pcc - financial statements 2013 - final by rashid

8/11/2019 PCC - Financial Statements 2013 - Final by Rashid

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PAKISTAN CARD CLOTHING COMPANY (PRIVATE) LIMITED

Balance Sheet

As at June 30, 2013

2013 2012

Rupees Rupees

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Share capital 7 8,305,000 8,305,000

Capital reserve 1,039,496 1,039,496

Accumulated loss (13,793,170) (10,808,041)

Total equity (4,448,674) (1,463,545)

Liabilities

CURRENT LIABILITIES

Loan from directors -unsecured 8 3,828,503 2,863,503

Short term borrowings 9 19,561,659 18,814,826

Trade and other payables 10 4,987,554 5,743,927

Accrued mark-up 11 531,476 547,782

Taxation 808,904 778,624

Total current liabilities 29,718,096 28,748,662

Total equity and liabilities 25,269,422 27,285,117

CONTINGENCIES AND COMMITMENTS 12

The annexed notes 1 to 31 form an integral part of these financial statements.

Note

CHIEF EXECUTIVE DIRECTOR


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Balance Sheet

As at June 30, 2013

2013 2012

Rupees RupeesNote

ASSETS

NON CURRENT ASSETS

Property, plant and equipment 13 1,071,684 1,293,350

Long term deposits 14 223,780 228,780

Total non-current assets 1,295,464 1,522,130

CURRENT ASSETS

Stores, spare parts and loose tools 15 209,431 169,235

Stock in trade 16 10,949,891 10,295,425

Loans and advances 17 47,164 508,903

Trade deposits and short term prepayments 18 71,528 68,624

Other receivables 19 - 263,646

Tax refunds due from Government 20 3,887,005 3,332,258

Trade debts 21 8,785,185 11,091,802

Cash and bank balances 22 23,754 33,094

Total current assets 23,973,958 25,762,987

Total assets 25,269,422 27,285,117




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Profit and Loss Account

For the year ended June 30, 2013

2013 2012

Rupees Rupees

Sales 23 33,394,117 27,481,990

Cost of sales 24 (26,237,484) (24,201,527)

Gross profit 7,156,633 3,280,463

Administrative and general expenses 25 (4,901,975) (4,019,760)

Distribution Cost 26 (2,007,596) (1,499,888)

Operating Profit / (loss) 247,062 (2,239,185)

Finance cost 27 (2,548,710) (2,469,955)

Other operating income 28 102,009 81,900

Gain on sale of property, plant and equipment 29 23,414 -

Loss before taxation (2,176,225) (4,627,240)

Taxation (808,904) (778,624)

Loss after taxation (2,985,129) (5,405,864)

Accumulated loss brought forward (10,808,041) (5,402,177)

Accumulated loss carried to balance sheet (13,793,170) (10,808,041)


Note



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Statement of Comprehensive Income


2013 2012

Rupees Rupees

Loss for the year (2,985,129) (5,405,864)

Other comprehensive income for the year - -

Total comprehensive loss for the year (2,985,129) (5,405,864)


Note



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Statement of changes in equity


Rupees Rupees Rupees Ru

Balance as at June 30, 2011 8,305,000 1,039,496 (5,402,177)

Total comprehensive loss for the year - - (5,405,864)



Total comprehensive loss for the year - - (2,985,129)



Issued, subscribed

and paid-up capitalCapital reserve Accumulated losses T



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Cash flow statement

For the year ended June 30, 20132013 2012

Rupees Rupees

Cash flows from operating activities

Loss before tax (2,176,225) (4,627,240)

Adjustments for non-cash items:

Depreciation 13 195,080 240,641

Provision for bad debts 25 1,786,528 -

Interest on workers' profit participation fund 27 76,873 73,174

Finance cost 27 2,471,837 2,396,781

Gain on sale of property, plant and equipment 29 (23,414) -

Cash from operations before working capital changes 2,330,679 (1,916,644)

Net working capital changes:

(Increase) / decrease in current assets

Stores, spare parts and loose tools 15 (40,196) 173,036

Stock in trade 16 (654,466) (2,893,017)

Loans and advances 17 461,739 1,319,354

Trade deposits and short term prepayments 18 (2,904) 23,985

Other receivables 19 263,646 (44,018)

Tax refunds due from Government 20 (554,747) 916,221

Trade debts 21 520,089 (2,859,654)

Increase / (decrease) in current liabilities

Trade and other payables (833,246) 1,521,710

Cash generated from operations 1,490,594 (3,759,027)

Finance cost paid (2,488,143) (2,437,366)Workers' profit participation fund paid - -

Income taxes paid (778,624) (321,117)

Net cash from operating activities (1,776,173) (6,517,510)

Cash flows from investing activities

Proceeds from disposal of property, plant and equipment 50,000 -

Long term deposit 5,000 -

Net cash from (used in) investing activities 55,000 -

Cash flows from financing activities

Loan from directors -unsecured 965,000 2,094,037

Short term borrowings 746,833 4,424,301Net cash from financing activities 1,711,833 6,518,338

Net increase (decrease) in cash and cash equivalents (9,340) 828

Cash and cash equivalents at beginning of year 33,094 32,266

Cash and cash equivalents at end of year 16 23,754 33,094


Note



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Notes To The Financial Statements

For The Year Ended June 30, 2013

STATUS AND NATURE OF BUSINESS

1.1

1.2

2 STATEMENT OF COMPLIANCE

3 ACCOUNTING CONVENTION

4 FUNCTIONAL AND PRESENTATION CURRENCY AND FOREIGN CURRENCY TRANSLATION

These financial statements have been prepared under the historical cost convention.

These financial statements are presented in Pakistan Rupee, which is Companys functional and presentation

currency.

During the year the Company has incurred a net loss of Rs. 2,985,129 (2012: Rs. 5,405,864) resulting inaccumulated losses of Rs. 13,793,170 (2012: Rs. 10,808,041) as at the year end, and, as of that date, theCompany's current liabilities exceeded its current assets by Rs. 5,744,138 (2012: Rs. 2,985,675).Continuation of the Company as a going concern is dependent on its ability to attain satisfactory levels ofprofitability in the future and continuous support of financial institutions by bringing its liabilities toserviceable levels and availability of adequate working capital from the principal lenders and sponsors of

the Company.These financial statements have been prepared on a going concern basis on the grounds that theCompany will be able to achieve satisfactory levels of profitability in the future based on the plans drawnup by the management for this purpose, bringing its liabilities to serviceable levels and availability ofadequate working capital from its lenders and sponsors.

The financial statements consequently do not include any adjustment relating to the realization of theassets and liquidation of its liabilities that might be necessary would the Company be unable to continueas a going concern.

Pakistan Card Clothing Company (Private) Limited (the Company) was incorporated as a private limitedcompany in Pakistan in 1963 under Companies Act, 1913 (now Companies Ordinance, 1984). Theprincipal activity of the Company is manufacturing and sale of card clothing for textile spinning units.The registered office of the Company is situated at 6-M-2, Block H, Gulberg-II, Lahore.

These financial statements have been prepared in accordance with approved accounting standards, as applicablein Pakistan. Approved accounting standards comprise of Accounting and Financial Reporting Standard forSmall-Sized Entities (SSEs) issued by the Institute of Chartered Accountants of Pakistan and provisions of anddirectives issued under the Companies Ordinance, 1984. In case requirements differ, the provisions or directivesof the Companies Ordinance, 1984 shall prevail.


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For The Year Ended June 30, 20135 USE OF ESTIMATES AND JUDGMENTS

6 SIGNIFICANT ACCOUNTING POLICIES

6.1 Property, plant and equipment

6.2 Trade debts and other receivables

6.3 Trade and other payables

Depreciation is charged to income applying the reducing balance method over the estimated useful life atthe rates specified in property, plant and equipment note 13.

-assumptions and estimates used in the recognition of income taxes; and

-assumptions and estimates used in disclosure and assessment of provision for contingencies.

Property, plant and equipment except free - hold land are stated at cost less accumulated depreciationand impairment in value, if any. Free - hold land is stated at cost.

-assumptions and estimates used in calculating the provision for impairment for trade debts and other

The preparation of financial statements in conformity with approved accounting standards requires the use ofcertain critical accounting estimates. It also requires the management to exercise its judgment in the process of

applying the Company's accounting policies. Estimates and judgments are continually evaluated and are basedon historical experience, including expectation of future events that are believed to be reasonable under thecircumstances. The areas where various assumptions and estimates are significant to the Company's financialstatements or where judgments were exercised in application of accounting policies are as follows:

-assumptions and estimates used in determining the recoverable amount, residual values and useful lives ofproperty and equipment;

-assumptions and estimates used in writing down items of stores, spare parts and loose tools to their netrealizable value;

Depreciation on additions to property, plant and equipment is charged from the month in which an asset

is available for use while no depreciation is charged in the month in which the asset is disposed off.

Maintenance and normal repairs are charged to income as and when incurred. Major renewals andimprovements are capitalized and the assets so replaced, if any, are retired.

Gain and loss on disposal of property, plant and equipment is taken to profit and loss account.

The assets' residual values and useful lives are reviewed at each financial year end, and adjusted if impacton depreciation is significant.

Liabilities for trade and other payables are carried at their cost which is the fair value of the considerationto be paid in the future for goods and services received whether billed to the Company or not.

These are originated by the Company and are stated at cost less provision for any uncollectible amount.An estimate is made for doubtful receivables when collection of the amount is no longer probable.Debts considered irrecoverable are written off.


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For The Year Ended June 30, 20136.4 Borrowing costs

6.5 Stores, spare parts and loose tools

6.6 Stock in trade

These are valued at lower of cost and net realizable value applying the following basis:

Raw materials Weighted average

Work in process Average manufacturing cost

Finished goods Average manufacturing cost

Packaging material Weighted average

6.7 Revenue recognition

6.8 Provisions

6.9 Taxation

Average manufacturing cost in relation to work in process and finished goods consists of direct materialand labour and a proportion of manufacturing overheads based on normal capacity.

Raw material in transit is stated at invoice price plus other charges paid thereon up to the balance sheetdate.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying asset,which are assets that necessarily take a substantial period of time to get ready for their intended use orsale, are added to the cost of those assets, until such time as the assets are substantially ready for theirintended use or sale. Investment income earned on the temporary investment of specific borrowingspending their expenditure on qualifying asset is deducted from the borrowing costs eligible forcapitalization. All other borrowing cost are recognized in profit and loss account in the period in whichthey are incurred.

Loans and borrowings are initially recorded at proceeds received which is considered to be equal to itsfair value. Financial charges are accounted for on accrual basis and are disclosed as a separate line item on

the face of the balance sheet to the extent of the amount remaining unpaid.

These are stated at cost using moving average method except goods in transit which are stated at cost

comprising invoice value plus other charges paid thereon.

Net realizable value signifies the estimated selling price in the ordinary course of business less estimatedcosts of completion and estimated costs necessary to make the sale.

Revenue from sales is recognized on dispatch of goods to the customers.

Provision for taxation is based on taxable income at the current rates of taxation after consideringrebates and tax credits available, if any. The charge for the tax also includes adjustments where necessary,relating to prior years which arise from assessment framed / finalized during the year.

A provision is recognized in the financial statements when the Company has legal or constructiveobligation as a result of a past event and it is probable that an outflow of resources embodying economicbenefits will be required to settle the obligation and a reliable estimate can be made to the amount ofobligation.


