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Pakistan Synthetics Limited
Condensed Interim Balance Sheet
As at 31 March 2011
31 March 30 June
Note 2011 2010
(Unaudited) (Audited)
(Rupees in '000)
AS S ETS
Non-current assets
Property, plant and equipment 5 441,069 293,070 226,320 ##### 143,956
Long term loans and advances 600 941 437,026
Long-term deposits and prepayments 262 262 4,043
Deferred tax asset 50,559 21,279
492,490 315,552 56,040,000 Dividend paid #####
Current assets #####
Stores and spares 6 143,464 125,833
Stock-in-trade 7 362,941 306,111
Trade debts 8 518,475 370,895
Loans and advances 3,458 3,820
Prepayments 1,200 -
Other receivables 9 39,000 28,272
Cash and bank balances 10 568,030 173,384 125,755 179,169
1,636,568 1,008,315
Total assets 2,129,058 1,323,867
EQUITY AND LIABILITIES
S hare capital and reserves
Authorised share capital
70,000,000 ordinary shares of Rs 10 each 700,000 700,000
281,620 ##### 124,992
Issued, subscribed and paid-up capital 560,400 560,400 341
Revenue reserve 292,450 292,450
Unappropriated profit 364,632 27,732
1,217,482 880,582 38 113 372
Non-current liabilities
Staff retirement benefits 25,713 26,093 (17,631) 217
(56,830) 31,102
Current liabilities (147,580) 166,035
Trade and other payables 495,005 369,250 362
Short-term borrowing - secured 11 185,985 - (1,200)
Taxation-net 204,873 47,942 (10,728) 3
885,863 417,192
Total equity and liabilities 2,129,058 1,323,867 213,340 Loans and advance
Commitments 12
The annexed notes 1 to 16 form an integral part of this condensed interim financial information.
________________________ ____________________ ____________________
UMER HAJI KARIM ANWAR HAJI KARIM S HOAIB BATVIA
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER
Retention money receivable
Pakistan Synthetics Limited
Condensed Interim Profit and Loss Account (Unaudited)
For the nine months period ended 31 March 2011
Note Nine months period ended Quarter ended Quarter ended
31 March 31 March 31 March 31 March 31 December 31 December
2011 2010 2011 2010 2010 2009
----------------------------- (Rupees in '000) -----------------------------
Gross sales 3,397,078 2,391,852 1,392,537 812,923 2,004,541 1,578,929 849,564 542,973
Brokerage, discounts and
freight reimbursement (70,275) (49,943) (23,327) (16,568) (46,948) (33,375) (18,167) (5,160)
Net sales 3,326,803 2,341,909 1,369,210 796,355 1,957,593 1,545,554
Cost of sales (2,721,085) ######## (1,102,646) (730,948) (1,618,439) (1,432,414) -726600 (376,046)
Gross profit 605,718 178,547 266,564 65,407 339,154 113,140
Selling and distribution expenses (12,518) (7,925) (4,128) (5,315) (8,390) (5,203) (3,775) (353)
Administration expenses (48,634) (36,675) (6,194) (13,800) (42,440) (20,282) (36,324) 30,130
Other operating expenses (39,585) (11,338) (16,379) (1,926) (23,206) (9,412) -6268 (10,111)
(100,737) (55,938) (26,701) (21,041) (74,036) (34,897)
Other operating income 15,255 5,846 8,850 580 6,405 5,266 5593 3,257
Operating profit before
finance costs 520,236 128,455 248,713 44,946 271,523 83,509
Finance costs (2,543) (4,747) (1,080) (2,175) (1,463) (2,572) -118 (962)
Profit before tax 517,693 123,708 247,633 42,771 270,060 80,937 63,905
Income tax - current (210,073) (65,736) (91,846) (20,735) (118,227) (45,001) (91,008) WPPF 11,792 235,841
- prior years - (3,042) - - - (3,042) WWF
- deferred 29,280 15,110 5,750 - 23,530 15,110 17,977
(180,793) (53,668) (86,096) (20,735) (94,697) (32,933)
Profit after tax for the period 336,900 70,040 161,537 22,036 175,363 48,004
---------------------------------- (Rupee) ----------------------------------
Earnings per share - basic and diluted 6.01 1.25 2.88 0.39 3.13 0.86
Condensed Interim Statement of Comprehensive Income (Un-audited) (2.88)
For the nine months period ended 31 March 2011
----------------------------- (Rupees in '000) -----------------------------
Profit after tax for the period 336,900 70,040 161,537 22,036 175,363 48,004
Other comprehensive income - - - - - -
Total comprehensive income
for the period 336,900 70,040 161,537 22,036 175,363 48,004
The annexed notes 1 to 16 form an integral part of this condensed interim financial information.
