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***** Assignment *****


Title: Accounting Final Report


Submitted By: UsMan FArOoq.
BBC-10-08



Submitted To: Sir Nadeem






Institute of Management Sciences
Bahauddin Zakariya University


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Annual Report of PTCL


Pakistan TeleCommunication Company
Limited
For the year ended on 31
st
Dec, 2010






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Pakistan TeleCommunication Company Limited


Introduction of PTCL:

PTCL is the largest telecommunications provider in Pakistan. PTCL
also continues to be the largest CDMA operator in the country with
0.8 million V-fone customers. The company maintains a leading position in
Pakistan as an infrastructure provider to other telecom operators and
corporate customers of the country. It has the potential to be an
instrumental agent in Pakistans economic growth. PTCL has laid an
Optical Fiber Access Network in the major metropolitan centers of
Pakistan and local loop services have started to be modernized and
upgraded from copper to an optical network. On the Long Distance and
International infrastructure side, the capacity of two SEA-ME-WE
submarine cable is being expanded to meet the increasing demand of
International traffic. With the promulgation of Telecommunication (Re-
Organization)

Act 1996, the Pakistan Telecommunication Authority was established as
the Telecom Regulatory body. Following the open licensing policy in BUY
@ PKR 45.40 accordance with the instructions of Government of Pakistan
and in exercise of powers conferred by Pakistan Telecommunication (Re-
Organization) Act 1996, the basic telephony was put under exclusivity and
PTCL was given a seven years monopoly over basic telephony which
ended by December 31, 2002.

The year 2009-2010 in the telecom sector witnessed a phenomenal
growth in the mobile phone sector in Pakistan, which doubled its
subscriber base to 60 million. The Teledensity increased from 26% to
40%, helping to spread the benefits of communication technology across
the country. PTCL's mobile phone subsidiary Ufone's subscriber base
grew by more than 87%, from 7.49 million to 14 million. The year also
witnessed the entry of major telecom companies, most notably China


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Telecom and SingTel, into the market. Restructuring and re-engineering
are in their final stages along with the implementation of ERP system.
From the end customer's perspective, a major initiative was put in place in
the shape of 'Broadband Pakistan' service launch as a first step towards
providing its customer with more value added service and convenience.

With this offering, the PTCL not only bringing the benefit of high speed
Internet access to subscribers in major cities but will also generate new
revenue streams for future growth. The company also continued to invest
in infrastructure development and addition of network capacity with a view
to enhance services and to expand its reach across the country.




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Introduction to me

I am Usman Farooq. Roll number BBC-10-08. BBA 2
nd

Semester. I have been assigned a task to make an
annual report of PTCL for the year ended on 31
st

December 2010.

All the data used here is FAKE as per it was assigned
to do... This Report is made under the assistance of
MAAN AUDITORS that is me myself.



My report has no official value. Its only for the
assignment, to be submitted, to Sir Nadeem.



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History Of PTCL

From the beginnings of Posts & Telegraph Department in 1947 and
establishment of Pakistan Telephone & Telegraph Department in 1962,
PTCL has been a major player in telecommunication in Pakistan. Despite
having established a network of enormous size, PTCL workings and
policies have attracted regular criticism from other smaller operators and
the civil society of Pakistan

Pakistan Telecommunication Corporation (PTC) took over operations and
functions from Pakistan Telephone and Telegraph Department under
Pakistan Telecommunication Corporation Act 1991. This coincided with the
Government's competitive policy, encouraging private sector participation
and resulting in award of licenses for cellular, card-operated pay-phones,
paging and, lately, data communication services.

Pursuing a progressive policy, the Government in 1991, announced its
plans to privatize PTCL, and in 1994 issued six million vouchers
exchangeable into 600 million shares of the would-be PTCL in two separate
placements. Each had a par value of Rs. 10 per share. These vouchers
were converted into PTCL shares in mid-1996

In 1995, Pakistan Telecommunication (Reorganization) Ordinance formed
the basis for PTCL monopoly over basic telephony in the country. The
provisions of the Ordinance were lent permanence in October 1996 through
Pakistan Telecommunication (Reorganization) Act. The same year,
Pakistan Telecommunication Company Limited was formed and listed on all
stock exchanges of Pakistan

PTCL launched its mobile and data services subsidiaries in 2001 by the
name of Ufone and PakNet respectively. None of the brands made it to the
top slots in the respective competitions.

Lately, however, Ufone had increased its market share in the cellular
sector. The PakNet brand has effectively dissolved over the period of time.


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Recent DSL services launched by PTCL reflects this by the introduction of a
new brand name and operation of the service being directly supervised by
PTCL.

A shop of Pakistan Telecommunication Company Ltd (PTCL) in Islamabad.

As telecommunication monopolies head towards an imminent end, services
and infrastructure providers are set to face even bigger challenges. The
post-monopoly era came with Pakistans Liberalization in
Telecommunication in January 2003. On the Government level, a
comprehensive liberalization policy for telecoms sector is in the offering.

In 2005 Government of Pakistan decided to sell 26 percent of this company
to some private corporation. There were three participants in the bet for
privatization of PTCL. Etisalat, a Dubai based company was able to get the
shares with a large margin in the bet. Government's plan of privatizing the
corporation were not welcomed in all circles; countrywide protests and
strikes were help by PTCL workers. They disrupted phone lines of
institutions like Punjab University Lahore along with public sector
institutions were also blocked. Military had to take over the management of
all the exchanges in the country. They arrested many workers and put them
behind bars. The contention between Government and employees ended
with a 30% increase in the salaries of workers.


