| GLOBE
TEXTILE MILLS LTD. |
|
|
|
|
|
|
|
| ANNUAL REPORT 2003 |
|
|
| BOARD OF DIRECTORS |
|
|
|
MR. AHMED HAJI HABIB -
Chief Executive |
|
|
MR. ARIF HAJI HABIB |
|
|
MST. GUL BANO HAJI HABIB |
|
|
MR. M.HANIF AHMED |
|
|
MR. ARSHAD ARIF |
|
|
MISS FARZEEN FAZL-E-UMER |
|
|
MR. ZEESHAN ZAFAR |
|
| AUDIT COMMITTEE |
|
|
|
MR. ARIF HAJI HABIB -
CHAIRMAN |
|
|
MR. M.HANIF AHMED |
|
|
MR. ZEESHAN ZAFAR |
|
| COMPANY SECRETARY |
|
|
|
ABDUL RAUF MOHAMMED |
|
| BANKERS |
|
|
|
MUSLIM COMMERCIAL BANK
LIMITED |
|
|
METROPOLITAN BANK LIMITED |
|
|
ASKARI COMMERCIAL BANK
LIMITED |
|
| AUDITORS |
|
|
|
HYDER BHIMJI ft CO., |
|
|
Chartered Accountants. |
|
| REGISTERED OFFICE |
|
|
|
KARACHI DOCK LABOUR BOARD
BUILDING, |
|
|
4TH FLOOR, 58, WEST WHARF
ROAD, |
|
|
KARACHI. |
|
| MILLS |
|
|
|
HX/ 2, SCHEME NO. 4, |
|
|
LANDHI, KARACHI. |
|
| E-MAIL |
|
|
|
globeho@cyber.net.pk |
|
|
| MISSION STATEMENT OF |
|
|
| GLOBE TEXTILE MILLS LIMITED |
|
|
|
| To
be one of the top quality manufacturers of |
|
| cotton yarn of the Country. |
|
|
| VISION |
|
|
|
|
| Being
one of the top quality manufacturers of |
|
|
| cotton
yarn. Globe Textile Mills Limited has |
|
|
| the
responsibility to treat all stakeholders |
|
|
| equitabily,
judiciously and transparently. |
|
|
|
| GLOBE TEXTILE MILLS LTD. |
|
|
| Notice of Meeting |
|
|
| NOTICE
is hereby given that the Thirty Sixth Annual General Meeting of the
Shareholders of Globe Textile |
|
| Mills
Limited will be held on Friday, the 30th January, 2004, at 4.00 p.m. at the
Registered Office of the |
|
| Company
at 4th Floor, Karachi Dock Labour Board Building, 58, West Wharf Road,
Karachi, to transact the |
|
| following business: |
|
|
| 1
. To confirm the minutes of Thirty
Fifth Annual General Meeting held on 22nd March, 2003. |
|
| 2. To receive, consider and adopt the
Audited Accounts of the Company together with the Directors' |
|
| and
Auditors' Reports for the year ended 30th September 2003. |
|
| 3. To appoint auditors and fix their
remuneration for the year ending September 30, 2004. Present |
|
| auditors
M/s. Hyder Bhimji & Co. Chartered Accountants, retire and did not offer
for reappointment |
|
| in
view of rotation requirements of Code of Corporate Governance being part of
listing regulation |
|
|
| of
Karachi Stock Exchange. The Audit Committee has recommended M/s. Gardezi
& Co. Chartered |
|
| Accountants
for appointment in place of retiring auditors, for consideration in the
Annual General |
|
| Meeting. |
|
| 4. To transact any other business with the
permission of the Chair. |
|
|
|
| NOTES: |
|
| 1
. The Shares Transfer Book of the
Company will remain closed from Friday, January 23, 2004 to |
|
| Friday,
January 30, 2004 (both days inclusive). |
|
|
| 2. A member of the Company entitled to
attend and to vote at this meeting may appoint any other |
|
| member
as his/her proxy to attend, speak and vote at the meeting on his/her behalf.
