Beruflich Dokumente
Kultur Dokumente
Company Information Vision & Mission Statement Directors Report to the Shareholders Balance Sheet Profit & Loss Account Cash Flow Statement Statement of Changes in Equity Notes to the Financial Statements 02 04 05 06 07 08 09 10
01
Company Information
Chief Executive Officer Mian Muhammad Latif
Directors
Mian Muhammad Javaid Iqbal Mr. Muhammad Naeem Mr. Muhammad Faisal Latif Mr. Muhammad Farhan Latif Mr. Muhammad Rizwan Latif Mr. Muhammad Zeeshan Latif Mst. Shahnaz Latif Mst. Tehmina Yasmin
Bankers/Financial Institutions
(In Alphabetic Order)
Allied Bank Limited Atlas Bank Limited Askari Bank Limited AlBaraka Islamic Bank, B.S.C. (E.C) Bank Alfalah Limited Citibank, N.A. Faysal Bank Limited First Credit & Investment Bank Limited First Punjab Modaraba Habib Bank Limited Habib Metropolitan Bank Limited KASB Bank Limited National Bank of Pakistan NIB Bank Limited Orix Investment Bank (Pakistan) Limited Pak Oman Investment Company Ltd. Pak Kuwait Investment Company (Pvt.) Ltd. Pak Libya Holding Company (Pvt.) Ltd. Saudi Pak Commercial Bank Limited Saudi Pak Agricultural & Investment Company (Pvt.) Ltd. Standard Chartered Bank (Pakistan) Limited The Bank of Punjab United Bank Limited
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DETIMIL BANEHC
Company Secretary
Company Information
Audit Committee Mr. Muhammad Farhan Latif Mst. Shahnaz Latif Mst. Tehmina Yasmin Chairman Member Member
Auditors
Legal Advisor
Registered Office
E-mail Address
chenab@chenabgroup.com
Website Address
www.chenabgroup.com
Works
- Spinning Unit - Weaving Unit - Weaving Unit - Weaving Unit - Weaving Unit - Processing Unit & Stitching Units
- Toba Tek Singh. - Kharianwala, District, Sheikhupura. - Shahkot, District, Nankana Sahib. - Gatti, Faisalabad. - Khurrianwala, Faisalabad.
- Nishatabad, Faisalabad.
03
Vision
To be a competitive and customer focused organization with continuing commitment to excellence and standards.
Mission Statement
To be the business house of first choice for customers. To be a change leader. To produce innovative, relevant and cost effective products. Setting and maintaining high standards. To earn profits by achieving optimum level of production by using state of the art technologies. To provide ideal working conditions to employees and to take care in their career planning and reward them according to their skill and responsibility. To meet social and cultural obligations towards the society being a patriotic and conscientious corporate citizens.
