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to present the accounts of the Company for the 1st Quarter ended 30th September, 2012. The overall performance of the Company is summarized below:
Operating Profit Financial & others Profit before taxation Taxation Profit / (Loss) after taxation Earning per share Gross Margin % Operating Margin %
JUL'Sep'12 Rupees 124,323,942 (22,936,815) 101,387,127 (11,118,988) 90,268,139 Rs. 14.65 13.53% 11.37%
Jul-Sep'11 Rupees 5,468,920 (23,230,101) (17,761,181) (10,199,719) (27,960,900) (Rs. 4.54) 2.24% 0.54%
Operating Profit
During the period under review the company has made a profit Rs.90.268 million as compared to Rs.( 27.961) million loss during the same period of last year which is mainly due to reduced Raw material price from Rs 194 to Rs 143 per kg & better selling price from Rs 12,247 to Rs 12,487 despite the fact that fuel & power tariff are on a rising trends and uncontrollable. Last year unfortunately the first quarter was a loss making quarter due to cotton inventory carry over at higher prices as the market had taken a sudden downward tumble.
FUTURE OUTLOOK The Outlook for the future looks good as demand from China for cotton yarn especially coarse counts is strong and prices are also workable in relation to the current raw cotton prices. Your company has started procurement of Raw material although after the recent rains the quality of raw cotton has deteriorated .The company has started work on expansion of around 8000 spindles which will translate into enhancement of production capacity by 15% .
ACKOWLEDGEMENT We are grateful to almighty Allah for his ultimate kindness which has helped us to come upto the expectation of our valued shareholders, who have reposed their confidence in us and are also pleased to record our appreciation for a dedicated hard working management, staff members & workers without which it could not have been possible for us to deliver these results, your Board would also like to thanks our valued customers, bankers for their continued trust in the company. On behalf of Board of Directors
SHARE CAPITAL Authorised Capital: 7,000,000 ordinary shares of Rs. 10/Issued Subscribed and Paid-up Capital 6,163,000 ordinary shares of Rs. 10/Un-appropriated profit brought forward Surplus on revaluation of fixed assets Director's Loan Deferred Liabilities Staff Gratuity Taxation CURRENT LIABILITIES: Trade and other payables Markup accrued on loans Short term finance Contigencies & commitments
70,000,000
61,630,000 798,941,550 860,571,550 9,584,632 40,000,000 1,982,629 64,352,459 66,335,088 238,462,341 13,288,312 692,601,248 944,351,901 1,920,843,171
61,630,000 708,427,651 770,057,651 9,830,390 40,000,000 6,932,913 64,352,459 71,285,372 144,598,614 24,087,822 741,559,000 910,245,436 1,801,418,849
Karachi:30th October,2012
C.E.O.
Director
C.F.O.
Profit/(Loss) before taxation Taxation Current year Profit/(Loss) after taxation Earning per share of Rs.10 each
101,387,127
Appropriation have been reflected in the statement of changes in equity. The annexed notes form an integral part of these financial statements.
Karachi:30th October,2012 C.E.O. Director C.F.O.
CASH FLOW STATEMENT (Un-Audited) FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2012
2012 Rupees CASH FLOW FROM OPERATING ACTIVITIES Profit / (Loss) before taxation Adjustments for non cash items: Depreciation Financial charges & Others Gratuity provision (Gain) / Loss on Disposal of Fixed Assets Exchange gain on export debtors Operating profit before working capital changes Changes in Working Capital: (Increase) / Decrease in current assets Stores and spares Stock in trade Trade debts Advances,Trade deposit, prepayment& other receivables Increase / (Decrease) in current liabilities: Trade and other payables Changes in Working Capital: Cash generated from operations Taxes (paid)/refund Staff gratuity( paid) Financial charges (paid) Net cash from operating activities CASH FLOW FROM INVESTING ACTIVITIES Proceed from sale of fixed assets Fixed capital expenditure Net cash (outflow) from investing activities CASH FLOW FROM FINANCING ACTIVITIES Net cash from/(used in) financing activities Increase/(Decrease) in cash Cash and cash equivalent as at July 1, Cash and cash equivalent as at Sept 30, CASH & CASH EQUIVALENT Cash & bank balance Short term runnging finance 48,805,481 (738,487,611) (689,682,130) 2,919,118 (692,601,248) (689,682,130) 183,756,603 (980,436,851) (796,680,248) 2,534,450 (799,214,698) (796,680,248) 101,387,127 18,892,248 22,936,815 1,605,316 (50,336) 2,935,235 46,319,278 147,706,405 2011 Rupees (17,761,181) 15,734,268 23,230,101 1,510,581 (704,687) 39,770,263 22,009,082
