Read Quarterly Account 31-03-10.pdf text version

Contents

Company Information Directors' Report to the Shareholders Balance Sheet Profit & Loss Account Statement of Comprehensive Income Cash Flow Statement Statement of Changes in Equity Notes to the Financial Statements

3 4 5 6 7 8 9 10

Company information

Mr. Muhammad Anwar

Chairman & Chief Executive Director Director Director Director Director Director

Mr. Mr. Mr. Mr.

Ahmad Shafi Khalid Bashir Muhammad Arshad Muhammad Asif (Nominee NIT) Mr. Nasir Shafi Mr. Tariq Shafi

Al Baraka Islamic Bank B.S.C (E.C) Allied Bank Limited Faysal Bank Limited Habib Bank Limited Meezan Bank Limited MCB Bank Limited National Bank of Pakistan NIB Bank Limited Standard Chartered Bank (Pakistan) Limited United Bank Limited

Audit Committee

Mr. Khalid Bashir Mr. Nasir Shafi Mr. Ahmad Shafi Chairman Member Member

Mills & Head Office

Sargodha Road, Faisalabad, Pakistan T: + 92-041-111-105-105 F: + 92-041-111-103-104 E: [email protected]

Chief Financial Officer

Mr. Sadiq Saleem

Corporate Secretary

Mr. Naseer Ahmad Chaudhary

Registered Office

40-A, Off: Zafar Ali Road, Gulberg-V, Lahore, Pakistan T: + 92-042-111-245-245 F: + 92-042-111-222-245 E: [email protected]

Head of Internal Audit

Mr. Muhammad Attiq ur Rehman

Auditors

Riaz Ahmad & Company Chartered Accountants

Share Registrar

Crescent Group Services (Pvt) Ltd, 306, 3rd Flr, Siddiq Trade Centre, 72-Main Boulevard, Gulberg, Lahore, Pakistan T: + 92-042-5787592 F: + 92-042-5787594 E: [email protected] www.ctm.com.pk

Legal Advisor

Hassan & Hassan Raza Abbas Chaudhary Advocates Advocate

Stock Exchange Listing

The Crescent Textile Mills Limited is a listed Company and its shares are traded on all three Stock Exchanges in Pakistan. The Company's shares are quoted in leading dailies under textile personal goods sector.

Directors' Report to the Shareholders For the Nine Months ended March 31, 2010

The Directors are pleased to present financial statements of the company for the nine months ended on March 31, 2010.

Industry review:

Considering an up-rise in global demand on economic recovery performance of the textile industry was week during 09 months period ended on March 31, 2010. Exports of value added sector remained flattened to $6.246 billion FY2009 to $6.287 billion in FY2010, depicting marginal growth over the same period of last year. In the whole group cotton cloth and knitwear category was amongst decliners. Factors which affected growth of textile industry were sever energy crises including gas load shedding and consistent rise in tariff rates, unprecedented increase in cotton, polyester and fuel prices, high mark up rates as well as other unabsorbed input costs due lower productivity level during this period. Cotton and yarn prices rose to record high levels on increased international demand. Polyester prices also depicted rising trend due stable oil prices. These factors proved major constraints in growth of the industry and not only curtailed volumes but also gave major lift to the cost of doing business. On strong foreign reserves and declining oil import bill PKR showed stability thus squeezing exchange gains on exports on comparative basis. Industry faced very hard and competitive environment during this period to control imbalances in selling prices and increasing input costs.

Operational performance:

In very difficult business conditions same level of operational efficiency was achieved as of previous year which was possible through sustained efforts and using alternate energy resources although at very high cost. Marginal decline in production at certain levels was inevitable, compared with same period of last year, where non-availability of gas halted operations in load shedding period. Following operational performance was achieved during this period: 2010 Spinning Weaving Processing Home textiles Million Million Million Million kgs. Mtrs. Mtrs. Mtrs.

