| Habib Arkady Ltd - 2003 |
=================================================================================== BALANCE SHEET AS AT JUNE 30, 2003 =================================================================================== 2003 2002 NOTE RUPEES RUPEES =================================================================================== AUTHORISED CAPITAL 60,000,000 Ordinary Shares of Rs. 5/= each 300,000,000 300,000,000 ISSUED, SUBSCRIBED AND PAID UP CAPITAL 4 200,000,000 200,000,000 RESERVE AND SURPLUS: Capital Reserve 5 10,000,000 10,000,000 Revenue Reserve 6 50,000,000 50,000,000 Unappropriated Profit 64,696,057 50,173,920 324,696,057 310,173,920 DEFERRED TAXATION 3.5 2,100,000 10,500,000 CURRENT LIABILITIES: Short Term Financing (Secured) 7 14,285,572 82,609,016 Creditors and Accrued Liabilities 8 15,668,229 18,771,080 Balances and Deposits 9 1,032,489 1,026,263 Proposed Dividend 20,000,000 30,000,000 50,986,290 132,406,359 CONTINGENCIES & COMMITMENTS 10 377,782,347 453,080,279 TANGIBLE FIXED ASSETS 11 192,824,683 185,849,407 Capital Work in Progress - 850,569 LONG TERM: Deposits 12 6,735,730 6,735,730 Investment in Share Capital of Subsidiary Companies 13 3,150,000 3,150,000 Loan to wholly owned Subsidiary Company 14 - 109,621 9,885,730 9,995,351 CURRENT ASSETS: Stores, Spares and Loose Tools 15 26,310,361 26,512,676 Stock in Trade 16 73,194,603 89,964,090 Trade Debts 17 54,066,346 108,973,967 Advances, Deposits, Pre-Payments and Other Receivables 18 17,226,473 22,447,510 Cash and Bank Balances 19 4,274,151 8,486,709 175,071,934 256,384,952 377,782,347 453,080,279 =================================================================================== =================================================================================== PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2003 =================================================================================== 2003 2002 NOTE RUPEES RUPEES =================================================================================== Sales: Local-net of sales tax, freight etc. 331,866,601 372,973,325 Export-net of freight, commission etc. 7,791,922 89,442,980 20 339,658,523 462,416,305 Cost of Goods Sold 21 323,898,332 377,570,841 Gross Profit 15,760,191 84,845,464 Less: Administrative Expenses 22 30,961,693 34,695,837 Selling Expenses 23 15,059,398 19,070,338 Financial Expenses 24 3,227,510 5,514,796 49,248,601 59,280,971 Operating Profit (33,488,410) 25,564,493 Add: Net Income from Subsidiary Companies 25 62,659,767 83,904,458 Other Income 26 3,571,473 116,102 66,231,240 84,020,560 Combined Profit before Taxation & Other Charges 32,742,830 109,585,053 Less: Other Charges 27 1,637,142 5,648,170 Profit Before Taxation 31,105,688 103,936,883 Provision For Taxation - Current 4,983,551 7,677,947 -Deferred (8,400,000) 10,500,000 28 (3,416,449) 18,177,947 Net Profit for the year 34,522,137 85,758,936 Unappropriated Profit Brought Forward 50,173,920 34,414,984 Available for Appropriation: 84,696,057 120,173,920 Appropriations Interim Dividend(2002:@ Rs.1.00 per share, i.e. 20%) - 40,000,000 Proposed Final Dividend @ Rs. 0.50 per share,i.e.10% (2002: @ Rs. 0.75 per share, i.e. 15%) 20,000,000 30,000,000 20,000,000 70,000,000 Unappropriated Profit Carried Forward 64,696,057 50,173,920 Earning per share of Rs.5.00 29 0.86 2.14 =================================================================================== ===================================================================================
CASH FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, 2003
===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
NET CASH (OUTFLOW)/ INFLOW FROM
OPERATING ACTIVITIES
Cash generated from operations
Profit before Tax 31,105,688 103,936,883
Adjustments for non cash charges and other items:
Depreciation 19,594,072 18,652,870
(Gain) / Loss on disposal of fixed assets (3,333,619) (38,994)
Financial charges 3,227,510 5,514,796
19,487,963 24,128,672
Cash Flow from operating activities before working 50,593,651 128,065,555
capital changes
