| NINA INDUSTRIES LIMITED |
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| ANNUAL
REPORT 2004 |
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| Meetings
of the Board of Directors |
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| During
the year 05 meetings of the Board of Directors were held, the requisite
details are as under: |
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| Name
of Directors |
|
No. of Meetinqs Attended |
|
| Mr.
Saeed A. Sattar |
|
5 |
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| Mr.
Waqar A. Sattar |
|
4 |
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| Mr. Urooj Saeed |
|
4 |
|
| Mr. Kashif Sattar |
|
4 |
|
| Mr. Yasir Waqar |
|
4 |
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| Mrs.
Saeeda Saeed |
|
2 |
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| Mr.
Ansar Hussain |
|
3 |
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| Mr. Karim Hatim |
|
1 |
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| Rescheduling
and Restructuring of Debts |
|
| Your
Company has been very successful in getting approved from various financial
institutions the rescheduling |
|
| and
restructuring of its financial obligations. Reduction in markup rates has
also been accorded the effect of |
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| which
has been taken in these financial statements to the extent applicable. You
would see its reflection in the |
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| financial
statements of the ensuing periods. |
|
|
| Auditors |
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| The
auditors, M/s. Khalid Majid Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered
Accountants, retire and being |
|
| eligible,
offer themselves for reappointment. However, the Board of Directors
deliberated, Considered and |
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| recommended
that offers from other practicing firms may be solicited. |
|
|
| Code
of Corporate Governance |
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| * The financial statements, prepared by
the management of the Company, present fairly its state of affairs, |
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| the
result of its operations, cash flows and changes in equity. |
|
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| * Proper books of account have been
maintained. |
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| * Appropriate accounting policies have
been consistently applied in preparation of financial statements and |
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| accounting
estimates are based on reasonable and prudent judgement. |
|
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| * International Accounting Standards, as
applicable in Pakistan, have been followed in preparation of financial |
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| statements. |
|
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| * The system of internal control is sound
in design and has been effectively implemented and monitored |
|
|
| * There are no significant doubts upon the
company's ability to continue as a going concern. |
|
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| * There has been no material departure
from the best practices of corporate governance, as detailed in the |
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| listing regulations. |
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| STATEMENT
OF COMPLIANCE WITH THE CODE OF CORPORATE GOVERNANCE |
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| This
statement is being presented to comply with the Code of Corporate Governance
contained in Regulation |
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| Number
37 of the listing regulations of the Karachi Stock Exchange (Guarantee)
Limited for the purposes of |
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| establishing
a framework of good .governance, whereby a listed company is managed in
compliance with the |
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| best
practices of corporate governance. |
|
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| The
company has applied the principles contained in the Code in the following
manner: |
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| 1. The Company encourages representation of
independent non-executive directors and directors representing |
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| minority
interests on its Board of Directors. At present the Board includes four
non-executive directors two |
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| of
whom are the nominee shareholders of the Institutions. |
|
|
| 2. The directors have confirmed that none of
them is serving as a director in more than ten listed companies, |
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| including
this Company. |
|
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| 3. All the resident directors of the Company
are registered as taxpayers and none of them has defaulted in |
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| payment
of any loan to a banking company, a DPI or a Non-Banking Finance Company or,
being a |
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| member
of a stock exchange, has been declared as a defaulter by that stock exchange. |
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| 4. A casual vacancy occurring in the Board
on 11 November 2003 was filled up by the directors within one |
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| day thereof. |
|
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| 5. The Company is in the development phase
of 'Statement of Ethics and Business Practices' which would be |
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| signed
by all the directors and management employees of the Company. |
|
|
| 6. The Board has a vision/mission statement.
Overall corporate strategy is at work and significant policies of |
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| the
Company are being followed in letter and spirit. However, the same are being
formalized in the form |
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| of policy manuals. |
|
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| 7. All the powers of the Board have been
duly exercised including appointment and determination of |
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| remuneration
and terms and conditions of employment of the CEO and other executive
directors, have |
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| been
taken by the Board. |
|
|
| 8. The meetings of the Board were presided
over by the Chairman and the Board met at least once in every |
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| quarter.
