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Co m p a n y In fo rm a t io n 2
Visio n a n d M issio n St a t e m e n t 3
No t ice o f An n u a l Ge n e ra l M e e t in g 8
Dire ct o rs Re p o rt 9
St a t e m e n t o f Co m p lia n ce 1 2
Six Ye a rs Re vie w 1 4
Pa t t e rn o f Sh a re h o ld in g 1 5
Re vie w Re p o rt t o t h e M e m b e rs 1 9
Au d it o rs Re p o r t 2 3
Ba la n ce Sh e e t 2 4
Pro fit a n d Lo ss Acco u n t 2 6
St a t e m en t of Co m pre h e n sive In co m e 2 7
Ca sh Flo w St a t e m e n t 2 8
St a t e m e n t o f Ch a n ge s in Eq u it y 2 9
No t e s t o t h e Acco u n t s 3 0
CONTENTS
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02
Boa rd o f Dire c to rsS. M. Mo hsin Advisor
M e h d i M o h s in Ch a irm a n
M uje eb Ra sh id Ch ie f Exe cu tiv e O ffice r &
Ma n a g in g D ire c to r
M o a z M o h i u d d in
Syed Fa isa l Im am
U m m e Ku ls u m Im a m
Jama l Nasim NIT Nom inee
Audi t Commi t t eeS. M . M o h sin Ch a irm a n
Sye d Fa isa l Im a m M e m b e r
M o a z M o h iu d d in M e m b e r
Company Secre ta ry /CFOAtif Fayyaz
Audi torsA.F. Fe rg u so n & Co m p a n y
Ch a r t e re d A c c o u n ta n t s
Legal AdvisorsMin to & Mi rza
7 8 -Mo z a n g Ro a d , La h o re
Ph o n e : (0 4 2 ) 3 6 3 1 5 4 6 9 -7 0
Fax: (042) 36361 531
BankersHabib Ban k Lim ited
Allie d Bank Limite d
Askar i Com m erc ia l Ban k Limited
M CB Bank Limite d
Barclays Bank plc
The Royal Bank of Scot land
Nat ion a l Ban k of Pakista n
Sha re Re g is t ra rCorplink (Private) Limited,
Wings Arcade , 1-K (Com m erc ia l )
Mo d e l To w n , La h o re
Ph o n e : (0 4 2 ) 3 5 8 3 9 1 8 2 , 3 5 8 8 7 2 6 2 ,
Fax:(042) 35869037
Corporate Off ice39 -A, D-1, Gulbe rg III Lah or e
Ph o n e s : (0 4 2 ) 3 5 8 7 2 3 9 2 -9 6 , Fa x : (0 4 2 ) 3 5 8 7 2 3 9 8
E-Mai l : ho@mitche l ls .com.pk
We b s i t e : w w w .m i t c h e l l s . c o m .p k
Fact ory , Region al Sales
Office (Ce nt ra l) & Far m sRena la Khu rd , Dist r ic t Okara , Pakista n
Ph o n e s : (0 4 4 ) 2 6 3 5 9 0 7 -8 , 2 6 2 2 9 0 8
Fax: (044) 2621 416
E-Ma i l: rnk@m itche l ls .com .pk,
r so c @m i tc h e l l s . c o m .p k
Re gion al Sales Office (North )Plot No. 110 , St re e t No. 10 , I - 9 /2 , Ind ust r ia l Area ,
I s l a m a b a d
Ph o n e s : 0 5 1 -4 4 3 8 3 2 4 -2 6
Fax : (051) 4443 827
E-Mai l : rson@mitche l ls .com.pk
Re gion al Sales Office (Sou th )M eh ran VIP II, Groun d Floo r ,
P lo t 1 8 /3 D r . D a w o o d Po ta Ro a d , Ka ra c h i
Ph o n e s : (0 2 1 ) 3 5 2 1 2 1 1 2 , 3 5 2 1 2 7 1 2 & 3 5 2 1 9 6 7 5
Fax: (021) 35673 588
E-Mai l : rsos@mitche l ls .com.pk
COM PANY INFORM ATION
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VISION AND M ISSION STATEM ENT
1 . To b e a le a d e r in t h e ma r k e t s we s e r ve b y p r o vid in g q u a lit y p ro d u c t s t o o u r c o n su me r s
w h i l e l e a r n i n g f r o m t h e i r f e e d b a c k t o s e t e v e n h i g h e r s t a n d a r d s .
2 . To b e a c o m p a n y t h a t c o n t i n u o u s ly e n h a n c e s it s s u p e r io r t e c h n o l o g ic a l s kills t o
r e m a in in t e r n a t io n a l ly co m p e t i t iv e in t h is d a y a n d a g e o f in c r e a s in g c h a l le n g e s .
3 . To b e a c o m p a n y th a t a t t r a ct s a n d r e t a in s co m p e t e n t p e o p le b y cr e a t in g a cu lt u r e
t h a t f o s t e r s in n o v a t io n , p r o m o t e s in d i vid u a l gr o w t h a n d r e w a r d s in it ia t i ve a n d
p e r f o r m a n c e .
4 . To b e a c o m p a n y w h ic h o p t im a l ly co m b in e s it s p e o p le , t e c h n o lo g y, m a n a g e m e n t
s y st e m s , a n d m a r k e t o p p o r t u n i t ie s t o a c h ie v e p r o f it a b le g r o w th w h i le p r o v id in g
fa ir re tu rn s to it s sha re ho lde rs .
5 . To b e a c o m p a n y t h a t e n d e a vo u r s t o s e t t h e h ig h e st s t a n d ar d s in c o rp o r a te e t h ics .
6 . To b e a c o m p a n y th a t f u lf ills it s s o c ia l r e s p o n s ib ilit y .
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NOTICE OF ANNUAL GENERAL M EETING
N o t ic e i s h e r e b y g iv e n t h a t t h e 7 8 t h A n n u a l G e n e r a lMe et ing o f Mitche l l' s Fru it Farm s Lim ited w i ll be h e ldo n J a n u a r y 3 1 , 2 0 1 1 , o n M o n d a y a t 1 1 : 0 0 a . m . a t t h eRegiste red Office of th e Com pan y at 39-A, D-1, Gulbe rgI I I , L a h o r e t o t r a n s a c t t h e f o l l o w i n g b u s i n e s s :
O r d in a r y Bu s in e s s1 . To co n f ir m t h e m i n u te s o f t h e la s t An n u a l G e n e r a l
Me e t in g h e ld o n Ja n u a ry 2 9 ,2 0 1 0 .
2 . To r e c e iv e , c o n sid e r a n d a d o p t t h e An n u a l Au d it e dAc co u n t s o f t h e Co m p a n y f o r t h e y e a r e n d e dSe p t e m b e r 3 0 , 2 0 1 0 , to g e th e r w ith t h e D ire c to r s 'a n d Au d i t o r s' r e p o r t s t h e r e o n .
3 . To a p p r o v e p a y m e n t o f c a s h d iv id e n d @ 4 0 % a sr e c o m m e n d e d b y t h e D ir e c t o r s .
4 . To a p p o in t a u d it o r s fo r t h e ye a r e n d in g Se p t e m b e r3 0 , 2 0 1 1 , a n d t o f i x t h e i r r e m u n e r a t i o n a s
s u g ge s t e d b y t h e a u d it c o m m it t e e t o t h e Bo a r dof Direc tors . The re t ir ing au di tors nam ely MessersA. F. Fe r g u s o n & C o . , Ch a r t e r e d A c co u n t a n t s ,be ing e l ig ib le , offe r t hem se lves for reapp oin tme nt .
O t h e r Bu s in e s s
5 . To t r a ns a ct a n y o t h e r b us in e s s w h ic h m a y b ep l a ce d b e f o r e t h e m e e t in g w it h t h e p e r m is s io no f t h e c h a i r .
By o rd e r o f t h e Bo a rd
Lahore Atif FayyazJa n u a ry 0 8 , 2 0 1 1 Co m p a n y Se cre t a ry
N o t e s
1 . Th e s h a r e t r a n s f e r b o o k o f t h e Co m p a n y w i llr e m a i n c l o s e d f r o m J a n u a r y 2 4 , 2 0 1 1 , t oJa n u a r y 3 1 , 2 0 1 1 , ( b o t h d a y s i n c lu s i ve ) f o re n t i t l e m e n t o f f i n a l c a s h d i v i d e n d f o r t h ea c co u n t i n g p e r io d e n d e d Se p t e m b e r 3 0 , 2 0 1 0 .Tra n s fe r s r e c e ive d in o rd e r ( in c lu d in g d e p o s i tr e q u e s t s u n d e r CD S) a t o u r Re g i s t r a r ' s o f f i c eCorpl ink (Pr iva te ) Limited , Wings Arcade , 1-K(Com me rcial) Mo del Town , Lahore upto 1:00 p.m.on Janu ary 23 , 2011, wi ll be considere d in t im e .
2 . A m e m b e r e l ig ib l e t o a t t e n d a n d v o t e a t t h i sm e e t i n g m a y a p p o i n t a n o t h e r m e m b e r a sh is / h e r p r o x y t o a t t e n d a n d v o t e i n s t e a d o f h im /h e r . P ro xie s , in o rd e r t o b e e f f e c t iv e , m u s tb e r e c e iv e d b y t h e Co m p a n y a t t h e R e g is t e r e do f fic e n o t l a t e r t h a n 4 8 h o u r s b e f o r e t h e t i m em e e t in g is sc h e d u le d fo r .
3 . Sh a r e h o ld e r s a r e r e q u e s t e d t o im m e d i a t e lyn o t i f y t h e c h a n g e i n t h e i r a d d r e s s , i f a n y .
4 . Th e Be n e f ic ia l O w n e rs o f Ce n t ra l D e p o s i to ryCo m p a n y , e n t it le d t o a t t e n d a n d v o t e a t t h i sm e e t in g , m u s t b r in g h is /h e r N IC o r Pa ssp o r t t op r o v e h i s / h e r i d e n t i t y . I n c a s e o f P r o x y , a na t t e s t e d c o p y o f h i s / h e r N IC o r P a s s p o r t m u s tb e e n c lo s e d . R e p r e s e n t a t i ve s o f c o r p o r a t en u m b e r s s h o u l d b r i n g t h e u s u a l d o c u m e n t sr e q u i re d f o r s u ch p u r p o s e .
08
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DIRECTORS REPO RT
Th e d ir e c t o r s a r e p le a s e d t o s u b m it t h e a u d i t e d f in a n c ia l st a t e m e n t s o f t h e c o m p a n y fo r t h e y e a r e n d e d
Se p t e m b e r 3 0 , 2 0 1 0 .
Th i s w a s a v e ry c h a l le n g in g y e a r fo r t h e c o m p a n y c o n s id e r in g th e v e ry lo w ra t e o f e c o n o m ic g ro w th in
th e c o u n t ry fu r th e r a g g ra v a t e d b y a h ig h r a t e o f co s t p u sh in f la t i o n th a t c o n s id e ra b ly d im in i sh e d th e
p u rc h a s in g p o w e r o f c o n su m e rs . Fre q u e n t a s w e ll a s u n fo re se e n in t e r ru p t io n o f e le c t r i cit y su p p ly a n du n p re c e d e n te d in c re a se s i n t h e t r a d in g p r i ce s o f Su g a r , Glu c o se , M ilk Po w d e r , O i ls a n d Co c o a D e r iv a t iv e s
h a d a v e r y s t r o n g im p a c t o n o u r c o s t s .
Bu s in e s s v o lu m e g r o w t h f o r yo u r c o m p a n y w a s t h e r e f o r e s o m e w h a t d a m p e n e d b y t h e f re q u e n t n e e d s
to r e a d ju s t p r i c e s u p w a rd s t o m it i ga t e t h e e f f e c t o f r a p id ly r is in g r a w a n d p a c k in g m a te r ia l co s t s . Af t e r
d i sco n t in u in g so m e o f t h e n o n p e r fo rm in g p ro d u c t c a t e g o r i e s t h e c o m p a n y ' s n e t sa le s r e c o rd e d a g ro w th
of a lmo st 10 % r is ing f rom Rs. 1 ,255 m il lion to Rs. 1 ,377 m il lion . This r ise w as su pp ort ed by groce r ies and
c o n fe c t io n e ry sa le s sh o w in g a n u p w a rd t r e n d o f 2 7 % a n d 5 %, r e sp e c t ive ly. Go o d g ro w th w a s r e g is t e re d
in s a l e s t o t h e M o d e r n T r a d e a n d o u r e f fo r t s t o b o o s t E xp o r t s w e r e w e ll re w a r d e d b y a 4 5 % in c r e a s e i n
v a lu e .