(Increase) / Decrease in current assets
Stores, spares & loose tools 202,315 (1,906,215)
Stock in trade 16,769,487 12,791,317
Trade debts 54,907,621 9,186,521
Advances, deposits, prepayments & other receivables 237,486 (19,908,873)
72,116,909 162,750
Increase /(Decrease) in current liabilities
Short term running financing (secured) (68,323,444) (5,390,984)
Trade creditors & accrued expenses (3,102,851) (1,872,725)
Advances & deposits 6,226 (88,802)
(71,420,069) (7,352,511)
Effects of cash flow due to working capital
changes 696,840 (7,189,761)
Cash flow from operating activities 51,290,491 120,875,794
Financial charges paid (3,227,510) (4,082,273)
48,062,981 116,793,521
NET CASH (OUTFLOW) / INFLOW FROM INVESTING ACTIVITIES
Capital expenditure (26,257,160) (24,889,711)
Sale proceeds from disposal of fixed assets 3,872,000 88,704
Loan to subsidiary companies 109,621 113,670
(22,275,539) (24,687,337)
25,787,442 92,106,184
NET CASH (OUTFLOW) / INFLOW FROM FINANCING ACTIVITIES
Dividend paid (30,000,000) (96,600,000)
Net Increase / (Decrease) in Cash and Cash equivalent (4,212,558) (4,493,816)
Cash and Bank balance at beginning of the year 8,486,709 12,980,525
Cash and Bank balance at the end of the year 4,274,151 8,486,709
===================================================================================NOTES TO THE ACCOUNTS FOR THE YEAR ENDED JUNE 30, 20034. ISSUED,SUBSCRIBED AND PAID UP CAPITAL ===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
15,000,000 Ordinary Shares of Rs. 5/- each 75,000,000 75,000,000
fully paid issued for Cash.
25,000,000 Ordinary Shares of Rs. 5/- each
issued as fully paid Bonus Shares. 125,000,000 125,000,000
200,000,000 200,000,000
===================================================================================5. CAPITAL RESERVE===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Premium on 5,000,000 Right Shares
@ Rs. 2/- per share 10,000,000 10,000,000
===================================================================================6. REVENUE RESERVE===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
50,000,000 50,000,000
===================================================================================7. SHORT TERM FINANCE (SECURED)===================================================================================
MARK-UP SANCTIONED
RATE LIMIT
RUPEES
===================================================================================
1. Bank Al Habib Limited 10% 100,000,000 2,805,108 55,181,953
2. Citi Bank 10% 30,000,000 11,480,464 27,427,063
130,000,000 14,285,572 82,609,016
===================================================================================The above finance facilities are secured against hypothecation of raw materials, finished goods, work-in-process, stores, spares, inventory-in-transit and receivables ranking pari passu. The company has also provided collateral security of fixed assets to Bank Al Habib.8. CREDITORS AND ACCRUED LIABILITIES ===================================================================================
2003 2002
Note RUPEES RUPEES
===================================================================================
Creditors 6,361,685 2,468,530
Accrued Expenses 4,887,194 8,405,646
Accrued Interest on Refinance/Running Finance
Secured Loans � 1,432,523
Other Liabilities 8.1 4,419,350 6,464,381
9,306,544 16,302,550
15,668,229 18,771,080
===================================================================================8.1. OTHER LIABILITIES===================================================================================
2003 2002
Note RUPEES RUPEES
===================================================================================
Unclaimed Cheques For Right and Bonus Share Fraction 3,515 3,531
Unclaimed Dividend 2,069,737 1,637,957
Workers� Profits Participation Fund 8.2 1,637,142 4,272,326
Workers� Welfare Fund 397,273 397,273
Sales Tax Payable 311,683 153,294
4,419,350 6,464,381
===================================================================================8.2. WORKERS� PROFIT PARTICIPATION FUND===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Opening Balance 4,272,326 5,143,280