Instruments |
|
| appointing
proxies, in order to be effective, must be received at the Registered Office
of the |
|
|
| Company
at 4th Floor, Karachi Dock Labour Board Building, 58-West Wharf Road,
Karachi, duly |
|
| stamped,
signed and witnessed not less than 48 hours before the time of holding the
meeting. |
|
|
|
| Directors' Report |
|
|
| Your
Directors have pleasure in presenting Thirty-sixth Annual Report alongwith
the Audited Accounts of the |
|
| Company
for the year ended 30th September, 2003. |
|
|
| FINANCIAL RESULTS : |
|
|
| The
operating profit of the Company for the year under review was Rs. 2.718
million as against 11.465 million. |
|
| Other
income during the year under review was Rs. 8.047 million as against Rs.
8.049 million in the preceeding |
|
| year. |
|
|
| The
net profit after taxation, was Rs. 24.841 million as against Rs. 14.970
million in the preceeding year. |
|
|
| Export
sales amounted to Rs. 619.527 million as against Rs. 623.320 million in the
preceeding year. Export Sales |
|
| were
affected due to steep fall in the exchange rate of US Dollar, out break of
SARS in the far eastern countries and |
|
| the Iraq war. |
|
|
| APPROPRIATION |
|
|
|
|
(Rupees in Thousand) |
|
| Profit after Taxation |
|
24,841 |
|
| Add:
Un-appropriated Profit brought forward |
|
3,373 |
|
| Amount available for
appropriation |
|
|
28,214 |
|
| Appropriation:- |
|
|
|
| Transfer to general reserve |
|
|
25,000 |
|
| Unappropriated Profit carried
forward |
|
|
3,214 |
|
|
| FUTURE OUTLOOK |
|
|
| As
reported in the accounts for the year ended 30th September, 2003, new ring
frames have arrived |
|
| and
are being installed. The new ring frames are expected to be operational in
first quarter of 2004 which will |
|
| result
in increase export of the Company. |
|
|
| The
prices of cotton have increased considerably from Rs. 2,300 to Rs. 3,500 per
md but the prices of |
|
| yarn
though increased, do not offset the impact of increase in the prices of
cotton. |
|
|
| Your
directors are endeavoring their best to improve the quality of yarn so as to
increase the exports. |
|
|
| BREAK-UP VALUE OF THE SHARE |
|
|
| The
break-up value of your shares as on September, 2003 was Rs. 15.66 as compared
to Rs. 14.06 of |
|
| last year. |
|
|
| GLOBE TEXTILE MILLS LTD. |
|
|
| EARNING PER SHARE: |
|
|
| The
net earning per share, after providing for taxation was Re. 1.59 for the year
under review as against |
|
| Re. 0.96 in the last year. |
|
|
| CORPORATE GOVERNANCE |
|
|
| We
are pleased to report that your Company has taken necessary steps to comply
with the provisions |
|
| of
the Code of Corporate Governance as incorporated in the Listing Rules of the
Stock Exchanges. |
|
|
| The
fianacial statements, prepared by the management of the Company, present
fairly its state |
|
| of
affairs, the result of its operations, cash flows and changes in equity. |
|
| Proper
books of account of the Company have been maintained. |
|
| Appropriate
accounting policies have been consistently applied in preparation of the
financial |
|
| statements
and accounting estimates are based on reasonable and prudent judgement. |
|
| International
Accounting Standards, as applicable in Pakistan, have been followed in
preparation |
|
| of
financial statements and departure, if any, has been adequately disclosed. |
|
| The
system of internal control is sound in design and has been effectively
implemented and |
|
| monitored. |
|
| There
has been no material departure from the best practices of corporate
governance, as detailed |
|
| in the listing regulations. |
|
| The
key operating and financial data for the last six years, in a summarized
form, is annexed. |
|
| There
