revised kaliti metal products draft acct 2005

13

KALITI METAL PRODUCTS FACTORY

SCHEDULE OF ACCOUNTS

FOR THE YEAR ENDED JUNE 30 2005

DESCRIPTION ACCT. No. SUBSIDARY LEDGER

DEBIT CREDIT

1 Cash On HandEnanu Asfaw 1101-0002 694619.37Almaz Brehanu 1101-0005 1623.67Brehanu Gebre 1101-0006 26495.04

722738.082 Cash At Bank

CBE.Akaki Branch C/A - 7 1104-0001 47442.90CBE.Kaliti Branch C/A - 29 1104-0002 11281400.06CBE. Awassa Branch C/A -1266 1104-0003 15641.55CBE.Teklehaymanot Br.C/A -3409 1104-0004 1000.00Wegagen Bank Tekelehymanot Br. C/A 285 1104-0005 1000.00

65084.45 11281400.063 Trade Debtors

Ethiopian Pharmatical & Medical Supplies 1401-0035 50.06Ethiopian Iron and Steel Foundry 1401-0112 2803.86Nile Coffee Export 1401-0117 569646.98Nile International 1401-0118 471985.68Akaki Sparepart Factory 1401-0119 1010129.06Ethiopian Air Force 1401-0120 233902.99

2288518.634 Provision of Trade Debtors

Ethiopian Pharmaticals & Medical Supplies 1401-01-0035 50.06

Nile Coffee Export 1401-01-0117 569646.98Nile International 1401-01-0118 471985.68

1041682.725 Other Debtors

EDDC 1403-0001 315038.65

Akaki Pump Factory 1403-0006 174150.48

Maritime and Transit 1403-0007 110367.43599556.56

6 Provision For Other Debtors EDDC 1403-01-0001 315038.65

Akaki Pump Factory 1403-01-0006 174150.48

Maritime and Transit 1403-01-0007 110367.43599556.56

7 PrepaymentLeave Pay 1404-0001 7351.96Deposit for Cylinder 1404-0002 6500.00Deposit for Cylinder Addis Gas&Plastic Factory 1404-0003 3900.00Telecomunication Authoirity 1404-0004 47035.63MTSE Imported Division 1404-0005 405557.03Bid Bond 1404-0007 301062.09EELPA 1404-0009 14000.00Insurance Claim 1404-0012 21737.40Sales Shop Rent -T/haimanot 1404-0018 132100.00Inland Revenue Authority for VAT.-Local 1404-0021 13191.80TBA Engineering 1404-0025 15052.80Halleta Advertising Media & Enterprise PLC 1404-0026 7590.00

Item No.

14





DEBIT CREDIT

Item No.

Container Rent 1404-0027 10000.00985078.71

8 Contra-AccountMTSE- Contra Account 1404-04-0001 169042.15

169042.15

9 Staff DebtorsHailu Mengestu 1405-0001 202.00Lemma Mekonnen 1405-0006 1019.00Merawi Gebru 1405-0019 739.46Menebere Yirga 1405-0020 561.00Mengestu Tefera 1405-0022 1304.00Mulu Assegdom 1405-0026 1273.00Masseresh Lemma 1405-0032 768.52Mitiku Merga 1405-0034 1227.00Rukia Hussen 1405-0041 597.00Solomon Assefa 1405-0044 85.00Seyefu Sebhat 1405-0050 590.00Sirage Adem 1405-0055 182.00Sirage Jemal 1405-0056 242.00Senedu Sebelu 1405-0059 684.00Sherefa Abdo 1405-0062 1639.00Belachew G/Yes 1405-0067 776.00Belay Bekele 1405-0068 1146.00Belay Deme 1405-0069 278.00Belihu Zeleke 1405-0072 187.00Bekele Gebisa 1405-0076 84.00Beyene Reta 1405-0082 567.23Bahiru Muzeyen 1405-0084 91.00Betelhem Mamo 1405-0087 1043.00Berhanu Shene 1405-0090 935.00Birhanue Menegeste 1405-0096 1146.00Bezuneh Belachew 1405-0097 405.30Teshome Ketema 1405-0101 590.00Tenagne Alemayhu 1405-0112 1694.00Teku Chenke 1405-0114 892.00Tadelech T/Michael 1405-0125 1160.00Tadesse H/Mariam 1405-0130 684.00Tadessa Abera 1405-0131 74.00Tegist Desalgen 1405-0136 1359.00Negasse Getaneh 1405-0144 85.00Negest Assemelash 1405-0149 600.00Amerga Zerga 1405-0154 199.00Amina Sherefa 1405-0155 978.00Amde Anbese 1405-0158 728.00Assefa Yigletu 1405-0163 587.00Asefa Tilahun 1405-0165 781.00

15





DEBIT CREDIT

Item No.

Aschalew Worku 1405-0170 1016.00Abayneh Agaza 1405-0176 253.00Abe Alemu 1405-0177 199.00Ayneye Sheferaw 1405-0189 604.85Ethiopia Belete 1405-0198 597.00Elfenesh N/Work 1405-0200 400.00Etatu Nuguse 1405-0203 871.00Enanu Asefaw 1405-0205 1043.00Enatenesh Mekuria 1405-0206 1133.70Endale Gurmu 1405-0208 1078.00Kedir Halid 1405-0214 364.00Wonyenshet Gebre 1405-0232 397.00Wassie Tesfa 1405-0234 12291.00Zeleke Muluneh 1405-0236 144.00Zedamu Hige Egziabher 1405-0241 371.00Yeshi Haile 1405-0242 74.00Yassin Abduleselam 1405-0243 1948.00Yared Eferem 1405-0244 183.00Yai Degifie 1405-0245 765.00Yedenekachew Adera 1405-0247 315.00Desta Kelil 1405-0254 452.00Derissa Diksisa 1405-0259 510.00Degefa Hundie 1405-0264 587.00G/Michael Feyessa 1405-0273 975.00Gennen Bayessa 1405-0278 638.00Gezahgn Syoum 1405-0280 200.00Gezahgn Eshete 1405-0282 257.00Getu Tefera 1405-0288 546.00Gossaye Seyoum 1405-0294 672.00Tilahun Lema 1405-0298 199.00Tebebe Solomon 1405-0300 63881.76Fekadu Nida 1405-0311 684.00Fekadu Girma 1405-0312 6740.00Hiwot G/Michael 1405-0317 257.00Germamie Tufa 1405-0323 704.30Addis Gorfu 1405-0326 179.00Mohamed Said Tasew 1405-0327 339.00Tebebu Dechasa 1405-0329 361.64Solomon Mulugeta 1405-0342 739.00Abebe Seferaw 1405-0343 94.00Mindayie Getachew 1405-0344 186.00Mehamed Yimam 1405-0345 278.00Hailu Sume 1405-0347 956.45Mimi G/Yes 1405-0351 242.00Hailu Belda 1405-0357 45.00Meron Getenet 1405-0361 728.00Hana Legesse 1405-0364 28.00

16





DEBIT CREDIT

Item No.

Endeshaw Zenebe 1405-0365 2146.00Fassil Andargie 1405-0369 1232.00Tamene Kedida 1405-0371 667.00Tegabnesh Haile 1405-0373 113.00Mulat Sulutan 1405-0383 954.00Abebe Bogale 1405-0385 45.00Adane Alemseged 1405-0390 79.00Seleshe Tekale 1405-0392 147.00Desalegn Zewde 1405-0394 385.00Getahun Haye 1405-0395 215.00Melaku Luelseged 1405-0396 351.00Brehanu G/Abe 1405-0401 144.00Kalid Yasin 1405-0409 731.00Brehanu Getahun 1405-0410 835.00Fasica Hailu 1405-0411 155.00Bahiru Nurega 1405-0412 155.00Desalegn Haile 1405-0413 155.00Zeinu Sefa 1405-0414 155.00Samueal Demake 1405-0415 155.00Abebe H/Gebreal 1405-0416 155.00Ashagre Betele 1405-0417 155.00Begna Tadesse 1405-0418 92.00Dereje G/Sellassie 1405-0423 1273.00

144203.2110 Sundry Debtors

Akaki Spare Parts Factory 1406-0003 1248.201248.20

11 Purchase and Trip AdvanceMossa Abdo 1409-0002 7561.95Zeleke Muluneh 1409-0003 1243.00Almaze Brehanu 1409-0013 1000.00Abebe Beru 1409-0008 77378.72Tebebu Dechasa 1409-0072 232.25

87415.9212 Purchase Advance Petty Cash

Abebe Beru 1409-01-0008 1522.971522.97

13 StockFinished Products -Black 1501-01-1001 6780618.72 - Galvanized 1501-02-1001 2988871.90 - Aluminum 1501-03-1001 14995.00 -Stainless Steel 1501-04-1001 11669.00 - Precoated 1501-05-1001 142.00 - G-Mill &Other Products 1501-06-1001 39745.96 - Mobile Kitchen 1501-07-1001 28842.00 -Metal & Aspalt Washer 1501-08-1001 8139.03

17





DEBIT CREDIT

Item No.