________________________ ________________________ ____________________ ____________________
UMER HAJI KARIM ANWAR HAJI KARIM SHOAIB BATVIA SHOAIB BATVIA
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER CHIEF FINANCIAL OFFICER
Pakistan Synthetics Limited
Condensed Interim Cash Flow Statement (Unaudited)
For the nine months period ended 31 March 2011
Note 31 March 31 March
2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES (Rupees in '000)
Profit before taxation 517,693 123,708
Adjustments for:
Depreciation 82,365 83,616
Charge for staff gratuity 3,600 5,400
Profit on disposal of vehicle (200) (55)
Profit on saving and deposit accounts (14,505) (5,846)
Finance costs 2,543 4,747
Provision for doubtful debts 30,000 17,000
621,496 228,570
Movement in:
Working capital
Stores and spares (17,631) (27,360)
Stock in trade (56,830) (57,965)
Trade debts (177,580) (70,404)
Loans and advances 362 (42)
Trade deposits and short term prepayments (1,200) (491)
Other receivables (10,728) (31,628)
Trade and other payables 125,030 27,025
Net cash generated from operations 482,919 67,706
Staff gratuity paid (3,980) (1,020)
Finance costs paid (1,864) (4,358) opening 17233
Long term loans and advances 341 (317)
Taxes paid (53,142) (14,928)
Net cash generated from operating activities 424,274 47,083
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed Capital expenditure (230,364) (1,083)
Proceeds from disposal of vehicle 200 55
Profit on saving and deposit accounts 14,505 5,846
Net cash generated / (used in) investing activities (215,659) 4,818
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash (used in) financing activities - Dividend paid 46 (70,119)
Net increase in cash and cash equivalents 208,661 (18,218)
Cash and cash equivalents at beginning of the period 173,384 79,800
Cash and cash equivalents at end of the period 382,045 61,582
CASH AND CASH EQUIVALENTS COMPRISE
Cash and bank balances 568,030 61,582
Short term borrowing (185,985) -
382,045 61,582
The annexed notes 1 to 16 form an integral part of this condensed interim financial information.
(0.40)
________________________ ____________________ ____________________
UMER HAJI KARIM ANWAR HAJI KARIM SHOAIB BATVIA
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER
cash 568,030 31,078.00
short term borrowing (185,985) (43,861.00)
382,045 (12,783.00)
(0) 74,364.90
Pakistan Synthetics Limited
Condensed Interim Statement of Changes in Equity (Unaudited)
For the nine months period ended 31 March 2011
Issued, Revenue Unappropriated Total Total
subscribed reserve (loss) / profit reserves
and paid-up
capital
-----------------------------------(Rupees in '000)-----------------------------------
Balance as at 30 June 2009 560,400 362,500 (24,089) 338,411 898,811
Changes in equity for the nine months
period ended 31 March 2010
Total comprehensive income
for the period - profit for the period - - 70,040 70,040 70,040
Transactions with owners recorded
directly in equity
Distribution
Final dividend paid at Rs. 1.25 per share - (70,050) - (70,050) (70,050)
Balance as at 31 March 2010 560,400 292,450 45,951 338,401 898,801
Balance as at 30 June 2010 560,400 292,450 27,732 320,182 880,582
Changes in equity for the nine months
period ended 31 March 2011
Total comprehensive income
for the period - profit for the period - - 336,900 336,900 336,900
Balance as at 31 March 2011 560,400 292,450 364,632 657,082 1,217,482
The annexed notes 1 to 16 form an integral part of this condensed interim financial information.
________________________ ____________________ ____________________
UMER HAJI KARIM ANWAR HAJI KARIM SHOAIB BATVIA
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER
Pakistan Synthetics Limited
Notes to the Condensed Interim Financial Information (Unaudited)
For the nine months period ended 31 March 2011
1. STATUS AND NATURE OF BUSINESS
The Company was incorporated on 18 November 1984 as a private limited company in Pakistan and
subsequently converted into a public limited company on 30 December 1987. The shares of the
Company are listed on all the stock exchanges of Pakistan. The principal activity of the Company is
manufacturing and sale of Polyester Staple Fiber. The registered office of the Company is situated
in Karachi.
2. BASIS OF PREPARATION
2.1 Statement of compliance
This condensed interim financial information has been prepared in accordance with approved
accounting standards as applicable in Pakistan for interim financial reporting. The disclosures in the
condensed interim financial information do not include the information reported for full annual
financial statements and should therefore be read in conjunction with the financial statements as at
and for the year ended 30 June 2010.