were no outstanding taxes and levies as at 30th September, 2003. |
|
| During
the year four (4) meetings of the Board of Directors were held. Attendance of
each Director was |
|
| as follows:- |
|
| Name of Director(s) |
|
No. of
Meetings Attended |
|
|
|
| Mr. Ahmed Haji
Habib |
|
4 |
|
| Mr. Arif Haji
Habib |
|
4 |
|
| Mr. M. Hanif
Ahmed |
|
4 |
|
| Mst. Gul Banoo Haji
Habib |
|
4 |
|
| Mr. Zeeshan
Zafar |
|
4 |
|
| Mr. Arshad
Arif |
|
4 |
|
| Miss Farzeen
Fazl-e-Umer |
|
4 |
|
|
| GLOBE TEXTILE MILLS LTD. |
|
|
| The
Board of Directors has constituted an audit committee as requied by the Code
of Corporate |
|
| Governance,
which comprises of three members. |
|
|
| A
statement showing the pattern of shareholding in the Company as at September
30,2003 is included |
|
| in this report. |
|
|
| No
trades in the shares of the Company were carried out during the year under
review by the Directors, |
|
| CEO,
CFO, Company Secretary and their spouses and minor children. |
|
|
| AUDITORS |
|
| Present
Auditors of the Company M/s. Hyder Bhimji & Co. Chartered Accountants
retire and did not offer |
|
| for
re-appointment in view of rotation requirements of Code of Corporate
Governance being part of listing |
|
| regulations
of Karachi Stock Exchange, and in their place, on the recommendation of the
Audit Committee, |
|
| M/s.
Gardezi & Co. Chartered Accountants to be appointed as auditors of the
Company subject to the approval |
|
| of
memebers in the ensuing AGM of the Company". |
|
| ACKNOELEDGEMENT: |
|
| Your
Directors are pleased to record their appreciation for the dedication,
commitment and loyalty of |
|
| the
employees for the progress of the Company. |
|
|
| REVIEW
REPORT TO THE MEMBERS ON STATEMENT OF COMPLIANCE WITH BEST PRACTICES OF CODE
OF |
|
| CORPORATE GOVERNANCE |
|
|
| We
have reviewed the Statement of Compliance with the best practices contained
in the Code of |
|
| Corporate
Governance prepared by the Board of Director of Globe Textile Mills Limited
to comply with the |
|
| Listing
Regulations of the respective Stock Exchanges, where the Company is listed. |
|
|
| The
responsibility for compliance with the Code of Corporate Governance is that
of the Board of |
|
| Directors
of the Company. Our responsibility is to review, to the extent where such
compliance can be |
|
| objectively
verified, whether the Statement of Compliance reflects the status of the
Company's compliance |
|
| with
the provisions of the Code of Corporate Governance and report if it does not.
A review is limited primarily |
|
| to
inquiries of the Company personnel and review of various documents prepared
by the Company to comply |
|
| with the Code. |
|
|
| As
part of our audit of financial statements we are required to obtain an
understanding of the accounting |
|
| and
internal control systems sufficient to plan the audit and develop an
effective audit approach. We have not |
|
| carried
out any special review of the internal control system to anable us to express
an opinion as to whether |
|
| the
Board's statement on internal control covers all controls and effectiveness
of such internal controls. |
|
|
| Based
on our review nothing has come to our attention which causes us to believe
that the statement |
|
| of
Compliance does not appropriately reflect the Company's compliance, in all
material respects, with the best |
|
| practices
contained in the Code of Corporate Governance as applicable to the Company
for the year ended |
|
| September 30, 2003. |
|
|
| PATTERN OF SHARE HOLDINGS |
|
|
| FORM - 34 |
|
|
| Pattern
of holding of the shares held by the shareholders of |
|
| Globe Textile Mills Limited, |
|
| as at September 30, 2003. |
|
|
| No. of Shareholders |
|
Shareholding |
|
Total shares held |
|
64 |
holding |