- Various Under Product. 1501-09-1001 340988.29 - Pipes Beams Bars Angels 1501-10-1001 100007.06 - At Awasa -Black 1501-20-1001 85451.95 - " - Galvanized 1501-21-1001 31548.20 - At Teklehymanot - Black 1501-40-1001 320073.24 - " - Galvanized 1501-41-1001 84326.00

10835418.35

14 Work In Process 1502-01-1001 361863.7115 Raw Materials

At RM-Store - Black Steel Coils 1513-01-1001 5174026.65 Galvanized Steel Coils 1513-02-1001 19059454.80Under Production Floor - Black Steel 1513-09-1001 299177.70

24532659.1516 Indirect Materials

Electrode 1514-01-1001 64718.1264718.12

17 Spare PartsVarious Type Machnery Spare Parts 1515-01-1001 4119919.14Grain Mill Products and Machinary SP. 1515-02-1001 1362695.04Mobile Kitchen Products Spare Parts 1515-03-1001 268089.57

5750703.7518 Stock Obsolescence 1515-00-1001 2218969.4319 Stock Indirect Materials - Imported

Fitting, Screw, Bolts,Nuts & Others 1516-01-1001 1754732.92Beam U Channel Bars & Angle Iron 1516-02-1001 606853.80Black Flat Sheet 1516-03-1001 1784.36

2363371.0820 Stock Obsolecence-for Indirect Materials 1516-00-1001 148956.1121 Other Materials Stock

Stationary and Printing 1517-01-1001 58726.77Cleaning And Sanitation 1517-02-1001 22427.65Fuel And Lubricant 1517-03-1001 62379.09Medicen 1517-04-1001 14117.56Others 1517-05-1001 25229.50

182880.5722 Goods In Transit

L/C 09/50/1861/97 1601-01-1002 2505618.75L/C KAL /23/101/04 1601-01-1067 7111689.90L/C KAL /23/031/05 1601-01-1071 1046467.72L/C KAL/23/039/05 1601-01-1073 261882.66L/C KAL/23/013/05 1601-01-1074 250.93L/C KAL/23/046/05 1601-01-1075 10885331.50

21811241.4623 Provision For Doubtful GIT 1601-00-1001 2505618.75

24 Fixed AssetsBuildings 1700-01-1001 3457831.88

18





DEBIT CREDIT

Item No.

Machineries 1700-01-1002 19702142.38Office Equipments 1700-01-1003 582624.26Specialized Equipments 1700-01-1004 487665.52Motor Vehicles 1700-01-1005 6563465.94Hand Tools 1700-01-1006 911980.62Railway Line 1700-01-1007 24581.20Computer & Software 1700-01-1008 555567.17

32285858.97

25 Accumulated DepreciationBuilding 1701-01-1001 2603169.06

Machineries 1701-01-1002 15188612.77

Office Equipments 1701-01-1003 445304.13

Specalized Equipments 1701-01-1004 418725.47

Motor Vehicles 1701-01-1005 5393844.02

Hand Tools 1701-01-1006 911980.62

Rail Way Line 1701-01-1007 24571.20

Computer & Software 1701-01-1008 340951.04

25327158.3126 Construction In Progress

Car Parking &Garage 1801-01-1003 29397.26Clinic Extention 1801-01-1004 7651.58

37048.8427 Fixed Assets In Transit

Mobile Crane 1802-01-1015 433796.37433796.37

28 Trade CreditorsHaile Etay 2101-0002 5000.00Zuber Mohammed 2101-0004 5900.00Ahmed Mohammed 2101-0019 5000.00TBA Enginnering 2101-0046 4945.92Mukeber 2101-0058 636.00

2101-0062 500.002101-0063 420.002101-0064 500.00

22901.9229 Sundry Creditors

Stock Suspense 2102-0001 33.89Court Order Payable 2102-0002 1235.00Casher Allowance -Enanu Asfaw 2102-0003 480.65 -Ethiopia Belete 2102-0004 480.00 - Berhane Mengiste 2102-0005 445.00 -Sendu Seblu 2102-0006 335.00Labour Union 2102-0007 118908.06A.A. Rail Way Custom 2102-0008 3548044.80Kotebe Metal Tools Factory 2102-0012 235.36

19





DEBIT CREDIT

Item No.

Unclaimed Salary 2102-0014 1657.98Abay Technical Services 2102-0016 1115.50Kombolcha Textile 2102-0017 53.00Genet Wedajo 2102-0018 1049.70Casher Allowance -Almaz Berhanu 2102-0020 443.56Asin Micro Finance 2102-0031 202.00Casher Allowance -Brehanu Gebre 2102-0032 585.00Insurance 2102-0035 78.45Solomon Kassa 2102-0036 2353.58International Stationary 2102-0037 2024.00Kaliti Feed Processing 2102-0038 404.25

3680164.7830 Customers Advance

Abay Technical Service Enterprise 6 1723.97Addis Ababa Cement Factory 10 55039.57Akaki Metal Products Factory 16 91.80Awash Construction 29 2358.74Awash Tannery 30 5039.31Ayta PLC. 32 33512.17Addis Metal Processing 46 4092.67Addis ababa Police Commission 48 22100.62Akaki Spare Parts 49 137808.00Anbessa City Bus 58 10.22A.A City Gover.Env. Protection Authority 62 4090.89AAC.Gov.R. Authority 70 1848.89Abdulesemed Ahmed 109 66400.00Abebe Zeleke 140 45414.45Addis Ababa Abattoris 180 5339.54Adil Mohammed Bulding Construction 197 28000.00Addis Ababa University Science Faculty 228 3007.90Alemayehu K/Mariame 229 7000.00Adiss Ketema K/Ketema 230 62910.75Ahemed Basha 231 3815.01Berta Construction 7 3871.26Bini Leather Shoe Sole Factory 11 3564.96Dim Kidanemihiret Cherch 2104-04-0001 2831.71Dinku Sileshe 8 3551.52Debebe Ero 11 1168.40Delema 14 2500.00DH Geda Blanket 40 5000.00EELPA 3 5250.06Ethiopian Iron Steel Industry 4 8042.12Engineering Design Tools 6 2004.46Ethio Rental House 10 2774.88Ethiopian Airlines 12 55885.42Ethiopian Crowen Corck & Can Manufacturing 14 1528.46ETHIOF 21 8608.88

20





DEBIT CREDIT

Item No.

Ermias Mergia 25 1997.21Emenet Endeshaw 74 28000.00Equatorial Business Group 77 1276.78Eyerusalem Memorial Association 104 673.79Ethiopian Metal Products 105 3660.95Finfine Construction PLC. 2104-06-0001 2948.50Fafa Food Factory 2 3494.92Gad Construction 5 32472.67Guna Sets General Trading 15 5000.00G/Mariam Gizaw G.C 33 23000.00Gonder Ketema Ageslot 81 22257.69Haregewoin Desta 6 1500.00Harar Brewery Sh. Company 16 8360.73Imter PLC 11 104258.00ICS 15 26802.96Kaliti Food Industry Sh. Co. 2 1317.78kassa G/Tsadik PLC. B.C. 3 1626.24Konolke Construction 6 1030.40K.C.M.P.E 8 68464.37Kebede Diriba 9 6731.61KOSPI 2104-11-16 105248.23Kangaro Plastic PLC 23 1000.00K. Subcity Housing Project /Kirkos K/Ketema/ 62 72884.69Lalibela Enginerring Constrction 2104-12-0001 57296.90Lideta Sub-City Housing Development 16 37746.45Lome Woreda Education Capacity Building 17 7000.00Maritime And Transit Service Enterprise 2 59303.04Maru Metal Industry 3 15349.04Mekanisa Mekaneyesus Church 2104-13-0007 2288.00Midroc Construction 12 37768.99Ministry of Agriculture 13 21169.52Mobil Oil East African LTD. 18 4938.67Moha Soft Drink 21 30995.49Mohamed Abdurahiman 22 1162.69Mohmed zabir 23 912.00Mohmed Yimer son Ltd Co. 24 1700.73Motor Truck Company 25 3235.01Mozvold PLC 26 2198.45Muger Cement Factory 27 1018.47Minicipality of Planning & Project 29 24891.77Mohmed Abdulahie Agsedy 31 52907.91Menco 35 2820.13Meta Abo Brewary 40 56633.99Mewit A.A region 41 40697.85Misac G.C 55 1480.95Matador-Addis Tyer Sh.Co. 76 2148.66Melak Tadesse Modern Office 107 3422.54

21





DEBIT CREDIT

Item No.