15.90 18.00 26.30 15.50

2009

16.40 20.00 26.80 14.50

Var.

(0.50) (2.00) (0.50) 1.00

%

-3 -10 -2 7

But despite all odds your company was able to post improved operating results and attained higher profitability of Rs.236.368 million (including share of associate's profit of Rs.106.178 million) as against Rs.121.860 million (including share of associate's profit of Rs.89.565 million) an increase of 93.97% over profit of same period last year. This was achieved despite step down gross margins of 12.66% against 14.91% of the last year 09 months period. Cost of sales was higher because company had to incur extra fuel cost of Rs.107.400 million due gas load shedding, which was of 35 days during period of Dec-09 ~ Mar-10. Other factors which affected input cost were increased fuel and gas prices and unabsorbed fixed cost for halted operations during gas load shedding period. Significant support to the bottom line was received from reduction of `Other operating expenses' (decrease of 70.28%) and 'Finance cost' (decrease of 38.38%) which boosted operational profit to Rs.191.562 million as against Rs.80.040 million in the same period of last year. This increase was of Rs.111.522 million prior to tax and share of associate's profit. Financial synopsis of the company is as below: Million Rs. Sales Gross profit Operating costs Other income Finance cost Associate's profit Taxation After tax profit 9MFY10

7,897 1,000 540 134 402 106 61 236

9MFY09

7,979 1,190 646 189 653 90 48 122

Var.

(82) (190) 106 (55) (251) 16 13 114

%

-1 -16 16 -29 -38 18 27 93

Future outlook:

Shortfall in cotton crop against indigenous requirement coupled with higher international demand has presently pushed prices to new levels of Rs.6,600/ Md. which is difficult to absorb in selling price of exports. On the other hand energy crises are growing every day and gas shortfall is affecting operational performance. Therefore, much will now depend on future crop size and its level of price. However, under these challenges your management is committed to business growth in the ensuing periods and will endeavor to over come through dedicated efforts.

for and on behalf of the Board.

(Muhammad Anwar) Chairman & Chief Executive

Condensed Interim Balance Sheet as at March 31, 2010 Equity and liabilities Share capital and reserves

Authorized share capital 100 000 000 (June 30, 2009: 100 000 000) ordinary shares of Rupees 10 each Issued, subscribed and paid up share capital Reserves

Note

Un-Audited Audited March 31, June 30, 2010 2009 ( Rupees in thousand )

1,000,000 492,099 2,086,509 2,578,608 1,640,413

1,000,000 492,099 1,769,738 2,261,837 1,640,393

Total equity Surplus on revaluation of operating fixed assetsnet of deferred tax Non-current liabilities

Long term financing

5

734,261

1,108,019

Current liabilities

Trade and other payables Accrued markup Short term borrowings Current portion of long term financing Provision for taxation

548,175 148,977 5,325,621 497,070 52,053 6,571,896 7,306,157 6 11,525,178 10,815,934 315,065 177,207 4,883,207 356,845 73,361 5,805,685 6,913,704

Total liabilities

Contingencies and commitments

Total equity and liabilities Assets Non-current assets

Property, plant and equipment Investment in an associate Long term investments Long term loans and advances Long term deposits and prepayments Deferred tax-asset

7 8 9

4,015,767 591,513 90,573 1,899,868 2,436 11,054 6,611,211

4,182,387 485,335 227,883 1,812,096 2,217 20,344 6,730,262 174,116 940,421 2,562,348 239,191 1,422 22,081 61,909 65,253 18,931 4,085,672 10,815,934

Current assets

Stores, spares and loose tools Stock in trade Trade debts Loans and advances Short term deposits and prepayments Interest accrued Other receivables Short term investments Cash and bank balances

207,953 1,436,773 2,629,120 191,162 48,268 11,269 109,180 268,134 12,108 4,913,967 11,525,178

10

Total assets

The annexed notes form an integral part of this condensed interim financial information.