Rat ion a l iza t ion of m anu fac tur ing e ffic ien c ies , costs a nd m argins he lped in increasing Opera t ing Prof it f rom
Rs. 7 2 m illio n t o Rs . 1 0 7 m i llio n . Im p ro v e m e n t s i n t h e Su p p ly Ch a in a n d so u n d m a n a g e m e n t o f Wo rk in g
Capi ta l he lpe d in re duc ing f inan c ia l charges f rom Rs.53 m illion in t he pre vious year , to Rs. 38 m illion du r ing
the year u nde r rev iew . As a resu lt of a l l the e ffor ts Afte r Tax Prof it for the year w as Rs 46 Million co m pare d
to Rs 1 4 m illio n in t h e c o r re sp o n d in g p e r io d l a s t y e a r .
Corp ora te Social Respo nsib ili ty
For the ob jec t ive o f fu l f il ling ou r Corp ora te Soc ia l Respo nsib i li ty seve ra l in i t ia t ives we re u nd er t aken to
conserve ene rgy inc luding avoidance o f unne cessary light ing and d evising pro duc t ion sche dules to m inimize
u s a g e . 09
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The de velopm ent of a mode rn effluen t t reatm ent
fac ility wa s s t a r t e d and enginee r ing de s igns
already com pleted . A Biogas gen erat ing un it ha s
already bee n com m iss ione d at ou r on s ite Dairy.
Our fac tory s t a f f was g iven d e ta iled exposure
on Occupa t iona l Hea l th an d Safe ty from
profess ional t ra iners . This was in add it ion to the
norm al t ra in ings und er taken for our s t a f f to
e n h a n c e p r o d u c t iv it y a n d g o o d m a i n t e n a n c e o f o u r p la n t a n d e q u ip m e n t .
Dur ing th e yea r w e cont inued to f inan c ia l ly
sup po rt AKRA an ins t i tut ion tha t is playing a n
im por ta n t ro le in Teacher Tra in ing P rograms
throu gh it s 22 bran ches in the reg ion . We a l so
don ated funds as w el l as good s for the alleviat ion
on the sufferings of f loo d vict ims
The com pan y cont r ibut ed Rs 252 m illion to
na t iona l exche que r on accoun t of va r ious
governm ent lev ies inc luding cus tom s duty ,
spec ia l exc ise d uty , s a l es t ax and incom e t ax .
Corp ora te & Fina nc ia l Rep or t ing
Fra m e W o rk
I n c o m p l i a n c e w i t h t h e c o d e o f c o r p o r a t e
g o v e r n a n c e , w e g i v e b e l o w s t a t e m e n t s o n
c o r p o r a t e a n d f in a n c i a l r e p o r t i n g f ra m e w o r k ;
Th e f in a n c ia l s t a t e m e n t s , p r e p a r e d b y t h e
ma nagem ent o f the com pany, represent fa ir ly
its stat e o f affairs, the results of its op erat ions,
c a s h f lo w s a n d c h a n g e s in e q u i t y .
P r o p e r b o o k s o f a c c o u n t o f t h e c o m p a n y
h a v e b e e n m a in t a in e d .
Appro pr ia t e accoun t ing polic ies ha ve be en
consisten tly applied in p rep aration of finan cial
s t a t e m e n t s a n d a c co u n t i n g e s t im a t e s a r e
b a s e d o n r e a s o n a b l e p r u d e n t j u d g m e n t .
In t e r n a t i o n a l Ac c o u n t i n g S t a n d a r d s , a s
app licable in Paki st an , have b ee n fo l low ed
in pre para t ion of finan cial s ta te m en ts and in
prep ara t ion of finan c ia l s t a t em ent s and any
d e p a r t u r e t h e r e f ro m h a s b e e n a d e q u a t e ly
disclosed.
Th e s y st e m o f in t e r n a l c o n t r o l is s o u n d in
des ign and has be en e ffect ively imp lem ent ed
a n d m o n i t o r e d . T h e r e a r e n o s i g n i f i c a n t
d o u b t s u p o n t h e c o m p a n y ' s a b i l i t y t o
cont inue a s going concern .
Th e r e h a s n o m a t e r ia l d e p a r t u r e f ro m t h e
b e s t p r a c t ic e s o f c o r p o r a t e g o v e r n a n c e , a s
d e t a i l e d i n t h e l i s t i n g r e g u l a t i o n s .
A st a t e m ent regard ing key finan c ia l da ta for
the la s t s ix yea rs is ann exed t o th is repo r t .
Dur ing the la s t bu s ine s s yea r fou r me e t ings of
t h e Bo a r d o f D ir e c t o r s w e r e h e l d . At t e n d a n c e
by ea ch Directo r was a s follow s:-
Na m e o f Dire ct o r At t e n d a n ceS.M .M o h sin 4M u je e b Ra sh id 4Ja m a l Na sim 4M e h d i M o h sin 2M o a z M o h iu d d in 2Sye d Fa isa l Im a m 1Um m e Ku lsu m Im a m 010
Net Sa les
Ne t Sa le s
Ye a rs
0
1 6 0 0 0 0 0
1 4 0 0 0 0 0
1 2 0 0 0 0 0
1 0 0 0 0 0 0
8 0 0 0 0 0
6 0 0 0 0 0
4 0 0 0 0 0
2 0 0 0 0 0
2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0
3.4%1.65%3%0.51%
4%
10 %
14%
65 %
Dis t r ibu t ion o f Revenue
Ra w Ma te ria l Co n su me d
Ma n u fa c tu rin g o v e rh e a d s
Distrib u tio n a n d Ma rk e tin g e x p e rse s
Ad min istra tiv e Ex p e n se s
Oth e rs
F in a n c e c o st
Taxation
Pro fit a fte r ta x
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Leave o f absence was grante d to d i rec tors who
c o u ld n o t a t t e n d t h e b o a r d m e e t i n gs .
Corpo ra t e Gove rna nce
Th e s t a t e m e n t o f c o m p lia n c e w i t h t h e b e s t
prac t i ces of Code of Corpo ra te Governan ce is
a n n e x e d .
P a t t e r n o f S h a r e h o l d i n g a n d
Info rm at ion Und e r Clau se XIX (I)
an d ( J) o f t he Cod e o f Corp ora t e
Gove rnance
T h e i n f o r m a t i o n u n d e r t h i s h e a d a s o n
Septe m ber 30 , 2010 is annexed.
Rela ted Par t ies
Th e t r a n s a c t io n s b e t w e e n t h e r e la t e d p a r t ie s
w e r e m a d e a t a r m ' s le n g t h p r i ce s , d e t e r m i n e d
in accordance with th e com parable uncon trolled
prices m eth od. The com pan y has fully comp lied
wi th the be s t prac t i ces on Trans fe r P r i cing as
c o n t a i n e d t h e L i s t i n g Re g u l a t i o n s o f S t o c k
Excha nge in Pa kis tan .
Earn ings Pe r Sha re
Basic and di lute d ea rning per share for the yearunde r repor t i s Rs . 9 .22 as comp ared to the la s t
year f igure of Rs . 2.79
Auditors
M / s A . F . F e r g u s o n & C o m p a n y , C h a r t e r e d
Accoun tan ts , Lah ore , re t i re , and be ing el igible
h a v e o f fe r e d t h e m s e lv e s fo r r e - a p p o i n t m e n t .
Th e A u d it Co m m i t t e e h a s a ls o r e c o m m e n d e d
the i r re -appoin tment .
Acknowledgement s
Th e b o a r d o f d i r e c t o r s w o u l d l ik e t o e x p r e s s
the ir grat itude to a l l em ployees for there s t ron g
cont ribu tion in successfully overcom ing ad verse
circumstan ces faced by the com pan y during the
year .
Fo r a n d o n b e h a l f o f
the Board
Mujeeb Rashid
La h o re Ch ie f Exe cu t ive Office r &
Ja nu ary 06 , 2 011 M an agin g Dire co to r
11
1 0 .0 0
8 .0 0
6 .0 0
4 .0 0
2 .0 0
0 .0 0
-2 .0 0
0 .0 0
Rupees
perShare
5 .0 9
1 .6 5
2 .7 9
9 .2 2
-0 .1 4
0 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0
Ye a rs
Earn ings Per Share
Ru p e e s p e r S h a re
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STATEM ENT OF COM PLIANCEw it h t h e Co d e o f Co rp o ra t e G o ve rn an ce
Th e s t a t e m e n t is b e in g p re se n t e d to c o m p ly w i th t h e Co d e o f Co rp o ra t e G o v e rn a n c e c o n ta in e d in lis t in g
re g u la t io n s o f Ka ra c h i a n d La h o re S to c k Ex ch a n g e s fo r t h e p u rp o se o f e s t a b l ish in g a f r a m e w o rk o f g o o d
g o ve r n a n c e , w h e r e b y a lis t e d c o m p a n y i s m a n a g e d in c o m p lia n c e w it h t h e b e s t p r a c t i ce s o f c o r p o r a t e
g o v e r n a n c e .
T h e c o m p a n y h a s a p p l i e d t h e p r i n c i p l e s c o n t a i n e d i n t h e C o d e i n t h e f o l l o w i n g m a n n e r :
1 . Th e B o a r d o f D ir e c t o r s o f t h e Co m p a n y in c lu d e s S ix n o n - e xe c u t iv e a n d o n e e x e cu t iv e d ir e c t o r .
2 . Th e d i re c t o r s h a ve c o n fir m e d t h a t n o n e o f t h e m is s e r vin g a s a d ir e c t o r in m o r e t h a n t e n l is t e d
c o m p a n ie s , i n c lu d in g th i s c o m p a n y .
3 . All t h e r e s id e n t d i re c t o r s o f t h e C o m p a n y a r e r e gis t e r e d a s t a xp a y e rs a n d n o n e o f t h e m h a s d e fa u lt e d
in t h e p a y m e n t o f a n y lo a n to a b a n k in g co m p a n y , a D FI o r a n N BFI o r , b e in g a m e m b e r o f a s to c k
e x ch a n g e , h a s b e e n d e c la r e d a s a d e f a u lt e r b y t h a t s t o c k e x ch a n g e .
4 . Th e C o m p a n y h a s p r e p a r e d a St a t e m e n t o f Et h ic s a n d B u sin e s s P ra c t ic e s w h ic h h a s b e e n s ig n e d b y
a ll t h e d i re c t o r s a n d e m p lo y e e s o f t h e Co m p a n y .
5 . Th e B o a r d h a s d e v e l o p e d a vis io n / m is s io n s t a t e m e n t , o v e r a ll c o r p o r a t e s t r a t e g y a n d s ig n if ic a n t
pol ic ies o f the Com pan y. A com ple te record of par t icu la rs of s ignificant pol ic ies a long w i th the da t es
o n w h i ch t h e y w e r e a p p r o v e d o r a m e n d e d h a s b e e n m a in t a i n e d .
6 . All t h e p o we rs of t h e Bo a rd h ave b e en d uly e xe rcis ed a nd d ecis io n s
o n m a te r i a l t r a n sa c t io n s , in c lu d in g a p p o in tm e n t a n d d e t e rm in a t io n
o f r e m u n e r a t io n a n d t e r m s a n d co n d i t io n s o f e m p lo y m e n t o f
t h e CEO a n d o t h e r e x e c u t iv e d i re c t o r s , h a v e b e e n t a k e n b y
t h e B o a r d .
7 . Th e m e e t in gs o f t h e Bo a rd w e re p re s id e d o ve r by th e
Ch a i r m a n a n d , i n h is a b s e n c e , b y a d i r e ct o r e le c t e d b y t h e Bo a r d f o r
th is p u rp o se a n d th e Bo a rd m e t a t l e a s t o n c e in e v e ry q u a r t e r . Wr it t e n
n o t i c e s o f t h e B o a r d m e e t in g , a lo n g w i t h a g e n d a a n d w o r k in g p a p e r s
w e r e c ir c u la t e d a t l e a s t s e v e n d a y s b e f o r e t h e m e e t in g . Th e m in u t e s
o f t h e m e e t i n g s w e r e a p p r o p r ia t e l y r e c o r d e d a n d
c ircula ted .
