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SHAHTAJ TEXTILE LIMITED
ANNUAL REPORT 2004
STATEMENT OF ETHICS AND
BUSINESS PRACTICES
1. The directors will ensure implementation of Company's corporate strategy, keeping in view Company's vision
and mission and complying with its Memorandum and Articles of Association.
2. They will provide due guidance and discharge their duties to the best of their ability.
3. They will disclose their interest in any contract and appointments of the company officers and ownership of
company shares and any changes therein.
5. They will not engage in any business competing with the company's business.
6. They will not allow contribution by the company to any political party or for any political purpose to any individual
or body.
7. They will ensure maintenance and upkeep of company property, other assets and its record.
8. They will stictly observe all laws of land in running of the company affairs.
9. All company employees will perform their duties faithfully, truly and to the best of their judgement, skill and
ability according to company rules and policies.
10. Company employees will not divulge any information about the company or otherwise which comes to their
knowledge during the course of employment to any person not connected therein either within the company or
outside.
11. Company employees will not involve in any indiscipline, misbehaviour or misconduct, dishonesty, theft or fraud.
12. They will refrain from making commitments on behalf of the company beyond their delegated authority or
detrimental to the interest of the company.
13. They will not engage directly or indirectly without the permission of the company in any other business or paid
occupation while in the service of the company.
14. They will not give or take bribes or any illegal gratifications.
15. They will be punctual in attendance.
Board of Directors
All the Directors on the Board elected on 2nd January 2003 are continuing except NIT who changed its nominee director and in
place of Mr. Fiyaz Ahmed Longi, Company received nomination in favour of Ms. Naz Afreen, who was co-opted on Board on
16.07.2004. The Board comprises of two Executives and six non-Executives Directors. All the Directors take keen interest in
company's affairs. The non-Executive Directors are independent of management.
During the year 4 meetings of the Board of Directors were held and were attended as follows:
Name of Director Number of meetings attended
Mr. Muneer Nawaz 4
Mr. M. Naeem 3
Mr. Mahmood Nawaz 3
Mr. C.M. Khalid 3
Mr. Fiyaz Ahmed Longi (NIT) 2
Ms. Naz Afreen (NIT) 1
Mrs. Amtul Bari Naeem 1
Mrs. Bushra Mahmood Nawaz 1
Lt. Col. (Retd) R.D. Shams 3
Pattern of Shareholding
The pattern of shareholding as on 30th September 2004 according to the revised From 34 of the Companies Ordinance 1984 is
annexed.
Appreciation
Directors acknowledge with thanks the hard work put in by all the employees of the company.
Directors are pleased to present their 15th Annual Report on Company's performance and audited accounts of the company for
the year ended September 30, 2004.
By the Grace of God Almighty Company sales for the year have crossed Rupees One Billion mark. The pre tax profit of Rs.
27,627,547 is close to last year's results inspite of difficult market conditions that prevailed most of the time during the period.
Slump in the market, which started in June 2003 and resulted in losses in last quarter of previous year, continued during most part
of the financial year. The situation has now started to ease. It is expected that the improvement will continue which will of course
largely depend upon the impact of the quota free regime from January 1, 2005.
With the completion of BMR, it is now time for consolidation. However, to optimize current capacity, induction of 15 additional
looms is planned, for which full infrastructure is already in place. Due to increased production, additional capacity of storage is
also planned.
With the change in market conditions, it is hoped that the operating results will show improvement in coming periods and company
will be able to reap the benefits of heavy investment in BMR. Company is working to develop products for marketing in the up
market of USA and EU. Initial orders are under process. A significant tilt towards exports sales is expected which will contribute
in foreign exchange earnings of the country.
Dividend
After meeting the Income Tax liability, little profit is left for appropriation and dividend. However, maintaining the Company's
tradition, the Directors have recommended payment of 7.5% Dividend on existing capital by using brought forward profit of last
year and transfer of funds from surplus on revaluation.
Due to increase in value of fixed assets of the Company, Directors have further recommended an issue of 15% Bonus Shares to
the Shareholders.
Auditors
The Audit Committee has recommended the present Auditors i.e. M. Yousuf Adil Saleem & Co., to be the Auditors of the Company
for the year 2004-2005. Board agrees to this recommendation.
Corporate Governance
Company is cognizant of all requirement of Code of Corporate Governance and is complying with the same. A Statement of
Compliance is annexed.
Corporate and Financial Reporting Framework.
(a) The financial statements, prepared by the management fairly present its state of affairs, the result of its operations, cash flows
and changes in equity.
(b) Proper books of accounts have been maintained.
(c) Appropriate accounting policies have been consistently applied in preparation of financial statement and accounting estimates
are based on reasonable and prudent judgment.
(d) International Accounting Standards,, as applicable in Pakistan, have been followed in preparation of financial statements and
any departure therefrom has been adequately disclosed.
(e) The system of internal control is sound in design and has been effectively implemented and monitored.
(f) There are no significant doubts upon the company's ability to continue as a going concern.
(g) There has been no material departure from the best practices of Corporate Governance, as detailed in the listing regulations.
Opening and Financial Data
Operating and financial data and key ratios of the company for the last six years are annexed.
REVIEW REPORT TO TH 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 SHAHTAJ TEXTILE LIMITED to comply with the Clause XIV of the Listing
Regulation No. 37 of the Karachi Stock Exchange (Guarantee) Limited and Chapter XIII of the Lahore Stock Exchange
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 the 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 lo express an opinion as to whether the Board's statement on internal
control covers all controls and the effectiveness of such 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 Coiporate Governance as applicable to the company for the year ended September 30, 2004.
This statement is being presented to comply with the Code of Corporate Governance contained in Regulation No. 37 and Chapter XII] of
listing regulations of KARACHI STOCK EXCHANGE (GUARANTEE) LIMITED and LAHORE STOCK EXCHANGE (GUARANTEE)
LIMITED respectively for the purpose of establishing a framework of good governance, whereby a listed company is managed 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 encourages representation of independent non-executive directors and directors representing minority interests on
its Board of Directors. The Board comprises eight directors including the CEO. At present the Board includes six independent non-
executive directors including one Director nominated by a Financial Institution.
