd.

JS Bank has had a successful quarter with deposits increasing 26 percent to PKR 14.7 billion andassets increasing 5 percent to PKR 21.9 billion on September 30, 2008 versus the same period twelvemonths earlier. For the first nine months of 2008 the bank has posted a net profit of PKR 122.6million as opposed to a net loss of PKR 81.6 million in the same period a year earlier.

The Bank has continued to add further products to its offerings and improve its systems and withfurther expansions to its branch network, the Bank is on its way to achieving its planned 39 branchesby year end.

BankIslami Pakistan Ltd.

BankIslami Pakistan Ltd. is Pakistan's leading Islamic Bank offering full range of Shariah compliantcommercial banking products and services. BankIslami started operations in April 2006 and hasbeen rapidly expanding since then. The Jul-Sep 2008 quarter was the second consecutive profitablequarter for the Bank. During the quarter the Bank further diversified its deposit base and now retaildeposits comprise 89% of total deposits. This has allowed the bank’s gross interest margin to increaseto 7.1 percent from 6.1 percent earlier.

By September 30, 2008 the bank had 40 branches in 24 cities and was well on its way to hit its targetof 102 branches in 48 cities by December 31, 2008. The Bank also maintained its leadership positionin shariat compliant investment banking transactions.


Insurance

EFU General, EFU Life and Allianz-EFU Health Insurance all continue to grow.EFU Life has continued its Bancassurance strategy signing up with Saudi-Pak Bank and UBL in thelast quarter. Growth of new business premiums over the last nine months is in excess of 75% andearlier this year its Insurer Financial Strength rating was upgraded to AA- from A+ by JCR VIS. Allianz-EFU Health Insurance is also showing steady growth and has started on the Bancassurance strategysigning up with Standard Chartered Bank earlier this year for individual health policies.

Other Financial Services

JS Global Capital Ltd.

JS Global Capital Ltd. maintained its leadership in securities brokerage and reported profits despitelow volumes and weak capital markets. The company had a net profit of PKR 69.7 million duringthe quarter ended September 30, 2008, which is a decrease of 37.5 percent from the year earlierperiod. Volumes declined 74% and 84% in the ready and future markets respectively (to 66 millionand 9 million) as compared to the same period a year earlier.

JS Investments Ltd.

JS Investments Ltd. is the oldest and largest private sector asset management company in Pakistan.Given the market correction of 25 percent and poor near term economic outlook affecting salesthe total assets under management of the company fell 15 percent over the quarter to PKR 33.1billion. This coupled with increased financial charges led the Company to a first quarter loss of PKR10 million as compared to a profit of PKR 30.8 million in the year earlier period.

Financial Results

The Board is pleased to report a profit after tax of PKR 2,418 million (US$ 31 million) for the quarterended September 30, 2008 as compared to net profit after tax of PKR 19 million (US$ 0.3 million)for the same period last year. Operating revenue was significantly higher increasing to PKR 2,664million (US$ 34.2 million) as compared to PKR 284 million (US$ 4.5 million) in the correspondingperiod last year.

The basic and diluted earnings per share is PKR 3.17(US$ 0.04) based on the increased number ofshares from 222,020,000 shares as on September 30, 2008 to 763,285,323 shares as on October 30,2008 as a result of right and bonus shares issued to the shareholders on October 14, 2008 andOctober 18, 2008 respectively.

Net Asset Value of Underlying Holdings

A key measure of our business performance is the underlying net asset value of our investmentholdings.


The net asset value of the Company as at September 30, 2008 was PKR 26.24 billion (US$ 336.38million) or PKR 34.38 (US$ 0.44) per share on a fully diluted basis based on the increased numberof shares from 222,020,000 shares as on September 30, 2008 to 763,285,323 shares as on October30, 2008 as a result of right and bonus shares issued to the shareholders on October 14, 2008 andOctober 18, 2008 respectively.

Credit Rating

The Directors are pleased to inform you that The Pakistan Credit Rating Agency Ltd. (PACRA) hasmaintained the long term rating of the Company at "AA+" (Double A plus) and a short term ratingof "A1+" (A one plus) respectively during the financial year. The long-term rating denotes a verylow expectation of credit risk and indicates a very strong capacity for timely payment of financialcommitments. The short term rating indicates that obligations are supported by the highest capacityfor timely repayment.

Acknowledgement

We express our gratitude to our clients and business partners for their continued patronage of theCompany and to our management and employees for their dedication and hard work.

We would also like to acknowledge the Securities and Exchange Commission of Pakistan, the StateBank of Pakistan and the Federal Board of Revenue for their efforts to strengthen the financialmarkets and implement measures to safeguard investor rights.

An exchange rate of PKR 78 .00 per US $ is assumed for the figures relating to the quarter ended September 30, 2008.An exchange rate of PKR 62.65 per US $ is assumed for the figures relating to the quarter ended September 30, 2007.

For and on behalf of theBoard of Directors

Karachi: October 30, 2008 Mazharul Haq SiddiquiChairman

1

2


INTERIMCONDENSEDFINANCIAL

STATEMENTS

June 30,2008

(Audited)

September 30,2008

(Un-audited)ASSETS ¢

Non-Current Assets

Property and equipmentInvestment propertiesStock exchange membership cards and roomLong term investmentsLong term loans and advanceLong term security deposits

Current Assets

Loans and advancesPrepayments, interest accrued and other receivablesShort term investmentsFund placementsTaxation - netCash and bank balances

EQUITY AND LIABILITIES ¢

Share Capital and Reserves

Share CapitalReserves

Advance against future issue of share capital

Non-Current Liability

Long term financing

Current Liabilities

Trade and other payablesAccrued interest / mark-up on borrowingsShort term borrowingsCurrent portion of long term financing

Commitments


Interim Condensed Balance SheetAs at September 30, 2008

Munaf IbrahimChief Executive

Mazharul Haq SiddiquiChairman

The annexed notes 1 to 14 form an integral part of these interim condensed financial statements.

