nagina cotton mills ltd. · 2013-02-28 · nagina nagina group nagina cotton mills ltd. 7 shauk at...
TRANSCRIPT
HALF YEARLY REPORT
FOR THE PERIOD ENDED
DECEMBER 31, 2012
(Un-Audited)
NAGINA COTTON MILLS LTD.
NAGINA
NAGINA GROUP
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
14142
Company Information
Directors’ Report to the Members
Auditors’ Report to the Members on Review of Condensed
Interim Financial Information 05
Condensed Interim Balance Sheet
Condensed Interim Profit & Loss Account
Condensed Interim Cash Flow Statement
Condensed Interim Statement of Changes in Equity
Notes to the Condensed Interim Financial Information
03
04
06
08
09
10
11
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
3
COMPANY INFORMATION
Non-Executive Director / ChairmanNon-Executive DirectorNon-Executive DirectorNon-Executive DirectorExecutive DirectorExecutive DirectorExecutive Director
ChairmanMemberMember
Secretary
ChairmanMemberMemberSecretary
Chairman MemberMemberMember
BOARD OF DIRECTORS
MANAGING DIRECTOR (Chief Executive)
AUDIT COMMITTEE
HUMAN RESOURCE & REMUNERATION (HR & R) COMMITTEE
EXECUTIVE COMMITTEE
CORPORATE SECRETARY
CHIEF FINANCIAL OFFICER (CFO)
AUDITORS
LEGAL ADVISOR
LEAD BANKERS
REGISTERED OFFICE
WEB REFERENCE
SHARE REGISTRAR
MILLS
Mr. Shaikh Enam EllahiMr. Javaid Bashir SheikhMr. Shahzada Ellahi ShaikhMr. Shafqat Ellahi ShaikhMr. Shaukat Ellahi ShaikhMr. Shahzada Sultan MubashirMr. Munawar Iqbal
Mr. Shaukat Ellahi Shaikh
Mr. Shafqat Ellahi ShaikhMr. Shaikh Enam Ellahi Mr. Shahzada Ellahi Shaikh
Mr. Shahzada Sultan Mubashir
Mr. Shafqat
Ellahi ShaikhMr. Shahzada
Ellahi ShaikhMr. Shahzada Sultan Mubashir
Mr. Muhammad Azam
Mr. Shaikh Enam EllahiMr. Shahzada Ellahi ShaikhMr. Shaukat Ellahi ShaikhMr. Shafqat Ellahi Shaikh
Mr. Shahzada Sultan Mubashir
Mr. Tariq Zafar Bajwa
Messrs M. Yousuf Adil Saleem & Co.Chartered Accountants
Makhdoom & Makhdoom Advocates
Albaraka Bank (Pakistan) Ltd.
Allied Bank Ltd.
Askari Bank Ltd.
Bank Alfalah Ltd.
Faysal Bank Ltd.
Habib Bank Ltd.
Habib Metropolitan Bank Ltd.
HSBC Bank Middle East Ltd.
Industrial Development Bank of PakistanMCB Bank Ltd.
National Bank of Pakistan
Samba Bank Ltd.Standard Chartered Bank (Pakistan) Ltd.The Bank of Punjab United Bank Ltd.
2nd Floor, Shaikh Sultan Trust Bldg. No.226, Civil Lines, Beaumont Road,Karachi -
75530
www.nagina.com
M/s Hameed Majeed Associates (Pvt.) Ltd. 5th Floor, Karachi Chambers, Hasrat Mohani Road, Karachi. Phone # 021-32412754, 32424826Fax # 021-32424835
Aminabad, A-16, S.I.T.E.,National Highway, Kotri
SecretaryMr. Muhammad Azam
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
4
DIRECTORS’ REPORT TO THE MEMBERS IN THE NAME OF ALLAH THE MOST GRACIOUSTHE MOST BENEVOLENT THE MOST MERCIFUL
stThe Directors are pleased to present the unaudited condensed interim financial information of the Company for the 1 half year ended on December 31, 2012. As required by International Auditing Standards, Company's external auditors have reviewed the condensed interim financial information. The review report is attached herewith. The comparative figures for the
stcorresponding 1 half year ended on December 31, 2011 are included for comparison, except in balance sheet where figures are for the year ended on June 30, 2012 as required by International Accounting Standards.