In 2009 PTCL launched its new product with the name of EVO


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***** Table of Content *****
Sr.
No.
Content Page number
01
Corporate Vision 09
02
Mission 10
03
Core Values 11
04
Board of Directors 12
05
Management 13
06
Bankers Detail 14
07
Auditors Detail 15
08
Contacts 16
09
Financial Highlights 17
10
Graphs 19
11
CEO Message 21
12
Directors Report 23
13
Attendance of Members 27
14
Auditors report to Members 28
15
Balance Sheet 31
16
Profit and Loss Account 34
17
Cash Flow Statement 35
18
Statement changes in Equity 36
19
Notes to and forming part of the
Financial Statement
38
20
PTCL Stock Price 52
21
Patterns of Stock Holding 53
22
Categories of Share Holders 56
23
Notice of Meeting 57
24
SWOT Analysis 58
25
Conclusion 64
26
Recommendations 65
27
Bibliography 66


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Corporate Vision




To be the leading Information and
Communication Technology Service Provider in
the region by achieving customer satisfaction
and maximizing shareholders' value.



The future is unfolding around us. In times to
come, we will be the link that allows global
communication. We are striving towards
mobilizing the world for the future. By becoming
partners in innovation, we are ready to shape a
future that offers telecom services that bring us
closer.






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Mission


To achieve our vision by having


An organizational environment that fosters
professionalism, motivation and quality

An environment that is cost effective and
quality conscious

Services that are based on the most optimum
technology

"Quality" and "Time" conscious customer
service

Sustained growth in earnings and profitability


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Core Values




Professional Integrity

Customer Satisfaction

Teamwork

Company Loyalty


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Board of Directors


Chairman and CEO: Usman Farooq
(Executive President)

Chairman PTCL board: Sara Rizwan
(Secretary IT division)
(Ministry of IT)

Member (Telecom): Wajahat Ali
(Ministry of IT)

Ambassador: Zeenat Khan
(Embassy of Pakistan)
(UAE)

Secretary (Finance): Zohaib Mailk
(Ministry of finance)

Chief HR Officer : Abdul Shakoor
(Etisalat UAE)

General Manager: Sameed Umair
(North Emirates)


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Management



Mr. Usman Malik

Mr. Salman Siddique

Mr. Mushtaq Ahmad Bhatti

Mr. Khurshed Ahmed

Mr. Fadhil Ansari

Mr. Abdul-Aziz

Dr. Ahmed Al Jarwan

Dr Kamran Saliq

Zeeshan Guffar



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Banker


Askari Bank

Muslim Commercial Bank

Habib Bank

Allied Bank

Meezan Bank

United Bank

Citi Bank

Faisal Bank

National Charted bank




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Auditors






Maan Auditors
Usman Farooq
Charted Accountants & Co.




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Contacts


Head Office:
PTCL Headquarters
Block E
Islamabad
Ph. No. 051-55443322
Email: ptcl@usman.com


Registered office:
PTCL Headquarters
Abdalian Town
Lahore.
Ph. No. 042-55443322
Email: ptclptcl@usman.com

Share Office:
FAMCO Associates (pvt) Limited
Ground floor
Multan Cant.
Ph. No. 061-55443322
Email: ABCptcl@usman.com


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Financial Highlights
2010 2009 2008 2007 2006 2005
Key Indicators

Operating

Gross Margin
(Operating Profit
Margin)
% 28.67 39.66 47.86 56.58
52.24

48.07

Pre Tax Margin (EBIT
Margin)
% 37.16 45.32 52.32 59.41
55.93
50.17
Net Margin % 23.96 30.07 35.02 39.35
34.35
29.83

Cash flow from
Operation after Tax
% 54.45 50.94 49.34 51.11
52.63
43.94
Performance
Return on Operating
Assets
% 20.56 27.98 36.47 38.51
28.69
24.04
Debtor's Turnover Tim
es
4.46 4.14 4.65 4.67
4.15
3.65

Return on Equity % 14.45 20.21 25.43 28.20
24.75
23.33
Leverage
Debt: Equity Rati
o
14:86 14:86 13:87 13:87
16:84
25:75
Leverage % 27.92 31.27 25.64 23.91
26.14
32:81
Liquidity
Current Times Tim
es
2.22 1.66 1.91 2.78
2.02
1.72
Quick Times Tim
es
2.06 1.54 1.74 2.67
1.91
1.61
Valuation
Breakup Value RS 21.75 20.68 19.63 21.39
19.17 17.39


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Earning per Share RS 3.07 4.07 5.22 5.72
4.53 3.88
Payout Ratio % 65.22 122.73 38.34 87.42
77.34 70.79
Market Price to
Breakup Value

Times

1.88

1.96

3.58

1.97

1.48

0.99
Dividend per share Rs. 2.00 5.00 2.00 5.00
3.50 2.70
Market Value per
Share (as on June 30)
Rs 57.00 40.60 70.25 42.15
28.45 17.15
Historical Trends Trading Results
Revenue
Rs.
(m)
65,277 69,085 75,972 74,124
67,202 66,427
Profit Before Tax. Rs
(m).
23,744 30,974 39,296 43,360
36,563 30,895

Profit After Ta Rs.
(m)
15,639 20,777 26,606 29,170
23,081 19,812
Dividend declared Rs.
(m)
10,200 25,500 10,200 25,500
17,850 14,025
Financial Position
Share Capital Rs.
(m)
51,000 51,000 51,000 51,000
51,000
51,000
Reserves Rs.
(m)
32,249 31,992 32,008 32,000
28,500
23,600
Shareholders' Equity Rs.
(m)
110,913 105,475 100,114 109,
100
97,773
88,709
Net Operating Fixed
Assets
Rs.
(m)
76,192 75,938 72,555 73,345
78,161
82,756
Current Assets Rs.
(m)
54,203 50,168 39,269 33,548
33,277
33,122
Non Current
Liabilities
Rs.
(m)
17,460 16,489 15,258 15,126
16,544
22,245
Operationals
ALIS (000)* Nos. 5,455 5,586 5,120 4,429
3,83
3,655
ALIS per Employee Nos. 88 87 84 77
69
62




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Financial Highlights
(Graphs)

Revenue


EBIT and Net Profit




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Dividend Payout Per Share Total Assets










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CEO MESSAGE


The challenges faced by PTCL became even tougher in the past
year where Pakistan experienced a spillover from the global
recession. However, with unwavering determination and strong
passion we have remained steady and focused on our course
to be the leading customer oriented ICT Company in Pakistan.