Note.............(Rupees in '000).............

42,993 3,532

12,201 25,185,040

4,431 2,527

25,250,724

364 168,578

1,815,011 2,900,345

85,208 228,826

5,198,332 30,449,056

2,220,200 24,018,063 26,238,263

4,002

3,489,903

266,376 137,234 - 313,278 716,888

30,449,056

46,654 3,692

12,201 28,312,608

4,379 2,529

28,382,063

153,026 17,858

4,269,788 325,411

76,513 4,269,764 9,112,360

37,494,423

2,220,200 28,807,693 31,027,893

-

3,520,275

1,573,858 113,542 945,577 313,278

2,946,255

37,494,423

4

5

6

7

8

INCOME

Return on investmentsGain on sale of investments - netIncome from long-term loans and fund placementsFees and commissionOther income(Loss) / gain on revaluation of investments carried at fair value

through profit and loss account - net

EXPENDITURE

Operating and administrative expensesFinance costProvision for impairment against investments in

subsidiaries, associate and joint venture - net

PROFIT BEFORE TAXATION

TaxationCurrent

PROFIT FOR THE PERIOD AFTER TAXATION

EARNINGS PER SHARE ¢

Basic Diluted

July 1, toSeptember 30,

2007


2008


Interim Condensed Profit and Loss AccountFor the Quarter ended September 30, 2008(Un-audited)


Note(Rupees in '000)

134,401 2,820,234

56,349 -

42,650

(389,993) 2,663,641

115,529 129,642

- 245,171

2,418,470

48

2,418,422

148,871 76,812

- 13,951

6,545

37,440 283,619

46,459 214,901

900 262,260

21,359

2,600

18,759

9.....................(Rupees).....................

3.173.17

0.010.02



CASH FLOWS FROM OPERATING ACTIVITIES ¢

Profit before taxation

Adjustment for non cash charges and other items:DepreciationGain on sale of property and equipmentAmortisation of transaction costsInterest income from defence saving certificatesLoss / (gain) on revaluation of investments carried at fair value

through profit and loss account - netProvision for impairment against investments in

subsidiaries, associate and joint venture - netFinance cost

Operating profit before working capital changes

(Increase) / decrease in operating assets:Loans and advancesShort term investmentsTrade debtsLong term loans, advance and security depositsFund placements - netPrepayments, accrued mark-up and other receivables

Decrease in trade and other payablesNet cash generated from / (used in) operations

Mark-up paidTaxes paidDividend paid

Net cash inflow / (outflow) from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES ¢

Capital expenditure incurredProceeds from sale of property and equipmentInvestments acquired - net of saleNet cash outflow from investing activities

CASH FLOWS FROM FINANCING ACTIVITIES ¢

Advance against future issue of share capital(Redemption) / issuance of Term Finance Certificates - netSecurities sold under repurchase agreements - net

Net cash (outflow) / inflow from financing activities

NET DECREASE IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD


2007


2008


Interim Condensed Cash Flow StatementFor the Quarter ended September 30, 2008(Un-audited)




2,418,470

4,576 -

1,097 (185)

389,993

- 128,545 524,026

2,942,496

(88) 1,951,557

- (50)

(2,574,934) (150,720) (774,235)

(1,307,472) 860,789

(104,853) (8,743)

(10) 747,183

(755) -

(3,814,322) (3,815,077)

4,002 (31,469) -

(27,467)

(3,095,361)

3,324,187

228,826

21,359

4,480 (325) 1,097 (177)

(37,440)

900 213,804 182,339 203,698

233 (1,195,253)

(293,119) 105

- 2,769

(1,485,265)

(1,292,452) (2,574,019)

(131,025) (7,097)

- (2,712,141)

(350) 325

(217,079) (217,104)

- 99,900

198,440

298,340

(2,630,905)

(524,721)

(3,155,626)10


Balance as at July 1, 2007

Net effect of revaluation of availablefor sale investments to fair value held as at the year end

Profit after taxation for the period

Appropriations for the year ended June 30, 2007:

Issue of bonus shares @ 100%

Dividend @ Rs. 2.5 per ordinary share

Preference dividend @ 7% per annum

Balance as at September 30, 2007

Balance as at July 1, 2008

Net effect of revaluation of availablefor sale investments to fair value held as at the year end

Proposed bonus Issue @243.7782003%

Profit after taxation for the period

Balance as at September 30, 2008 ¢


Interim Condensed Statement of Changes in EquityFor the Quarter ended September 30, 2008(Un-audited)



Issued, subscribed and paid-up capital

Note

Capital Revenue Other

Reserves

(Rupees in '000)

Total

8,277,328

155,468

18,759

-

(87,500)

(26,984)

8,337,071

31,027,893

(7,208,052)

-

2,418,422

26,238,263

Unrealisedgain /(loss) on

revaluationof available for

sale invest-ments - net

1,763,231

155,468

-

-

-

-

1,918,699

(2,684,863)

(7,208,052)

-

-

(9,892,915)

Unappro-priatedprofit

2,488,592

-

18,759

-

(87,500)

(26,984)

2,392,867

11,586,011

-

-

2,418,422

14,004,433

General

2,500,000

-

-

-

-

-

2,500,000

10,000,000

-

-

-

10,000,000

Bonusissue

-

-

-

-

-

-

-

-

5,412,569

5,412,569

Ordinaryshare

premium

475,505

-

-

(350,000)

-

-

125,505

9,906,545

-

(5,412,569)

-

4,493,976

Preferenceshares -Class 'A'

700,000

-

-

-

-

-

700,000

-

-

-

-

-

Ordinaryshare

capital

350,000

-

-

350,000

-

-

700,000

2,220,200

-

-

-

2,220,200

12



Notes To The Interim Condensed Financial StatementsFor the Quarter ended September 30, 2008(Un-audited)

Additions – costOffice equipmentOffice furniture and fixturesMotor vehicles

4. PROPERTY AND EQUIPMENT ¢

The details of additions and disposals during the quarter ended September 30, 2008 are as follows:

405 350 -

755

1,346 150

5,349 6,845

June 30,2008

(Audited)

September 30,2008

(Un-audited).............(Rupees in '000).............