from |
1 |
|
Shares |
2,647 |
|
80 |
holding |
from |
101 |
|
500 |
Shares |
18,495 |
|
28 |
holding |
from |
501 |
|
1000 |
Shares |
69,392 |
|
27 |
holding |
from |
1001 |
|
5000 |
Shares |
69,974 |
|
711 |
holding |
from |
5001 |
|
10000 |
Shares |
6,273,505 |
|
220 |
holding |
from |
10001 |
|
15000 |
Shares |
2,547,677 |
|
8 |
holding |
from |
15001 |
|
20000 |
Shares |
149,570 |
|
3 |
holding |
from |
20001 |
|
25000 |
Shares |
67,963 |
|
6 |
holding |
from |
25001 |
|
30000 |
Shares |
163,596 |
|
3 |
holding |
from |
85001 |
|
90000 |
Shares |
267,068 |
|
1 |
holding |
from |
105001 |
|
110000 |
Shares |
105,729 |
|
1 |
holding |
from |
120001 |
|
125000 |
Shares |
120,528 |
|
2 |
holding |
from |
150001 |
|
155000 |
Shares |
300,418 |
|
1 |
holding |
from |
175001 |
|
180000 |
Shares |
179,006 |
|
3 |
holding |
from |
220001 |
|
225000 |
Shares |
668,674 |
|
1 |
holding |
from |
240001 |
|
245000 |
Shares |
240,377 |
|
1 |
holding |
from |
255001 |
|
260000 |
Shares |
254,700 |
|
1 |
holding |
from |
265001 |
|
270000 |
Shares |
269,409 |
|
1 |
holding |
from |
300001 |
|
305000 |
Shares |
300,838 |
|
1 |
holding |
from |
305001 |
|
310000 |
Shares |
305,273 |
|
2 |
holding |
from |
335001 |
|
340000 |
Shares |
676,460 |
|
1 |
holding |
from |
445001 |
|
450000 |
Shares |
445,788 |
|
1 |
holding |
from |
615001 |
|
620000 |
Shares |
619,836 |
|
1 |
holding |
from |
675001 |
|
680000 |
Shares |
676,808 |
|
1 |
holding |
from |
845001 |
|
850000 |
Shares |
841,718 |
|
|
15,587,966 |
| Categories of
Shareholders |
Number |
Shares held |
Percentage |
| Individuals |
|
162 |
|
9,624,032 |
98.79 |
| Investment
companies |
4 |
|
88,309 |
0.9 |
| Financial
institutions |
2 |
|
28,837 |
0.3 |
| Others - |
Abandoned |
properties |
|
1 |
|
1,057 |
0.01 |
| 1169 |
15,587,576 |
100 |
|
| Statement
of Compliance with the best practices of Code of Corporate Governance |
|
| For
the year ended 30th September, 2003. |
|
|
| This
statement is being presented to comply with the Code of Corporate Governance
contained in the listing |
|
| regulations
of the Karachi and Lahore Stock Exchanges for the purpose of establishing a
framework of good |
|
| governance,
whereby a listed company is managed by in compliance with the best practices
of corporate |
|
| governance. |
|
|
| The
Company has applied the principles contained in the code in the following
manner:- |
|
|
| 1. The Company encourges representation
of independent non-executive directors and directors representing |
|
| minority
interests on its Board of Directors. At present the Board includes atleast
four independent non-executive |
|
| directors. |
|
|
| 2. The directors have confirmed that
none of them is serving as a director in more than ten listed companies, |
|
| including this Company. |
|
|
| 3. All the directors of the Company are
registered as tax payers and none of them has defaulted in payment of |
|
| any
loan to a banking company, a DPI or an NBFI. None of the Directors is a
member of a stock exchange. |
|
|
| 4. No casual vacancy in the Board
occured during the financial year. |
|
|
| 5. The Board of Directors of the
Company, in its meeting held on January 02,2004 adopted a Statement of Ethics |
|
| and
Business Practices which is in the process of being signed by all the
Company's Directors and employees. |
|
|
| 6. The Board has developed a vision/
mission statement and the Company is in the process of developing overall |
|
| corporate
strategy and significant policies of the Company as required by the code. |
|
|
| 7. All the powers of the Board have been
duly excersied and significant issues as detailed in the code, wherever |
|
| applicable,
are placed for the information, consideration and decisionof the Board of