This year PTCL has achieved numerous milestones, from some
of which customers can benefit today while other long term
initiatives will bring a fruitful tomorrow. Broadband Pakistan
became the largest broadband service in Pakistan. EVO
launched in June 2010 and made the Company the first 3G
wireless broadband provider in Pakistan. This service is set to
become one of the primary products of PTCL for years to come
as is evident from the excellent reception it has received.

PTCL continues to enhance and consolidate its position as the
leading and premier broadband provider in the country and
undoubtedly the sole Integrated Telecom Service Provider
offering
Bundled Voice, Data, Internet and TV services at compelling and
competitive rates to a wide audience.

At the corporate front, we have remained equally successful.
PTCL today is the backbone for businesses throughout Pakistan
through Voice, Data and Internet services. This year has seen
the revolutionary roll out of customized services and state of the
art audio and video conferencing facilities.
With the launch of our Data Centre in Karachi and subsequently
in other cities, corporate customers now have access to highly
secure, reliable and networked hosting facilities for critical
applications and services.



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Continuing with its efforts to improve and diversify Pakistans
international connectivity with the rest of the world, PTCL has
embarked on an ambitious project to link the country to the future
data highway. Along with eight other international telecom
providers, PTCL signed the Construction and Maintenance
Agreement (C&MA) for IMEWE Fibre Submarine Cable System
linking Karachi with Western Europe directly. The capacity of this
system, to enter service shortly, will meet and cater to the
growing and expanding demand for the broadband internet traffic
for years to come.

We fully realize in PTCL that while we work dedicatedly to
enhance our Systems and Processes,
Network, Products and Services our real reward and success
originates from our customers, consumers and users from all
over the country. It is therefore vital that PTCL continues to strive
towards providing the highest quality of customer service to the
full satisfaction of our users.

In this respect, we continue to work on several projects and
initiatives to improve our efficiency and response to customer
demands and complaints. Also, we remain confident that our
customers will see a marked and noticeable improvement in our
services. With this in mind, we shall continue to invest in our
people and workforce to cultivate a culture of service and
differentiation and inculcate in them a new sense of purpose and
self worth for reaching out to our customers. In view of the above
achievements and undertakings, I am confident that our future is
bright and promising and we look forward to successfully
delivering on our commitments.


Best Wishes

Usman Farooq
President & CEO


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Directors Report
PTCL is all set to redefine the established boundaries of the
telecommunication market and is shifting the productivity frontier to
new heights. Today, for millions of people, we demand instant
access to new products and ideas. More importantly we want them
for their better living standards with increased values in this ever-
shrinking globe of ours. We are setting free the spirit of innovation.
PTCL is going to be your first choice in the future as well, just as it
has been over the past six decades.

Business & Corporate Users:
For clear communication the first choice of business circles is
PTCL telephone for local, nationwide and international calling.
Today businesses can have 10-100 lines with modern day services
to meet their needs. Now you get options like Caller-ID, call-
forwarding, call-waiting, Call Barring, to name a few.

Nationwide Infrastructure:
We have the largest Copper infrastructure spread over every city,
town and village of Pakistan with over million installed lines.
The network has over 6 million PSTN lines installed across
Pakistan with more than 3 million working. Furthermore installed
capacity of broadband is more than 0.6 million ports spread
across 414 cities and town of the country
National Long-haul Core Network:
We have over 10,400 km fully redundant, fiber optics DWDM
backbone network. It connects over 840 cities and towns with
270G bandwidth.

White Label Services:
PTCL customers can now provide uninterrupted services to their
clients without undertaking large scale investment in
infrastructure or developing expertise in their own network.



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PTCL White Label Services are focused on speed and simplicity
at minimal capex. This will enable our customer to offer their own
branded WLL, DSL etc to customers nationally, together with an
array of key support services.

EVO Wireless Broadband
PTCL EVO 3G Wireless Broadband is Pakistans fastest wireless
internet which offers its customers superior 3G internet
experience. Evo Wireless Broadband is enabling the wireless
broadband revolution in Pakistan with flexibility to roam freely
like never before. PTCL Evo has revolutionized the way people
connect to the internet by offering true mobility. PTCL Evo is
currently offering its services in more than 18 cities on EV-DO
technology offering speeds up to 3.1 Mbps. PTCL Evo gives its
customers the advantage of nationwide roaming with seamless
internet connectivity across Pakistan. The coverage of Evo is not
limited to 18 cities as Evo customers can enjoy CDMA-1X data
rates of up to 153.6 Kbps at more than 1000 destinations across
Pakistan.
The portable, small & stylish Evo USB device is a multipurpose
device which not only delivers fastest wireless internet but can
also be used for Voice Calls by inserting a Vfone SIM and for
data storage by inserting a standard Micro SD Card

Broadband Pakistan
PTCL Broadband is the largest and the fastest growing
Broadband service in Pakistan. Since its launch on 19th May
2007, PTCL has acquired approximately 432,821 Broadband
customers in over 414 cities and towns across Pakistan, leading
the proliferation and awareness of Broadband services across
Pakistan.

With its entry in this market segment, PTCL opened up a
broadband culture in Pakistan, where till a couple of years back


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there was very little awareness in the country about broadband &
high speed internet services.

by geographically bringing the service within the reach of a
common user across Pakistan and by continuous improvements
in customer care for the service.

Pak Internet Exchange:
It is the only IP enabled network with 40 (number increase) point-
of-presences (POP) in 26 cities. The existing 16G active
bandwidth is used for internet, data, video and video-
conferencing services and for voice of LDI. All PTCL Broadband
users, narrow band users, corporates, mobile operators.

International Network
SEAMEWE-3 Submarine Cable System:
PTCL is a member of SEAMEWE 3 Cable Consortium with its
Cable Landing Station at Karachi. SMW-3 cable connects 39
cable landing stations in 33 countries and four continents. SMW-
3 is the longest system of the world with a total length of 39,000
Km.

