| National Foods Ltd - 2001 |
=================================================================================== BALANCE SHEET AS AT 30 JUNE, 2001 ----------------------------------------------------------------------------------- 2001 2000 Note Rupees Rupees =================================================================================== CAPITAL AND RESERVES Capital Authorized Capital 5,000,000 (2000: 5,000,000) ordinary Shares of Rs. 10 each 50,000,000 50,000,000 Issued, subscribed & paid-up capital 3 42,505,380 42,505,380 Reserves Capital- share premium 6,102,100 6,102,100 Unappropriated profit 56,495,027 42,018,793 62,597,127 48,120,893 105,102,507 90,626,273 LONG TERM LIABILITIES Liabilities against assets subject to finance lease - secured 4 7,365,475 8,808,729 Deferred tax 6,445,060 5,399,798 13,810,535 14,208,527 CURRENT LIABILITIES Current portion of liabilities against assets subject to finance lease 4 7,243,520 4,762,199 Finances utilized under mark-up arrangements - secured 5 92,988,783 110,934,296 Creditors, accrued expenses & other liabilities 6 88,256,153 79,129,962 Proposed dividend 12,751,614 4,888,119 201,240,070 199,714,576 Contingencies & commitments 7 - - 320,153,112 304,549,376 ----------------------------------------------------------------------------------- PROPERTY AND ASSETS Fixed Capital Expenditure Fixed assets 8 106,434,420 84,479,673 Capital work-in progress 9 2,775,867 457,969 109,210,287 84,937,642 Long term deposits 1,592,180 1,410,981 Deferred expenditure 10 - 2,100,000 CURRENT ASSETS Stock-in-trade 11 151,802,580 177,412,663 Trade debts - unsecured - considered good 32,882,300 23,847,224 Advances, deposits, prepayments and other receivables 12 20,058,373 14,033,628 Cash and bank balances 13 4,607,392 807,238 209,350,645 216,100,753 320,153,112 304,549,376 =================================================================================== =================================================================================== PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE, 2001 ----------------------------------------------------------------------------------- 2001 2000 Note Rupees Rupees =================================================================================== Sales 14 915,136,401 765,675,135 Less: Cost of sales 15 675,226,208 578,471,953 Gross profit 239,910,193 187,203,182 Operating Expenses Less: Administrative expenses 16 22,912,327 20,458,873 Selling and distribution expenses 17 167,062,331 127,879,179 189,974,658 148,338,052 Operating profit 49,935,535 38,865,130 Add: Other income 18 2,156,953 993,604 52,092,488 39,858,734 Less: Financial and other charges 19 (16,405,820) (14,280,790) Profit before taxation 35,686,668 25,577,944 Less: Taxation 20 (8,458,820) (7,074,787) Profit after taxation 27,227,848 18,503,157 Add: Unappropriated profit brought forward 42,018,793 32,654,293 Profit available for appropriation 69,246,641 51,157,450 APPROPRIATIONS: Interim dividend Nil (2000: 10%) - 4,250,538 Proposed final dividend @ 30% (2000:11.5%) 12,751,614 4,888,119 12,751,614 9,138,657 Unappropriated profit carried forward 56,495,027 42,018,793 Basic earnings per share 21 6.41 4.35 =================================================================================== ===================================================================================
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE, 2001
-----------------------------------------------------------------------------------
2001 2000
Rupees Rupees
===================================================================================
CASH FLOW FROM OPERATING ACTIVITIES:
Profit before taxation 35,686,668 25,577,944
Adjustments for non cash charges and other items
Depreciation 13,748,139 11,962,515
Amortization of Deferred expenses 2,100,000 -
Profit on sale of fixed assets (819,147) (402,838)
Financial and other charges 16,405,820 12,613,790
31,434,812 24,173,467
Operating profit before working capital changes 67,121,480 49,751,411
(Increase)/decrease in current assets
Stock in trade 25,610,083 (37,544,233)
Trade debts (9,035,076) (4,306,780)
Advances, deposits, prepayments and other receivables (4,604,203) 1,658,467
11,970,804 (40,192,546)
Increase in current liabilities
Creditors, accrued and other liabilities 9,504,787 15,757,171
88,597,071 25,316,036
Financial charges paid (16,657,867) (13,450,431)