Add: Interest on funds utilized for
Company�s business 111,198 158,526
4,383,524 5,301,806
Add: Allocation for the year 1,637,142 5,472,326
6,020,666 10,774,132
Less: Amount paid to trustees 4,383,524 6,501,806
1,637,142 4,272,326
===================================================================================9. BALANCES AND DEPOSITS===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Balance due to customers 178,455 146,229
Security Deposits from customers
(Refundable on cessation of business 854,034 880,034
dealings free of interest)
1,032,489 1,026,263
===================================================================================10. CONTINGENCIES & COMMINTMENTShs4 I) Commitments for rentals under operating lease as at June 30, 2003 amount Rs. 2.10 million as at June 30, 2003 amount Rs 2.10 million payable as under: ===================================================================================
2003 2002
Year RUPEES RUPEES
===================================================================================
2003 - 3,874,335
2004 1,376,527 784,111
2005 633,308 50,892
2006 96,736 -
2,106,571 4,709,338
=================================================================================== ii) The Company, Pakistani Directors and MIs. Haydari Construction Co. Ltd. have instituted a case in the year 2000 against Emirates Bank Limited for the Bank�s wrongful acts which included wrongful declaration of Haydari Construction Company Ltd as a defaulter �resulting in interruption of business of Habib Arkady Limited.The amount of claim for damages / compensation is Rs.510,000,000 alongwith mark-up there on @15% till date of actual payment plus cost of suit. 11. TANGIBLE FIXED ASSETS ===============================================================================================================================================
COST DEPRECIATION
Particulars As at Addition Disposals/ Total Rate Upto For the On Total Written Down
of Assets 01.07.2002 during adjustment As at % 01.07.2002 Year Disposals Upto value As At
the year during the 30.06.2003 and 30.06.2003 30.06.2003
year Adjustments
===============================================================================================================================================
Land (Lease hold) 15,365,295 � � 15,365,295 � � � � � 15,365,295
Factory Building
(On Lease Hold Land) 58,592,724 3,931,619 � 62,524,343 10 29,032,441 3,349,190 � 32,381,631 30,142,712
Non Factory Building
(On Lease Hold Land) 497,807 � � 497,807 5 226,901 13,545 � 240,446 257,361
Pavement cum Ponds 8,795,631 � � 8,795,631 5 439,782 417,792 � 857,574 7,938,057
Larkana Office Building 759,358 � � 759,358 5 169,912 29,472 � 199,384 559,974
Plant & Machinery 346,257,451 20,132,511 � 366,389,962 10 221,599,801 14,479,016 � 236,078,817 130,311,145
Gas Installation 718,572 � � 718,572 10 108,517 61,006 169,523 549,049
Tube Well 175,000 � � 175,000 10 60,183 11,482 � 71,665 103,335
Office Equipments 3,708,824 638,885 � 4,347,709 10 1,589,585 275,812 � 1,865,397 2,482,312
Laboratory Equipments 3,274,935 � � 3,274,935 10 2,067,916 120,702 � 2,188,618 1,086,317
Furniture & Fixture 2,610,564 66,390 � 2,676,954 10 1,405,582 127,137 � 1,532,719 1,144,235
Vehicles 4,173,495 1,824,878 837,243 5,161,130 20 2,379,629 616,073 298,862 2,696,840 2,464,290
Boat � 415,000 415,000 20 � 83,000 � 83,000 332,000
Electrical Equipment � 98,446 � 98,446 10 � 9,845 � 9,845 88,601
Total as on June 30,2003 444,929,656 27,107,729 837,243 471,200,142 259,080,249 19,594,072 298,862 278,375,459 192,824,683
Total as on June 30,2002 416,013,632 28,989,494 73,470 444,929,656 240,451,139 18,652,870 23,760 259,080,249 185,849,407
===============================================================================================================================================
===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Depreciation has been allocated as under:
Profit & Loss Account.
