Академический Документы
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Культура Документы
Accounts
December,
2013
BIBOJEE GROUP
CONTENTS
Pages
COMPANYS PROFILE .........................................................1
DIRECTORS REPORT .........................................................2-3
AUDITORS REVIEW REPORT .............................................4
BALANCE SHEET..................................................................5
PROFIT & LOSS ACCOUNT..................................................6
CASH FLOW STATEMENT....................................................7
STATEMENT OF CHANGES IN EQUITY ..............................8
SELECTED NOTES TO THE ACCOUNTS ............................9-13
COMPANY'S PROFILE
BOARD OF DIRECTORS
AUDIT COMMITTEE
Chairman
Member
Member
Chairman
Chief Executive /
Member
Member
Member
MR. AMIN-UR-RASHEED
B. Com. (Hons.) FICS
Sr. Gen. Manager Finance, Commercial & Corporate Affairs
AUDITORS
BANKERS
LEGAL ADVISOR
TAX CONSULTANTS
REGISTRARS &
MANAGEMENT & REGISTRATION SERVICES (PVT) LTD.
SHARES REGISTRATION OFFICE BUSINESS EXECUTIVE CENTRE,
F/17/3, BLOCK 8, CLIFTON, KARACHI
TEL. 021-35375127-29, FAX. 021-35820325
EMAIL registrationservices@live.co.uk
REGISTERED OFFICE & MILLS
ASSETS
Non-current Assets
Property, plant and equipment
Investments in Associated Companies
Loans to employees
Security deposits
Note
6
7
Current Assets
Stores, spares and loose tools
Stock-in-trade
Trade debts - unsecured, considered good
Advances to employees
Advance payments
Trade deposits and prepayments
Due from Associated Companies
Other receivables
Sales tax refundable
Income tax refundable, advance tax
and tax deducted at source
Cash and bank balances
TOTAL ASSETS
EQUITY AND LIABILITIES
Equity
Authorised capital
Issued, subscribed and paid-up capital
Reserves
Unappropriated profit
Shareholders' Equity
Term Finance Certificates
Surplus on Revaluation of Property, Plant and Equipment
LIABILITIES
Non-current Liabilities
Demand finances
Staff retirement benefits - gratuity
Deferred taxation
Current Liabilities
Trade and other payables
Accrued mark-up
Short term finances
Current portion of non-current liabilities:
- term finance certificates
- demand finances
Taxation
Preference shares redemption account
Total Liabilities
Contingencies and Commitments
2,270,452
157,839
3,164
1,029
2,432,484
60,062
945,662
34,892
3,308
23,607
11,489
9,342
268
30,156
49,452
688,101
9,404
3,314
33,637
1,614
20,208
1,844
30,300
62,532
17,339
1,198,657
62,387
13,420
913,681
3,652,092
3,346,165
200,000
47,848
389,983
565,240
1,003,071
34,759
1,281,879
200,000
47,848
389,983
404,780
842,611
34,759
1,290,226
0
95,544
335,930
278
88,912
265,910
431,474
355,100
181,870
13,944
669,977
184,959
3,581
585,112
13,904
0
20,000
1,214
900,909
1,332,383
13,904
29,329
5,369
1,215
823,469
1,178,569
3,652,092
3,346,165
Note
Sales - net
649,109
688,371
1,495,999
1,319,908
Cost of Sales
524,749
599,580
1,175,590
1,134,042
Gross Profit
124,360
88,791
320,409
185,866
3,264
2,415
8,777
4,527
Administrative Expenses
18,407
18,212
37,406
33,273
Other Expenses
23,654
8,965
23,662
8,970
(2,220)
(1,249)
(2,224)
44,663
27,372
68,596
44,546
79,697
61,419
251,813
141,320
Finance Cost
14,193
26,456
26,064
51,004
65,504
34,963
225,749
90,316
21,321
19,651
21,321
19,651
86,825
54,614
247,070
109,967
Taxation
- current
11,531
3,627
20,000
6,785
Distribution Cost
Other Income
Share of Profit of
Associated Companies
(662)
- prior year
- deferred
(57)
1,488
(57)
1,488
70,020
31,670
70,020
31,670
81,494
36,785
89,963
39,943
5,331
17,829
157,107
70,024
5,331
17,829
157,107
70,024
1.11
3.73
32.83
14.63
The annexed notes form an integral part of this condensed interim financial information.
225,749
33,586
6,632
(278)
26,064
185,317
(10,610)
(257,561)
(25,488)
(841)
10,030
(9,875)
10,866
1,576
144
(3,089)
(14,965)
(352,328)
3,913
(2,056)
(4,905)
(9,207)
333
2,217
(6,851)
(28,614)
(284,848)
(412,463)
(5,457)
33,090
11,684
(218)
50,445
291,753
6,905
Taxes paid
90,316
(227,146)
(8,322)
1,448
(235,468)
(37,363)
0
(23,414)
1,756
(37,363)
(21,658)
(29,329)
84,865
(1)
(15,701)
39,834
(22,992)
411,964
0
(48,644)
340,328
3,919
83,202
13,420
3,134
17,339
86,336
The annexed notes form an integral part of this condensed interim financial information.