SMW-4 Submarine Cable System:

SMW-4 is a relatively new submarine cable system (inaugurated
in December 2005) and links 14 countries with 16 landing
stations across Europe, Middle East and Asia. The system is
using Terabit DWDM technology to achieve.

Satellite Communication:

PTCL has Intelsat Standard Earth Stations near Karachi and
Islamabad. These installations provide the diversity for
International voice connectivity and also work as Hub for
domestic satellite users. There are four Intelsat Standard B Earth
Stations at Islamabad, Gilgit, Skardu and Gwadar.


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Attendance
(of PTCL Board of Members)


Sr. No. Name of Member Meetings
Attended
01 Usman Farooq 07
02 Sara Rizwan 07
03 Zohaib Mailk 05
04 Wajahat Ali 06
05 Zeeshan Khan 05
06 Sameed Umair 02
07 Abdul Shakoor 04
08 Usama Ahmad 06
09 Nadeem Aftab 04
10 Salman Baloch 05


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Auditors Report to the Members

We have audited the annexed balance sheet of Pakistan
Telecommunication Company Limited as at Dec, 31 2010 and
the related profit and loss account, cash flow statement and
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 companys 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:


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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 companys 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 balance sheet,
profit and loss account, cash flow statement and 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


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by the Companies in the manner so required and respectively
give a true and fair view of the state of the company s affairs as
at Dec 31, 2010 and of the profit, its cash flows and changes in
equity for the year then ended.

(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

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.


Maan Auditors

Dated: Usman Farooq
December 31, 2010 Charted Accountant & Co.



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Balance Sheet
As at Dec 31
st
2010

Note 2010
Rupees in
2009
hundreds

Equity and liabilities

Share capital and reserves

Authorized capital
11,100,000,000 A class ordinary
shares of Rs 10 each

111,000,000

111,000,000

3,900,000,000 B class ordinary
shares of Rs 10 each
39,000,000 39,000,000

Total 150,000,000 150,000,000


Issued, subscribed and paid up
capital
5 51,000,000 51,000,000

Revenue reserves

Insurance reserve

6 1,683,074 1,683,074
General reserve

30,500,000 30,500,000

Unappropriated profit 16,206,485 14,705,300

Total 99,389,559 97,888,374




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Non Current Liabilities
Payable to PTA against WLL
license fee
7 1,768,839

Long term security deposits
from
customers non interest
bearing
8 990,055 951,618

Deferred taxation

9 2,379,000 590,000

Employees retirement benefits 10 14,142,099 14,240,062

Deferred government grants 11 1,061,044 95,000

Total 18,572,198 17,645,519

Current liabilities

Trade and other payables 12 26,114,171 21,731,667

Current portion of payable to
PTA against WLL license fee
7 1,953,971


Taxation
368,180 182,292

Dividend payable

7,650,000

36,086,322 21,913,959

Contingencies and
commitments
13 154,048,079 137,447,852

The annexed notes from 1 to 47 form an integral part of
these financial statements


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Assets

Non current assets

Property, plant and equipment 14
77,730,763
82,800,178

Capital workinprogress 15 9,836,588 7,892,823
Intangible assets 16 3,320,670 3,149,063
Long term investments 17 5,607,439 3,607,439
Long term loans 18 3,332,378 394,943
99,827,838 97,844,446

Current assets
Stores and spares 19 5,201,991 4,954,085
Trade debts 20 10,760,974 13,366,216
Loans and advances 21 590,061 888,309
Accrued interest 22 821,027 315,817
Recoverable from tax
authorities
23 1,059,608 1,383,766
Other receivables 24 698,270 1,641,617
Receivable from Government
of Pakistan
25 2,164,072 2,164,072

Short term investments 26 21,017,790 10,344,379
Cash and bank balances 27 11,906,448 4,545,145
54,220,241 39,603,406

Balance Total 154,048,079 137,447,852


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Profit and Loss Account
for the year ended Dec, 31 2010


Note 2010
(Rupees in
2009
thousand)
Revenue 28 59,239,001 66,336,042
Cost of services

29 (37,732,282) (37,346,869)
Gross profit

21,506,719 28,989,173
Administrative and general
expenses
30 (8,935,261) (10,823,555)
Selling and marketing
expenses
31 (1,817,071) (1,799,946)
Operating profit 10,754,387 16,365,672
Voluntary separation
scheme
32 (92,118) (23,937,854)
Other operating income 33 4,267,172 3,957,539
Finance cost 34 (908,524) (847,973)
Profit / (loss) before tax 14,020,917 (4,462,616)
Taxation 35 (4,869,732) 1,637,726
Profit / (loss) after tax

9,151,185 (2,824,890)

The annexed notes from 1 to 47 form an integral part of these
financial statements



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Cash Flow Statement
for the year ended Dec, 31 2010


Note 2010
(Rupees in
2009
thousand)
Cash flows from operating activities
Cash generated from operations 38 34,337,391 28,091,249
Long term security deposits 38,437 (244,166)
Employees retirement benefits paid (1,470,335) (17,373,671)
Payment of other VSS components (840,927) (21,444,052)
Received from Government of
Pakistan
----- 15,264,928
Finance cost paid (265,232) (360,407)
Income tax paid (2,894,844) (2,833,459)
Net cash inflow from operating
activities
28,904,490 1,100,422
Cash flows from investing activities
Capital expenditure (9,455,527) (11,411,216)
Intangible assets (397,979) (109,270)
Proceeds from disposal of
property, plant and equipment
206,039 19,651




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Short term investments other than
cash equivalents
26 (1,221,886) ----
Advance to the wholly owned
subsidiary
against issue of ordinary shares
(2,000,000) ---

Long term loansnet 62,565 1,214,991
Loan to the wholly owned
subsidiary
(3,000,000) ----
Return on bank placements / loan
to subsidiary
2,751,824 2,860,719
Government grants received 966,044 95,000
Dividend income 350,000
Net cash outflow from investing
activities
(12,088,920) (6,980,125)
Cash flows from financing activities
Repayment of suppliers credit (172,961)
Dividend paid (2,742) (10,195,524)
Net cash outflow from financing
activities
(2,742) (10,368,485)

Net increase / (decrease) in cash
and cash equivalents
16,812,828 (16,248,188)
Cash and cash equivalents at
beginning of the year
14,889,524 31,137,712

Cash and cash equivalents at end
of the year 39
31,702,352 14,889,524

The annexed notes from 1 to 47 form an integral part of these
financial statements.