2. The directors have confirmed that none of tncm is serving as a director ir. more than icn listed companies, including this Company.
3. All the resident directors of the Company arc registered as taxpayers and none of them has defaulted in payment of any loan to a
banking company, a Development Financial Institution or a Nun baking Financial Institution. None of the directors of the company
are members of any Stock Exchange.
4. Casual vacancy occurred on the board during the yeai was filled uii the same day.
5. the Company has prepared a Statement of Ethics and Business Practices which has been signed by all the directors and employees
of the Company.
6. The Board lias developed . /ision/uiiaii.m staiemcnt, overall corporate strategy and significant policies of the Company. A complete
record of particulars of significant policies along with the dates on which they were approved or amended is being maintained.
7. All ihe PuweiS of the Boaid have been duly exerciscu and decisions on material transactions, including appointment and determination
of remuneration and terms and conditions of employment of the CEO. have been taken by the Board.
8. The meetings or the Board were presided over by the Cham nan and in his absence, by a director elected by the Board for this purpose.
The Board held four meetings dunng the year. Written notices of the Board meetings, along with agenda and working papers, were
circulated at least seven days before the meetings. The minutes of the meeting were appropriately recorded and circulated.
9. The director of the company have given a declaration thai they are aware of their duties powers and responsibilities under the
Companies Ordinance 1984 and the Listing Regulations of the Stock Exchange. The directors are also encouraged to attend the talks,
workshops and seminars on the subject of Corporate Governance.
10. The Board has approved appointment of Head of Internal Audit including his remuneration and terms and conditions of employment,
as determined by the CEO, There was no new appointment of CFO or Company Secretary after the application of Code of Corporate
Governance.
11. The Directors' report for this year has been prepared in compliance with the requirements of the Code and fully describes the salient
matters required to be disclosed.
12. The CEO and CFO duly endorsed the financial statements of the Company 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
shareholdings.
14. The Company has complied with all the corporate and financial repotting requirements of the Code.
15. The Board has formed an audit corm.iiuee. It comprises of 3 members, all of whom are non-executive directors.
16. The meetings of the audit committee were held pno,' to approval of interim and final results of the Company as required by the Code.
The terms of referenceof the committee have been determined and approved by the Board of Directors and advised to the committee
for compliance.
17. The Board has set-up an effective internal a^dit function
18. 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 Chartered Accountants of Pakistan, that they or any of the partners of the firm, their spouses
and minor children do not hold shares of the Company and that the firm and all its partners are in compliance with International
Federation of Accountants (IFAC) guidelines in this regard.
19. The statutory auditors or the persons associated with them have not been appointed to provide other services and the auditors have
confirmed that they have observed IFAC guidance in this regard.
20. We confirm that all other material principles contained in the Code have been complied with.
STATEMENT OF COMPLIANCE WITH THE
CODE OF CORPORATE GOVERNANCE
& AUDITOR'S REVIEW REPORT
SIX YEARS AT A GLANCE
Rupees in Million
INCOME STATEMENT 2003-2004 2002-2003 2001-2002 2000-2001 1999-2000 1998-1999
Turnover 1174.594 895.031 806.111 647.85 474.082 426.557
Gross Profit 68.949 74.728 95.422 80.647 81.112 67.89
Operating Profit 39.925 52.087 75.764 63.995 63.898 50.455
Profit before Tax 27.628 35.358 52.712 40.595 55.716 43.401
Profit after Tax 4.306 21.294 47.488 17.076 39.672 34.837
DIVIDEND
Cash dividend 7.50% 15% 32.50% 15% 30% 20%
Bonus Shares 15% - - - - -
Dividend Payment Ratio 146% 59% 57% 74% 63% 48%
Earnings per share (Rs.) 0.51% 2.54 5.65 2.03 4.72 4.14
Cash distribution per share in Rup lees 0.75% 1.5 3.25 1.5 3 2
BALANCE SHEET
Shareholders Funds 84 84 84 84 84 84
Reserves 124.477 106.144 87.431 67.243 62.766 48.294
Property Plant and Equipment 755.679 582.803 252.372 225.8 234.989 122.269
Long term liabilities 307.191 126.731 61.76 71.696 101.818 2.238
Net Current Assets / Liabilities 41.816 10.802 24.22 38.466 24.374 19.878
RATIO ANALYSIS
Gross Profit Ratio 5.87% 8.35% 11.84% 12.45% 17.11% 15.91%
Profit before Tax Ratio 2.35% 3.95% 6.45% 6.26% 11.75% 10.17%
Inventory Turnover Ratio 10.82:1 14.5:1 13.1:1 12.4:1 14.3:1 15.8:1
Fixed Assets Turnover Ratio 1.75:1 2.1:1 3.4:1 2.8:1 2.6:1 3.4:1
Return on Capital Employed 0.01% 8.10% 19.30% 15.40% 23% 31.90%
Debt Equity Ratio 47:53 27:73 26:74 43:57 45:55 2:98
Current Ratio 1.11:1 1.05:1 1.18:1 1.30:1 1.28:1 1.22:1
Interest Cover Ratio 2.8:1 2.9:1 3.3:1 2.7:1 7.8:1 7.1:1
OTHERS
Employees (Nos.) 497 371 332 294 272 248
Capital Expenditure 232.805 141.152 55.014 17.315 127.472 4.189
STATEMENT OF
VALUE ADDED DISTRIBUTE
Employees Remuneration 53.289 42.557 35.836 31.61 25.808 23.077
Government as Taxes 23.321 14.634 6.94 24.975 19.124 11.125
Shareholders as Dividends 18.9 12.6 27.3 12.6 25.2 16.8
Retained within business 78.256 51.668 47.028 32.107 30.498 35.55
5. Categories of shareholders Share held Percentage
5.1 Directors, CEO and their spouse and minor children
1 . Mr. Mahmood Nawaz 358,975
Mrs. Bushra Mahmood Nawaz (Wife) Holding shown at Serial No. 6
2. Mr. Muneer Nawaz 723,975
Mrs. Abida Muneer Nawaz (Wife) 345,000
Mr. Humayun Muneer Nawaz (Son) 5,600
3. Mr. C.M. Khalid 463,975
Mrs. Amtul Hai Khalid (Wife) 222,900
Mr. Usman Khalid (Son) 120,000
Mr. Usman Khalid (Son) (CDC) 9,000
Miss Nazish Khalid (Daughter) 200
Miss Nazish Khalid (Daughter) (CDC) 9,000
4. Mr. M. Naeem (CEO) 89,625
Mrs. Amtul Bari Naeem (Wife) Holding shown at Serial No. 5
5. Mrs. Amtul Bari Naeem 195,000
Mrs. Amtul Bari Naeem (CDC) 176,400
Mr. M. Naeem (Husband) Holding show at Serial No. 4
6. Mrs. Bushra Mahmood Nawaz 100,000
Mrs. Bushra Mahmood Nawaz (CDC) 15,500
Mr. Mahmood Nawaz (Husband) Holding shown at Serial No. 1
7. Lt. Col. (Retd.) Rashiduddin Shams 3,000
2,838,150 33.79
5.2 Associated Companies, undertakings & related parties
Shahtaj Sugar Mills Limited 1,000,000 11.91
5.3 NIT and ICP
National Bank of Pakistan, Trustee Deptt.