Manufacturing Cost 19,055,089 18,212,933
Administrative Expenses 538,983 439,937
19,594,072 18,652,870
===================================================================================11-A. THE FOLLOWING IS A STATEMENT OF FIXED ASSETS SOLD DURING THE YEAR===================================================================================================================================== Particulars of Cost Accumulated Book Sale Gain/ Mode of Sold to Assets Depreciation Value Proceeds (Loss) Sale ===================================================================================================================================== Honda Civic EXI 90,500 � 90,500 804,500 714,000 By Tender Mr. Askari M. Hassan Reg # ACV-0509 Street No. 1 Zamzama Boulevard Model 2000 Clifton Karachi. Mitsubishi Lancer 147,443 71,952 75,491 210,500 135,009 By Tender Mr. Askari M. Hassan Reg # 0-1121 Street No. 1 Zanizama Boulevard Model 1992 Clifton Karachi. Vespa 67,500 24,300 43,200 37,000 (6,200) By Tender M/s. Royal Autos Reg # KCT-5339 Akber Road, Saddar, Karachi Model 2000 Vespa 6,950 � 6,950 38,500 31,550 By Tender Mr. Salim Ahmed C/o M/s. Salim Autos Reg # KCT-2133 Shop No. 1 S.K.Comer KDC Building, Model 2000 Akber Road, Saddar, Karachi Honda C-70 25,800 25,194 606 29,500 28,894 By Tender Mr. Adnan C/o M/s. Adnan Autos, Reg # KAZ-8196 R/O 13 Akber Road, Saddar, Karachi. Model 1989 Honda Civic EXI 80,900 39,479 41,421 583,000 541,579 By Tender M/s. Habib Knit Fabrics (Pvt) Ltd. Reg # AAS-411 Korangi Industrial Area, Karachi. Model 1997 Honda Civic EXI 80,900 39,479 41,421 585,000 543,579 By Tender M/s. Habib Knit Fabrics (Pvt) Ltd. Reg # AAS-412 Korangi Industrial Area, Karachi. Model 1997 Honda Civic VTI 85,400 41,676 43,724 605,000 561,276 By Tender M/s. Habib Knit Fabrics (Pvt) Ltd. Reg # AAU-225 Korangi Industrial Area, Karachi. Model 1997 Honda Civic EXI 79,950 28,782 51,168 620,000 568,832 By Tender M/s. Habib Knit Fabrics (Pvt) Ltd. Reg # ABU-068 Korangi Industrial Area, Karachi. Model 1998 Honda Civic YB 100 70,000 14,000 56,000 67,000 11,000 Insurance M/s. Adamjee Insurance Co. Ltd Reg # KAV-1903 Claim Adamjee House, I.I. Chundrigar Road, Model 2001 Karachi. Yamaha YB 100 70,000 14,000 56,000 67,000 11,000 Insurance M/s. Adamlee Insurance Co. Ltd. Reg # KAV-2537 Claim Adamjee House, I.I. Chundrigar Road, Model 2001 Karachi. Suzuki Mehran 31,900 - 31,900 225,000 193,100 By Tender Mr. Jehangir H. Kudous, Reg #ACT-860 House No. 465, Block B, Adamjee Nagar, Model 2000 Karachi Total as on June 30, 2003 837,243 298,862 538,381 3,872,000 3,333,619 Total as on June 30, 2002 73,470 23,760 49,710 88,704 38,994 =====================================================================================================================================12. LONG TERM DEPOSITS ===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Deposits - Security 6,735,730 6,735,730
===================================================================================13. LONG TERM INVESTMENT IN SUBSIDIARY COMPANIES===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
(i) Habib Sorbitol (Pvt) Limited
100,000 ordinary shares of Rupees 10/= each. 1,000,000 1,000,000
(ii) Habib Agglomeration (Pvt) Limited
100,000 ordinary shares of Rupees 10/= each. 1,000,000 1,000,000
(iii) Habib Microfine (Pvt) Limited
100,000 ordinary shares of Rupees 10/= each. 1,000,000 1,000,000
(iv) Habib Power (Pvt) Limited
15,000 ordinary shares of Rupees 10/= each. 150,000 150,000
3,150,000 3,150,000
===================================================================================100% Equity held by the Company in the above unquoted joint stock companies.Mr. Owais G. Habib is the Chief Executive Officer of all the above mentioned four subsidiary companies. 14. LONG TERM LOANS TO SUBSIDIARY COMPANIES ===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
(Unsecured - Considered Good)
Habib Microfine (Pvt) Limited - 109,621
===================================================================================The above loan carries interest as paid by the Holding Company to the Banks.15. STORES, SPARES & LOOSE TOOLS ===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Stores 12,426,646 12,467,501
Spares 13,121,557 13,164,697
Loose Tools 376,246 376,246
Stores in Transit 385,912 504,232
26,310,361 26,512,676
===================================================================================16. STOCK IN TRADE===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Raw & Packing Material 37,275,869 50,394,087
Finished Goods 35,414,143 39,222,589
Raw Material-in-Transit 504,591 347,414
73,194,603 89,964,090
===================================================================================17. TRADE DEBTS (UNSECURED)===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Considered Good