1. THE COMPANY AND ITS OPERATIONS ¢

Jahangir Siddiqui & Co. Ltd. (the Company) was incorporated under the Companies Ordinance, 1984 (theOrdinance) on May 4, 1991 as a public unquoted company. The Company is presently listed on Karachi StockExchange (Guarantee) Limited. The Company is also a corporate member of Karachi Stock Exchange (Guarantee)Limited and Islamabad Stock Exchange (Guarantee) Limited. The registered office of the Company is situatedat 6th Floor, Faysal House, Main Shahra-e-Faisal, Karachi. The principal activities of the Company are trading ofsecurities, maintaining strategic investments, consultancy services, underwriting, etc.

2. BASIS OF PREPARATION ¢

These interim condensed financial statements are un-audited and are being submitted to the shareholders asrequired under Section 245 of the Companies Ordinance, 1984 and the Listing Regulations of the Karachi StockExchange. These interim condensed financial statements have been prepared in accordance with the requirementsof the International Accounting Standard - 34 “Interim Financial Reporting” as applicable in Pakistan. Theseinterim condensed financial statements do not include all the information and disclosures required in the annualfinancial statements, and should be read in conjunction with the Company’s annual financial statements for theyear ended June 30, 2008.

The comparative balance sheet presented in these financial statements has been extracted from the auditedfinancial statements of the Company for the year ended June 30, 2008, whereas the comparative profitand loss account, statement of changes in equity and cash flow statement are stated from theunaudited interim condensed financial statements for three months period ended September 30, 2007.

These financial statements are separate financial statements of the Company in which investments in subsidiariesand associates are accounted for on the basis of direct equity interest and are not consolidated.

3. ACCOUNTING POLICIES ¢

The accounting policies followed for the preparation of these interim condensed financial statements are thesame as those applied in preparing the annual financial statements of the Company for the year ended June30, 2008.

The preparation of interim condensed financial statements requires management to make judgements, estimatesand assumptions that effect the application of accounting policies and the reported amounts of assets andliabilities, income and expense. Actual results may differ from these estimates. The significant judgements madeby the management in applying the Company's accounting polices and the key sources of estimation anduncertainty were same as those applied to the financial statements for the year ended June 30, 2008.


5. LONG TERM INVESTMENTS ¢

6,060,525 6,560,599

12,563,916

25,185,040

5,507,775 2,958,285

19,846,548

28,312,608

Investment in related partiesInvestment in subsidiariesInvestment in associatesOther related parties

5.15.25.3

5.1 Investments in subsidiaries - at cost ¢

These shares are Ordinary shares of Rs.10 each unless stated otherwise.

JS Bank LimitedMarket value Rs. 2,932.39

(June 30, 2008: Rs. 4,029.10) million

JS Investments LimitedMarket value Rs. 2,965.35

(June 30, 2008: Rs. 4,945.88) million

Quoted293,238,704

52,023,617

293,238,704

52,023,617

Commercial Banking

Asset Management &

InvestmentAdvisor

57.43

52.02

57.43

52.02

1,576,817

3,046,057

1,576,817

3,046,057

Disposals – costOffice equipmentMotor vehicles

- - -

99 3,442 3,541

Note

Un-quotedJS Infocom LimitedNet assets value Rs. 541.35

(June 30, 2008: Rs. 530.43)million based on un-auditedfinancial statements for theperiod ended September 30, 2008

Less: Provision for impairment

JS International LimitedOrdinary Shares of US$ 1/- each

having net assets valueRs. 265.37 (March 31, 2008:Rs. 265.58) million based onun-audited financial statements forthe period ended June 30, 2008

Less: Provision for impairment

Credit Chex (Private) LimitedNet assets value Rs. 18.65

(June 30, 2008: 33.20) millionbased on un-audited financialstatements for the periodended September 30, 2008

Energy Infrastructure Holding(Private) Limited

Net assets value Rs. 516.56(June 30, 2008: Nil) millionbased on un-audited financialstatements for the periodended September 30, 2008

73,736,250

10,000

1,177,500

52,500,000

73,736,250

10,000

900,000

-

TelecomMedia &

Technology

Investmentservices

Creditinformationand Credit

Rating

Powergeneration

5.1.1

100.00

100.00

75.00

100.00

100.00

100.00

75.00

-

708,490

(178,061) 530,429

294,882

(30,410) 264,472

117,750

525,000

6,060,525

708,490

(178,061) 530,429

294,882

(30,410) 264,472

90,000

-

5,507,775* These represent sponsor shares which are blocked for trading as per the requirements of the State Bank of Pakistan.** These represent sponsor shares which are blocked for trading as per the requirements of the Securities and Exchange Commission of Pakistan.

June 30,2008

September 30,2008

Number of shares HoldingActivityNote

June 30,2008

%

September 30,2008

%*

**

June 30,2008

(Audited)

September 30,2008


(Audited)June 30,

2008

(Un-audited)September 30,

2008.............(Rupees in '000).............

(Audited)June 30,

2008


2008.............(Rupees in '000).............


5.1.1 During the period, Energy Infrastructure Holding (Private) Limited (EIHPL) issued 52,500,000 shares ofRs. 10 each to the Company. EIHPL was incorporated on April 15, 2008 under the laws of Pakistan. Theprincipal activities of EIHPL after comencement of operations will be to design, construct, acquire, own,operate and maintain power generation complexes and to carry on the business of electricity generation,power transmission and distribution services, over hauling and re-powering of power plants etc.

