| Fateh Textile Mills Ltd - 2001 |
=================================================================================== BALANCE SHEET AS AT SEPTEMBER 30, 2001 ----------------------------------------------------------------------------------- Note 2000-2001 1999-2000 Rupees Rupees =================================================================================== SHARE CAPITAL AND RESERVES Authorised Capital 2,000,000 ordinary shares of Rs. 10/- each 20,000,000 20,000,000 Issued, subscribed and paid up share capital 3 12,500,000 12,500,000 General reserve 4 586,000,000 572,000,000 Unappropriated profit 668,829 719,116 599,168,829 585,219,116 SURPLUS ON REVALUATION OF FIXED 5 717,855,650 717,855,650 ASSETS LONG TERM LOANS 6 342,666,669 545,322,108 LIABILITIES AGAINST ASSETS SUBJECT 7 68,765,252 137,538,277 TO FINANCE LEASE DEFERRED LIABILITIES Provision for gratuity 5,273,690 6,394,028 CURRENT LIABILITIES Current portion of long term liabilities 8 269,911,613 91,825,896 Short term running finances 9 1,442,938,080 1,480,447,856 Creditors, accrued and other liabilities 10 809,227,070 613,051,605 Proposed final dividend 9,375,000 8,750,000 2,531,451,763 2,194,075,357 CONTINGENCIES AND COMMITMENTS 11 4,265,181,853 4,186,404,536 ----------------------------------------------------------------------------------- PROPERTY & ASSETS TANGIBLE FIXED ASSETS Operating fixed assets 12 1,524,743,937 1,554,115,135 LONG TERM INVESTMENTS 13 7,717,788 7,985,373 CURRENT ASSETS Stores, spares 14 49,235,158 61,728,917 Stock-in-trade 15 1,372,163,231 902,019,168 Trade debts 16 710,374,309 787,069,962 Advances, deposits and prepayments 17 489,033,815 570,176,392 Other receivables 18 99,093,188 274,204,203 Cash and bank balances 19 12,820,427 29,105,386 2,732,720,128 2,624,304,028 4,265,181,853 4,186,404,536 =================================================================================== =================================================================================== PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED SEPTEMBER 30, 2001 ----------------------------------------------------------------------------------- Note 2000-2001 1999-2000 Rupees Rupees =================================================================================== Sales 20 3,225,767,028 3,636,208,826 Cost of sales 21 2,722,242,467 3,043,773,808 Gross profit 503,524,561 592,435,018 Administration expenses 22 73,453,841 76,517,869 Selling expenses 23 100,917,151 131,443,008 174,370,992 207,960,877 Operating profit 329,153,569 384,474,141 Other income 24 6,569,299 5,049,959 335,722,868 389,524,100 Financial expenses 25 285,559,397 340,011,836 Other charges 26 6,838,758 7,645,857 292,398,155 347,657,693 Profit before taxation 43,324,713 41,866,407 Provision for taxation Current 20,000,000 20,000,000 Prior 0 0 20,000,000 20,000,000 Profit after taxation 23,324,713 21,866,407 Unappropriated profit brought forward 719,116 602,709 Profit available for appropriation 24,043,829 22,469,116 APPROPRIATIONS General reserve 14,000,000 13,000,000 Proposed final dividend Rs. 7.5 per share 9,375,000 8,750,000 (1999-2000 Rs. 7 per share) 23,375,000 21,750,000 UNAPPROPRIATED PROFIT CARRIED TO BALANCE SHEET 668,829 719,116 Earning per share 27 Rs. 18.66 Rs. 17.49 =================================================================================== =================================================================================== STATEMENT OF CHANGES IN FINANCIAL POSITION (CASH FLOW STATEMENT) FOR THE YEAR ENDED SEPTEMBER 30, 2001 ----------------------------------------------------------------------------------- Note 2000-2001 1999-2000 Rupees Rupees =================================================================================== Cash from operating activities A Net profit before taxation 43,324,713 41,866,407 Adjustment for: Depreciation 165,864,660 169,527,891 (Gain) / loss on disposal of fixed assets (264,758) (1,553,120) Provision for gratuity 2,734,175 1,850,817 Payment of gratuity (3,854,513) (2,714,141) Financial charges 285,559,397 340,011,836 493,363,674 548,989,690 Changes in working capital (Increase) / decrease in current assets Stores spares 12,493,759 (8,538,282) Stock-in-trade (470,144,063) (34,655,249) Trade debts 76,695,653 (51,981,842) Advances, deposits & prepayments 79,405,246 261,722,286 Other receivables 175,111,015 (43,211,499) Increase / (decrease) in current liabilities Creditors, accrued & other liabilities 192,258,641 (80,352,320) 65,820,251 42,983,094 Cash generated from operations 559,183,925 591,972,784 Financial Charges paid (281,642,573) (312,222,233) Tax paid (18,262,669) (18,164,326) Net cash (outflow) / inflow from operating activities 259,278,683 261,586,225 Cash from investing activities B Fixed capital expenditure (136,693,154) (170,590,247) Adjustment of claim-lease assets 13.5 0 2,700,000 Sales proceeds from disposal of fixed assets 464,450 1,000,000 Investment 267,585 460,161 (135,961,119) (166,430,086) Cash from financing activities C Repayment of long term loans (64,838,667) (39,376,248) Repayment of finance leases (28,504,080) (41,391,407) Payment of dividend (8,750,000) (12,500,000) Net cash (outflow) / inflow from financing activities (102,092,747) (93,267,655) Net (decease) / increase in cash & cash equivalent (A+B+C) 21,224,817 1,888,484 Cash & cash equivalent at; - the beginning of the year (1,451,342,470)(1,453,230,954) - the end of the year (1,430,117,653)(1,451,342,470) Cash & cash equivalent Cash & bank balances 12,820,427 29,105,386 Short term bank borrowings (1,442,938,080)(1,480,447,856) (1,430,117,653)(1,451,342,470) ===================================================================================NOTES TO THE ACCOUNTS FOR THE YEAR ENDED SEPTEMBER 30, 2001 3. ISSUED, SUBSCRIBED & PAID-UP SHARE CAPITAL ===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Fully paid ordinary shares of Rs. 10/- each
1,250,000 (1999-00 � 1,250,000) issued for cash 12,500,000 12,500,000
===================================================================================4. GENERAL RESERVE===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Opening balance 572,000,000 559,000,000
Provided during the year 14,000,000 13,000,000
586,000,000 572,000,000
===================================================================================5. SURPLUS ON REVALUATION OF FIXED ASSETS===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
717,855,650 717,855,650
===================================================================================6. LONG TERM LOANS===================================================================================
2000-2001 1999-2000
NOTE Rupees Rupees
===================================================================================
(Secured)
Pakistan Industrial Credit and
Investment Corporation Limited 6.1 12,816,775 35,988,775
Suppliers� Credit 6.2 0 0
Demand Finance 6.3 458,333,333 500,000,000
471,150,108 535,988,775
Less: Current portion 8 179,483,439 41,666,667
291,666,669 494,322,108
From Directors (Un-secured & Interest free) 51,000,000 51,000,000
Subordinate to equity
342,666,669 545,322,108
===================================================================================6.1. Loans from P.I.C.I.C. are secured by first equitable charge on the company�s present and future immovable properties including fixed plant and machinery of the company.A first pari passu charge by way of hypothecation in respect of all the present and future machinery of the company and first floating charge on all other present and future assets of the company. These loans are payable in 23 half yearly instalments commencing from 1-1-1991 and carries interest at the rate of one percent above the prime rate of interest or at the rate of 14 percent per annum whichever is higher. 6.2. Suppliers� credit is secured through Allied Bank of Pakistan Limited implied guarantee to the suppliers of machinery and a charge by way of equitable mortgage of Company�s land, building, plant and machinery relating to the said credit created in favour of Allied Bank of Pakistan Limited, payable in 12 half yearly instalments commencing from 15-5-1994. It carries interest at the rate of 7.6 percent per annum. 6.3. Demand finance loan from National Bank of Pakistan is secured against hypothecation of stock-in-trade and stores, book debts, lien on export contracts, letters of credit and foreign bills drawn as well as first charge by way of equitable mortgage on all the fixed assets of the Company, Ranking pari Passu with the first charge of P.I.C.I.C. Limited. The loan repayable, has been rescheduled in 12 quarterly instalments commencing from 30th September, 2001 and carries mark-up rate of 0.4915 paisa per rupees 1,000 per day. 7. LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE The amount of future payments and the period in which these payments will become due are: ===========================================