Written notices of the Board meeting,
along with agenda and working papers were circulated at |
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| least
seven days before the meetings. The minutes of the meetings were
appropriately recorded and |
|
| circulated. |
|
|
| 9. The Directors are well acquainted as to their duties and responsibilities
as required under the Code of |
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| Corporate
Governance. However, information material including a copy of the Code of
Corporate |
|
| Governance
and the Memorandum and Articles of Association of the Company were circulated
to the |
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| Directors
to apprise them with their duties and responsibilities and enable them to
manage the affairs of |
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| the Company. |
|
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| 10. Company Secretary was appointed during the
year with the approval of the Board of Directors. However, |
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| KEY
OPERATING AND FINANCIAL DATA - SIX YEARS |
|
|
Jun-04 |
Jun-04 |
Jun-03 |
Jun-03 |
Jun-02 |
Jun-02 |
Jun-01 |
Jun-01 |
Jun-00 |
Jun-00 |
Jun-99 |
Jun-99 |
|
(Rs) |
(%) |
(Rs) |
(%) |
(Rs) |
(%) |
(Rs) |
(%) |
(Rs) |
(%) |
(Rs) |
(%) |
|
|
| SALES
AND SERVICES - NET |
|
1,205,985,359 |
100.00% |
1,716,436,013 |
100.00% |
1,146,120,925 |
100% |
892,356,067 |
100% |
790,267,577 |
100% |
567,551,087 |
100% |
| COST OF SALES |
|
1,016,673,578 |
84.30% |
1,528,867,064 |
89.07% |
949,715,535 |
82.86% |
731,216,714 |
81.94% |
670,945,049 |
84.90% |
461,210,503 |
81.26% |
| GROSS PROFIT |
|
189,311,781 |
15.70% |
187,568,949 |
10.93% |
196,405,390 |
17.14% |
161,139,353 |
18.06% |
119,322,528 |
15.10% |
106,340,584 |
18.74% |
| OPERATING
EXPENSES: |
|
|
| GENERAL
& ADMINISTRATIVE |
|
48,304,215 |
4.01% |
52,015,371 |
3.03% |
46,242,517 |
4.03% |
40,308,447 |
4.52% |
33,286,829 |
4.21% |
31,719,079 |
5.59% |
| SELLING
& DISTRIBUTION |
|
22,078,273 |
1.83% |
28,466,386 |
1.66% |
20,445,936 |
1.78% |
13,376,020 |
1.50% |
9,495,005 |
1.20% |
5,047,545 |
0.89% |
| FINANCIAL
CHARGES |
|
175,971,373 |
14.59% |
102,515,575 |
5.97% |
95,985,348 |
8.37% |
82,044,448 |
9.19% |
61,107,131 |
7.73% |
59,518,798 |
10.49% |
| OTHER
CHARGES |
|
- |
0.00% |
423,004 |
0.02% |
1,847,999 |
0.16% |
1,458,788 |
0.16% |
922,732 |
0.12% |
583,290 |
0.10% |
| OTHER INCOME |
|
-3,708,670 |
-0.31% |
-3,888,470 |
-0.23% |
-3,228,400 |
-0.28% |
-2,639,171 |
-0.30% |
-2,164,634 |
-0.27% |
-1,610,645 |
-0.28% |
| TOTAL
OPERATING EXPENSES |
|
242,645,192 |
20.12% |
179,531,866 |
10.46% |
161,293,400 |
14.07% |
134,548,532 |
15.08% |
102,647,063 |
12.99% |
95,258,067 |
16.78% |
| (LOSSl/PROFTT
BEFORE TAXATION |
-53,333,410 |
-4.42% |
8,037,083 |
0.47% |
35,111,990 |
3.06% |
26,590,821 |
2.98% |
16,675,465 |
2.11% |
11,082,517 |
1.95% |
| PROVISION
FOR TAXATION |
|
9,178,568 |
0.76% |
14,477,054 |
0.84% |
11,980,782 |
1.05% |
10,298,137 |
1.15% |
4,033,826 |
0.51% |
2,289,454 |
0.40% |
| (LOSSI/PROFTT
AFTER TAXATION |
|
-62,511,978 |
-5.18% |
-6,439,971 |
-0.38% |
23,131,208 |
2.02% |
16,292,684 |
1.83% |
12,641,639 |
1.60% |
8,793,063 |
1.55% |
| UNAPPROPRIATED
PROFTT B/F |
|
166,565,622 |
13.81% |
120,711,570 |
7.03% |
119,580,362 |
10.43% |
106,036,586 |
11.88% |
109,894,947 |
13.91% |
101,101,884 |
17.81% |
| TRANSFER
FROM SURPLUS ON |
|
|
| REVALUATION
OF FKED ASSETS |
|
14,184,587 |
1.18% |
52,294,023 |
3.05% |
- |
- |
- |
- |
- |
- |
- |
- |
| APPROPRIATION
OF DIVIDEND |
|
- |
- |
- |
- |
22,000,000 |
1.92% |
- |
- |
16,500,000 |
2.09% |
11,000,000 |
1.94% |
| UNAPPROPRIATED