Magon Construction 125 20174.22National Alcohol & Liker Factory 3 56594.41National Enginers 5 3887.86Nile Coffee Export 7 20871.19Nazeret Tractor Megetatemia(Assembly) Sc. 10 6145.55National Enginers Contractors 12 1356.52Nigiru Keberet B.C 20 27866.00

48 6646.39Nefase Silk Laftao Housing Dev. Project 52 28938.95Omedad Pvt. Limited co. 2 1250.79Oromia Dev. Association 11 4868.64PBPPE 3 5490.36Police Force Referal Hospital 4 17560.50Quality And Standared Authority 2104-17-0001 1075.89Red sea Construction 14 83596.95Rokon Construction 15 62544.11Sentic Ethiopia PLC. 6 6434.86Social Security 7 3802.42Sur Construction 12 94785.20Selam & Technical Vocational Center 24 79010.97Sebeta agro Industry 28 18444.80Star Busines Group 71 7863.24St. Georges Church 104 1000.00Tesfaye Yifiru General Contractor 4 7633.91Teck tra enginering 8 1064.91Teklebrihan Ambaye B.c. 11 82697.30Tana Diriba 17 2553.61Tamiru Yohannes 26 4395.21Tenalem Trading 92 60000.00Varnero Constrction 2104-22-0001 1953.89Walta Ethiopia 2104-23-0001 1282.16Wuluta Andeshe 34 8201.06Yirga Import Interprise 3 1317.35Ziqala Steel Rolling Mill 4 1625.25Zuber Mohamed 7 2289.49

2324505.3631 Accured Payable

Audit Fee 2107-0001 7391.302107-0003 593.842107-0005 662583.36

Accrued Others 2107-0006 38253.27Accrued Interest Payable 2107-0008 53341.24Accrued Annual Incentive fund 2107-0009 11981.37Accured Annual Leave 2107-0011 632644.87

1406789.2532 Taxation & Pension

Income Tax Payable 2201-0001 391.21

22





DEBIT CREDIT

Item No.

4% Pension Payable 2201-0002 64.626% Pension Payable 2201-0003 96.93V.A.T Payable 2201-0006 392408.38

0.00 392961.1433 Financial Obligation

Profit Tax 2301-0001 796916.28State Dividend 2301-0002 51332.91

796916.28 51332.9134 Short Term Loan

2401-0001 2660740.21

2401-0002 3242964.88

5903705.0935

Principal 2611.0001 7500000.00Interest 2611-0002 10365303.32

17865303.3236 State Capital 3101-0001 9677918.83

37 ReserveLegal Reserve 3201-0001 976288.44Retained Profit 3201-0002 1885697.64

0.00 2861986.0838 Cash Sales

Of Products - Flat Sheet 4101-0001 13068132.86 -Tube & Angle Iron 4101-0002 27962304.14 - Secco Profile 4101-0003 949482.92 - Press EGA & U Channel 4101-0004 16140709.52 - Structural & Furniture Unit 4101-0005 8405611.26 - Other Sales 4101-0006 534091.71 - Imported Materials for Resale 4101-0007 408283.45

67468615.8639 Credit Sales

Flat Sheet 4102-0001 1936502.52Tube And Angle Iron 4102-0002 3133221.52Structural and Furniture Unit 4102-0005 2370.00Other Sales 4102-0006 4605.00

5076699.0440 Cash Sales Of Products At Awassa Branch

Flat Sheet 4101-01-0001 34233.94Tube And Angle Iron 4101-01-0002 656173.29Secco Profile 4101-01-0003 74071.44Pressed Sheet, EGA & U-Channal 4101-01-0004 16453.31Structural Unit 4101-01-0005 4644.36

785576.34

41 Cash Sales of Products At T/Haymanot Branch

Flat Sheet 4101-02-0001 475.24

Short Term Loan-1st

Short Term Loan-2nd

Long Term Loan - For Grain Mill Factory From D.B.E.

23





DEBIT CREDIT

Item No.

Tube and Angle Iron 4101-02-0002 4113894.95Secco Profile 4101-02-0003 676981.33Pressed Sheet, EGA & U-Channal 4101-02-0004 445.68Structural and Furniture Unit 4101-02-0005 27858.10Other Sales 4101-02-0006 1243.20

4820898.50

42 Sales Returns & Discount 4103-0001 185252.71

43 Other Income 4104-0001 111979.74

44 Direct Materials ConsumptionManufacturing - Black 5101-01-1001 28626256.65 -Galvanized 5101-02-1001 13469541.99 -Aluminum 5101-04-1001 733.58

42096532.2245 Direct Materials Consumption

Carpentery - Black 5102-01-1001 1505037.37 - Galvanized 5102-02-1001 79448.85

1584486.2246 Indirect Materials Consumption-Manuf.

Fittings 5201-01-1001 296816.10Beams & Bars 5201-02-1101 32134.29Spare Parts 5201-04-1301 1235867.90Electrode 5201-05-1401 5071.27Grain Mill Items 5201-06-1501 17850.00Mobile Cookers Items 5201-07-1601 4854.05

1592593.6147 Indirect Materials Consumption -Structural

Fittings 5202-01-1001 52225.19Deformed Bars 5202-02-1101 41250.21Spare Parts 5202-04-1301 34050.01Electrods 5202-05-1404 37300.09Grain mill Spare Parts 5202-06-1501 1694.00

166519.5048 Salary and Wages at Cost Centers

Cutting and Slitting Salary 5301-01-1001 198999.61Overtime 5301-01-1101 31325.08Annual Leave 5301-01-1201 454.04

230778.7349 OME and SECCO

Salary 5302-01-1001 281760.18Overtime 5302-01-1101 72300.85Annual Leave 5302-01-1102 9831.91

363892.94

24





DEBIT CREDIT

Item No.

50 EGA. U Channal & PressSalary 5303-01-1001 216311.82Overtime 5303-01-1101 34733.76Annual Leave 5303-01-1201 1546.43

252592.0151 Structural & Furniture Unit

Salary 5304-01-1001 886182.30Overtime 5304-01-1101 65010.84Annual Leave 5304-01-1202 32033.46

983226.6052 Factory Overhead

Salary & WageSalary 6101-0021 746495.01Wage 6101-0022 57968.16Overtime 6101-0023 184091.23Annual Leave 6101-0024 29289.66

Employees Benefit6% Pension 6101-0031 139354.02Medical 6101-0032 85417.70Uniform 6101-0033 135373.20Tution Fee 6101-0034 5145.50Milk Expense 6101-0035 1125.22

6101-0036 389012.08Funeral Expense 6101-0037 2000.00

DepreciationBuilding & Land Improvement 6101-0041 85981.31Machinery 6101-0042 1128382.40Hand Tools 6101-0043 1640.00

Repair and MaintenanceMachinery 6101-0051 27572.83Work Shop Spare Parts and Other Material 6101-0052 113245.40Truck Mobile Crane Forklift 6101-0053 48898.53

Electricity and Water Consumption 6101-0061 238160.81Factory SuppliesStationary Printing Office Supplies 6101-0063 14333.37Cleaning and Sanitery Supplies 6101-0064 13672.23Paint 6101-0068 27895.63Electrical Supplies 6101-0066 37239.65

Training Expense 6101-0070 26450.00

Fuel Lubricant & Greese 6101-0071 108314.26

25





DEBIT CREDIT

Item No.

Insurance 6101-0072 100725.00

OthersFood Accomodation Perdium,Transport 6101-0062 31950.17Entertaining 6101-0065 17044.95Customs Inspection Fee 6101-0067 1790.00Cylinder Rent 6101-0074 825.00Machinary Rent 6101-0079 1715.58Consultancy Fee 6101-0080 1179.64

3802288.5453 Cost Of Goods Sold

Fitting & Others 7102-01-1001 520267.91Grain Mill & Mobile Cooker 7102-02-1001 6710.54 526978.45

54 Cost Of Goods Sold Main Products 7105-01-1001 390392.3755 Selling & Distribution Expense

Salary and Wage Salary 8101-0021 547604.94Wage 8101-0022 15887.42Overtime 8101-0023 45508.63Annual Leave 8101-0024 11221.18

Employees Benefit6% Pension 8101-0031 40953.77Medical 8101-0032 17531.46Uniform 8101-0033 5473.18Education Fee 8101-0034 17313.50

8101-0035 109158.56

Building & Repair Charge 8101-0054 568.63Repair Charge Furniture & Equipments 8101-0055 2179.98

Food Accomodation and Perdium 8101-0062 26649.58

Stationary & Office Supplies 8101-0063 43612.80Cleaning and Sanitary Supplies 8101-0064 3955.95

Entertaining 8101-0065 515.55

Advertizing and Publicity 8101-0066 277574.32

Bid Announcement 8101-0070 3594.00Training Expense 8101-0071 6242.41Stock Obsolecence 8101-0074 376676.21

1552222.07

26





DEBIT CREDIT

Item No.

56 Selling & Distribution Expense Awasa Branch

Salary 8101-01-0021 32311.50Wage 8101-01-0022 9740.30Leave Pay 8101-01-0024 5331.36

Employees Pension 8101-01-0031 1221.42Medical Expense 8101-01-0032 1043.36School Fee 8101-01-0034 2035.00Building Repair Charge 8101-01-0054 71.00

Electric and Water Consumption 8101-01-0061 783.48

Transport Allowance 8101-01-0062 9948.98

Stationary Printing & Office Supplies 8101-01-0063 140.00Cleaning & Sanitary Supplies 8101-01-0064 224.00

Advertising and Publicity 8101-01-0066 4503.50Telephone Expense 8101-01-0067 350.24Bank Charge 8101-01-0070 1508.91Rent of Sales Shop 8101-01-0073 8400.00Municipality Tax 8101-01-0074 2625.00

80238.05

57 Selling and Distribution -T/haymanot Branch

Salary and WageSalary 8101-02-0021 85779.31Wage 8101-02-0022 9961.82Overtime 8101-02-0023 3141.93Annual Leave 8101-02-0024 15173.51

Medical Expense 8101-02-0032 277.77Uniform 8101-02-0033 1300.74School Fee 8101-02-0034 3718.00

Building Repair Charge 8101-02-0054 351.30

Electricity And Water 8101-02-0061 1133.30

Food Accomodation and Perdium 8101-02-0062 7826.96

Stationary & Printing 8101-02-0063 310.40Cleaning & Saniary Supplies 8101-02-0064 979.10Postage Telephone Expense 8101-02-0066 3146.61

27





DEBIT CREDIT

Item No.