(Muhammad Anwar) Chairman & Chief Executive

(Khalid Bashir) Director

Condensed Interim Profit and Loss Account (Un-Audited) for the Nine Months Ended March 31, 2010

Note

Nine months ended March 31, March 31, 2009 2010

Quarter ended March 31, March 31, 2009 2010

( Rupees in thousand )

Sales Cost of sales Gross profit Distribution cost Administrative expenses Other operating expenses Other operating income Profit from operations Finance cost Share of profit of associate Profit before taxation Provision for taxation Profit after taxation Earning per share basic and diluted (Rupee)

7,897,058 6,897,307 999,751 7,979,381 6,789,677 1,189,704 2,147,235 1,846,057 301,178 2,714,760 2,271,052 443,708

11

336,868 134,801 68,288 539,957 133,927 593,721 402,159 106,178 297,740 61,372 236,368 4.80

290,235 125,860 229,787 645,882 188,814 732,636 652,596 89,565 169,605 47,745 121,860 2.48

121,211 48,608 10,438 180,257 59,729 180,650 113,837 23,052 89,865 25,907 63,958 1.30

114,286 45,130 14,911 174,327 55,920 325,301 186,839 22,249 160,711 18,745 141,966 2.88

The annexed notes form an integral part of this condensed interim financial information.

(Muhammad Anwar) Chairman & Chief Executive

(Khalid Bashir) Director

Condensed Interim Statement of Comprehensive Income (Un-Audited) for the Nine Months Ended March 31, 2010

Nine months ended March 31, March 31, 2009 2010

Quarter ended March 31, March 31, 2009 2010

( Rupees in thousand )

Profit after taxation Other comprehensive income Surplus / (deficit) on remeasurement of available for sale investments Total comprehensive income / (loss) for the period

236,368 121,860 63,958 141,966

80,394 316,762

(434,475) (312,615)

(5,599) 58,359

(26,194) 115,772

The annexed notes form an integral part of this condensed interim financial information.

(Muhammad Anwar) Chairman & Chief Executive

(Khalid Bashir) Director

Condensed Interim Cash Flow Statement (Un-Audited) for the Nine Months Ended March 31, 2010

Note

Nine months ended March 31, March 31, 2009 2010 (Rupees in thousand)

Cash flows from operating activities

Cash generated from operations Finance cost paid Income tax paid Dividend paid (increase) / decrease in long term deposits and prepayments Net cash utilized in operating activities Cash flows from investing activities Capital expenditure on property, plant and equipment Proceeds from sale of property, plant and equipment Decrease in long term loans and advances Net cash used in investing activities Cash flows from financing activities Proceeds from long term financing Repayment of long term financing Short term borrowings Net cash from financing activities Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

(233,533) 442,414 208,881 (6,823) 18,931 12,108 35,000 (211,561) 396,539 219,978 10,645 8,572 19,217 (31,463) 2,947 712 (27,804) (232,963) 24,766 (208,197)

12

308,618 (430,389) (65,910) (219) (187,900)

639,249 (576,346) (64,316) (25) 302 (1,136)

The annexed notes form an integral part of this condensed interim financial information.

(Muhammad Anwar) Chairman & Chief Executive

(Khalid Bashir) Director

Condensed Interim Statement of Changes in Equity (Un-Audited) for the Nine Months Ended March 31, 2010

Share capital Reserves Revenue Reserves Capital Accumulated Dividend Reserve General Equalization Profit / (Loss) Fair value ( Rupees in thousand ) Total Equity

Sub total

Balance as at July 01, 2008 Transfer from surplus on revaluation of operating fixed assets on account of incremental depreciation Total comprehensive loss for the nine months ended March 31, 2009 Balance as at March 31, 2009 (un-audited) Transfer from surplus on revaluation of operating fixed assets on account of incremental depreciation Total comprehensive income for the quarter ended June 30, 2009 Balance as at July 01, 2009 Transfer from surplus on revaluation of operating fixed assets on account of incremental depreciation Total comprehensive income for the nine months ended March 31, 2010 Balance as at March 31, 2010 (un-audited)