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DETIMIL BANEHC
05
1,200,000,000 800,000,000 1,150,000,000 800,000,000 526,409,752 113,545,598 2,589,955,350 1,160,265,688 2,201,513,749 95,057,452 170,046,540 2,466,617,741 1,698,605,437 285,107,900 6,880,562,531 1,041,769,900 81,827,892 82,390,810 10,070,264,470 16,287,103,249 7,613,039,206 22,223,563 7,635,262,769 1,175,542,491 4,442,600,098 2,429,040,820 145,473,360 31,823,107 135,968,236 231,534,410 59,857,958 8,651,840,480 16,287,103,249
SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT NONCURRENT LIABILITIES Long term financing Liabilities against assets subject to finance lease Long term morabaha Deferred liability Staff retirement gratuity CURRENT LIABILITIES Trade and other payables Interest / markup payable Short term borrowings Current portion of : Long term financing Liabilities against assets subject to finance lease Provision for taxation income tax CONTINGENCIES AND COMMITMENTS NONCURRENT ASSETS Property, plant and equipment Long term deposits CURRENT ASSETS Stores, spares and loose tools Stock in trade Trade debts Loans and advances Deposits and prepayments Other receivables Tax refunds due from Government Cash and bank balances
DETIMIL BANEHC
1,160,119,638 2,048,612,981 137,272,162 174,694,114 2,360,579,257 1,714,766,304 281,668,583 6,765,719,905 1,058,137,578 35,770,102 103,805,982 4 9,959,868,454 16,076,243,025 7,577,153,225 23,223,563 7,600,376,788 1,112,216,720 4,312,687,125 2,384,795,602 240,333,045 43,259,696 133,575,082 225,133,632 23,865,335 8,475,866,237 16,076,243,025
06
Notes
2,023,407,021 1,619,111,571 404,295,450 211,264 404,506,714 79,523,627 42,420,507 3,472,657 241,243,879 366,660,670 37,846,044 18,345,090 19,500,954 0.009
Selling and distribution expenses Administrative expenses Other operating expenses Finance cost
Profit for the period before taxation Provision for taxation Profit for the period after taxation Earnings per share - Basic 7
07
Notes a) CASH FLOWS FROM OPERATING ACTIVITIES Profit for the period before taxation Adjustment for: Depreciation on property, plant and equipment Provision for staff retirement gratuity Finance cost Operating cash flows before working capital changes Changes in working capital (Increase) / decrease in current assets Stores, spares and loose tools Stock in trade Trade debts Loans and advances Deposits and prepayments Other receivables Tax refunds due from Government Increase in current liabilities Trade and other payables Cash (used in) / generated from operating activities Income tax paid Finance cost paid Staff retirement gratuity paid Net cash generated/(used in) from operating activities b) CASH FLOWS FROM INVESTING ACTIVITIES Additions in property, plant and equipment Proceeds from disposal of property, plant and equipment Long term deposites Net cash used in investing activities c) CASH FLOWS FROM FINANCING ACTIVITIES Long term loans obtained Repayment of: Long term loans Liabilities against assets subject to finance lease Increase in short term bank borrowings net Payment of dividend Net cash from financing activities Net (decrease) / increase in cash and cash equivalents (a+b+c) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period
DETIMIL BANEHC
63,325,771 129,912,973 44,245,218 (71,543,936) (11,436,589) 2,393,154 6,400,778 163,297,369 22,024,146 185,321,515 646,590,799 (23,315,749) (354,559,438) (11,425,059) 257,290,553
37,766,090 (336,439,373) (86,239,585) 8,188,192 (7,714,517) 5,251,129 (6,573,456) (385,761,520) 42,070,276 (343,691,244) 15,665,399 (12,202,174) (232,975,355) (7,918,021) (237,430,151)
08
Share Capital Issued, subscribed and paid up capital Cumulative preference shares Premium on issue of ordinary shares
Capital Reserves Book difference of capital under scheme of arrangement for amalgamation Preference shares redumption reserve Rupees
Revenue Reserves
Total
General reserve
Unapprpriated profit
Balance as at July 01, 2007 Incremental depreciation on revalued assets for the period Profit for the period 1,150,000,000 1,150,000,000 1,150,000,000 Transferred to preference shares redemption reserve Tranferred to unappropriated profit Balance as at Sep 30, 2007 Incremental depreciation on revalued assets for the period Profit for the period Dividend to cumulative preference shareholders at 9.25% per annum Balance as at June 30, 2008 Incremental depreciation on revalued assets for the period Profit for the period Transferred to preference shares redemption reserve Balance as at Sep 30, 2008
1,150,000,000
276,432,834
6,295,498
2,759,138,084
152,135
152,135
19,500,954
19,500,954
(200,000,000)
200,000,000
76,432,834
225,948,587
2,778,791,173
456,405
456,405
(115,292,228)
(115,292,228)
(74,000,000)
(74,000,000)
76,432,834
37,112,764
2,589,955,350
146,050
146,050
5,574,275
5,574,275
76,432,834
42,833,090
2,595,675,676
The annexed notes form an integral part of these financial statements. MUHAMMAD NAEEM (DIRECTOR)
09
1.2
1.3 2.