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8 . N o o rie n t a t io n c ou r se s w e r e co n d u ct e d d u rin g
t h e y e a r f o r d i re c t o r s o f t h e c o m p a n y d u e t o
th e ir b u sy sc h e d u le .
9 . Th e Bo a r d h a s a p p ro ve d a p p o in t m e n t o f Ch ie f
E x e c u t i v e O f f i c e r & M a n a g i n g D i r e c t o r
in c lu d i n g h is r e m u n e r a t io n a n d t e r m s a n d
c o n d it io n s o f e m p lo y m e n t , a s d e t e r m in e d b y
th e Bo a rd o f D ire c to r s .
1 0 . Th e D ir e c t o r s' r e p o r t fo r t h is ye a r h a s b e e n
p re p a re d in c o m p lia n c e w i th t h e r e q u ire m e n t so f t h e Co d e a n d f u lly d e s c r ib e s t h e s a l ie n t
m a t t e r s r e q u i r e d t o b e d is c lo s e d .
1 1 . Th e f in a n c ia l s t a t e m e n t s o f t h e Co m p a n y w e r e
du ly end orse d by Chie f Execu t ive Office r a nd
Chief Fina ncial Officer p rior to a pp roval by th e
Bo a rd o f D ire c to r s .
1 2 . Th e D ir e c t o r s , Ch i e f Ex e c u t iv e O f fic e r a n d
e x e c u t iv e s d o n o t h o l d a n y in t e r e s t in t h e
s h a r e s o f t h e C o m p a n y o t h e r t h a n t h a t
d i s c l o s e d i n t h e p a t t e r n o f s h a r e h o l d i n g .
1 3. Th e C o m p a n y h a s c o m p l ie d w i t h a ll t h e
corpora te and f inanc ia l report ing requireme nts
o f t h e C o d e .
1 4 . Th e Bo a r d h a s fo r m e d a n a u d it c o m m it t e e .
Th e c o m m i t t e e c o n s is t s o f t h re e m e m b e rs a n d
a l l t h e m e m b e rs a re n o n -e x e c u t ive d i r e c to r s .
1 5 . Th e m e e t in g s o f t h e a u d it co m m it t e e w e r e
h e l d a t l e a s t o n c e e v e r y q u a r t e r p r io r t o
a p p r o v a l o f in t e r im a n d f in a l r e s u l t s o f t h e
Co m p a n y a s r e q u i r e d b y t h e c o d e . Th e t e r m s
o f r e fe r e n c e o f t h e c o m m it t e e h a v e b e e nf o rm e d a n d a d v is e d t o t h e c o m m it t e e f o r
c o m p l i a n c e .
1 6 . Th e B o a r d h a s s e t -u p a n e ff e ct iv e in t e r n a l
a u d i t f u n c t i o n , m e m b e r s o f w h i c h s u i t a b l y
q u a l if ie d a n d e x p e r ie n c e d fo r t h e p u rp o se a n d
a r e c o n v e r s a n t w i t h t h e p o l i c i e s a n d
p r o c e d u r e s o f t h e Co m p a n y a n d t h e y a r e
involved in th e in te rna l audi t func t ion on a fu l l
t im e b a s is .
1 7 . Th e s t a t u t o r y a u d it o r s o f t h e Co m p a n y h a ve
c o n f i r m e d t h a t t h e y h a v e b e e n g i v e n a
sa t i s fa c to ry r a t i n g u n d e r t h e Q u a l it y Co n t ro l
Re v ie w p ro g ra m o f t h e In s t it u t e o f Ch a r t e re d
Ac c o u n ta n t s o f Pa k is t a n , t h a t t h e y o r a n y o f
t h e p a r t n e r s o f t h e f ir m , t h e i r s p o u s e s a n d
m in o r c h ild r e n d o n o t h o ld s h a r e s o f t h e
Co m p a n y a n d th a t t h e f irm a n d a ll it s p a r tn e r s
a r e i n c o m p l i a n c e w i t h I n t e r n a t i o n a l
Fe d e ra t io n o f A c c o u n ta n t s ( IFAC) g u id e l in e s
o n c o d e o f e t h i cs a s a d o p t e d b y t h e I n s t it u t e
o f C h a r t e r e d A c c o u n t a n t s o f P a k i s t a n .
1 8. Th e s t a t u t o r y a u d it o r s o r t h e p e r s o n s
a sso cia t e d w ith t h e m h a v e n o t b e e n a p p o in t e d
to pro vide o the r se rv ices except in accordance
w i t h t h e lis t in g r e g u l a t io n s a n d t h e a u d i t o r s
h a v e c o n f irm e d th a t t h e y h a v e o b se rv e d IFAC
g u id e l in e s in t h i s r e g a rd .
1 9 . W e c o n f ir m t h a t a l l o t h e r m a t e r ia l p r in c ip le s
c o n ta in e d in t h e Co d e h a v e b e e n su b s t a n t i a lly
c o m p l ie d w ith .
Fo r a n d o n b e h a lf
o f t h e B o a r d
Mu je e b Ra sh id
La h o re Ch ie f Exe cu t ive O ffice r &
Ja n u a ry 0 6 , 2 0 1 1 M an a gin g Dire c t o r
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SIX YEARS REVIEW
2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0
Ne t sa le s 8 0 3 ,6 4 7 7 5 1 ,7 0 3 8 6 6 ,6 1 9 1 ,0 3 8 ,6 3 7 1 ,2 5 5 ,0 6 4 1 ,3 7 6 ,8 6 1
Gro ss Pro fit 1 2 4 ,9 8 6 1 0 4 ,6 5 3 1 6 0 ,3 5 3 1 8 9 ,8 1 4 2 3 4 ,9 9 7 3 0 3 ,3 4 8
Gro ss Pro fit t o Sa le s - % 1 5 .5 5 1 3 .9 2 1 8 .5 0 1 8 .2 8 1 8 .7 2 2 2 .0 3
Pro fit b e fo re t a x 2 8 ,0 9 2 (3 ,4 8 0 ) 3 9 ,7 6 6 1 3 ,1 1 3 1 8 ,5 3 4 6 9 ,2 0 8
Pro fit b e fo re t a x t o sa le s - % 3 .5 0 (0 .4 6 ) 4 .5 9 1 .2 6 1 .4 8 5 .0 3
Pro fit a ft e r t a x 2 0 ,6 5 5 (7 0 8 ) 2 5 ,6 6 6 8 ,3 3 8 1 4 ,0 5 2 4 6 ,4 6 8
Ea rn in gs p e r sh a re - Ru p e e s 4 .1 0 (0 .1 4 ) 5 .0 9 1 .6 5 2 .7 9 9 .2 2
Ca sh Divid e n d - % 2 0 .0 0 - 2 0 .0 0 1 0 .0 0 2 0 .0 0 4 0 .0 0
St o ck Divid e n d - % - - - - - -
Ca p it a l Exp e n d it u re 3 1 ,0 2 1 2 6 ,1 0 7 6 1 ,9 1 0 8 6 ,2 5 3 3 6 ,2 6 3 1 3 ,9 9 3
Pro d u c t io n :
Co n fe ct io n a ry - in t o n s 5 ,8 4 8 4 ,0 5 3 4 ,4 0 8 4 ,9 4 4 5 ,0 0 3 4 ,7 0 3
Gro ce r ie s - in d o ze n s 8 1 0 ,2 8 0 8 8 3 ,8 9 3 9 6 0 ,8 4 8 1 ,2 7 6 ,3 0 7 1 ,3 8 1 ,3 5 7 1 ,3 7 5 ,0 9 6
(Rupee s in thousand s)
Gross Profit, Profit before and After Tax
Rupees
int
housan
ds
350000
300000
250000
200000
150000
100000
5 0 0 0 0
0
-50000
Years
Gross prof i t
Prof i t before t ax
Prof i t af t er t ax
0 2 006 2 00 7 2 00 8 2 00 9 20 10
Years
Capital Expenditure
0 1 0 0 0 0 2 0 0 0 0 3 0 0 0 0 4 0 0 0 0 5 0 0 0 0 6 0 0 0 0 7 0 0 0 0 8 0 0 0 0 9 0 0 0 0
Ru p e e s in t h o u sn a d s
2 0 1 0
2 0 0 9
2 0 0 8
2 0 0 7
2 0 0 6
0
Ca p ita l
Exp e n d itu re
Ye a r
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PATTERN OF SHARE HOLDINGAS ON SEPTEMBER 30, 2 01 0
1. In M R1 1 6 0 3
2 . Na m e o f t h e Co m p a n y M ITCHELLS FRUIT FARM S LIM ITED.