492,099

350,507 1,773,643

30,000

(234,064)

1,920,086 2,412,185

492,099

(434,475)

-

30,000

4 121,860 (112,200)

4

4

(312,615) (312,615) 1,607,475 2,099,574

(83,968) 1,773,643

492,099

105,099

-

30,000

4 57,160 (55,036)

4 162,259

4 162,259

21,131 1,773,643

1,769,738 2,261,837

492,099

80,394

-

30,000

9 236,368 181,341

9 316,762

9 316,762

101,525 1,773,643

2,086,509 2,578,608

The annexed notes form an integral part of this condensed interim financial information.

(Muhammad Anwar) Chairman & Chief Executive

(Khalid Bashir) Director

Selected Notes to the Condensed Interim Financial Information (Un-Audited) for the Nine Months Ended March 31, 2010

1.

The company and its activities

The Crescent Textile Mills Limited (the Company) is a public limited company incorporated in Pakistan under the Companies Ordinance, 1984. The registered office of the Company is located at 40-A, Off: Zafar Ali Road, Gulberg-V, Lahore. Its shares are quoted on all the Stock Exchanges in Pakistan. The Company is engaged in business of textile manufacturing comprising of spinning, combing, weaving, dyeing, bleaching, printing, stitching, buying, selling and otherwise dealing in yarn, cloth and other goods and fabrics made from raw cotton, synthetic fiber(s) and to generate, accumulate, distribute, supply and sale of electricity. The Company also operates a cold storage unit.

2.

Basis of preparation

This interim financial information is un-audited and is being submitted to shareholders, as required by section 245 of the Companies Ordinance, 1984. This interim financial information has been prepared in accordance with the International Accounting Standard (IAS) 34, "Interim Financial Reporting" as applicable in Pakistan and notified by the Securities and Exchange Commission of Pakistan (SECP). This interim financial information should be read in conjunction with the annual financial statements for the year ended June 30, 2009.

3.

Accounting policies and computation methods

The accounting policies and methods of computations adopted for the preparation of this condensed interim financial information are the same as applied in the preparation of the preceding audited annual published financial statements of the Company for the year ended June 30, 2009. The following new and revised standards relevant to the Company have been adopted in the current period: IFRS 8 'Operating Segments' introduces the 'management approach' to segment reporting. It requires presentation and disclosure of segment information based on internal reports regularly reviewed by the Company's chief operating decision maker in order to assess each segment's performance and to allocate resources to them. The adoption of IFRS 8 has resulted in certain additional disclosures in the condensed interim financial information. IAS 1 (Revised) 'Presentation of Financial Statements'. The revised standard prohibits the presentation of items of income and expenses (that is, 'non-owner changes in equity') in the statement of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity. All 'non-owner changes in equity' are required to be shown in performance statement. Companies can choose whether to present one performance statement (the statement of comprehensive income) or two statements (profit and loss account and statement of comprehensive income). The Company has preferred to present two statements; a profit and loss account and a statement of comprehensive income. In this condensed interim financial information, comparative information has been re-presented in conformity with the revised standard. Since this change in accounting policy only impacts presentation aspects, there is no impact on earnings per share. In addition to above, there are other new standards and amendments to published approved accounting standards which are mandatory for financial statements for annual periods beginning on or after January 01, 2009 and are also relevant to the Company. However, the adoption of these new standards and amendments to standards did not have any significant impact on this condensed interim financial information of the Company, therefore, are not analyzed in detail.

4.

Critical accounting estimates and judgments

The preparation of this condensed interim financial information in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. During preparation of this condensed interim financial information, the significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those that applied in the preceding audited annual published financial statements of the Company for the year ended June 30, 2009.