(7,073,732) 105,792,185 (193,938,394) (908,451) 93,863,727 (2,264,665) 145,441,740 (8,604,138) (6,555,600) (33,736,325) (48,896,063) 96,545,677 213,000 (47,953,196) (47,740,196)
(5,227,531) 247,180,557 (20,477,138) (15,879,606) 51,965,630 257,561,912 279,570,994 (9,368,363) (744,481) (44,232,477) (54,345,321) 225,225,673 (41,469,070) (41,469,070)
STATEMENT OF CHANGES IN EQUITY(Un-Audited) FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2012
Particulars
Paid-up Capital Unappropriated Profit
Total
Balance as at July 2011 Profit / (Loss) for the period (July'11. to Sept'11) Transfer from surplus on revaluation of assets to unappropriated profit Current period - net of tax
61,630,000
546,948,228 (27,960,900)
608,578,228 (27,960,900)
276,184
276,184
Balance as at 30th Sept 2011 Profit / (Loss) for the period (Oct'11. to Jun'12) Transfer from surplus on revaluation of assets to unappropriated profit Current period - net of tax Final Dividend for 2010-11 @ 55%
61,630,000
519,263,512 222,119,832
580,893,512 222,119,832
940,807 (33,896,500)
940,807 (33,896,500)
Balance as at 30th June 2012 Profit / (Loss) for the period (July'12. to Sept'12) Transfer from surplus on revaluation of assets to unappropriated profit Current period - net of tax Balance as at 30th September 2012
61,630,000 -
708,427,651 90,268,139
770,057,651 90,268,139
245,760 860,571,550
Karachi:30th October,2012
C.E.O.
Director
C.F.O.
EARNING PER SHARE (Un-Audited) FOR THE 1ST QUARTER ENDED SEPT.30, 2012
2012 JUL-SEPT Rupees Net profit after tax for the period Number of Ordinary shares Earning per share 90,268,139 6,163,000 Rs. 14.65 Rs. 2011 JUL-SEPT Rupees (27,960,900) 6,163,000 (4.54)
SELECTED EXPLANATORY NOTES TO THE ACCOUNTS FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2012
1) THE COMPANY & ITS OPERATION The company is limited by shares incorporated in Pakistan on March 03, 1987 and quoted on Karachi Stock Exchange. The principal activity of the Company is the manufacture and sale of Cotton and Polyester Yarn.
2) BASIS OF PREPARATION These accounts have been prepared in accordance with requirements of International Accounting Standard 34-Interim Financial Reporting. 3) These accounts are unaudited and are being submitted to shareholders in accordance with the requirements of Section 245 of the Companies Ordinance, 1984.
4) ACCOUNTING POLICIES The accounting policies adopted and method of computation followed for the preparation of these financial statements are the same as those applied in preparing the preceding published annual financial statements of the Company.
5)
COST OF SALES
Opening finished stock Cost of goods manufactured Trading Cost Purchase of Yarn Closing finished stock 5.1Cost of goods manufactured Raw material consumed Stores, spares and packing materials Salaries, wages and other benefits Fuel and power Water charges Vehicles running and maintenance Repairs and maintenance Insurance Depreciation Other manufacturing expenses Work in process Opening Closing
5.1
2012 JUL-SEPT Rupees 44,242,585 996,876,634 2,666,000 1,043,785,219 (98,179,295) 945,605,924 820,208,853 33,967,250 48,945,857 67,293,863 1,301,300 982,213 927,759 2,327,314 18,209,516 2,918,367 997,082,292 18,772,851 (18,978,509) (205,658) 996,876,634 588,117,436 629,753,433 1,217,870,869 (397,662,016) 820,208,853
2011 JUL-SEPT Rupees 125,244,082 939,591,101 39,548,295 1,104,383,478 (119,713,672) 984,669,806 795,193,378 31,675,212 36,834,767 48,371,228 875,850 706,890 742,982 1,801,954 15,077,565 2,746,057 934,025,883 23,570,315 (18,005,097) 5,565,218 939,591,101 547,579,103 530,064,389 1,077,643,492 (39,548,295) (242,901,819) 795,193,378
5.2
5.2Raw material consumed Opening stock Purchases Sale of Cotton Closing Stock 6) AUTHORISATION FOR ISSUE
These accounts have been authorised for issue on 30th October, 2012 by the Board of Directors of the Company. 7) AGGREGATED TRANSACTIONS WITH ASSOCIATES UNDERTAKING The related parties comprise of parties related to group companies, staff retirement fund, directors and their close family members, executives and major shareholder of the company. Remuneration and benefits to executives of the company are in accordance with the terms of their employment while contribution to the retirement benefits is in accordance with the staff service rule. Transactions with related parties during the period other than those disclosed else where in the financial statements are as follows: JUL'12-SEP'12 Rupees Sales of goods during the period Outstanding balance due as at 8) Figures have been rounded off to the nearest rupee.
Karachi:30th October,2012
67,369,495 222,915
C.E.O.
Director
C.F.O.