Taxes paid (8,834,100) (5,436,435)
(25,491,967) (18,886,866)
Net cash from operating activities 63,105,104 6,429,170
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditure (33,632,260) (8,053,080)
Sale proceeds of fixed assets 4,151,539 1,641,270
Long term deposits (181,199) (145,000)
Deferred expenditure - (2,100,000)
Finance leased assets (7,720,916) (11,786,500)
Net cash used in Investing activities (37,382,836) (20,443,310)
25,722,268 (14,014,140)
CASH FLOW FROM FINANCING ACTIVITIES:
Repayment of long term loan (6,682,849) (3,006,824)
Dividend paid (5,014,668) (9,624,834)
Proceed from finance lease 7,720,916 11,786,500
Net cash used in financing activities (3,976,601) (845,158)
Net decrease in cash & Cash equivalent 21,745,667 (14,859,298)
Cash & Cash equivalent at the beginning of the year (110,127,058) (95,267,760)
Cash & Cash equivalent at the end of the year (88,381,391) (110,127,058)
CASH & CASH EQUIVALENTS:
Cash & bank balance 4,607,392 807,238
Finance utilized under mark-up arrangements (92,988,783) (110,934,296)
(88,381,391) (110,127,058)
===================================================================================NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE, 20013. ISSUED, SUBSCRIBED AND PAID-UP CAPITAL ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
1,255,990 (2000: 1,255,990) Ordinary Shares
of Rs. 10 each fully paid in cash 12,559,900 12,559,900
2,994,548 (2000: 2,994,548) Ordinary Shares
of Rs. 10 each issued as fully
paid bonus shares 29,945,480 29,945,480
42,505,380 42,505,380
===================================================================================4. LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASEThe amount of future lease payments and the period in which these payments will become due are. ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Year ending June 30
2001 - 6,762,534
2002 9,234,880 6,134,000
2003 7,241,918 4,141,038
2004 880,087 -
17,356,885 17,037,572
Less: Financial charges allocated to future periods 2,747,890 3,466,644
14,608,995 13,570,928
Less: Current portion shown under current obligation 7,243,520 4,762,199
7,365,475 8,808,729
===================================================================================The implicit rate used as the discounting factor is in range between 14.77% -19.08% per annum. Rentals are payable in equal monthly/quarterly installments.At the end of lease period the ownership of assets will be transferred to the company on payment of residual value. These are secured by demand promissory notes and security deposits. 5. FINANCE UTILIZED UNDER MARK-UP ARRANGEMENTS � SECURED ===================================================================================
2001 2000
NOTE Rupees Rupees
===================================================================================
Bank Al-Habib Limited
Export refinance 5.1 54,721,000 47,603,000
Running finance 5.2 38,267,783 60,331,296
Advance against trust receipt 5.3 - 3,000,000
92,988,783 110,934,296
92,988,783 110,934,296
===================================================================================5.1.=========================================================================================== LIMIT EXPIRY RATE OF SECURITY Rupees MARK-UP ------------------------------------------------------------------------------------------- Rs. 54,721,000 31 Oct 8% to 9% per The facility mentioned in note 5.1, (2000: Rs. 47,603,000) 2001 annum 5.2 and 5.3 are secured by: i) Registered hypothecation over stock & debtors to the extent of ===========================================================================================5.2. ===========================================================================================
LIMIT EXPIRY RATE OF SECURITY
Rupees MARK-UP
-------------------------------------------------------------------------------------------
Rs. 70,000,000 31 Oct 14% to 15% Rs. 185 million each.
(2000: Rs. 71,770,000) 2001 per annum
ii) Registered equitable mortgage
over immovable to the extent
===========================================================================================5.3.===========================================================================================
LIMIT EXPIRY RATE OF SECURITY
Rupees MARK-UP
-------------------------------------------------------------------------------------------
Rs. 3,000, 000 31 Oct 17.5% per of Rs. 117 million.