Subsidiary companies 26,478,222 51,181,992
Others 27,588,124 57,791,975
54,066,346 108,973,967
===================================================================================The maximum amount due from Subsidiary Companies at the end of any month during the year was Rs. 26,478,222 (2002: Rs. 51,181,992)18. ADVANCES, DEPOSITS, PRE-PAYMENTS AND OTHER RECEIVABLES ===================================================================================
2003 2002
Note RUPEES RUPEES
===================================================================================
Advances (Unsecured - Considered Good)
Staff 87,885 87,330
Others for Supplies & Expenses 1,082,844 1,412,614
1,170,729 1,499,944
Deposits:
Security 1,369,900 2,402,681
Prepayments 3,622,841 2,853,047
Other Receivables:
Income Tax Refundable 18.1 10,570,270 10,219,105
Insurance Claims 82,200 74,800
KMC Octroi Duty 134,874 134,874
Sales Tax & Excise Duty 24,786 24,786
Export Rebate 250,873 5,238,273
11,063,003 15,691,838
17,226,473 22,447,510
=================================================================================== i) No amount was due from Directors, Chief Executive and Executives (2002: Nil)ii) The maximum amount due from Associated Undertaking at the end of any month during the year was Rs. 1,770,307 (2002: Rs. 4,667,216). 18.1. ADVANCE INCOME TAX REFUNDABLE ===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Opening Balance 10,219,105 (4,339,962)
Add: Reversal of excess provision - 822,053
10,219,105 (3,517,909)
Add: Tax deducted at source during the year
(including advance tax) 5,334,716 22,237,014
15,553,821 18,719,105
===================================================================================18.2.===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Less: Provision for current year 4,983,551 8,500,000
Net Refundable 10,570,270 10,219,105
===================================================================================19. CASH & BANK BALANCES===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Cash in Hand 419,733 1,111,416
Balances with Banks:
Local Currency Account:
In Current Account 3,854,418 7,375,293
4,274,151 8,486,709
===================================================================================20. SALES===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Local Sales (net of sales tax) 336,516,036 377,768,116
Less: Freight, etc. 4,649,435 4,794,791
Net Local Sales 331,866,601 372,973,325
Export Sales 10,926,967 116,167,811
Add: Rebate 11,355 2,840,367
10,938,322 119,008,178
Less: Freight, Commission, etc. 3,146,400 29,565,198
Net Export Sales 7,791,922 89,442,980
Net Sales 339,658,523 462,416,305
===================================================================================21. COST OF GOODS SOLD===================================================================================
2003 2002
Note RUPEES RUPEES
===================================================================================
Raw and Packing Material Consumed 21.1 174,724,672 208,795,458
Repair, Maintenance, and Stores Consumed 12,297,300 14,045,279
Utilities (Fuel, Power, and Water) 61,730,230 62,585,312
Salaries, Wages including bonus, contribution to 38,957,006 46,034,852
provident and other funds and staff welfare
Vehicle Expenses 1,875,089 2,058,342
Insurance 5,391,348 5,180,077
Other Manufacturing Expenses 21.2 6,059,152 9,958,981
Depreciation 19,055,089 18,212,933
320,089,886 366,871,234
Add: Opening Stock of Work-in-Process - 898,390
320,089,886 367,769,624
Less: Closing Stock of Work-in-Process - -
Cost of Goods Produced 320,089,886 367,769,624
Add: Opening Stock Finished Goods 39,222,589 49,023,806
359,312,475 416,793,430
Less: Closing Stock of Finished Goods 35,414,143 39,222,589
Cost of Goods Sold 323,898,332 377,570,841
===================================================================================21.1. RAW & PACKING MATERIAL CONSUMED===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Opening Stock 50,394,087 52,481,106
Add: Purchases 161,606,454 206,708,439
Available for Manufacturing 212,000,541 259,189,545
Less: Closing Stock 37,275,869 50,394,087
174,724,672 208,795,458
===================================================================================21.2. OTHER MANUFACTURING EXPENSES===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Travelling 191,096 1,385,182
Cartage 482,571 479,584
Printing and Stationery 225,647 271,970
Postage and Telephone 678,818 791,247
Rent, Rates, and Taxes 178,163 178,163
Conveyance 121,012 85,728
Charity and Donation 82,140 98,175
Entertainment 314,454 553,306
Legal and Professional 28,000 -
Advertisement 56,287 61,667
Laboratory Testing 294,539 169,591
Lease Expenses 1,875,895 4,243,515
Others 1,530,530 1,640,853
6,059,152 9,958,981