5.2 Investment in associates - at cost ¢These shares are Ordinary shares of Rs.10 each unless stated otherwise.

15,524,994

6,245,198

74,185,000

11,238,812

21,734,826

6,245,198

74,185,000

11,238,812

JS Global Capital LimitedMarket value Rs. 3,617.34

(June 30, 2008: Rs. 4,846.44) million

Network Microfinance Bank LimitedMarket value Rs. 20.92

(June 30, 2008: Rs. 34.97) millionProvision for impairment

Azgard Nine LimitedMarket value Rs. 2,264.87

(June 30, 2008: Rs. 4,566.83) million

JS Value Fund LimitedMarket value Rs. 120.82

(June 30, 2008: Rs. 217.25) million

Dealing in &brokerage ofmarketablesecurities

MicrofinanceBanking

TextileComposite

MutualFund

43.47

41.63

23.27

9.48

43.47

41.63

23.27

9.48

3,701,314

62,452

(4,500) 57,952

2,665,767

135,566

6,560,599

99,000

62,452

(4,500) 57,952

2,665,767

135,566

2,958,285

June 30,2008

September 30,2008

Number of shares HoldingActivity

June 30,2008

%

September 30,2008

%

5.3 Other related parties - at fair value ¢

9,000,000

78,750,000

18,675,500

16,441,300

18,298,860

3,090,000

17,759,800

750,000

Available for saleThese shares are Ordinary shares of Rs.10 each unless stated otherwise.

9,000,000

78,750,000

18,675,500

15,838,400

18,298,860

3,090,000

17,909,800

750,000

Eye Television Network Limited

BankIslami Pakistan Limited

EFU General Insurance Limited

EFU Life Assurance Limited

Pakistan Reinsurance Company Limited

Attock Petroleum Limited

Pakistan International Container Terminal Limited

Un-quoted

EFU Services (Private) Limited

TelevisionNetwork

IslamicBanking

GeneralInsurance

LifeAssurance

Reinsurance

OilMarketing

ContainerTerminal

Investmentcompany

18.00

18.75

16.24

21.12

6.10

6.44

19.69

37.50

18.00

18.75

16.24

21.92

6.10

6.44

19.52

37.50

357,390

843,412

3,049,336

5,650,349

722,805

828,089

1,105,035

7,500

12,563,916

530,100

1,166,288

6,739,241

6,268,410

1,588,524

1,335,745

2,210,740

7,500

19,846,548

* These represents sponsor shares which are blocked for trading as per the requirements of the State Bank of Pakistan.

QuotedJune 30,

2008September 30,

2008

Number of shares HoldingActivityJune 30,

2008%

September 30,2008

%

*

*

(Audited)June 30,

2008


2008.............(Rupees in '000).............

Quoted

7. ADVANCE AGAINST FUTURE ISSUE OF SHARE CAPITAL ¢

This represents subscription received against Rights shares of Rs. 10/- each at a premium of Rs. 465/- per shareout of the 10,688,182 Right shares offered by the Company to the shareholders of the Company, other than themajor shareholders who waived in writing their right entitlements for facilitating the Company to issue shares tooffshore investors, in the proportion to their respective holding i.e. in the ratio of 16.354091 shares for every100 shares held by these shareholders.

Subsequent to the period end, the Board of Directors of the Company in their meeting held on October 11, 2008have decided that 8,425 Right shares of Rs. 10/- each be allotted to the shareholders, who subscribed the rightshares at Rs. 10/- per share at a premium of Rs. 465/- per share i.e. at a subscription price of Rs. 475/- per share onor before September 30, 2008 for a total consideration of Rs. 4.00 million.

Further, in the attendant circumstances the remaining unsubscribed 10,679,757 Right shares of Rs. 10/- per shareat a premium of Rs. 465/- per share i.e. at a subscription price of Rs. 475/- per share be not allotted or issued.


490,914 695

897,539 1,389,148

292,024 129,021 421,045

4,818 1,815,011

1,479,109 711

2,251,438 3,731,258

348,453 185,445 533,898

4,632 4,269,788

June 30,2008

(Audited)

September 30,2008


6. SHORT TERM INVESTMENTS ¢

Assets at fair value through profit or loss- Listed equity securities- Term finance certificates- Open-end fund units

Available for sale- Listed equity securities

Related partiesOthers

Held to maturityDefence saving certificates (at amortised cost)

3,335 3,335

8. COMMITMENTS ¢

Commitment in respect of: - Bank guarantee

June 30,2008

(Audited)

September 30,2008


2,418,422 -

2,418,422

18,759 (12,351)

6,408

763,285 -

763,285

734,257 7,000

741,257

3.17

3.17

0.01

0.02


9. BASIC AND DILUTED EARNINGS PER SHARE ¢

Profit after taxation for the periodLess: Cumulative preference dividend on convertible preference sharesProfit after taxation attributable to Ordinary shareholders

Weighted average number of Ordinary sharesNumber of ordinary shares outstanding during the periodConvertible preference shares

Weighted average number of Ordinary sharesadjusted for the effect of dilution

Earnings per share:

- Basic

- Diluted

10. CASH AND CASH EQUIVALENTS ¢

Cash and bank balancesShort term running finance utilised under mark-up arrangement

228,826 -

228,826

17,018) (3,172,644) (3,155,626)

September 30,2007

September 30,2008

.............(Rupees in '000).............

................(Un-audited)................

September 30,2007

September 30,2008

.....................(Rupees).....................

September 30,2007

September 30,2008

.............(Number in '000).............

September 30,2007

September 30,2008

.............(Rupees in '000).............

................(Un-audited)................

The number of ordinary shares has increased from 222,020,000 shares on September 30, 2008 to 763,285,323shares on October 30, 2008 as a result of right and bonus shares issued to the shareholders on October 14, 2008and October 18, 2008 respectively. Therefore, in accordance with para 64 of International Accounting Standard33 - “Earnings per share”, the calculation of basic and diluted earnings per share for the quarters endedSeptember 30, 2008 and September 30, 2007 have been retrospectively adjusted.