h e s h a r e s h e ld b y t h e s h a re h o ld e r s a s a t 30-09-2010
No . o f Sh a re h o ld in g Sh a re s
Sh a re h o ld e rs Fro m To He ld
1 9 3 1 1 0 0 7 ,9 5 1
2 6 7 1 0 1 5 0 0 6 1 ,9 3 8
1 0 9 5 0 1 1 ,0 0 0 7 7 ,3 2 4
4 7 1 ,0 0 1 5 ,0 0 0 9 9 ,7 3 01 3 5 ,0 0 1 1 0 ,0 0 0 1 0 2 ,4 5 8
3 1 0 ,0 0 1 1 5 ,0 0 0 3 7 ,0 8 6
3 1 5 ,0 0 1 2 0 ,0 0 0 5 3 ,7 9 3
3 2 0 ,0 0 1 2 5 ,0 0 0 6 7 ,5 4 4
2 4 0 ,0 0 1 4 5 ,0 0 0 8 5 ,5 5 2
3 4 5 ,0 0 1 5 0 ,0 0 0 1 4 8 ,6 8 9
1 5 5 ,0 0 1 6 0 ,0 0 0 5 5 ,6 7 0
2 8 0 ,0 0 1 8 5 ,0 0 0 1 6 1 ,7 1 2
1 1 0 0 ,0 0 1 1 0 5 ,0 0 0 1 0 0 ,8 4 3
2 1 0 5 ,0 0 1 1 1 0 ,0 0 0 2 1 8 ,1 7 7
1 1 2 0 ,0 0 1 1 2 5 ,0 0 0 1 2 0 ,3 0 0
1 1 8 5 ,0 0 1 1 9 0 ,0 0 0 1 8 7 ,3 5 3
1 3 4 0 ,0 0 1 3 4 5 ,0 0 0 3 4 0 ,0 1 41 5 6 0 ,0 0 1 5 6 5 ,0 0 0 5 6 2 ,2 0 3
1 6 4 5 ,0 0 1 6 5 0 ,0 0 0 6 4 6 ,7 9 0
1 8 1 0 ,0 0 1 8 1 5 ,0 0 0 8 1 2 ,2 7 3
1 1 ,0 9 0 ,0 0 1 1 ,0 9 5 ,0 0 0 1 ,0 9 2 ,6 0 0
6 5 6 5 ,0 4 0 ,0 0 0
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5 . Ca t e go r ie s o f sh a re h o ld e rs Sh a re s h e ld Pe rce n t a ge
5 .1a n d m in o r ch ild e rn 2 ,6 8 7 ,3 6 5 5 3 .3 2 0 7 %
5 .2 Ass ocia te d Co m p an ie s,- -
5 .3 NIT a n d ICP 5 7 6 ,6 8 1 1 1 .4 4 2 1 %
5 .4
4 6 0 ,6 3 8 9 .1 3 9 6 %
5 .5 In su ra n ce Co m p a n ie s 2 8 8 ,9 9 6 5 .7 3 4 0 %
5 .6 M o d a ra b a s a n d M u t u a l Fu n d s - -
5 .7 Sh a re h o ld e rs h o ld in g 1 0 % 3 ,1 6 7 ,6 4 0 6 2 .8 5 0 0 %
5 .8 Ge ne ra l Pu blica . Lo ca l 9 8 9 ,8 9 7 1 9 .6 4 0 8 %b . Fo r e ig n
5 .9
Jo in t S to ck Co m p an ies 3 6 ,4 2 3 0 .7 2 2 7 %
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Cat e gor ie s o f Sha re Ho lde r s a s req u ired un de r C. C. G.AS ON SEPTEMBER 30, 2 01 0
S.No . NAM E HOLDING % AGE
DIRECTORS, CEO THEIR SPOU SES & M INOR CHILDREN:
1 SYED M OHAM M AD M OHSIN 1 ,0 9 2 ,6 0 0 2 1 .6 7 8 6 %
2 SYED M OHAM M AD M EHDI M OHSIN 6 4 6 ,7 9 0 1 2 .8 3 3 1 %
SYED M OHAM M AD M EHDI M OHSIN (CDC) 3 ,8 0 0 0 .0 7 5 4 %
3 SYED FAISAL IM AM 8 0 ,2 0 8 1 .5 9 1 4 %
4 UM M E KULSUM IM AM 7 2 0 0 .0 1 4 3 %
5 M R. M OAZ M O HIUDDIN 5 0 0 0 .0 0 9 9 %
6 M R.JAM AL NASIM NIT NOM INEE
7 M UJEEB RASHID (CDC) 5 0 0 0 .0 0 9 9 %
8 M RS. SITW AT M O HSIN W / O SYED M OHAM M AD M OHSIN 8 1 2 ,2 7 3 1 6 .1 1 6 5 %
M RS. SITW AT M OHSIN W / O SYED M OHAM M AD M OHSIN (CDC) 4 9 ,9 7 4 0 .9 9 1 5 %
2 ,6 8 7 ,3 6 5 5 3 .3 2 0 7 %ASSOCIATED COM PANIES:
0 0 .0 0 0 0 %NIT & ICP:
1 NATIONAL INVESTM ENT TRUST LIM ITED 1 4 ,4 7 8 0 .2 8 7 3 %
2 NATIONAL BANK OF PAKISTAN TRUSTEE DEPTT. (CDC) 5 6 2 ,2 0 3 1 1 .1 5 4 8 %
5 7 6 ,6 8 1 1 1 .4 4 2 1 %
BANKS, DEVELOP M ENT FINAN CIAL INSTITUTIONS,
NO N BANKING FINANCIAL INSTITUTIONS:
1 THE BANK OF PUNJAB TREASURY DIVISION. (CDC) 1 2 0 ,3 0 0 2 .3 8 6 9 %2 NATIONAL BANK OF PAKISTAN. (CDC) 3 4 0 ,0 1 4 6 .7 4 6 3 %
3 FAYSAL BANK LIM ITED. (CDC) 1 2 4 0 .0 0 2 5 %
4 ESCORTS INVESTM ENT BANK LIM ITED. (CDC) 2 0 0 0 .0 0 4 0 %
4 6 0 ,6 3 8 9 .1 3 9 6 %
INSURANCE COM PANIES:
1 CENTRAL INSURANCE CO. LIM ITED. (CDC) 1 0 0 ,8 4 3 2 .0 0 0 9 %
2 IGI NSURANCE LIM ITED (CDC) 1 8 7 ,3 5 3 3 .7 1 7 3 %
3 RELIANCE INSURANCE COM PANY LTD. (CDC) 8 0 0 0 .0 1 5 9 %
2 8 8 ,9 9 6 5 .7 3 4 0 %
M ODARABAS & M UTUAL FUNDS: 0 0 .0 0 0 0 %
INVESTMENT COM PANIES: 0 0 .0 0 0 0 %
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S.No . NAM E HOLDING % AGE
JOINT STOCK COMPANIES
1 BURM A OIL M ILLS LTD. (CDC) 5 0 0 0 .0 0 9 9 %
2 DARSON SECURITIES (PVT) LTD. (CDC) 5 0 .0 0 0 1 %
3 EDULJEE DINSHAW (PVT) LTD. (CDC) 1 1 ,0 8 8 0 .2 2 0 0 %
4 ILYAS SECURITIES (SM -PVT) LTD. (CDC) 1 0 0 0 .0 0 2 0 %
5 LAKHANI SECURITIES (PVT) LTD. (CDC) 6 ,0 0 0 0 .1 1 9 0 %
6 M AZHAR HUSSAIN SECURITIES (PVT) LTD.(CDC) 9 6 0 .0 0 1 9 %
7 NALI DINSHAW (PVT) LTD.(CDC) 6 ,1 9 2 0 .1 2 2 9 %
8 NH SECURITIES (PVT) LTD.(CDC) 5 0 0 0 .0 0 9 9 %9 PERIN DINSHAW (PVT) LTD. (CDC) 1 1 ,5 2 0 0 .2 2 8 6 %
1 0 SARFARAZ M AHM OOD (PVT) LTD. (CDC) 5 0 0 .0 0 1 0 %
1 1 PEARL CAPITAL M ANAGEM ENT (PVT) LTD. (CDC) 3 3 2 0 .0 0 6 6 %
1 2 SEVEN STAR SECURITIES (PVT) LTD. (CDC) 4 0 0 .0 0 0 8 %
3 6 ,4 2 3 0 .7 2 2 7 %
SHARES HELD BY THE GENERAL PUBLIC: 9 8 9 ,8 9 7 1 9 .6 4 0 8 %
5 ,0 4 0 ,0 0 0 1 0 0 .0 0 0 0 %
SHAREHOLDERS HOLDING 10 % O R M ORE O F TOTAL CAPITAL:
1 NATIONAL BANK OF PAKISTAN TRUSTEE DEPTT. (CDC) 5 6 2 ,2 0 3 1 1 .1 5 4 8 %
2 SYED M OHAM M AD M EHDI M OHSIN 6 5 0 ,5 9 0 1 2 .9 0 8 5 %
3 M RS. SITW AT M O HSIN 8 6 2 ,2 4 7 1 7 .1 0 8 1 %
4 SYED M OHAM M AD M OHSIN 1 ,0 9 2 ,6 0 0 2 1 .6 7 8 6 %
3 ,1 6 7 ,6 4 0 6 2 .8 5 0 0 %
a r t h e t r a d in g in s h a re s o f t h e c o m p a n y b y t h e Dir e ct o r s, CEO , C FO , C o m p a n y S e cr e t a ry
a n d th e i r sp o u se s a n d m in o r c h i ld re n i s a s fo l lo w s :
S.N O. N AM E SALE P URCHASE
1 M RS. SITW AT M O HSIN - 7 ,0 1 4
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REVIEW REPORT TO THE M EM BERSon St a t e m en t o f Com pliance wi th Bes t P rac t ice s o f Cod e o f Corpo ra t e Gove rn ance
We h a v e r e v ie w e d th e S t a t e m e n t o f Co m p l ia n c e w i th
th e b e s t p ra c t ic e s c o n ta in e d in t h e Co d e o f Co rp o ra t e
G o v e r n a n c e p r e p a r e d b y t h e B o a r d o f D i r e c t o r s o f
M i t c h e l l ' s F r u i t F a r m s L i m i t e d ( ' t h e C o m p a n y ' ) t o
c o m p l y w i t h t h e L i s t i n g R e g u l a t i o n N o . 3 5 o f t h e
Karach i, Laho re an d Islama bad Stock Exchange s, whe re
th e Co m p a n y is lis t e d .
Th e r e s p o n s i b ilit y f o r c o m p lia n c e w i t h t h e Co d e o f
Corpo ra te Govern ance is tha t of the Board o f Direc tors
of the Com pan y. Our resp on sib i lity is to rev iew, to th e
e x t e n t w h e r e s u c h c o m p lia n c e c a n b e o b j e c t iv e ly
ver if ied , wh eth er the Sta tem ent of Com pliance re f lec ts
t h e s t a t u s o f t h e C o m p a n y ' s c o m p l i a n c e w i t h t h e
p ro v i sio n s o f t h e Co d e o f Co rp o ra t e G o v e rn a n c e a n d
re p o r t if it d o e s n o t . A re v ie w is l im it e d p r im a r i ly t o
i n q u i r i e s o f t h e C o m p a n y p e r s o n n e l a n d r e v i e w o f
v a r io u s d o c u m e n t s p r e p a r e d b y t h e C o m p a n y t o
c o m p ly w i th t h e Co d e .
As p a r t o f o u r a u d it o f t h e f in a n c ia l s t a t e m e n t s w e a re
re q u i re d to o b t a in a n u n d e r s t a n d in g o f t h e a c c o u n t in g
a n d in t e r n a l co n t r o l s y s t e m s s u f fic ie n t t o p la n t h e
a u d it a n d d e v e l o p a n e f f e c t iv e a u d i t a p p r o a c h . W e
a r e n o t r e q u i r e d t o c o n s i d e r w h e t h e r t h e B o a r d ' s
s t a t e m e n t o n in t e r n a l co n t r o l c o v e r s a l l r is k s a n d
c o n t r o ls , o r t o f o r m a n o n io n o n t h e e f fe c t iv e n e s s o f
s u c h i n t e r n a l c o n t r o l s , t h e C o m p a n y ' s c o r p o r a t e
g o v e r n a n c e p r o c e d u r e s a n d r is ks .
Furth er , Sub -Regu la t ion (x i ii a ) of List ing Regu la t ion
35 no tified by The Karachi Sto ck Exchan ge (Guaran te e)
L im i t e d v id e c i r c u l a r K SE/N -2 6 9 d a t e d Ja n u a ry 1 9 ,
2 0 0 9 re q u i re s t h e Co m p a n y to p l a ce b e fo re t h e b o a rd
of d i rec tors for th e i r considera t ion and approva l re la ted
par ty t ransa c t ions d is t inguish ing be t we en t ra nsac t ions
c a r r ie d o u t o n t e r m s e q u i va le n t t o t h o s e t h a t p r e v a il
in a rm ' s l e n g th t r a n sa c t io n a n d t r a n sa c t io n s w h ic h a re
n o t e x e c u te d a t a rm ' s le n g th ' s p r i ce , r e c o rd in g p ro p e r
ju st ifica t io n fo r u sin g s u ch a lte rn a t e p ric in g m e ch a n ism .Fu r th e r , a l l su c h t r a n sa c t io n s a re a l so r e q u ire d t o b e
se p a ra t e ly p la c e d b e fo re t h e a u d i t co m m i t t e e . We a re
o n l y r e q u i r e d a n d h a v e e n s u r e d c o m p l i a n c e o f
r e q u i re m e n t t o t h e e x t e n t o f a p p ro v a l o f r e la t e d p a r ty
t r a n s a c t io n b y t h e b o a r d o f d ir e c t o r s a n d p l a c e m e n t
o f s u c h t r a n s a c t i o n s b e f o r e t h e a u d i t c o m m i t t e e .
We h a v e n o t c a r r ie d o u t a n y p ro c e d u re s t o d e t e rm in e
w h e t h e r t h e r e l a t e d p a r t y t r a n s a c t i o n s w e r e
u n d e r t a k e n a t a r m ' s le n g t h p r i ce o r n o t .
Based o n our rev iew, noth ing has come to our a t t en t ion
w h i c h c a u s e s u s t o b e l i e v e t h a t t h e S t a t e m e n t o f
Co m p l ia n c e d o e s n o t a p p ro p r ia t e ly re f le c t t h e s t a tu s
of the Com pan y 's com pl iance , in a l l m ate r ia l resp ec ts ,
w i t h t h e b e s t p r a c t i c e s c o n t a i n e d i n t h e C o d e o f
Co r p o r a t e G o ve r n a n c e a s a p p lic a b le t o t h e c o m p a n y
f o r t h e y e a r e n d e d S e p t e m b e r 3 0 , 2 0 1 0 .
A. F. Fergu so n & Co.Ch a r t e re d A c c o u n ta n t s
N a m e o f E n g a g e m e n t P a r t n e r : I m r a n F a r o o q M i a n
La h o re ,
Ja n u a ry 0 6 , 2 0 1 1 .19
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alReport2010
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W hav auditd th annxd alanc sht of Mitchlls Fruit Farms Limitd as at Sptmr 30, 2010
and th rlatd prot and loss account, statmnt of comprhnsiv incom, cash ow statmnt andstatmnt of changs in quity togthr with th nots forming part throf, for th yar thn ndd andw stat that w hav otaind all th informaon and xplanaons which, to th st of our knowldgand lif, wr ncssary for th purposs of our audit.