BASIS OF PREPARATION These condensed interim financial statements have been prepared under the "historical cost convention" except staff retirement gratuity carried at present value and certain property, plant and equipment carried at valuation. These condensed interim financial statements are unaudited and are being submitted to the shareholders as required under Section 245 of the Companies Ordinance, 1984. These condensed interim financial statements have been prepared in accordance with the requirements of the International Accounting Standard 34 "Interim Financial Reporting" as applicable in Pakistan and shall be read in conjunction with the published audited financial statements for the year ended June 30, 2008.
3.
ACCOUNTING POLICIES The accounting policies and methods of computation followed in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the published audited financial statements for the year ended June 30, 2008. September 30, 2008 Rupees June 30, 2008 Rupees
4.
CONTINGENCIES AND COMMITMENTS Contingencies In respect of bank guarantees issued on behalf of the Company Sui Northern Gas Pipelines Limited for supply of gas Collector of Customs against demand of custom duty on humidification plant. The Company has claimed exemption from the duty. Collector of Customs, for release of returned goods for re-export District Government against imposition of license fee Foreign customers to secure fulfillment of contractual obligations Demand of custom duty and sales tax not acknowledged in view of pending appeals
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DETIMIL BANEHC
Post dated cheques issued in favour of Collector of Customs for release of goods imported for reexport Claim of workers' welfare fund not acknowledged. The Company is claiming exemption. Commitments Under letters of credit for : Raw material and stores
313,756,474
410,072,016
Description Note Owned Plant and machinery Electric installations Factory equipment Office equipment Vehicles
1st Quarter Ended September September 30, 2008 30, 2007 Rupees Rupees 6. Cost of sales Cost of goods manufactured (Note 6.1) Finished goods Opening stock Closing stock 1,587,809,549 1,287,182,156 (1,196,770,677) 90,411,479 1,678,221,028 6.1 Cost of goods manufactured Raw material consumed Salaries, wages and benefits Staff retirement benefits Stores and spares Dyes and chemicals Packing material Repairs and maintenance Fuel and power Insurance Research and development support Depreciation / impairment loss Other Work in process Opening stock Closing stock (6.1.1) 778,825,657 164,026,234 12,905,426 98,025,759 139,549,325 145,613,353 4,356,888 130,508,338 5,651,352 174,985 63,696,041 47,931,370 1,591,264,728 2,594,938,814 (2,598,393,993) (3,455,179) 1,587,809,549 6.1.1 Raw material consumed Opening stock Purchases including purchase expenses Closing stock 560,479,128 735,868,984 1,296,348,112 (517,522,455) 778,825,657 802,441,625 157,027,610 10,135,218 95,255,002 146,270,625 141,882,546 2,970,311 127,218,705 5,032,527 940,665 63,234,636 14,414,090 1,566,823,560 2,396,465,262 (2,556,837,351) (160,372,089) 1,406,451,472 651,342,047 1,191,169,008 1,842,511,055 (1,040,069,431) 802,441,625
1st Quarter ended September 30, 2008
(6.1.2)
11
115,000,000 0.048
115,000,000 0.009
8.
TRANSACTIONS WITH RELATED PARTIES Relationship Nature of transaction Associated undertakings Sales of goods Organizational exp. Received key management personal Sales of vehicals 702,631,702 296,191 179,630,831 93,750 313,620
9.
DATE OF AUTHORISATION FOR ISSUE These condensed interim financial statements were authorised for issue on 31102008 by the Board of Directors of the Company.
10.
General i) There is no unusual item included in the condensed interim financial statements which is affecting liabilities, assets, profit, cash flows or equity of the Company. The provision for taxation and workers' profit participation fund are based on these condensed interim financial statements and are subject to adjustments in annual financial statements. Figures have been rounded off to the nearest Rupees.
ii )
iii)
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DETIMIL BANEHC