(2000: Rs. 3,000,000) 2001 annum iii) Personal guarantees of directors
amounting to Rs. 210 million
===========================================================================================6. CREDITORS, ACCRUED AND OTHER LIABILITIES===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Creditors 32,502,029 30,174,301
Accrued expenses 10,676,403 8,242,514
Advance from customers 6,696,644 9,913,146
Security deposits 106,200 159,700
Mark-up accrued on secured loans 2,065,359 2,317,406
Unclaimed dividend 677,183 803,732
Due to associated undertakings 267,245 37,440
Due to directors 7,463 52,365
Due to employees gratuity fund trust 9,197,372 6,247,357
Payable to employees provident fund trust 3,394,394 984,784
Sales tax payable 6,051,658 3,912,652
Workers welfare fund 347,878 1,051,568
Workers profit participation fund 6.1 2,139,538 1,268,000
Other liabilities 14,126,787 13,964,997
88,256,153 79,129,962
===================================================================================6.1. WORKERS PROFIT PARTICIPATION FUND===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Opening balance 1,268,000 826,628
Allocation for the year 1,908,704 1,208,000
3,176,704 2,034,628
Interest on funds utilized in
company�s business 230,834 60,000
Payment to beneficiaries (1,268,000) (826,628)
2,139,538 1,268,000
===================================================================================7. CONTINGENCIES AND COMMITMENTS7.1. Company has commitments against outstanding letters of credit established for import of goods amounting to Rs. 6,761,300 as on 30-06-2001 (2000: Rs. 6,840,000). 7.2. Company�s commitment with bank for payment against documents was Rs. 6,541,200 as on 30-06-2001 (2000: Rs. Nil). 8. FIXED ASSETS ====================================================================================================================================================
COST DEPRECIATION
As on Additions/ As on Rate As on Additions/ Charge As on Written
Particulars 1, July (Disposals)/ 30 June 1 July (Disposals)/ for the 30 June Down value
2000 Transfers 2001 2000 Transfers year 2001 as on
During the During the 30 June 2001
Year/ Year
Owned assets Rupees Rupees Rupees % Rupees Rupees Rupees Rupees Rupees
====================================================================================================================================================
Leasehold Land 1,450,235 11,339,000 12,789,235 - - - - - 12,789,235
Buildings on leasehold Land 33,604,652 158,626 33,763,278 10 15,813,280 - 1,795,000 17,608,280 16,154,998
Plant, Machinery,
Equipments & Generators 45,704,400 8,059,136 53,763,536 10 21,622,686 - 3,214,101 24,836,787 28,926,749
Office & Other Equipments 20,001,419 2,096,943 22,098,362 15 10,578,539 - 1,727,978 12,306,517 9,791,845
Laboratory Equipments 1,419,188 976,718 2,395,906 10 574,482 - 182,144 756,626 1,639,280
Motor Vehicles 21,600,517 6,589,191 26,608,528 20 10,751,476 - 3,412,601 12,958,153 13,650,375
(3,319,180) (2,054,068)
1,738,000* 848,144*
Furniture & Fixtures 9,023,080 356,748 9,379,828 10 3,441,441 - 593,849 4,035,260 5,344,568
132,803,491 29,576,362 160,798,673 62,781,874 - 10,925,673 72,501,623 88,297,050
(3,319,180) (2,054,068)
1,738,000* 848,144*
Leased assets
Machinery 11,570,000 3,660,000 15,230,000 10 1,535,000 - 1,369,500 2,904,500 12,325,500
Motor vehicles 6,154,500 4,060,916 8,148,136 20 1,731,444 (848,144)* 1,452,966 2,336,266 5,811,870
(329,280)
(1,738,000)*
17,724,500 7,720,916 23,378,136 3,266,444 (848,144)� 2,822,466 5,240,766 18,137,370
(329,280)
(1,738,000)
TOTAL 2001: 150,527,991 39,035,278 184,176,809 66,048,318 (2,054,068) 13,748,139 77,742,389 106,434,420
(5,386,460)
TOTAL 2000 : 134,684,916 19,668,594 150,527,991 56,672,890 (2,587,087) 11,962,515 66,048,318 84,479,673
(3,825,519)
====================================================================================================================================================* Represents adjustment of assets transferred from leased assets to owned assets.8.1. DEPRECIATION HAS BEEN ALLOCATED AS FOLLOWS ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Cost of Sales 9,249,133 7,343,464
Administrative expenses 1,778,075 2,273,363
Selling and distribution expenses 2,720,931 2,345,688
13,748,139 11,962,515
===================================================================================8.2. DISPOSAL OF FIXED ASSETS===================================================================================================================================
Particulars Cost Accumulated Book Sold Profit/ Mode of
Depreciation Value for (Loss) Disposal
Rs. Rs. Rs. Rs. Rs.
-----------------------------------------------------------------------------------------------------------------------------------
MOTOR VEHICLES
Suzuki Khyber 1000cc 310,980 229,458 81,522 172,786 91,264 Negotiation
Reg. No. Z-1182
Mr. Nisar Ahmed Naseem Ali Khan
House No, II D 10/2, Nazimabad
Karachi.
Suzuki Khyber 993cc 320,500 236,482 84,018 200,000 115,982 Negotiation
Reg. No. Z-9390
Mrs. Farhana Nisar Ahmed
House No. II D 10/2, Nazimabad
Karachi.