===================================================================================22. ADMINISTRATIVE EXPENSES===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Salaries, Wages including bonus, contribution to 16,391,321 18,366,060
provident and other funds and staff welfare
Rent, Rates and Taxes 634,256 1,542,307
Repair and Maintenance - Vehicle 1,135,598 1,079,766
Repair and Maintenance - Others 270,358 343,791
Travelling 5,024,261 5,527,457
Utilities (Electricity, Gas, and Water) 788,705 819,960
Postage and Telephone 2,007,105 2,248,981
Printing and Stationery 626,016 673,474
Advertisement 83,107 248,215
Legal and Professional 599,500 472,500
Insurance 360,638 402,486
Conveyance 134,975 110,307
Entertainment 404,792 471,084
Audit Fee 125,000 100,000
Lease Expenses 1,339,980 869,205
Depreciation 538,983 439,937
Paper and Periodicals 33,589 45,722
Others 463,509 934,585
30,961,693 34,695,837
===================================================================================23. SELLING AND DISTRIBUTION EXPENSES===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Salaries, Wages including bonus, contribution to 8,150,468 10,296,474
provident and other funds and staff welfare
Rent, Rates, and Taxes 89,620 86,400
Repair and Maintenance - Vehicle 715,487 1,013,282
Repair and Maintenance - Others 50,810 12,108
Travelling 195,365 2,177,995
Utilities (Electricity, Gas, and Water) 11,275 6,570
Postage and Telephone 743,267 846,830
Printing and Stationery 80,034 108,391
Advertisement 1,378,235 1,001,467
Insurance 144,710 206,716
Sampling 70,823 95,168
Laboratory Testing 615 6,022
Conveyance 48,536 41,255
Entertainment 265,215 313,926
Lease Expenses 954,498 1,159,610
Others 875,125 1,055,549
Kosher Certification Expenses 584,000 642,575
Organic Certification Expenses 579,665 -
Legal Expenses 121,650 -
15,059,398 19,070,338
===================================================================================24. FINANCIAL CHARGES===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Mark up on:
Short Term Finances 2,715,508 4,993,952
Workers� Profit Participation Fund 111,198 158,526
Bank Charges 400,804 362,318
3,227,510 5,514,796
===================================================================================25. DIVIDEND FROM SUBSIDIARY COMPANIES:===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Habib Microfine (Pvt) Ltd 62,659,767 83,904,458
===================================================================================26. OTHER INCOME===================================================================================
2003 2002
Note RUPEES RUPEES
===================================================================================
Profit on Deposits 213,754 51,908
Rent From Subsidiary Companies 24,100 25,200
Profit on Disposal of Fixed Assets 11-A 3,333,619 38,994
3,571,473 116,102
===================================================================================27. OTHER CHARGES===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Workers� Profit Participation Fund 1,637,142 5,472,326
Workers� Welfare Fund - 175,844
1,637,142 5,648,170
===================================================================================28. PROVISION FOR TAXATION===================================================================================
2003 2002
Note RUPEES RUPEES
===================================================================================
Income Tax Current Year 28.1 4,983,551 8,500,000
Prior Year - (822,053)
Deferred Tax Current Year (8,400,000) 1,500,000
Prior Year - 9,000,000
(3,416,449) 18,177,947
===================================================================================28.1. RELATIONSHIP BETWEEN TAX EXPENSE AND ACCOUNTING PROFIT===================================================================================
2003 2002
RUPEES RUPEES
===================================================================================
Profit Before Taxation 31,105,688 103,936,883
Tax @ 0.5% on gross sales 1,682,581 -
Tax @ 35% on net Income (excluding income
taxable on different rates). - 3,062,835
Tax effect of income taxed at different rate:
On export sales @ 1% 84,227 1,241,942
On sales of fixed assets @ 3.5% 83,755 -
On dividend from subsidiary co. @ 5% 3,132,988 4,195,223
4,983,551 8,500,000
===================================================================================29. EARNING PER SHARE-BASIC AND DILUTED===================================================================================
2003 2002
===================================================================================
Profit After Taxation 34,522,137 85,758,936
Number of Ordinary Shares of Rs. 5.00 each 40,000,000 40,000,000
Earning Per Share 0.86 2.14
===================================================================================
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