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For The Year Ended June 30, 20136.10 Impairment

6.11 Off setting

6.12 Cash and cash equivalents

6.12 Contingent liability

Contingent liability is disclosed when:

The Company assesses at each balance sheet date whether there is any indication that assets may beimpaired. If such indication exists, the carrying amounts of such assets are reviewed to assess whetherthey are recorded in excess of their recoverable amount. Where carrying values exceed recoverableamount, assets are written down to their recoverable amount and the difference is charged to the profitor loss. The recoverable amount is the higher of an assets fair value less costs to sell and value in use.

Where an impairment loss is recognized, the depreciation charge is adjusted in the future periods toallocate the assets revised carrying amount over its estimated useful life.

A financial asset and a financial liability is offset and the net amount is reported in the financialstatements if the Company has legally enforceable right to set-off the transaction and also intends eitherto settle on a net basis or to realize the asset and settle the liability simultaneously.

For the purpose of cash flow statement, cash and cash equivalents comprise cash in hand and bankbalances and other short term highly liquid investments that are readily convertible to known amounts ofcash and which are subject to an insignificant risk of change in value.

-There is possible obligation that arises from past events whose existence will be confirmed only by theoccurrence or non occurrence of one or more uncertain future events not wholly within the control ofthe Company; or

-There is present obligation that arises from past events but it is not probable that an outflow of

resources embodying economic benefits will be required to settle the obligation or the amount of theobligation cannot be measured with sufficient reliability.


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For The Year Ended June 30, 20132013 2012

Rupees Rupees

7 SHARE CAPITAL

7.1 Authorized share capital

10,000 (2012: 10,000) ordinary shares of Rs. 1,000 each 10,000,000 10,000,000

Total 10,000,000 10,000,000

7.2 Issued, subscribed and paid up capital

7,905 Ordinary shares of Rs. 1,000 each fully paid up in cash 7,905,000 7,905,000

400 Ordinary shares of Rs. 1,000 each fully paid up for consideration other than c 400,000 400,000

Total 8,305,000 8,305,000

8 LOAN FROM DIRECTORS - UNSECURED

Short term borrowing from directors 8.1 3,828,503 2,863,503

Total 3,828,503 2,863,503

8.1

9 SHORT TERM BORROWINGS

From banking companies - Secured

Running finance

The Bank of Punjab 9.1 14,945,059 14,807,012

Finance against trust receipts (FATR)

The Bank of Punjab 9.2 4,616,600 4,007,814

Total 19,561,659 18,814,826

9.1

9.2

9.3

This facility has been availed from The Bank of Punjab with a sanctioned limit of Rs. 5 million. Mark upis charged on quarterly basis at the rate average 03 Months KIBOR + 275 BPS with a floor rate of 15%.

In addition to the above facility, the Company has obtained letter of credit sight/usance (120 days) to theextent of Rs. 7.5 million (2012:Rs.7.5 million).

Note

Aggregate exposure against import L/C sight/ usance, PAD, acceptance and FATR shall not exceed Rs.7.5 million during the currency of limit.

This un-secured and interest free loan was obtained from directors of the Company for meeting theworking capital requirements.

The running finance facility has been availed with a sanctioned limit of Rs. 15 million. Mark up is chargedon quarterly basis at the rate average 03 Months KIBOR + 275 BPS with a floor rate of 15%.

These facilities will expire on March 31, 2014.


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For The Year Ended June 30, 20139.4

i -Lien on shipping documents made under L/C.

ii -Undertaking to retire the documents from their own sources upon first presentation.

iii -Acceptance bills of exchange.iv -Execution of trust receipts.

vi -Joint collateral for:

2013 2012

Rupees Rupees

10 TRADE AND OTHER PAYABLES

Creditors 1,357 226,910

Accrued liabilities 2,470,815 3,312,672

Workers' profit participation fund 7.1 740,901 664,028

Advance from customers 1,647,186 957,641

Others 127,295 582,676

Total 4,987,554 5,743,927

10.1

11 ACCRUED MARK-UP

Short term borrowings 531,476 547,782

Total 531,476 547,782

12 CONTINGENCIES AND COMMITMENTS

Contingencies

Commitments

Commitments in respect of letter of credits for import of raw material is Nil as at June 30, 2013 (2012: Rs. 0.66million).

No contingency exists as at June 30, 2013 (2012: NIL ).

-Existing 1st exclusive charge on all present and future current and fixed assets of the Company forRs. 26 million duly registered with SECP.

-Personal guarantee of all the directors of the Company.

-Execution of debt subordination agreement.

v -The bank shall have a banker's lien on all the deposits, accounts and properties held with the bank.

All the facilities are secured against;

This includes interest on Workers' profit participation fund liability amounting to Rs. 76,873 (2012:73,174). However no further liability is created due to losses Rs. Nil (2012: Rs. Nil).

Note

-Existing 1st exclusive charge on all present and future fixed assets of the Company for Rs. 20million registered with SECP.

-Existing token registered mortgage over land, building and machinery of the Company for Rs. 2million and fresh equitable mortgage of industrial property measuring 29 Kanals - 18 Marlas situatedat Mauza Mahmoodabad, 1.5 Km off 22 Km G.T. Road, Tehsil Ferozewala, District Shiekhupura.


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For The Year Ended June 30, 201313 PROPERTY, PLANT AND EQUIPMENT

13.1 Depreciation for the year has been allocated as follows:

Cost of sales 24 108,166 132,561

Administrative and general expenses 25 42,765 57,276

Distribution Cost 26 44,149 50,804

Total 195,080 240,641

Land - free hold 12,526 - 12,526 - - - - - 12,526

Building on free hold land 657,112 - 657,112 10 609,941 4,717 - 614,658 42,454

Plant and machinery 5,271,902 - 5,271,902 10 4,860,958 41,094 - 4,902,052 369,850

Furniture and fittings 184,997 - 184,997 10 153,048 3,195 - 156,243 28,754

Tools and accessories 43,358 - 43,358 10 40,173 319 - 40,492 2,866

Electric installation 75,099 - 75,099 10 69,290 581 - 69,871 5,228

Vehicles 3,476,503 (414,503) 3,062,000 20 2,768,553 137,792 (387,917) 2,518,428 543,572

Office equipment 126,802 - 126,802 10 87,446 3,936 - 91,382 35,420Computers and accessories 118,125 - 118,125 10 83,665 3,446 - 87,111 31,014

2013 9,966,424 (414,503) 9,551,921 8,673,074 195,080 (387,917) 8,480,237 1,071,684

Land - free hold 12,526 - 12,526 - - - - - 12,526

Building on free hold land 657,112 - 657,112 10 604,700 5,241 - 609,941 47,171Plant and machinery 5,271,902 5,271,902 10 4,815,297 45,661 - 4,860,958 410,944

Furniture and fittings 184,997 - 184,997 10 149,498 3,550 - 153,048 31,949

Tools and accessories 43,358 43,358 10 39,819 354 - 40,173 3,185

Electric installation 75,099 - 75,099 10 68,645 645 - 69,290 5,809

Vehicles 3,476,503 3,476,503 20 2,591,565 176,988 - 2,768,553 707,950

Office equipment 126,802 - 126,802 10 83,073 4,373 - 87,446 39,356

Computers and accessories 118,125 - 118,125 10 79,836 3,829 - 83,665 34,460

2012 9,966,424 - 9,966,424 8,432,433 240,641 - 8,673,074 1,293,350

Rupees Rupees

Additions/

(Deletions)/

Adjustments

As at June 30,

2012Rate %

As at July 1,

2011For the year

Additions/

(Deletions)/

Adjustments

PARTICULARS

COST DEPRECIATION

Written down

value as at

June 30, 2012As at July 1,

2011

As at June 30,

2012

Written down

value as atJune 30, 2013PARTICULARS

COST DEPRECIATION

Additions/

(Deletions)/

Adjustments

Additions/

(Deletions)/

Adjustments

Rupees Rupees

As at July 1,2012

As at June 30,2013

Rate % As at June 30,2013

As at July 1,2012

For the year


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Rupees Rupees

14 LONG TERM DEPOSITS

Security deposit - petrol pump 20,000 20,000

Security deposit - hydrogen gas cylinder 24,000 24,000

Office security 154,000 154,000

Security deposit - telephone 25,780 25,780

Security deposit - Multan office - 5,000

Total 223,780 228,780

15 STORES, SPARE PARTS AND LOOSE TOOLS

General stores 28,005 28,005

Grinding wheels 91,200 110,945

Packing material 90,226 30,285

Total 209,431 169,235

16 STOCK IN TRADE

Raw material 2,580,974 2,516,396

Work in process 2,824,625 2,802,431

Finished goods - manufactured 969,300 1,343,060

Finished goods - trading 4,574,992 3,633,538

Total 10,949,891 10,295,425

17 LOANS AND ADVANCES

Advances to staff 47,164 31,664

Advances against letter of credits - 477,239

Total 17.1 47,164 508,903

17.1

18 TRADE DEPOSITS AND SHORT TERM PREPAYMENTS

Prepayments 71,528 68,624

Total 18.1 71,528 68,624

18.1

19 OTHER RECEIVABLES

Other receivables - 263,646

Total 19.1 - 263,646

19.1

Last year this amount was grouped with advances, deposits, prepayments and other receivables. For

better presentation as per requirements of 5th

schedule of Companies Ordinance 1984, this has beenshown separately.







Note


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Rupees Rupees

20 TAX REFUNDS DUE FROM GOVERNMENT

Tax deducted at source 2,176,676 1,685,888

Sales tax refundable 1,710,329 1,646,370

Total 20.1 3,887,005 3,332,258

20.1

21 TRADE DEBTS

Debts 11,418,287 11,938,376

Debts - considered doubtful 21.1 (2,633,102) (846,574)

Debts - considered good 8,785,185 11,091,802

21.1

22 CASH AND BANK BALANCES

Cash at bank - current accounts 23,286 29,800

Cash in hand 468 3,294

Total 23,754 33,094

23 SALES

Manufactured goods 18,573,955 14,788,280

Trading goods 14,820,162 12,693,710

Total 33,394,117 27,481,990

- Sales are exclusive of sales tax amounting to Rs. 5,358,765 ( 2012: Rs. 4,397,118 ).