Year Ending 2000-2001 1999-2000
September 30 Rupees Rupees
===========================================
2000-2001 0 89,785,252
2001-2002 116,597,804 110,641,298
2002-2003 57,396,877 42,939,952
2003-2004 21,016,818 11,534,559
2004-2005 2,114,770 2,114,770
197,126,269 257,015,831
===========================================
===================================================================================
2000-2001 1999-2000
NOTE Rupees Rupees
===================================================================================
Less: Financial charges allocated 37,932,843 69,318,325
to future period 159,193,426 187,697,506
Less: Current portion shown under 90,428,174 50,159,229
current liabilities 7 68,765,252 137,538,277
===================================================================================7.1. The implicit rate used as the discounting factor ranges from 20.00% to 28.00% per annum. Rentals are payable in equal monthly/quarterly installments. The cost of repair, taxes and insurance are to be borne by the company.7.2. The company has entered into lease agreement with various leasing companies for various machinery & vehicles. ===============================================================================
Minimum Financial Principal
Lease charges for Outstanding
payments future period
===============================================================================
Not later then one year 90,428,174 26,169,630 116,597,804
Later then one year and 68,765,252 11,763,213 80,528,465
not later then five years
2000-2001 159,193,426 37,932,843 197,126,269
Not later then one year 50,159,229 39,626,023 89,785,252
Later then one year and 137,538,277 29,692,302 167,230,579
not later then five years
1999-2000 187,697,506 69,318,325 257,015,831
===============================================================================8. CURRENT PORTION OF LONG TERM LIABILITIES - (SECURED)===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Long term loans 179,483,439 41,666,667
Liabilities against assets subject to finance
lease 90,428,174 50,159,229
269,911,613 91,825,896
===================================================================================9. SHORT TERM RUNNING FINANCES===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
From banking companies
(Secured) 1,442,938,080 1,480,447,856
===================================================================================These are secured against hypothecation of stock-in-trade and stores, book debts, lien on export contracts, letters of credit and foreign bills drawn as well as equitable mortgage of fixed assets.The extent of short term running finance facility extended to the Company is Rs. 1,959 million. Mark-up is charged on running finance at the rate from paisas 49 to 54 per rupees 1,000 per day and markup on export refinance at the rate of 8 percent per annum. 10. CREDITORS, ACCRUED AND OTHER LIABILITIES ===================================================================================
2000-2001 1999-2000
NOTE Rupees Rupees
===================================================================================
Creditors
Trade 590,904,855 445,859,165
Others 159,270 151,969
Due to associated undertaking 0 58,716
Security deposits 176,198 176,198
Income tax deducted at source 25,015,325 9,922,166
Worker�s profit participation fund 10.1 2,267,000 5,689,421
Accrued expenses 135,267,967 99,674,339
Mark-up on secured finances 55,436,455 51,519,631
809,227,070 613,051,605
===================================================================================10.1. WORKER�S PROFIT PARTICIPATION FUND===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Opening at October 01 5,689,421 3,038,221