Company Performance:stYour Company has shown very satisfactory performance for the 1 half year ended on December 31, 2012 as compared to
corresponding period of previous year. The Company has been able to benefit from continued strong demand of cotton yarn from International markets and reduction in finance costs.
stDuring the 1 half year ended on December 31, 2012, Company has been able to achieve a sales revenue of Rs.2,010,348,278 as compared to Rs.1,751,528,937 for the corresponding period of previous year showing growth of 14.78%. This growth is attributable to increase in sales volume and better prices of products manufactured and sold by the Company. Due to timely and efficient buying of raw cotton, the Company has been able to reduce its average cost of raw materials consumed which effectively reduces the cost of goods manufactured. These factors in combination resulted in
stgrowth in gross profits (G.P) of the Company for the 1 half year ended on December 31, 2012 as compared to corresponding stperiod of previous year. G.P as percentage of sales for the 1 half year ended on December 31, 2012 was 19.71% as
compared to 11.52% for the corresponding period of previous year.
Distribution and administrative costs slightly increased taking in account the impact of inflation and growth in sales volume However, due to effective cost control measures their ratio as percentage of sales is reduced from 5.18% of sales to 4.68% of sales. Other operating expenses increased as the provision for Workers Profit Participation Fund increased in line with growth
stin profits for the 1 half year ended on December 31, 2012 as compared to corresponding period of previous year.
The Company has been able to discharge all its operating and financial liabilities in time through generation of stable cash flows. Financial costs have decreased during the period under review mainly due to repayments of long term loans, reduction in mark up rates and focussed and effective funds management.
stNet profit after tax for the 1 half year is Rs.251,682,440 as compared to Rs.76,137,102 for the corresponding period of previous year. Increase in profits mainly due to growth in gross profits and reduction in finance costs.
stOver all healthy performance of the Company shows growth in Earnings Per Share (EPS), which stood at Rs.13.46 for 1 half year ended on December 31, 2012 as compared to Rs.4.07 of corresponding period of previous year.
The Company is regularly investing in expansion, balancing, modernization and replacement (BMR) of its plant and stmachinery and other fixed assets. During the 1 half year ended December 31, 2102 Company has invested Rs.52,585,643 in
BMR and other assets.
Future Outlook:stWe are hopeful to keep the growth momentum achieved during 1 half year for next half year and able to close the financial
styear 2012-13 on a profitable note. However, our ability to repeat the performance of 1 half year is dependent on uninterrupted supply of energy, stability in prices of raw cotton and yarn in both local and International markets, continued strong demand from China and stable law and order situation in the country. State Bank of Pakistan (SBP) has been reducing the discount factor which gives much needed relief in shape of reduction in finance costs. We hope that SBP shall continue to support the industry in continuous manner. In growing competitive environment your Company is aware of future challenges and continue to invest in the modernization of its production facilities and product differentiation to keep ahead of the competition. In line with its strategic directions the Company has already established letters of credit of around Rs. 243 millions for import of machinery and equipments.
Acknowledgement
The continued good results have been possible due to continued diligence and devotion of the staff and workers of the Company and the continued good human relations at all levels deserve acknowledgement. The Directors also wish to place on record their gratitude to the Bankers for their continued support to the Company.
On behalf of the Board.
Shaukat Ellahi Shaikh February 25, 2013. Mg. Director (Chief Executive)
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
6
CONDENSED INTERIM BALANCE SHEET
Shahzada Ellahi Shaikh
Director
AS AT DECEMBER 31, 2012
February 25, 2013
(Un-Audited) (Audited)
December 31, June 30,
2012 2012
Note
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized capital
50,000,000 (June 30, 2012: 50,000,000)
Ordinary shares of Rs. 10/- each 500,000,000 500,000,000
Issued, subscribed and paid up capital 187,000,000 187,000,000
Capital reserves 253,964,417 253,964,417
Accumulated profit 988,444,905 830,262,465
Total Equity 1,429,409,322 1,271,226,882
LIABILITIES
NON-CURRENT LIABILITIES
Long-term finances 270,710,164 274,018,051
Liabilities against assets subject to finance lease 1,151,537 2,250,408
Employees retirement benefits 13,177,801 14,217,145
Deferred taxation 6,453,619 6,453,619
291,493,121 296,939,223
CURRENT LIABILITIES
Trade and other payables 222,723,672 142,539,747
Accrued interest / mark-up 16,953,268 16,289,809
Short-term borrowings 171,192,363 38,918,086
Current portion of long-term finances 101,455,072 83,404,444
Current portion of liabilities against assets subject to finance lease 1,687,329 2,152,446
514,011,704 283,304,532
TOTAL LIABILITIES 805,504,825 580,243,755
CONTINGENCIES AND COMMITMENTS 6
TOTAL EQUITY AND LIABILITIES 2,234,914,147 1,851,470,637
The annexed explanatory notes from 1 to 10 form part of the condensed interim financial information.