(Represented on Board of Directors) (CDC) 871,100
Investment Corporation of Pakistan (CDC) 900
Investment Corporation of Pakistan Account Holders 500
872,500 10.39
5.4 Banks, Development Financial Institutions, Non Banking
Financial Institutions
Habib Bank Limited (CDC) 500 0.005
5.5 Insurance Companies - -
5.6 Modarabas and Mutual Funds
First Capital Equities Modaraba (CDC) 2,000 0.02
5.7 General Public
a. Local 1,971,550
b. Local (CDC) 1,714,800
c. Foreign -
3,686,350 43.88
5.8 Others
Executive 500 0.005
8,400,000 100
Share holders holding 10%
Shahtaj Sugar Mills Limited 1,000,000 11.91
National Bank of Pakistan, Trustee Deptt. (CDC) 871,100 10.37
PATTERN OF SHAREHOLDING
AS AT SEPTEMBER 30, 2004
No. of Shareholdings Total number of
Shareholders From To shares held
35 1 100 3,500
922 101 500 448,900
76 501 1,000 73,900
97 1,001 5,000 260,950
21 5,001 10,000 182,100
4 10,001 15,000 52,000
2 15,001 20,000 35,500
2 20,001 25,000 44,500
2 25,001 30,000 57,400
1 35,001 40,000 37,000
1 40,001 45,000 45,000
1 55,001 60,000 60,000
2 65,001 70,000 139,000
1 80,001 85,000 81,500
3 85,001 90,000 265,125
1 95,001 100,000 100,000
1 115,001 120,000 120,000
1 120,001 125,000 121,500
1 135,001 140,000 140,000
1 150,001 155,000 154,000
1 175,001 180,000 176,400
1 190,001 195,000 195,000
2 200,001 205,000 409,500
1 210,001 215,000 215,000
1 220,001 225,000 222,900
2 240,001 245,000 488,900
1 245,001 250,000 248,000
1 255,001 260,000 259,400
1 340,001 345,000 345,000
1 355,001 360,000 358,975
1 460,001 465,000 463,975
1 720,001 725,000 723,975
1 870,001 875,000 871,100
1 995,001 1,000,000 1,000,00
1191 8,400,000
BALANCE SHEET
Note 2004 2003
Rupees Rupees
SHARE CAPITAL
Authorized
10,000,000(2003: 10,000,000)
Ordinary shares of Rs. 107- each 100,000,000 100,000,000
Issued, subscribed and paid-up 3 84,000,000 84,000,000
Revenue reserves 4 124,477,460 106,144,271
208,477,460 190,144,271
SURPLUS ON REVALUATION OF FIXED ASSETS 5 139,190,901 145,664,896
LONG TERM LOANS 6 307,172,431 126,730,859
DEFERRED LIABILITIES 7 144,737,998 132,742,652
CURRENT LIABILITIES
Short term bank borrowings 8 291,476,967 132,413,189
Current portion of long term loans 6,676,597 27,599,876
Trade and other payables 9 62,185,957 39,305,982
Mark-up accrued 10 6,388,555 3,440,889
Dividend 11 2,808,387 15,197,515
369,536,463 217,957,451
CONTINGENCIES AND COMMITMENTS 12
1,169,115,253 813,240,129
AUDITORS' REPORT TO THE MEMBERS
We have audited the annexed balance sheet of SHAHTAJ TI-XTII t< LIMITED as at September 30, 2004 and the
related profit and 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 out audit.
It is the responsibility of the company's management to esiablish and maintain a system of internal control, and prepare
arid present the above said statements in conformity with the approved accounting standards and the requirements of
the Companies Ordinance, 1984. Our responsibility is to expicss an opinion on these statements based on our audit.The
financial statements of the company as of September 30, 2003 were audited by the Messers Ford Rhodes Sidat Hyder
& Company Chartered Accountants whose, report dated Decenibei 31,2003, expressed an un-qualified opinion on
those statements.
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 accounts 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 witfi the notes 'hereon 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 except for the changes referred
to in Note No. 2.14 which we concur;
(ii) the expenditure incurred during the year was for the purpose of the company's 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, profits and 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 these respectively give
a true and fair view of the state of the company's affairs as at September 30, 2004 and of the profit, cash flows
and changes in equity for the year then ended; and
(d) in our opinion, Zakat deductible at source under the Zakat and Usher Ordinance, 1980 (XVIII of 1980), was
deducted by the company and deposited in the Central Zakat Fund established under section 7 of that Ordinance.
