NOTES TO THE ACCOUNTS

  1. These accounts are un-audited and are being submitted to shareholders, as requires U/S 245 of the Companies Ordinance,1984.

  2. The accounting policies adopted for the preparation of these half yearly accounts are the same as those applied in the preceding annual published accounts of the Company for the period from October 01,2001 to September 30,2002,except that incremental depreciation on revalued assets has been transferred from surplus on revaluation of fixed assets  to accumulated loss through statement of changes in Equity as per S.R.O. NO. 45(1)2003 of Securities and Exchange Commission of Pakistan.

  3. These accounts have been prepared in accordance with the requirements of International Accounting Standard (IAS) 34 "Interim Financial Reporting ".

  4. Contingencies 

        The Company has filed a suit in the Honorable Lahore High Court ,Lahore against Faysal Bank Limited for the compensation of loss suffered on acquisition of unremunerative agriculture land and disposal of the same, for not providing timely cash finance facilities despite written commitments and for charging illegal profits against the principles of Islamic banking  in contravention of the objective clause of its Articles and Memorandum of Association. The amount claimed for the first two counts is Rs.141.831 M (including claims of Central Excise Duty) and for last count has been left for the court to get determined.

As per company lawyer's opinion the case is based on strong legal grounds and is likely to be decided in company's favour, if so happened the amount of long term loan would decrease by the amount so decided by the court. Faysal Bank Limited has also filed a counter suit against the company.

                                                               Six Months Ended                            Three Months Ended         

                                                      REVIEWED   UN-AUDITED     UN-AUDITED  UN-AUDITED     

                                                      OCT-MAR 31  OCT-MAR 31      JAN-MAR 31    JAN-MAR 31

                                                           2003                2002                      2003                 2002

                                                            (Rupees in Thousand)                     (Rupees in Thousand)

5. COST OF SALES

Material

Raw cotton consumed                             65,905          40,637                33,260              17,563         

Polyester consumed                                 79,949          99,617                38,607              49,632

Salaries, wages and benefits                     11,845          11,759                  6,081                6,229

Stores & spares                                         2,422            3,048                  1,564                1,601

Packing Material                                        2,447            3,659                  1,189                1,840

Fuel & Power                                          25,022           21,509                11,703             10,892

Repair & Maintenance                                   290               156                       51                   126

Insurance                                                       724               749                     403                   378

Depreciation                                              12,550          13,169                  6,285                6,585

Handling Charges                                           616               478                     213                   243     

General Expenses                                           274              165                      120                    95

                                                                202,044       194,946                 99,476             94,914

Work in  Process

Opening                                                       3,373           3,391                  3,757                 2,787

Closing                                                       (4,403)         (3,236)                (4,403)              (3,236)             

                                                                  (1,030)             155                    (646)                  (449)     

Cost of Goods manufactured                    201,014        195,101                98,830               94,465

Finished goods

Opening                                                       3,383            1,218                 2,831                  3,321

Closing                                                       (8,399)          (6,266)               (8,339)               (6,266)

                                                                 (5,017)          (5,048)               (5,568)               (2,945)

                                                               195,997        190,053               93,262                91,520

  Duty drawbacks                                      (1,061)             (637)                 (438)                   (184)

                                                               194,936         189,416               92,824             91,3361                  

6. FIGURES

-Have been  rounded off to the nearest thousand of rupees.

-of prior period have been rearranged and regrouped wherever necessary for the purpose of comparison

  

       CHIEF EXECUTIVE                                                                                        DIRECTOR

 

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Asim Textile Mills Ltd.

JK House 32-W Susan Road, Madina Town,

  Faisalabad 38090, PAKISTAN

Tel: 92-41-8721953-6

Fax: 92-41-8712399