Directors and such decisions |
|
| on
material transactions or significant matters are minuted. |
|
|
| 8. The meetings of the Board were
presided over by the Chairman. The Board met at least once in every quarter. |
|
| Written
notices of the Board meetings, alongwith agenda and working papers were
circulated at least seven days |
|
| before
the meetings. The minutes of the meetings were appropriately recorded and
circulated within thirty days from |
|
| the date of meetings. |
|
|
| 9. The Board did not arrange orientation
course for its directors in view of their own business engagements. We |
|
| are
taking steps for arranging orientation courses for the directors. Although no
formal training was organized, the |
|
| directors
have been provided with copies of the listing regulations of Karachi and
Lahore Stock Exchages, Compny's |
|
| Memorandum
and Articles of Associaton and Code of Corporate Governance. Further being in
the corporate sector |
|
| for
long time,they are fully conversant with their duties and responsibilites. |
|
|
| 10. The Board has approved appointment of
CFO, Company Secretary and head of internal audit, including their |
|
| remunerations,
and terms and conditions of employment, as determined by the CEO. |
|
|
| 11. The directors' report for this year has
been prepared in compliance with requirements of the Code and fully |
|
| described
the salient matter required to be disclosed. |
|
|
| GLOBE TEXTILE MILLS LTD. |
|
|
| 1
2. The financial statments of the
Company were duly endorsed by CEO and CFO before approval of the Board. |
|
| 13. The directors, CEO and executives do not
hold any interest in the shares of the Company other than that |
|
| disclosed
in the pattern of sharesholdings. |
|
| 1
4. The Company has complied with
all the corporate and financial reporting requirements of the Code. |
|
| 15. The Board has formed an audit committee.
It comprises three members, two of them are non-executive |
|
| directors. |
|
| 16. The meetings of the audit committee were
held once atleast every quater prior to approval of interim and |
|
| financial
results of the Company and as required by the Code the terms of reference of
the Committee have been |
|
| formed
and advised to the Committee for compliance. |
|
| 17. The Board has establised an independednt
internal audit department which is functioning in line with the |
|
| Company's policies and
procedures. |
|
| 1
8. The statutory auditors of the
Company have confirmed that they have been given a satisfactory rating under |
|
| the
quality control review programme of the Institute of Charterd Accountants of
Pakistan, that they or any of the |
|
| partners
of the firm and all its partners are compliant with International Federation
of Accountatns (IFAC) Guidelines |
|
| on
Code of Ethics as adopted by the Institute of Chartered Accountants of
Pakistan. |
|
| 19. The statutory auditors or the persons
associted with them have not been appointed to provide other services |
|
| except
in accordance with the listing regulations and the auditors have confirmed
that they have observed IFAC |
|
| guidelines in this regard. |
|
| 20. We confirm that all other material
principles contained in the Code have been complied with. |
|
|
| DETAILES
OF PATTERN OF SHAREHOLDING AS AT SEPTEMBER 30, 2003 AS PER REQUIREMENTS OF |
|
| CODE
OF CORPORATE GOVERNANCE. |
|
|
| NAME
SHARE HELD |
|
| Associated Companies,
undertaking and related parties |
NIL |
|
| DIRECTORS,
CEO, THEIR SPOUSES AND MINOR CHILDREN |
|
| Mr.
Ahmed Haji Habib Chief
Executive |
|
17,809 |
|
| Mr.
Arif Haji Habib
Director |
|
179,006 |
|
| Mr.
M. Hanif Ahmed Director |
|
89,494 |
|
| Mst.
Gul Banoo Haji Habib Director |
|
619,836 |
|
| Mr.