Mazda Pickup 285,000 246,748 38,252 230,000 191,748 Negotiation
Reg. Na. KE-8123
Mr. Mohammad Ayub Karam Elahi
House No. R-85-5, Gali Na, B 11/7
Bahawalpur Road, Lahore.
Yamaha YB-100 57,400 33,889 23,511 27,000 3,489 Negotiation
Reg. No, LXA-2191
Mr. Alfred Sadiq
House No. 1725/3497
Tippu Sultan Road
Madina Colony, Karachi
Suzuki Margalla 487,000 287,525 199,475 300,000 100,525 Negotiation
Reg. No. AAS-429
Mr. Mohammad all Rehmat Ali
Madina Hotel, Karimabad, Karachi.
Suzuki Swift 1000cc 350,000 235,312 114,688 200,000 85,312 Negotiation
Reg. No, AB-429
Mr. Siraj Ahmed
House No. II D 10/2 Nazimabad
Karachi.
Suzuki Bolan 800cc 320,000 215,142 104,858 185,200 80,342 Negotiation
Reg. No. CJ-9561
Mr. Nizar Mohammad Ali
Flat No. 40 Amina Corner,
Block-01. F.B. Area, Karachi.
KIA Pride 1100cc 372,100 219,688 152,412 161,300 8,888 Negotiation
Reg. No. AAJ-590
Mr. Babar Ahmed Khan
House No. R-642, Sir Syed Town
Adam Town, Karachi.
Yamaha YB-100 49,000 36,155 12,845 30,922 18,077 Company
Reg. No. KCK-9451 Policy
Mr. Maratab All Rehmat Ali
Sajjad Gohar Manzil Noor Allahnoor
Masjid Gulistan Colony Tenery Road
Karachi.
Sub Total 2,551,980 1,740399 811,581 1,507,208 695,627
MOTOR VEHICLES
Honda Motorcycle CD-70 51,000 37,630 13,370 32,185 18,815 Company
Reg. No. KCV-788 Policy
Mr. Majid Hussain
House No. 15/4, 1-E Nazimabad
Karachi.
Honda Motorcycle CD-70 50,000 33,616 16,384 24,120 7,736 Company
Reg. NO. KCV-3125 Policy
Mr. Aurangzeb Ghori
House No. R-102, Sector 5B-1
North Karachi.
Honda Motorcycle CD-70 50,000 33,616 16,384 24,120 7,736 Company
Reg. No. GAJ-5981 Policy
Mr. Sheraz Fakhar
House No. 29. Block Z, Street No. 6
Peoples Colony. Gujranwala.
Honda Motorcycle CD-70 54,700 36,776 17,924 26,170 8,246 Company
Reg. No PRQ-6230 Policy
Mr. Asif-Ullah-Paracha
House No, 5 Armour Colony Macci
Shareef Road. Peshawar.
Honda Motorcycle CD-70 54,500 36,642 17,858 26,135 8,277 Company
Reg. No, KCV-4122 Policy
Mr. Hamid Ali Mirza
House No. C-53, Block-D
North Nazimabad, Karachi.
Honda Motorcycle CD-70 54,500 36,642 17,858 26,135 8,277 Company
Reg. NO. KCV-4123 Policy
Mr. Sher Ali Mohammad Jamil
House No. 158/1 5/E, New Karachi.
Honda Motorcycle CD-70 55,000 36,978 18,022 26,466 8,444 Company
Reg. No. KCV-4496 Policy
Mr. Mohammad Naseem Akhter
House No. C-10, Apsara Apartment No. 5
F.C, Area, Karachi.
Honda Motorcycle CD-70 59,500 35,129 24,371 50,000 25,629 Insurance
Reg. No. HDM-1693 Claim
E.F.U. General Insurance Limited
Yamaha Motorcycle YB-100 66,600 13,320 53,280 67,000 13,720 Insurance
Reg. No. KCT-0618 Claim
E.F.U. General Insurance Limited
Karachi.
Yamaha Motorcycle YB-100 66,600 13,320 53,280 68,000 14,720 Insurance
Peg. No. KCT-0736 Claim
E.F.U. General Insurance Limited
Karachi.
Sub Total 562,400 313,669 248,731 370,331 121,600
MOTOR VEHICLES
Yamaha Motorcycle YB-100 67,500 - 67,500 68,000 500 Insurance
Reg. No, KCT-4384 Claim
E.F.U. General Insurance Limited
Karachi.