It is th rsponsiility of th companys managmnt to stalish and maintain a systm of intrnal control,and prpar and prsnt th aov said statmnts in conformity with th approvd accounng standardsand th rquirmnts of th Companis Ordinanc, 1984. Our rsponsiility is to xprss an opinion onths statmnts asd on our audit.
W conductd our audit in accordanc with th auding standards as applical in Pakistan. Ths standardsrquir that w plan and prform th audit to otain rasonal assuranc aout whthr th aov saidstatmnts ar fr of any matrial misstatmnt. An audit includs xamining, on a tst asis, vidncsupporng th amounts and disclosurs in th aov said statmnts. An audit also includs assssing
th accounng policis and signicant smats mad y managmnt, as wll as, valuang th ovrallprsntaon of th aov said statmnts. W liv that our audit provids a rasonal asis for ouropinion and, ar du vricaon, w rport that:
a) in our opinion, propr ooks of account hav n kpt y th company as rquird y th CompanisOrdinanc, 1984;
) in our opinion:
i) th alanc sht and prot and loss account togthr with th nots thron hav n drawnup in conformity with th Companis Ordinanc, 1984, and ar in agrmnt with th ooks ofaccount and ar furthr in accordanc with accounng policis consistntly applid xcpt forth changs in accounng policis as statd in not 2.2.1 to th annxd nancial statmntswith which w concur;
ii) th xpnditur incurrd during th yar was for th purpos of th companys usinss; and
iii) th usinss conductd, invstmnts mad and th xpnditur incurrd during th yar wrin accordanc with th ojcts of th company;
c) in our opinion and to th st of our informaon and according to th xplanaons givn to us, thalanc sht, prot and loss account, statmnt of comprhnsiv incom, cash ow statmnt andstatmnt of changs in quity togthr with th nots forming part throf conform with approvdaccounng standards as applical in Pakistan, and giv th informaon rquird y th CompanisOrdinanc, 1984, in th mannr so rquird and rspcvly giv a tru and fair viw of th stat ofth companys aairs as at Sptmr 30, 2010 and of th prot, total comprhnsiv incom, itscash ows and changs in quity for th yar thn ndd; and
d) in our opinion zakat dducl at sourc undr th Zakat and Ushr Ordinanc, 1980 (XVIII of 1980),
was dductd y th company and dpositd in th Cntral Zakat Fund stalishd undr scon 7of th ordinanc.
Lahor Datd: January 06, 2011 A. F. Ferguson & CoName of Engagement Partner: Imran Farooq Mian Chartrd Accountants
AUDITORS REPORT TO THE MEMBERS
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2010 2009
Note Rupees Rups
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Authorisd capital
10,000,000 (2009: 10,000,000) ordinary
shars of Rs 10 ach 100,000,000 100,000,000
Issud, suscrid and paid up capital
5,040,000 (2009: 5,040,000)
ordinary shars of Rs 10 ach 5 50,400,000 50,400,000
Rsrvs 6 9,635,878 9,635,878
Unappropriatd prot 246,193,884 209,806,010
306,229,762 269,841,888
NON-CURRENT LIABILITIES
Dfrrd liailis 7 75,819,871 50,478,690
CURRENT LIABILITIES
Short trm running nancs - scurd 8 166,615,728 307,671,564
Trad and othr payals 9 103,254,409 87,816,200
Accrud nanc cost 4,466,921 12,099,523
274,337,058 407,587,287
CONTINGENCIES AND COMMITMENTS 10
656,386,691 727,907,865
Th annxd nots 1 to 36 form an intgral part of ths nancial statmnts.
BALANCE SHEETAS AT SePTeMbeR 30, 2010
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2010 2009
Note Rupees Rups
ASSETS
NON-CURRENT ASSETS
Proprty, plant and quipmnt 11 304,256,661 321,687,827
Intangil assts 12 1,060,580 1,325,725
Long trm loans and dposits 751,753 1,110,482
biological assts 13 6,875,933 5,397,600
312,944,927 329,521,634
CURRENT ASSETS
Stors, spars and loos tools 14 12,426,849 12,781,281
Stock in trad 15 230,917,920 260,382,527
Trad dts 16 40,716,666 58,674,183
Advancs, dposits, prpaymnts and othr rcivals 17 51,252,732 53,330,558
Cash and ank alancs 18 8,127,597 13,217,682
343,441,764 398,386,231
656,386,691 727,907,865
Mehdi Mohsin Mujeeb Rashid
Chairman Chif excuv Ocr & Managing Dirctor
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PROFIT AND LOSS ACCOUNTFOR THe YeAR eNDeD SePTeMbeR 30, 2010
2010 2009
Note Rupees Rups
Sals 19 1,376,861,492 1,255,064,266
Cost of sals 20 (1,073,513,561) (1,020,067,729)
Gross prot 303,347,931 234,996,537
Administraon xpnss 21 (60,990,983) (49,421,202)
Distriuon and markng xpnss 22 (135,992,953) (124,569,612)
Othr oprang xpnss 23 (7,056,707) (1,947,763)
Othr oprang incom 24 7,513,001 12,962,644
Prot from operaons 106,820,289 72,020,604
Financ cost 25 (37,612,526) (53,487,027)
Prot before tax 69,207,763 18,533,577
Taxaon 26 (22,739,889) (4,481,935)
Prot for the year 46,467,874 14,051,642
earnings pr shar - basic and dilutd 33 9.22 2.79
Th annxd nots 1 to 36 form an intgral part of ths nancial statmnts.
Mehdi Mohsin Mujeeb Rashid
Chairman Chif excuv Ocr & Managing Dirctor
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STATEMENT OF COMPREHENSIVE INCOMEFOR THe YeAR eNDeD SePTeMbeR 30, 2010
2010 2009
Rupees Rups
Prot ar taxaon 46,467,874 14,051,642
Othr comprhnsiv incom for th yar - -
Total comprhnsiv incom for th yar 46,467,874 14,051,642
Th annxd nots 1 to 36 form an intgral part of ths nancial statmnts.
Mehdi Mohsin Mujeeb Rashid
Chairman Chif excuv Ocr & Managing Dirctor
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CASH FLOW STATEMENTFOR THe YeAR eNDeD SePTeMbeR 30, 2010
2010 2009
Note Rupees Rups
Cash ows from operang acvies
Cash gnratd from opraons 30 214,142,609 118,255,880
Financ cost paid (42,975,863) (49,992,135)
Incom tax paid (9,830,819) (23,535,723)
Rrmnt nts paid (5,314,344) (8,054,172)
Net cash inow /(oulow) from operang acvies 156,021,583 (36,673,850
Cash ows from invesng acvies
Fixd capital xpnditur (13,992,719) (36,263,479)
Sal procds of proprty, plant and quipmnt 2,960,275 9,375,961
Nt dcras/ (incras) in long trm scurity dposits 358,729 (394,148)
Procds from sal of iological assts 632,050 815,999
Net cash oulow from invesng acvies (10,041,665) (26,465,667)
Cash ows from nancing acvies
Rpaymnt of long trm loans - (22,105,260)
Dividnd paid (10,014,167) (4,755,631)
Net cash oulow from nancing acvies (10,014,167) (26,860,891)
Net increase/ (decrease) in cash and cash equivalents 135,965,751 (16,652,708)
Cash and cash equivalents at the beginning of the year (294,453,882) (277,801,174)
Cash and cash equivalents at the end of the year 31 (158,488,131) (294,453,882)
Th annxd nots 1 to 36 form an intgral part of ths nancial statmnts.
Mehdi Mohsin Mujeeb Rashid
Chairman Chif excuv Ocr & Managing Dirctor
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STATEMENT OF CHANGES IN EQUITYFOR THe YeAR eNDeD SePTeMbeR 30, 2010
Share Share General Accumulated Rupees
capital premium reserve prot Total
balanc as at Sptmr 30, 2008 50,400,000 9,335,878 300,000 200,794,368 260,830,246
Final dividnd for th yar ndd
Sptmr 30, 2008 R 1 pr shar - - - (5,040,000) (5,040,000)
Prot for th yar ndd Sptmr 30, 2009 - - - 14,051,642 14,051,642
balanc as at Sptmr 30, 2009 50,400,000 9,335,878 300,000 209,806,010 269,841,888
Final dividnd for th yar ndd
Sptmr 30, 2009 Rs 2 pr shar - - - (10,080,000) (10,080,000)
Prot for th yar ndd Sptmr 30, 2010 - - - 46,467,874 46,467,874
Balance as at September 30, 2010 50,400,000 9,335,878 300,000 246,193,884 306,229,762
Th annxd nots 1 to 36 form an intgral part of ths nancial statmnts.
Mehdi Mohsin Mujeeb Rashid
Chairman Chif excuv Ocr & Managing Dirctor
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NOTES TO THE FINANCIAL STATEMENTSFOR THe YeAR eNDeD SePTeMbeR 30, 2010
1. Legal status and nature of business
Th Company is incorporatd in Pakistan and is listd on Karachi, Lahor and Islamaad Stock exchangs.
It is principally ngagd in th manufactur and sal of various farm and confconry products.
2. Basis of preparaon
2.1 Ths nancial statmnts hav n prpard in accordanc with approvd accounng
standards as applical in Pakistan. Approvd accounng standards compris of such
Intrnaonal Financial Rporng Standards (IFRS) issud y th Intrnaonal Accounng
Standards board and Islamic Financial Accounng Standards (IFAS) issud y Instut of
Chartrd Accountants of Pakistan as ar nod undr th Companis Ordinanc, 1984,
provisions of and dircvs issud undr th Companis Ordinanc, 1984. Whrvr th
rquirmnts of th Companis Ordinanc, 1984 or dircvs issud y Scuris and exchang
Commission of Pakistan (SeCP) dir with th rquirmnts of IFRS or IFAS, th rquirmnts
of th Companis Ordinanc, 1984 or th rquirmnts of th said dircvs prvail.
2.2 Standards, interpretaons and amendments to published approved accounng standards.
2.2.1 Amendments and interpretaons to published standards eecve in current year
Th following amndmnts and intrprtaons to xisng standards hav n
pulishd that ar applical to th Companys nancial statmnts covring annualpriods, ginning on or ar th following dats:
- IAS 1 (Prsntaon of Financial Statmnts Rvisd), cv for accounngpriods ginning on or ar July 1, 2009. Th rvisd standard aims to nhancth usfulnss of informaon prsntd in th nancial statmnts including thintroducon of a nw statmnt of comprhnsiv incom that comins all itms ofincom and xpns rcognisd in prot or loss togthr with othr comprhnsivincom. Th applicaon of th rvisd standard will not act th rsults or ntassts of th Company as it is only concrnd with prsntaon and disclosurs.
- Crtain amndmnts to IAS 23 (borrowing Costs) hav n pulishd that ar
applical to th Companys nancial statmnts covring annual priods, ginningon or ar July 1, 2009. Adopon of ths amndmnts would rquir th Companyto capitalis th orrowing costs dirctly ariutal to th acquision, construconor producon of a qualifying asst (on that taks sustanal priod of m to gtrady for us or sal) as part of th cost of that asst. Th opon of immdiatlyxpnsing ths orrowing costs will rmovd. Its adopon will not hav anyimpact on th Companys nancial statmnts.
- IFRS 8, (Oprang Sgmnts) rplacs IAS 14 and is cv from January 1, 2009.
IFRS 8 provids guidanc for disclosur of informaon aout ntys oprangsgmnts, products and srvics, gographical aras in which it oprats, and majorcustomrs. Its adopon rquirs som addional disclosurs ut dos not hav anyimpact on th nancial posion of th company.
- IFRIC 17 (Distriuons of Non-cash Assts to Ownrs), cv from priods ginning
on or ar January 1, 2009. This standard applis to th accounng tratmnt for
distriuon of non-cash assts to ownrs or distriuons that giv ownrs a choic
of rciving ithr non-cash assts or cash altrnav.