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED SEPTEMBER 30, 2004
Note 2004 2003
Rupees Rupees
Sales 24 1,106,160,389 810,328,897
Cost of goods sold 25 1,044,384,969 739,261,577
Gross Profit 61,775,420 71,067,320
Net Income from Trading 26 7,173,933 4,584,898
Operating Expenses
Distribution 27 7,106,642 4,427,736
Administrative 28 21,917,290 19,137,380
-29,023,932 -23,565,116
Operating Profit 39,925,421 52,087,102
Financial charges 29 15,292,753 18,300,399
Other charges 30 1,454,082 2,370,593
-16,746,835 -20,670,992
23,178,586 31,416,110
Other Income 31 4,448,961 3,941,921
Profit before taxation for the year 27,627,547 35,358,031
Taxation 32 23,321,352 14,063,609
Profit after taxation 4,306,195 21,294,422
Unappropriated profit brought forward 11,144,271 2,430,570
Profit available for appropriation 15,450,466 23,724,992
Appropriations:
Transferred from surplus on revaluation of fixed assets 14,026,994 10,019,279
Transfer to general reserve - -10,000,000
Proposed dividend and issue of bonus shares
2004: Refer Note 33 (2003: cash dividend @ 15% (Rs. 1.50 per
ordinary share of Rs. 107- each)] - -12,600,000
14,026,994 -12,580,721
29,477,460 11,144,271
Earnings per share 34 0.51 2.54
AS AT SEPTEMBER 30, 2004
Note 2004 2003
Rupees Rupees
TANGIBLE FIXED ASSETS
Property, plant and equipment 13 755,679,163 526,192,410
Capital work-in-progress 14 - 56,610,185
755,679,163 582,802,595
LONG TERM LOANS 15 214,809 654,417
LONG TERM DEPOSITS 16 1,878,645 1,024,145
CURRENT ASSETS
Stores, spares and loose tools 17 24,056,673 20,525,887
Stocks in trade 18 127,397,372 77,022,528
Trade debtors 19 204,122,647 100,194,145
Loans and advances 20 3,137,761 2,185,347
Prepayments and
other receivables 21 1,164,332 1,480,541
Taxation 22 23,012,405 21,966,680
Cash and bank balances 23 28,451,446 5,383,844
411,342,636 228,758,972
1,169,115,253 813,240,129
CASH FLOW STATEMENT
FOR THE YEAR ENDED SEPTEMBER 30, 2004
Note 2004 2003
Rupees Rupees
C. CASH FROM FINANCING ACTIVITIES
Proceeds from long term borrowing 159,518,293 57,841,676
Lease finance - -292,401
Net cash generated from financing activities 159,518,293 57,549,275
Net decrease in cash and cash equivalent (A+B+C) -135,996,176 -105,341,947
Cash and cash equivalent at the beginning of the year -127,029,345 -21,687,398
Cash and cash equivalent at the end of the year -263,025,521 -127,029,345
CASH AND CASH EQUIVALENTS
Cash and bank balances 28,451,446 5,383,844
Short term bank borrowings -291,476,967 -132,413,189
-263,025,521 -127,029,345
CASH FLOW STATEMENT
FOR THE YEAR ENDED SEPTEMBER 30, 2004
Note 2004 2003
Rupees Rupees
A. CASH GENERATED FROM OPERATING ACTIVITIES
Profit before taxation 27,627,547 35,358,031
Adjustments for:
Depreciation 59,923,445 42,973,205
Gain on disposal of property, plant and equipment -72,834 -41,719
Provision for gratuity 3,382,560 3,029,111
Financial charges 15,292,753 18,300,399
78,525,924 64,260,996
Operating profit before working capital changes 106,153,471 99,619,027
Movement in working capital:
(Increase) / decrease in current assets
Stores, spares and loose tools -3,530,786 -
Stock in trade -50,374,844 -14,320,366
Trade debtors -103,928,502 -47,912,341
Loans and advances -952,414 1,434,111
Prepayments and other receivables 316,213 -434,628
Increase/(decrease) in current liabilities
Trade and other payables 22,879,975 -5,003,488
-135,590,358 -66,236,712
Cash (used in)/generated from operations -29,436,887 33,382,315
Financial charges paid -12,345,087 -19,115,488
Taxes paid -5,860,721 -7,968,329
Dividend paid -12,389,128 -26,859,068
Gratuity paid -2,340,575 -1,187,900
-32,935,511 -55,130,785
Net cash used in operating activities -62,372,398 -21,748,470
B. CASH FROM INVESTING ACTIVITIES
Fixed capital expenditure -232,805,179 -90,109,216
Capital work in progress - -51,411,083
Proceeds from disposal of property, plant and equipment 78,000 366,000
Long term loans and advances 439,608 -63,453
Long term deposits -854,500 75,000
Net cash used in investing activities -233,142,071 -141,142,752
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 2004
1. STATUS AND ACTIVITIES
The Company is limited by shares, incorporated in Pakistan on January 24, 1990 under the Companies Ordinance,
1984, as a public limited company. The shares of the company are quoted on Karachi and Lahore Stock Exchanges.
The principal business of the company is manufacture and to sell textile goods. The registered office of the
company is situated at 83, Shahrah-e-Quaid-e-Azam, Lahore in the province of Punjab.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Accounting convention
These financial statements have been prepared under the "historical cost convention", except for certain
fixed assets that are measured at revalued amounts and obligation under certain employees benefits, which
are measured at present value.
2.2 Basis of preparation
These financial statements have been prepared in accordance with approved accounting standards as applicable
in Pakistan and the requirements of Companies Ordinance, 1984. Approved accounting standards comprise
of such International Accounting Standards 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 differ with the requirements of these standards, the requirements
of Companies Ordinance, 1984 or the requirements of the said directives take precedence.