Bank Charge 8101-02-0070 600.50Rent Of Sales Shop 8101-02-0073 120000.00

253701.2558 Administration Expense

Salary and WageSalary 8102-0021 1276558.45Wage 8102-0022 73004.35Overtime 8102-0023 219075.55Annual Leave 8102-0024 49923.79

Employees Benefit6% Pension 8102-0031 81717.86Medical 8102-0032 50130.33Uniform 8102-0033 26945.30Education & Tution Fee 8102-0034 31006.00Bonus 8102-0035 174498.85Funeral 8102-0036 2500.00Employees Prize 8102-0037 4000.00

DepreciationBuilding & Land Improvement 8102-0041 8168.46Office Equipment 8102-0045 34330.04Vechicle 8102-0046 290768.35Specialised Equipments 8102-0047 17235.01Computer& Software 8102-0090 71538.83

Repair ChargeBuilding 8102-0054 23875.73Furniture and Office Equipment 8102-0055 15412.78

Food Accomodation Perdium & Transport 8102-0062 64897.44

Stationary,Printing Office Supplies 8102-0063 99358.53Cleaning &Sanitary Supplies 8102-0064 10752.05

Entertaining Expense 8102-0065 7780.55

Postage Telephone Telex 8102-0066 72058.82

Training Expense 8102-0067 26854.96

Interest

Interest On Overdraft 8102-0068 1021033.92Interest On Long Term Loan 8102-0069 1154032.28

28





DEBIT CREDIT

Item No.

Bank Charge 8102-0070 71633.39Repair Charge Of Vehicles 8102-0071 203304.25

Fuel & Lubricants 8102-0072 271493.17

Insurance 8102-0073 77577.30

Municipality Tax & Relted Expense 8102-0074 71693.20Mess Hall Material Expense 8102-0075 1885.94

Board Men & Perdium Allowance 8102-0076 26625.00

Annual Incentive Fund 8102-0077 21367.40Car Parking Expense 8102-0078 2073.00Legal Case Expense 8102-0079 4870.20

Audit Fee 8102-0081 7391.30

Vacant Annoncement & Examination fee 8102-0083 2272.00Employees Federation 8102-0086 3350.00Rent Expense 8102-0088 4000.00Donation Expense 8102-0089 12000.00Provision for Bad Debt 8102-0090 1641189.22

7330183.60

KALITI METAL PRODUCTS FACTORY WORK SHEET

FOR THE YEAR ENDED OF JUNE 30, 2005

DESCRIPTION ACCT NO.TRIAL BALANCE INCOME STATEMENT BALANCE SHEET

DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT

Cash on Hand 1101 722738.08 722738.08Cash at Bank 1104 11216315.61 11216315.61Trade Debtors 1401 2288518.63 2288518.63Provision For Doubtful Trade Debtors 1401-01 1041682.72 1041682.72Other Trade Debtors 1403 599556.56 599556.56Provision For Doubtful Other Trade Debtors 1403-01 599556.56 599556.56Prepayments 1404 985078.71 985078.71MTSC Contra Account 1404-04 169042.15 169042.15Staff Debtors 1405 144203.21 144203.21Sundary Debtors 1406 1248.20 1248.20Purchase and Trip Advance 1409 87415.92 87415.92Purchase Advance On Petty Cash 1409-01 1522.97 1522.97 0.00Finished Goods. 1501 10835418.35 10835418.35Work In Process 1502 361863.71 361863.71Direct Materials Imported 1513 24532659.15 24532659.15Packing Materials Imported 1514 64718.12 64718.12Spare Parts Imported 1515 5750703.75 5750703.75Stock Obsolescence 1515-00 2218969.43 2218969.43Other Direct Materials Imported 1516 2363371.08 2363371.08Stock Obsolecence 1516-00 148956.11 148956.11Stationary Materials 1517 182880.57 182880.57Goods In Transit 1601 21811241.46 21811241.46Provision For Goods In Transit 1601-00 2505618.75 2505618.75Fixed Assets 1700 32285858.97 32285858.97Accumulated Deprecations Fixed Assets 1700-00 25327158.31 25327158.31Construction In Progress 1801 37048.84 37048.84Fixed Assets In Transit 1802 433796.37 433796.37Trade Creditors 2101 22901.92 22901.92Sundary Creditors 2102 3680164.78 3680164.78Custmors Advance Payment 2104 2324505.36 2324505.36Accrued Liabilities 2107 1406789.25 1406789.25Tax Payables 2201 392961.14 392961.14Financial Obiligations 2301 796916.28 51332.91 745583.37Short Term Loans 2401 5903705.09 5903705.09Long Term Loans 2611 17865303.32 17865303.32State Capital 3101 9677918.83 9677918.83General Reserve 3201 2861986.08 2861986.08Cash Sales Main Products 4101 73075090.70 73075090.70Credit Sales Main Production 4102 5076699.04 5076699.04Sales Return 4103 185252.71 185252.71Other Income 4104 111979.74 111979.74Direct Materials Consumed MFG. 5101 42096532.22 42096532.22Direct Materials Consumed Structural 5102 1584486.22 1584486.22Indirect Materials Consumed CSC. 5201 1592593.61 1592593.61Indirect Materials Consumed Structurals 5202 166519.50 166519.50Direct Labour CSC. 5301 230778.73 230778.73 " " OME & SECCO 5302 363892.94 363892.94 " " EGA & PRESS 5303 252592.01 252592.01 " " CONSTRUCTION 5304 983226.60 983226.60Factory Overhead 6101 3802288.54 3802288.54Cost Of Goods Sold Fittings,Beam,G/Mill Parts 7102 526978.45 526978.45 " " " Various Finished Products 7105 390392.37 390392.37Selling and Distribution Expense -Head Office 8101 1552222.07 1552222.07Selling and Distribution Expense-Awassa Branch 8101-01 80238.05 80238.05Selling and Distribution Expense-Teklehaymanot 8101-02 253701.25 253701.25General Administration Expense 8102 7330183.60 7330183.60

TOTAL BALANCE 165678637.80 165678637.80 61391878.87 78263769.48 104235426.02 87363535.41NET INCOME (LOSS) 16871890.61 16871890.61

GRAND TOTAL 165678637.80 165678637.80 78263769.48 78263769.48 104235426.02 104235426.02

KALITI METAL PRODUCTS FACTORYTRIAL BALANCE

AS AT JUNE 30 2005

DESCRIPTION ACCT NO.TRIAL BALANCE

DEBIT CREDITCash on Hand 1101Petty Cash Fund 1102Payroll Fund 1103Cash at Bank 1104Trade Debtors 1401Provision For Doubtful Trade Debtors 1401-01 1041632.66Other Trade Debtors 1403Provision For Doubtful Other Trade Debtors 1403-1 599556.56Prepayments 1404 61323.08MTSC Contra Account 1404-04Staff Debtors 1405Sundary Debtors 1406 211.54Provision For Doubtful Sundary Debtors 1406-06Withholding Tax 1408Purchase and Trip Advance 1409 3855.00Purchase Advance On Petty Cash 1409-01Finished Goods Manuf. & Construc.Prod. 1501 416936.72Work In Process 1502Direct Materials Imported 1513Packing Materials Imported 1514Spare Parts Imported 1515 484966.35Stock Obsolescence 1515-00Other Direct Materials Imported 1516 1994.10Stock Obsolecence 1516-00Stationary Materials 1517Goods In Transit 1601 12057.00Provision For Goods In Transit 1601-00Fixed Assets 1700 6637.37Accumulated Deprecations Fixed Assets 1700-00 119652.92Construction In Progress 1801Fixed Assets In Transit 1802Trade Creditors 2101 816.27Sundary Creditors 2102 90587.09Custmors Advance Payment 2104 16402.99Accrued Liabilities 2107 700353.28Tax Payables 2201 110.08


AS AT JUNE 30 2005


DEBIT CREDITFinancial Obiligations 2301 87700.00Short Term Loans 2401Long Term Loans 2611State Capital 3101General Reserve 3201 534.00Cash Sales Main Products 4101 91154.83Credit Sales Main Production 4102Sales Return 4103Other Income 4104 101197.00Direct Materials Consumed MFG. 5101Direct Materials Consumed Structural 5102Indirect Materials Consumed CSC. 5201 109370.14Indirect Materials Consumed Structurals 5202 28981.00Direct Labour CSC. 5301 " " OME & SECCO 5302 " " EGA & PRESS 5303 " " CONSTRUCTION 5304Factory Overhead 6101 394809.33Cost Of Goods Sold Fittings,Beam,G/Mill Parts 7102 " " " Various Finished Products 7105 416902.83Selling and Distribution Expense -Head Office 8101 487660.54Selling and Distribution Expense-Awassa Branc 8101-01Selling and Distribution Expense-Teklehaymanot 8101-02General Administration Expense 8102 1806977.00