Add: Profit allocation for the year 2,267,000 2,271,400
Interest accrued 1,244,442 379,800
9,200,863 5,689,421
Less: Payment made during the year 6,933,863 0
Balance at September 30 2,267,000 5,689,421
===================================================================================11. CONTINGENCIES AND COMMITMENTSCommitments in respect of letters of credit other than for capital expenditure are amounting to Rs. 3.076 million (1999-00 Rs. 45.902 million). 12. OPERATING FIXED ASSETS ========================================================================================================================================
COST DEPRECIATION Written
PARTICULARS DEPRECIAITON down value Rate
AS ON ADDITION/ AS ON AS ON (adjustment) Accumulated as on %
01-OCT-2000 (DELETION) 30-SEP-2001 01-OCT-2000 for the year Depreciation 30-SEP-2001
========================================================================================================================================
OWN ASSETS
Factory Land 45,355,125 0 45,355,125 0 0 0 45,355,125 -
Factory & colony building
On lease hold land 222,736,194 0 222,736,194 104,028,747 11,870,745 115,899,492 106,836,702 10
Plant & machinery 1,776,831,961 136,000,000 1,912,831,961 720,920,871 119,191,109 840,111,980 1,072,719,981 10
Office equipments 10,726,864 94,400 10,821,264 6,543,367 427,790 6,971,157 3,850,107 10
Tools & equipments 29,110,052 50,274 29,160,326 8,432,594 2,072,773 10,505,367 18,654,959 10
Electric fittings 58,262,157 37,800 58,299,957 31,384,932 2,691,503 34,076,435 24,223,522 10
Furniture & fixtures 16,408,597 208,720 16,617,317 10,159,104 645,821 10,804,925 5,812,392 10
Water pipe line 7,879,250 0 7,879,250 5,122,719 275,653 5,398,372 2,480,878 10
Vehicles 21,165,778 2,557,538 22,711,816 15,732,425 1,558,240 16,478,857 6,232,959 20
(1,011,500) (811,808)
Air conditioning plant 10,610,027 34,000 10,644,027 7,138,057 350,597 7,488,654 3,155,373 10
Arms 942,185 0 942,185 564,588 37,760 602,348 339,837 10
Computers 29,821,618 267,960 30,089,578 18,055,714 1,203,386 19,259,100 10,830,478 10
2,229,849,808 139,250,692 2,368,089,000 928,083,118 140,325,377 1,067,596,687 1,300,492,313
(1,011,500) (811,808)
ASSETS SUBJECT TO FINANCE LEASE
Plant & machinery 337,762,198 0 337,762,198 93,573,217 24,418,898 117,992,115 219,770,083 10
Vehicles 16,097,992 0 11,102,802 7,938,528 1,120,385 6,621,261 4,481,541 20
(4,995,190) (2,437,652)
353,860,190 0 348,865,000 101,511,745 25,539,283 124,613,376 224,251,624
(4,995,190) (2,437,652)
Total 2000-2001 2,583,709,998 139,250,692 2,716,954,000 1,029,594,863 165,864,660 1,192,210,063 1,524,743,937
(6,006,690) (3,249,460)
Total 1999-2000 2,410,898,641 180,401,357 2,583,709,998 863,812,812 169,527,891 1,029,594,863 1,554,115,135
(7,590,000) (3,745,840)
========================================================================================================================================NOTES:12.1. Depreciation is calculated on W.D.V. of assets and apportioned as under: 12.2. Vehicle of the value Rs. 4.955 million has been transferred from lease assets to own assets on expiry of lease. 12.3. Vehicle of the value Rs. 1.012 million has been deleted from own assets due to negotiation. 12.4. Cost of land of Textile composite section is merged with the cost of building when the company was a private limited company and accordingly it is not separately disclosed. ===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
(a) Cost of Sales 160,520,681 163,235,414
(b) Administration expenses 5,343,979 6,292,477
165,864,660 169,527,891
===================================================================================12.5. SALE OF FIXED ASSETS BY NEGOTIATION AS AT SEPTEMBER 30, 2001.===================================================================================================================
Particulars Original Accumulated Book Sale Name & Address
Cost Depreciation Value Proceeds of Purchaser
Rupees Rupees Rupees Rupees
===================================================================================================================
Vehicle 121,500 108,454 13,046 80,000 Mr. Jan Muhammad Deh 6, Post Soofi Fakir, Umer Kot.