2.3 Staff retirement benefits
Defined Benefit Plan
The Company operates an unfunded gratuity scheme covering all its employees who have completed the
minimum qualifying period of service under the scheme. Provision is made annually to cover the liability
under the scheme. The management is of the view that carrying amount of liability recognized at the balance
sheet date is not less than the amount required to settle the liability.
Benefits under the scheme are paid in accordance with the actuarial recommendations. The most recent
valuation in this regard was carried out as at September 30, 2004, using the "Projected Unit Credit Method"
for valuation of the scheme. Actuarial gains and losses are recognised on the basis of actuarial recommendations.
2.4 Vacation Benefits
The company accounts for these benefits in the accounting period in which the absences are earned.
2.5 Taxation
Current
Provision for taxation is based on taxable income at the rates applicable for the current tax year, after
considering the rebates and tax credits available, if any. The tax charge as calculated above is compared with
turnover tax under Section 113 of the Income Tax Ordinance, 2001 and whichever is higher is provided in
the financial statements.
Deferred
Deferred tax is provided using the liability method on all temporary differences, at the balance sheet date,
between the tax bases of assets and liabilities and their carrying amount for financial statements reporting
purposes.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED SEPTEMBER 30, 2004
Share Capital Revenue Reserves
Issued, subscribed General Unappropriated
& paid up capital reserve profit Total
Rupees Rupees Rupees Rupees
Balance as at September 30, 2002 84,000,000 85,000,000 2,430,570 171,430,570
Profit after taxation for the year - - 21,294,422 21,294,422
Transfer from Surplus on revaluation of
fixed assets on account of incremental
depreciation charged in the profit and
loss account, net of deferred taxation - 10,019,279 10,019,279
Transfer to General Reserve - 10,000,000 -10,000,000 -
Dividend - - -12,600,000 -12,600,000
Balance as at September 30, 2003 84,000,000 95,000,000 11,144,271 190,144,271
Profit after taxation for the year - - 4,306,195 4,306,195
Transfer from Suiplus on revaluation
of fixed assets on account of incremental
depreciation charged in the profit and
loss account net of deferred taxation - 14,026,994 14,026,994
Balance as at September 30, 2004 84,000,000 95,000,000 29,477,460 208,477,460
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 2004
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised
estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying
amount that would have been determined had no impairment loss been recognized for the asset in prior
years. A reversal of an impairment loss is recognized as income immediately.
2.9 Stors, spares and loose tools
These are valued at the lower of moving average cost and net realisable value. Items in transit are valued
at cost comprising of invoice value plus other charges paid thereon
Net realizable value signifies the estimated selling price in the ordinary course of business less cost to be
incurred for its sale.
2.10 Stocks in trade
These are valued at lower of cost and net realisable value. Methods used for determining costs are as follows:
Raw and packing materials - Moving average cost
Work-in-progress - Average manufacturing cost.
Finished goods - Average manufacturing cost.
Goods-in-transit are valued at cost comprising of C&F value plus other charges incurred thereon upto the
balance sheet date.
Net realizable value signifies the estimated selling price in the ordinary course of business less estimated
costs of completion and cost necessary to make the sale.
2.11 Trade debts and other receivables
Trade debts originated by the company are recognised and carried at original invoice amount less an allowance
for any uncollectible amounts. An estimate for doubtful debts is made when collection of the amount is
no longer probable. Bad debts are writteri-off as incurred.
Other receivables are recognised and carried at cost.
2.12 Trade and other payables
Liabilities for trade and other amounts payable are carried at cost which is the fan- value of the consideration
to be paid in the future for goods and services received, whether or not billed to the Company.
2.13 Provisions
A provision is recognized in the balance sheet when the company has a legal or constructive obligation as
a result of a past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made to the amount of obligation.
2.14 Borrowing Costs
During the year the company has changed its accounting policy with respect to treatment of borrowing costs.
Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets
are capitalized as part of the cost of that asset. Previously such borrowing costs were charged to profit and
loss account. The change in the accounting policy of borrowing costs has been made to give a more
appropriate presentation. The changed accounting policy has been applied prospectively from current year
as the amount of adjustment in respect of prior years to be made to opening balance of retained earnings
cannot be reasonably determined. As such corresponding figures have also not been adjusted. Had the
company not changed the policy, profit for the year would have been lower by Rs. 9,057,360.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 2004
Deferred tax liability is generally recognized for all taxable temporary differences. Deferred tax asset is
recognized for all deductible temporary differences to the extent that it is probable that taxable profit will
be available against which the deductible temporary differences, unused tax loss and tax credit can be utilised.
Deferred tax asset and liability are measured at the tax rates that are expected to apply when the asset is
realized or the liability is settled, based on the tax rates that have been enacted or substantially enacted at
the balance sheet date.
Property, Plant & Equipment and Depreciation
Owned
Property, plant and equipment, except freehold land are stated at cost or revalued amount less accumulated
depreciation and impairment loss, if any. Freehold land is stated at cost. Depreciation is charged to profit
and loss account applying the reducing balance method at the rates specified in the note 13, whereby the
cost of the assets is written over its useful life. Depreciation is charged on additions from the month of
acquisition, and on disposals upto the month preceding the month of disposal.
Maintenance and normal repairs are charged to income as and when incurred. Major renewals and improvements
are capitalized.
Gain on disposal of assets are taken in profit & loss account.
Leased
Assets held under finance leases are initially recorded at the lower of the present value of minimum lease
payments under the lease agreements and the fair value of the leased assets. The related obligations under
the leases less financial charges allocated to future periods are shown as a liability.
The financial charges are allocated to accounting periods in a manner so as to provide a constant periodic
rate of interest on the outstanding liability.
Depreciation is charged at the same rates as charged on company owned assets or over the lease period, as
appropriate.
Capital Work in Progress
Capital work in progress is stated at cost. It consists of expenditures incurred in respect of tangible assets
in the course of their construction and installation and advances given to contractors and suppliers in respect
of fixed asset.