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2.2.2 Amendments and interpretaons to published standards eecve in the current year
not applicable to the Company
Th following amndmnts and intrprtaons to xisng standards hav n
pulishd that ar cv in th currnt yar ut ar not applical to th Companys
nancial statmnts:
- IFRS 4 (Insuranc Contracts), cv for priods ginning on or ar January
1, 2009. This standard is applid to accounng for insuranc contracts issud y an
nty, rinsuranc contracts hld y an nty and nancial instrumnts it issus with a
discronary parcipaon fatur.
- IFRIC 15 (Agrmnts for th Construcon of Ral estat), cv for priods ginning
on or ar January 1, 2009. This Intrprtaon applis to th accounng for rvnu
and associatd xpnss y ns that undrtak th construcon of ral stat
dirctly or through sucontractors.
- IFRIC 18 (Transfrs of Assts from Customrs), cv for priods ginning on or ar
January 1, 2009. Agrmnts within th scop of this Intrprtaon ar agrmnts in
which an nty rcivs from a customr an itm of proprty, plant and quipmnt that
th nty must thn us ithr to connct th customr to a ntwork or to provid th
customr with ongoing accss to a supply of goods or srvics, or to do oth.
2.2.3 Amendments and interpretaons to exisng standards that are not yet eecve
Standards and intrprtaons Eecve date
(accounng periodsbeginning on or aer)
IFRIC 09 - Financial Instrumnts January 01, 2013
IFRIC 19 - exnguishing Financial Liailis with quity instrumnts July 01, 2010
3. Basis of measurement
3.1 Ths nancial statmnts hav n prpard undr th historical cost convnon xcpt for
rvaluaon of crtain nancial instrumnts, iological assts and agricultural produc at fair
valus as rfrrd to in nots 4.5 and rcognion of crtain mploy rrmnt nts at
prsnt valu as rfrrd to in not 4.2.
Th companys signicant accounng policis ar statd in not 4. Not all of ths signicantpolicis rquir th managmnt to mak dicult, sujcv or complx judgmnts
or smats. Th following is intndd to provid an undrstanding of th policis th
managmnt considrs crical caus of thir complxity, judgmnt of smaon involvd
in thir applicaon and thir impact on ths nancial statmnts. esmats and judgmnts
ar connually valuatd and ar asd on historical xprinc, including xpctaons of
futur vnts that ar livd to rasonal undr th circumstancs. Ths judgmnts
involv assumpons or smats in rspct of futur vnts and th actual rsults may dir
from ths smats. Th aras involving a highr dgr of judgmnts or complxity or aras
whr assumpons and smats ar signicant to th nancial statmnts ar as follows:
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a) Rerement benets
Th Company uss th valuaon prformd y an indpndnt actuary as th prsnt valu of its
rrmnt nt oligaons. Th valuaon is asd on assumpons as mnond in not 4.2.
b) Provision for taxaon
Th Company taks into account th currnt incom tax law and th dcisions takn y
appllat authoris. Instancs whr th Companys viw dirs from th viw takn y
th incom tax dpartmnt at th assssmnt stag and whr th Company considrs that
its viw on itms of matrial natur is in accordanc with law, th amounts ar shown as
conngnt liailis.
c) Useful lives and residual values of property, plant and equipment
Th Company rviws th usful livs of proprty, plant and quipmnt on rgular asis. Any
chang in smats in futur yars might act th carrying amounts of th rspcv itms
of proprty, plant and quipmnt with th corrsponding ct on th dprciaon charg
and impairmnt.
d) Biological assets
Th Company ass its valuaon upon yild assssmnt prformd y an indpndnt
agricultural xprt and computs fair valu lss smatd point of sals cost to arriv at its
valuaon. Th fair valu lss smatd point of sals cost is asd on factors mnond in
not 4.5.
4. Signicant accounng policies
Th signicant accounng policis adoptd in th prparaon of ths nancial statmnts ar st
out low. Ths policis hav n consistntly applid to all yars prsntd, unlss othrwis
statd.
4.1 Taxaon
Current
Provision of currnt tax is asd on th taxal incom for th yar dtrmind in accordanc
with th prvailing law for taxaon of incom. Th charg for currnt tax is calculatd using
prvailing tax rats or tax rats xpctd to apply to th prot for th yar if nactd. Thcharg for currnt tax also includs adjustmnts, whr considrd ncssary, to provision for
tax mad in prvious yars arising from assssmnts framd during th yar for such yars.
Deferred
Dfrrd tax is accountd for using th alanc sht liaility mthod in rspct of all
tmporary dirncs arising from dirncs twn th carrying amount of assts and
liailis in th nancial statmnts and th corrsponding tax ass usd in th computaon
of th taxal prot.
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Dfrrd tax liailis ar gnrally rcognizd for all taxal tmporary dirncs and
dfrrd tax assts ar rcognizd to th xtnt that it is proal that taxal prots will availal against which th dducl tmporary dirncs, unusd tax losss and tax
crdits can ulizd.
Dfrrd tax is calculatd at th rats that ar xpctd to apply to th priod whn thdirncs rvrs asd on tax rats that hav n nactd or sustanvly nactd y thalanc sht dat. Dfrrd tax is chargd or crditd in th incom statmnt, xcpt in thcas of itms crditd or chargd to quity in which cas it is includd in quity.
4.2 Employee rerement benets
Th main faturs of th schms opratd y th Company for its mploys ar as follows:
(a) Dened benet plans
Th Company oprats an unfundd gratuity schm for all mploys according to th trmsof mploymnt sujct to a minimum qualifying priod of srvic . Annual provision is madon th asis of actuarial valuaon to covr oligaons undr th schm for all mploysligil to gratuity nts irrspcv of th qualifying priod.
Th latst actuarial valuaon for gratuity schm was carrid out as at Sptmr 30, 2010.Projctd Unit Crdit Mthod, using th following signicant assumpons is usd for valuaonof th schm:
- Discount rat 12.5 prcnt pr annum (2009: 12 prcnt pr annum).- expctd rat of incras in salary lvl 11.5 prcnt pr annum (2009: 11 prcnt pr annum).- Avrag xpctd rmaining working lif m of mploys 10 yars.
Th Companys policy with rgard to actuarial gains/losss is asd on th minimum 10%corridor approach mnond undr paragraph 92 of IAS - 19 (employ bnts).
(b) Accumulang compensated absences
Th Company provids accumulang compnsatd asncs, whn th mploys rndrsrvic that incras thir ntlmnt to futur compnsatd asncs.
Provisions ar mad annually to covr th oligaon for accumulang compnsatd asncsfor xcuvs asd on actuarial valuaon and ar chargd to prot.
Th latst actuarial valuaon was carrid out as at Sptmr 30, 2010. Projctd Unit Crdit
Mthod, using th following signicant assumpons is usd for valuaon of accumulangcompnsatd asncs.- Discount rat 12.5 prcnt pr annum (2009: 12 prcnt pr annum).- expctd rat of incras in salary lvl 11.5 prcnt pr annum (2009: 11 prcnt pr annum).- Avrag xpctd rmaining working lif m of mploys 14 yars.
Actuarial gains and losss arising during th yar ar rcognisd immdiatly in accordancwith th provisions of IAS 19 employ nts.
Rrmnt nts ar payal to sta on complon of prscrid qualifying priod of
srvic undr ths schms.
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4.3 Property, plant and equipment
4.3.1 Operang xed assets
Oprang xd assts xcpt frhold land ar statd at cost lss accumulatd
dprciaon and any idnd impairmnt loss. Frhold land is statd at cost lss any
idnd impairmnt loss. Cost in rlaon to crtain proprty, plant and quipmnt
signis historical cost and orrowing cost as rfrrd to in not 4.15.
Dprciaon on all oprang xd assts is chargd to prot on th rducing alanc
mthod so as to writ o th dprcial amount of an asst ovr its smatd usful
lif at th annual rats mnond in not 11.1, ar taking into account th impact of
thir rsidual valus, if considrd signicant.
Th assts rsidual valus and usful livs ar rviwd, at ach nancial yar nd,
and adjustd if th impact on dprciaon is signicant. Th Companys smat of th
rsidual valu of its oprang xd assts as at Sptmr 30, 2010 has not rquird
any adjustmnt as its impact is considrd insignicant.
Dprciaon on addions to oprang xd assts is chargd from th month in which
an asst is acquird or capitalisd whil no dprciaon is chargd for th month in
which th asst is disposd o.
An assts carrying amount is wrin down immdiatly to its rcovral amount if th
assts carrying amount is gratr than its smatd rcovral amount as mnond
in not 4.6.
Susqunt costs ar includd in th assts carrying amount or rcognisd as a
sparat asst, as appropriat, only whn it is proal that futur conomic nts
associatd with th itms will ow to th Company and th cost of th itm can
masurd rlialy. All othr rpair and maintnanc costs ar chargd to incom during
th priod in which thy ar incurrd.
Th gain or loss on disposal or rrmnt of an asst rprsntd y th dirnc
twn th sal procds and th carrying amount of th asst is rcognisd as an
incom or xpns.
4.3.2 Capital work-in-progress
Capital work-in-progrss is statd at cost lss any idnd impairmnt loss. Allxpnditur connctd with spcic assts incurrd during installaon and construcon
priod ar carrid undr capital work-in-progrss. Ths ar transfrrd to oprang
xd assts as and whn ths ar availal for us.
4.4 Intangible assets
Intangil assts rprsnt th cost of computr sowar acquird and statd at cost lss
accumulatd amorsaon and any idnd impairmnt loss. Intangil assts ar amorsd
using th rducing alanc mthod at th rat of 20% so as to writ o th cost of an asst
ovr its smatd usful lif.
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Amorzaon on addions is chargd from th month in which an asst is acquird or capitalizd
whil no amorzaon is chargd for th month in which th asst is disposd o. Amorzaonis ing chargd as mnond in not 12.
An assts carrying amount is wrin down immdiatly to its rcovral amount if th assts
carrying amount is gratr than its smatd rcovral amount as mnond in not 4.6.
4.5 Biological assets and agriculture produce
biological assts compris of livstock and trs. Ths ar masurd at fair valu lss
smatd point-of-sal costs with any rsultant gain/loss ing rcognisd in th prot and
loss account. Fair valu of livstock is dtrmind on th asis of markt prics of livstock of
similar ag, rd and gnc mrit. Fair valu of trs is dtrmind on th asis of markt
prics of similar itms in local aras. Point-of-sal costs includ all costs that ar ncssary to
sll th assts, xcluding costs ncssary to gt th assts to th markt.
Th Company hld 147 animals (2009: 140) including cows, calvs, horss and shp and
smats to ncially own 848 (2009: 860) trs of various kinds including mango, jamolin,
kachnar, crus, amla, spiknard, orh and shsham tc as on Sptmr 30, 2010.
4.6 Impairment of non-nancial assets
Assts that hav an indnit usful lif, for xampl land, ar not sujct to dprciaon/
amorsaon and ar tstd annually for impairmnt. Assts that ar sujct to dprciaon/
amorsaon ar rviwd for impairmnt whnvr vnts or changs in circumstancs
indicat that th carrying amount may not rcovral. An impairmnt loss is rcognisd
for th amount y which th assts carrying amount xcds its rcovral amount. Thrcovral amount is th highr of an assts fair valu lss costs to sll and valu in us.
For th purposs of assssing impairmnt, assts ar groupd at th lowst lvls for which
thr ar sparatly idnal cash ows (cash-gnrang units). Non-nancial assts that
surd an impairmnt ar rviwd for possil rvrsal of th impairmnt at ach rporng
dat.
4.7 Leases
Th Company is th lss.
4.7.1 Operang leases
Lass whr a signicant poron of th risks and rwards of ownrship ar rtaindy th lssor ar classid as oprang lass. Paymnts mad undr oprang lass
(nt of any incnvs rcivd from th lssor) ar chargd to prot on a straight lin
asis ovr th las trm.
4.8 Stores, spares and loose tools
Usal stors, spars and loos tools ar valud principally at moving avrag cost, whil itms
considrd osolt ar carrid at nil valu. Itms in transit ar valud at cost comprising
invoic valu plus othr chargs paid thron.
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4.9 Stock-in-trade
Stock of raw matrials, xcpt for thos in transit, and nishd goods ar valud principally at
th lowr of moving avrag cost and nt ralizal valu.
Cost of raw matrial signis avrag dirct matrial cost.