Vehicle 380,000 300,309 79,691 160,000 -do-
Vehicle 510,000 403,045 106,955 224,450 -do-
Total 1,011,500 811,808 199,692 464,450
===================================================================================================================13. LONG TERM INVESTMENTS===================================================================================
2000-2001 1999-2000
NOTE Rupees Rupees
===================================================================================
Quoted companies 13.1 1,704,036 1,704,036
Less: Provision for diminution 13.1 710,161 460,161
Demerger loss in I.C.I. & 17,585 0
PTA Shares 13.2
976,290 1,243,875
Others 13.3 6,741,498 6,741,498
7,717,788 7,985,373
===================================================================================13.1. Shares of different listed companies stated at cost. The market value of above shares on September 30, 2001 was Rs. 613,474/- (1999-00 Rs: 783.715).Provision for diminution in the market value of listed companies shares in the books is made of Rs. 250,000 considering the loss made by the Company. The company has earned dividend of Rs. 48,928 (1999-00 Rs: 75,901) from the share investment in listed companies. The percentage of equity held by the Company in any of the investee companies does not exceed 10% of the investees total equity. 13.2. As a result of restructuring of I.C.I. Pakistan Limited followed by its Demerger into I.C.I Pakistan Limited & Pakistan PTA Limited, the 2380 shares of the face value of Rs. 10/- each held by Fateh Textile Mills Limited were reduced to 238 shares of I.C.I. Pakistan Limited & 714 share of Pakistan PTA Limited of the face value of Rs. 10/- respectively. As such a loss of Rs. 17,585/- was sustained and accounted for. ===================================================================================
DETAILS OF INVESTMENT IN DIFFERENT QUOTED COMPANIES ARE GIVEN BELOW:
-----------------------------------------------------------------------------------
S. Name of the Company No. of Purchase Face Quoted
No: Shares price/cost value value as on
held Rs. Rs. Rs.
===================================================================================