PROFTT C/F TO B/S |
118,238,231 |
9.80% |
166,565,622 |
9.70% |
120,711,570 |
10.53% |
122,329,270 |
13.71% |
106,036,586 |
13.42% |
98,894,947 |
17.42% |
|
| 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 Directors of %*** INDUSTRIES LIMITED to comply with
the Listing |
|
| Regulation
No.37 of the Karachi Stock Exchange (Guarantee) Limited, 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 the 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 enable us to express
an opinion as to whether |
|
| the
Board's statement on internal control covers all controls and the
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 |
|
| June 30, 2004. |
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|
| BALANCE
SHEET |
|
|
|
|
Note |
2004 |
2003 |
|
|
|
|
Rupees |
Rupees |
|
| CAPITAL
& LIABILITIES |
|
|
|
| AUTHORIZED |
|
|
|
| SHARE CAPITAL |
|
|
|
| 25,000,000
Ordinary shares of Rs. 10/- each |
|
250,000,000 |
250,000,000 |
|
| CAPITAL
AND RESERVE |
|
|
|
| Issued,
subscribed and paid-up capital |
3 |
242,000,000 |
242,000,000 |
|
| Un-appropriated
profit |
|
|
118,238,231 |
166,565,622 |
|
|
|
360,238,231 |
408,565,622 |
|
| Surplus
on Revaluation of Fixed Assets |
4 |
482,193,093 |
158,179,028 |
|
| Long
term loans - secured |
|
5 |
503,099,885 |
311,512,088 |
|
| Liabilities
against assets subject to Finance lease |
6 |
126,829,153 |
130,373,400 |
|
| Deferred
Liabilities |
|
7 |
7,490,023 |
5,237,647 |
|
| Directors loan |
|
8 |
305,294 |
3,172,329 |
|
| CURRENT
LIABILITIES |
|
|
|
| Short
term finances utilized under |
|
|
|
| mark-up
arrangements - secured |
|
9 |
1,032,749,102 |
1,158,269,524 |
|
| Current
maturity of long term liabilities |
10 |
80,262,090 |
111,818,058 |
|
| Creditors,
accured charges and other liabilities |
11 |
667,432,483 |
652,070,527 |
|
|
|
1,780,443,675 |
1,922,158,109 |
|
| Contingencies
and commitments |
|
12 |
- |
- |
|
|
|
|
3,260,599,354 |
2,939,198,223 |
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| We
have audited the annexed Balance Sheet of Nina INDUSTRIES LIMITED as at June 30, 2004 and the related |
|
| profit
& loss account, cash flow statement and 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
information and explanations |
|
| which,
to the best of our knowledge and belief, were necessary for the purposes of
our audit. |
|
|
| It
is the responsibility of the Company's management to establish and maintain a
system of internal control, |
|
| and
prepare and present the above said statements in conformity with the approved
accounting standards and |
|
| the
requirements 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 amounts and disclosures in the above said statements. An audit also
includes assessing the |
|
| accounting
policies and significant estimates 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
accounts |
|
| and
are further in accordance with accounting policies consistently applied; |
|
|
| (ii) the expenditure incurred during the year
was for the purpose of the Companys' business; and |
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
|
| accordance
with the objects of the Company; |
|
|
| (c) in our opinion and to the best of our
information 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 conform 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 June 30, 2004, and of |
|
| the
loss, its cash flows and changes in equity for the year then ended; and |
|
|
| (d) in our opinion, no Zakat was deductible
at source under the Zakat and Ushr Ordinance, 1980, (XVII of |
|
| 1980). |
|
|
| The
financial statements for the year ended June 30, 2003 were audited by another
firm of Chartered |
|
| Accountants,
