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Kohinoor Spinning Mills Limited Annual Report 2014 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2014 Notes 2014 (Rupees) 2013 (Rupees) Sales - net 26 6,822,993, 716 6,230, 120,498 Cost of sales 27 (6,075,561,314) (5,383,422,747) GROSS PROFIT 747,432,402 846,697,751 OPERATING EXPENSES Distribution cost 28 (152, 142,405) ( 135,385 ,672 :1 Administrative expenses 29 (122,971,969) (137,576,003) (275, 114,374) (272,961,675) OPERATING PROFIT 472,318,028 573,736,076 Finance cost 30 (259,814,814) (238,489,249) Other operating expense 31 (23,612,354) (28,422,803) Other operating income 32 291,750 2,870,017 (283,135,419) (264,042,035) PROFIT BEFORE TAXATl ON 189, 182,609 309,694,041 TAXATION 33 (68,229,937) (44, 170,086) PROFIT AFTER TAXATION 120,952,672 265,523,955 EARNINGS PER SHARE - BASIC & DILUTED 34 0.93 204 The annexed notes from 1 to 43 form an integral part of these financial statements. Lahore October 10, 2014 (Mr. Mohammad Naveed) 22 (Khawaja Mohammad Jahangir)
Kohinoor Spinning Mills Limited Annual Report 2014 Effective date (annual reporting periods beginning on or after) IFRS-2 IFRS-3 IFRS-8 IFRS-14 IFRS-15 IAS-16 IAS-19 IAS-24 IAS-32 IAS-36 IAS-38 IAS-39 Share-based Payments (Amendments) Business Combinations (Amendments) Operating Segments (Amendments) Regulatory Deferral Accounts Revenue from Contracts with Customers Property, Plant & Equipment (Amendments) Employees Benefits: (Amendments) Related Party Disclosures (Amendments) Financial Instruments: Presentation (Amendments) Impairment of assets (Amendments) Intangible Assets (Amendments) Financial Instruments: Recognition and Measurement (Amendments) July 1, 2014 July1,2014 July 1, 2014 January 01, 2016 January 01, 2017 July 1, 2014 & January 01, 2016 July 1, 2014 July 1, 2014 January 01, 2014 January 01, 2014 January 01, 2016 January 01, 2014 IAS-40 IAS-41 IFRIC 21 Investment Property (Amendments) Agriculture (Amendments) Levies July-1, 2014 January 01, 2016 January 01, 2014 The management anticipates that adoption of above standards, amendments and interpretations in future periods will have no material impact on the Company's financial statements other than in presentation I disclosures. Further, the following new standards and interpretations have been issued by the International Accounting Standards Board (IASB), which have not been notified upto June 30, 2014 by the Securities and Exchange Commission of Pakistan, for the purpose of their applicability in Pakistan: IFRS-1 - First-time adoption of International Financial Reporting standards IFRS-9 - Financial instruments IFRS-10 - Consolidated financial statements IFRS-11 - Join arrangements IFRS-12 - Disclosure of interests in other entities IFRS-13 - Fair value measurement The following interpretations issued by the IASB have been waived of by SECP: IFRIC 4 IFRIC 12 Determining whether an arrangement contains a lease Service concession arrangements 27
Kohinoor Spinning Mills Limited Annual Report 2014 Note (Rupees) (Rupees) 14 CURRENT PORTION OF NON-CURRENT LIABILITIES Long term loans 7 14,285,710 42,857,148 Liabilities against assets subject to finance lease 8 33,470,798 19,167,348 Suppliers' credit 9 137,112,859 73,895,572 184,869,367 135,920,068 15 CONTINGENCIES AND COMMITMENTS a) Contingencies 15.1 No provision has been made for the amount of tax demanded by tax authorities of Rs. 5.673 million (2013: Rs. 5.673 million) for various assessment years because the management believes that outcome of the appeals regarding this demand will be decided in favour of the company. 15.2 Guarantee of Rs. 30.725 million (2013: Rs. 30.275 million) is given by the bank of the Company to Sui Northern Gas Pipelines Limited (SNGPL) against gas connection. b) Commitments (i) Letter of credit for import of raw material (ii) Letter of credit for import of machinery 2014 (Rupees) 26.945 Million 10.461 Million (Rupees) 5.178 Million 14.080 Million 16 PROPERTY, PLANT AND EQUIPMENT Operating Assets Owned Leased Capital work in 16.1.1 16.1.2 16.2 92,725,673 1,701,590, 176 278,233,037 1,979,823,212 1,513,846,130 52,472,554 1,566,318,684 1,566,318,684 - 36
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