Finishd goods compris cost of dirct matrials, laour and appropriat manufacturing
ovrhads.
Matrials in transit ar statd at cost comprising invoic valu plus othr chargs paid
thron.
Nt ralisal valu signis th smatd slling pric in th ordinary cours of usinss lss
costs ncssarily to incurrd in ordr to mak a sal.
4.10 Financial instruments
4.10.1 Financial assets
Th Company classis its nancial assts in th following catgoris: at fair valu
through prot or loss, loans and rcivals, availal for sal and hld to maturity.
Th classicaon dpnds on th purpos for which th nancial assts wr acquird.
Managmnt dtrmins th classicaon of its nancial assts at th m of inial
rcognion.
a) Financial assets at fair value through prot or loss
Financial assts at fair valu through prot or loss ar nancial assts hld for trading
and nancial assts dsignatd upon inial rcognion as at fair valu through prot
or loss. A nancial asst is classid as hld for trading if acquird principally for th
purpos of slling in th short trm. Assts in this catgory ar classid as currnt
assts.
b) Loans and receivables
Loans and rcivals ar non-drivav nancial assts with xd or dtrminal paymnts
that ar not quotd in an acv markt. Thy ar includd in currnt assts, xcpt for
maturis gratr than twlv months ar th alanc sht dat, which ar classid
as non-currnt assts. Loans and rcivals compris loans, advancs, dposits and othrrcivals and cash and cash quivalnts in th alanc sht.
c) Available-for-sale nancial assets
Availal-for-sal nancial assts ar non-drivavs that ar ithr dsignatd in this catgory
or not classid in any of th othr catgoris. Thy ar includd in non-currnt assts unlss
managmnt intnds to dispos of th invstmnts within twlv months from th alanc
sht dat.
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d) Held to maturity
Financial assts with xd or dtrminal paymnts and xd maturity, whr managmnt
has th intnon and aility to hold ll maturity ar classid as hld to maturity and ar
statd at amorsd cost.
All nancial assts ar rcognisd at th m whn th Company coms a party to th
contractual provisions of th instrumnt. Rgular purchass and sals of invstmnts ar
rcognisd on trad-dat th dat on which th Company commits to purchas or sll th
asst. Financial assts ar inially rcognisd at fair valu plus transacon costs for all nancial
assts not carrid at fair valu through prot or loss. Financial assts carrid at fair valu
through prot or loss ar inially rcognisd at fair valu and transacon costs ar xpnsd
in th prot and loss account.
Availal-for-sal nancial assts and nancial assts at fair valu through prot or loss ar
susquntly carrid at fair valu. Loans and rcivals and hld-to-maturity invstmnts ar
carrid at amorsd cost using th cv intrst rat mthod.
Gains or losss arising from changs in th fair valu of th nancial assts at fair valu through
prot or loss catgory ar prsntd in th prot and loss account in th priod in which thy
aris. Dividnd incom from nancial assts at fair valu through prot or loss is rcognisd
in th prot and loss account as part of othr incom whn th Companys right to rciv
paymnts is stalishd.
Changs in th fair valu of scuris classid as availal-for-sal ar rcognisd in quity.
Whn scuris classid as availal-for-sal ar sold or impaird, th accumulatd fair
valu adjustmnts rcognisd in quity ar includd in th prot and loss account as gains andlosss from invstmnt scuris. Intrst on availal-for-sal scuris calculatd using th
cv intrst mthod is rcognisd in th prot and loss account. Dividnds on availal-
for-sal quity instrumnts ar rcognisd in th prot and loss account whn th Companys
right to rciv paymnts is stalishd.
Th fair valus of quotd invstmnts ar asd on currnt prics. If th markt for a nancial
asst is not acv (and for unlistd scuris), th Company masurs th invstmnts at cost
lss impairmnt in valu, if any.
Th Company asssss at ach alanc sht dat whthr thr is ojcv vidnc that
a nancial asst or a group of nancial assts is impaird. If any such vidnc xists for
availal-for-sal nancial assts, th cumulav loss is rmovd from quity and rcognisd
in th prot and loss account. Impairmnt losss rcognisd in th prot and loss account onquity instrumnts ar not rvrsd through th prot and loss account. Impairmnt tsng
of trad dts and othr rcivals is dscrid in not 4.11.
Financial assts ar drcognisd whn th rights to rciv cash ows from th assts hav
xpird or hav n transfrrd and th Company has transfrrd sustanally all th risks
and rwards of ownrship.
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4.10.2 Financial liabilies
All nancial liailis ar rcognisd at th m whn th Company coms a party to
th contractual provisions of th instrumnt.
A nancial liaility is drcognisd whn th oligaon undr th liaility is dischargd
or canclld or xpird. Whr an xisng nancial liaility is rplacd y anothr from
th sam lndr on sustanally dirnt trms, or th trms of an xisng liaility ar
sustanally modid, such an xchang or modicaon is tratd as a drcognion
of th original liaility and th rcognion of a nw liaility, and th dirnc in
rspcv carrying amounts is rcognisd in th prot and loss account.
4.10.3 Oseng of nancial assets and nancial liabilies
Financial assts and nancial liailis ar ost and th nt amount is rportd in
th nancial statmnts only whn thr is a lgally nforcal right to st o th
rcognizd amount and th Company intnds ithr to sl on a nt asis or to raliz
th assts and to sl th liailis simultanously.
4.11 Trade debts and other receivables
Trad dts and othr rcivals ar rcognisd inially at invoic valu, which approximats
fair valu, and susquntly masurd at amorsd cost using th cv intrst mthod,
lss provision for douul dts. A provision for douul dts is stalishd whn thr is
ojcv vidnc that th Company will not al to collct all th amount du according to
th original trms of th rcival. Signicant nancial diculs of th dtors, proaility
that th dtor will ntr ankruptcy or nancial rorganisaon, and dfault or dlinquncy inpaymnts ar considrd indicators that th trad dt is impaird. Th provision is rcognisd
in th prot and loss account. Whn a trad dt is uncollcl, it is wrin o against th
provision. Susqunt rcovris of amounts prviously wrin o ar crditd to th prot
and loss account.
4.12 Cash and cash equivalents
Cash and cash quivalnts includs cash in hand, dposits hld at call with anks, othr short-
trm highly liquid invstmnts with original maturis of thr months or lss, and ank
ovrdras. bank ovrdras ar shown within orrowings in currnt liailis as nancs undr
markup arrangmnt on th alanc sht.
Cash and cash quivalnts ar carrid in th alanc sht at cost. For th purpos of cashow statmnt cash and cash quivalnts compris cash in hand, dmand dposits, othr
short trm highly liquid invstmnts that ar radily convrl to known amounts of cash
and which ar sujct to an insignicant risk of chang in valu and nancs undr mark-up
arrangmnts. In th alanc sht, nancs undr mark-up arrangmnts ar includd in
currnt liailis.
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4.13 Share capital
Ordinary shars ar classid as quity and rcognisd at thir fac valu. Incrmntal costs
dirctly ariutal to th issu of nw shars ar shown in quity as a dducon, nt of tax.
4.14 Borrowings
borrowings ar rcognisd inially at fair valu, nt of transacon costs incurrd. borrowings
ar susquntly statd at amorsd cost, any dirnc twn th procds (nt of
transacon costs) and th rdmpon valu is rcognisd in th prot and loss account ovr
th priod of th orrowings using th cv intrst mthod. Financ costs ar accountd
for on an accrual asis and ar rportd undr accrud nanc costs to th xtnt of th
amount rmaining unpaid.
borrowings ar classid as currnt liailis unlss th Company has an uncondional right
to dfr slmnt of th liaility for at last twlv months ar th alanc sht dat.
4.15 Borrowing costs
borrowing costs incurrd for th construcon of any qualifying asst ar capitalisd during th
priod of m that is rquird to complt and prpar th asst for its intndd us. Othr
orrowing costs ar xpnsd in th prot and loss account in th priod in which thy aris.
4.16 Trade and other payables
Trad and othr payals ar rcognisd inially at fair valu and susquntly masurd
at amorsd cost using th cv intrst mthod. exchang gains and losss arising ontranslaon in rspct of liailis in forign currncy ar addd to th carrying amount of th
rspcv liailis.
4.17 Provisions
Provisions ar rcognizd whn th Company has a prsnt lgal or construcv oligaon
as a rsult of past vnts, it is proal that an oulow of rsourcs modying conomic
nts will rquird to sl th oligaon and a rlial smat of th amount can
mad. Provisions ar rviwd at ach alanc sht dat and adjustd to rct th currnt
st smat.
4.18 Derivave nancial instruments
Drivavs ar inially rcognisd at fair valu on th dat a drivav contract is ntrd into
and ar susquntly rmasurd at thir fair valu. Th mthod of rcognizing th rsulng
gain or loss dpnds on whthr th drivav is dsignatd as a hdging instrumnt, and if
so, th natur of th itm ing hdgd. Th Company dos not dsignat drivavs as cash
ow hdgs.
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4.19 Revenue recognion
Rvnu from sals is rcognisd on dispatch of goods to customrs.
Rturn on dposits is rcognisd on a m proporon asis taking into account th amounts
outstanding and th rats applical thron.
4.20 Foreign currency transacons and translaon
a) Funconal and presentaon currency
Itms includd in th nancial statmnts of th Company ar masurd using th
currncy of th primary conomic nvironmnt in which th Company oprats (th
funconal currncy). Th nancial statmnts ar prsntd in Pak Rups, which is thCompanys funconal and prsntaon currncy.
b) Transacons and balances
Forign currncy transacons ar translatd into Pak Rups using th xchang rats
prvailing at th dats of th transacons. Forign xchang gains and losss rsulng
from th slmnt of such transacons and from th translaon at yar-nd xchang
rats of montary assts and liailis dnominatd in forign currncis ar rcognizd
in th prot and loss account. All non-montary itms ar translatd into rups at
xchang rats prvailing on th dat of transacon or on th dat whn fair valus ar
dtrmind.
4.21 Dividend
Dividnd distriuon to th Companys mmrs is rcognisd as a liaility in th priod in
which th dividnds ar approvd.
2010 2009
Rupees Rups
5. Issued, subscribed and paid up capital
2010 2009
(Number of Shares)
1,417,990 1,417,990 Ordinary shars of Rs 10 ach fully paid in cash 14,179,900 14,179,900
44,020 44,020 Ordinary shars of Rs 10 ach issud as fully
paid for considraon othr than cash 440,200 440,200
3,577,990 3,577,990 Ordinary shars of Rs 10 ach issud as fully
paid onus shars 35,779,900 35,779,900
5,040,000 5,040,000 50,400,000 50,400,000
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2010 2009
Note Rupees Rups6. Reserves
Movmnt in and composion of rsrvs is as follows:
Capital Reserve
- Shar prmium 6.1 9,335,878 9,335,878
Revenue
- Gnral rsrv 300,000 300,000
9,635,878 9,635,878
6.1This rsrv can ulisd y th Company only for th purposs spcid in scon 83(2) of thCompanis Ordinanc, 1984.