This condensed interim financial information comprises of condensed interim balance sheet as at 31
Marchr 2011 and the related condensed interim profit and loss account, condensed interim
statement of comprehensive income, condensed interim cash flow statement, condensed interim
statement of changes in equity, and notes thereto, for the nine months period ended 31 March 2011.
This condensed interim financial information is being submitted to the shareholders as required by the
Listing regulations of Karachi, Islamabad and Lahore Stock Exchanges and section 245 of the
Companies Ordinance, 1984.
2.2 Functional and presentation currency
This condensed interim financial information is presented in Pakistan Rupees which is also the
Company's functional currency.
3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation which have been used in the preparation of this
condensed interim financial information are the same as those applied in preparation of the financial
statements for the preceding year ended 30 June 2010.
Amendments to certain existing standards and new interpretations on approved accounting standards
effective during the period either were not relevant to the Company's operations or did not have any
impact on the accounting policies of the Company.
4. ACCOUNTING ESTIMATES, JUDGEMENTS AND FINANCIAL RISK MANAGEMENT
4.1 The preparation of this condensed interim financial information is in conformity with the approved
accounting standards as applicable in Pakistan that requires management to make estimates,
assumptions and judgments that affect the application of accounting policies and reported amounts of
assets, liabilities, income and expenses. Estimates, assumptions and judgements are continually
evaluated and are based on historical experience and other factors, including reasonable expectations
of future events. Revisions to accounting estimates are recognised prospectively commencing from
the period of revision.
In preparing the condensed interim financial information, significant judgements made by management
in applying the Company's accounting policies and the key sources of estimation and uncertainty were
the same as those applied to the annual financial statements as at and for the year ended 30 June 2010.
4.2 The Company's financial risk management objectives and policies are consistent with those disclosed
in the annual financial statements as at and for the year ended 30 June 2010.
5. PROPERTY, PLANT AND EQUIPMENT 31 March 30 June
2011 2010
(Unaudited) (Audited)
(Rupees in '000)
Operating fixed assets 228,985 293,070
Capital work in progress 212,084 -
441,069 293,070
For the nine months period ended
31 March 31 March
2011 2010
(Unaudited)
(Rupees in '000)
Additions in:
Leasehold land 14,085 -
Plant and machinery 1,900 -
Vehicles 2,167 908
Furniture and equipment - 55
Computer accessories 128 120
18,280 1,083
Motor Vehicles having cost of Rs. 0.351 million (nil written down value) were disposed off during
the nine months period ended 31 March 2011 (20010: Rs. 0.212 million).
6. STORES AND SPARES 31 March 30 June
2011 2010
(Unaudited) (Audited)
(Rupees in '000)
Stores and spares [including in transit stores and
spares amounting to Rs. 4.872 million (30 June
2010: Rs.7.358 million)] 179,967 162,336
Provision for slow moving and obsolete items (36,503) (36,503)
143,464 125,833
7. STOCK-IN-TRADE
Raw and packing materials [including in transit of
Rs. Nil million (30 June 2010: Rs.2.364 million) 292,639 242,108
Work-in-process 16,846 5,136
Finished goods 53,456 58,867
362,941 306,111
8. TRADE DEBTS
Considered good - secured 170,185 90,763
Considered good - unsecured 348,290 280,132
518,475 370,895
Considered doubtful 90,055 60,055
608,530 430,950
Provision for doubtful debts (90,055) (60,055)
518,475 370,895
9. OTHER RECEIVABLES
Sales tax recoverable 29,834 17,411
Advance to suppliers 8,518 -
Others 648 -
Refund against tariff protection - 10,861
39,000 28,272
10. CASH AND BANK BALANCES
With banks
- On current accounts 132,664 6,613
- On saving accounts 10.1 435,359 166,751
- On deposit account 858 858
- Provision for doubtful deposit 10.2 (858) (858)
- -
Cash in hand 8 20
568,030 173,384
10.1 Rates of returns on saving accounts range from 10% (30 June 2010: 10% to 12%).
10.2 This represents provision made against Certificates of Investment of Bankers Equity Limited.
11. SHORT TERM BORROWING -secured
Foreign currency running finance facility in US$ and Euro were obtained from commercial banks
equivalent to Rs. 500 million. (30 June 2010: Rs. 130 million). The rate of mark-up is set at 1% +
LIBOR with Floor of 2.50% and 3.50% per annum for facility in US$ and Euro respectively. The
running finance facilities are payable with in 180 days from the date of disbursement. The arrangement
are secured against hypothecation of the Company’s stock-in-trade, stores and spares and trade debts.