Un-Audited

Audited

March 31, June 30, 2010 2009 ( Rupees in thousand )

5.

Long term financing

Financing from banking companies ( Note 5.1) Term finance certificates (Note 5.2)

684,268 49,993 734,261 1,264,894 (183,541) 1,081,353 (397,085) 684,268 1,008,034 99,985 1,108,019 1,386,279 90,183 (211,568) 1,264,894 (256,860) 1,008,034

5.1

Financing from banking companies

Opening balance Add: Obtained during the period / year Less: Repaid during the period / year Less: Current portion shown under current liabilities

5.2

Term finance certificates

Opening balance Less: Payments during the period / year Less: Current portion shown under current liabilities

199,970 (49,992) 149,978 (99,985) 49,993 299,955 (99,985) 199,970 (99,985) 99,985

6.

Contingencies and commitments Contingencies

Letter of guarantees of Rupees 111.142 million (June 30, 2009: Rupees 120.848 million) are given by the banks of the Company to Sui Northern Gas Pipeline Limited against gas connection and collector of Customs against import of raw material and supplies. Post dated cheques of Rupees 14.538 million (June 30, 2009: Rupees 19.176 million) are issued to custom authorities in respect of duties on imported material availed on the basis of consumption and export plans. If documents of exports are not provided on due date, cheques issued as security shall be encashable. The Company is contingently liable to the sum of US $ 3.9 million to International Finance Corporation (IFC) and Euro 0.352 million to Deutsche Investitions UND Entwicklungs Gesellschaft MBH (DEG) in case of loan/markup installment payment default by Crescent Bahuman Limited (CBL), an associate under revised Project Finance Agreement (PFA) for restructuring of CBL (June 30, 2009: US $ 3.9 million to IFC and Euro 0.334 million to DEG). The Company is contingently liable to the extent of 32.99 percent to a maximum amount of Rupees 20.02 million (June 30, 2009: Rupees 20.02 million) issued by an associate jointly with other investors to Sui Northern Gas Pipelines Limited against performance of a contract.

-

-

-

Commitments

Contracts for capital expenditure are Rupees 81.717 million (June 30, 2009: Rupees 8.985 million). Letters of credit other than for capital expenditure are Rupees 160.055 million (June 30, 2009: Rupees 51.872 million).

7.

Property, plant and equipment

Operating fixed assets (Note 7.1) Capital work in progress (Note 7.2)

4,010,052 5,715 4,015,767 4,180,127 2,260 4,182,387

7.1

Operating fixed assets

Opening book value Add: Additions during the period / year (Note 7.1.1) Less: Deletions during the period / year (Note 7.1.2) Less: Depreciation charged for the period / year Book value at the end of the period / year

Un-Audit Audited March 31, June 30, 2010 2009 ( Rupees in thousand )

4,180,127 28,008 4,208,135 1,671 4,206,464 196,412 4,010,052 15,658 1,919 442 8,656 1,333 28,008 4,216,100 264,249 4,480,349 24,358 4,455,991 275,864 4,180,127 7,324 222,074 458 4,479 23,354 2,326 4,234 264,249

7.1.1 Additions during the period / year

Building on freehold land Plant and machinery Factory tools and equipment Gas and electric installations Vehicles Furniture and fixtures Office equipment

7.1.2 Book value of deletions during the period / year

Plant and machinery Gas and electric installations Vehicles Office equipment

4 208 1,435 24 1,671 1,191 1,452 3,072 5,715 20,948 3,410 24,358 2,167 93 2,260

7.2

Capital work in progress

Building Plant and machinery Advances to suppliers - considered good

8.

Investment in an associate

Unquoted Cost Share of post acquisition profit: As at the beginning of the period / year For the period / year (Note 8.1) As at the end of the period / year

269,264 269,264

216,071 106,178 322,249 591,513

50,764 165,307 216,071 485,335

8.1

Share of post acquisition profit of associate has been taken on the basis of un-audited accounts of the associate for the nine months ended March 31, 2010 (June 30, 2009: Audited accounts for the year ended June 30, 2009).