Honda Motorcycle CD-70 69,000 - 69,000 69,000 - Insurance
Reg. No. KCT-4946 Claim
E.F.U. General Insurance Limited
Karachi.
Honda Motorcycle CD-70 68,300 - 68,300 69,000 700 Insurance
Reg. No. KCT-6834 Claim
Sub Total 204,800 - 204,800 206,000 1,200
3,319,180 2,054,068 1,265,112 2,083,539 818,427
LEASED ASSETS
Motor Vehicles
Yamaha YB-100 65,856 - 65,856 66,000 144 Insurance
Reg. No. KCT-2706 Claim
E.F.U. General Insurance Limited
Karachi.
Yamaha YB-100 65,856 - 65,856 66,000 144 Insurance
Reg. No. KCT-2703 Claim
E.F.U. General Insurance Limited
Karachi.
Yamaha YB-100 65,856 - 65,856 66,000 144 Insurance
Reg. No. KCT-2704 Claim
E.F.U. General Insurance Limited
Karachi.
Yamaha YB-100 65,856 - 65,856 66,000 144 Insurance
Reg. No. KCT-2705 Claim
E.F.U. General Insurance Limited
Karachi.
Yamaha YB-100 65,856 - 65,856 66,000 144 Insurance
Reg. No. KCT-2708 Claim
E,F.U, General Insurance Limited
Karachi.
Sub Total 329,280 - 329,280 330,000 720
Total 3,648,460 2,054,068 1,594,392 2,413,539 819,147
===================================================================================================================================9. CAPITAL WORK-IN-PROGRESS===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Building 2,710,194 457,969
Plant and machinery 65,673 -
2,775,867 457,969
===================================================================================10. DEFERRED EXPENDITURE===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Advertisement - 2,100,000
===================================================================================11. STOCK-IN-TRADE===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Raw material 44,389,818 49,757,528
Work-in-process 52,364,848 56,686,745
Finished goods 22,102,549 33,688,638
Packing material 29,602,500 31,205,468
Goods in transit 2,155,280 5,027,606
General material 1,187,585 1,046,678
151,802,580 177,412,663
===================================================================================12. ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Advances
Staff - considered good 1,388,580 1,485,361
Income tax 5,926,305 4,505,763
Profit accrued on DSC Gratuity fund 9,587,091 6,070,993
Other - considered good 739,110 343,988
17,641,086 12,406,105
Prepayments 362,335 150,185
Deposits 114,400 114,400
Export rebate receivable 867,601 494,842
Due from associated undertakings 12.1 72,951 868,096
Sales tax refundable 12.2 1,000,000 -
20,058,373 14,033,628
===================================================================================12.1. Maximum aggregate balance due from associated undertakings at the end of any month during the year was Rs. 951,601(2000: 1,126,019).12.2. This represents sales tax paid under protest against arbitrary levy on table salt and other spices amounting to Rs. 87.8 million (later reduced to 30.7 million). As a result of appeal the matter has been set aside by the Tribunal by accepting the appeal. However, the department has preferred an appeal against the order of the Tribunal and for the stay of refund claimed by the company before the High Court. 13. CASH AND BANK BALANCES ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
In hand 306,473 233,844
With banks in current accounts 4,300,919 573,394
4,607,392 807,238
===================================================================================13.1. Balance on current accounts include a separate account for deposits from dealers amounting to Rs. 112,034 (2000: Rs. 165,604).14. SALES ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Local sales
Gross sales 1,059,358,411 907,304,014
Less: Discount 126,307,910 116,839,000
Cartage/freight 19,361,938 15,319,960
Sales tax 117,624,668 99,226,296
Sales returns 18,107,237 19,388,655
281,401,753 250,773,911
777,956,658 656,530,103
Export sales
Gross sales 151,955,108 119,717,657
Less: Freight 10,049,759 7,765,350
Forwarding charges 3,251,947 2,382,854
Discount/commission 1,473,659 424,421
14,775,365 10,572,625
137,179,743 109,145,032
915,136,401 765,675,135
===================================================================================15. COST OF SALES===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Opening stock of work in process 56,686,745 46,398,396
Add: material consumed 15.1 549,273,514 506,734,580
Direct wages 24,764,871 24,673,573
Factory overheads 15.2 85,279,837 69,039,512
659,318,222 600,447,665
716,004,967 646,846,061
Less: Closing stock of work in process (52,364,848) (56,686,745)
Cost of goods manufactured 663,640,119 590,159,316
Add: Opening stock of finished goods 33,688,638 22,001,275
Cost of goods available for sale 697,328,757 612,160,591
Less: Closing stock of finished goods (22,102,549) (33,688,638)
675,226,208 578,471,953