TOTAL BALANCE 3541189.55 3541190.13


AS AT JUNE 30 2005


DEBIT CREDITCash on Hand 1101 722738Petty Cash Fund 1102Payroll Fund 1103Cash at Bank 1104 11216316Trade Debtors 1401 2288519Provision For Doubtful Trade Debtors 1401-01 50Other Trade Debtors 1403 599557Prepayments 1404 985079MTSC Contra Account 1404-04 169042Staff Debtors 1405 144203Sundary Debtors 1406 1248Provision For Doubtful Sundary Debtors 1406-06Purchase and Trip Advance 1409 87416Purchase Advance On Petty Cash 1409-01 1523Finished Goods Manuf. & Construc.Prod. 1501 10835418Work In Process 1502 361864Direct Materials Imported 1513 24532659Packing Materials Imported 1514 64718Spare Parts Imported 1515 5750704Stock Obsolescence 1515-00 2218969Other Direct Materials Imported 1516 2363371Stock Obsolecence 1516-00 148956Stationary Materials 1517 182881Goods In Transit 1601 21811241Provision For Goods In Transit 1601-00 2505619Fixed Assets 1700 32285859Accumulated Deprecations Fixed Assets 1700-00 25327158Construction In Progress 1801 37049Fixed Assets In Transit 1802 433796Trade Creditors 2101 22902Sundary Creditors 2102 3680165Custmors Advance Payment 2104 2324505Accrued Liabilities 2107 1406789Tax Payables 2201 392961Financial Obiligations 2301 745583Short Term Loans 2401 5903705


AS AT JUNE 30 2005


DEBIT CREDITLong Term Loans 2611 17865303State Capital 3101 9677919General Reserve 3201 2861986Cash Sales Main Products 4101 73075091Credit Sales Main Production 4102 5076699Sales Return 4103 185253Other Income 4104 111980Direct Materials Consumed MFG. 5101 42096532Direct Materials Consumed Structural 5102 1584486Indirect Materials Consumed CSC. 5201 1592594Indirect Materials Consumed Structurals 5202 166520Direct Labour CSC. 5301 230779 " " OME & SECCO 5302 363893 " " EGA & PRESS 5303 252592 " " CONSTRUCTION 5304 983227Factory Overhead 6101 3802289Cost Of Goods Sold Fittings,Beam,G/Mill Parts 7102 526978 " " " Various Finished Products 7105 390392Selling and Distribution Expense -Head Office 8101 1552222Selling and Distribution Expense-Awassa Branc 8101-01 80238Selling and Distribution Expense-Teklehaymanot 8101-02 253701General Administration Expense 8102 7330184

TOTAL BALANCE 165627305 163986116

10


AS AT JUNE 30 2005


DEBIT CREDITCash on Hand 1101 722738Petty Cash Fund 1102Payroll Fund 1103Cash at Bank 1104 11216316Trade Debtors 1401 2288519Provision For Doubtful Trade Debtors 1401-01 50Other Trade Debtors 1403 599557Provision For Doubtful Other Trade Debtors 1403-1Prepayments 1404 985079MTSC Contra Account 1404-04 169042Staff Debtors 1405 144203Sundary Debtors 1406 1248Provision For Doubtful Sundary Debtors 1406-06Purchase and Trip Advance 1409 87416Purchase Advance On Petty Cash 1409-01 1523Finished Goods Manuf. & Construc.Prod. 1501 10835418Work In Process 1502 361864Direct Materials Imported 1513 24532659Packing Materials Imported 1514 64718Spare Parts Imported 1515 5750704Stock Obsolescence 1515-00 2218969Other Direct Materials Imported 1516 2363371Stock Obsolecence 1516-00 148956Stationary Materials 1517 182881Goods In Transit 1601 21811241Provision For Goods In Transit 1601-00 2505619Fixed Assets 1700 32285859Accumulated Deprecations Fixed Assets 1700-00 25327158Construction In Progress 1801 37049Fixed Assets In Transit 1802 433796Trade Creditors 2101 22902Sundary Creditors 2102 3680165Custmors Advance Payment 2104 2324505Accrued Liabilities 2107 1406789Tax Payables 2201 392961Financial Obiligations 2301 745583Short Term Loans 2401 5903705Long Term Loans 2611 17865303

11


AS AT JUNE 30 2005


DEBIT CREDITState Capital 3101 9677919General Reserve 3201 2861986Cash Sales Main Products 4101 73075091Credit Sales Main Production 4102 5076699Sales Return 4103 185253Other Income 4104 111980Direct Materials Consumed MFG. 5101 42096532Direct Materials Consumed Structural 5102 1584486Indirect Materials Consumed CSC. 5201 1592594Indirect Materials Consumed Structurals 5202 166520Direct Labour CSC. 5301 230779 " " OME & SECCO 5302 363893 " " EGA & PRESS 5303 252592 " " CONSTRUCTION 5304 983227Factory Overhead 6101 3802289Cost Of Goods Sold Fittings,Beam,G/Mill Parts 7102 526978 " " " Various Finished Products 7105 390392Selling and Distribution Expense -Head Office 8101 1552222Selling and Distribution Expense-Awassa Branc 8101-01 80238Selling and Distribution Expense-Teklehaymanot 8101-02 253701General Administration Expense 8102 7330184

TOTAL BALANCE 165627305 163986116

KALITI METAL PRODUCTS FACTORYPROFIT AND LOSS STATEMENT


NOTES JUNE 30 2005 JUNE 30. 2004

REVENUE

Sales (Net) 16 77966537 48073704Cost of Goods Sold 17 51990282 34355311Gross Operating Profit 25976255 13718393

Other Income 18 111980 217879

EXPENSES

Selling & Distribution 19 1509485 1262443Administration Expense 20 3479912 3355074Bank Loan Interest 21 2175066 2151041Audit Fee 7391 9000Boardmen Allowance 26625 49621Provision for For Bad Debt 1641189Provision for Stock Obsolecence 376676 140802 Total Expense 9216345 6967981

NET PROFIT BEFORE TAX 16871890 6968291PROVISION FOF TAXATION 5666927 2102488NET PROFIT AFTER TAX 11204964 4865803TRANSFERED TO LEGAL RESERVE 560248 243290

10644716 4622513

TRANSFERED TO STATE DIVIDENED 10644716 4622513

RETAINED PROFIT - -

.2.

KALITI METAL PRODUCTS FACTORYBALANCE SHEET

AS AT JUNE 30 2005

ASSETS EMPLOYED NOTES JUNE 30 2005 JUNE 30 2004

FIXED ASSETS (NET) 2 7429546 8372407

CURRENT ASSETS

Stock and Goods in Transit 3 61029312 52355305Debtors and Prepayments 4 2297263 2543351With Holding Tax Receivable 6 - -Cash and Bank Balances 5 787823 159461

64114397 55058117

CURRENT LIABILITES

Creditors and Accruals 7 7827322 9924250Bank Overdraft 8 11281400 14581568Short Term Loan 9 5903705 4252339Provision For Taxation 10 4870010 1235932State Dividend Payable 11 10696049 3633928

40578486 33628017

NET CURRENT ASSETS 23535911 21430100

NET TOTAL ASSETS 30965457 29802507

FINANCED BY

Paid up Capital 13 9677919 9677919Legal Reserve 12 1536537 973587Retained Profit 14 1885698 1885698Long Term Loan 15 17865303 17265303

30965457 29802507

.1.KALITI METAL PRODUTS FACTORY

CASH FLOW STATEMENTFOR THE YEAR ENDED JUNE 30 2005

June 30 2005 June 30 2004Birr Birr

Cash Flow From Operating ActivitiesNet Profit Before Tax 16871890 6968291Adjustment for:Depreciation 1638044 1966791Interest 2175066 2151041

Oper.Pr.Before Working Capital Change Decrease (Increase) in Stock -8674007 -15375725 Decrease(Increase) in Debtors 246088 399560 Increase (Decrease) in Creditors -2096928 3205510Prior Year Adjustments 36098 -1469459Cash Generated From Operation 10196253 -2153991

Net Cash Flow From Oper. Activities Profit Tax Paid -1235932 -600995 Withholding Tax Paid -778980 -434526Net Cash Flow From Operation Activities 8181341 -3189512

Cash Flow from Investing Activities Purchase of Fixed Asset -854684 -560985 Proceed From Disposal of Fixed Assets Net Cash Out Flow From Investing Activities -854684 -560985

Cash Flow From Financing ActivitiesShort Term Loan Received 3242965 4252339Short Term Loan Repaid -1591599Interest Paid -1575066 -1551041State Dividened Paid -3633928 -1003777Net Cash Out Flow From Financing Activities 3769029 -2052976

Net Increase (Decrease) in Cash & Cash EquivalentCash and Cash Equivalent at the Begining of the Year 14422107 12369131Cash and Cash Equivalent at the End of the Year -10493578 -14422107

3928529 -2052976Components of Cash & Cash EquvalentCash in Hand and At Bank 787823 159461

Bank Overdraft -11281400 -1458156810493578 -14422107

.3.KALITI METAL PRODUCTS FACTORY

NOTES TO THE ACCOUNTSFOR THE YEAR ENDED JUNE 30,2005

The principal accounting policies adopted by the factory which are consistent with the polices applied inthe preceding years are stated below.

a) Depreciation Fixed assets are stated at cost less accumulated depreciation.Depreciation is charged on straight-line basis for building & roads at the following and for the rest it is charged on net book value on reducing balance basis as per the proclamation no- 286/20.