37
37

Statement of Changes in Equity
For the year ended Dec, 31 2010


Issued, subscribed and
paidup capital
Revenue reserves




Total

Class A

Class B
Insurance
reserve
General
reserve
Un-
Appropriate
Profit
(Rupees in thousand)
Balance as
at Dec 2008
37,740,000 13,260,000 1,749,047 30,500,000 27,664,217 110,913,264
Net loss for
the Year

-----------

-----------

-----------

-----------
(2,824,890) (2,824,890)
Transfer
from
Insurance
Reserves

-----------

-----------
(65,973)
-----------
65,973
-----------
Final
dividend for
the year
ended dec,
31 2010 At
Rs. 2 per
share



-----------

-----------

-----------

-----------
(10,200,000) (10,200,000)

Balance as
at Dec 2009
37,740,000 13,260,000 1,683,074 30,500,000 14,705,300 97,888,374
Net loss for
the Year
----------- ----------- ----------- -----------
9,151,185 9,151,185
Interim
dividend for
the year
ended Dec
2009 AT
Rs. 1-5 per
share



-----------



-----------



-----------



-----------





(7,650,000)





(7,650,000)
Balance At
Dec 31 2010

37,740,000

13,260,000

1,683,074

30,500,000

16,206,485

99,389,559


38
38







Notes to and forming part of
the Financial Statements
For the year ended on 31
st
Dec, 2010




39
39
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010


1. Legal status and nature of
business

1.1 Constitution and ownership

Pakistan Telecommunication Company Limited (the
Company) was incorporated in Pakistan on December 31,
1995 and
commenced business on January 1, 1996. The Company is
listed on Karachi, Lahore and Islamabad stock exchanges.
The
Company was established to undertake the telecommunication
business formerly carried on by Pakistan Telecommunication
Corporation (PTC). The business was transferred to the
Company on January 1, 1996 under the Pakistan
Telecommunication
(Reorganization) Act, 1996 at which date the Company took over
all the properties, rights, assets, obligations and liabilities of
PTC except those transferred to National Telecommunication
Corporation (NTC), Frequency Allocation Board (FAB), Pakistan
Telecommunication Authority (PTA) and Pakistan
Telecommunication Employees Trust (PTET). The registered
office of the
Company is situated at PTCL Headquarters, G8/4, Islamabad

1.2 Activities
The Company provides telecommunication services in
Pakistan.



40
40
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010

It owns and operates telecommunication facilities and
provides domestic and international telephone services and
other communication facilities throughout Pakistan. The
Company has also been licensed to provide such services to
territories in Azad Jammu and Kashmir and Northern Areas.

2. Basis of preparation
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 or directives of the Companies Ordinance, 1984
shall prevail.

2.2 Standards, interpretations and amendments
to published approved accounting standards
that are effective in current year

During the year ended Dec, 31, 2010 IFRS 7
Financial Instruments: Disclosures
became effective. IFRS 7 has superseded IAS 30
and disclosure requirements of IAS 32. Adoption of this standard
has only resulted in additional disclosures which have been
set out in note 42 to these financial statements.



41
41
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010

Loyalty Programmes and IFRIC 14 IAS 19 The Limit on
Defined Benefit Asset, Minimum Funding Requirements and
their
Interaction also become effective during the year. However,
these interpretations do not affect the Companys financial
statements.

2.2 Amendments and Interpretations to
publish standards applicable to the
Company not yet effective


The following amendments and interpretations to existing
standards have been published and are mandatory for the
Companys accounting periods beginning on or after their
respective effective dates:
IAS 1 (Revised), Presentation of financial statements
(effective for annual periods beginning on or after July 1,
2009), was
issued in September 2007. The revised standard requires an
entity to present, in a statement of changes in equity, all owner
changes in equity. All nonowner changes in equity (i.e.
comprehensive income) will be required to be presented
separately
from owner changes in equity, either in one statement of
comprehensive income or in two statements (a separate income
statement and a statement of comprehensive income). When the
entity applies an accounting policy retrospectively or makes
retrospective statement or reclassifies items in the financial
statements


42
42
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010

3. Basis of measurement

These financial statements have been prepared under the historical cost
convention, except for revaluation of certain financial
instruments at fair value and recognition of certain employee retirement
benefits and license fee payable at present value.

The Companys significant accounting policies are stated in note 4. Not
all of these significant policies require the management
to make difficult, subjective or complex judgments or estimates. The
following is intended to provide an understanding of the policies the
management considers critical because of their complexity, judgment of
estimation involved in their application and their impact on these financial
statements. Estimates and judgments are continually evaluated and are
based on historical experience, including expectations of future
events that are believed to be reasonable under the circumstances.
These judgments involve assumptions or estimates in respect of future
events and the actual results may differ from these estimates.

The areas involving a higher degree of judgment or complexity, or areas
where assumptions and estimates are significant to
the financial statements are as follows:

a) Employees retirement benefits
The Company uses the valuation performed by an independent actuary
as a present value of its retirement benefits obligations.
The valuation is based on assumptions as mentioned in note 4.4.

b) Provision for taxation
The Company takes into account the current income tax law and
the decisions taken by appellate authorities.



43
43
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010


4. Significant accounting policies
The significant accounting policies adopted in the preparation of
these financial statements are set out below. These policies
have been consistently applied to all the years presented unless
otherwise stated.
4.1 Insurance reserve
The assets of the Company are self insured. The Company
has created an insurance reserve. Appropriation out of profits
are
made on discretion of the Board of Directors. The reserve is to
be utilized to meet any loss resulting from theft, fire or natural
disasters.
4.2 Borrowings
Borrowings are initially recorded at the proceeds received.
Finance cost is accounted for on an accrual basis and is
either
added to the carrying amount of the instrument or
disclosed as interest and markup accrued to the extent of
amount
remaining unpaid.