===================================================================================15.1. MATERIAL CONSUMED===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Opening stock 80,962,996 68,927,894
Purchases during the year 542,302,836 518,769,682
Less: Closing stock (73,992,318) (80,962,996)
549,273,514 506,734,580
===================================================================================15.2. FACTORY OVERHEADS===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Salaries, allowances and benefits 36,891,770 29,355,681
Professional services 1,268,090 1,224,600
Bonus 5,909,653 4,611,778
Gratuity - 1,208,760
Rent, rates and taxes 2,761,627 2,131,244
Insurance 1,331,726 964,808
Power, electricity, gas and water 13,521,247 11,499,063
Depreciation 8.1 9,249,133 7,343,464
Repairs, maintenance, cartage
and conveyance 13,071,663 9,702,542
Laboratory expenses, research
& development 1,274,928 997,572
85,279,837 69,039,512
===================================================================================16. ADMINISTRATIVE EXPENSES===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Salaries, allowances and benefits 10,237,823 8,422,258
Bonus 2,542,954 2,139,280
Gratuity - 510,861
Scholarship and donations 16.1 152,500 75,000
Travelling 1,532,602 940,907
Rent, rates and taxes 311,402 260,075
Insurance 696,758 684,842
Depreciation 8.1 1,778,075 2,273,363
Entertainment 199,009 228,837
Legal and professional 663,185 391,417
Printing stationery, books & periodicals 855,234 958,383
Postage, telephone & telegraph 668,973 728,471
Repairs and maintenance 783,411 634,978
Motor vehicles running 1,315,991 1,312,564
Electricity 458,437 304,673
Auditors remuneration 16.2 78,750 78,750
Fee & subscriptions 273,826 183,610
Registrar services 242,523 212,900
Others 120,874 117,704
22,912,327 20,458,873
===================================================================================16.1. The directors or their spouses did not have any interest in the donee�s fund16.2. AUDITORS� REMUNERATION ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Audit fee 50,000 50,000
Out of pocket expenses 28,750 28,750
78,750 78,750
===================================================================================17. SELLING AND DISTRIBUTION EXPENSES===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Salaries, allowances and benefits 16,732,156 12,269,210
Bonus 2,948,091 2,382,252
Gratuity - 596,325
Travelling & daily allowances 6,794,340 5,561,516
Rent, rates and taxes 134,500 1,000
Insurance 1,054,649 1,055,440
Depreciation 8.1 2,720,931 2,345,688
Entertainment 243,383 295,204
Postage, telephone & telegraph 2,133,488 1,722,523
Printing stationery, books & periodicals 961,730 861,280
Repairs and maintenance 281,981 600,592
Motor vehicles running 2,541,729 2,161,503
Sales promotion, meetings & conferences 6,384,619 3,773,900
Legal, professional, trademark and registration 2,938,143 1,064,465
45,869,740 34,690,898
Advertisement and artwork 121,192,591 93,188,281
167,062,331 127,879,179
===================================================================================18. OTHER INCOME===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Export rebate 951,008 590,766
profit on sale of fixed assets 819,147 402,838
Insurance claim 386,798 -
2,156,953 993,604
===================================================================================19. FINANCIAL AND OTHER CHARGES===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Mark-up and interest on long term loans 2,813,004 1,442,258
Mark-up and interest on short term loans 11,186,541 11,045,289
Bank charges 149,693 126,243
Workers� profit participation fund 1,908,704 1,208,000
Workers� welfare fund 347,878 459,000
16,405,820 14,280,790
===================================================================================20. TAXATION===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Current year 20.1 7,413,558 5,674,989
Deferred 1,045,262 1,399,798
8,458,820 7,074,787
===================================================================================20.1. Income tax assessments of the company upto assessment year 2000-2001 have been finalized. Appeals relating to assessment year 1989-90 to 1997-98 are pending for hearing before the Income Tax Appellate Tribunal.Appeal is also pending for hearing before the Commissioner of Income Tax in respect of assessment year 1998-99. 21. BASIC EARNINGS PER SHARE ===================================================================================
2001 2000
===================================================================================
Profit after taxation 27,227,848 18,503,157
Number of ordinary shares 4,250,538 4,250,538
Basic earnings per share 6.41 4.35
===================================================================================There were no diluted potential shares as at the balance sheet date. |