2010 2009
Note Rupees Rups
7. Deferred liabilies
Ths ar composd of:
Dfrrd taxaon 7.1 47,253,906 28,478,162
Rrmnt and othr nts 7.2 28,565,965 22,000,528
75,819,871 50,478,690
7.1 Deferred taxaon
Th liaility for dfrrd taxaon compriss tmporary dirncs rlang to:
Acclratd tax dprciaon and amorzaon 58,375,206 60,240,048
Rrmnt nts (9,545,552) (7,376,821)
Othr provisions (1,575,748) -
Unusd tax losss - (6,487,732)
Minimum tax availal for carry forward - (17,897,333)
47,253,906 28,478,162
7.2 Rerement and other benets
Sta gratuity 7.2.1 25,862,946 20,784,055
Accumulang compnsatd asncs 2,703,019 1,216,473
28,565,965 22,000,528
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2010 2009
Rupees Rups
7.2.1 Sta gratuity
Th amounts rcognizd in th alanc sht ar dtrmind as follows:
Prsnt valu of dnd nt oligaon
as at Sptmr 30, 2010 31,865,145 26,098,448
Unrcognisd actuarial loss (6,002,199) (5,314,393)
Liaility as at Sptmr 30, 2010 25,862,946 20,784,055
Liaility as at Octor 1, 2009 20,784,055 17,507,567
Charg to prot and loss account8,256,471
9,286,316bnts paid y th Company (3,177,580) (6,009,828)
Liaility as at Sptmr 30, 2010 25,862,946 20,784,055
Th movmnt in th prsnt valu of dnd nt oligaon is as follows:
Prsnt valu of dnd nt oligaon as at Octor 1 26,098,448 27,671,785
Srvic cost 4,854,202 4,672,562
Intrst cost 3,131,814 3,874,050
bnts paid (3,177,580) (6,009,828)
exprinc loss 958,261 (4,110,121)
Prsnt valu of dnd nt oligaon
as at Sptmr 30 31,865,145 26,098,448
Th prsnt valu of dnd nt oligaon and th xprinc adjustmnt on oligaon
is as follows:
2010 2009 2008 2007 2006
( Rupees in thousands)
As at September 30
Prsnt valu of dnd nt oligaon 31,865 26,098 27,672 19,557 13,655
exprinc adjustmnt on oligaon 958 (4,110) 4,182 4,360 1,479
8. Short term running nances - secured
Short trm running nancs, availal from commrcial anks undr mark-up arrangmnts amountto Rs 390 million (2009: Rs 450 million). Th rats of mark-up rang from Rs 0.3769 to Rs 0.4000 pr
Rs 1,000 pr dim or part throf on th alanc outstanding and is payal quartrly.
Of th aggrgat facility of Rs 140 million (2009: Rs 140 million) for opning lrs of crdit and Rs 42
million (2009: Rs 22 million) for guarants, th amount ulisd at Sptmr 30, 2010 was Rs 91.549
million (2009: Rs 34.239 million) and Rs 17.200 million (2009: Rs 19.022 million) rspcvly. Th
guarants of Rs. 20 million ar a su-facility of th running nanc facility otaind i.. Rs 390 million.
Th aggrgat short trm facilis ar scurd y a hypothcaon of stors and spars, stock in
trad, trad dts and a charg on th prsnt and futur xd assts of th Company.
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2010 2009
Note Rupees Rups9. Trade and other payables
Trad crditors 9.1 45,055,894 37,728,534
Accrud liailis 32,357,358 20,806,010
Advancs from customrs 5,212,518 14,911,266
Intrst fr dposits rpayal on dmand 125,000 75,000
Du to rlatd pars 9.2 263,785 201,993
Sals tax payal 11,940,721 9,139,547
Spcial xcis duty payal 651,418 907,645
Workrs prot parcipaon fund 9.3 3,857,767 995,403
Workrs wlfar fund 2,138,397 379,080
Unclaimd dividnds 350,202 284,369
Othrs 1,301,349 2,387,353
103,254,409 87,816,200
9.1 Trad crditors includs amounts of Rs. 14.571 million du to rlatd partis (2009: Rs.
23.942 million).
9.2 Ths rlat to normal usinss of th Company and ar intrst fr.
9.3 Workers prot parcipaon fund
Opning alanc 995,403 724,099Provision for th yar 23 3,735,110 995,403
Intrst for th yar 25 165,137 44,755
4,895,650 1,764,257Lss: Paymnts mad during th yar (1,037,883) (768,854)
Closing alanc 3,857,767 995,403
10. Conngencies and commitments
10.1 Conngencies
Th company has issud guarant in favour of Sui Northrn Gas Piplins Limitd on account
of paymnt of dus against gas consumpon amounng to Rs 19.022 million (2009: Rs 19.022
million).
10.2 Commitments
Commitmnts in rspct of capital xpnditur ar Nil (2009: Nil).
Lrs of crdit othr than capital xpnditur ar Rs. 91.549 million (2009: Rs. 6.884
million).
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2010 2009
Note Rupees Rups
11. Property, plant and equipment
Oprang xd assts 11.1 302,924,568 316,490,986
Capital work-in-progrss 11.2 1,332,093 5,196,841
304,256,661 321,687,827
11.1 Operang xed assets
Land Buildings
On freehold On leasehold Plant and Vehicles Furniture Electric Computer Total
Freehold land land machinery and ngs Installaons Hardware
Net carrying value basis
Year ended September 30, 2010
Opning nt ook valu (NbV) 15,547 32,833,114 1,251,431 256,611,105 16,477,795 822,313 6,728,749 1,750,932 316,490,986Addions (at cost) - 362,097 - 11,531,283 5,095,176 109,727 424,834 334,350 17,857,467
Disposals (at NbV) - - - (955,410) (1,120,845) - (43,021) (26,181) (2,145,457)
Dprciaon charg - (3,283,312) (125,142) (21,656,348) (2,241,935) (183,833) (1,376,580) (411,278) (29,278,428)
Closing nt ook valu (NbV) 15,547 29,911,899 1,126,289 245,530,630 18,210,191 748,207 5,733,982 1,647,823 302,924,568
Gross carrying value basis
As at September 30, 2010
Cost 15,547 65,892,903 4,091,337 472,935,781 27,302,650 3,103,333 15,958,050 8,251,136 597,550,737
Accumulatd dprciaon - (35,981,004) (2,965,048) (227,405,151) (9,092,459) (2,355,126) (10,224,068) (6,603,313) (294,626,169)
Nt ook valu (NbV) 15,547 29,911,899 1,126,289 245,530,630 18,210,191 748,207 5,733,982 1,647,823 302,924,568
Depreciaon rate % per annum - 10 10 10 20 20 20 20
Net carrying value basis
Year ended September 30, 2009
Opning nt ook valu (NbV) 15,547 31,634,321 1,390,479 246,839,005 14,986,685 976,148 6,694,545 1,820,285 304,357,015
Addions (at cost) - 4,575,817 - 33,522,539 9,510,784 43,700 1,586,833 369,975 49,609,648
Disposals (at NbV) - - - (2,066,789) (5,433,856) (200) (58,999) (36,800) (7,596,644)
Dprciaon charg - (3,377,024) (139,048) (21,683,650) (2,585,818) (197,335) (1,493,630) (402,528) (29,879,033)
Closing nt ook valu (NbV) 15,547 32,833,114 1,251,431 256,611,105 16,477,795 822,313 6,728,749 1,750,932 316,490,986
Gross carrying value basis
As at September 30, 2009
Cost 15,547 65,530,806 4,091,337 463,698,333 25,671,420 2,993,606 15,599,443 7,949,286 585,549,778
Accumulatd dprciaon - (32,697,692) (2,839,906) (207,087,228) (9,193,625) (2,171,293) (8,870,694) (6,198,354) (269,058,792)
Nt ook valu (NbV) 15,547 32,833,114 1,251,431 256,611,105 16,477,795 822,313 6,728,749 1,750,932 316,490,986
Depreciaon rate % per annum - 10 10 10 20 20 20 20
11.1.1 Th cost of fully dprciatd assts which ar sll in us as at Sptmr 30, 2010 is Rs 28.804 million (2009: Rs
30.287 million).
11.1.2 Th dprciaon charg for th yar has n allocatd as follows:
2010 2009
Note Rupees Rups
Cost of sals 20 25,064,802 25,199,722
Administraon xpnss 21 1,971,691 2,093,493
Distriuon and markng xpnss 22 2,241,935 2,585,818
29,278,428 29,879,033
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11.1.3 Disposal of operang xed assets
Dtail of oprang xd assts sold during th yar is as follows:
2010
Parculars Accumulated Book Sale Mode of
of assets Sold to Cost depreciaon value proceeds disposals
Vehicles Employee
Waqas Zafar 675,400 250,620 424,780 301,824 Company policy
Outsiders
Nawaz Samaryal 1,248,054 852,518 395,536 765,000 Ngoaon
Rustam 928,345 733,657 194,688 705,000 Ngoaon
Plant and machinery Ali Tradrs 1,294,825 832,416 462,409 233,700 Ngoaon
Ali Tradrs 132,200 59,963 72,237 106,450 NgoaonM/S IGI Insuranc Limitd 862,500 441,939 420,561 397,500 Insuranc Claim
Other assets with book value less than Rs. 50,000 715,184 539,938 175,246 450,801
5,856,508 3,711,051 2,145,457 2,960,275
Dtail of oprang xd assts sold during th yar is as follows:
2009
Parculars Accumulated Book Sale Mode of
of assets Sold to Cost depreciaon value proceeds disposals
Vehicles Employee
Shikh Navd Ahmd 386,400 175,480 210,920 460,000 Company Policy
Mhoo Alam 336,980 336,607 373 150,000 Company Policy
Azam Khan 635,400 192,936 442,464 600,000 Company Policy
Kalm Ullah Rai 1,743,180 348,636 1,394,544 1,515,000 Company Policy
Kalm Ullah Rai 800,000 420,736 379,264 258,086 Company Policy
Outsiders
M.Tahir 353,090 215,864 137,226 393,000 Ngoaon
Rana Adul Rhman 473,090 290,082 183,008 317,000 Ngoaon
M/S IGI Insuranc Limitd 390,000 200,869 189,131 230,000 Insuranc Claim
M Yaqoo 520,480 233,314 287,166 355,000 Ngoaon
M/S IGI Insuranc Limitd 66,290 52,388 13,902 25,000 Insuranc Claim
Nadm bu 267,230 231,363 35,867 220,000 Ngoaon
M/S IGI Insuranc Limitd 52,490 8,818 43,672 36,000 Insuranc Claim
M/S IGI Insuranc Limitd 1,355,780 390,164 965,616 1,100,000 Insuranc Claim
Dr Hamza 906,240 225,553 680,687 900,000 Ngoaon
M/S IGI Insuranc Limitd 546,530 76,514 470,016 490,000 Insuranc Claim
Plant and machinery Shikh Zahid 323,605 278,750 44,855 172,600 Ngoaon
Procss Plant & Machinry Limitd 1,966,039 539,235 1,426,804 2,008,875 Trad in
Other assets with book value less than Rs. 50,000 944,972 253,843 691,129 145,400
12,067,796 4,471,152 7,596,644 9,375,961
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2010 2009
Rupees Rups11.2 Capital work in progress
Advancs to supplirs - considrd good - 504,000
Civil Works 1,332,093 -
Plant and machinry - 4,692,841
1,332,093 5,196,841
12. Intangible Assets
Rupees
Net carrying value basis
Year ended September 30, 2010Opning nt ook valu (NbV) 1,325,725
Amorsaon charg (265,145)
Closing nt ook valu (NbV) 1,060,580
Gross Carrying Value basis
Cost 2,722,420
Accumulatd Dprciaon (1,661,840)
Nt ook valu (NbV) 1,060,580
Dprciaon rat % pr annum 20
Net carrying value basis
Year ended September 30, 2009
Opning nt ook valu (NbV) 1,657,156
Amorsaon charg (331,431)
Closing nt ook valu (NbV) 1,325,725
As at September 30, 2009
Cost 2,722,420
Accumulatd Dprciaon (1,396,695)
Nt ook valu (NbV) 1,325,725
Dprciaon rat % pr annum 20
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12.1 Th amorzaon charg for th yar has n allocatd as follows:
2010 2009 Note Rupees Rups
Cost of sals 20 165,888 207,360
Administraon xpnss 21 99,257 124,071
265,145 331,431
13. Biological assets
Livstock 5,155,933 3,807,600
Trs 1,720,000 1,590,000
6,875,933 5,397,600
14. Stores, spares and loose tools
Gnral Stors 2,745,315 2,560,863
enginring Stors 10,429,863 10,220,418
13,175,178 12,781,281
Lss: Provision for osolt itms
- enginring Stor 14.1 (748,329) -
12,426,849 12,781,281
14.1 Provision for obsolete items - Engineering Store
Opning balanc - -
Add: Provision for th yar 748,329 -
Closing alanc 748,329 -
15. Stock in trade
Raw matrials (including in transit Rs. 13.010 million)
(2009: Nil) 15.1 89,632,486 120,354,053Packing matrials 83,007,687 88,781,063
Finishd goods 60,277,747 51,247,411
232,917,920 260,382,527
Lss: Provision for osolt itms
- Raw Matrial 15.2 (2,000,000) -
230,917,920 260,382,527
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15.1 Includd in raw matrials ar juic and packrits valuing Rs Nil (2009: Rs 5.198 million