--------------Rupees--------------
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
7
Shaukat Ellahi Shaikh
Mg. Director (Chief Executive)
(Un-Audited) (Audited)
December 31, June 30,
2012 2012
Note
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 7 739,655,801 714,050,491
Investment properties 15,934,041 16,110,504
Long-term deposits 1,424,629 1,653,300
757,014,471 731,814,295
CURRENT ASSETS
Stores and spares 17,555,526 21,228,615
Stock-in-trade 1,248,374,221 528,066,937
Trade debts 72,959,233 399,617,602
Loans and advances 105,455,356 25,186,112
Short-term deposits and prepayments 3,576,565 1,546,959
Other receivables 2,932,294 4,262,679
Other financial assets 343,058 70,514,411
Sales tax refundable 8,945,864 7,814,386
Cash and bank balances 17,757,559 61,418,641
1,477,899,676 1,119,656,342
TOTAL ASSETS 2,234,914,147 1,851,470,637
--------------Rupees--------------
The annexed explanatory notes from 1 to 10 form part of the condensed interim financial information.
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)FOR THE HALF YEAR ENDED DECEMBER 31, 2012
Shahzada Ellahi Shaikh Shaukat Ellahi Shaikh
Director Mg. Director (Chief Executive)
February 25, 2013
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
8
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
Note
Sales 2,010,348,278 1,751,528,937 1,014,882,070 836,293,511
Cost of goods sold 8 (1,614,201,970) (1,549,757,582) (810,862,751) (703,160,078)
Gross profit 396,146,308
201,771,355
204,019,319
133,133,433
Distribution cost (57,793,729)
(55,331,988)
(28,584,840)
(24,409,515)
Administrative expenses (36,362,155)
(35,301,209)
(18,638,038)
(17,108,007)
Other operating expenses (14,475,464)
(5,278,229)
(7,461,329)
(3,057,748)
(108,631,348)
(95,911,426)
(54,684,207)
(44,575,270)
287,514,960
105,859,929
149,335,112
88,558,163
Other operating income 23,657,406
39,409,424
10,203,424
12,965,675
Operating profit 311,172,366
145,269,353
159,538,536
101,523,838
Finance cost (38,807,464)
(50,826,688)
(18,493,449)
(24,819,996)
Profit before taxation 272,364,902
94,442,665
141,045,087
76,703,842
Provision for taxation
- Current (20,682,462)
(18,118,776)
(10,436,359)
(8,720,474)
- Deferred -
(186,787)
-
(186,787)
(20,682,462)
(18,305,563)
(10,436,359)
(8,907,261)
Profit after taxation 251,682,440
76,137,102
130,608,728
67,796,581
Other comprehensive income -
-
-
-
Total comprehensive income for the period 251,682,440 76,137,102 130,608,728 67,796,581
Earnings per share - basic and diluted 13.46 4.07 6.98 3.63
The annexed explanatory notes from 1 to 10 form part of the condensed interim financial information.