24 COST OF SALES

Raw material consumed 24.1 9,954,431 8,355,377

Stores, spares parts and loose tools consumed 24.2 264,632 448,257

Salaries, wages and other benefits 3,187,192 3,994,915

Electricity 583,847 605,998

Repairs and maintenance 183,981 120,686Oxygen and gas 47,494 34,182

Oil and lubricants 68,354 178,423

Insurance 79,161 106,907

Freight and zila council tax 15,080 20,880

Factory security services 117,690 113,018

Vehicles running & maintenance 316,298 416,888

Depreciation - owned assets 13.1 108,166 132,561

Cost of goods manufactured 14,926,326 14,528,092

Provision for doubtful debts for the year Rs. 1,786,528 (2012 : Nil). Provision written off during the yearRs. Nil (2012: Nil)

Note

Last year this amount was grouped with Advances, deposits, prepayments and other receivables. For




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Rupees Rupees

Add: Opening stock

Work in process 2,802,431 2,219,830

Finished goods 1,343,060 1,147,995

Total 4,145,491 3,367,825

Less: Closing stock

Work in process 2,824,625 2,802,431

Finished goods 969,300 1,343,060

Total 3,793,925 4,145,491

Cost of sales - manufactured goods 15,277,892 13,750,426

Cost of sales - trading 24.3 10,959,592 10,451,101

Total- Cost of sales 26,237,484 24,201,527

24.1 Raw material consumed

Opening balance 2,516,396 1,808,386

Purchases 10,019,009 9,063,387

12,535,405 10,871,773

Less: Closing balance (2,580,974) (2,516,396)

Raw material consumed 9,954,431 8,355,377

24.2 Stores, spare parts and loose tools

Opening balance 169,235 342,271

Add: Purchases 304,828 275,221

474,063 617,492

Less: Closing balance (209,431) (169,235)

Stores, spare parts and loose tools consumed 264,632 448,257

24.3 Cost of sales - trading

Opening balance 3,633,538 2,226,197

Imports 11,901,046 11,858,442

15,534,584 14,084,639

Less: Closing balance (4,574,992) (3,633,538)

Cost of sale- trading 10,959,592 10,451,101

Note


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Rupees Rupees

25 ADMINISTRATIVE AND GENERAL EXPENSES

Chief executive's remuneration - 1,225,000

Staff salaries and benefits 1,267,276 1,191,178

Staff medical expense 70,139 13,227

Office repairs and maintenance 18,217 5,760

Vehicle running and maintenance 393,954 268,455

Travelling and conveyance 39,033 35,506

Electricity, water and gas expenses 251,085 216,989

Postage, telephone and telex 272,446 305,571

Printing and stationery 33,074 45,922

Entertainment and staff welfare 57,180 55,407

Rates, fee and taxes 61,599 65,367

Auditors' remuneration 75,000 75,000Legal and professional charges 25,000 -

News paper, books and periodicals 14,666 7,490

Office rent 396,000 397,897

Charity and donation - 25,000

Provision for bad debts 1,786,528 -

Depreciation - owned assets 13.1 42,765 57,276

Penalties 19.1 98,013 28,715

Total 4,901,975 4,019,760

19.1

26 DISTRIBUTION COST

Director's remuneration - 16,250

Salaries and other benefits 835,900 902,169

Staff medical expense 18,509 7,228

Travelling and conveyance 216,000 33,020

Carriage and freight 151,780 42,262

Sales promotion expenses 401,123 137,357

Vehicle repairs and maintenance 340,135 310,798

Depreciation 13.1 44,149 50,804

Total 2,007,596 1,499,888

27 FINANCE COST

Mark up on short term borrowings 2,310,097 2,251,846

Interest on workers' profit participation fund 76,873 73,174

Bank charges 161,741 144,935

Total 2,548,710 2,469,955

Note

This represents penalty charged by taxation authorities on late payment of sales tax (Rs. 98,013/-) [2012:excise duty (Rs. 10,653/-) and sales tax (Rs. 18,062/-)].


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Rupees Rupees

28 OTHER OPERATING INCOMERental income 102,009 81,900

Total 102,009 81,900

29 GAIN ON SALE OF PROPERTY, PLANT AND EQUIPMENT

Gain on sale of property, plant and equipment 23,414 -

Total 23,414 -

30 DATE OF AUTHORIZATION

31 GENERAL

Figures have been rounded off to the nearest Pakistan Rupee.

CHIEF EXECUTIVE

These financial statements were authorized for issue on ___________________ , 2013 by the board ofdirectors of the Company.

DIRECTOR

Note


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Trial Balance

As at June 30, 2013

Debit Credit Debit Credit

10-01-0000 FIXED ASSETS

10-01-0001 LAND 12,526 - - -

10-01-0002 BUILDING 657,112 - - -

10-01-0003 PLANT & MACHINERY 5,271,902 - - -

10-01-0004 FURNITURE & FIXTURE 184,997 - - -

10-01-0005 ACCESSORIES & TOOLS 43,358 - - -

10-01-0006 ELECTRIC INSTALLATION 64,607 - - -

10-01-0007 TUBEWELL/ HAND PUMP 10,492 - - -

10-01-0008 VEHICLES 3,476,503 - - 414,503

10-01-0009 COMPUTER 118,125 - - -

10-01-0010 OFFICE EQUIPMENTS 126,802 - - -

- - - -

9,966,424 - - 414,503

10-02-0000 ACCUMULATED DEPRECIATION

10-02-0001 DEPRECIATION BUILIDNG - 609,941 - -

10-02-0002 DEPRECIATION PLANT & MACHINERY - 4,860,958 - -

10-02-0003 DEPRECIATION FURNITURE & FIXTURE - 153,048 - -

10-02-0004 DEPRECIATION ACCESSORIES & TOOLS - 40,173 - -

10-02-0005 DEPRECIATION ELECTRIC INSTALLATION - 59,727 - -

10-02-0006 DEPRECIATION TUBEWELL - 9,563 - -

10-02-0007 DEPRECIATION VEHICLE - 2,768,553 386,018 -

10-02-0008 DEPRECIATION OFFICE EQUIPMENT - 87,446 - -

10-02-0009 DEPRECIATION COMPUTERS. - 83,665 - -

-

- 8,673,074 386,018 -

10-05-0000 STOCK, STORE & SPARES

10-05-0001 FINISHED GOODS (STOCKS) 1,343,060 - - -

10-05-0002 FINISHED GOODS (TRADING) 3,633,538 - - -

10-05-0003 RAW MATERIAL (STOCKS) 2,516,396 - - -

10-05-0004 WORK IN PROCESS (STOCKS) 2,802,431 - - -

10-05-0005 GRINDING WHEELS 110,945 - - -

10-05-0007 STORE & SPARES - General store 28,005 - - -

10-05-0008 PACKING MATERIAL 30,285 - - -

10,464,660 - - -

10-06-0000 TRADE DEBTORS

10-06-0001 (COLONY) SARHAD TEXTILE MILLS LTD. - 3,381 - -

10-06-0004 A.J. TEXTILE MILLS LTD. (GADOON AMAZAI) 92,099 - 68,672 137,910

10-06-0007 ABID KALEEM SPINNING MILLS (PVT.) LIMITED. 4,500 - - -

10-06-0008 ABU BAKAR TEXTILE MILLS LTD. 82,360 - 250,560 145,000

10-06-0015 AL-AZHAR TEXTILE MILLS LTD. - 6 - -

10-06-0018 AL-QADIR TEXTILE MILLS LIMITED. 8,524 - 32,480 32,480

10-06-0020 AL-ZAMIN TEXTILE MILLS LIMITED. 3,220 - 522,000 504,50210-06-0021 ALI AKBAR SPINNING MILLS LTD. 5,889 - - -

10-06-0025 AMER COTTON MILLS (PVT.) LTD. 5,714 - - -

10-06-0027 AMIN TEXTILE MILLS (PVT.) LTD. 56,750 - - 55,680

10-06-0031 ANMOL TEXTILE MILLS LIMITED 7,288 - - -

10-06-0035 ASHER IMRAN SPINNING MILLS LTD. 24,466 - 80,040 107,880

10-06-0038 ASIA SPINNING MILLS 3,260 - - -

10-06-0040 AYESHA TEXTILE MILLS LIMITED UNIT-1 15,769 - 133,633 149,121

10-06-0041 AYESHA TEXTILE MILLS LTD. UNIT-2 103,098 - - 48,250

10-06-0042 AZAD TEXTILE MILLS LTD. 4,550 - - -

A/c Code DescriptionOpening Balance During the year


20/56

Debit Credit Debit CreditA/c Code Description

Opening Balance During the year

10-06-0043 AZAM TEXTILE MILLS LTD. 106,886 - - -

10-06-0046 AZGARD NINE LIMITED. UNIT-1 - - 135,720 133,873

10-06-0048 BABRI COTTON MILLS LTD. 1,309 - - -

10-06-0049 BAJAJ ENTERPRISES. 51,390 - - -10-06-0050 BAJAJ SPINNING MILLS (PVT.) LTD. 20,000 - - -

10-06-0054 BHANERO TEXTILE MILLS LTD. (SHEIKHUPURA) - 3,637 - -

10-06-0055 BHATTI COTTON LINKS. - 150,000 - -

10-06-0059 BILAL TEXTILES (PVT.) LTD. (SPINNING) 28,868 - - -

10-06-0060 BLESSED TEXTILES LIMITED 62,950 - - 16,791

10-06-0062 CHAKWAL SPINNING MILLS LTD. 51,830 - - 42,915

10-06-0065 CHIRAGH TEXTILE MILLS (PVT.) LIMITED 173,768 - 255,200 421,192

10-06-0066 CITY TEXTILES (PVT.) LIMITED. 41,300 - - -

10-06-0069 COLONY THAL TEXTILE MILLS LTD. 74,584 - - -

10-06-0070 COMBINE SPINNING (PRIVATE) LTD. 10,663 - - -

10-06-0071 COMFORT KNITWEAR (SPINNING). - 7,765 - -

10-06-0072 COTTON YARN SPINNING MILLS (PVT.) LTD. 12,272 - - 150,000

10-06-0075 CRESCENT FIBRES LIMITED. (BHIKI) 80,025 - 80,620 80,620

10-06-0078 CRESCENT TEXTILE MILLS LIMITED. 1,159 - - -

10-06-0080 D.M. TEXTILE MILLS LTD. 180,721 - - -

10-06-0081 D.S. INDUSTRIES (PVT.) LIMITED. 280 - - -

10-06-0082 D.S. TEXTILE LIMITED. 840 - - -

10-06-0091 EASTERN SPINNING MILLL LIMITED. 4,301 - - -

10-06-0094 ELLAHI COTTON MILLS LTD. - - 116,000 117,664

10-06-0095 ELLCOT SPINNING MILLS LIMITED. 725 - 30,160 28,844

10-06-0096 EMPIRE TEXTILE MILLS (PVT.) LIMITED. 234,856 - - -

10-06-0097 FAHAD JAVAID SPINNING MILLS (PVT) LTD. - 60,000 295,800 166,830

10-06-0099 FAROOQ SPINNING (PVT) LTD 108,012 - 1,150,140 1,263,512

10-06-0101 FATIMA ENTERPRISES LIMITED UNIT (II). 45,080 - - -

10-06-0105 GADOON TEXTILE MILLS LIMITED 434,268 - 641,292 588,888

10-06-0107 GHAZI FABRICS INTERNATIONAL LIMITED. 21,837 - - -

10-06-0109 GLAMOUR TEXTILE MILLS LTD. 3,150 - - -

10-06-0110 GOLDEN TEXTILE MILLS LIMITED. - 137,586 7,489 48

10-06-0112 GULISTAN TEXTILE MILLS LIMITED UNIT-1. 3,810 - - -10-06-0113 GULISTAN TEXTILE MILLS LTD. (UNIT 4). 6,300 - 1,567,928 1,563,801