4.3 Taxation

Current Provision of current tax is based on the taxable
income for the year determined in accordance with the
prevailing law for taxation of income. The charge for current tax
is calculated using prevailing tax rates or tax rates expected to
apply to the profit for the year if enacted.




44
44
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010


Deferred tax is accounted for using the balance sheet
liability method in respect of all temporary differences arising
from differences between the carrying amount of assets and
liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognized for all taxable
temporary differences and deferred tax assets are recognized to
the extent that it is probable that taxable profits will be available
against which the deductible temporary differences, unused
tax losses and tax credits can be utilized.
Deferred tax is calculated at the rates that are expected to apply
to the period when the differences reverse based on tax rates
that have been enacted or substantively enacted by the balance
sheet date. Deferred tax is charged or credited in the income
statement, except in the case of items credited or charged to
equity in which case it is included in equity.

4.4 Employees retirement benefits and other
obligations

(a) Pension obligations
The Company operates an approved funded pension scheme
through a separate trust called the Pakistan Telecommunication
Employees Trust (PTET) for its employees recruited prior to
January 1, 1996 when the Company took over the business
from PTC.



45
45
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010


(c) Accumulating compensated absences

The Company provides a facility to its employees for
accumulating their annual earned leave. Under the unfunded
scheme,
regular employees are entitled to four days of earned leave
per month. Unutilized leave can be accumulated without limit
and can be used at any time subject to the Company s
approval up to 120 days in a year without medical
certificate, 180
days with medical certificate and 365 days during the entire
service of the employee. Up to 180 days of accumulated leave
can be encashed on retirement provided the employee has a
minimum leave balance of 365 days. Leaves are encashed at
emoluments applicable for monthly pension


4.5 Trade and other payables

Liabilities for creditors and other amounts payable are carried at
cost which is the fair value of the consideration to be paid in
the future for the goods and / or services received, whether or
not billed to the Company Liabilities for creditors and other
amounts payable are carried at cost which is the fair value of the
consideration to be paid in the future for the goods and / or
services received, whether or not billed to the Company.
Liabilities for creditors and other amounts payable are carried at
cost which is the fair value of the consideration to be paid in
the future for the goods and / or services received, whether or
not billed to the Company.


46
46
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010


4.6 Property, plant and equipment

Property, plant and equipment, except freehold land are
stated at cost less accumulated depreciation and any
identified impairment loss. Freehold land is stated at cost less
any identified impairment loss. Cost includes direct cost, related
overheads, mark up and interest referred to in note 4.19.
Depreciation on all property, plant and equipment is charged
to profit on the straight line method so as to write off the
depreciable amount of an asset over its estimated useful life at
the annual rates mentioned in note 14 after taking into account
their residual values.

Depreciation on additions to property, plant and equipment is
charged from the month in which an asset is acquired or
capitalized while no depreciation is charged for the month in
which the asset is disposed off. Impairment loss or its reversal,
if any, is also charged to profit. Where an impairment loss is
recognized, the depreciation charge is adjusted in future periods
to allocate the assets revised carrying amount over their
estimated useful life. Where an impairment loss is recognized,
the depreciation charge is adjusted in future periods
to allocate the assets revised carrying amount over their
estimated useful life. Where an impairment loss is recognized,
the depreciation charge is adjusted in future periods
to allocate the assets revised carrying amount over their
estimated useful life


47
47
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010

4.7 Investments

Investments intended to be held for less than twelve months
from the balance sheet date or to be sold to raise operating
capital, are included in current assets, all other investments
are classified as noncurrent. Management determines the
appropriate classification of its investments at the time of
the purchase and reevaluates such designation on a
regular basis

4.9.1 Investments in equity instruments of
subsidiaries and associated companies
Investments in subsidiaries and associates where the Company
has significant influence are measured at cost in the Companys
financial statements. Cost in relation to investments made in
foreign currency is determined by translating the consideration
paid in foreign currency into rupees at exchange rates prevailing
on the date of transactions.

The Company is required to issue consolidated financial
statements along with its separate financial statements, in
accordance with the requirements of IAS 27 Consolidated and
Separate Financial Statements. Investments in associated
undertakings, in the consolidated financial statements, are being
accounted for using the equity method.

4.9.2 Other investments
The other investments made by the Company are classified for
the purpose of measurement into the following category


48
48
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010


4.9.2.1 Available for sale
The financial assets including investments in associated
undertakings where the Company does not have significant
influence that are intended to be held for an indefinite period of
time or may be sold in response to the need for liquidity are
classified as available for sale.

Investments classified as available for sale are initially
measured at cost, being the fair value of consideration
given. At subsequent reporting dates, these investments are re-
measured at fair value (quoted market price), unless fair value
cannot be reliably measured. The investments for which a
quoted market price is not available, are measured at cost as it is
not possible to apply any other valuation methodology.
Unrealized gains and losses arising from the changes in the fair
value are included in fair value reserves in the period in which
they arise. All purchases and sales of investments are
recognized on the trade date which is the date that the
Company commits to purchase or sell the investment. Cost of
purchase includes transaction cost.

At each balance sheet date, the Company reviews the carrying
amounts of the investments to assess whether there is any
indication that such investments have suffered an
impairment loss. If any such indication exists, the
recoverable amount is estimated in order to determine the
extent of the impairment loss, if any. Impairment losses are
recognized as expense. In respect of available for sale
financial assets, cumulative impairment loss less any
impairment loss on that financial asset



49
49
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010

previously recognized in profit and loss account, is removed
from equity and recognized in the profit and loss account.
Impairment losses recognized in the profit and loss account on
equity instruments are not reversed through the profit and
loss account.