9.1

Note

9.1

11. RELATED PARTY TRANSACTIONS ¢

Related parties comprise subsidiaries, associates, joint venture, directors, key management personnel andprovident fund scheme. Significant transactions with related parties during the quarter ended September 30,2008 are as follows:


2,006 - 5,456 -

15,889 - -

413,232 600

237,379

3,304 7,915 1,500

2,869 325

5,076 1,560 -

87,795 13,906 12,045

349

-

1,474 5,027 1,500

Brokerage expenseProceed from sale of vehicleRental incomeRent expenseProfit received on fund placements and deposit accountsAdvisory and consultancy feesUnderwriting commission receivedInvestment in related partiesContribution to Staff Provident FundDonations paid to Mahvash and Jahangir Siddiqui Foundation

(formerly Siddiqui Foundation) - Common directorship andkey management personnel

Key management personnel:Remuneration to Chief Executive OfficerRemuneration to ExecutivesAdvisory fee to Director

The Company continues to have policy whereby all transactions with related parties are entered into arm’slength prices using admissible valuation method.

12. POST BALANCE SHEET EVENT ¢

Further to the recommendation of the Board of Directors of the Company in their meeting held on August 16,2008, the Company, on October 18, 2008 issued 541,256,898 bonus shares @ 243.7782003% i.e. in the proportionof 2.437782003 new Ordinary shares for every 1 Ordinary share held by the members according to theirrespective shareholdings at the book closure date.

13. DATE OF AUTHORISATION ¢

These interim condensed financial statements were authorised for issue by the Board of Directors in theirmeeting held on October 30, 2008.

14. GENERAL ¢

Figures have been rounded off to the nearest thousand rupees.



September 30,2007

September 30,2008

.............(Rupees in '000).............

................(Un-audited)................



INTERIMCONDENSED

CONSOLIDATEDFINANCIAL

STATEMENTS

June 30,2008

(Audited)

September 30,2008

(Un-audited)

ASSETS ¢

Non-Current AssetsProperty and equipmentIntangible assetsInvestment propertiesStock exchange membership cards and roomLong term investmentsLong term loans, advances and other receivablesLong term depositsDeferred tax asset

Current AssetsShort term investmentsTrade debts - unsecuredLoans and advancesAccrued markupDeposits, prepayments and other receivablesFund placementsTaxation - netCash and bank balances

EQUITY AND LIABILITIES ¢

Share Capital and ReservesShare CapitalReservesEquity attributable to equity holders' of the parent

Minority Interest

Total equity

Advance against future issue of share capital

Non-Current LiabilityLong term financingLiabilities against assets subject to finance leaseDeposits and other accountsEmployee benefit liability

Current LiabilitiesTrade and other payablesAccrued interest / mark-up on borrowingsShort term borrowingsCurrent portion of non-current liabilities

Contingencies and Commitments


Interim Condensed Consolidated Balance SheetAs at September 30, 2008



The annexed notes 1 to 16 form an integral part of these interim condensed consolidated financial statements.

Note.............(Rupees in '000).............

997,638 3,961,129

3,532 34,201

19,984,176 1,488,142

4,938 102,268

26,576,024

9,905,642 2,686

9,517,333 383,719 493,269

3,515,707 255,531

2,522,867 26,596,754

53,172,778

2,220,200 24,816,440 27,036,640

2,700,288

29,736,928

4,002

4,047,557 6,724

3,211,115 17,690

7,283,086

886,044 347,082

3,019,931 11,895,705 16,148,762

53,172,778

930,184 3,976,185

3,692 34,201

24,960,955 25,613

4,940 101,407

30,037,177

13,563,740 199,689

9,801,499 335,192 281,730

2,372,802 237,446

8,405,140 35,197,238

65,234,415

2,220,200 32,123,173 34,343,373

3,223,523

37,566,896

-

4,124,445 7,615

348,103 2,343

4,482,506

2,539,208 312,533

6,194,919 14,138,353 23,185,013

65,234,415

4

5

6

7

8

9

INCOME

Return on investmentsGain on sale of investments - netIncome from long term loans and fund placementsFee, commission and brokerageOther incomeLoss on revaluation of investments carried at

fair value through profit and loss - net

EXPENDITURE

Operating and administrative expensesFinance costReversal of provision for impairment against investments

Share of (loss) / profit from:- associatesjoint ventures

PROFIT / (LOSS) FOR THE PERIOD BEFORE TAXATION

TAXATION

- Current- Deferred

PROFIT / (LOSS) AFTER TAXATION FOR THE PERIOD

Loss attributable to minority interest

EARNINGS PER SHARE ¢

- Basic- Diluted

207,311 2,140,934

442,969 188,921

90,902

(389,687) 2,681,350

572,065 560,052

(754) 1,131,363 1,549,987

(96,398) (1,678)

(98,076) 1,451,911

2,538 (1,221)

1,317 1,450,594

21,619

1,472,213


2007


2008


Interim Condensed Consolidated Profit and Loss AccountFor the Quarter ended September 30, 2008(Un-audited)

Note.............(Rupees in '000).............

149,308 98,017

273,117 166,792

41,925

(1,733) 727,426

350,414 556,984

- 907,398

(179,972)

165,206 (34)

165,172 (14,800)

8,380 2,198

10,578 (25,378)

42,892

17,514

10

1.931.93

0.010.02



.....................(Rupees ).....................