who expressed an unqualified opinion in their report dated October 07, 2003. |
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2004 |
|
|
|
|
Note |
2004 |
2003 |
|
|
|
|
Rupees |
Rupees |
|
| Sales
and Services-Net |
|
22 |
1,205,985,359 |
1,716,436,013 |
|
| Cost of sales |
|
23 |
-1,016,673,578 |
-1,528,867,064 |
|
| Gross profit |
|
|
189,311,781 |
187,568,949 |
|
| OPERATING
EXPENSES |
|
|
|
| General
and administrative |
|
24 |
48,304,215 |
52,015,371 |
|
| Selling
& distribution |
|
25 |
22,078,273 |
28,466,386 |
|
|
|
-70,382,488 |
-80,481,757 |
|
| Operating profit |
|
|
118,929,293 |
107,087,192 |
|
| Financial charges |
|
26 |
175,971,373 |
102,515,575 |
|
| Other charges |
|
27 |
- |
423,004 |
|
|
|
-175,971,373 |
-102,938,579 |
|
|
|
-57,042,080 |
4,148,613 |
|
| Other income |
|
28 |
3.708.670 |
3.888.470 |
|
| (Loss)
/ profit before taxation |
|
|
-53,333,410 |
8,037,083 |
|
| Provision
for Taxation |
|
|
|
| Current |
|
|
9,178,568 |
12,300,000 |
|
| Prior |
|
|
- |
2,177,054 |
|
|
|
-9,178,568 |
14,477,054 |
|
| Loss
after taxation |
|
|
-62,511,978 |
-6,439,971 |
|
| Unappropriated
profit brought forward |
|
|
166,565,622 |
120,711,570 |
|
|
|
104,053,644 |
114,271,599 |
|
| Transfer
from surplus on revaluation of fixe« d assets |
|
|
|
|
| Prior year(s) |
|
|
- |
36,598,689 |
|
| Current year |
|
|
14,184,587 |
15,695,334 |
|
|
|
14,184,587 |
52,294,023 |
|
| Unappropriated
profit carried forward |
|
|
118,238,231 |
166,565,622 |
|
| (Loss)
/ Earning per share - Basic |
|
29 |
-2.58 |
-0.28 |
|
|
| AS
AT JUNE 30, 2004 |
|
|
|
|
Note |
2004 |
2003 |
|
|
|
|
Rupees |
Rupees |
|
| PROPERTY
AND ASSETS |
|
|
|
| Operating
fixed assets - Tangible |
|
13 |
1,397,744,879 |
992,960,833 |
|
| Capital
work in progress |
|
14 |
- |
152,872,710 |
|
|
|
1,397,744,879 |
1,145,833,543 |
|
| Long
term deposits |
|
|
|
| and deferred cost |
|
15 |
65,271,057 |
33,587,322 |
|
| CURRENT
ASSETS |
|
|
|
| Stores,
spares and loose tools |
|
16 |
172,949,046 |
173,236,243 |
|
| Stock in trade |
|
17 |
799,379,481 |
723,322,497 |
|
| Trade debts |
|
18 |
629,894,771 |
628,165,209 |
|
| Advances,
deposits, prepayments |
|
|
|
| &
other receivables |
|
19 |
88,904,976 |
79,729,611 |
|
| Export
rebates and sales tax receivables |
20 |
88,919,684 |
135,691,686 |
|
| Cash
and bank balances |
|
21 |
17,535,460 |
19,632,112 |
|
|
|
|
1,797,583,418 |
1,759,777,358 |
|
|
|
|
2004 |
2003 |
|
|
|
Rupees |
Rupees |
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Long
term deposits and deferred cost |
|
-42,331,858 |
-26,464,459 |
|
| Proceeds
from disposal of operating fixed assets |
|
2,390,001 |
145,000 |
|
| Expenditure
on capital work in progress |
|
- |
-152,872,710 |
|
| Fixed
capital expenditures |
|
-19,300,746 |
-382,124,898 |
|
| Net
cash (used in) investing activities |
|
-59,242,603 |
-561,317,067 |
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Long
term directors loan |
|
-2,867,035 |
-3,894,972 |
|
| Long
term loans - net |
|
168,475,388 |
302,358,725 |
|
| Lease
financing - net |
|
-11,987,806 |
131,647,140 |
|
| Issuance
of right shares |
|
- |
22,000,000 |
|
| Dividend Paid |
|
- |
-22,000,000 |
|
| Net
cash generated from financing activities |
|
153,620,547 |
430,110,893 |
|
| Net
decrease in cash and cash equivalents |
|
-2,096,652 |
-200,422 |
|
| Cash
and cash equivalents at the beginning of the year |
|
19,632,112 |
19,832,534 |
|
| Cash
and cash equivalents at the year end |
|
17,535,460 |
19,632,112 |
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED JUNE 30, 2004 |
|
|
|
|
2004 |
2003 |
|
|
|
Rupees |
Rupees |
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| (Loss)/profit
before taxation |
|