Half Year Ended Quarter Ended
……………Rupees…………………………Rupees……………
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
9
CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)FOR THE HALF YEAR ENDED DECEMBER 31, 2012
December 31 December 31
2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 272,364,902 94,442,665
Adjustments for:
Depreciation of property, plant and equipment 35,156,447 30,343,315
Provision for employee retirement benefits 3,710,254 5,904,410
Gain on disposal of property, plant and equipment (341,509) (183,529)
Gain on sale of other financial assets (16,899,550) (32,467,201)
Finance cost 38,807,464 50,826,688
332,798,008
148,866,348
Changes in working capital
Decrease / (increase) in current assets:
Stores and spares 3,673,089
(6,641,041)
Stock-in-trade (720,307,284)
(771,619,577)
Trade debts 326,658,369
(39,936,761)
Loans and advances (72,366,095)
11,689,209
Short term deposits and prepayments (2,029,606)
(1,593,324)
Other receivables 1,330,385
11,533,449
Sales tax refundable (1,131,478)
(3,832,860)
Increase in current liabilities
Trade and other payables 80,183,925
126,223,175
(383,988,695)
(674,177,730)
Cash used in operations (51,190,687)
(525,311,382)
(Payments made) / receipts of:
Employee retirement benefits (4,749,598) (5,381,255)
Finance cost (38,144,006) (49,377,933)
Income taxes (28,585,612)
(22,955,453)
Long term deposits 228,671
(6,000)
Net cash used in operating activities A (122,441,232)
(603,032,023)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (66,663,571)
(62,905,310)
Proceeds from disposal of property, plant and equipment 6,419,791
1,369,103
Purchase of other financial assets (1,648,645,057)
(285,000,000)
Proceeds from sale of other financial assets 1,735,715,960
1,015,372,973
Net cash generated from investing activities B 26,827,123
668,836,766
CASH FLOWS FROM FINANCING ACTIVITIES
Long term finances obtained 41,300,822
63,520,539
Repayment of long term finances (26,558,084)
(51,613,992)
Repayment of principal portion of liabilities against assets subject to finance lease (1,563,987) (1,523,046)
Net increase / (decrease) in short term borrowings excluding running finances (12,992,475) (86,782,613)
Dividend paid (93,500,000) (112,200,000)
Net cash used in financing activities C (93,313,724) (188,599,112)
Net decrease in cash and cash equivalents (A+B+C) (188,927,833) (122,794,369)
Cash and cash equivalents at beginning of the period 43,224,555 (348,060)
Cash and cash equivalents at end of the period (145,703,278) (123,142,429)
Cash and cash equivalents
Cash and bank balances 17,757,559 1,220,560
Short term running finances (163,460,837) (124,362,989)
(145,703,278) (123,142,429)
The annexed explanatory notes from 1 to 10 form part of the condensed interim financial information.
Half Year Ended
……………Rupees……………
Shahzada Ellahi Shaikh Shaukat Ellahi Shaikh
Director Mg. Director (Chief Executive)
February 25, 2013
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
10
Shahzada Ellahi Shaikh Shaukat Ellahi Shaikh
Director Mg. Director (Chief Executive)
February 25, 2013
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
Revenue
reserve
Balance as at June 30, 2011 (Audited) 187,000,000 12,104,417 241,860,000 613,296,125 1,054,260,542
Comprehensive income
Profit after taxation - - - 76,137,102 76,137,102Other comprehensive income - - - - -Total comprehensive income for the half year ended -
-
-
76,137,102 76,137,102
Transactions with owners
Final dividend for the year ended June 30, 2011 @ 60% i.e. Rs. 6.00 per ordinary share -
-
-
(112,200,000) (112,200,000)
Balance as at December 31, 2011 (Un-audited) 187,000,000
12,104,417
241,860,000
577,233,227 1,018,197,644
Comprehensive income
Profit after taxation -
-
-
253,029,238 253,029,238
Other comprehensive income -
-
-
- -Total comprehensive income for the half year ended -
-
-
253,029,238 253,029,238
Balance as at June 30, 2012 (Audited) 187,000,000 12,104,417 241,860,000 830,262,465 1,271,226,882
Comprehensive income
Profit after taxation - - - 251,682,440 251,682,440Other comprehensive income - - - - -
- - - 251,682,440 251,682,440
Transactions with owners
Final dividend for the year ended June 30, 2012 @ 50% i.e. Rs. 5.00 per ordinary share - - - (93,500,000) (93,500,000)
Balance as at December 31, 2012 (Un-audited) 187,000,000 12,104,417 241,860,000 988,444,905 1,429,409,322
The annexed explanatory notes from 1 to 10 form part of the condensed interim financial information.