% Building and Roads 5 Plant Machanery 20 Motor Vehicles 20 Hand Tools and Equipment 20 Water Well 20 Rail way line 20 Specialised Equipments 20 Computers,software products 25

b) Stocks are valued as follows:

I) Finished products and work in process at production cost on weighted average basis.

ll) Raw materials, spare parts, materials imported for resale and other materials at moving average cost.

lll) Supplies are directly expensed up on purchase and later on recorded to stock account based on physical inventory taken at year end and valued at latest purchase price.

balances as and when management considers it appropriate.

1. ACCOUNTING POLICIES

C) Sales are stated net of value added tax and discount.

d) Provision for doubtful debts and stock obsolecence are made for specific debtors and stock

.4.Account No. June 30 2005 June 30 2004

Birr Birr

4. DEBTORS & PREPAYMENTS

Trade Debtors 1401 2288519 1135156Prepayment & Deposit 1404 816037 252131Staff Debtors 1405 144203 138782Sundry Debtors 1406 1248 8214Purchase Advance 1409 88939 147804Inland Revenue Authority 1408 0 261757Other Debtors 1403 599557 599557

3938502 2543401

Less:- Provision For Doubtful Acct.Rec. 1641239 50.002297263 2543351

5.CASH & BANK BALANCE

Cash on Hand 1101 722738 72208Petty Cash 1102Cash at Bank 1104 65084 87253

787823 159461.00

6.WITHHOLDING TAXWithholding Tax-Foreign Purchase 40128 279308 -Sales 738852 654619 Sub Total 778980 933927Less Transferred to Provision for Profit Tax -778980 -933927

NIL NIL

7.CREDITORS & ACCRUALS

Advance Received From Customers 2104 2324505 3760347Trade Creditors 2101 22902 17109Sundry Creditors 2102 3680165 3928317Tax Payables 2201 392961 1069209Accruals 2107 1406789 1149268

7827322 9924250

.6.

June 30 2005 June 30 2004Birr Birr

8. BANK OVERDRAFT 11281400 14581568The Bank overdraft facility obtained from Commercial Bank of Ethiopia Kaliti Branch on the

security of the building and motor vechicles of the factory which has a maximum limit of Birr 25,000,000.

9. SHORT&MEDIUM TERM LOAN

Short & Medium Term Loan 5903705 4252339

10.PROVISION FOR TAXATIONBalance Brought Forward 1235932 597810Less Prior Year Adjustment -17936 -428845Add Profit Tax of the Year 5666927 2102488Less Profit Tax Paid During the Year -1235932 -600995Transferred From Withholding Tax -778980 -434526

4870010 1235932

11.STATE DIVIDEND PAYABLEOpening Balance Brought forward 3633928 806960Less Prior Year Adjustement 51333 -791769Less Payment During the Year -3633928 -1003777Add Current Year Dividened Payable 10644716 4622514

10696049 3633928.0012.LEGAL RESERVEBalance Brought Forward 973587 782327Add Approration for the Year 560248 243290Prior Year Adjustment 2702 -52030.00

1536537 973587

13. STATE CAPITAL 9677919 9677919

14.RETAINED PROFITBalance Brought Forward 1885698 2082514Add Transferred From Profit of the YearLess Prior Year Adjustment -196816

1885698 1885698.00

15. LONG TERM LOAN

DBE Loan Principal 7500000 7500000.00 Accured Interest Capitalized 10365303 9765303.00

17865303 17265303

.7.15.1 This long term loan was received by the factory through the former National Metal Works corporation from the Agricultural and Industrial Development Bank (Now Development Bank of Ethiopia) on the bases of promissory note issued by the Ministry of Finance in favour of the bank. The loan was received on 17 March 1988 for the construction of Grain Mill Factory and bear interest at the rate of 8% per annum. A formal loan agreement has not yet been signed with the bank and the date of commencement of the repayment of the loan and the repayment period has not yet been fixed. Interest accured on the loan to date has been capitalized.

16. SALES Structural Tubes and Angle Iron Black 35865594 20774003Galvanized and Black Flat Sheet 15039345 8656862Window and Door Profiles 1700536 2414865Ribbed Sheet EGA & "U" Channel 16157609 10221246Structural Unit and Window and Door 8440484 4748366Other Sales 539940 562537Imported Materials For Resales 408283 695825Less Sales Return and Discount -185253

77966537 4807370417.COST OF GOODS SOLDWork In Process Begining 259484 62891Direct Raw Material Consumed 43681018 27067242Indirect Material Consumed 1759113 519162Direct Labour 1830490 1683616Indirect Labour 1017844 784107Depreciation 1216004 1483945Employees Benefit 757428 588081Electricity & Water Consumption 238161 219131Insurance 100725 85795Training 26450 6560Supplies Used 93141 22432Repair and Maintenance 189717 124139Fuel and Lubricant 108314 102926Others 54505 119203

51332394 32869230Less Work In Process Ending 361864 259484Cost of Goods Produced During The Year 50970530 32609746

Add:Cost of Finished Goods Inventory Beg. 11328157 12651735Less Cost of Finished Goods Inventory Ending 10835418 11328157

51463269 33933324Add Cost of Imported Mat.For Resale Begining 1554595 1818434Add Purchase of Imported Mat. For Resale 1335789 158147Less Cost of Imported Mat.For Resale Ending 2363371 1554595COST OF GOODS SOLD 51990282 34355311

.8.18. OTHER INCOMEInsurance claim 30129 10331Sales of Bid Document 15300 0Creditors Balance Written Off 59595 100800Others 6956 106748

111980 217879

19.SELLING AND DISTRIBUTION EXPENSE

Salary and Wages 781662 659008Employees Benefit 200027 142642Stationary and Office Supplies 49222 22125Perdium and Travelling Expense 44426 30682Advertizing and Publicity 282078 254765Training 6242 5920.00Rent of Sales shop 128400 128400.00Electricity & Water 1917 1689.00Postage and Telephone 3497 5695Others 12015 11517

1509485 1262443

20. ADMINISTRATION EXPENSESalaries and Wages 1618562 1518828Employees Benefit 370798 342852Postage, Telephone and Fax 72059 67220Stationary and Office Supplies 99359 100344Muniucipality Tax 71693 44408Insurance 77577 83414Bank Charge 71633 53299Traveling and Perdium 64897 68287Car Running 271493 225692Repair and Maintanance 242593 238408Cleaning and Sanitary Supplies 10752 18775Training 26855 14617Deperciation 422041 482846

Bad Debt Expense 5158Others 59599 90926

3479912 335507421. INTERESTInterest on Bank Over Draft 1021034 1109695Interest on Long Term Bank Loan 600000 600000Interest on Short Term Bank Loan 554032 441346 Total 2175066 2151041

.9.

KALITY METAL PRODUCTS FACTORYBANK RECONCILATION STATEMENT AS AT JUNE 30,2005

BANK :COMMERCAL BANK OF ETHIOPIA AKAKI BRANCH A/C NO C/A - 7BALANCE PER BANK STATEMENT 47442.90ADD: (DEPOSIT IN TRANSIT)

D/S DATE DESCRIPTION AMOUNT REMARK

GRAND TOTAL 47442.90

.38.


BANK :COMMERCIAL BANK OF ETHIOPIA KALITI BRANCH A/C NO C/A 29BALANCE PER BANK STATEMENT -11836547.12ADD: (DEPOSIT IN TRANSIT)

D/S DATE DESCRIPTION AMOUNT REMARK1988 23/06/05 DEPOSIT IN TRANSIT 82000.002013 29/06/05 " 62910.752014 " " 1092.272015 " " 719.612016 " " 222028.052017 " " 779.002018 " " 32946.732020 " " 3043.742021 " " 600002022 " " 18414.482037 " " 37746.452043 " " 39389.092044 30/06/05 " 33438.962045 " " 22414.79

231888.96SUB TOTAL 848812.88GRAND TOTAL -10987734.24

.39.LESS OUTSTANDING CHECK

DATE CPV Checque No DESCRIPTION AMOUNT REMARK9/5/2005 20540 EG53155891 PURCHASE OF UNIFORM 540.00 NOT YET CASHED24/05/05 20595 EG5315955 " " " 5520 "1/6/2005 20638 PAYABLE TO LABOUR UNIOUN 1938.42 "6/6/2005 20652 EG5318518 PAID TO WITHHOLDING TAX 504.50 "8/6/2005 20664 EG5318529 REFUND OF REMAINING BALANCE 1230.08 "13/06/05 20680 EG5318544 PAYAMENT O REMAINING BALANCE 2500.00 "17/06/05 20703 EG5315867 PAID TO ADVERTISING 1085.61 "20/06/05 20709 EG5318571 ANNUAL LEAVE PAY 10000 "23/06/05 20716 EG5315878 PAYMENT TO SPONSERSHIP 2592 "23/06/05 20718 EG5318580 PURCHASE OF GUEST CHAIR 540 "24/06/05 20726 EG5318588 PURCHASE OF EYE GOGLE 1926.40 "24/06/05 20727 EG5318589 MESSHALL DEDUCTION 1330 "24/06/05. 20728 EG5318590 EDIR DEDUCTION 1495.33 "

