Cotton Industry Financial Statements by tmir1

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									COTTON INDUSTRIES
BALANCE SHEET
AS AT JUNE 30, 2012
ASSETS

NON-CURRENT ASSETS                           2012
                                     Note
                                            Rupees

Property, plant and equipment         1     52,327,118
Long term deposits                    2       250,000

                                            52,577,118

CURRENT ASSETS

Stock in trade                       11      7,060,869
Advances and other receivables        3      2,677,122
Trade debtors                         4      2,856,227
Cash and bank balances                5       190,523
                                            12,784,742

TOTAL ASSETS                                65,361,859

CAPITAL AND LIABILITIES

EQUITY


Partner's capital                     6      4,491,668



NON-CURRENT LIABILITIES
Long term loans                                      -

CURRENT LIABILITIES

Creditors accrued & other payables    7       870,019
Bank Loan & Overdraft                       59,986,615
Provision for taxation                8        13,558
                                            60,870,191
                                            65,361,859
COTTON INDUSTRIES
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED JUNE 30, 2012

                                              2012
                                      Note
                                             Rupees

Revenue                                9     98,466,092

Cost of sales                          10    88,032,622

Gross profit                                 10,433,470        10.6%


Administrative and general expenses    12     1,454,109
Selling expenses                       13        8,910
                                              1,463,019

Profit before interest and taxation           8,970,451

Finance cost                           14     8,699,293


Profit before taxation                         271,158

Taxation                               8        13,558

Net profit after taxation                      257,600     21,466.65



                                                              21,467

Profit Distribution as under


Partner 1                             50%      128,800

Partner 2                             50%      128,800
                                                          10733.32533

                                               257,600
COTTON INDUSTRIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 30, 2012

                                                                                                                                2012
                                                                                                             Note
                                                                                                                              Rupees

1   PROPERTY, PLANT AND EQUIPMENT
                                              Cost                                          Depreciation                        Written
                                  As at                    As at              As at         For the year /    As at         down value as
    Particulars                             Additions     June 30,    Rate                                                    at June 30,
                                 July 01,                                    July 01,                        June 30,
                                                 /                                                                                2012
                                  2011                     2012               2011          (adjustment)        2012
                                            (deletion)
                                             Rupees                    %                               Rupees

    Land                     40,000,000             -    40,000,000    0                -              -                -      40,000,000
    Building                  2,375,000             -     2,375,000    5      118,750           112,813       231,563           2,143,438
    Plant and machinery      11,250,000        78,600    11,328,600    10    1,125,000        1,020,360      2,145,360          9,183,240
    Furniture and fixture          67,500      15,200       82,700     10       6,750             9,115         15,865            66,835
    Computer equipments            24,500           -       24,500     30       7,350             5,145         12,495            12,005
    Vehicle                   1,440,000             -     1,440,000    20     288,000           230,400       518,400            921,600

                             55,157,000        93,800    55,250,800          1,545,850        1,377,833      2,923,683         52,327,118

    Allocation of depreciation
           Cost of Sales                                                                                                        1,133,173
           Admin                                                                                                                 244,660
                                                                                                                                1,377,833

2   LONG TERM DEPOSITS
    Security deposit                                                                            2.1                              250,000
                                                                                                                                 250,000
     2.1   This amount represents security deposits paid to WAPDA for the installation of electricity connection
           and to PTCL against telephone connection.

3   ADVANCES AND OTHER RECEIVABLES
    Advance income tax                                                                                                            12,122
    Advance to suppliers                                                                                                        2,600,000
    Advance to employees                                                                                                          12,700
    Prepayments                                                                                                                   23,200
    Other receivables                                                                                                             29,100
                                                                                                                                2,677,122

4   TRADE DEBTORS
    Unsecured                                                                                                                   2,856,227

5   CASH AND BANK BALANCES
    Bank                                                                                                                         153,723
    Cash in hand                                                                                                                  36,800
                                                                                                                                 190,523

6   PARTNER'S CAPITAL
    Partner 1
                            Opening balance                                                                  2,187,874

           Less:            Drawings                                                                            70,840

           Add:             Profit for the period                                                             128,800

                                                                                                             2,245,834          2,245,834
    Partner 2
                            Opening balance                                                                  2,187,874

           Less:            Drawings                                                                            70,840

           Add:             Profit for the period                                                             128,800