10-06-0117 HAJVERI TEXTILE MILLS LIMITED. 63,350 - - -

10-06-0120 HASHIM TEXTILE & KNITWEAR (PVT.) LIMITED. 1,610 - - -

10-06-0121 HASHIR TEXTILE MILLS LIMITED. UNIT-1 2,146 - - -

10-06-0122 HATTAR TEXTILE MILLS LIMITED. 180,760 - - -

10-06-0123 HIRA MILLS LTD. - - 36,192 34,925

10-06-0124 HUSNAIN SPINNING MILLS (PVT.) LTD. 69,066 - - -

10-06-0126 IDREES TEXTILE MILLS LTD. 1 - - -

10-06-0127 IHSAN COTTON PRODUCTS (PVT.) LTD. 746 - - -

10-06-0128 IHSAN SONS (PVT.) LIMITED. 1,223 - - -

10-06-0129 IMPERIAL TEXTILE MILLS LTD. 208,548 - 608,958 782,768

10-06-0136 J.K. FIBRE MILLS LIMITED. 4,931 - - 13,153

10-06-0138 J.K. SPINNING MILLS LIMITED 3,222 - 20,880 12,821

10-06-0139 JAMHOOR TEXTILE MILLS LIMITED. 7,468 - - -

10-06-0145 KASHIR TEXTILE MILLS LIMITED. 37,763 - - -10-06-0147 KHALID NAZIR SPINNING LTD. 34,776 - - -

10-06-0148 KHALID SHAFIQUE SPINNING MILLS LIMITED. - 6,093 383,330 896

10-06-0149 KHAWAJA SPINNING MILLS LTD. 10,940 - 861,880 838,981

10-06-0150 KHOKHAR TEXTILE MILLS LIMITED. 780 - - -

10-06-0152 KOHAT TEXTILE MILLS LTD. - 656 37,120 35,821

10-06-0153 KOHINOOR INDUSTRIES LTD. - 8,752 - -

10-06-0154 KOHINOOR SPINNING MILLS LTD. 14,534 - - -

10-06-0156 LAHORE TEXTILE & GEN. MILLS LTD. UNIT(1) 2,597 - - -

10-06-0158 LASANI SPINNING MILLS (PVT.) LIMITED. 5,322 - - -


21/56



10-06-0159 LIAQUAT SPINNING MILLS. - 100 - -

10-06-0161 M.K.B. SPINNING MILLS (PVT.) LTD. 15,292 - - -

10-06-0164 MADNI ENTERPRISES. 107,858 - - -

10-06-0165 MADNI SPINNING MILLS 21,360 - - -10-06-0167 MAKKI ENTERPRISES 30,280 - - -

10-06-0171 MAQBOOL USMAN FIBRES (PVT.) LTD. 1,651 - - -

10-06-0172 MARGALLA TEXTILE MILLS LTD. 64,083 - 339,880 245,879

10-06-0176 MEHR DASTGIR TEXTILE MILLS LTD. 1,804 - - -

10-06-0178 MEZAN TEXTILE MILLS (PVT.) LTD. - - 97,440 94,030

10-06-0179 MGM CORPORATION (PVT.) LTD. - 31,690 - -

10-06-0180 MIAN TEXTILE INDUSTRIES. 7,750 - - -

10-06-0182 MIMA COTTON MILLS LIMITED. 2,590 - - -

10-06-0183 MINHAJ SPINNING (PVT.) LIMITED. 6,923 - - -

10-06-0184 MONNOO INDUSTRIES LTD. 270,372 - 118,320 292,069

10-06-0188 NAFEESA TEXTILES LIMITED. 10,501 - - -

10-06-0189 NAGRA SPINNING MILLS (PVT.) LTD. 980 - - -

10-06-0191 NARAG ENTERPRISES. 3,213 - - -

10-06-0194 NAYAB SPINNING & WEAVING MILLS LTD. 12,164 - - -

10-06-0195 NAZIR COTTON MILLS LTD. 3,907 - - -

10-06-0202 NOOR INDUSTRIES. - 3,803 428,736 428,736

10-06-0204 NOOR TEXTILE MILLS 1,820 - 388,368 391,184

10-06-0205 NOORANI SPINNING INDUSTRIES 1,983 - 459,360 459,360

10-06-0206 NORTH STAR TEXTILES LIMITED 27,980 - 63,800 76,408

10-06-0207 OLYMPIA BLENDED FIBRE MILLS LIMITED. - 60,111 60,111 -

10-06-0208 OLYMPIA TEXTILE MILLS LIMITED. 5,751 - - -

10-06-0209 PAK KUWAIT TEXTILES LIMITED - 2,442 - -

10-06-0210 PARADISE FIBRES (PVT.) LTD. - 12 - -

10-06-0211 PARADISE SPINNING MILLS (PVT) LTD. 91,729 - 180,960 174,681

10-06-0214 PRIDE SPINNING MILLS (PVT.) LIMITED. 4,478 - 547,520 528,357

10-06-0216 QUETTA TEXTILE MILLS LIMITED. # 4 - - 37,120 35,821

10-06-0218 RAFIQ SPINNING MILLS (PVT.) LTD. 4,060 - - -

10-06-0220 RAI TEXTILE MILLS LIMITED. 5,810 - - -

10-06-0222 RAVI SPINNING LIMITED. 5,391 - 65,714 63,41710-06-0225 REDCO TEXTILE LTD. 24,515 - 238,960 237,800

10-06-0230 RIAZ TEXTILE MILLS (PVT.) LIMITED. 11,000 - - -

10-06-0231 RIZWAN TEXTILE MILLS LIMITED. 1,650 - - -

10-06-0232 ROYAL TEXTILE MILLS LIMITED 50,832 - 217,848 371,080

10-06-0233 RUBY TEXTILE MILLS LTD. 19,390 - - -

10-06-0235 S.N. TEXTILE MILLS (PVT.) LTD. - 550 - -

10-06-0238 SADIQUE FIBRES 10 - - -

10-06-0240 SAIF TEXTILE MILLS LIMITED. 14,607 - 110,386 106,522

10-06-0241 SAITEX SPINNING MILLS LIMITED. 4,950 - - -

10-06-0242 SALLY TEXTILE MILLS LIMITED. 5,831 - - -

10-06-0243 SALMAN NOMAN ENTERPRISES LTD. 65,958 - 61,248 61,248

10-06-0244 SAPPHIRE FIBRES LTD. UNIT-1 14,546 - - -

10-06-0245 SAPPHIRE FIBRES LTD. UNIT-3 455 - - -

10-06-0246 SAPPHIRE TEXTILE MILLS LTD. UNIT-5 2,562 - - -

10-06-0247 SARGODHA SPINNING MILLS LTD. - - 102,312 78,62410-06-0249 SARHAD TEXTILE MILLS LTD. 102,400 - - -

10-06-0250 SARITOW SPINNING MILLS LTD. - 60,085 119,735 87,927

10-06-0251 SEHAR SPINNING MILLS (PVT.) LTD. 433,199 - - 150,000

10-06-0252 SERVICE INDUSTRIES TEXTILES LTD. 14,107 - 15,660 15,660

10-06-0254 SHADMAN COTTON MILLS LTD. (UNIT-3) 19,107 - 206,480 235,533

10-06-0255 SHADMAN COTTON MILLS LTD. UNIT-2 15,505 - 187,920 71,002

10-06-0256 SHAFI SPINNING MILLS LTD. 1,879 - -

10-06-0258 SHAHBAZ GARMENTS (PVT.) LTD. (SPINNING UNIT) 534,408 - 1,353,720 1,741,672

10-06-0260 SHAHNAWAZ TEXTILES LIMITED. 1,210 - - -


22/56



10-06-0261 SHAHPUR TEXTILE MILLS LIMITED 36,582 - - -

10-06-0262 SHAHZAD TEXTILE MILLS LTD. -1 2,660 - - -

10-06-0263 SHAMS TEXTILE MILLS LIMITED. (CHINIOT) 3,201 - 78,881 76,120

10-06-0265 SHEIKH SPINNING MILLS LIMITED. 2,275 - - -10-06-0266 SHOAIB SALMAN TEXTILE MILLS 25,640 - 296,950 191,425

10-06-0268 SILVER FIBRE SPINNING MILLS LTD. 3,852 - 31,320 31,752

10-06-0269 SITARA CHEMICAL IND. LTD. (TEXTILE DIVISION) 2,873 - - -

10-06-0270 SITARA SPINNING MILLS LTD. 4,819 - - -

10-06-0275 TAHA SPINNING MILLS LIMITED 100,076 - - -

10-06-0277 TANVEER SPINNING & WEAVING MILLS (PVT.) LTD. 8,121 - 64,960 58,363

10-06-0279 TARIQ SPINNING. 117,010 - - -

10-06-0280 TAXILA COTTON MILLS LIMITED. 23,235 - 593,920 601,142

10-06-0282 TRIBAL TEXTILE MILLS LIMITED 630 - - -

10-06-0283 TRITEX COTTON MILLS LTD. 51,775 - 546,360 513,816

10-06-0286 WISAL KAMAL FABRICS (PVT.) LTD. 867,431 - 414,816 953,779

10-06-0287 YAN TEXTILE INDUSTRIES (PVT.) LIMITED. 234,932 - - -

10-06-0291 ZIA-UL-QAMAR SPINNING MILLS (PVT.) LTD. 439,894 - - 350,000

10-06-0294 A.M.Z. SPINNING & WEAVING MILLS (PVT.) LTD. 17,920 - 31,320 31,320

10-06-0296 AHMAD HASSAN TEXTILE MILLS LIMITED. 7,889 - - -

10-06-0297 AL-AHMED TEXTILE MILLS (PVT.) LIMITED. 5,248 - 279,864 -

10-06-0299 AL-KARAM TEXTILE MILLS LTD. 204,721 - 1,232,616 1,231,151

10-06-0300 ALI ASGHAR TEXTILE MILLS LTD. 630 - - -

10-06-0302 AMNA INDUSTRIES (PVT.) LTD. 115,870 - 102,080 151,800

10-06-0303 ANWAR TEXTILE MILLS LIMITED 2,939 - - -

10-06-0305 ARTISTIC DENIM LTD. 1,400 - - -

10-06-0307 AZGARD NINE LIMITED UNIT-II 30,794 - - -

10-06-0309 BAJWA SPINNING MILLS (PVT.) LTD. 1,230 - - -

10-06-0310 BHANERO TEXTILE MILLS. (KOTRI). 10,635 - - -

10-06-0311 BLUE STAR SPINNING MILLS LIMITED. 906 - - -

10-06-0312 CRESCENT FIBRES LIMITED (NOORIABAD) 668,041 - 111,360 751,680

10-06-0313 CRESCENT FIBRES LIMITED - 29,818 - -

10-06-0315 DEWAN KHALID TEXTILE MILLS LTD. 204,464 - 648,324 784,284

10-06-0316 DEWAN MUSHTAQ TEXTILE MILLS 5,880 - - -10-06-0317 DEWAN TEXTILE MILLS LTD NO.2 19,486 - 470,960 454,476

10-06-0318 DEWAN TEXTILE MILLS LIMITED UNIT-1. - - 836,360 779,520

10-06-0321 FAMOUS TEXTILE MILL 410 - - -

10-06-0325 GLOBE TEXTILE MILLS (OE) LTD. - - 1,479,000 880,032

10-06-0327 GUL AHMED TEXTILE MILLS LIMITED. 317,177 - 262,624 346,639

10-06-0328 INDUS DYEING & MFG. CO. LTD. 105 - 69,600 67,164

10-06-0329 ISLAND TEXTILE MILLS LTD. 1,061 - - -

10-06-0331 JUBILEE SPINNING & WEAVING MILLS LTD. 30,552 - - -

10-06-0334 LUCKY COTTON MILLS (PVT.) LIMITED. 4,669 - 595,080 588,941

10-06-0336 MEKOTEX (PVT.) LTD. 6,238 - - -

10-06-0337 METROPOLITAN TRADERS. 13,404 - - -

10-06-0338 MUHAMMAD FAROOQ TEXTILE MILLS LTD. 7,244 - - -

10-06-0339 N.P. COTTON MILLS (PVT.) LTD. 190,650 - 584,640 707,907

10-06-0340 NAGARIA TEXTILE MILLS LIMITED (PVT) LTD. 613 - - -

10-06-0342 OLYMPIA SPINNING & WEAVING MILLS LTD. 9,569 - - -10-06-0343 PREMIUM TEXTILE MILLS LTD. 18,600 - 338,720 297,306