2007


2008

Profit / (loss) for the period before taxation

Adjustments for non cash charges and other items:DepreciationAmortisation on intangible assetsAmortisation of deferred costLoss / (profit) on sale of property and equipmentInterest income from defence saving certificatesShare of loss / (profit) from associates and joint venturesCharge for defined benefit planLiabilities no longer payable written backReversal of provision for impairment against investmentsLoss on revaluation of investments carried at fair value through profit and loss - netFinance cost

Operating profit before working capital changes (Increase)/decrease in operating assets :

Short term investments Trade debtsLoans and advancesLong term loans, advances, deposits and other receivablesFund placementsDeposits, prepayments, accrued mark-up and other receivables

(Decrease)/increase in operating liabilities:Trade and other payablesDeposits and other accounts

Net cash generated from / (used in) operations

Interest / mark-up paidTaxes paidDividend paidNet cash inflow / (outflow) from operating activities

Capital expenditure incurredIntangible assets acquiredProceeds from sale of property and equipmentInvestment acquired - net of saleNet cash outflow from investing activities

(Redemption)/proceeds from issue of term finance certificates - netProceeds from issue of preference sharesAdvance against future issue of share capitalLong term loans – net of repaymentRepayment of lease liabilitySecurities sold under repurchase agreementsNet cash (outflow) / inflow from financing activities

NET DECREASE IN CASH AND CASH EQUIVALENTSCASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT END OF THE PERIOD


Interim Condensed Consolidated Cash Flow StatementFor the Quarter ended September 30, 2008(Un-audited)




1,451,911

36,432 15,843

- 957

(185) 98,076 15,347 (1,859)

(754)

389,687 560,052

1,113,596

2,565,507

2,065,234 197,003 159,166

(1,462,527) (1,142,905)

(260,066) (444,095)

(1,646,549) 621,566

1,096,429

(524,406) (19,919)

(8,474) 543,630

(245,071) (787) 1,976

(2,930,957) (3,174,839)

(77,789) -

4,002 (1,495)

(794) (849,267) (925,343)

(3,556,552) 3,064,305 (492,247)

(14,800)

22,791 49,544

(677) (1,225)

(177) (165,172) -

(4,439) -

1,733 556,984 459,362

444,562

(3,932,881) (256,090)

(34,894) 49,770

963,217 122,703

(3,088,175)

(1,341,411) (1,464,674) (5,449,698)

(439,328) (31,587)

(4,371) (5,924,984)

(91,731) (2,621) 21,039

(479,405) (552,718)

98,886 350,000

- (62,500)

- 728,440

1,114,826 (5,362,876)

871,561 (4,491,315)

11


CASH FLOWS FROM OPERATING ACTIVITIES ¢

CASH FLOWS FROM INVESTING ACTIVITIES ¢

CASH FLOWS FROM FINANCING ACTIVITIES ¢


Inte

rim

Con

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.

1. THE GROUP AND ITS OPERATIONS ¢

Jahangir Siddiqui & Co. Ltd. (the Holding Company) and its subsidiary companies (together the Group) areinvolved in trading of securities, maintaining strategic investments, investment advisory, asset management,agency telecommunication, commercial banking, power generation and other businesses. The Group is mainlyoperating in Pakistan and also provides services in United Kingdom and Cayman Islands.

The Holding Company was incorporated under the Companies Ordinance, 1984 (the Ordinance) on May 4, 1991as a public unquoted company. The Holding Company is presently listed on Karachi Stock Exchange (Guarantee)Limited. The Holding Company is also a corporate member of Karachi Stock Exchange (Guarantee) Limited andIslamabad Stock Exchange (Guarantee) Limited. The registered office of the Holding Company is situated at 6thFloor, Faysal House, Main Shahra-e-Faisal, Karachi. The principal activities of the Holding Company are tradingof securities, maintaining strategic investments, consultancy services, underwriting, etc.

The Group comprises of the Holding Company and the following subsidiary companies that have beenconsolidated in these financial statements on the line by line basis. All material inter company balances,transactions and resulting unrealised profits / losses have been eliminated:


Notes To The Interim Condensed Consolidated Financial StatementsFor the Quarter ended September 30, 2008(Un-audited)

1.1

1.2

JS Investments Limited (JSIL) (formerly JS ABAMCO Limited)

JS Infocom Limited

JS International Limited

JS International LLP (Sub-subsidiary)

JS Bank Limited (JSBL)

Credit Chex (Private) Limited

JS ABAMCO Commodities Limited (Sub-subsidiary)

Webdnaworks (Private) Limited (Sub-subsidiary)

MOBEX Limited (Sub-subsidiary)

Energy Infrastructure Holding (Private) Limited

Investment Advisor, Asset Manager and Investment Banking

Telecom, Media and Technology

Investment Advisory Services

Investment Advisory Services

Commercial Banking

Credit Information andCredit Rating Services

Commodity brokerage

Telecom and Technology

Telecom and Technology

Power generation

July 31, 2000

August 25, 2003

July 14, 2005

April 11, 2006

December 30, 2006

October 8, 2007

December 12, 2007

December 12, 2007

March 20, 2008

July 07, 2008

52.02%

100.00%

100.00%

100.00%

57.43%

75.00%

52.02%

51.00%

70.00%

100.00%

52.02%

100.00%

100.00%

100.00%

57.43%

75.00%

52.02%

51.00%

70.00%

-1.2.1

During the period, Energy Infrastructure Holding (Private) Limited (EIHPL) issued 52,500,000 shares of Rs. 10each to the Holding Company. EIHPL was incorporated on April 15, 2008 under the laws of Pakistan. The principalactivities of EIHPL after comencement of operations will be to design, construct, acquire, own, operate andmaintain power generation complexes and to carry on the business of electricity generation, power transmissionand distribution services, over hauling and re-powering of power plants etc.

1.2.1

Subsidiary Companies Nature of Business Date of AcquisitionNoteHolding (including

indirect holding)June2008

September2008

Additions - costOwned:- Office premises - leasehold- Leasehold improvements- Office equipment- Office furniture and fixtures- Motor vehicles

Leased:- ATM machines

Disposals - cost- Office premises - leasehold- Leasehold improvements- Office equipment- Office furniture and fixtures- Motor vehicles

Related parties:- Investment in associates- Investment in joint venture- Other related parties - Available for sale

Other investments:- Available for sale

2. BASIS OF PREPARATION ¢

These interim condensed consolidated financial statements are un-audited and are being submitted to theshareholders as required under Section 245 of the Companies Ordinance, 1984 and the Listing Regulations ofthe Karachi Stock Exchange. These interim condensed consolidated financial statements have been preparedin accordance with the requirements of the International Accounting Standard - 34 “Interim Financial Reporting”as applicable in Pakistan. These interim condensed consolidated financial statements do not include all theinformation and disclosures required in the annual consolidated financial statements, and should be read inconjunction with the Company’s annual consolidated financial statements for the year ended June 30, 2008.