Impairment
At each balance sheet date, the Company reviews the carrying amounts of its assets except freehold land
to determine whether there is any indication that those assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset,
the Company estimates the recoverable amount of the cash generating unit to which the asset belongs.
Recoverable amount is the greater of net selling price and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount
of the asset is reduced to its recoverable amount. Impairment losses are recognized as an expense immediately.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 2004
2004 2003
Rupees Rupees
SURPLUS ON REVALUATION OF FIXED ASSETS
Opening balance of surplus on revaluation of fixed assets 221,194,842 231,214,121
Surplus relating to incremental depreciation charge on
related assets -net of deferred tax transferred to
retained earnings 14,02h,990 10,019,279
207,167.85 221,194,842
Related deferred tax liability -67,976,951 -75,529,946
139,190,901 145,664,896
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 2004
2.15 Foreign Currency Translation
Transactions in foreign currencies are translated into reporting currency at the rates of exchange prevailing
on the date of transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated
into reporting currency equivalents using foreign exchange rates ruling on the balance sheet date. Non-
monetary assets and liabilities are translated using exchange rates that existed when the values were
determined. Exchange differences on foreign currency transactions are included in income currently.
2.16 Financial Instruments
All financial assets and financial liabilities are recognised upon becoming the party to the contractual
provisions of the instruments. Financial assets are derecognised when the control of the contractual rights
that comprise the financial assets is lost. Financial liabilities are derecognised when they are extinguished
i.e. when the obligation specified in the contract is discharged, cancelled or expired. Any gain or loss on
derecognition of the financial assets and liabilities is taken to profit and loss account directly.
2.17 Offsetting Financial Assets and Financial Liabilities
A financial asset and a financial liability are offset and the net amount is reported in the balance sheet if
the company has a legally enforceable right to set-off the recognised amounts and intends either to settle
on a net basis or to realise the asset and settle the liability simultaneously.
2.18 Related party transactions
Transaction with related parties are carried out on an arm's length basis and prices are determined in
accordance with comparable uncontrolled price method.
2.19 Revenue recognition
Revenue from sale of goods and services is recognized on dispatch of goods and rendering of services
to customers as the case may be.
2004 2003
ISSUED, SUBSCRIBED AND PAID UP CAPITAL Rupees Rupees
8,400,000 (2003: 8,400,000) Ordinary shares of
Rs. 107- each fully paid in cash 84,000,000 84,000,000
REVENUE RESERVES
General reserve 95,000,000 95,000,000
Unappropriated profit 29,477,460 11,144,271
124,477,460 106,144,271
2004 2003
Rupees Rupees
SHORT TERM BANK BORROWINGS
Under mark up arrangements-Secured
Running finances 8.1 291,476,967 132,413,189
2004 2003
TRADE AND OTHER PAYABLES Rupees Rupees
Creditors 33,230,144 21,685,564
Accrued expenses 17,242,795 11,061,973
Advances from customers 6,460,014 1,436,524
Due to an associated undertaking 9.1 111,594 96,665
Sales tax 1,284,382 1,000,558
Workers' Profit Participation Fund 9.2 2,543,171 2,759,702
Workers' Welfare Fund 273,698 484,162
Miscellaneous 1,040,159 780,834
62,185,957 39,305,982
9.2 Workers' Profit Participation Fund
Opening balance 2,759,702 3,509,293
Interest on funds utilised in company's business 58,900 153,807
2,818,602 3,663,100
Amount paid -1,729,513 -2,789,829
1,089,089 873,271
Allocation for the year 1,454,082 1,886,431
Balance at September 30 2,543,171 2,759,702
10. MARK-UP ACCRUED
On long term loans 3,326,394 1,415,286
On short term bank borrowings 3,062,161 2,025,603
6,388,555 3,440,889
11. DIVIDEND
Proposed . 12,600,000
Unclaimed 2,808,387 2,597,515
2,808,387 15,197,515
2004 2003
Rupees Rupees
7. DEFERRED LIABILITIES
Staff gratuity 7.1 11,358,734 10,316,749
Deferred taxation 7.2 133,379,264 122,425,903
144,737,998 132,742,652
The amounts recognised in the balance sheet are as follows:
Present value of defined benefit obligation 13,873,842 11,219,887
Unrecognised actuarial gain -2,515,108 -903,138
Liability as at September 30 11,358,734 10,316,749
Movement in liability recognised in the balance sheet
is as follows:
Opening balance 10,316,749 8,475,538
Charge to profit and loss account 3,382,560 3,029,111
13,699,309 11,504,649
Payments made during the year -2,340,575 -1,187,900
Liability as at September 30 11,358,734 10,316,749
The amount recognised in the profit and loss
account is as follows:
Current service cost 2,484,969 2,117,968
Interest cost 897,591 911,143
3,382,560 3,029,111
The principal assumptions used in the valuation of gratuity are
as follows:
Discount rate 8% 8%
Expected rate of increase in salary 7% 7%
7.2 Deferred Taxation
This comprises of the following:
Deferred tax credits arising from timing
differences relating to:
Property, plant and equipment 99,130,744 50,614,376
Surplus on revaluation of fixed assets 67,976,951 75,529,946
167,107,695 126,144,322
Deferred tax debits arising from various
Short term provision -4,134,769 -3,718,419
Unabsorbed tax losses -29,593,662 -
Balance at September, 30 133,379,264 122,425,903
2004 2003
Rupees Rupees
Building on freehold land
Factory building 28,654,152 17,672,822
Labour colony 12,162,011 -
Office block and other 55,199 -
40,871,362 17,672,822
Plant and machinery 242,933,566 63,213,202
283,804,928 80,886,024
2004 2003
13.4 Depreciation for the year has been allocated as follows: Rupees Rupees
Cost of goods sold (Note 25) 57,537,699 41,320,903
Administration expenses (Note 28) 2,385,746 1,652,302
59,923,445 42,973,205
Particulars Cost Accumulated Written Sales Particulars
Depreciation down value proceeds of Buyer
Vehicle 108,420 103,254 5,166 78,000 Mr. Qamar
Luqman Ahmed
Jhang
108,420 103,254 5,166 78,000
12. CONTINGENCY AND COMMITMENTS
Contingency
During the financial year 2002-2003 the Additional Commissioner of Income Tax (ACIT) had (a) reopened and
finalised the income tax assessments of the company for the assessment years 1993-94 to 1998-99 under Section
122 of the Income Tax Ordinance 2001 and (b) rectified the assessments made under Section 221 of the said
Ordinance for the assessment years 2001-2002 and 2002-2003 on the issue of admissibility of tax depreciation
for tax holiday period, resulting in an additional tax liability, aggregating to Rs.8.577 million.