10-06-0344 QUETTA TEXTILE MILLS LIMITED. 115,617 - - 104,284

10-06-0346 SANA INDUSTRIES LTD. 3,433 - - -

10-06-0347 SAPPHIRE TEXTILE MILLS LTD. (3 ) 378 - 37,584 35,232

10-06-0350 STANDARD TEXTILE MILLS LTD. 1,200 - - -

10-06-0351 SUNRAYS TEXTILE MILLS LTD. 488,266 - 1,408,098 606,503

10-06-0352 SURAJ COTTON MILLS LIMITED (NOORIABAD) 6,000 - - -

10-06-0353 TAQEES (PRIVATE) LIMITED. 158,910 - 345,680 490,239

10-06-0356 ZAMAN TEXTILE MILLS LIMITED. 7,927 - - -


23/56



10-06-0357 IMRAN SPINNING MILLS LIMITED. 6,762 - - -

10-06-0358 ALI AKBAR TEXTILE MILLS - 7,950 - -

10-06-0359 STAR TEXTILE MILLS LTD. 9,800 - - -

10-06-0360 GANI SPINNING MILLS 73,000 - - -10-06-0362 OLYMPIA BLENDED FIBRE MILLS LIMITED -I 100,222 - 121,800 123,438

10-06-0363 MANSOOR TRADERS - 72,750 - -

10-06-0366 AWAIS QARNI SPINNING MILLS (PVT.) LTD. 52,605 - - -

10-06-0367 DOSTSONS COTTON (PVT.) LTD. 5,610 - - -

10-06-0368 USMAN LIMITED. 1,050 - - -

10-06-0369 BILAL SPINNING MILLS LTD 600 - - -

10-06-0370 GULISTAN TEXTILE MILLS LIMITED UNIT-2 2,520 - - -

10-06-0371 POINEER SPINNING MILLS LTD. 2,352 - - -

10-06-0372 GALAXY TEXTILE MILLS LTD. 433,048 - 3,717,430 3,303,504

10-06-0373 TANVEER COTTON MILLS (PVT.) LTD. 6,282 - 129,920 125,373

10-06-0374 MODEL SPINNING. 34,244 - - -

10-06-0375 QUETTA TEXTILE MILLS LIMITED. # 6 7,322 - - -

10-06-0376 IHSAN RAWIND MILLS (PVT.) LTD. 9,140 - - -

10-06-0377 COSMOS TRADING COMPANY 30,800 - - -

10-06-0378 S.FAZALILAHI & SONS (PVT.) LTD. - 1,260 - -

10-06-0379 AHMAD ENTERPRIESES 140 - - -

10-06-0380 SARDAR PUR TEXTILE MILLS LTD. 5,376 - 334,312 328,776

10-06-0382 CHAUDHRY SUGAR MILLS LIMITED (TEXTILE DIVISI 11,888 - 703,424 686,123

10-06-0383 AL-BARAKAH INDUSTRIES (PVT.) LTD. 1,820 - - -

10-06-0384 BILAL FIBRES LIMITED. 88,772 - 322,480 208,208

10-06-0385 MOIZ TEXTILE MILLS LTD. 1,960 - - -

10-06-0386 YOUSAF WEAVING MILLS LIMITED. 2,065 - - 5,472

10-06-0387 SOHAIL TEXTILE MILLS LTD. 22,652 - 74,240 35,821

10-06-0389 SUPERIOR TEXTILE MILLS LTD - 1,600 - -

10-06-0391 GHULAM MUJTABA - 7,200 - -

10-06-0393 A.R.Y SPINNING 42,500 - - -

10-06-0398 MULTAN SPINNING MILLS 38,436 - 174,000 207,200

10-06-0399 FAISAL FABRICS LIMITED (TEXTILE DIVISION) 5,012 - - -

10-06-0400 ZAT TEXTILE (PVT) LIMITED 1,050 - - -10-06-0402 HUSSAIN MILLS LIMITED 735 - - -

10-06-0403 DEWAN FAROOQUE SPINNING MILLS LTD. 3,814 - 198,360 193,402

10-06-0404 ZEENAT ENTERPRISES - 120 29,580 29,580

10-06-0405 K.D ENTERPRISES - 19,500 - -

10-06-0406 M.D TEXTILE SPINNING MILLS (PVT) LTD. 24,091 - 726,062 710,771

10-06-0409 PAK TRADERS - 1 - -

10-06-0411 MARHABA TEXTILE LIMITED 1,820 - 538,240 407,394

10-06-0412 FINE TEXTILE MILLS 15,000 - - -

10-06-0413 NISHAT CHUNIAN LTD. 3,230 - 40,600 1,120

10-06-0414 GULISTAN SPINNING MILLS LIMITED 5,229 - 78,880 76,119

10-06-0415 AHMED TEXTILE 1,250 - 1,354,648 1,190,462

10-06-0416 ACRO SPINNING & WEAVING MILLS LIMITED 671,290 - - 648,568

10-06-0417 SHEIKHUPURA TEXTILE MILLS LTD. 1,056 - - -


24/56



10-06-0418 YUNUS TEXTILE MILLS LIMITED - - 36,192 34,749

10-06-0419 N.P. SPINNING MILLS LIMITED 25,993 - - -

10-06-0420 KARM-E-KARIM SPINNING - 21,819 - -

10-06-0421 LATIF TEXTILE MILLS (PVT) LTD. 1,945 - 77,430 76,21210-06-0423 ANOUD TEXTILE MILLS LTD. - - 1,071,840 1,056,502

10-06-0427 ALI AKBER TEXTILES (PVT.) LIMITED 348,000 - - 362,728

10-06-0428 SIDDIQA TEXTILE MILLS 3,392 - - -

10-06-0429 FKN TEXTILES 1,578 - - -

10-06-0430 FANZ SPINNING MILLS 181,888 - - 181,888

10-06-0432 LAHORE SPINNING MILLS (PVT.) LIMITED - 116,000 - 116,000

10-06-0434 MR. NAVEED ANJUM - 139,892 - -

10-06-0435 MAKKAH SPINNING MILLS - 3,062 - -

10-06-0436 SPINCOT TEXTILE MILLS (PVT.) LIMITED 137,170 - - 137,170

10-06-0437 ZULEKHA TEXTILE MILLS LIMITED 32,480 - - 31,343

10-06-0438 OLYMPIA BLENDED FIBER MILLS LIMITED-II - - 222,720 214,925

10-06-0439 FAISAL MUSTAFA TEXTILE MILLS (PVT.) LIMITED - - 67,280 64,843

10-06-0440 SKY TEXTILE MILLS - - 64,032 50,000

10-06-0441 MUHAMMAD ANWER & BROTHERS - - 446,600 260,480

10-06-0442 SHAKARGANJ MILLS LIMITED (TEXTILE DIVISION) - - 2,035,800 2,036,800

10-06-0443 ALI HAJVERI TEXTILE - - 1,612,400 1,479,773

10-06-0444 TERRY WORLD TEXTILES - - 768,192 551,232

10-06-0445 SAPHIRE TEXTILE MILLS LTD (1) - - 37,584 37,306

10-06-0446 FEROZE 1888 MILLS LTD - - 242,208 242,208

10-06-0447 MUNAWARRA TEXTILE MILLS LTD - - - 443,120

10-06-0448 ELAHI COTTON MILLS LTD - - 60,320 58,656

10-06-0449 YOUSUF WEAVING MILLS LIMITED (SPINNING UNIT - - 198,360 -

11,938,376 957,641 39,063,743 40,224,317

10-07-0000 ADVANCES OTHERS

10-07-0001 ADVANCE INCOME TAX U/S 50 1,685,888 - 1,287,500 890,171

10-07-0002 AIJAZ BROHTERS - 226,910 226,910 -

10-07-0004 PERVAIZUMER ENTERPRISES 222,377 - 5,000 679,916

10-07-0005 PREPAYMENTS 68,624 - 71,528 68,62410-07-0007 SALES TAX REFUNDABLE 1,646,370 - - -

10-07-0011 ASK ADVERTISEMENT 18,800 - - 18,800

10-07-0012 AFZAL HYDER SHAH - HELPER 4,500 - - 4,500

3,646,559 226,910 1,590,938 1,662,011

10-08-0000 ADVANCES TO STAFF

10-08-0001 BASHIR AHMED (DRIVER) - 2,000 - -

10-08-0004 MUHAMMMAD HANIF - 6,950 504 -

10-08-0005 ABID HUSSAIN (FITTER) 5,000 - 1,000 6,000

10-08-0010 SHAHID PERVAIZ 1,000 - - -

10-08-0013 MUHAMMAD IMRAN KHAN - 500 - 1,000

10-08-0014 SALEEM MASIH (OFFICE BOY) 7,060 - 10,000 8,500

10-08-0016 MR.NASIR HAMEED, DIRECTOR OPERATIONS 59,962 - - 59,962

10-08-0018 SHAHID HANIF 3,500 - 10,000 2,000

10-08-0020 SAEED AHMAD 1,000 - - -

10-08-0022 M. TANVEER SALES ENG - 14,381 5,000 -10-08-0023 SHAHID PERVAIZ - 1,500 - -

10-08-0024 ILYAS HUSSAIN 500 - 10,000 4,000

10-08-0025 IJAZ HUSSAIN 500 - - -

10-08-0026 M. ABBAS - 2,000 - -

10-08-0027 SHAD KHAN 8,604 - - 4,500

10-08-0028 IMRAN KHAN - - 5,030 2,530

10-08-0029 RIAZ GOGA - - 20,000 8,000

87,126 27,331 61,534 96,492


25/56



10-09-0000 SECURTIES

10-09-0001 ELECTRICITY - - 9,985 -

10-09-0002 GAS CYLINDER 24,000 - - -

10-09-0003 OFFICE SECURITY (6 M-2 GULBERG-II, LHR) 154,000 - - -10-09-0005 TELEPHONES 25,780 - 2,640 -

10-09-0006 OTHERS - PETROL PUMP 20,000 - - -

10-09-0008 SECURITY - MULTAN OFFICE 5,000 - - 5,000

228,780 - 12,625 5,000

10-10-0000 LETTER OF CREDIT & MARGIN

10-10-0084 L/C 0052-00219/12 Cyl, dof, takerin 370,384 - 2,997,456 3,367,840

10-10-0085 L/C 0052-00266/12 Foundation cloth 106,855 - 726,383 833,238

10-10-0086 L/C 0052-00342/12 (CARD WIRES) - - 1,633,453 1,633,453

10-10-0087 L/C 0052-00401/12 (FOUNDATION CLOTH) - - 1,188,312 1,188,312

10-10-0088 L/C 0052-00409/12 (CYL, DOFF, TAKERIN) - - 2,585,500 2,585,500

10-10-0089 L/C 0052-00500/12 (CYL, DOFF, TAKERIN) - - 2,934,613 2,934,613


10-10-0091 L/C 0052-00512/12 (STEEL CARD WIRE) - - 2,005,965 2,005,965

10-10-0092 L/C 0052-00015/13 - - 2,947,458 2,947,458

10-10-0093 L/C 0052-00074/13 (STEEL STRIP,F.CLOTH,GRINDING - - 1,316,829 1,316,829


10-10-0095 L/C 0052-00107/13 (STEEL CARD WIRES) - - 1,456,951 1,456,95110-10-0097 L/C 0052-00144/13 (CYLINDER, DOFFER, TAKERIN) - - 3,333,367 3,333,367