------------------------------------------------------Rupees-----------------------------------------------------
Issued,
subscribed
and paid up
share capital
Capital reserves
TotalAmalgamation
reserve
Redemption
reserve fund
Accumulated
profit
FOR THE HALF YEAR ENDED DECEMBER 31, 2012
Total comprehensive income for the half year ended
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
11
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)FOR THE HALF YEAR ENDED DECEMBER 31, 2012
1. LEGAL STATUS AND OPERATIONS
2. STATEMENT OF COMPLIANCE
2.1
2.2
2.3
2.4
2.5
3. SIGNIFICANT ACCOUNTING POLICIES
4. ACCOUNTING ESTIMATES AND JUDGMENTS
Nagina Cotton Mills Limited (the Company) was incorporated in Pakistan on May 16, 1967 as a public limitedcompany under the Companies Act, 1913 as repealed by the Companies Ordinance 1984. The Company is listedon Karachi and Lahore stock exchanges of Pakistan. The principal activities of the Company is to manufacture andsale of cotton and blended yarn. The registered office of the Company is situated at 2nd floor, Sheikh Sultan TrustBuilding No.2, Beaumont Road, Karachi in the province of Sindh and the manufacturing facilities are located inKotri Industrial Trading Estate in the Province of Sindh.
This condensed interim financial information of the Company for the half year ended December 31, 2012 has beenprepared in accordance with the requirements of the International Accounting Standard 34 - Interim FinancialReporting and provisions of and directives issued under the Companies Ordinance, 1984. In case whererequirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have beenfollowed. This condensed interim financial information do not include all of the information required for the fullfinancial statements and, therefore, this should be read in conjunction with the annual financial statements of theCompany for the year ended June 30, 2012.
The condensed interim financial information has been prepared under 'historical cost convention' except employeebenefit obligation which have been included at present value and other financial assets which are investmentsdesignated at fair value through profit or loss at inception or held for trading. These are initially measured at fairvalue and changes on re-measurement are taken to profit and loss account.
The condensed interim financial information is presented in Pakistani Rupees which is also the Company'sfunctional currency and figures presented in the condensed interim financial information have been rounded off tothe nearest Rupee.
This condensed interim financial information is unaudited. However, a limited scope review of this condensedinterim financial information has been performed by the external auditors of the Company in accordance with therequirements of Clause (xix) of the Code of Corporate Governance and they have issued their review reportthereon.
The accounting policies, applied in the preparation of this condensed interim financial information are the same asthose applied in the preparation of the annual audited financial statements of the Company for the year endedJune 30, 2012.
The preparation of the condensed interim financial information in conformity with approved accounting standardsas applicable in Pakistan for interim financial reporting requires management to make estimates, assumptions anduse judgments that affect the application of policies and reported amounts of assets and liabilities and income andexpenses. Estimates, assumptions and judgments are continually evaluated and are based on historicalexperience and other factors, including reasonable expectations of future events. Revision to accounting estimatesare recognized prospectively commencing from the period of revision.
In preparing this condensed interim financial information, the significant judgments made by the management inapplying the Company's accounting policies and the key source of estimation and uncertainty were the same asthose that applied to the financial statements as at and for the year ended June 30, 2012.
The comparative balance sheet presented has been extracted from annual financial statements for the year endedJune 30, 2012, whereas comparative condensed profit and loss account, condensed cash flow statement andcondensed statement of changes in equity are stated from the unaudited condensed interim financial informationfor the half year ended December 31, 2011.
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
12
5. FINANCIAL RISK MANAGEMENT
6. CONTINGENCIES AND COMMITMENTS
6.1 Contingencies
(Un-audited) (Audited)December 31, June 30,
2012 2012
6.2 Commitments
Irrevocable letters of credit for import of
Capital expenditures 233,654,040
36,580,000
Raw Material / Stores and spares 275,048,193
3,861,456
508,702,233
40,441,456
7. PROPERTY, PLANT AND EQUIPMENT
Operating fixed assets
Owned 7.1 702,059,107 688,306,698Leased 7.2 3,601,693 5,826,720
705,660,800 694,133,418Capital work in progress 7.3 33,995,001 19,917,073
739,655,801
714,050,491
7.1 Operating fixed assets - Owned
Opening written down value 688,306,698
503,568,380Additions during the period / year
Factory Building 376,045
16,923,916Commercial Building on free hold land -
2,782,546Plant and machinery 42,721,095
204,457,892Electric installation and equipment 1,179,939
14,256,410Gas Installations 306,616
-Furniture and fittings 566,568 6,730,177Office equipment 492,080 859,382Vehicles 6,943,300 4,211,460
52,585,643 250,221,783
Written down value of property, plant and equipment transfered from leased assets 1,824,839 1,110,882Written down value of property, plant and equipment disposed off (6,078,278) (1,355,496)Depreciation charged during the period / year (34,579,795) (65,238,851)
Written down value at end of the period / year 702,059,107 688,306,698
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There is no change in contingencies as disclosed in note 13.1 to the annual financial statements for the year endedJune 30, 2012, except that no further provision amounting to Rs.5,447,298/- has been made for the half year endedDecember 31,2012 for Workers Welfare Fund (WWF) .