41,625 43,159 2,163 500 87,447 (14,822) 17,948 90,573 119,305 65,252 184,557 83,577 268,134 207,377 43,159 19,798 500 270,834 (64,082) 21,131 227,883 179,747 179,747 (114,494) 65,253

9.

Long term investments - available-for-sale

Quoted - Related parties Unquoted - Related parties Quoted - Others Unquoted - Others Impairment loss charged to profit and loss account Fair value adjustment

10.

Short term investments - available-for-sale

Quoted - Related parties Quoted - Others Impairment loss charged to profit and loss account Fair value adjustment

10.1 Certain long term investments of the Company have been classified as short term investments as the

management intends to dispose off such investments within a year.

Un-Audited Nine months ended March 31, 2010 Quarter ended March 31, 2009

591,180 239,937 142,075 76,589 86,134 140,827 211,959 9,900 3,898 63,702 1,631 1,567,832 84,128 (73,691) 10,437 1,578,269 764,687 (761,538) 3,149 689,634 2,271,052

11.

Cost of sales

Raw material consumed Cloth and yarn purchased Stores, spare parts and loose tools Packing materials Processing and weaving charges Salaries, wages and other benefits Fuel and power Repair and maintenance Insurance Depreciation Other factory overheads Work-in-process: Opening stock Closing stock Cost of goods manufactured Finished goods: Opening stock Closing stock Cost of sales - purchased for resale

2,080,664 870,309 389,281 265,481 260,543 460,564 739,810 34,205 11,833 184,563 5,555 5,302,808 76,838 (95,540) (18,702) 5,284,106 684,570 (807,465) (122,895) 1,736,096 6,897,307

March 31, March 31, 2009 2010 ( Rupees in thousand )

1,964,827 573,801 399,199 223,260 205,119 414,357 666,893 32,772 11,659 188,491 5,027 4,685,405 75,605 (73,691) 1,914 4,687,319 755,309 (761,538) (6,229) 2,108,587 6,789,677 700,283 329,510 134,867 102,070 124,559 158,589 291,867 11,054 3,900 61,636 1,690 1,920,025 99,126 (95,540) 3,586 1,923,611 705,173 (807,465) (102,292) 24,738 1,846,057

12. Cash generated from operations

Profit before taxation Adjustments for non-cash charges and other items: Depreciation Gain on disposal of operating fixed assets Impairment loss on investments Debit balances written off Credit balances added back Provision for workers welfare fund Share of profit of associate Income from loans and advances Finance cost Working capital changes (Note 12.1)

Nine months ended March 31, March 31, 2010 2009 ( Rupees in thousand )

297,740 196,412 (1,277) 14,822 2,546 (106,178) (88,484) 402,159 (409,122) 308,618 169,605 199,162 (1,719) 35,522 247 (20,538) (89,565) (135,520) 652,596 (170,541) 639,249

12.1 Working capital changes

(Increase) / decrease in current assets: Stores, spare parts and loose tools Stock-in-trade Trade debts Loans and advances Short term deposits and prepayments Interest accrued Other receivables Increase in current liabilities: Trade and other payables

(33,837) (496,352) (66,772) 40,579 (46,846) 10,812 (47,271) (639,687) 230,565 (409,122) 407 95,073 (444,473) 7,778 (1,805) (7,564) 46,590 (303,994) 133,453 (170,541)

13.

Segment information 13.1 The Company has six reportable operating segments. The following summary describes the operation

Spinning: Weaving: Processing & Home Textile: Trading: Power Generation: Cold Storage:

Production of different quality of yarn using natural and artificial fibers. Production of different quality of greige fabric using yarn. Processing of greige fabric for production of printed and dyed fabric and Buying and selling of garments and home textile articles. Generation and distribution of power. Manufacturing of ice and warehousing of perishable goods.

