Farhan Ahmed

JUST DIGITAL PRIVATE LIMITED Balance Sheet as at June 30, 2016 2016 ASSETS Note (all numbers in PKR) Current Assets Trade receivable 1,000,780 Advance Tax 331 5 Cash and Bank 145,147 Total Current Assets 1,146,258 TOTAL ASSETS 1,146,258 EQUITY AND LIABILITIES Equity Authorized Capital 1,000 Ordinary Shares of Rs. 100/- each 100,000 Issued, subscribed and paid-up capital 1,000 Ordinary Shares of Rs. 100/- each fully paid in cash 100,000 Advance against issuance of shares 400,000 Accumulated Profit 14,757 Total Equity 514,757 Loan From Director 6 Loan from Director Total Loan From Director 300,000 300,000 Current Liabilities 7 Accrued and other liabilities Total Current Liabilities 331,501 331,501 TOTAL EQUITY AND LIABILITIES 1,146,258 The annexed notes from 1 to 12 form an integral part of these financial statements. Director Chief Executive JUST DIGITAL PRIVATE LIMITED Profit and Loss Account for the period from December 2, 2015 to June 30,- INCOME Note (all numbers in PKR) 8 Service Income Total Income 2,211,303 2,211,303 OPERATING EXPENSES Administrative and general expenses 9 Total Operating Expenses 2,191,287 2,191,287 Bank Charges 2,296 Operating profit/ Before Taxation 17,720 TAXATION Taxation current 2,963 Total Taxation 2,963 Net Profit After Taxation 14,757 10 Profit Per Share - Basic & Diluted The annexed notes from 1 to 12 form an integral part of these financial statements. Director Chief Executive 14.76 JUST DIGITAL PRIVATE LIMITED Statement of Comprehensive Income for the period from December 2, 2015 to June 30,- COMPREHENSIVE INCOME (all numbers in PKR) Net profit for the year 14,757 Other Comprehensive Income - Total Comprehensive Income For The Year 14,757 The annexed notes from 1 to 12 form an integral part of these financial statements. Director Chief Executive JUST DIGITAL PRIVATE LIMITED Statement of Changes in Equity As on June 30, 2016 (all numbers in PKR) Statement of Changes in Equity Issued, Subscribed and Paid-up Capital Balance as at Jan 1, 2016 Accumulated Profit 100,000 Total comprehensive profit for the period Balance as at June 30, 2016 100,000 - 100,000 14,757 14,757 14,757 114,757 The annexed notes from 1 to 12 form an integral part of these financial statements. Director Shareholders' Equity Chief Executive JUST DIGITAL PRIVATE LIMITED Cash Flow Statement for the period from December 2, 2015 to June 30, 2016 CASH FLOWS FROM OPERATING ACTIVITIES 2016 (all numbers in PKR) Profit for the year 17,720 Adjustments for: Depreciation for the year - Operating (Loss) Before Working Capital Changes 17,720 Changes in working capital (Increase) / decrease in current assets: Trade receivable (1,000,780) Increase / (decrease) in current liabilities: Creditors, accrued and other liabilities 331,501 Total Changes In Working Capital (669,279) Tax paid 3,294 Net cash (outflow) from operating activities (654,853) CASH FLOWS FROM INVESTING ACTIVITIES Fixed capital expenditure - Net cash (outflow) from investing activities - CASH FLOWS FROM FINANCING ACTIVITIES Increase / (decrease) in paid up capital 100,000 Advance against issue of shares 400,000 Loan from Director 300,000 Net cash inflow from financing activities 800,000 Net increase/ (decrease) in cash & bank balances (A+B+C) 145,147 Cash and bank balances at the beginning of the year - Cash and bank balances at the end of the year 145,147 The annexed notes from 1 to 12 form an integral part of these financial statements. Director Chief Executive JUST DIGITAL PRIVATE LIMITED Notes to and forming part of these Financial Statements for the period from December 2, 2015 to June 30, 2016 Note 1 LEGAL STATUS AND BUSINESS ACTIVITIES OF THE COMPANY The Company was incorporated in Pakistan in 2 December, 2015 as a Private Company Limited by shares under the Companies Ordinance, 1984 . The Registered Office of the Company situated in Karachi . The principal business of the Company is to providing professional services in the fields of Web Development, Search engine optimization, Social Media Marketing, Graphic Designing, etc. Note 2 2.1 BASIS OF PREPARATION Statement of Compliance These financial statements have been prepared in accordance with the Accounting and Financial Reporting Standards for Small-Sized Entities as issued by Institute of Chartered Accountants of Pakistan (ICAP) and notified by Securities and Exchange Commission of Pakistan (SECP) and the requirements of the Companies Ordinance, 1984. In case requirements differ, the provision or directives of the Companies Ordinance, 1984 shall prevail. 