-53,333,410 |
8,037,083 |
|
| Adjustments for |
|
|
|
| Depreciation
& amortization |
|
114,007,178 |
78,683,963 |
|
| Staff gratuity |
|
2,699,231 |
1,673,483 |
|
| Financial charges |
|
175,971,373 |
102,515,575 |
|
| Workers'
profit participation fund |
|
- |
423,004 |
|
| Gain
on disposal of fixed assets |
|
-1,262,753 |
-3,002,671 |
|
|
|
291,415,029 |
180,293,354 |
|
| Net
cash generated before working capital changes |
|
238,081,619 |
188,330,437 |
|
| CASH
FLOWS FROM WORKING CAPITAL CHANGES |
|
|
|
| (Increase)
/ decrease in current assets |
|
|
|
| Stores,
spare parts & loose tools |
|
287,197 |
-89,241,296 |
|
| Stock-in-trade |
|
-76,056,983 |
-209,639,822 |
|
| Trade debts |
|
-1,729,562 |
-467,541,563 |
|
| Advances,
deposits, prepayments and other receivables |
|
-23,502,141 |
-13,798,787 |
|
| Export
rebates and sales tax receivables |
|
46,772,002 |
-53,839,059 |
|
|
|
-54,229,487 |
-834,060,527 |
|
| Increase
/ (decrease) in current liabilities |
|
|
|
| Short
term finances |
|
-125,520,422 |
493,092,576 |
|
| Creditors,
accrued and other liabilities |
|
8,970,804 |
376,310,768 |
|
|
|
-116,549,618 |
869,403,344 |
|
| Net
cash (used in)/generated from working capital changes |
-170,779,105 |
35,342,817 |
|
| Financial
charges paid |
|
-146,216,151 |
-81,672,881 |
|
| Income tax paid |
|
-17,114,104 |
-10,606,417 |
|
| Staff gratuity paid |
|
-446,855 |
-388,204 |
|
|
|
-163,777,110 |
-92,667,502 |
|
| Net
cash (used in)/generated from operating activities |
|
-96,474,596 |
131,005,752 |
|
|
| NOTES
TO THE FINANCIAL STATEMENTS |
|
| FOR
THE YEAR ENDED JUNE 30, 2004 |
|
|
| LEGAL
STATUS AND NATURE OF BUSINESS |
|
| Nina
Industries Limited (the Company) was incorporated in Pakistan as a Private
Limited company on |
|
| February
18, 1992 and subsequently converted into Public Limited Company on October
29, 1997. |
|
| The
registered office of the Company is situated at A-29/A, S.I.T.E., Karachi and
the Company is |
|
| listed
on the Karachi Stock Exchange. The Company operates a textile processing unit
and is mainly |
|
| engaged
in exports. |
|
|
| SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES |
|
| 2.1 Statement of compliance |
|
|
| These
financial statements have been prepared in accordance with approved
accounting |
|
| standards
as applicable in Pakistan and the requirements of the Companies Ordinance,
1984. |
|
| Approved
accounting standards comprise of such International Accounting Standards
(lASs) |
|
| as
notified under the provisions of the Companies Ordinance, 1984. Wherever, the
requirements |
|
| of
the Companies Ordinance, 1984 or directives issued by the Securities and
Exchange |
|
| Commission
of Pakistan (SECP) differ with the requirements of these standards, the
requirements |
|
| of
the Companies Ordinance, 1984 or the requirements of said directives take
precedence. |
|
|
| 2.2 Accounting convention |
|
| These
financial statements are prepared under the historical cost convention except
that |
|
| certain
fixed assets have been included at Revalued amounts. |
|
|
| 2.3 Operating fixed assets and Depreciation |
|
| Tangible
fixed assets are stated at cost or revalued amount less accumulated
depreciation |
|
| except
'Leasehold Land and Capital Work in Progress' which are stated at cost. |
|
|
| Depreciation
on fixed assets is charged to income applying the reducing balance method |
|
| whereby
the cost of an asset is written off over its estimated useful life.
Depreciation is charged |
|
| from
the month of purchase or from the month of commercial production in respect
of |
|
| additions
while in case of disposals preceding the month in which disposals take place. |
|