3. ACCOUNTING POLICIES ¢

The accounting policies followed for the preparation of these interim condensed consolidated financial statementsare the same as those applied in preparing the annual consolidated financial statements of the Company forthe year ended June 30, 2008.

4. PROPERTY AND EQUIPMENT ¢

The details of additions in and disposals of operating assets during the period ended September 30, 2008 areas follows:


68,240 56,554 59,410 19,364

3,613

-

207,181

3,559 4,070 2,400

244 794

11,067

219,841 68,956

132,092 21,877 57,036

19,225

519,027

3,452 -

10,229 1,690

42,867 58,238

June 30,2008

(Audited)

September 30,2008


6,953,388 73,322

12,743,416 19,770,126

214,050 19,984,176

5,114,407 -

19,846,548 24,960,955

- 24,960,955

5. LONG TERM INVESTMENTS ¢

Note

5.1

This represents Group interest in Gujranwala Energy Limited (GEL), a joint venture of Energy InfrastructureHolding (Private) Limited (a wholly owned subsidiary). GEL is a public limited company incorporated onSeptember 14, 2006 under the provisions of the Companies Ordinance, 1984. The registered office of GEL issituated at Lahore. Its principal business activity would be to generate and supply the electricity to Water andPower Development Authority (WAPDA). The production facility would be constructed at Sung-o-Wali, TehsilWazirabad, District Gujranwala. The Company is in its development phase, therefore, it has not started itscommercial operation.

5.1


1,389,148 8,511,676

4,818 9,905,642

3,776,203 9,782,905

4,632 13,563,740

June 302008

(Audited)

September 302008


6. SHORT TERM INVESTMENTS ¢

7. ADVANCE AGAINST FUTURE ISSUE OF SHARE CAPITAL ¢

This represents subscription received against Rights shares of Rs. 10/- each at a premium of Rs. 465/- per shareout of the 10,688,182 Right shares offered by the Holding Company to its shareholders, other than the majorshareholders who waived in writing their right entitlements for facilitating the Holding Company to issue sharesto offshore investors, in the proportion to their respective holding i.e. in the ratio of 16.354091 shares for every100 shares held by these shareholders.

Subsequent to the period end, the Board of Directors of the Holding Company in their meeting held onOctober 11, 2008 have decided that 8,425 Right shares of Rs. 10/- each be allotted to the shareholders, whosubscribed the right shares at Rs. 10/- per share at a premium of Rs. 465/- per share i.e. at a subscription price ofRs. 475/- per share on or before September 30, 2008 for a total consideration of Rs. 4.00 million.

Further, in the attendant circumstances the remaining unsubscribed 10,679,757 Right shares of Rs. 10/- per shareat a premium of Rs. 465/- per share i.e. at a subscription price of Rs. 475/- per share be not allotted or issued.

June 30,2008

(Audited)

September 30,2008


8. CURRENT PORTION OF NON-CURRENT LIABILITIES ¢

Long term financing:- Term finance certificates- Liability against Class A, B & C TFCsDeposits and other accountsLiabilities against assets subject to finance lease

313,278 90,661

11,488,452 3,314

11,895,705

313,278 91,960

13,729,898 3,217

14,138,353

Assets at fair value through profit or lossAvailable for saleHeld to maturity

JS Investments Limited has given guarantee to the seed capital investors of JS Aggressive Income Fund forthe lock-in-period of 2 years from the respective date of issuance of seed capital, ranging fromNovember 6, 2007 to November 28, 2009. The Initial investment amount and a minimum return thereon ofeight percent (8%) per annum is covered under the above guarantee.

9. CONTINGENCIES AND COMMITMENTS ¢

9.1 Contingencies

9.1.1 Transaction-related Contingent LiabilitiesIncludes performance bonds, bid bonds, warranties, advance payment guarantees, shipping guaranteesand standby letters of credit related to particular transactions.

- Government- Banking companies and other financial institutions- Others

9.1.2 Trade related contingent liabilities

Documentary credits

9.1.3 Other Contingencies

Claims not acknowledged as debts

9.2 Commitments

Forward purchase of government securities

Forward sale commitments

Commitments in respect of capital expenditure

Bank guarantee

Underwriting commitments

Assets acquired under operating lease

Commitments in respect of forward exchange contracts:

- Purchase

- Sale

9.2.1


294,310 7,265

443,274 744,849

910,726

97,629

150,000

-

172,617

3,335

195,390

700

1,863,231

1,410,751

63,757 2,064

15,368 81,189

632,460

97,358

65,000

65,000

143,613

3,335

170,993

700

661,840

2,416,124

June 30,2008

(Audited)

September 30,2008


Profit after taxation attributable to equityholders of the parentLess: Cumulative preference dividend on convertible preference sharesProfit after taxation attributable to Ordinary shareholders of the parent

Weighted average number of Ordinary sharesNumber of ordinary shares outstanding during the periodConvertible preference sharesWeighted average number of Ordinary shares adjusted for the effect of dilution

Earnings per share:- Basic- Diluted


1,472,213-

1,472,213

17,514 (12,351)

5,163

September 30,2007

September 30,2008

.............(Rupees in '000).............

................(Un-audited)...............

763,285-

763,285

734,2577,000

741,257

.............(Number in '000).............

1.931.93

0.010.02

....................(Rupees)...................