The Company's financial risk management objectives and policies are consistent with those disclosed in thefinancial statements as at and for the year ended June 30, 2012.
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
13
(Un-audited) (Audited)December 31, June 30,
2012 2012
7.2 Operating fixed assets - Leased
Opening written down value 5,826,720 8,394,282
Additions during the period / year - -
Written down value of property, plant and equipment transferred
to owned assets (1,824,839)
(1,110,882)Depreciation charged during the period / year (400,188)
(1,456,680)
Written down value at end of the period / year 3,601,693
5,826,720
7.3 Capital work in progress
Opening Balance 19,917,073
155,336,894 Additions during the period / year 58,296,873
95,318,624 Transfers during the period / year (44,218,945)
(230,738,445)
Closing Balance 33,995,001
19,917,073
December 31, December 31, December 31, December 31,2012 2011 2012 2011
8. COST OF GOODS SOLD
Raw material consumed 1,273,603,392
1,224,622,711
658,815,287
565,263,905
Packing material consumed 33,653,691
27,071,625
16,373,764
13,520,283
Stores and spares consumed 23,595,833
27,904,984
12,411,161
16,747,162
Salaries, wages and benefits 127,542,964
96,029,042
60,352,455
47,426,398
Fuel 129,183,974
103,648,482
63,307,548
54,034,823
Rent, rates and taxes 189,265
189,265
94,630
94,608
Insurance 4,419,912
4,782,966
2,253,859
2,164,692
Repairs and maintenance 3,255,884
2,188,628
2,309,542
1,361,997
Depreciation 32,213,113
27,730,770
16,295,899
15,160,859
Doubling charges 7,169,744
7,201,324
3,656,303
2,344,987
Other manufacturing overheads 4,584,287
2,107,857
2,524,921
1,262,753
1,639,412,059
1,523,477,654
838,395,369
719,382,467
Work-in-process:
At beginning of period 41,643,960 42,947,628 40,590,039 40,758,466
At end of period (50,996,102) (41,690,076) (50,996,102) (41,690,076)
(9,352,142) 1,257,552 (10,406,063) (931,610)
1,630,059,917 1,524,735,206 827,989,306 718,450,857
Finished stocks:
At beginning of period 43,416,794 101,919,390 46,145,536 68,283,835
Purchase of finished goods 10,784,530 22,036,168 6,787,180 15,358,568
At end of period (70,059,271) (98,933,182) (70,059,271) (98,933,182)
(15,857,947) 25,022,376 (17,126,555) (15,290,779)
1,614,201,970 1,549,757,582 810,862,751 703,160,078
Half year ended (Un-audited) Quarter Ended (Un-audited)
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……………...……. Rupees ………...………..
14
NAGINA
NAGINA GROUP
NAGINA COTTON MILLS LTD.
14
9. TRANSACTIONS WITH RELATED PARTIES
December 31 December 312012 2011
Nature of Relationship Nature of Transaction
Associated Companies Purchase of goods and services 9,306,038
9,680,788Sale of goods and services 9,618,000
19,427,950
Rental Income 480,000 480,000
Key Management Personnel Remuneration and other benefits 4,193,836
3,488,096
10. DATE OF AUTHORIZATION FOR ISSUE
Half Year Ended (Un-audited)
……………Rupees……………
Transaction with related parties are carried out at arm's length. The consideration is computed on agreed terms.'There is no balance outstanding with or from associated undertakings.
This condensed interim financial information has been approved by the Board of Directors of the Company andauthorized for issue on February 25, 2013.
The related parties comprise of associated Companies, directors of the Company and Key management personnel.The Company enters into transactions with various related parties at agreed terms.
The transactions with related parties during the period generally consist of sales and purchases.
Nature and description of related party transactions during the period along with monetary values are as follows:
Shahzada Ellahi Shaikh Shaukat Ellahi Shaikh
Director Mg. Director (Chief Executive)
February 25, 2013