The facilities expire on 31 December 2011.
12. COMMITMENTS
12.1 Commitments
Bank guarantees issued in favour of Sui Southern
Gas Company Limited, on behalf of the Company 25,667 25,667
12.1.1The Company has facilities of Rs. 1,526 million (30 June 2010: Rs. 1,285 million) for opening letters
of credit and guarantees and the amount unutilized as at 31 March 2011 was Rs. 726.87
million (30 June 2010: Rs. 957.941 million). The facilities are secured by hypothecation of stores and
spares, stocks in trade, trade receivables and lien on LC documents.
habib bank ltd
BankAlfalah C
bank al habib
Meezan bank
hussain ind
These condensed interim financial information are unau
auditors and have been prepared in accordance with the
Reporting Standard (IFRS) IAS 34 Interim Financial Re
condensed interim financial information do not include a
financial statements and should be read in conjunction w
These condensed interim financial information are being
by listing regulations of Karachi, Lahore and Islamabad
Companies Ordinance, 1984
6,232,077 6,232
292,639,780
16,845,722
53,456,345
1,427
177,580
(30,000)
Advance To Suppliers Local -
Advance To Suppliers Foreign -
568,030,428.06
6,197,900
444,640,100
45,770,200 25,000,000
25,677,000 70,725,000
901,438,257 30,000,000 #######
####### #######
habib bank ltd crpt L/C 300
L/G 30
BankAlfalah Clifton L/C 50
L/G 10
bank al habib L/C 150
L/G 15
Meezan bank L/C 300
855
hussain ind
45,324
7,525
sed interim financial information are unaudited but subject to limited scope review by
have been prepared in accordance with the requirements of the International Financial
ndard (IFRS) IAS 34 Interim Financial Reporting as applicable in Pakistan. These
erim financial information do not include all of the information required for full
ements and should be read in conjunction with the financial statements of the
sed interim financial information are being submitted to the shareholders as required
ulations of Karachi, Lahore and Islamabad Stock Exchanges and section 245 of the
13. RELATED PARTY TRANSACTIONS
Related parties comprise of major shareholders, associated companies, directors and key management
personnel. Remuneration to key management personnel is paid according to terms of their employment.
Transaction with associated companies are carried out under normal commercial terms. Transactions
with related parties during the nine months period ended 31 March 2011 are as follows:
Nine months ended
31 March 31 March
2011 2010
(Rupees in '000)
Associated company
Sale of goods 195,733 212,437
Key management personnel compensation
Managerial remuneration 14,075 13,800
Others 3,074 4,350
Interest income on bank deposits 14,055 5,662
Markup on foreign currency loan 1,048 501
Bill discounting charges 822 3,150
The directors and most of the executives of the Company are provided with free use of Company
maintained cars.
13.1 Period end balances arising from transactions 31 March 30 June
with related parties 2011 2010
(Unaudited) (audited)
(Rupees in '000)
Trade receivable from associated company 124,741 104,327
Bank balances 524,990 169,533
Foreign currency loan 185,985 -
14. OPERATING SEGMENTS
This condensed interim financial information has been prepared on the basis of single reportable
segment.
14.1 Revenue from polyester fiber and polyester fiber waste represents 99% and 1% respectively (2010:
99% and 1% respectively) of total revenue of the Company.
14.2 100% (2010: 100%) sales of the Company relates to customers in Pakistan.
14.3 All non-current assets of the Company at 31 March 2011 are located in Pakistan.
14.4 Sales to one of the customer of the Company is more than 10% of total sales of the Company during
the nine months period ended 31 March 2011 (2010: sales to one of the customers was more than
10% of sales of the Company individually).
15. DATE OF AUTHORISATION
This condensed interim financial information were authorized for issue by the Board of Directors in
their meeting held on April 29, 2011.
16. GENERAL
16.1 Figures have been rounded off to the nearest thousand rupees.
________________________ ____________________ ____________________
UMER HAJI KARIM ANWAR HAJI KARIM SHOAIB BATVIA
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER
5. COMMITMENTS 31 December 30 June
2007 2007
(Rupees in '000)
a) Bank guarantees issued in favour of Sui Southern
Gas Company Limited, on behalf of the company 25,667 25,667
b) Facility for opening letter of credits and guarantees 1,170,000 1,005,000
c) Inland bills discounted 67,694 57,312
11
12
Quarter ended Quarter ended
31 December 31 December sep sep
2009 2008 2009 2008
(Rupees in '000)
144,395 131,152 51338 81285
7,037 6,900 7,037 6,900.00
1,537 2,175 1,537 2,175.00
12,456,684
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