10. BASIC AND DILUTED EARNINGS PER SHARE ¢

September 30,2007

September 30,2008

September 30,2007

September 30,2008

Cash and bank balancesShort term running finances under mark-up arrangementsBorrowings from banks / NBFCs

2,522,867 (31,002)

(2,984,112) (492,247)

3,302,114 (3,172,644) (4,620,785) (4,491,315)

.............(Rupees in '000).............

................(Un-audited)...............

11. CASH AND CASH EQUIVALENTS ¢

12. RELATED PARTY TRANSACTIONS ¢

Related parties comprise of subsidiaries, associates, companies under common directorship, joint ventures,directors, key management personnel and provident fund schemes.

Significant transactions with related parties during the three months period are as follows:

September 30,2007

September 30,2008

The number of ordinary shares has increased from 222,020,000 shares on September 30, 2008 to 763,285,323shares on October 30, 2008 as a result of right and bonus shares issued to the shareholders on October 14, 2008and October 18, 2008 respectively. Therefore, in accordance with para 64 of International Accounting Standard33 - “Earnings per share”, the calculation of basic and diluted earnings per share for the quarters endedSeptember 30, 2008 and September 30, 2007 have been retrospectively adjusted.

10.1

Note

10.1

Segment results for the period ended September 30, 2008

Return on investmentsGain on sale of investments - netIncome from long term loans and fund placementsFee, commission and brokerageLoss on revaluation of investments carried at fair value through profit and loss – net Unallocated Revenue

Share of loss from:AssociatesJoint venture

Operating and administrative expensesFinance costReversal of provision for impairment in investments

Segment results

Unallocated expensesProfit / (loss) for the period before taxation

Taxation:SegmentUnallocated revenueDeferred

Profit / (loss) after taxation for the periodMinority interest

207,311 2,140,934

442,969 188,921

(389,687) 90,902

2,681,350

(96,398) (1,678)

2,583,274

501,702 560,052

(754) 1,061,000 1,522,274

(70,363) 1,451,911

1,997 541

(1,221) 1,317

1,450,594 21,619

1,472,213

Others

650 -

7,886 18,468

351 -

27,355

- -

27,355

84,220 659

- 84,879

(57,524)

- (57,524)

- - - -

(57,524) 6,185

(51,339)

Investmentadvisor/

assetsmanager

13,167 1,626 2,693

141,266

- -

158,752

- -

158,752

97,538 75,822 -

173,360 (14,608)

- (14,608)

1,997 - (1,221)

776

(15,384) 6,162

(9,222)

Banking

136,718 11,834

386,661 29,187

(45) -

564,355

- -

564,355

276,455 353,929

(754) 629,630

(65,275)

- (65,275)

- - - -

(65,275) 9,272

(56,003)

56,776 2,127,474

45,729 -

(389,993) -

1,839,986

(96,398) (1,678)

1,741,910

43,489 129,642 - 173,131

1,568,779

- 1,568,779

- - - -

1,568,779 -

1,568,779

CapitalMarket


………….……….……. (Rupees in '000) ………………………

O P E R AT I O N S

TOTAL

Segment results for the period ended September 30, 2007

Return on investmentsGain on sale of investments - netIncome from long term loans and fund placementsFee, commission and brokerage(Loss)/gain on revaluation of investments carried at fair value through profit and loss – net Unallocated Revenue

Share of profit / (loss) from:AssociatesJoint ventures

Operating and administrative expensesFinance cost

Segment results

Unallocated expensesProfit / (loss) for the period before taxation

Taxation:SegmentUnallocated revenueDeferred

Profit / (loss) after taxation for the period

Minority interest

TOTAL

149,308 98,017

273,117 166,792

(1,733) 41,925

727,426

165,206 (34)

892,598

331,739 556,984 888,723

3,875

(18,675) (14,800)

7,171 1,209 2,198

10,578

(25,378)

42,892 17,514

Others

8,037 24,269

3,883 -

(39,233) -

(3,044)

- -

(3,044)

19,033 53

19,086 (22,130)

- (22,130)

-

- -

(22,130)

- (22,130)

Investmentadvisor/

assetsmanager

292 10,199 -

136,196

- -

146,687

- -

146,687

98,815 23,962

122,777 23,910

- 23,910

3,800

(1,026) 2,774

21,136

(14,228) 6,908

Banking

95,608 (13,263) 269,234

16,645

60 -

368,284

- -

368,284

187,667 318,068 505,735

(137,451)

- (137,451)

1,980

3,224 5,204

(142,655)

57,120 (85,535)

45,371 76,812

- 13,951

37,440 -

173,574

165,206 (34)

338,746

26,224 214,901 241,125

97,621

- 97,621

1,391

- 1,391

96,230

- 96,230

CapitalMarket

Further to the recommendation of the Board of Directors of the Holding Company in their meetingheld on August 16, 2008, the Holding Company, on October 18, 2008 issued 541,256,898 bonus shares@ 243.7782003% i.e. in the proportion of 2.437782003 new Ordinary shares for every 1 Ordinary shareheld by its members according to their respective shareholdings at the book closure date.

14. POST BALANCE SHEET EVENT ¢

………….……….……. (Rupees in '000) ………………………

O P E R AT I O N S



These interim condensed consolidated financial statements were authorised for issue by the Board ofDirectors of the Holding Company in its meeting held on October 30, 2008.

15. DATE OF AUTHORISATION FOR ISSUE ¢

Figures have been rounded off to the nearest thousand rupees.16. GENERAL ¢



Jahangir Siddiqui & Co. Ltd.6th Floor, Faysal House,Shahra-e-Faisal,Karachi-75530, Pakistanwww.js.com

UAN: +92 21 111 574 111Fax: +92 21 280 0163

+92 21 280 0167

Documents

Quarterly Report 30 September, 2008Quarterly Report 2008 06 The net asset value of the Company as at September 30, 2008 was PKR 26.24 billion (US$ 336.38 million) or PKR 34.38 (US$