477,239 - 25,715,307 26,192,546

10-11-0000 CASH BALANCES

10-11-0001 CASH IN HAND (HEAD OFFICE) 2,608 - 2,224,644 2,227,184

10-11-0002 CASH IN HAND (FACTORY OFFICE) 686 - 1,027,486 1,027,772

3,294 - 3,252,130 3,254,956


26/56



10-12-0000 BANK BALANCES

10-12-0001 BOP A/C # 0140-CD-000918-0003 2,581 - 38,220,037 38,219,578

10-12-0002 BAHL A/C # 081-049663-01-5 19,463 - 107,880 114,634

10-12-0003 HBL A/C # 23848-06 7,756 - - -29,800 - 38,327,917 38,334,212

11-01-0000 SHARE CAPITAL ACCOUNT

11-01-0001 GENERAL RESERVE - 1,039,496 - -

11-01-0002 PAID UP CAPITAL - 8,305,000 - -

11-01-0003 PROFIT & LOSS ACCOUNT 10,808,041 - - -

10,808,041 9,344,496 - -

11-02-0000 BANK BORROWINGS

11-02-0001 BOP A/C # 0140-CFM-000918-001-1 - 14,807,012 38,660,890 38,798,938

11-02-0002 FATR BOP - 4,007,814 15,655,514 16,269,000

- 18,814,826 54,316,404 55,067,938

11-03-0000 DIRECTOR'S LOAN

11-03-0001 MR.JAVAID SHAMSHAD LODHI - 1,111,823 650,000 380,000

11-03-0003 MR.NASIR HAMEED - 548,426 59,962 -

- 1,660,249 709,962 380,000

11-05-0000 PAYABLES

11-05-0001 ACCRUED EXPENSES - 1,220,826 725,468 632,496

11-05-0003 C.E.O REMUNERATION PAYABLE - 779,423 1,517,784 1,040,548

11-05-0005 SALARIES PAYABLE - FACTORY - 1,570,579 4,006,667 2,939,251

11-05-0006 SALARY PAYABLE - HEAD OFFICE - 289,626 1,489,807 1,913,203

11-05-0007 INCOME TAX PAYABLE( Salaries WHT) - 23,761 191,439 153,571

INCOME TAX PAYABLE (WHT on parties)

11-05-0009 PROVISION FOR TAXATION - 778,624 778,624 -

11-05-0010 SALES TAX PAYABLE - 302,932 279,293 -

11-05-0012 WORKER WELFARE FUND PAYABLE - 62,638 - -

11-05-0013 WORKERS PROFIT PARTICIPATION FUND - 496,516 - 94,338

11-05-0014 MARKUP PAYBLE WPPF - 167,512 94,338

11-05-0015 PROVISION FOR BAD DEBTS (30-06-09) - 846,574 - -

11-05-0016 BRILLIANT AGENCIES - 45,265 45,265 -

11-05-0017 GERON CARD CLOTHING PAYABLE 22,469 - - 22,46911-05-0020 SURCHARGE PAYABLE ON INCOME TAX - 3,906 3,906 -

22,469 6,588,182 9,132,591 6,795,876

11-06-0000 DUE TO OTHERS

11-06-0001 MR.JUNAID LODHI - 1,263,216 965,000 2,200,000

11-06-0003 ASSOCIATED TEXTILE CONSULTANTS (PVT.) LTD. - 14,735 - -

11-06-0004 NATIONAL FOODS LTD. - 102,009 102,009 -

11-06-0006 MR. AMIR FEROZE - 99 - -

11-06-0007 MR. DANIYAL MEHMOOD - - 270,000 270,000

11-04-0012 MR. ASIF - - 50,000 50,000

- 1,380,059 1,387,009 2,520,000

12-01-0000 SALES

12-01-0001 SALES ACCOUNT - - 5,604,221 38,998,338

- - 5,604,221 38,998,338

12-02-0000 RAW MATERIAL LOCAL

12-02-0001 GRINDING WHEELS (LOCAL) - - 100 -12-02-0002 PACKING MATERIAL - - 154,460 18,677


27/56



12-02-0003 PLASTISIZING MATERIAL - - 29,397 -

12-02-0004 STORE PURCHASES - - 71,273 -

- - 255,230 18,677

12-03-0000 RAW MATERIAL IMPORTED12-03-0002 RAW MATERIAL (Imported) - - 10,235,176 -

12-03-0003 FINISHED GOODS (IMPORTED) - - 12,140,859 -

12-03-0004 RAW MATERIAL (LOCAL) - - 194,587 226,910

- - 22,570,622 226,910

12-04-0000 MANUFACTURING EXPENSES

Raw material consumption - -

Stores and Spares Consumption - -

Trading Goods Consumption - -

F Goods Adjustment - -

WIP Adjustment - -

12-04-0001 DIES & PUNCHES - - 25,700 -

12-04-0002 E.O.B.I. - - 100,400 -

12-04-0003 ELECTRICITY FACTORY - - 705,171 84,272

12-04-0004 FACTORY SALARIES & WAGES - - 3,432,991 868,210

12-04-0005 FREIGHT, OCTROI & ZILA TAX (INWARD) - - 15,080 -

12-04-0006 GRINDING WHEELS - - 100,500 -

12-04-0007 GROUP INSURANCE - - 15,511 -

12-04-0008 MEDICAL EXPENSES (FACTORY) - - 1,591 -

12-04-0009 OIL & LUBRICANTS - - 73,306 4,952

12-04-0010 OVER TIME - - 60,741 -

12-04-0011 OXYGEN & FON GAS - - 47,494 -

12-04-0012 REPAIR & MAINTENANCE FACTORY - - 8,181 -

12-04-0013 REPAIR & MAINTENANCE MACHINERY - - 150,100 -

12-04-0014 SECURITY SERVICES CHARGES - - 116,561 -

12-04-0015 SOCIAL SECURITY - - 144,758 -

12-04-0016 VEHICLE RUNNING & MAINTENCE FACTORY - - 316,298 -

12-04-0019 INSURANCE EXPENSES - - 80,733 1,572

DEPRECIATION - OWNED ASSETS - - - -

DEPRECIATION - LEASED ASSETS - - - -- - 5,395,116 959,006

12-05-0000 ADMINISTRATION & GENERAL EXPENSES

12-05-0001 ADUIT FEE - - - -

12-05-0002 C.E. REMUNERATION - - 1,100,000 1,100,000

12-05-0003 CHARITY & DONATION - - - -

12-05-0004 ELECTRICITY CHAGES - - 239,220 -

12-05-0006 LEGAL & PROFESSIONAL CHARGES - - 25,000 -

12-05-0007 LOCAL CONVEYANCE - - 39,033 -

12-05-0008 NEWS PAPER, BOOKS & PERIODICALS - - 14,666 -

12-05-0009 OFFICE REPAIR & MAINTENCE - - 18,217 -

12-05-0010 POSTAGE & COURIER - - 93,417 9,958

12-05-0011 MEDICAL (JAVAID S.LODHI) - - 61,773 -

12-05-0014 MEDICAL (MR.HANIF) - - 3,366 -

12-05-0016 VEHICLE RUNNING & MAINTENCE (ADMIN) - - 393,954 -

12-05-0017 PRINTING & STATIONERY - - 33,074 -12-05-0018 STAFF WELFARE - - 57,180 -

12-05-0019 TELEPHONE & FAX - - 189,900 -

12-05-0020 SALARY & ALLOWANCES (HEAD OFFICE) - - 1,267,276 -

12-05-0021 MEDICAL EXPENSES - - 5,000 -

12-05-0022 WATER & GAS (HEAD OFFICE) - - 1,880 -

12-05-0023 RENT EXPENSE - - 392,700 -

12-05-0024 RATE FEE & TAXES - - 61,599 -

12-05-0025 MEDICAL EXPENSES (IFTIKHAR SHIGRI) - - 11,750 -

12-05-0026 MEDICAL EXPENSES (JUNAID LODHI) - - 6,759 -


28/56



PROVISION FOR BAD DEBTS (30-06-13) - - - -

DEPRECIATION - OWNED ASSETS - - - -

- - 4,015,764 1,109,958


29/56



12-06-0000 SELLING & DISTRIBUTION EXPENSES

12-06-0001 ADVERTISEMENT - - - -

12-06-0002 COMMISSION ON SALES - - - -

12-06-0003 FREIGHT & OCTROI (OUTWARD) - - 151,780 -12-06-0005 SALAREIS & ALLOWANCES (SELLING) - - 922,335 -

12-06-0006 SALES PROMOTION - - 401,123 -

12-06-0007 SALES TAX - - 5,420,080 5,366,369

12-06-0008 TRAVELLING & CONVEYANCE - - 216,000 -

12-06-0009 VEHICLE RUNNING & MAINTENCE (SELLING) - - 340,135 -

12-06-0010 PENALTY - - 98,013 -

DEPRECIATION - - - -

- - 7,549,466 5,366,369

12-07-0000 FINANCIAL EXPENSES

12-07-0001 BANK CHARGES - - 175,563.7800 -

12-07-0002 EXCISE DUTY - - - -

12-07-0006 MARKUP ON SHORT TERM BORROWING - - 2,290,696 62,225

WORKERS WELFARE FUND - - - -

WORKERS PROFIT PARTICIPATION FUND - INTERES - - - -

MARKUP ON WORKERS PROFIT PARTICIPATION FU - - - -

- - 2,466,260 62,225

12-08-0000 OTHER INCOME

SME BUSINESS SUPPORTS FUND - -

12-08-0002 RENTAL INCOME - - - 102,009

12-08-0001 PROFIT ON SALE OF FIXED ASSETS - - - 21,515

- - - 123,524

TOTAL 47,672,768 47,672,768 221,812,857 221,812,857

Difference - -


30/56

Client : Pakistan Card Clothing Company (Pvt.) Ltd

Period : June 30, 2013

Subject : Adjusting Entries

Sr.

No.Particulars

Account

Code

1 Depreciation - Owned Assets-Manufacturing

Depreciation - Owned Assets-AdministrativeDepreciation - Owned Assets-Selling

Depreciation Builidng 10-02-000

Depreciation Plant & Machinery 10-02-000

Depreciation Furniture & Fixture 10-02-000

Depreciation Accessories & Tools 10-02-000

Depreciation Electric Installation 10-02-000

Depreciation Tubewell 10-02-000

Depreciation Vehicle 10-02-000

Depreciation Office Equipment 10-02-000

Depreciation Computers. 10-02-000

(Being Depreciation charged for the year which has not being charged by mangement)

2 Acc Depreciation 10-02-0007

Gain On Sale Of Fixed Assets 12-08-000

(Gain on disposal of vehicle is less charged by an amount of Rs. 1899 so entry propsed .)