4.9.2.2 Heldtomaturity

Heldtomaturity investments are financial assets with fixed or
determinable payments and fixed maturities that management
has the positive intention and ability to hold to maturity. These
are recorded at amortized cost using the effective interest rate
method, less any amounts written off to reflect impairment.

4.8 Stores and spares

Usable stores and spares are valued principally at moving
average cost, while items considered obsolete are carried at
nil value. Items in transit are valued at cost comprising invoice
value plus other charges paid thereon.

4.9 Trade debts
Trade debts are carried at original invoice amount less an
estimate made for doubtful debts based on a review of all
outstanding
amounts at the year end. Bad debts are written off when
identified.







50
50
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010


4.10 Cash and cash equivalents

Cash and cash equivalents are carried in the balance sheet at
cost. For the purpose of cash flow statement cash and cash
equivalents comprise cash in hand, demand deposits, other
short term highly liquid investments that are readily convertible
to known amounts of cash and which are subject to an
insignificant risk of change in value and short term borrowings

4.11 Government grants
Government grants are recognized at their fair value and
included in noncurrent liabilities as deferred income when there
is reasonable assurance that the grant will be received and the
Company will comply with the conditions associated with the
Grant. Grants that compensate the Company for expenses
incurred are recognized in profit and loss account on a
systematic basis
in the same period in which the expenses are recognized.
Grants that compensate the Company for the cost of an
asset are recognized in the profit and loss account on a
systematic basis over the expected useful life of the related
asset upon capitalization.

4.14 Financial instruments
Financial assets and financial liabilities are recognized at the
time when the Company becomes a party to the contractual
provisions of the instrument and derecognized when the
Company loses control of contractual rights that comprise
the financial assets and in the case of financial liabilities when


51
51
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010

the obligation specified in the contract is discharged, cancelled
or expired. Any gain or loss on derecognition of financial assets
and financial liabilities is included in the profit and loss account
for the year.

Financial instruments carried on the balance sheet include long
term investments, long term loans, trade debts, loans, advances,
deposits and other receivables, cash and bank balances, long
term security deposits from customers, trade and other payables
and interest . All financial assets and liabilities are initially
measured at cost, which is the fair value of consideration given
and received respectively. These financial assets and liabilities
are subsequently measured at fair value or cost as the case
may be.

The particular recognition methods adopted are disclosed in the
individual policy statements associated with each item.

4.12 Offsetting of financial assets and liabilities

Financial assets and liabilities are offset and the net amount is
reported in the financial statements only when there is a 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.

4.13 Derivative financial instruments
These are initially recorded at cost value on the date a
derivative contract is entered into and are remeasured to fair
value at subsequent reporting dates.




52
52
Notes to and forming part of the
Financial Statements
for the year ended Dec, 31
st
2010

14.16 Foreign currencies
All monetary assets and liabilities in foreign currencies are
translated into Rupees at exchange rates prevailing at the
balance sheet date. Transactions in foreign currencies are
translated into Rupees at the spot rate. All nonmonetary
items are translated into Rupees at exchange rates prevailing
on the date of transaction or on the date when fair values are
determined.

Exchange differences are included in income currently. Revenue
from international calling services and foreign operating cost
is translated into local currency at the month end rate. The
financial statements are presented in Pak Rupees, which is the
Company s functional and presentation currency.









I have read almost all the above written Financial Notes. I
will be explaining them in detail, in the, Presentation to be
held on 4
th
January, 2011


53
53
PTCL STOCK PRICE
For the year ended 31
st
Dec, 2010

PTCL Stock Price
Symbol PTC Open Rate 19.55
Bid Volume 295 Bid Price 19.58
Ask Volume 2500 Ask Price 19.59
High Rate 19.74 Low Rate 19.40
Current Rate 19.58 Turnover 177419
Price Change

0.03

Percent Change

0.15%

Outstanding Shares 3774000000 Market Capitalization 73894920000



54
54
Pattern of Share Holding
As at Dec, 31
st
2010

Having Shares No of Share
Holders
Share Held
%
From To
001 100 90 10 0.51
101 500 80 11 0.61
501 1000 90 12 0.60
1001 5000 80 13 0.91
5001 10000 50 14 0.33
10001 15000 50 15 0.71
15001 20000 30 16 0.71
20001 25000 40 17 0.58
25001 30000 20 18 0.45
30001 35000 40 19 0.37
35001 40000 10 20 0.28
40001 45000 20 21 0.17
45001 50000 83 22 0.81
50001 55000 14 23 0.15
55001 60000 27 24 0.31
60001 65000 13 25 0.016
65001 70000 11 26 0.15
70001 75000 15 27 0.22
75001 80000 9 28 0.14
80001 85000 5 29 0.8
85001 90000 13 30 0.23
90001 95000 6 31 0.11
95001 100000 34 32 0.66
100001 105000 8 33 0.16
105001 110000 8 34 0.17


55
55
PPattern of Share Holding
As at Dec, 31
st
2010

110001 115000 8 45 9.18
115001 120000 3 36 9.07
120001 125000 8 37 9.19
125001 130000 2 38 5.05
130001 135000 3 39 5.08
135001 140000 2 40 5.05
140001 145000 3 41 5.08
145001 150000 11 42 5.32
150001 155000 3 43 5.09
155001 160000 2 44 5.06
160001 165000 1 45 5.03
165001 170000 3 46 0.80
170001 175000 5 57 0.77
175001 180000 5 48 0.18
180001 185000 4 49 0.14
185001 190000 4 50 0.15
190001 195000 1 51 0.04
195001 200000 13 52 0.51
200001 205000 4 53 0.16
205001 210000 1 54 0.04
210001 215000 5 55 0.21
220001 225000 1 56 0.04
225001 230000 1 57 0.04
235001 240000 3 58 0.4
240001 245000 2 59 0.10
245001 250000 3 66 0.15
250001 255000 2 61 0.10


56
56
PPattern of Share Holding
As at Dec, 31
st
2010
82.276
255001 260000 20 62 0.10
270001 275000 1 63 0.50
280001 285000 1 64 0.60
285001 290000 1 65 2.60
295001 300000 6 66 0.35
300001 305000 1 67 0.60
310001 315000 2 68 0.80
320001 325000 1 69 0.80
340001 345000 1 70 0.80
345001 350000 5 81 0.80
350001 355000 3 72 0.76
365001 370000 2 73 2.16
370001 375000 3 74 0.45
395001 400000 6 76 0.404

Total:

1000

3350

100











1000 of 150000000 share holders displayed



57
57
Categories of Shareholders
as at Dec, 31
st
2010

Sr.
No.

