Fateh Textile Mills Limited

Transcription

1 Fateh Fateh Textile Mills Limited Company Information Board of s Mr. Gohar Ullah Mr. Asad Ullah Barkat Mr. Humayun Barkat Mr. Maqsood Ahmed Khan Mr. Muhammad Saleem Mr. Abdul Razzak Memon Mr. Muhammad Ayub Chief Executive NIT Nominee Company Secretary Mr. Muhammad Nadeem Aqeel Audit Committee Mr. Gohar Ullah Mr. Maqsood Ahmed Khan Mr. Abdul Razzak Memon Member Member External Auditors M/s. Rahim Jan & Co. Chartered Accountants, Karachi. Bankers Allied Bank Limited Askari Bank Limited Deutsche Bank Habib Bank Limited Meezan Bank Limited Metropolitan Bank Limited MCB Bank Limited National Bank of Pakistan Standard Chartered Bank Registered Office A/4,Hali Road, S.I.T.E., Hyderabad - Sindh. Phone No: Fax No: & fatehmills@aol.com URL: Liaison Office 114-A, S.M.C.H.S., Near Mehdi Tower, Shahra-e-Faisal, Karachi. Mills Hali Road, S.I.T.E., Hyderabad - Sindh, Pakistan.

2 Fateh Dear Members, BOARD S REVIEW TO THE MEMBERS For and on behalf of the Board of s it gives me pleasure to present before rd you the un-audited financial statements of the company for the 3 quarter ended on March 31, 28. Textile industry in general continued to face a tough time throughout the period under review. Apart from increasing of input cost, the intense competition from regional players keen on taking a market share, even if at a loss, continued to provide a challenging environment for your Company. Financial Results: During the period under review, your company has achieved net Sales of Rs 1,28,812,251/- a reduction up to 36% as compared to Rs 1,614,77,53/- during the corresponding period of the last year, achieving a gross profit of Rs 84,76,2/-. After charging administration, selling, financial expenses and adding other income the Company suffered pre-tax loss of Rs.28,746,7/-. An amount of Rs.5,6,/- was provided for the current year taxation. Your Company thus, suffered a net loss of Rs.34,346,7/- resulting a negative earning per share of Rs.(27.48). The Election of s held during the period and following persons were elected as s on the Board for a next term of three year. Mr. Gohar Ullah Mr. Asad Ullah Barkat Mr. Humayun Barkat Mr. Maqsood Ahmed Khan Mr. Muhammad Saleem Mr. Abdul Razzak Memon Chief Executive In compliance with the requirements of the Code of Corporate Governance, an Audit Committee has been established which comprise the following members: Mr. Gohar Ullah Mr. Maqsood Ahmed Khan Member Mr. Abdul Razzak Memon Member Your management is very concerned with the current situation, its impact on the financial viability of the Company and committed for improving performance through costs consciousness, sustainable quality growth and to attain better selling prices. Hyderabad 27th April 28 GOHAR ULLAH Board of s

3 BALANCE SHEET AS AT MARCH 31, 28 (UN-AUDITED) CAPITAL & LIABILITIES SHARE CAPITAL AND RESERVES Authorised Capital 2,, ordinary shares of Rs. 1/- each Issued, subscribed and paid up share capital General reserve Investment revaluation reserve Unappropriated profit SURPLUS ON REVALUATION OF FIXED ASSETS LOAN SUBORDINATE TO EQUITY LONG TERM LOANS LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE DEFERRED LIABILITIES Provision for gratuity Deferred Taxation CURRENT LIABILITIES Trade and other payable Mark-up on secured finances Short term running finances Current portion of long term liabilities Provision for taxation PROPERTY & ASSETS FIXED ASSETS TANGIBLE Operating fixed assets March, 28 2,, 12,5, 1,481,, 4,196,92 1,491,367,648 1,222,226,464 51,, 1,547,672, ,849,263 12,27,47 26,, 38,27,47 546,773, ,685,56 2,82,99,33 226,268,149 27,899,379 4,538,725,747 9,18,112,284 2,18,39,746 June, 27 2,, 12,5, 1,481,, 4,196,92 11,774,65 1,59,47,157 1,272,16,756 51,, 1,547,672,692 97,252,84 13,764,613 26,, 39,764, ,927,857 73,21,346 1,885,484, ,681,153 26,286,291 3,43,589,885 7,92,856,97 2,3,148,442 LONG TERM INVESTMENTS LONG TERM DEPOSITS CURRENT ASSETS Stores, spare parts and loose tools Stock in trade Trade debts Advances, deposits and prepayments Other receivables Cash and bank balances 528,134,792 3,817,546 61,423,267 2,59,558,7 3,471,465,18 77,45, ,748,26 37,24,76 6,35,85,2 9,18,112, ,134,792 3,817,546 86,446,765 2,267,553,713 2,335,579,53 75,236, ,67,216 56,872,534 5,88,756,127 7,92,856,97 Hyderabad: 27th April 28