2.2 Basis of Messurement These accounts have been prepared under the historical cost convention and an accrual basis of accounting. Note 3 CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of financial statements in conformity with Accounting and Financial Reporting Standards for Small-Sized Entities requires the use of certain critical accounting policies. Estimates and judgments which are continually evaluated and are based on historical experience, including expectations of future events that are believed to be reasonable under the circumstances. The areas involving a higher degree of judgments or complexity or areas where assumptions and estimates are significant to the financial statements are as follows: a) Provision for taxation b) Accrued liabilities c) Residual values and useful lives of property, plant and equipment Note 4 4.1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied 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. Property, plant, Equipment and Depreciation These are stated at cost less accumulated depreciation and impairment, if any. Depreciation is charged using the reducing balance method by applying rates specified in the relevant note. Depreciation is charged from the month in which asset is available for use and continues until the month of disposal. Maintenance and normal repairs are charged to income as and when incurred while cost of major replacement and improvement if any are capitalized. Gain or loss on disposal of fixed assets is charged to the current income. 4.2 4.3 4.4 Cash And Cash Equivalents For the purpose of cash flow statement , cash and cash equivalents comprise cash in hand and bank balances. Taxation Current Provision for taxation is based on taxable income at the rate of tax applicable for the relevant assessment year, half percent of turnover or 17% of accounting profit whichever is higher. Income from software exports is exempt from tax under clause 133 of part 1 of Second Schedule of Income Tax Ordinance, 2001. Deferred The Company has not provided liability for deferred taxation. Revenue Recognition service income is recognized when services are rendered or as per agreed terms of contract with customers. 4.5 Functional and Presentation Currency These financial statements are presented in Pakistani Rupees, which is the Company’s functional currency. JUST DIGITAL PRIVATE LIMITED Notes to and forming part of these Financial Statements for the period from December 2, 2015 to June 30, 2016 Note 5 2016 CASH & BANK (all numbers in PKR) Cash in Hand 136,477 Cash at Bank 8,670 Total Cash & Bank Note 6 145,147 LOAN FROM DIRECTOR Loan from Director 300,000 Total Loan From Director Note 7 300,000 ACCRUED AND OTHER LIABILITIES Accued And Other Liabilities 331,501 Total Accrued And Other Liabilities Note 8 331,501 SALES Export Sales 1,915,375 Local Sales 295,928 Total Sales Note 9 2,211,303 ADMINISTRATIVE AND GENERAL EXPENSES Salaries Expense 1,286,517 Rent Expense 895,500 Communication Expense 3,500 Printing & Stationary Expense 4,500 Other Expenses 1,270 Total Administrative And General Expenses Note 10 2,191,287 PROFIT PER SHARE - BASIC & DILUTED Profit after taxation for the year 14,757 Weighted average number of ordinary shares 1,000 Total Profit Per Share - Basic & Diluted Note 11 14.76 DATE OF AUTHORIZATION These financial statements were authorized for issue on ________________________ by the Board of Directors of the Company. Note 12 GENERAL 12.1 Figures have been rounded off to the nearest of rupee. 12.2 The company has not yet commenced its commercial operations. Director Chief Executive