1. Adamjee Industries Ltd. 121 1,815 10.00 157
2. Afsar Textile Mills Ltd. 100 365 10.00 300
3. Agri Auto Industries Ltd. 142 786 5.00 426
4. Ahmed Oriental Textile Mills Ltd. 5,000 50,000 10.00 60,000
5. Ahmed Spinning Mills Ltd. 50 125 10.00 1,200
6. Akbar Textile Mills Ltd. 100 210 10.00 240
7. Al-Ghazi Tractors Ltd. 516 1,583 5.00 32,018
8. Ali Asghar Textile Mills Ltd. 100 310 5.00 170
9. Alif Textile Mills Ltd. 100 1,706 10.00 85
10. Al-Jadeed Textile Mills Ltd. 44 440 10.00 110
11. Allah Wassaya Textile Mills Ltd. 50 325 10.00 6,050
12. Allied Motors Ltd. 166 1,593 10.00 531
13. Allied Textile Mills Ltd. 50 143 10.00 38
14. Allwin Engineering Industries Ltd. 166 1,968 10.00 1,096
15. Al-Towfeek Investment Bank Ltd. 3,000 30,000 10.00 5,250
16. Amazai Textile Mills Ltd. 5,000 50,000 10.00 2,500
17. Annoor Textile Mills Ltd. 145 425 5.00 493
18. Anwar Textile Mills Ltd. 50 115 10.00 2,400
19. Atlas Battery Ltd. 135 1,673 10.00 3,841
20. Atlas Honda Ltd. 328 5,858 10.00 9,168
21. Babri Cotton Mills Ltd. 50 417 10.00 2,100
22. Bahawalpur Textile Mills Ltd. 90,160 1,202,544 10.00 207,368
23. Baksh Textile Mills Ltd. 50 105 10.00 300
24. Baluchistan Textile Mills Ltd. 50 105 10.00 25
25. Bela Engineers Ltd. 100 1,188 10.00 80
26. Burewala Textile Mills Ltd. 200 4,840 10.00 7,400
27. Central Cotton Mills Ltd. 500 5,205 10.00 1,000
28. Chenab Textile Mills Ltd. 50 255 10.00 125
29. Colony Sarhad Textile Mills Ltd. 172 1,520 10.00 344
30. Colony Textile Mills Ltd. 100 1,150 10.00 875
31. Colony Thal Textile Mills Ltd. 180 1,518 10.00 540
32. Crescot Mills Ltd. 62 300 10.00 428
33. Cresent Textile Mills Ltd. 179 1,492 10.00 2,417
34. Dawood Cotton Mills Ltd. 74 1,255 10.00 2,442
35. Dewan Mushtaq Textile Mills ltd. 117 1,090 10.00 3,159
36. D.M. Textile Mills Ltd. 100 800 10.00 230
37. Elite Textile Mills Ltd. 210 1,675 10.00 1,575
38. Exide Pakistan Ltd. 262 6,620 10.00 3,799
39. Fateh Industries Ltd. 1,023 10,230 10.00 39,897
40. Fatima Textile Mills Ltd. 100 410 5.00 125
41. Fazal Cloth Mills Ltd. 316 3,190 10.00 7,726
42. Fazal Textile Mills Ltd. 90 325 10.00 5,850
43. First Allied Bank Modaraba 583 5,000 10.00 1,341
44. E.P. Textile Mills Ltd. 100 235 10.00 250
45. Gatron Industries Ltd. 550 16,000 10.00 13,668
46. Ghafoor Textile Mills Ltd. 50 62 10.00 110
47. Ghandhara Ind.
(Fomerly National Motors Ltd.) 100 1,358 10.00 155
48. Gul Ahmed Textile Mills Ltd. 196 2,807 10.00 4,998
49. Gulberg Textile Mills ltd. 100 110 10.00 450
50. Hafiz Textile Mills Ltd. 100 705 10.00 550
51. Hussain Industries Ltd. 207 2,760 10.00 2,691
52. Island Textile Mills Ltd. 50 293 10.00 3,000
53. I.C.I Pakistan Ltd. 238 2,380 10.00 7,949
54. Janana-de-Malucha Textile Mills Ltd. 25 221 10.00 1,000
55. Jubilee Spinning & Weaving Mills Ltd. 187 1,122 10.00 468
56. Karim Cotton Mills Ltd. 50 615 10.00 598
57. Kashmir Polytext Ltd. 3,500 35,000 10.00 525
58. Khairpur Textile Mills Ltd. 50 215 10.00 138
59. Khyber Textile Mills Ltd. 100 540 10.00 1,200
60. Kohat Textile Mills ltd. 50 370 10.00 250
61. Kohinoor Gujar Khan Cotton Mills Ltd 50 450 10.00 175
62. Kohinoor Industries Ltd. 250 3,785 10.00 513
63. Kohinoor Looms Ltd. 1,000 10,000 10.00 850
64. Kohinoor Textile Mills Ltd. 176 2,610 10.00 854
65. Madina Textile Mills Ltd. 100 150 5.00 75
66. Maple Leaf Cement Factory Ltd. 28 875 10.00 81
67. Mehmood Textile Mills Ltd. 158 775 10.00 10,976
68. Millat Tractors Ltd. 174 3,703 10.00 15,660
69. Modern Textile Mills Ltd. 183 1,880 10.00 458
70. Muhammad Farooq Textile Mills Ltd. 558 6,850 10.00 1,395
71. Muslim Commercial Bank Ltd. 1,668 29,950 10.00 34,611
72. M.F.M.Y. Industries Ltd. 220 1,950 10.00 1,320
73. Nafees Cotton Mills Ltd. 1,032 9,068 10.00 5,160
74. Nakshbandi Industries Ltd. 102 860 10.00 1,224
75. Nimir Resins Ltd.
(Formerly Ravi Resins) 2,638 25,500 10.00 6,463
76. Nishat Mills Ltd. 1,564 29,268 10.00 17,126
77. Noon Textile Mills Ltd. 50 200 10.00 325
78. Olympia Spinning & Weaving Mills Ltd. 50 230 10.00 900
79. Pak Suzuki Motor Company Ltd. 660 17,250 10.00 5,313
80. Pakistan International
Airlines �G.D� 4,898 44,530 10.00 3,714
81. Pakistan P.T.A Limited 714 7,140 10.00 2,820
82. Punjab Cotton Mills Ltd. 50 212 10.00 150
83. Rashid Textile Mills Ltd. 50 460 10.00 900
84. Regent Textile Mills Ltd. 100 210 10.00 230
85. Sadiqabad Textile Mills Ltd. 50 305 10.00 238
86. Saif Nadeem Kawasaki Motorcycle
Co. Ltd. 100 458 10.00 30
87. Salfi Textile Mills Ltd. 50 125 10.00 500
88. Sally Textile Mills Ltd. 65 362 10.00 195
89. Sapphire Textile Mills Ltd. 726 2,972 10.00 26,862
90. Sargodha Spinning Mills Ltd. 500 5,000 10.00 1,000
91. Service Industries Textile Ltd. 106 993 10.00 371
92. Shams Textile Mills Ltd. 72 533 10.00 720
93. Sindh Fine Textile Mills Ltd. 50 293 10.00 500
94. Star Textile Mills Ltd. 139 1,536 10.00 2,294