Zeeshan Zafar
Director |
|
445,788 |
|
| Mr.
Arshad Arif
Director |
|
676,808 |
|
| Miss.
Farzeen Fazal-e-Umer Director |
|
120,528 |
|
| Public sector Companies and
Corporation |
NIL |
|
| Banks,
Development Finance Institutions, Non-Banking Finance Institutions, |
|
|
| Insurance
Companies, Modarabas and Mutual Funds. |
|
181,137 |
|
| Shareholders Holding 10% or
more |
NIL |
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the Annexed Balance Sheet of GLOBE TEXTILE MILLS LIMITED, as at
September 30, 2003 |
|
| and
the related Profit and Loss Account, Cash Flow Statement and the Statement of
Changes in Equity, together with |
|
| the
notes forming part thereof, for the year then ended and we state that we have
obtained all the informations and |
|
| explanations
which to the best of our knowledge and belief, were necessary for the purpose
of our audit. |
|
|
| It
is the responsibility of the company's management to estabilish and maintain
a system of internal control |
|
| and
prepare and present the above said statements in confirming with the approved
accounting standards and the |
|
| requiremants
of the Companies Ordinance, 1984. Our responsibility is to express an opinion
on these statements |
|
| based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards |
|
| require
that we plan and perform the audit to obtain reasonable assurance about
whether the above said statements |
|
| are
free of any material misstatement. An audit includes examining, on a test
basis, evidence supporting the amount |
|
| and
disclosures in the above said statements. An audit also includes assessing
the accounting polices and significant |
|
| estimate
made by management, as well as evaluating the overall presentation of the
above said statements, we believe |
|
| that
our audit provides a reasonable basis for our opinion and, after due
verification, we report that: |
|
|
| (a) In our opinion, proper books of account
have been kept by the Company as required by the Companies |
|
| Ordinance, 1984. |
|
| (b) in our opinion, |
|
| (i) The Balance Sheet and Profit and Loss
Account together with the notes thereon have been drawn |
|
| up
in conformity with the Companies Ordinance, 1984 and are in agreement with
the Books of |
|
|
| Account
and are further in accordance with accounting policies consistently
applied; |
|
|
| (ii) the expenditure incurred during the year
was for the purpose of the Company's business; and |
|
| (iii) the business conducted, investments made
and expenditure incurred during the year were in |
|
| accordance
with the objects of the Company. |
|
| (c) in our opinion and to the best of our
informations and according to the explanations given to us, the |
|
| Balance
Sheet, Profit & Loss Account, Cash
Flow Statement and Statement of Changes in Equity |
|
| together
with the notes forming part thereof, confirm with approved accounting
standards as applicable |
|
| in
Pakistan, and give the information required by the Companies Ordinance, 1984,
in the manner so |
|
| required
and respectively give a true and fair view of the state of the Company's
affairs as at 30th |
|
| September,2003,