Transactions among the operating segments are recorded at arm's length prices.

13.2

Spinning (Un-Audited) Nine months ended March 31, 2010 March 31, 2009

Weaving (Un-Audited) Nine months ended March 31, 2010 March 31, 2009

Processing & Home Textile (Un-Audited) Nine months ended March 31, 2010 March 31, 2009

Sales Cost of sales Gross profit Distribution cost Administrative expenses

3,570,496 2,988,002 582,494 48,188 53,568 101,756

2,911,104 2,861,317 49,787 30,677 54,139 84,816

3,110,783 3,068,999 41,784 29,110 10,580 39,690

1,900,683 1,753,878 146,805 33,911 13,482 47,393

5,556,195 5,317,662 238,533 258,705 62,364 321,069

4,589,193 3,981,790 607,403 215,941 53,748 269,689

Profit / (loss) before taxation and unallocated income and expenses

480,738

(35,029)

2,094

99,412

(82,536)

337,714

Unallocated income and expenses Other operating expenses Other operating income Finance cost Share of profit of associate Provision for taxation Profit after taxation

in each of the Company's reportable segments:

manufacturing of home textile articles.

Inter segment sales and purchases have been eliminated from the total.

Trading (Un-Audited) Nine months ended

March 31, 2010 March 31, 2009

Power Generation (Un-Audited) Nine months ended

March 31, 2010 March 31, 2009

Cold Storage (Un-Audited) Nine months ended

March 31, 2010 March 31, 2009

Elimination of Inter-segment transactions (Un-Audited) Nine months ended

March 31, 2010 March 31, 2009

Total - Company (Un-Audited) Nine months ended

March 31, 2010 March 31, 2009

1,836,050 1,736,096 99,954 -

2,511,134 2,237,941 273,193 8,734 8,734

695,656 660,889 34,767 865 7,834 8,699

711,618 599,370 112,248 972 4,491 5,463

5,986 3,767 2,219 455 455

4,571 4,303 268 -

6,878,108 6,878,108 -

4,648,922 4,648,922 -

7,897,058 6,897,307 999,751 336,868 134,801 471,669

7,979,381 6,789,677 1,189,704 290,235 125,860 416,095

99,954

264,459

26,068

106,785

1,764

268

-

-

528,082

773,609

(68,288) 133,927 (402,159) 106,178 (61,372) 236,368

(229,787) 188,814 (652,596) 89,565 (47,745) 121,860

14.

Transactions with related parties The related parties comprise associated undertakings, other related companies, staff retirement funds and key management personnel. Significant transactions with related parties are as under:

Nine months ended March 31, March 31, 2010 2009 (Rupees in thousand)

Company Type

Associated Companies

Nature of Transaction

Purchases Sales Processing income Insurance charges Interest income Amount contributed

109,352 156,172 1,459 17,641 99,754 11,208 57,502 319,560 189,636 2,217 18,009 106,041 11,322 53,862

Employees Provident Fund Trust

Remuneration paid to Chief Executive, Director and Executives

15.

Date of authorization This interim financial information was approved by the Board of Directors and authorized for issue on April 27, 2010.

16.

Figures Comparative figures have been rearranged / reclassified, wherever necessary, for the purpose of comparison. However, no significant rearrangements / reclassifications have been made. Figures have been rounded off to the nearest thousand rupees.

(Muhammad Anwar) Chairman & Chief Executive

(Khalid Bashir) Director

Information

Quarterly Account 31-03-10.pdf

18 pages

Report File (DMCA)

Our content is added by our users. We aim to remove reported files within 1 working day. Please use this link to notify us:

Report this file as copyright or inappropriate

629573


You might also be interested in

BETA
Main2001.p65
Sohu.com Inc. 10K
Microsoft Word - Annual Report 2007
AR8413_Richemont_R&A_front