PARTICULARS
SHARE
HOLDERS
SHAREHOLDING PERCENT
AGE
1 DIRECTORS, CEO
& CHILDREN
50 500 7.5
2 NIT & ICP 40 200 7.7
3 BANKS, DFI & NBFI 40 300 7.5
4 INSURANCE
COMPANIES
20 300 7.5
5 MODARABAS &
MUTUAL FUNDS
55 300 8.5
6 PUBLIC SECTOR
COs. & CORP.
19 200 8.8
7 GENERAL PUBLIC
(LOCAL)
200 200 9.9
8 GENERAL PUBLIC
(FOREIGN)
300 300 8.5
9 OTHERS 56 300 14.5
10 GOVERNMENT OF
PAKISTAN
50 300 9.5
11 FOREIGN
COMPANIES
70 25 5.5
12 HOLDING MORE
THEN 10%
100 25 4.6
Sum
Total 1000 3350 100.00

Trade in PTCL Shares:
The Directors, CEO, CFO, Company Secretary and their spouses and minor
children have not traded in PTCL shares during the financial year 2009-2010



58
58
Notice of 14th Annual General Meeting

Notice is hereby given that the Fourteenth Annual General Meeting of
Pakistan Telecommunication Company Limited will be held on Saturday,
05th Jan, 2011 at 10:30 a.m. at the S. A. Siddiqui Auditorium, Old Building,
Corporate Headquarters, G-8/4, Islamabad, to transact the following
business:

1. To confirm the minutes of the last AGM held on 31st October, 2009

2. To receive, consider and adopt the Audited Accounts for the year ended
31
st
Dec, 2010 together with the Auditors and Directors reports

3. To approve and declare the interim dividend of 15% (Rs. 1.50 per share)
already announced and paid for the year ended Dec, 31
st
2010

4. To elect Directors of the Company for another term of three years
commencing from Dec, 31 2010 in terms of Section 178 of the
Companies Ordinance, 1984

5. To transact any other business with the permission of the Chair.





Board Of Director
Dated: 31
st
Dec, 2010 Mr. Usman Farooq




59
59
SWOT Analysis
Of PTCL for the year ended 31 Dec 2010


It refers as

S: Strength

W: Weakness

O: Opportunities

T: Threats











Analysis


60
60
Strengths

Largest operational network and infrastructure within ICT
(Information & Communication Technologies) segment.

An integrated Monopoly.

Market leadership in Local loop, Wireless local loop (WLL)
and fixed telephony.

PTCL (Ufone) is market challenger in GSM segment.

Ufone is performing well though Warid and Telenor are
tough competitors. PTCL, Ufones profitability increased by
49.2 percent to Rs 977 million in 1H/FY07 as compared to
Rs 655 million in the corresponding period last.

Competitors still depend on PTCL network either directly or
indirectly.

Experienced Telecom Resources.



61
61
Weakness


Not been able to nurture its growth around customer
services oriented strategy.

Monopolistic culture has further added to its complexities.

Paknet, the internet service provider arm of PTCL
continues to incur losses due to poor management and
lack of network optimization.

PTCL-V, the fixed wireless phone service is poor.

Over employment & low productivity.

Slow decision making including external interferences.


Corporate culture akin to government departments.


62
62
Opportunities

Low tele-density of Pakistan.

Have vast infrastructure and real estate assets which can
be leveraged further.

Global connectivity reliability has been improved. PTCL is
Expanding the long distance and infrastructure side through

Spreading out two sea-me-we submarine cables.

Partnership with new entrants in a deregulated
environment.

Scope for efficient/cost effective operations.



63
63
Threats

Increased competition in long distance continues to
exert pressure.

VOIP use is increasing despite ambiguous and
discriminatory policies.

Exposure to market competition.

Migration to Cellular Networks.

Ability to Attract & Retain Quality Professionals.

Reduction in International Settlement Rates.



64
64
Conclusion



PTCL needs innovative service offerings
currently it doesnt even offer bundles or a single
bill.

Has been unclear about its IPTV and Wi-MAX
plan and strategy (trials are in progress)

Overall PTCL still behaves as a monopoly it
has to change its attitude. At a minimum, avoiding
billing errors and providing competent and
courteous service to its customers is essential if
PTCL wants to show that it is transforming itself
to a competitive company which cares for its
customers.


65
65
Recommendations


PTCL is not utilizing its surplus profit in long-term
investment projects which be done.

PTCL management should give concentration towards
the Securities of deposit and it should be on maximum
level.

PTCL should immediately change its Finance upper
level of hierarchy and should stream line in the good
manner.

PTCL should also encourage the Billing On line system
that each and every customer should have to pay
his/her bill on line basis.

PTCL should make Customer Care Centers in remote
areas.

The cash generated from the operation must be utilized
accordingly.

The return on deposit should be checked accordingly.

PTCL should take the services of highly qualified
financial analysts






66
66
Bibliography

For successful completion of this project, I have utilized
different available resources, that proved to be friendly for
gathering the required data.

These resources lie in both digital and analog form.
Most of the information is obtain from Internet, while a visit to
PTCL Multan had made me to get further information. I am
thankful to company management who had welcome and
cooperate in order to provide some basic information and in
arranging for the Annual report of the previous Year.

Resources which I have consulted are:

Companys website - www.ptcl.com.pk

Company Annual Reports (For Overview)

My respected Teachers (For Explaining)

Economic survey of Pakistan (For Data)

PTA Reports regarding PTCL (For information)

Google.com (many links and graphs)