95. Sunshine Cotton Mills Ltd. 234 3,158 10.00 164
96. Suzuki Motor Cycle Pakistan Ltd. 300 2,948 10.00 255
97. United Cotton Mills Ltd. 50 200 10.00 233
98. Universal Textile Mills Ltd. 50 500 10.00 400
99. Universal Textile Mills Ltd. 300 3,500 10.00 5,100
100. Zeenat Textile Mills Ltd. 50 195 10.00 100
TOTAL 135,059 1,686,451 613,474
===================================================================================13.3. Talpur Textile Mills, Tando Mohammad Khan, Sindh.51% capital contribution is held by Fateh Textile Mills Ltd. Hyderabad. The remaining 49% capital in Talpur Textile Mills is held by PIDC. Total loss in the said Mills upto 30-09-1968 was Rs. 3,306,005 and the company�s share of loss has not been incorporated in accounts. Figures of profit/loss after 30-09-1968 have not been made available to the company by the PIDC due to litigation. The confirmation of balance of Talpur Textile Mills managed by PIDC was also not available with the management. The break-up of the amount due by Talpur Textile Mills, Tando Mohammad Khan is as under: ================================
51% shareholding 2,550,000
Good will Account 775,371
Loan Account 2,300,000
Current Account 1,116,127
6,741,498
================================The entire amount of Rs. 6,741,498 is considered bad and doubtful but no provision for the same is made in the accounts due to litigation and the matter being subjudiced with Supreme Court of Pakistan.Supreme Court of Pakistan granted stay on application moved by the Company against PIDC�s advertisement published in the print media for Auction of the Talpur Textile Mills. The matter is pending for judgment to be passed by the Honourable Supreme Court of Pakistan. 14. STORES, SPARES ===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Stores 40,950,438 41,497,293
Spares 8,284,720 20,231,624
49,235,158 61,728,917
===================================================================================15. STOCK-IN-TRADE===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Raw and packing materials 842,977,179 364,897,936
Goods in process 69,363,145 122,808,467
Finished goods 364,187,085 306,177,809
Goods-in-transit � Raw material 95,635,822 108,134,956
1,372,163,231 902,019,168
===================================================================================16. TRADE DEBTS===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Considered good and recoverable 710,374,309 787,962
(Unsecured)
===================================================================================17. ADVANCES, DEPOSITS AND PREPAYMENTS - (CONSIDERED GOOD)===================================================================================
2000-2001 1999-2000
NOTE Rupees Rupees
===================================================================================
Advances:
Employees 11,819,617 17,045,179
Associated undertaking 0 105,820,162
Contractors 17.1 7,320,117 7,107,432
Against purchases 19,621,231 18,621,169
Against traveling 2,116,256 1,561,981
Suppliers 0 94,461,764
Others 17.2 389,788,212 235,384,130
Income tax 32,414,671 34,152,002
Against expenses 500,000 34,958,530
Deposits:
Securities-others 15,203,078 9,568,321
Excise duty 0 147,914
Margin on bank guarantees 10,250,633 11,347,808
489,033,815 570,176,392
===================================================================================17.1.===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Contractors 7,320,117 7,107,432
Considered doubtful 97,885 458,782
7,418,002 7,566,214
Provision for bad debts 97,885 458,782
7,320,117 7,107,432
===================================================================================17.2.===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Others 389,788,212 235,384,130
Considered doubtful 448,238 168,000
390,236,450 235,552,130
Provision for bad debts 448,238 168,000
389,788,212 235,384,130
===================================================================================18. OTHER RECEIVABLES===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Export rebates 36,148,091 122,647,609
Sales tax refundable 19,609,531 87,448,292
Panel interest receivable 29,192,964 49,965,701
Others 14,142,602 14,142,601
99,093,188 274,204,203
===================================================================================19. CASH & BANK BALANCES===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Cash in hand 4,035,447 6,373,456
Cash at banks 8,784,980 22,731,930
in current accounts
12,820,427 29,105,386
===================================================================================20. SALES===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Sales 3,464,759,788 3,706,656,694
Less: Sales commission 33,548,498 39,078,838
Sales tax 205,444,262 31,369,030
238,992,760 70,447,868
3,225,767,028 3,636,208,826