                                                                                                             2,245,834          2,245,834

                            Total capital                                                                                       4,491,668
COTTON INDUSTRIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 30, 2012
                                                       2012
                                               Note
                                                      Rupees

7    CREDITORS ACCRUED AND OTHER LIABILITIES
     Creditors                                          566,457
     Accrued expenses                                   277,262
     Other payables                                      26,300

                                                        870,019

8    TAXATION
     Provision for taxation                              13,558

9    REVENUE
     Sales of Cotton                                  83,401,842
     Sales of Oil                                     15,064,250

                                                      98,466,092

10   COST OF SALES


     Raw material consumed                      a.    79,691,828
     Wages and benefits                                1,364,368
     Electricity                                       1,132,021
     Loading and unloading                              585,594
     Repair and maintenance                             579,215
     Generator running & maintenance                   1,040,620
     Packing Cost                                       413,197
     Wastage                                            389,213
     Depreciation                                      1,133,173
     Miscellaneous                                      293,528
                                                      86,622,754

     Work in process
               Opening stock                           2,433,234
               Closing stock                          (1,968,798)
                                                        464,436
     Cost of manufacturing                            87,087,191

     Finished stock
               Opening stock                           4,572,750
               Closing stock                          (3,627,319)
                                                        945,431
                                                      88,032,622

     a.     Raw material consumed
            Opening Stock                              1,399,650

     Add: Purchases                                   79,756,931

     Less: Closing Stock                               1,464,753
                                                      79,691,828
COTTON INDUSTRIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 30, 2012

                                                                              2012
                                                                      Note
                                                                             Rupees

11   STOCK IN TRADE
     Raw material                                                             1,464,753
     Work in process                                                          1,968,798
     Finished goods                                                           3,627,319
                                                                              7,060,869


12   ADMINISTRATIVE AND GENERAL EXPENSES

     Salaries and benefits                                                     715,471
     Electricity                                                                74,475
     Telephone                                                                  40,806
     Traveling and conveyance                                                   72,216
     Entertainment                                                              80,078
     Printing and stationery                                                    35,820
     Legal and professional charges                                             10,000
     Mobile phone expenses                                                      53,473
     Audit fee                                                                  12,000
     Depreciation                                                              244,660
     Miscellaneous                                                             115,109

                                                                              1,454,109

13   SELLING EXPENSES

            Advertisement                                                        8,910

14   FINANCE COST

     Financial charges                                                        8,698,059
     Bank charges                                                                1,234

                                                                              8,699,293


15   NUMBER OF EMPLOYEES

     Number of permanent employees at the year end.                                  18


16   GENERAL

       16.1 The figures have been rounded off to the nearest Rupee.
COTTON INDUSTRIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 30, 2012
COTTON INDUSTRIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 30, 2012




                                     #REF!

                                     (27,173,528)
COTTON INDUSTRIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 30, 2012
COTTON INDUSTRIES
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED JUNE 30, 2012
 COTTON INDUSTRIES
 NOTES TO THE FINANCIAL STATEMENTS
 FOR THE PERIOD ENDED JUNE 30, 2012




                                                               DIRECTOR
        CHIEF EXECUTIVE
                                                               302,276,946
Raw Material Consumed                     18.1           -       4,310,942
Packing Material Consumed                 18.2           -      21,879,895
Salaries, Wages & Benefits                18.3    32,765,575     4,009,359
Stores, Spares and Loose Tools Consumed   18.4    11,726,528    43,990,707
Fuel & Power                                      49,822,130        98,771
Postage, Telegram and Telephone                      118,290        47,289
Traveling & Conveyance                               415,003       543,421
Insurance                                            719,023           -
Entertainment                                        138,774       453,715
Other Factory Overheads                            1,211,712    14,478,435   1,143,196
Depreciation                              #REF!   #REF!
              2011
             Rupees




4,375,748

 141,680

 257,600
4,491,668




            (4,491,668)
0.955516398



     95.6%    4.4%
0.374219499


    59,623    4,586.35   59,623

                          6,206

                          3,401

                          6,018

                          6,673

                          2,985

#REF!                      833




                          9,592

121175.7273
-
               #REF!




               27,173,528

#REF!

(27,173,528)                #REF!
#REF!

#REF!

#REF!
15346598




7,756,491   8,899,687
0.809332698
0.9555164 0.0444836

								
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