and of the profit, Cash Flow and Changes in Equity for the year then ended;
and. |
|
| (d) in ouropinion, noZakat was deductible at
source, undertheZakat& Ushr Ordinance, 1 980 (XVIII of 1 980). |
|
|
| Globe Textiles Mills Ltd |
|
| Balance Sheet |
|
|
|
Note |
2003 |
Rupees in Thousand |
|
|
| CAPITAL AND LIABILITIES |
|
|
|
| CAPITAL AND RESERVES |
|
|
|
| Share Capital |
|
|
| Authorised |
|
|
| 20,000,000
ordinary shares of Rs.10/- each |
200,000 |
200 |
,000 |
|
| Issued.subscribed and
paid-up: |
3 |
155,880 |
155 |
,880 |
|
| Revenue Reserves - General |
|
85,000 |
60 |
,000 |
|
| Unappropriated Profit |
|
3,214 |
3 |
,373 |
|
| SHAREHOLDERS' EQUITY |
|
244,094 |
219 |
,253 |
|
| REDEEMABLE CAPITAL |
4 |
269,395 |
195 |
,953 |
|
| LIABILITIES
AGAINST ASSETS SUBJECT |
|
|
|
| TO FINANCE LEASES - SECURED |
5 |
87,021 |
63 |
,311 |
|
| DEFERRED LIABILITY |
|
|
|
|
| Deferred taxation |
6 |
68,581 |
88 |
,581 |
|
| CURRENT LIABILITIES |
|
|
|
|
| Short term running finance -
Secured |
7 |
469,317 |
464 |
,044 |
|
| Current maturity of
redeemable capital |
4 |
51,609 |
57 |
,108 |
|
| Current obligation under
finance leases |
5 |
57,174 |
33 |
,946 |
|
| Creditors, accrued and other
liabilities |
8 |
51,413 |
43 |
,355 |
|
|
629,513 |
598 |
,453 |
|
|
1,298,604 |
1,165 |
,551 |
|
|
| Mills Limited |
|
| September 30,2003 |
|
|
|
|
|
2003 |
2002 |
|
|
|
Note |
Rupees |
in Thousand |
|
| PROPERTY AND ASSETS |
|
|
|
| FIXED ASSETS |
|
|
|
|
| Operating assets |
|
|
9 |
582,652 |
544,746 |
|
| Capital work-in-progress |
|
|
10 |
68,277 |
74,284 |
|
|
|
650,929 |
619,030 |
|
| LONG TERM DEPOSITS |
|
|
|
22,993 |
13,609 |
|
| CURRENT ASSETS |
|
|
|
|
| Stores and spares |
|
|
11 |
117,710 |
93,255 |
|
| Stock-in-trade |
|
|
12 |
249,707 |
252,857 |
|
| Trade debts |
|
|
13 |
115,702 |
135,355 |
|
| Loans, advances and deposits |
|
|
14 |
139,741 |
49,240 |
|
| Cash and bank balances |
|
|
15 |
1,822 |
2,205 |
|
|
|
|
624,682 |
532,912 |
|
|
| Globe Textile Mills Limited |
|
|
| Profit and Loss Account |
|
| for
the year ended September 30, 2003 |
|
|
|
Note |
2003 |
2002 |
|
|
|
Rupees in Thousand |
|
|
16 |
1,172,140 |
1,213,697 |
|
|
17 |
1,047,176 |
1,060,703 |
|
|
PROFIT |
|
124,964 |
152,994 |
|
|
BATING EXPENSES |
|
|
|
|
Administrative |
|
18 |
26,443 |
28,133 |
|
|
Selling |
|
19 |
21,885 |
17,168 |
|
|
Financial |
|
20 |
73,918 |
96,228 |
|
|
122,246 |
141,529 |
|
|
RATING PROFIT |
|
2,718 |
11,465 |
|
|
Other income |
|
21 |
8,547 |
8,049 |
|
|
11,265 |
19,514 |
|
|
Other Charges |
22 |
563 |
976 |
|
|
PROFIT BEFORE TAXATION |
|
10,702 |
18,538 |
|
|
TAXATION |
|
|
|
|
|
- Current |
|
|
-5,861 |
-6,068 |
|
|
- Deferred - Reversal |
|
20,000 |
2,500 |
|
|
14,139 |
-3,568 |
|
|
PROFIT AFTER TAXATION |
|
24,841 |
14,970 |
|
|
Unappropriated profit
brought forward |
3,373 |
5,403 |
|
|
:IT AVAILABLE FOR APPROPRIATION |
|
28,214 |
20,373 |
|
|
Appropriations |
|
|
|
|
Transfer to Revenue
Reserve |
|
25,000 |
17,000 |
|
|
Unappropriated profit
carried forward |
3,214 |
3,373 |
|
|
Earning per share |
23 |
1.59 |
0.96 |
|
|
|
2003 |
2002 |
|
|
|
|
|
| 3. SHARE CAPITAL |
|
|
| 3,694,327 |
ordinary shares of Rs. 10
each |
|
|