Company had filed appeal with CIT-Appeals against these reopening and rectification of assessments. The
Commissioner of Income Tax Appeals in his judgment has set-aside the rectification of assessments but upheld
the reopening of assessments.
Company has filed an appeal against CIT Appeals judgment with Appellate Tribunal under Section 134 of the
Income Tax Ordinance 2001. The tax advisor of the Company is of the opinion that our grounds of appeal are
solid and several similar decisions are already on record.
Commitments
12.1 Commitment in respect of outstanding letters of credit Rs.7.305 (2003: Rs.160.312) million.
12.2 Commitment in respect of capital expenditure Rs. Nil (2003: Rs. 24.085 million).
2004 2003
Rupees Rupees
19. TRADE DEBTORS
Unsecured-considered good 204,122,647 100,194,145
20. LOANS AND ADVAJNCES-Unsecured
Loans-Considered good
Current portion of long term loans
15 171,936 234,336
Advances-Considered good
Employees 154,250
Suppliers and contractors 2,055,509 1,508,312
Associated undertaking 20.1 756,066 391,904
2,965,825 l,95l,011
Advances-Considered doubtful 307,307 307307
3,273,132 2,258,318
Provision against doubtful amount of suppliers
and contractors -307,307 -307,307
2,965,825 1,951,011
3,137,761 2,185,347
21. PREPAYMENTS AND OTHER RECEIVABLES
Prepayments
Insurance 35,920 513,290
Rent 360,000 400,000
Central Depository Company of Pakistan Limited - 25,313
Subscription 110,792 76,779
Miscellaneous 248.692 168 391
755,404 1,183,773
Other receivables-Considered goods
Export rebate receivable 184,275 -
Due from associated undertaking 21.1 5,731 93,697
Others 218,922 203,071
408,928 296,768
1,164,332 1,480,541
22. TAXATION
Income tax-net of provision 23,012,405 21,966,680
2004 2003
Rupees Rupees
14. CAPITAL WORK-IN-PROGRESS
Civil works - 10,919,655
Plant and machinery - 32,954,011
Advance to supplier arid contractors - 12,736,519
- 56,610,185
15. LONG TERM LOANS
Considered good, unsecured
Executives 252,777 582,649
Employees 133,968 306,104
386,745 888,753
Less: Recoverable within one year shown
under current assets:
Executives 133,536 133,536
Employees 20 38,400 100,800
171,936 234,336
214,809 654,417
16. LONG TERM DEPOSITS
Security deposits-Considered good
Utilities 1,783,645 921,645
Others 95,000 102,500
1,878,645 1,024,145
17. STORES, SPARES AND LOOSE TOOLS
In hand
Stores 10,123,289 8,079,194
Spares 12,269,710 10,228,677
Loose tools 1,183,598 2,218,016
Store and spares in transit 480,076 -
24,056,673 20,525,887
18. STOCK IN TRADE
Raw and packing materials 42,903,622 31,412,136
Work in process 20,712,067 12,848,170
Finished goods 63,781,683 31,974,829
Raw material in transit - 787,393
127,397,372 77,022,528
2004 2003
25.3 Stores and spares consumed Rupees Rupees
Opening stock 20,525,887 16,158,130
Purchases 11,367,086 11,755,713
31,892,973 27,913,843
Closing stock -24,056,673 -20,525,887
7,836,300 7,387,956
26. NET INCOME FROM TRADING
Sales-net
Local 45,821,795 60,658,408
Export 2,608,744 128,416
Indirect export 20,104,961 23,988,521
68,535,500 84,775,345
Less: Commission 102,298 73,363
68,433,202 84,701,982
Expenditure
Purchases 61,259,269 80,117,084
7,173,933 4,584,898
27. DISTRIBUTION EXPENSES
Export related
Freight ocean and insurance 1,475,018 142,509
Forwarding charges 167,313 11,518
Export duty 42,651 -
Entertainment 380 1,600
Insurance in transit - 1,314
Freight air - 173,815
Consultancy charges 600,000 557,388
Postage and telegram 60,373 34,037
Fees and subscription 57,762 1,390
Traveling and conveyance 169,155 577,009
Amortization of export quota 310,212
Other expenses 277,831 149,996
3,160,695 1,650,576
Local
Salaries and other benefits 27.1 1,485,329 1,418,700
Freight local 624,460 656,258
Traveling and conveyance 299,224 252,135
Sales promotion expenses 437,622 266,036
Marketing office expenses 830,232 120,805
Other expenses 269,080 63,226
3,945,947 2,777,160
7,106,642 4,427,736
2004 2003
Rupees Rupees
23 CASH AND BANK BALANCES
Cash in hand 56,088 58,424
Cash at bank
Current accounts 24,068,264 3,182,910
Deposit accounts 4,327,094 2,142,510
28,395,358 5,325,420
28,451,446 5,838,844
24. SALES-Net
Local 861,867,383 500,215,072
Direct Export 210,964,513 311,476,576
Export 38,891,253 1,548,144
1,111,723,149 813,239,792
Add: Export rebate 184,275 691
1,111,907,424 813,240,483
Commission -5,747,035 2,911,586
1,106,160,389 810,328,897
25. COST OF GOODS SOLD
Raw and packing materials consumed 25.1 882,192,773 583,530,312
Manufacturing expenses
Salaries, wages and benefits 25.2 38,884,658 28,896,436
Stores and spares consumed 25.3 7,836,300 7,387,956
Fuel and power 74,253,942 56,463,747
Repairs and maintenance 751,504 560,820