4 PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED MARCH 31, 28 (UN-AUDITED) Quarter Ended March 31, 28 Period Ended March 31, 28 Quarter Ended March 31, 27 Fateh Period Ended March 31, 27 Sales Cost of Sales 1,28,812, ,52,231 4,222,1,379 3,885,785,581 1,614,77,53 1,452,59,379 5,217,61,886 4,731,373,968 Gross Profit 84,76,2 336,314, ,18, ,236,918 Administration and selling expenses Operating profit Other income 3,699,514 54,6,56 7,898,58 98,84,91 238,229,888 12,589,758 43,43,64 118,614, , ,837, ,398,942 1,496,459 Profit before financial expenses & other charges 61,958,564 25,819, ,388, ,895,41 Financial expenses Other charges Profit/(loss) before taxation Provision for taxation Current Profit/(loss) after taxation Unappropriated profit brought forward 91,383,658 (679,24) 9,74,634 (28,746,7) 5,6, (34,346,7) 28,17, ,546,344 3,175, ,722,155 3,97,491 21,2, (18,12,59) 11,774,65 97,475,382 2,858,67 1,333,449 19,55,33 7,6, 11,455,33 38,686,182 5,141, ,385,29 1,375, ,76,825 75,134,576 26,1, 49,34,576 1,481,639 59,516,215 Final dividend payment (27 Rs. 7.5 per share) Unappropriated profit/(loss) carried forward 5,141,215 9,375, 5,141,215 Earning/(loss) per share (27.48) (14.48) The notes given below form an integral part of these accounts Notes: 1) Fateh Textile Mills Limited was incorporated in Pakistan as private limited company in 1952 and converted into public limited company in 196 and subsequently listed on the Karachi Stock Exchange. The company is engaged in the business of manufacturing, bleaching, dyeing, printing, buying, selling and dealing in yarn, cloth, ready made garments and bed wear items made from cotton and polyester fiber. 2) These accounts are un-audited and are being submitted to the shareholders as required under Section 245 of the Companies Ordinance, 1984 and have been prepared in accordance with the requirements of IAS ) The accounting policies adopted by the company for preparation of these accounts are the same as those applied for the annual accounts. 4) Other charges include workers profit participation fund allocation which is provisional and the final liability will be determined on the basis of annual results and that actuarial valuation for provision for gratuity is yet to be made which has been incorporated an adhoc basis. 5) Provision for taxation represents the amount of provision for minimum tax as required by the Income Tax Ordinance, 21. However, the final tax liability will be calculated at the end of the year after consideration of assessment completed and the available tax credits, if any. 6) Contingencies and commitments for letters of credit other than for capital expenditure amounting to Rs million and payment against documents (PAD) Rs million. 7) The company is contesting a number of cases under foreign exchange regulation in respect of non - repatriation of export proceeds. However, the legal advisor of the company has opined that no financial loss is expected. 8) These accounts have been authorized by the Board for issue on 27th April, 28.

5 CASH FLOW STATEMENT FOR PERIOD ENDED MARCH 31, 28 CASH FROM OPERATING ACTIVITIES March, 28 March, 27 Net profit before taxation Adjustment for: Depreciation Profit on bank deposits Provision for gratuity Dividend Income Financial charges Cash generated before working capital change Change In Working Capital (INCREASE)/ DECREASE IN CURRENT ASSETS Stores, spares and loose tools Stock-in-trade Trade debts Advances, deposits & prepayments Other receivable INCREASE / (DECREASE) IN CURRENT LIABILITIES Trade and other payable Cash generated from operations Gratuity paid Taxes paid Net cash generated from operations (OUTFLOW)/ INFLOW DUE TO INVESTING ACTIVITIES Additions in Fixed Assets Dividend received Profit on bank deposits received INFLOW / (OUTFLOW) DUE TO FINANCING ACTIVITIES Repayment of long term loan Repayment of finance lease Increase in finance lease Payment of dividend Financial charges paid Net Increase in cash and its equivalent during the period Cash & cash equivalent at the beginning of the period Cash & cash equivalent at the end of the period CASH & CASH EQUIVALENT Cash & bank balances Short term bank borrowings 3,97,491) 71,146,665) 9,) (76,342) 242,296, ,364,549) 25,23,498) (242,4,,357) (1,135,885,677) (2,214,375) 118,319,1 36,18,361) (1,2,653,54) (883,288,991)) (2,394,143) (19,586,913) (21,981,56) (95,27,47) (1,188,263)) 76,342) ) (1,111,921) (35,388,787) 42,39,652) (54,821,521) (47,9,656) (954,282,624) (1,828,611,74) (2,782,894,328) 37,24,76) (2,82,99,34) (2,782,894,328) 75,134,576) 79,144,423) (162,499)) 1,,) (35,82) 255,25,885 41,286,565) ) 4,327,688 (69,775,361) (157,143,647) (26,47,482) (115,791,7)) ) 34,573,671 (329,856,831) 8,429,734 (3,377,81)) (33,4,792) (36,778,62) 43,651,132) (12,656,2) 35,82) 162,499 (12,457,71) (167,386,2) (34,787,836) 22,629,45) (9,375,) (316,138,347) (525,58,338) (493,864,97) (1,276,4,71) (1,769,869,68) 35,33,725) (1,85,2,333) (1,769,869,68)

6 Fateh STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED MARCH 31, 28 (Amount in Rs.) Paid-up Capital General Reserve Surplus on Revaluation of Investments Unappropriated Profit Total Balance as at July 1, 26 12,5, 1,441,, 2,482,378 1,481,639 1,466,464,17 Net profit for the nine months ended March 31, 27 49,34,576 49,34,576 Less: Dividend Payment (9,375,) (9,375,) Balance as at March 31, 27 12,5, 1,441,, 2,482,378 5,141,215 1,56,123,593 Balance as at July 1, 27 12,5, 1,481,, 4,196,92 11,774,65 1,59,47,157 Net profit for the nine months ended on March 31, 27 (18,12,59) (18,12,59) Balance as at March 31, 28 12,5, 1,481,, 4,196,92 1,491,367,648