Lt. Gen (Retd)
Ali Kuli Khan Khattak
Chief Executive
Capital
Share
capital
Capital
redemption
Tax
holiday
Share
General
premium
Unappropriated
profit
Subtotal
Total
47,848
6,694
350
11,409
199,220
217,673
47,848
6,694
350
11,409
199,220
217,673
Transfer
172,310
172,310 (172,310)
70,024
70,024
8,653
8,653
1,711
1,711
335,281
600,802
(17,816)
(17,816)
317,465
582,986
0
47,848
6,694
350
11,409
371,530
389,983
225,543
663,374
164,557
164,557
8,652
8,652
3,334
3,334
2,694
2,694
47,848
6,694
350
11,409
371,530
389,983
404,780
842,611
157,107
157,107
8,347
8,347
(4,994)
(4,994)
47,848
6,694
350
11,409
371,530
389,983
565,240 1,003,071
The annexed notes form an integral part of this condensed interim financial information.
2.
Basis of Preparation
This condensed interim financial information is un-audited and is being submitted to the
members in accordance with section 245 of the Companies Ordinance, 1984 (the Ordinance). It
has been prepared in accordance with the requirements of International Accounting Standard
(IAS) 34 - Interim Financial Reporting and provisions of and directives issued under the
Ordinance. In case where requirements differ, the provisions of or directives issued under the
Ordinance have been followed. The figures for the half-year ended December 31, 2013 have,
however, been subjected to limited scope review by the external Auditors as required by the
Code of Corporate Governance. This condensed interim financial information does not include
all the information required for annual financial statements and, therefore, should be read in
conjunction with the annual financial statements of the Company for the year ended June 30,
2013.
3.
4.
Deferred
taxation
Equity
48,693
200,623
600,802
27,409
(9,593)
(17,816)
76,102
191,030
582,986
66,000
273,700
857,733
27,409
(9,593)
(17,816)
(4,497)
1,574
2,923
0
22,912
229
(7,790)
(229)
(15,122)
88,912
265,910
842,611
5.
6.
6.1
2,238,506
2,270,452
Capital work-in-progress
6.2
35,723
2,274,229
2,270,452
2,270,452
908
68
197
45
47
375
1,640
(33,586)
2,238,506
19,780
15,943
35,723
10
Un-audited
Audited
Dec. 31,
June 30,
2013
2013
(Rupees in thousand)
10,973
10,973
83,023
12,267
106,263
49,786
34,648
95,407
7,697
7,697
51,152
0
9,054
67,903
45,373
(1,756)
11,118
62,432
174,166
157,839
7.1 Market value of the Company's investments in BCM and BWM as at December 31, 2013 was
Rs.47.499 million (June 30, 2013: Rs.36.947 million) and Rs.53.409 million (June 30, 2013:
Rs.45.010 million) respectively.
8.
Taxation
8.1 Except for the matter detailed in note 8.2, there has been no significant change in the status of
tax cases as detailed in the note 28 to the preceding financial statements of the Company for
the year ended June 30, 2013.
8.2 The Commissioner Inland Revenue - Appeals has decided the appeal for the tax year 2007 and
allowed relief of Rs.3.361 million resulting therein no change in tax liability due to brought
forward losses. The Company has filed an appeal before the Appellate Tribunal Inland
Revenue, which is pending adjudication.
8.3 Due to location of the mills in the most affected area, the income of the Company was exempt
from tax under clause 126F of the second schedule to the Income Tax Ordinance, 2001 (the
Ordinance) starting from the tax year 2010. As per management's contention, exemption
available under clause 126F was a specific exemption granted by the Federal Board of
Revenue to the specific areas of Khyber Pakhtunkhwa. The Company has filed a writ petition
before the Islamabad High Court, Islamabad, praying exemption from levy of minimum tax
under section 113 of the Ordinance, which is still pending adjudication. The Peshawar High
Court, Peshawar, in an identical writ petition concerning exemption of minimum tax filed by a
Group Company, had granted exemption from levy of minimum tax. The management is
confident that Islamabad High Court will also grant exemption from levy of minimum tax;
accordingly, no provision for minimum tax for the financial year ended June 30, 2012 was
made in the books of account as well as provisions for minimum tax made during the financial
years ended June 30, 2010 and June 30, 2011 aggregating Rs.28.655 million were written-back
in the books of account. An adverse judgment by the Islamabad High Court will create tax
liability under section 113 of the Ordinance aggregating Rs.51.828 million.
11
9.1 There has been no significant change in the status of contingencies as reported in the
preceding published annual audited financial statements of the Company for the year ended
June 30, 2013.
9.2 Counter guarantee given by the Company to a commercial bank outstanding as at
December 31, 2013 was for Rs.50 million (June 30, 2013: Rs.40 million).
Un-audited
Audited
Dec. 31,
June 30,
2013
2013
(Rupees in thousand)
9.3 Commitments against irrevocable letters of credit
outstanding at the period / year-end were for:
- stores and spares
- raw materials
51,084
12,712
214,682
77,457
265,766
90,169
Name
Nature of
relationship
Associated
Company
-do-
Nature of transaction
Utilities:
- paid
- received
Cumulative
July - Dec.,
July - Dec.,
2013
2012
14
315
13
74
Purchase of goods
21
Dividend received
1,756
Utilities paid
78
69
214
0
0
0
216
46
Mark-up:
- earned
- paid
- expensed
The Universal Insurance
Company Ltd.
-do-
Rent expensed
144
-do-
20,000
75
395
-do-
Rent expensed
-do-
Mark-up earned
10.1 No other transactions, other than remuneration and benefits paid to key management
personnel under the terms of their employment, were executed with other related parties during
the period.
10.2 Trade and other payables include due to Associated Companies on account of normal business
transactions aggregating Rs.436 thousand (June 30, 2013: Rs.511 thousand).
12
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