Insurance 3,091,375 2,471,260
Depreciation 13.4 57,537,699 41,320,903
Others 647,818 149,979
1,065,196,069 720,781,413
Work in process
Opening stock 12,848,170 6,125,030
Closing stock -20,712,067 -12,848,170
-7,863,897 -6,723,140
Cost of goods manufactured 1,057,332,172 714,058,273
Finished goods
Opening stock 29,250,325 19,689,257
Closing stock -63,781,683 -29,250,325
-34,531,358 -9,561,068
Outside processing charges 21,584,155 34,764,372
1,044,384,969 739,261,577
25.1 Raw material consumed
Opening stock 31,412,136 41,255,632
Purchases and purchase expenses 893,684,259 573,686,816
925,096,395 614,942,448
Closing stock -42,903,622 -31,412,136
882,192,773 583,530,312
2004 2003
30. OTHER CHARGES Rupees Rupees
Workers' Profit Participation Fund 1,454,082 1,886,431
Workers' Welfare Fund - 484,162
1,454,082 2,370,593
31. OTHER INCOME
Scarp sales 4,372,544 3,172,036
Profit on bank deposits 61,000 255,545
Exchange gain/(loss) -57,417 472,621
Gain on disposal of fixed assets 72,834 41,719
4,448,961 3,941,921
32. TAXATION
Current 5,822,281 5,598,126
Prior -1,007,285 -817,003
Deferred 18,506,356 9,282,486
23,321,352 14,063,609
32.1 Relationship between income tax expense and accounting profit
Profit before taxation 27,627,551 35,358,031
Tax at the applicable tax rate of 35% (2003:35%) 9,669,643 12,375,311
Tax effect of expenses that are admissible/
inadmissible in determining taxable profit 5,889,744 -3,418,310
Tax effect of availabletax credits (including tax losses) -61,535,350 -3,358,875
-45,975,963 5,598,126
Minimum tax on @ 0.5% of turnover 5,822,281 5,598,126
Effect of change in prior years' tax -1,007,285 -817,003
Tax effect of temporary differences between the carrying
amount of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes 18,506,356 9,282,486
23,321,352 14,063,609
34. EARNINGS PER SHARE 2004 Rupees 2003 Rupees
Profit after taxation 4,306,195 21,294,422
Number of Ordinary shares in issue 8,400,000 8,400,000
Basic earnings per share 0.51 2.54
2004 2003
ADMINISTRATIVE EXPENSES Rupees Rupees
Salaries and other benefits 28.1 11,464,771 10,441,904
Travelling and conveyance 266,305 501,941
Vehicle running and maintenance 2,535,548 1,932,329
Telephone, telex and fax 1,091,151 1,089,931
Postage and telegram 162,237 169,049
Printing and stationery 904,244 659,580
Computer expenses 221,306 319,903
Rent, rates and taxes 152,638 115,451
Repairs and maintenance 306,808 326,481
Insurance 64,836 51,795
Auditors' remuneration 28.2 158,000 153,000
Legal and professional charges 1,005,676 429,288
Provision against advances considered doubtful - 307,307
Advertisement 104,823 86,823
Entertainment 63,046 86,384
Fees and subscription 357,650 272,179
Donations 28.3 10,000 37,500
Depreciation 13.4 2,385,746 1,652,302
Share registrar services 74,191 73,848
Others 588,584 430,385
21,917,290 19,137,380
Auditors' remuneration M. Yousuf Ford Rhodes
Adil Saleem Sidat Hyder
&Co. &Co
Audit fee 125,000 100,000
Other remuneration as auditor
Half yearly review and compliance certification fee 30,000 53,000
Out of pocket expenses 3,000 -
158,000 153,000
. FINANCIAL CHARGES
2004 2003
Mark -up on secured Rupees Rupees
Long term loans 6,446,424 10,202,805
Short term running finances 7,683,056 6,398,748
Arrangement fee on long term loans 70,288 316,633
Interest on Worker's Profit Participation Fund 74,374 240,561
Finance charges on lease payments - 2,909
Bank charges 1,018,611 1,138,743
15,292,753 18,300,399
35. REMUNERATION OF CHIEF EXECUTIVE DIRECTOR AND EXECUTIVES
Chief Executive Director Executives
2004 2003 2004 2003 2004 2003
Rupees Rupees Rupees Rupees Rupees Rupees
Managerial 960,000 879,000 626,820 586,650 1,920,947 2,316,990
Rent and utilities 480,000 441,000 250,710 234,885 768,756 928,110
Conveyance allowance - - 62,670 - 192,046 -
Leave encashment - - - 123,360 - 137,004
Bonus 280,000 270,000 181,150 169,484 483,612 667,424
Medical expenses - - - 58,665 - 231,720
1,720,000 1,590,000 1,121,350 1,173,044 3,365,361 4,281,248
Number of persons 1 1 1 1 3 7
2004 2003
Rupees Rupees
Purchases 12,466,879 1,042,000
Services received 417,619 745,173
Services rendered 375,425 369,067
Loans obtained and settled during the current year 50,000,000 65,000,000
Interest charged on the above - referred loan 476,629 871,846
2004 2003
37. PLANT CAPACITY AND PRODUCTION
Number of looms installed 144 96
Number of looms worked 37.1 144 96
Plant capacity at 60 picks (2003: 60 picks) in Sq. Meters 37.1 31,123,000 25,728,000
Acutal production converted to 60 picks (Sq. Meters) 30,747,233 24,991,685
Shifts per day 3 3
Number of days worked during the year 365 365
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