" 20729 EG5318591 PAYMENT TO TESFA LEGOJO 1250.00 "" 20730 EG5318592 PAYMENT TO KOLFE HOUSEHOLD 3334.00 "" 20731 EG5318593 PAID TO ADVERTISING 6863.6 "" 20732 EG5318594 PURCHASE ADVANCE 845.85 "" 20734 EG5318596 PAYMENT TO PRINTING 11602.84 "" 20735 EG5318597 PURCHASE OF CLEANING MATERIALS 12275.19 "" 20736 EG5318598 PURCHASE OF SPRING WIRE 600.00 "" 20737 EG5318599 PURCHASE OF WIPER SPRING 852.61 "" 20738 EG5318600 PURCHASE ADVANCE 560 "" 20742 EG5318603 REPAIR CHARGE 3951.36 "" 20744 EG5318605 OCEAN FREIGHT CHARGE 37728.86 "

27/06/05 20745 EG5318606 SCHOOL FEE 1150 "" 20748 EG5318609 REFUND OF REMAINING BALANCE 1110.46 "" 20749 EG5318610 PERSONAL INCOME TAX 6995.44 "" 20751 EG5318611 PAID TO WITHHOLDING TAX 7548.63 "

27/06/05 20752 EG5318612 SCHOOL FEE 1240 "30/06/05 20753 EG5318613 PENSION CONTRIBUTION 35422.22 "

" 20754 EG5318614 PERSONAL INCOME TAX 50276.39 "" 20755 EG5318615 PAYMENT OF WITHHOLDING TAX 518.36 "" 20756 EG5318616 " '' 292.03 "" 20757 EG5318617 OCEAN FREIGHT CHARGE 5000.00 "" 20758 EG5318618 DAILY WORKERS WAGE 1098.73 "" 20759 EG5318619 SCHOOL FEE 880.00 "" 591 PAYMENT TO OROMIA MEHABER 39.00 "" 592 PAYABLE TO LABOUR UNIOUN 1284.26 "" 593 PAYMENT TO CREDIT ASSOCIATION 69743.65 "" "

SUB TOTAL 293665.82GRAND TOTAL -11281400.06

.40.


BANK :COMMERCIAL BANK OF ETHIOPIA AWASSA BRANCH A/C NO C/A 1266BALANCE PER BANK STATEMENT 15641.55ADD: (DEPOSITS IN TRANSIT)


SUB TOTALGRAND TOTAL 15641.55

.41.


BANK :COMMERCAL BANK OF ETHIOPIA T/ HAIMANOT BRANCH A/C NO 3409BALANCE PER BANK STATEMENT 1000ADD: (DEPOSIT IN TRANSIT)


GRAND TOTAL 1000

.42.


BANK: COMMERCIAL BANK OF ETHIOPIA WEGAGEN BRANCH.BALANCE PER BANK STATEMENT 1000ADD: (DEPOSIT IN TRANSIT)


GRAND TOTAL 1000

2 FIXED ASSETS Balance Additions Transfer / Balance June 30,2004 Disposal June 30,2005

Birr Birr BirrCOST

Buildings 3193094 264737 3457831

Computers and Softwares 506438 49129 555567

Other Business Assets 28105060 326901 -159500 28272462

Fixed Asset In Transit 2190 431605 433795

Construction in Progress 254738 47048 -264737 3704932061521 854684 -159500 32756705

DEPRECIATION

Buildings 2509020 94150 2603170

Computers and Softwares 269412.00 71539 340951

Other Business Assets 20910682 1472356 2238303823689114 1638044 25327158

NET BOOK VALUE 8372407 7429546

Balance Balance June 30 2005 June 30 2004

Acc't No Birr Birr3.STOCKS

Finished Goods 1501 10835418.35 11328157

Work in Process 1502 361863.71 259484

Raw Materials 1513 24532659.15 24977377

Spare Parts 1515 5750703.75 3956124

Materials Imported for Resale 1516 2363371.08 1554595

Other Materials 247598.69 15869644091614.73 42234433

Less Provision For Stock Obsolesence 2367925.54 1991249

Add Goods In Transit 1601 21811241.46 14617740Sub Total 63534930.65 54860924

Less Provision for Goods Lost At Asseb 2505618.75 250561961029311.90 52355305

KALITI METAL PRODUCTS FACTORYPOST CLOSING TRIAL BALANCE

AS AT JUNE 30 2005


DEBIT CREDITCash on Hand 1101 722738Cash At Bank 1104 11216316Trade Debtors 1401 2288519Provision For Doubtful Trade Debtors 1401-01 1041683Other Trade Debtors 1403 599557Provision For Other Trade DebtorsDoubtful 1403-01 599557Prepayments 1404 985079MTSC Contra Account 1404-04 169042Staff Debtors 1405 144203Sundary Debtors 1406 1248Purchase And Trip Advance 1409 87416Purchase Advance Petty Cash 1409-01 1523Finished Goods Manuf. & Const Product. 1501 10835418Work In Process 1502 361864Direct Materials Imported 1513 24532659Packing Materials Imported 1514 64718Spare Parts Imported 1515 5750704Stock Obsolescence 1515-00 2218970Other Direct Materials Imported 1516 2363371Stock Obsolecence 1516-00 148956Stationary & Other Materials 1517 182881Goods In Transit 1601 21811241Provision For Goods In Transit 1601-00 2505619Fixed Assets 1700 32285859Accumulated Deprecations Fixed Assets 1700-00 25327158Construction In Progress 1801 37049Fixed Assets In Transit 1802 433796Trade Creditors 2101 22902Sundary Creditors 2102 3680165Custmers Advance Payment 2104 2324505Accrued Liabilities 2107 1406789Tax Payables 2201 392961Financial Obiligations 2301 15566059Short Term Loan 2401 5903705Long Term Loans 2611 17865303State Capital 3101 9677919Retained Profit 3201 3422234

TOTAL 103489843 103489843

KALITI METAL PRODUCTS FACTORY PURCHASE SCHEDULE

FOR THE YEAR ENDEED JUNE 30,2005

DESCRIPTIONS L/C NO.

ORDERED QTY RECEIVED IN PRIVOUS YEAR RECEIVED DURING THE YEAR EXPECTED IN THE COMING YEAR

NO COILS NET WEIGHT NO COILS NET WEIGHT NO COILS NET WEIGHT VALUE NOCOILS NET WEIGHT VALUE

BLACK COILSBLACK COILS KAL/023/022/2004 1200MT 169 1134870 7441611.87

BLACK COILS KAL/023/055/2004 1200MT 171 1165000 8199999.57

BLACK COILS KAL/023/073/2004 1440MT 267 1418847 9358105.31

TOTAL 3840MT 607 3718717 24999716.75

GALVANIZED COILSGALVANIZED COILS KAL/023/022/2004 300MT 41 304400 2702312.64

GALVANIZED COILS KAL/023/055/2004 480MT 78 470575 3396681.59





TOTAL 2160MT 355 2143440 18291680.83

SPAREPARTS & FITTINGSVARIOUS TYPES OF BEARING KAL/023/044/2004 482 1063033.63

VARIOUS TYPES OF BEARING KAL/023/046/2004 1672 2018075.89

VARIOUS TYPES OF BEARING KAL/023/060/2004 141 130302.90

FITTINGS KAL/023/069/2004 943000 184290.00

TYRISTRER KAL/023/016/2004 6 13891.38

VARIOUS TYPES OF BALL BEARING KAL/023/076/2004 627 170583.82

VARIOUS TYPES OF BELT KAL/023/018/2004 66 9730.27

CERAMIC METAL TRIODE KAL/023/022/2004 1 185767.11

CIRCULAR HIGH SPEED KAL/023/035/2004 50 40648.00

CERAMIC METAL TRIODE KAL/023/003/2004 1 121904.25TOTAL 946046 3938227.25

FIXED ASSETSMINIBUS 12 SEAT KAL/023/054/2004 1 283544.24

TOTAL

KALITI METAL PRODUCTS FACTORY PURCHASE SCHEDULE

FOR THE YEAR ENDEED JUNE 30,2005

UNIT COST

6.55723727827867.03862624034336.5955704244362

6.72267256422

8.87750538764787.21815138925788.30523271626669.3460123255392

8.7726621569.270982207484

8.53379652801

KALITI METAL PRODUCTS FACTORYPURCHASE OF FITTINGS

JUNE 30,2005Item DESCRIPTIONS FITTING AND SPARET GRM QUANTITY VALUENo. NO Date Pcs Kg

LOCAL PURCHASE1 Ventilation Lock 002901 22/7/2004 1000 9000.002 Window Handle " " 412 24896.003 Galvanized Hooks and Washer 002902 26/7/2004 200000 110000.004 Secco Fitting 002905 28/7/2004 1000 17310.005 Normal Hinge 110X55 002912 4/8/2004 200 468.006 Door Lock "ZANI" Italy " " 30 2135.107 Hexagonal Bolt 14X70 " " 100 477.008 Hexagonal Bolt 14X80 " " 100 527.009 Hexagonal Bolt 16X80 " " 200 1194.00