3 Sales tax Refundable 10-07-000

Sales tax - selling expenses - input 12-06-000

(Adjusting Entry for Input sales tax against Sales tax Refundable)

4 Sales Tax expense 12-06-000

Factory electricity Expense 12-04-000

(Full amount of factory electricity Expense has been charged against Sales Tax expense. Sales Tax Expense has not been

Sales Tax refundable 10-07-000

Sales Tax expense 12-06-000(Sales Tax refundable has been wrongly charges as Sales Tax expense)

5 Bank Charges 12-07-000

Bank (BOP) 10-12-000

(Being bank Charges charged by the bank)

6 Auditors' remuneration 12-05-000

Accrued Expenses - Auditors' remuneration payable 11-05-0001

(Being the recording of auditors' remuneration for the audit of financial statements for the year ended June 30, 2013)

7 Rent expense - Admin expenses 12-05-002

Income tax payable

(Being the recording of tax deducted on rent payment for head office in rent expense account)

8 Accrued Expenses 11-05-000

Rent expense - Admin expenses 12-05-002

(Being the incorrect recording of tax deducted on rent payment for head office in rent expense account - it relates to

9 Salaries(COS) 12-04-0004

Salaries Selling 12-06-000

(BP# 263 wrongly accounted for)

10 Factory salaries expense 12-04-0004

Factory salaries payable 11-05-000

(Being wages of factory workers under-recorded Jan. 2013 wrongly debited in factory salary payable account)

11 Factory salaries expense 12-04-0004Factory salaries payable 11-05-000

(Being wages of factory workers under-recorded Feb. 2013 wrongly debited in factory salary payable account)


31/56

Sr.

No.Particulars

Account

Code

17 Electricity Charges 12-05-0004

Electricity-Long Term Security deposits 10-09-000

(Being expense for the year wrongly charged as security deposits)

18 Telephone & Fax 12-05-001

Telephones-Long Term Security deposits 10-09-0005

(Being wrong posting)

19 Telephone & Fax 12-05-001

Telephones-Long Term Security deposits 10-09-0005

(Being bill of mobile phone 0300-8402263 wrongly charged as security deposits)


Advances To Staff: M. Hanif 10-08-0004

(Being adjusttment of Telephone and Sui Gas bill for the month of June-12 not entered)


Security Servuces Charges 12-04-0014

(Being adjustment of WHT paid which was deducted on June-12 bill but wrongly charged to the Security services account)

LCs Entries

22 Pervaiz Umer Enterprise 10-07-0004

Raw Material 12-03-0002

Trading Goods 12-03-0003

Grinding Wheels 12-04-000

(Being the adjustment of PICT Charges on LC # 0052-00219/12)
















26 Pervaiz Umer Enterprise 10-07-0004Raw Material 12-03-0002















32/56

Sr.

No.Particulars

Account

Code











35 Monoon Industries A/C 10-06-0184

Margalla Textile Mills 10-06-0172

36 Advance Income Tax 10-07-000

Ali Akbar Textile Mills 10-06-0427

(Advance income tax deducted by party not recorded)


Margalla textile Mills 10-06-0172



M.D. Textile Spinning Mills ( Pvt. ) Ltd. 10-06-040



Dewan Farooq Spinning Mills Ltd. 10-06-040



Factory Electricity 12-04-000

(Advance income tax deducted on electricity bill not recorded )


Telephone & Fax 12-05-0019

42 FATR A/C 11-02-0002

Purchases-Imports/Raw Material 12-03-0002

43 WHT A/C 10-07-000

Bank Charges 12-07-000

(WHT deducted from BOP A/C are reversed as these are recorded in bank charges previously)

44 MARKUP ON WPPF

MARKUP PAYBLE WPPF 11-05-0014

(Being intrest payable on WPPF opening balance)

45 FINISHED GOODS (STOCKS) 10-05-000

FINISHED GOODS (TRADING) 10-05-0002

RAW MATERIAL (STOCKS) 10-05-000

WORK IN PROCESS (STOCKS) 10-05-0004

GRINDING WHEELS 10-05-000

STORE & SPARES - General store 10-05-000

PACKING MATERIAL 10-05-000

RAW MATERIAL (Local) 12-03-0004

GRINDING WHEELS 12-04-000

GRINDING WHEELS (LOCAL) 12-02-000


33/56

Sr.

No.Particulars

Account

Code

(Being bank Charges charged by the bank)

48 Salaries Payable(Head Office) 11-05-000

Salaries and Allowances(Selling) 12-06-000

(Being correction of wrong entry)

49 Provision for bad debts (P&L)

Provision for bad debts 11-05-001

(Provision for bad debts created for debts' balance outstanding for more than 3 years)

50 Advance Income tax 10-07-000

MARHABA TEXTILE LIMITED 10-06-041



KOHAT TEXTILE MILLS LTD. 10-06-0152



GUL AHMED TEXTILE MILLS LIMITED.10-06-0327



SARITOW SPINNING MILLS LTD. 10-06-0250


54 MARKUP ON SHORT TERM BORROWING 12-07-0006

Accrued mark-up

(Accrued mark up and related expense not recorded)

Total

Provision for taxation 11-05-000

Advance income tax u/s 50 10-07-000(Being the adjustment of tax liability for 2013 against advance income tax paid)


34/56

Land - free hold 12,526 - 12,526 - - -

Building on free hold land 657,112 - 657,112 10 609,941 4,717

Plant and machinery 5,271,902 - 5,271,902 10 4,860,958 41,094

Furniture and fittings 184,997 - 184,997 10 153,048 3,195

Tools and accessories 43,358 - 43,358 10 40,173 319

Electric installation 75,099 - 75,099 10 69,290 581

Vehicles 3,476,503 (414,503) 3,062,000 20 2,768,553 137,792 (387,9

Office equipment 126,802 - 126,802 10 87,446 3,936

Computers and accessories 118,125 - 118,125 10 83,665 3,446

2013 9,966,424 (414,503) 9,551,921 8,673,074 195,080 (387,9

Land - free hold 12,526 - 12,526 - - -

Building on free hold land 657,112 - 657,112 10 604,700 5,241

Plant and machinery 5,271,902 5,271,902 10 4,815,297 45,661

Furniture and fittings 184,997 - 184,997 10 149,498 3,550

Tools and accessories 43,358 43,358 10 39,819 354

Electric installation 75,099 - 75,099 10 68,645 645

Vehicles 3,476,503 3,476,503 20 2,591,565 176,988

Office equipment 126,802 - 126,802 10 83,073 4,373

Computers and accessories 118,125 - 118,125 10 79,836 3,829

2012 9,966,424 - 9,966,424 8,432,433 240,641

Rupees Rupees

Additions/

(Deletions)/

Adjustments

As at June

30, 2012Rate %

As at July 1,

2011For the year

Addition

(Deletion

Adjustme

PARTICULARS

COST DEPRECIATION

As at July 1,

2011

PARTICULARS

COST DEPRECIATION

Additions/

(Deletions)/

Adjustments

Addition

(Deletion

Adjustme

Rupees Rupees

As at July 1,

2012

As at June

30, 2013Rate %

As at July 1,

2012For the year


35/56

PAKISTAN CARD CLOTHING COMPANY (PVT.) LTD.

SEGMENTAL PROFIT & LOSS ACCOUNT

INCOME YEAR ENDED ON JUNE 30, 2013

TAX YEAR: 2013

RATIO

Rental Income Sales agst.

Imported Goods

Sales against

Manufacturing

Goods

Total

Rs. Rs. Rs. Rs.

Sales 14,820,162 18,573,955 33,394,117Less:Cost of goods sold Actual (10,959,592) (15,277,892) (26,237,484)

Gross Profit 3,860,570 3,296,063 7,156,633

% age GP 0% 54% 46% 100%

ADD: Other income

Rental Income 102,009 102,009

Other Income -

Gain on disposal GP 23,414 23,414

Gross Income 102,009 3,860,570 3,319,477 7,282,056

% age GI 1% 53% 46% 100%

Less: Admin Expense

Salaries G.P Basis 683,618.64 583,657 1,267,276

C.E Remuneration 20:80 - - -

Repair & Maintenance Expenses G.P Basis 9,826.97 8,390 18,217

Other Expenses(excluding dep.) G.P Basis 1,927,803.85 1,645,913 3,573,717

Dep. G.P Basis 23,069.13 19,696 42,765

- 2,644,318.58 2,257,656.42 4,901,975

Selling Exp:

Advertisement & Sales promotion Actual 401,123 401,123

Freight & Vehicle Maintenance G.P Basis 265,358.35 226,556.65 491,915

Other Expenses(excluding dep.) G.P Basis 577,420.82 492,988.18 1,070,409

Dep. G.P Basis 23,815.71 20,333.29 44,149

- 866,594.87 1,141,001.13 2,007,596

Financial Charges: G.P Basis 1,374,874.66 1,173,835.34 2,548,710

Other Operating Expenses G.P Basis -

Total Admin. Selling & Financial expenses - 4,885,788 4,572,493 9,458,281

PROFIT/(LOSS) AS PER ACCOUNTS 102,009 (1,025,218) (1,253,016) (2,176,225)

ADD: Inadmissible expenses

Depreciation on Leased Assets as per a/c

Depreciation-Own Assets (as per Accounts) CGS 108,166 108,166

Admin 23,069 19,696 42,765

Selling 23,816 20,333 44,149

Lease Finance Charges - - -

WWF G.P Basis - - -

Gain on sale of assets G.P Basis - -

Penalties G.P Basis 52,872 45,141 98,013

Charity & donations G.P Basis - - -

Provision for Doubtful Debts G.P Basis 1,786,528 1,786,528

- 99,757 1,979,864 2,079,621

Particulars


36/56

Less: Admissible expenses

WWF G.P Basis

Actual Bad Debts - -

Tax loss on assets G.P Basis (2,227) (2,227)

Depreciation-Own Assets (as per Tax CGS 57,925 57,925

charged on A/C Dep basis) Admin 5,341 4,560 9,902

Selling 5,341 4,560 9,902

- 10,683 64,819 75,502

Taxable income/(loss) as per segmental 102,009 (936,144) 662,029 (172,106)

Total Loss - 662,029 -

Adjustment of b/f losses Tax Year b/f for the year c/f

Assessed 2013 - 662,029 662,029

Assessed 2012 (2,076,691) (2,076,691)

Assessed 2011 (1,976,712) (1,976,712)

Assessed 2010 (82,408) (82,408)

Assessed 2009 (1,209,013) (1,209,013)

Assessed 2008 (1,351,864) (1,351,864)Business income/ (loss) (6,696,688) 662,029 (6,034,659)

Depreciation Losses

2013 - 64,819 64,819

2012 (25,965) (25,965)

2011 (87,756) (87,756)

2010 (75,497) (75,497)

2009 (653,456) (653,456)

Total Loss (842,674) 64,819 (777,855)

Total Loss (Business & Depreciation) c/f (7,539,362) 726,848 (6,812,514)

Tax Calculation Principal Rate Liability

Normal Income Revenue 1% 185,740

Tax On Imports (PTR) Value of Goods 5% and 1% 618,064

Tax on rental income Gross 5% 5,100

Tax Liability 808,904

Total tax liability for the year 808,904

Tax already paid 1,347,658

Net Tax (Refund) (538,754)


37/56

PAKISTAN CARD CLOTHING COMPANY (PVT.) LTD.