===================================================================================21. COST OF SALES===================================================================================
2000-2001 1999-2000
NOTE Rupees Rupees
===================================================================================
Raw and packing materials consumed 21.1 2,214,563,182 2,531,254,818
Salaries, wages and other benefits 130,794,057 135,704,755
Stores, spare parts consumed 41,345,679 44,740,760
Repairs and maintenance 3,863,035 3,100,622
Fuel and power 164,745,676 175,637,086
Rent, rates and taxes 2,834,835 24,967,344
Insurance 5,939,121 6,120,000
Sampling/Others 2,200,155 3,123,952
Depreciation 160,520,681 163,235,414
2,726,806,421 3,087,884,751
Goods-in-process
Opening inventory 122,808,467 142,014,436
Closing inventory 69,363,145 122,808,467
53,445,322 19,205,969
COST OF GOODS MANUFACTURED 2,780,251,743 3,107,090,720
Finished goods
Opening inventory 306,177,809 242,860,897
Closing inventory 364,187,085 306,177,809
(58,009,276) (63,316,912)
2,722,242,467 3,043,773,808
===================================================================================21.1. RAW AND PACKING MATERIAL CONSUMED===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Opening inventory 364,897,936 334,721,866
Purchases 2,692,642,425 2,561,430,888
3,057,540,361 2,896,152,754
Less: Closing inventory 842,977,179 364,897,936
2,214,563,182 2,531,254,818
===================================================================================22. ADMINISTRATION EXPENSES===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Salaries, wages and benefits 43,018,289 38,734,128
Travelling, conveyance and entertainment 3,590,506 8,419,720
Rent, rates, taxes and subscription 1,569,243 3,336,196
Repairs and maintenance 128,951 39,925
Printing and stationery 638,093 540,538
Communication 9,751,249 8,434,102
Legal and professional 199,600 935,000
Miscellaneous 3,982,994 4,285,811
Provision for doubtful 546,123 626,782
Vehicles running expenses 3,239,958 2,643,599
Guests expenses 980,336 1,465,034
Computer consumables 464,520 764,557
Depreciation 5,343,979 6,292,477
73,453,841 76,517,869
===================================================================================23. SELLING EXPENSES===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Freight & Handling 34,893,956 99,762,553
Export expenses 21,263,500 26,392,870
Clearing agent expenses 1,244,403 2,354,773
Sindh Development & maintenance fee 1,009,676 1,073,663
Export quota 41,311,788 0
Advertisement 1,193,828 1,859,149
100,917,151 131,443,008
===================================================================================24. OTHER INCOME===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Sale of dead stock 0 691,265
Miscellaneous income 3,311,940 2,729,673
Profit on bank deposits 2,943,673 0
Profit on sale of fixed assets 264,758 1,553,120
Dividend from listed companies 48,928 75,901
6,569,299 5,049,959
===================================================================================25. FINANCIAL EXPENSES===================================================================================
2000-2001 1999-2000
Rupees Rupees
===================================================================================
Interest and other charges on:
Long-term loans 64,033,722 99,826,626
Export and running finances 175,950,924 184,782,150
Bank charges and commissions 11,980,234 6,397,389
Workers� profit participation fund 1,244,442 379,800
Mark-up and other charges on lease finance 32,350,075 48,625,871
285,559,397 340,011,836
===================================================================================26. OTHER CHARGES===================================================================================
2000-2001 1999-2000
NOTE Rupees Rupees
===================================================================================
Auditors remuneration
Audit fee 100,000 100,000
Out of pocket expenses 24,000 24,000
124,000 124,000
Workers� welfare fund 906,800 908,600
Workers� profit participation fund 2,267,000 2,271,400
Niaz expenses 2,476,383 2,469,903
Provision for diminution 13 250,000 460,161
Loss on I.C.I. & PTA demerger 13 17,585 0
Other expenses 10,050 4,328
Donations (Recipients of donations 786,940 1,407,465
do not include anybody in whom a
director or his spouse had any interest) 6,838,758 7,645,857
===================================================================================27. EARNING PER SHARE===================================================================================
2000-2001 1999-2000
===================================================================================
Net Profit for the year 23,324,713 21,866,407
Number of ordinary Shares 1,250,000 1,250,000
Earnings per share (Rupees) 18.66 17.49
=================================================================================== |