10 Hexagonal Bolt 16X100 " " 200 1332.0011 Normal Hinge 140X160 " " 200 468.0012 Fitting 002924 18/8/2004 200 1731.0013 Fitting " " 200 1731.0014 Galvanized Bolt with Nuts (8X16) 002934 24/08/2004 10000 2951.9015 Allen Bolt 16X90 002973 5/10/2005 100 1900.0016 Allen Bolt 16X120 " " 150 3170.1717 Hight Latch for Bottom Hinge with Plate 002998 14/10/2004 2500 20475.0018 Left Hand Galvanized Butt Hinge Hunkle 003007 18/10/2004 2500 42475.0019 Right Hand Galvanized butt Hinge Hunkle 2500 42475.0020 Normal Hinges 110X55x1.5 003013 21/10/2004 350 654.5021 Normal hinge 140X60X2.5 003031 1/11/2004 600 1836.0022 Galvanized Bolt with Nuts (8X16) 003035 4/11/2004 20000 6832.2023 Window Handle 002906 28/7/2004 88 5104.0024 Hidden Locker 003126 17/1/2005 200 2138.0025 Allen Bolt 10X30 003263 8/6/205 30 48.6026 Allen Bolt 6X20 " " 50 26.0027 Allen Bolt 6X30 " " 30 19.8028 Allen Bolt 8X20 " " 50 48.0029 Hexagonal Bolt 8X25 " " 30 12.6030 Hexagonal Bolt 10X30 " " 20 16.6031 Hexagonal Bolt 14X50 " " 30 74.4032 Hexagonal Bolt 18X50 " " 20 85.0033 Hexagonal Bolt 20X40 " " 20 101.0034 Hexagonal Bolt 20X90 " " 30 270.0035 L- Iron 28X 1.2 002077 16/8/2005 130 11589.5036 Diformed Bar 002094 11/11/2004 20 594.80 4579.9637 Diformed Bar 002135 28/11/2004 15 1846.8038 Diformed Bar 002136 28/1/2005 35 665 4309.2039 Diformed Bar " " 100 2965 19331.8040 Diformed Bar " " 10 110 655.6041 Diformed Bar " " 5 25 154.25

SUB TOTAL 243455 4359.80 344449.98



.36.IMPORTED PURCHASE L\C KAL 23/69/2004

42 Galvanized Bolt with Nuts (8X16) 003030 1/11/2004 500000 165000.0043 Asphalt Washer Ø 6 " " 323000 9690.0044 Galvanized Nuts Ø 6 003033 3/11/2004 120000 9600.0045 Round Bar 400 M/M 002104 4/1/2005 2 249035.0246 Round Bar 300 M/M " " 3 273938.5247 Round Bar 130 M/M " " 1 11759.0648 Round Bar 150 M/M " " 1 13236.1149 Round Steel Bar 280 M/M " " 2 116405.6450 Round Steel Bar 190 M/M " " 1 49212.1651 Round Steel Bar 150 M/M " " 2 60447.1052 Round Steel Bar 90 M/M " " 2 22672.7053 Round Steel Bar 60 M/M " " 2 10342.68

SUB TOTAL 943016 991338.99GRAND TOTAL 1186471 4359.80 1335788.97



.37.

KALITY METAL PRODUCTS FACTORYDEPARTMENT PROFITABILITY ANALYSIS

JUNE 30,2005ITEM NO. PRODUCTION DEPARTMENTS SALES COST OF OPERATING PROFIT/LOSS RANK

QTY.IN TONS VALUE IN BIRR SALES EXPENSE BEFORE TAX1 C.S.C 1538 15039344.56 10028658.30 1662048.69 3348637.57 32 OME & SECCO 3815 37450864.34 24973290.56 4138821.33 8338752.45 13 EGA & PRESS 1819 16178775.88 10788463.18 1787971.09 3602341.61 24 STRUCTURAL 836 8980423.63 5988399.27 992456.90 1999567.46 45 IMPORTED SALES 2177.55pcs 408283.45 272254.90 45120.78 90907.77 66 OTHER INCOME 111980.00 57 EX-GRAINMILL 600000.00 -600000.00 7

GRAND TOTAL 8008 77966537.03 51990281.59 9216344.97 16871890.47

1 2 3 4 5 6 7-2000000.00

0.00

2000000.00

4000000.00

6000000.00

8000000.00

10000000.00

DEPARTEMENT PROFITABILITY

COST CENTERS

PR

OF

IT (

CO

SS

)

KALITY METAL PRODUCTS FACTORYDEPARTMENT PROFITABILITY ANALYSIS

JUNE 30,2005PROFIT

CONTRIBUTION19%49%21%12%

1%1%

-4%100%

1-C.S.C2-OME & SECCO3-EGA & PRESS4-STRUCTURAL5-IMPORTED SALES6-OTHER INCOME7-EX-GRAIN MILL


FINANCIAL RATIOS

FOR THE YEAR ENDED JUNE 30 2005 BUDGETNo Performance Indicators Measure Plan 2005 Actual 2005 Actual 2004 Remark

I) LIQUIDITY RATIOS a) Current Ratio CA/CL 1.80 1.58 1.64 Time

b) Quick Ratio (CA-I)/CL 0.96 0.55 0.44 “

II) LEVERAGE RATIOSTD/TA 78.00 81.69 80.23 %

b) Long Term Debit/Net Assets LTD/NA 58.00 57.69 57.93 “

c) Current Liabilities /Total Debt CL/TD 60.00 69.43 66.08 “

III) ASSET STRUCTURAL ANALYSIS

a) Current Asset/Total Assets CA/TA 84.00 89.62 86.80 “

b) Fixed Assets/ Total Assets FA/TA 15.59 10.38 13.20 “

c) Stock Inventory/Current Assets I/CA 47.00 65.08 73.09 “

d) Debtors Receivables/Current Assest DR/CA 6.00 3.58 4.62 “

IV) PROFITABILITY RATIOSa) Gross Margin (S-CGS)/S 30.00 33.32 28.54 “

b) Profit Margin NIBT/S 8.00 21.64 14.50 “

c) Return on Total Assets (ROA) NIBT/TA 5.06 23.58 10.99 “

d) Profit/Capital NIBT/C 32.00 128.79 55.58 “

V) PRODUCTIVITY PQ/KG 11.29 21.12 11.54 “ M.Hr

a) Total Debt/Total Assets

KALITY METAL PRODUCTS FACTORY

INPUT-OUTPUT RELATIONSHIP ANALYSIS

JUNE 30,2005

DESCRIPTIONS PLAN 2005 JUNE 30,2005 JUNE 30,2004

1 PRODUCTION DURING THE YEAR,2005 3900000 7725063 5048922

2 -99734 -130092

3 45212 99734

4 57238 167330

5 -323888 -210980

6 ACTUAL PRODUCTION QUANTITIES 3900000 7403890 4974915

7 RAW MATERIAL CONSUMPTION DURING THE YEAR 2005 4050000 7691523 4853380

8 RAW MATERIAL COUNTED UNDER PROD. BEGINNING 6920.00 324094

9 RAW MATERIAL COUNTED UNDER PRODUCTION ENDING -46552.00 -6920

10 ACTUAL CONSUMPTION QUANTITIES 4050000 7651891 5170554

ACTUAL PRODUCTION QUANTITY=ACTUAL CONSUMPTION QUANTITY

12 ACTUAL CONSUMPTION QUANTITIES 4050000 7651891 4974915

13 -3900000 -7403890 -5235098

14 WASTAGE (SCRAP) 150000 248001 -260183

15 PERCENTAGE 4% 3% 5%

ITEM NO.

LESS: FG COUNTED UNDER PROD. BEGINNING

ADD : FG COUNTED UNDER PROD. ENDING

ADD : WORK IN PROCESS ENDING

LESS: FG PRODUCED BY CONSTRUCTION

LESS: ACTUAL PRODUCTION QUANTITIES

KALITI METAL PRODUCTS FACTORYRaw Materials,Finished Products & WIP Report

2005 2004PARTICULARS KG VALUE KG VALUE

Raw Material Consumed During the Year -Black 5215259.00 30509265.15 3229709.00 14469096.32 '' '' '' '' - Galvanized 1777035.00 13505466.00 1782583.00 11889828.61

Sub Total 6992294.00 44014731.15 5012292.00 26358924.93

Raw Material Counted Under Production 46552.00 299177.70 6920.00 31001.60

Finished Product Counted Under Production 45211.78 340991.41 99734.16 600711.00

Finished Products-Work in Process 57237.99 361863.71 167330.12 259483.54GRAND TOTAL 7141295.77 45016763.97 5286276.28 27250121.07

FINISHED GOODS PRODUCTION 7725062.63 5048922.39FINISHED GOODS ENDING BALANCE 10418481.63 11328157.00FINISHED GOODS PRODUCTION-UNDER CONSTRUCTION 323888

N0. of Production Workers Including Technical Workers 163N0. of Hours to be Worked in a Month= 187TOTAL ANNUAL MAN HOUR (163X187)X12= 365772

7725063 21.12 Total hrs. Worked in a Year 365772PRODUCTIVITY YIELD/HR = Production Quantity

revised kaliti metal products draft acct 2005

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