TAX DEPRECIATION SCHEDULE

INCOME YEAR ENDED ON JUNE 30, 2013

TAX YEAR 2012

PARTICULARS

W.D.V. As at

July 01,

2012(Rupees)

Additions/

(deletion)

Total As at

June 30, 2013

(Rupees)

Rate

(Percentage)

Initial

Allowance

(Rupees)

Depreciation

for the Year

(Rupees)

Total

Depreciation

(Rupees)

W.D.V

at J

2013 (R

Building 47,173 - 47,173 10 - 4,717 4,717

Machinery 268,535 - 268,535 15 - 40,280 40,280 2

Office Equipment 43,739 - 43,739 15 - 6,561 6,561

312,275 - 312,275 - 46,841 46,841 2

Computer Equipments 1,051 - 1,051 30 - 315 315

Furniture & Fixture 21,415 - 21,415 15 - 3,212 3,212

Motor Vehicle 203,181 (52,227) 150,954 15 - 22,643 22,643 1

Total 585,095 (52,227) 532,867 - 77,729 77,729 4

CGS ADMIN SELLING Total

57,925 9,902 9,902 77,729

CostDepriciation @

15%W.D.V

30-06-2001 414,503 82,901 331,602

30-06-2002 66,320 265,282

30-06-2003 39,792 225,49030-06-2004 33,823 191,666

30-06-2005 28,750 162,916

30-06-2006 24,437 138,479

30-06-2007 20,772 117,707

30-06-2008 17,656 100,051

30-06-2009 15,008 85,043

30-06-2010 12,756 72,287

30-06-2011 10,843 61,444

30-06-2012 9,217 52,227

Written Down Value Sales proceeds Gain/(Loss)

52,227 50,000 (2,227)

Suzuki Van-LXR 5692

Tax Gain on Disposal of vehicle

Depriciation Bifercation


38/56

DATE PARTICULARS AMOUNT TOTAL

01) INCOME TAX PAID ON IMPORTED MATERIAL

31-Jul-12 L/C 0052-00219/12 15JV 142,564

31-Aug-12 L/C # 0052-00266/12 18JV 7,10930-Sep-12 0052-00342/12 41JV 72,509

30-Nov-12 L/C 0052-00409/12 65JV 102,505

30-Nov-12 L/C 0052-00401/12 66JV 10,370

31-Jan-13 L/C 0052-00500/12 83JV 124,895

31-Jan-13 L/C 0052-00504/12 (JV of Rs. 10559) 88JV 11,193

31-Jan-13 L/C 0052-00512/12 91JV 86,379

31-Mar-13 L/C 0052-00015/13 110JV 126,229

30-Apr-13 L/C 0052-00074/13 120JV 39,867

30-Apr-13 L/C 0052-00083/13 123JV 10,891

30-Jun-13 L/C 0052-00144/13 153JV 145,429

30-Jun-13 L/C 0052- 00107/13 200JV 63,600 943,540

02) INCOME TAX DEDUCTED AT SOURCE BY PARTIES (POSTED)

31-Aug-12 TAXILA COTTON MILLS 32JV 8,12030-Sep-12 SHOAIB SALMAN TEXTILE 42JV 1,470

31-Oct-12 GADOON TEXTILE MILLS 49JV 14,260

30-Nov-12 REDCO TEXTILE MILLS 58JV 4,964

31-Jan-13 TAXILA COTTON MILLS 84JV 4,222

31-Jan-13 NOOR INDUSTRIES, NOORANI SPINNING & N 85JV 18,424

31-Jan-13 SHOAIB SALMAN TEXTILE 93JV 1,960

31-Mar-13 SHOAIB SALMAN TEXTILE 105JV 1,470

30-Apr-13 NOOR GROUP 125JV 10,719

31-May-13 NOORANI SPINNING MILLS 136JV 1,639

31-May-13 NOOR INDUSTRIES 137JV 1,639

31-May-13 IMPERIAL TEXTILE MILLS 138JV 2,939

31-May-13 IMPERIAL TEXTILE MILLS 139JV 4,71030-Jun-13 SHOAIB SALMAN TEXTILE 141JV 4,025

30-Jun-13 MARHABA TEXTILE MILLS 142JV 14,038

30-Jun-13 ELAHI COTTON MILLS 143JV 2,053

30-Jun-13 ELAHI COTTON MILLS 144JV 4,060

30-Jun-13 GADOON TEXTILE MILLS 145JV 22,143

30-Jun-13 QUETTA TEXTILE MILLS 146JV 1,299

30-Jun-13 TAXILA COTTON MILLS 147JV 20,787

30-Jun-13 SARGODHA SPINNING MILLS 148JV 2,728

30-Jun-13 J. K SPINNIN MILLS LTD. 149JV 730

30-Jun-13 GALAXY TEXTILE MILLS 150JV 33,576

30-Jun-13 SARDARPUR TEXTILE MILLS 151JV 10,990

30-Jun-13 CRESCENT FIBRES LTD (BHIKI) 152JV 3,214

30-Jun-13 CRESCENT FIBRES LTD (NOORI ABAD) 154JV 15,266

30-Jun-13 SHAKARGANJ MILLS LTD (TEXTILE DIVISION) 189JV 61,825

30-Jun-13 IMPERIAL TEXTILE MILLS 191JV 5,294

30-Jun-13 AL-QADIR TEXTILE MILLS 192JV 1,137

30-Jun-13 AMIN TEXTILE MILLS LIMITED 194JV 1,949

30-Jun-13 ASHER IMRAN TEXTILE MILLS 214JV 5,023

30-Jun-13 SHAHBAZ GARMENTS 215JV 57,287 343,960

03) INCOME TAX DEDUCTED AT SOURCE BY PARTIES (UNPOSTED)

30-Jun-13 DEWAN FAROOQ SPINNING MILLS LTD. 4,425

30-Jun-13 M. D. TEXTILE MILLS LTD. 15,099

PAKISTAN CARD CLOTHING PRIVATE LIMITED

DETAIL OF ADVANCE INCOME TAX FOR TAX YEAR 2013


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30-Jun-13 MARGALLA TEXTILE MILLS LTD. 5,405

30-Jun-13 ALI AKBER TEXTILE MILLS LTD. 4,872 29,801

04) INCOME TAX PAID ON TELEPHONE & ELECTRICITY BILLS (UPOSTED)

30-Jun-13 Income Tax On Electricity Bills (Detail Attached) 26,804

30-Jun-13 Income Tax On Telephone Bills PTCL (Detail Attached) 3,553 30,357

TOTAL:- 1,347,658

PAJE:

WHT A/C 10-07-0001 14,042

Bank Charges 12-07-0001 14,042

(WHT deducted from BOP A/C are reversed as these are recorded in bank charges previously)

Advance Income tax 10-07-0001 12,180

MARHABA TEXTILE LIMITED 10-06-0411 12,180


As Per trail 1,373,880


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CALCULATION OF WPPF AND WWF

WPPF calculation Rs.

Accounting profit before tax (2,176,225)

Adjusted profit before tax (2,176,225)

There was no profit during the year hence no liability arises on WPPF

WPPF @ 5% of adjusted profit NIL

WWF Calculation Rs.

Accounting profit before tax (2,176,225)

Less: WPPF as above NIL

Profit before tax for WWF calculation (2,176,225)

There was no profit during the year hence no liability arises on WWF

WWF @ 2% of profie before tax and after WPPF NIL

Profit before tax after WPPF and WWF (2,176,225)

Calculation of Mark-up on WPPF Rs.

Opening balance 496,516

Average borrowing rate of the Company (14.66+14.67+14.7+12.93) 12.98%

Average borrowing rate of the Company plus 2.5% 2.50%

Rate for Interest on WPPF 15.48%

Interest 76,873

PAJE

MARKUP ON WPPF 76,873

MARKUP PAYBLE WPPF 11-05-0014 76,873

(Being intrest payable on WPPF opening balance)


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Instructions

Ensure that WPPF and WWF is zero. Link profit befo re tax figure from P&L. Paste spe cial as 'Value'.

Link other income figure from P&L.

Link 'Accounting profit before tax' as used in WPPF Calculation.

Take effect of WPPF as calculated above.

Calculate WWF @ 2% of higher of accounting profit before tax or taxable income.

This should be equal to profit before tax as per P&L after all adjustments.

83,116


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Expenses

Sr. No L / C No. Items Raw Material Trading Goods Grinding Wheel- Store TotaPurcha

------------------------------------------------------------------------------------------------------------------ Ru ees ---------------------------------------

1 0052-00219/12 Cylinder + doffer+Takerin 112,053 2,703,046 - 2,815

2 0052-00266/12 Foundation cloth 823,333 - - 823

3 0052-00342/12 Card wires 1,357,216 - - 1,357

4 0052-00401/12 Foundation cloth 1,174,184 - - 1,174




8 0052-00512/12 Steel Card wires 1,677,832 - - 1,677

9 0052-00015/13 Card wires - 2,464,681 - 2,464

10 0052-00074/13 Steel stri , Grindin Wheel, C 794,293 287,269 83,008 1,164


12 0052-00107/13 Steel Card wires 1,217,903 - - 1,217


10,235,176 12,140,859 83,008 22,459


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Exclusive of Sales Tax Sales Tax Inclusive of Sales Tax Exclusive of Sales Tax Sales T

Cylinder Wire 9,018,000 1,449,940 10,467,940

Doffer Wire 2,440,300 392,078 2,832,378

Tops 14,221,000 2,2

Takerin Wire 915,850 146,806 1,062,656

Takerin Interloocking 1,283,331 206,485 1,489,816

Willow Wire - - -

Strpping Wire 189,000 30,240 219,240

Blow Room Wire 208,800 33,408 242,208

Hand Brush 1 - 1

Stationery Flats 764,880 122,383 887,263

Stripping Fillets 2,385,225 3

Burnishing Fillets 663,080 1

Fly Comb Brush 1,070,150 1

Plasticizing & End Milling 234,500

Zippex Rored -

SK gear - Total 14,820,162 2,381,340 17,201,502 18,573,955 2,9

Particulars Exclusive of Sales Tax Sales Tax Inclusive of Sales Tax

Trading Sales 14,820,162 2,381,340 17,201,502

Manufacturing 18,573,955 2,977,425 21,551,380

Total 33,394,117 5,358,765 38,752,882

Trading Sales ManufactuParticulars


a es-


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Sr. No L / C No. Items Raw Material Trading GoodsGrinding Wheel

- Store

Opening

BalanceIn


2 0052-00266/12 Foundation cloth 823,333 - - 106,885

3 0052-00342/12 Card wires 1,357,216 - - -

4 0052-00401/12 Foundation cloth 1,174,184 - - -

5 0052-00409/12 Cylinder + doffer+Takerin 113,612 1,906,138 - -



8 0052-00512/12 Steel Card wires 1,677,832 - - -

9 0052-00015/13 Card wires - 2,464,681 - -

10 0052-00074/13 Steel strip, Grinding Wheel, C 794,293 287,269 83,008 -


12 0052-00107/13 Steel Card wires 1,217,903 - - -


10,235,176 12,140,859 83,008 477,269

---------------------------------------------------------------------------------------------------------------

Expenses

PAKISTAN CARD CLOTHING PRIVA


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Anjum Asim Shahid Rahman

Chartered Accountants

Client Name : Pakistan Card Clothing Company (Pvt.) Ltd

Period ended: June 30, 2013

Workpaper:Movement of Stock Consumed

Opening Balance Purchases Consumption Closing Ba

Raw Materials

Raw Material(L

pcc - financial statements 2013 - final by rashid

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